Kwasi Kwarteng is no longer chancellor, 3news.com has gathered.
It comes amid speculation Prime Minister Liz Truss will announce a U-turn on parts of the mini-budget.
Kwarteng returned from the US ahead of schedule for urgent talks with Truss, as expectations grow that the government will scrap parts of its mini-budget to reassure markets.
His dismissal will make him the second shortest-serving UK chancellor on record.
The shortest serving chancellor, Iain Macleod, died of a heart attack 30 days after taking the job in 1970.
Since 2019, the UK has had four chancellors, including Nadhim Zahawi who served the third shortest tenure with 63 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid who served 204 days – the fourth shortest tenure on record.