Runners and riders to replace Kwarteng: Jeremy Hunt, Nadhim Zahawi and Sajid Javid tipped for the role

Kwasi Kwarteng has been sacked as Chancellor by Liz Truss following growing calls for a U-turn on his controversial mini-budget.

In a letter to Ms Truss posted on his Twitter, Mr Kwarteng wrote: "You have asked me to step aside as Chancellor. I have accepted.

"When you asked me to serve you as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with global interest rates and energy prices.

"However, your vision of optimism, growth and change was right."

The betting markets have already moved as people predict who will replace him in No 11.

Sajid Javid, who was once Chancellor for just 200 days, went from 6/1 to 5/6 with Betfair in just an hour, according to Betfair. Nadhim Zahawi, who was briefly Chancellor after Boris Johnson was ousted.

Simon Clarke, Jeremy Hunt and Rishi Sunak are the next favourites - despite Mr Sunak's bitter battle with Ms Truss to be leader. Mr Johnson is 50/1 for a comeback.

What are the odds?

Sajid Javid 5/6 (in from 6/1)

Nadhim Zahawi 2/1

Simon Clarke 4/1 (in from 10/1)

Jeremy Hunt 6/1

Rishi Sunak 7/1 (from 20/1)

Mel Stride 9/1

Andrea Leadsom 10/1

Steve Barclay 10/1

Therese Coffey 12/1

Michael Gove, Penny Mordaunt: 14/1

Chris Philp, James Cleverly, John Redwood: 16/1

Jacob Rees-Mogg 20/1

Kemi Badenoch: 25/1

Boris Johnson: 50/1

Source: Betfair