LONDON

Kwasi Kwarteng was sacked on Friday as chancellor of the exchequer 38 days after his appointment to the role by Prime Minister Liz Truss.

In a letter of resignation to Truss, Kwarteng said: "You have asked me to stand aside as your Chancellor. I have accepted."

Kwarteng cut short a trip to the US earlier on Friday and rushed back to 10 Downing Street for a meeting with Truss, who has been at the center of criticism due to market turmoil.

Kwarteng's downfall came after presenting a mini-budget on Sept. 23 and pledging £45 billion ($50.4 billion) of debt-funded tax cuts -- an announcement that caused tumult in the country's economy.

The bank of England had to intervene in the markets as the pound sterling lost major ground against foreign currencies after the announcement of the Truss government's first major move.