Kwasi Kwarteng reportedly believes Liz Truss ‘only has a few weeks’ – as it happened

Source close to sacked chancellor briefs Times that wagons are still going to circle' around embattled prime minsiter

The Conservative peer, Ed Vaizey, said he disagreed with the international trade secretary, Greg Hands, who earlier said Kwasi Kwarteng's early return is not unusual. It is quite unusual for this to happen," he said.

Speaking to Sky News, Vaizey said the chancellor cutting his trip to the US short is not a good sign". He said:

I'm afraid the chancellor coming back a day early doesn't fill one with confidence.

The fact that people were speculating about the prime minister's leadership this early in her premiership is not ideal, but I think he's just got to bite the bullet. He's got to try to give the markets confidence in the British economy.

If he can do that then perhaps he can say: Well, I had to do some difficult choices, slightly humiliating choices, but the result is stabilisation and I can move forward.'