Kwasi Kwarteng's letter to PM after he steps down as chancellor

Kwasi Kwarteng has been sacked arsenic chancellor. Here is his missive to Prime Minister Liz Truss.

You person asked maine to basal speech arsenic your chancellor. I person accepted.

When you asked maine to service arsenic your chancellor, I did truthful successful afloat cognition that the concern we faced was incredibly difficult, with rising planetary involvement rates and vigor prices. However, your imaginativeness of optimism, maturation and alteration was right.

As I person said galore times successful the past weeks, pursuing the presumption quo was simply not an option. For excessively agelong this state has been dogged by debased maturation rates and precocious taxation - that indispensable inactive alteration if this state is to succeed.

The economical situation has changed rapidly since we acceptable retired the Growth Plan connected 23 September. In response, unneurotic with the Bank of England and fantabulous officials astatine the Treasury we person responded to those events, and I commend my officials for their dedication.

It is important present arsenic we determination guardant to emphasise your government's committedness to fiscal discipline. The Medium-Term Fiscal Plan is important to this end, and I look guardant to supporting you and my successor to execute that from the backbenches.

We person been colleagues and friends for galore years. In that time, I person seen your dedication and determination. I judge your imaginativeness is the close one. It has been an honour to service arsenic your archetypal chancellor.

Your occurrence is this country's occurrence and I privation you well.