Britain's finance minister Kwasi Kwarteng has been sacked after less than six weeks in the job, the BBC reported on Friday, as the government's massive tax cuts sparked financial market turmoil. Kwarteng is no longer chancellor of the exchequer, the BBC said. The Times newspaper reported earlier that Kwarteng was expected to be sacked. His sacking makes Kwarteng Britain's shortest-serving chancellor since 1970, and his successor would be the UK's fourth finance minister in as many months as the nation grapples with a cost-of-living crisis.

Here are some reactions:

BENJAMIN NABARRO, ECONOMIST, CITI: The key issue in the near term is the contradiction between monetary and fiscal policy. This is driving up rates expectations, worsening the fiscal fundamentals. It is also weighing on UK institutional credibility.

RACHEL REEVES, OPPOSITION LABOUR PARTY'S FINANCE CHIEF: This humiliating u-turn is necessary - but the real damage has already been done. This is a Tory crisis, made in Downing Street. It won't be forgiven or forgotten.

NICK MACPHERSON, FORMER TOP CIVIL SERVANT AT UK TREASURY: All credit to Bailey of the Bank (Bank of England Governor Andrew Bailey) whose Friday deadline has forced the government to adopt a more orthodox economic policy and thus restore order to the markets.

JAMES ATHEY, INVESTMENT DIRECTOR, ABRDN: ”It now seems near certain that the UK government is about to U-turn on its decision not to U-turn on its profligate tax cutting policies. It's been three decades since James Carville longed to be reincarnated as the bond market such was its power to bully and belittle the elected class but gilt investors have just bared their teeth and reminded us why the Ragin's Cajun felt that way.

CHRIS BEAUCHAMP, CHIEF MARKET ANALYST AT IG GROUP: Kwarteng's removal as chancellor, making him one of the shortest holders of that office, hasn't done much to boost the pound, given that it has already rallied yesterday on hopes of a U-turn on the budget. Now the market will wait to see what is actually decided, and only then will it take a view on giving the government some support in terms of another bounce in GBPUSD and/or a drop in gilt yields. Liz Truss certainly isn't out of the woods yet.”