Chief Treasury Secretary Chris Philp has been transferred to the Cabinet Office following the dismissal of Foreign Minister Kwasi Kwarteng.
Prime Minister Liz Truss is trying to get her fledgling government back on track after the economic turmoil unleashed by the mini-budget.
Revealed letter from the chancellor to Truss after his dismissal
The liquidation of the Treasury occurs when the government is about to raise corporate tax despite promising not to in his recent tax return in a second big U-turn.
former Secretary of Foreign Affairs jeremy hunting has been designated as Replacing Mr. Kwartengwhile Edward Argar replaces Mr. Philp.
The Tory MP takes over Argar’s previous role as Paymaster General and Cabinet Office Minister.
Your job change will be widely seen as a demotion.
Philp is understood to have been the main proponent of the controversial move to scrap the 45 pence tax rate for top earners, which was reversed in a spectacular descent at the recent Conservative Party conference.
He faced derision from opponents in Westminster earlier this week after he insisted the government planned no more rowing back, prompting cries of “yet” from Labor MPs in response.