Treasury chief secretary Chris Philp has been moved to the Cabinet Office following the sacking of Chancellor Kwasi Kwarteng.

Prime Minister Liz Truss is seeking to get her embattled fledgling government back on track following the economic turmoil unleashed by the mini-budget.

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The Treasury clear-out comes as the government is set to raise corporation tax despite promising not to do so in its recent fiscal statement in a second major U-turn.

Former foreign secretary Jeremy Hunt has been appointed as Mr Kwarteng’s replacement, while Edward Argar takes over from Mr Philp.

The Tory MP moves into Mr Argar’s previous role as paymaster general and minister for the Cabinet Office.

His change in job will widely be seen as a demotion.

Mr Philp is understood to have been the leading advocate of the controversial move to scrap the 45p tax rate for highest earners, which was reversed in a dramatic climbdown at the recent Conservative Party conference.