UK leader Liz Truss is set to oust the finance minister as the country waters down tax cuts, reports say

• UK finance minister Kwasi Kwarteng is set to be ousted from his current role on Friday, according to the Times.
• His tax cut proposals have rattled markets for weeks, with yields on gilts soaring.

UK Chancellor of the Exchequer Kwasi Kwarteng is set to be ousted from his job on Friday as prime minister Liz Truss waters down her proposals to cut taxes aggressively, according to the Times.

Truss is expected to make a statement at 9AM Eastern Time Friday announcing that she's making a U-turn on her government's tax-slashing proposals.

Chief finance minister Kwarteng's pledges to carry on cutting income and corporation tax have rattled markets in recent weeks, with yields on gilts – UK government bonds – soaring.

10-year gilt yields fell 23 basis points to 3.962% Friday as investors waited for Truss's statement.

Read more: Pound crashes to record low against the dollar as UK tax cut plans rattle investors