Labour leader Sir Keir Starmer said Kwasi Kwarteng’s sacking does not “undo the damage” already inflicted.
Earlier on Friday, Ms Truss sacked Mr Kwarteng as Chancellor amid growing calls for a U-turn on his controversial mini-budget.
The PM has since appointed Former foreign secretary and Conservative leadership contender Jeremy Hunt as the new Chancellor.
Responding to Mr Kwarteng’s sacking, Sir Keir tweeted: “Changing the chancellor doesn’t undo the damage made in Downing Street.
“Liz Truss’ reckless approach has crashed the economy, causing mortgages to skyrocket, and has undermined Britain’s standing on the world stage.
“We need a change in Government. With my leadership, Labour will secure Britain’s economy and get us out of this mess.”
His comments came a short time after shadow Chancellor Rachel Reeves wrote a similar tweet.
Ms Reeves said: “Changing the chancellor doesn’t undo the damage that’s already been done.
“It was a crisis made in Downing Street: Liz Truss and the Conservatives crashed the economy causing mortgages to skyrocket and has undermined Britain’s standing on the world stage.
“We don’t just need a change in chancellor, we need a change in Government.
“Only Labour offers the leadership and ideas Britain needs to secure the economy and get out of this mess.”
While in a press conference on Friday afternoon, Ms Truss reversed her policy to scrap the planned rise in corporation tax from 19 percent to 25 percent.
The PM said: "Parts of our mini-budget went further and faster than markets were expecting.
“I have therefore decided to keep the increase in corporation tax planned by the previous Government."
Ms Truss insisted that she will “always act in the national interest”, adding: “We will get through this storm.”
Asked whether she should resign, Ms Truss said: “I am absolutely determined to see through what I have promised.
Liz Truss
POOL
Sir Keir Starmer
JOHN SIBLEY