Jeremy Hunt has been appointed as the new Chancellor of the Exchequer following the sacking of Kwasi Kwarteng today (14 October).
The appointment came as Prime Minister Liz Truss prepares to hold a press conference this afternoon, where she is expected to announced major U-turns on her 'Mini Budget', including pushing ahead with the previously cancelled corporation tax hike.
Truss had pledged to scrap the tax hike Rishi Sunak announced when he was chancellor, increasing it from 19% to 25%.
Hunt's appointment makes him the fourth chancellor in four months for the government.
The new chancellor is MP for South West Surrey has previously served as chair of the Health and Social Care Select Committee since 2020, Secretary of State for Health and Social Care from 2012 to 2018 and a brief stint as Foreign Secretary from 2018 to 2019.
Hunt previously ran against Boris Johnson to become prime minister back in 2019, but was defeated by the latter in the last round.
Liz Truss sacks Chancellor Kwasi Kwarteng
The now ex-chancellor Kwarteng was asked to "stand aside" by the prime minister after days of speculation about the security of his role amid the fall out from the Mini Budget.
Kwarteng, who held the role for 38 days, commented on the market and economic turmoil that has followed the tax and energy regimes in his departing letter sent to the prime minister Liz Truss.
In the same letter Kwarteng said he "looked forward to supporting you [Prime Minister] and my successor" from the backbenches.
More updates to follow.
