Jeremy Hunt has been appointed Chancellor of the Exchequer by Prime Minister Liz Truss after she sacked Kwasi Kwarteng earlier today.
Kwarteng had been Chancellor for just 38 days, the second shortest term a Chancellor has held.
Hunt has twice tried unsuccessfully to become Conservative leader, and has previously been both foreign secretary and health secretary.
The dismissal of Kwarteng and subsequent appointment of Hunt is part of a wider mini reshuffle and U-turn over tax cuts.
In an official letter posted on Twitter, Kwarteng said, “You have asked me to stand aside as your Chancellor. I have accepted […] We have been colleagues and friends for many years.
“In that time, I have seen your dedication and determination. I believe your vision is the right one, it has been an honour to serve as your first Chancellor.
“Your success is this country’s success and I wish you well.”
In response to Kwarteng’s letter, Truss said, “I deeply respect the decision you have taken today. You have put the national interest first.”
Truss said she was “incredibly sorry” to lose Kwarteng, describing him as a “great friend” who “shares [her] vision to set this country on the path to growth.”
Truss has since led a press conference on the mini-budget U-turns, and said that these measures were necessary because the mini-budget “went further and faster than markets were expecting.”
Some say the appointment of Hunt signals Truss moving to reach out more broadly to Conservative MPs, as she was previously criticised for choosing her cabinet based on their loyalty to her.
As part of a wider reshuffle, Chris Philip, the former chief secretary to the Treasury, was moved to the Cabinet Office.
Image “Prime Liz Truss appoints Jeremy Hunt as Chancellor” by Number 10 is licensed under CC BY-NC-ND 2.0