Jeremy Hunt has been appointed as the UK’s new Chancellor following Kwasi Kwarteng’s sacking earlier today.

It follows Kwarteng’s mini-Budget on 23 September which sparked turmoil across financial markets. Hunt becomes the fourth Chancellor this year.

The mini-Budget, which pledged £45bn of tax cuts, caused mortgage rates and borrowing costs to soar and was followed by emergency interventions from the Bank of England.

Prime Minister Liz Truss met with Kwarteng today after he had flown back to the UK for urgent talks, cutting short a meeting with International Monetary Fund (IMF) ministers in Washington DC.

In her Prime Ministerial statement, Truss said she was “incredibly sorry” to lose Kwarteng but acknowledged that parts of the mini-Budget had gone “further and faster” than expected.

As well as stating she has acted in the “nation’s interest”, the Prime Minister confirmed a U-turn has been made to keep the increase in corporation tax, a decision which will raise £18bn in taxes for the country, she added.

Kwarteng’s 38-day tenure makes him the second shortest-serving UK Chancellor on record. The shortest, Iain Macleod, died 30 days into the role in 1970.

The Conservatives have now had five Chancellors since 2019, including Nadim Zahawi who served the third-shortest term as Chancellor with 62 days, and Sajid Javid, who served the fourth-shortest term on record at 204 days.

Hunt will now deliver the medium-term fiscal plan on 31 October, the Prime Minister has confirmed.

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