Jeremy Hunt appointed Chancellor after Kwasi Kwarteng sacked

Jeremy Hunt has been appointed as Chancellor of the Exchequer following the sacking of Kwasi Kwarteng today.

Hunt was foreign secretary under Theresa May and health secretary and culture secretary under David Cameron.

He was also one of former chancellor Rishi Sunak’s most vocal supporters during the Tory leadership campaign in the summer, despite having put himself forward for the role of PM. 

Hunt replaces Kwarteng, who was sacked as chancellor over his mini-budget U-turn this afternoon.

Kwarteng was appointed to the role by Prime Minister Liz Truss just thirty-eight days ago.

In a public letter to the prime minister, Kwarteng wrote: “You have asked me to stand aside as your Chancellor. I have accepted.

“When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.

“As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation – that must still change if this country is to succeed.”

He continued: “It is important now as we move forward to emphasise your government’s commitment to fiscal discipline. 

“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.”

According to Sky News, Kwarteng’s downfall began when he announced his mini-budget on September 23rd, which included the controversial plan to axe the 45p rate of income tax for Britain’s wealthiest earners.

This caused the pound to spiral to a historically low value, consequently sending government borrowing and mortgage rates sky rocketing.

The economical chaos even led the Bank of England to launch an emergency intervention to restore market functioning.