Jeremy Hunt appointed chancellor after Kwasi Kwarteng sacked - LIVE updates

A switch from Kwasi Kwarteng to Jeremy Hunt as chancellor is likely to signal a major shift in policy direction. Mr Hunt, a more centrist figure, is unlikely to share Mr Kwarteng and Ms Truss’s ideological free market commitment to tax cuts.

The MP, who backed Rishi Sunak in the latest leadership bid after his own campaign failed to get past the first vote, has previously held the positions of culture secretary, health secretary between 2012 and 2018, and more recently, foreign secretary in Theresa May's Cabinet. Following the previous chancellor's mini-budget, Mr Hunt said that Ms Truss should be given a fair chance for her plan to work. “It obviously was a very wobbly week. But we have to let things settle down. And that I think will be the time to make judgments,” he told GB News at the start of this month.Downing Street has confirmed that Jeremy Hunt will be the next chancellor. It has also appointed Edward Argar as chief secretary to the Treasury and Chris Philp as Paymaster General.

“We share the same vision for our country and the same firm conviction to go for growth. You have been Chancellor in extraordinarily challenging times in the face of severe global headwinds. “The Energy Price Guarantee and the Energy Bill Relief scheme, which made up the largest part of the mini budget, will stand as one of the most significant fiscal interventions in modern times. Thanks to your intervention, families will be able to heat their homes this winter and thousands of jobs and livelihoods will be saved."Reports are emerging that Jeremy Hunt will become the next chancellor.

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