Jeremy Hunt has been made chancellor, Downing Street has confirmed.
This comes barely an hour after Kwasi Kwarteng was relieved of his duties by Prime Minister Liz Truss.
During the leadership contest over the summer, Hunt put himself forward to be the next Tory leader but after not gaining enough support from fellow MPs he supported Rishi Sunak’s bid.
Hunt will be the fourth chancellor this year.
The Rt Hon Jeremy Hunt MP @Jeremy_Hunt has been appointed Chancellor of the Exchequer @HMTreasury. pic.twitter.com/bldKWr3crG
— UK Prime Minister (@10DowningStreet) October 14, 2022
Ed Argar will take over chief secretary to the treasury – the second in command over the country’s finances.
Argar will be moving from his role at the Cabinet Office as paymaster general, swapping roles with his predecessor Chris Philp, who becomes the new paymaster general.