Jeremy Hunt appointed as new chancellor

Jeremy Hunt has been appointed as the new chancellor to replace Kwasi Kwarteng, becoming the fourth chancellor this year.

Kwasi Kwarteng stepped down from his role as chancellor earlier today after less than six weeks in the role.

In a letter to Liz Truss, Kwarteng said: "You have asked me to stand aside as your Chancellor. I have accepted."

The decision comes after widespread criticism of the measures announced in Kwarteng's ‘mini-budget’ last month, which included the removal of the 45% higher rate tax for high-income earners, later reversed after the decision caused volatility in financial markets.

In a press conference today, Liz Truss said that Hunt will drive her mission to "go for growth", adding that he "shares my vision".

Hunt will deliver the medium-term fiscal plan at the end of the month, Truss confirmed.

The removal of Kwarteng makes him the UK's second-shortest serving chancellor, following Iain Macleod who died just 30 days into his role in 1970.