Liz Truss names Jeremy Hunt as new Chancellor after Kwasi Kwarteng is sacked

Jeremy Hunt was appointed as the new chancellorconfirmed Downing Street.

Mr Kwarteng has paid the price for the chaos unleashed by his mini-budget a day after insisting he “go nowhere“.

That means Kwarteng will go down as the second-shortest-serving chancellor in the post-war period, after Iain Macleod, who died in office.

Mrs. Truss holds a press conference later today where she is expected to herald a reversal in the mini-budget.

The prime minister’s key pledge to scrap a planned increase in corporate tax from 19% to 25% is understood to be one of the austerity measures as Ms Truss seeks to salvage her embattled position as prime minister.

A government source told The Times that corporate income tax was likely to increase but could still be below the 25 percent target of the previous government.

Statement by Kwasi Kwarteng

In a statement released on social media, he said: “You have asked me to step aside as your chancellor. I have accepted.

“When you asked me to act as your Chancellor, I did so fully aware that the situation we found ourselves in, with global interest rates and energy prices rising, was incredibly difficult. However, her vision of optimism, growth and change was correct.

“As I’ve said many times over the past few weeks, following the status quo just wasn’t an option. For too long this country has been plagued by low growth rates and high taxes – this has yet to change if this country is to thrive.

“The economic environment has changed rapidly since the release of the growth plan on September 23. In response, together with the Bank of England and distinguished Treasury officials, we have responded to these events and I commend my officials for their dedication.”

He added: “It is important now, as we move forward, to emphasize your Government’s commitment to fiscal discipline. Medium-term financial planning is of crucial importance for this, and I look forward to supporting you and my successor from the back benches.

“We have been colleagues and friends for many years. During that time, I have seen your dedication and determination. I believe your vision is correct. It was an honor to be your first chancellor.

“Your success is the success of the country and I wish you all the best.” Liz Truss names Jeremy Hunt as new Chancellor after Kwasi Kwarteng is sacked

Fry Electronics Team

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