Kwasi Kwarteng has left Downing Street after being sacked by Liz Truss.
After just a few weeks in the job, the Chancellor flew back early from International Monetary Fund talks in Washington on Friday and was asked to “stand aside” in a brief meeting with the Prime Minister.
Truss will stage a press conference in Downing Street later on Friday in which she is expected to announce major changes to Kwarteng’s mini-budget.
Jeremy Hunt has been named as Kwarteng’s successor.
Chris Philp has been appointed Paymaster General, swapping jobs with Edward Argar who becomes Chief Secretary to the Treasury, Downing Street said.
NEW: @Jeremy_Hunt has been appointed as Chancellor of the Exchequer pic.twitter.com/105R9WsBPq
— Conservatives (@Conservatives) October 14, 2022
In his letter to Truss, the outgoing chancellor wrote: “Dear Prime Minster.
“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.
“The economic environment has changed rapidly since we set out the Growth Plan on 23 September. In response, together with the Bank of England and excellent officials at the Treasury we have responded to those events, and I commend my officials for their dedication.
— Kwasi Kwarteng (@KwasiKwarteng) October 14, 2022
“It is important now as we move forward to emphasise your government’s commitment to fiscal discipline. The Medium-Term Fiscal Plan is crucial to this end, and I look forward to supporting you and my successor to achieve that from the backbenches.
“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.
“Your success is this country’s success and I wish you well.”
Kwarteng is now the second shortest-serving UK chancellor on record, and the UK’s fourth since 2019.
The shortest serving chancellor was the Conservatives’ Iain Macleod, who died of a heart attack 30 days after taking the job in Edward Heath’s government in 1970.
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