Former health secretary Jeremy Hunt (pictured left) has succeeded Kwasi Kwarteng (pictured right) as chancellor of the exchequer.
Hunt is the Conservative government’s fourth chancellor this year – he follows Rishi Sunak, Nadim Zahawi and Kwarteng – and is the third to be appointed since 5 July when Zahawi took on the position.
Kwarteng was fired from the role by prime minister Liz Truss just weeks after he delivered a disasterous mini-Budget which included massive unfunded tax cuts that resulted in Sterling sinking, sharp rises in government borrowing interest rates and substantial turmoil in the mortgage market.
In a letter to Truss, Kwarteng acknowledged that the economic environment has “changed rapidly” since his mini-Budget, but did not acknowledge any role the announcement made.
He also steadfastly reiterated that despite the turmoil and his sacking, the policies Truss was pursuing through the tax announcements and other areas were the right path to follow.
The mini-Budget was described by one protection expert as “foolish”.
Alan Lakey, a director at Highclere Financial Services and CIExpert, told Health & Protection that Kwarteng’s mini-Budget was a “huge gamble” which at the time “looked foolish and looks even more foolish now.”
Number 10 confirmed the appointment of former health secretary Jeremy Hunt as Kwarteng’s successor this afternoon.
