Jeremy Hunt replaces Kwasi Kwarteng as chancellor sacked after just six weeks
His brief tenure now means he is the UK's second shortest-serving chancellor.
By Nick Reilly
Kwasi Kwarteng has been sacked as chancellor after just six weeks, having caused huge financial uncertainty and upheaval during his disastrous tenure.
His dismissal comes after his mini-budget caused huge market turmoil, a rise in mortgage rates and a bailout of pension funds from the Bank of England.
Kwarteng returned from the International Monetary Fund (IMF) meeting in the US earlier today to discuss even more budget U-turns, after they initially dropped plans to scrap the 45p tax rate for top earners.
A second U-turn is expected to arrive on Friday afternoon, with the government planning to raise corporation tax from 19% to 25% next April, despite pledging not to do so in the mini-budget.
He will now be replaced by Jeremy Hunt, whose appointment to the role was confirmed earlier this afternoon.
Confirming his dismissal in a letter to Truss, Kwarteng seemed to defend his actions, writing: “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.”
It now means that the Conservative Party has now had four chancellors in the past three years -Kwarteng, Nadhim Zahawi, Rishi Sunak and Sajid Javid.
Kwarteng now also becomes the second shortest-serving UK chancellor. The shortest serving chancellor, Iain Macleod, died of a heart attack 30 days after taking the job in 1970.
The next chancellor, who will be chosen by Prime Minister Truss, will be the seventh Tory chancellor in 12 years. However, the disastrous budget now raises fresh questions about how long the PM can stay in the job.