Jeremy Hunt has been named as the new Chancellor as floundering Liz Truss desperately tries to save her premiership.
Mr Hunt, who has previously served as Health Secretary and Foreign Secretary, was appointed only an hour after Kwasi Kwarteng was sacked following the disastrous mini-Budget.
He is the fourth Chancellor in just over three months, and the fifth person to hold the role in three years.
Mr Kwarteng carried the can after his September 23 announcement caused market chaos and a massive rebellion within Tory ranks.
The PM said she was "incredibly sorry to lose him" and in her response to his resignation letter, praised him for stepping down in the national interest.
Speaking at an emergency No10 press conference, she said: "Today I have asked Jeremy Hunt to take over as Chancellor - he is one of the most experienced and widely respected Government ministers and parliamentarians.
"He shares my convictions and my ambitions for our country."
Mr Hunt inherits a difficult brief, with just over two weeks until he must deliver the medium term fiscal term set in motion by his predecessor.
The Halloween statement will be accompanied by independent forecasts in an attempt to calm the jittery markets.
Mr Hunt put his name forward in the Tory leadership race after Boris Johnson's resignation, but was eliminated in the first ballot of MPs after securing just 18 votes.
In his brief bid to become PM, he pledged to reduce corporation tax to 15%.
He'll be thrown in at the deep end after Ms Truss backtracked on her plans to keep this tax at 19%.
In a screeching U-turn, corporation tax will go up to 25% next year.
Shadow chancellor Rachel Reeves said the whole Government must go.
"Changing the Chancellor doesn't undo the damage that's already been done," she said.
"It was a crisis made in Downing Street. Liz Truss and the Conservatives crashed the economy, causing mortgages to skyrocket, and has undermined Britain's standing on the world stage.
"We don't just need a change in Chancellor, we need a change in Government."
