Jeremy Hunt is the new Chancellor of the Exchequer.
Mr Hunt, who has previously held the titles of Foreign Secretary and Health Secretary will replace Kwasi Kwarteng after he was dramatically sacked by Prime Minister Liz Truss today.
Ms Truss removed her ideological ally from his post after just five weeks in post. The sacking comes after Mr Kwarteng's shock budget announcement last month led to widespread economic chaos.
READ MORE: Kwasi Kwarteng sacked as Chancellor amid chaos in government
Multiple reports have now confirmed speculation that Mr Hunt is the new Chancellor. It is expected that Ms Truss will make the formal announcement at a press conference she is holding at 2pm.
Mr Kwarteng was summoned home early from a trip to the United States today to be told he was being removed. The news means that Mr Kwarteng is the second the second shortest-serving UK chancellor on record. The shortest was Iain Macleod, who died of a heart attack 30 days after taking the job in 1970.
The UK has had four chancellors since 2019, including Nadhim Zahawi who served the third shortest tenure with 63 days during a short-lived reshuffle under Boris Johnson, and Sajid Javid who served 204 days - the fourth shortest tenure since the Second World War.
In a letter to Ms Truss, Mr Kwarteng said: "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 for this country 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.
"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."
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