Kwasi Kwarteng has been sacked as Chancellor just over a month into the job - leaving the Treasury rudderless at a time of economic crisis.
Mr Kwarteng cut short his trip to the US on Friday amid reports that Prime Minister Liz Truss was considering a major U-turn on the pair’s flagship tax cut plan.
Ms Truss will come under fresh pressure to announce a successor to Mr Kwarteng as soon as possible to calm the markets following a month of turmoil prompted by the mini-budget.
The Standard looks at the runners and riders to replace Mr Kwarteng in No11.
Nadhim Zahawi
The current Cabinet Office minister could be poised to take the reins at the Treasury once again after a 63-day stint in the role in the dying days of Boris Johnson’s premiership.
Treasury sources told the Guardian that Mr Zahawi was in contention for the job. He has remained loyal to Ms Truss - backing her leadership campaign over the summer after his own failed to gain momentum.
He impressed other Cabinet ministers while serving as the UK’s vaccines minister during the Covid-19 pandemic.
According to Betfair, Mr Zahawi is 2/1 to become Chancellor.
Sajid Javid
Mr Javid would bring a wealth of experience to the role after serving in the post for seven months.
Prior to this, he served as health secretary, home secretary, housing secretary, business secretary and culture secretary under three separate prime ministers.
Though he supported Ms Truss’ leadership bid, Mr Javid has criticised her mini-Budget and rejected a top Cabinet job when she became Prime Minister.
He has been vocal in opposition to uprating benefits in line with earnings rather than inflation, and claimed that Ms Truss’ mini-budget was the cause behind market turmoil last month.
Jeremy Hunt
Government sources told The Times that the former foreign and health secretary could be in line to become Chancellor.
This is despite Mr Hunt being one of Mr Sunak’s most prominent backers during the Tory leadership campaign over the summer.
In July, he said Mr Sunak had “formidable ability” and had “been thinking about the right thing to do for our economy, for families up and down the country, very hard over the last two years”.
His appointment would suggest a significant climbdown from Ms Truss on her economic policy objectives, as Mr Hunt has previously been associated with the more centrist, ‘One Nation’ wing of the Tory party.
Mr Hunt has run to be Tory leader on two previous occasions, competing with Boris Johnson in 2019 and over the summer.
Simon Clarke
The current levelling up secretary is a close ally of Liz Truss and would relish the top job in No11, where he has already held a number of roles.
He previously served as chief secretary to the Treasury - the second most senior position - under Rishi Sunak. However, he threw his weight behind Ms Truss during her leadership campaign.
Prior to this, he served as exchequer secretary to the Treasury.
Mr Clarke is among the “quad” of senior ministers - along with Kwasi Kwarteng - that is closest to the Prime Minister.
His appointment would be unlikely to quell market fears over the Government’s economic plan, however, as he is deeply ideologically aligned with Ms Truss on the economy. Earlier this month, he told The Times that Britain had lived in a “fool’s paradise” for too long and would need to cut public expenditure.
