Jeremy Hunt: Ex-health secretary appointed chancellor after Kwasi Kwarteng's resignation

Following the departure of Kwasi Kwarteng earlier today, prime minister Liz Truss has appointed Hunt as his immediate replacement.

Mr Hunt had been in the running for the top job in Downing Street, but was eliminated from the leadership contest early on.

After that, he supported Rishi Sunak as he battled it out with Ms Truss in the final two.

He is the fourth chancellor to take the post this year.

Ed Argar will become his deputy, with Chris Philp taking the vacant position of paymaster general.

In a letter, Ms Truss said it was Mr Kwarteng’s own decision to resign – made for the sake of ‘national interest’.

She said: ‘I deeply respect the decision you have taken today. You have put the national interest first.

‘We share the same vision for our country and the same firm conviction to go for growth.

‘I know that you will continue to support the mission that we share to deliver a low tax, high wage, high growth economy.’

This afternoon, Ms Truss will be hosting a news conference, with growing speculation that she will be u-turning on the government’s controversial mini-budget.

Mr Kwarteng’s initial announcement of the budget included the planned increase in national insurance being scrapped, and led to the value of the pound plummeting against the US dollar.

The government has already reversed its plans to cut the top rate of income tax, with the Labour Party calling for the entire budget to be reversed.