Jeremy Hunt is new UK chancellor as Kwasi Kwarteng is dramatically sacked

Former foreign secretary Jeremy Hunt has been named as Mr Kwarteng’s replacement, Downing Street said.

Closing out his letter, Mr Kwarteng promised to support Ms Truss from the backbenches. Picture: Andrew Matthews/PA

Kwasi Kwarteng has paid the price for the chaos unleashed by his mini-budget as he flew back to London to be dramatically sacked by Liz Truss.

The chancellor cut short his attendance at the International Monetary Fund’s annual meeting in Washington to be told of his fate in a brief meeting with the British prime minister.