UK Prime Minister Liz Truss has appointed former Cabinet minister Jeremy Hunt as the new Treasury chief, replacing sacked Kwasi Kwarteng.
Hunt is a government veteran who has served as foreign and health secretaries, and ran unsuccessfully to lead the Conservative Party in 2019.
Truss also replaced the second highest-ranking Treasury minister in a bid to restore order after weeks of turmoil over the government's economic plans. Truss sacked Kwarteng on Friday after his disastrous mini-budget caused market turmoil and rising mortgage rates.
In a statement published on Twitter, Kwarteng said, “You have asked me to stand aside as your Chancellor. I have accepted.” Defending the mini-budget, he said that following the status quo was simply not an option.
