Sunak-backer Jeremy Hunt appointed as new chancellor
Jeremy Hunt has been appointed chancellor after the prime minister sacked Kwasi Kwarteng.
Mr Hunt returns to the frontbenches after three years, having served as foreign secretary under Theresa May and, before that, health secretary and culture secretary under David Cameron.
His appointment, just an hour after his predecessor was sacked, is a sign that Liz Truss is trying to get her opponents on side.
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Mr Hunt was one of Rishi Sunak’s most prominent supporters during the Tory leadership campaign in the summer after he was knocked out of the running himself.
The MP for South West Surrey since 2005, Mr Hunt has been a backbencher since Boris Johnson took over from Mrs May in 2019.
He has been the chair of the Commons health and social care select committee since 2020.
Mr Kwarteng lost his job on Friday after just 38 days following a disastrous mini-budget announcement, which resulted in economic turmoil and subsequent U-turns.
Liz Truss: ‘This is difficult’
He firstly U-turned on getting rid of the 45p rate of income tax for higher earners and the government then U-turned on freezing corporation tax at 19% so it will rise to 25% in April.
Ms Truss said Mr Hunt is “one of the most experienced and widely respected government ministers and parliamentarians, and he shares my convictions and ambitions for our country”.
She did not mention his former opposition to raising corporation tax.
‘Tax cut not sexy, but necessary’
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Corporation tax raised in second major U-turn of mini-budget
In July, Mr Hunt told Sky News cutting corporation tax was “not sexy, but necessary” as he backed plans to reverse the planned rises.
“I’m someone who doesn’t just think that we stop the corporation tax rises, I think we should cut them so that they’re the lowest in Europe and North America,” Mr Hunt said.
“No Conservative should promise unfunded tax cuts. Because an unfunded tax cut is just an increase in borrowing that’s paid for by future generations.”
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The new chancellor, Jeremy Hunt, will talk to Sky News tomorrow morning. Tune in from 7am on Saturday.