Who is in the running to be the new chancellor?

Kwasi Kwarteng has been sacked as chancellor after 38 days in the role.

He arrived back in London for crisis talks with Liz Truss this morning as speculation of a major U-turn on their mini-budget mounted.

But after it emerged the prime minister will address the nation later without her chancellor by her side, there was little doubt over Mr Kwarteng’s fate.

Sky News takes a look at those who could be in the running to replace him.

Jeremy Hunt

The former foreign secretary is being lined up as Mr Kwarteng’s replacement, according to The Times.

The 55-year-old is known as “Teflon Jeremy” for his ability to brush off criticism during his time as Britain’s longest-serving health secretary.

If he is confirmed as the new chancellor, it is likely to signal a major shift in policy direction.

A more centrist figure, Mr Hunt is unlikely to share Mr Kwarteng and Ms Truss’s ideological free market commitment to tax cuts.

He was also one of Rishi Sunak’s most prominent backers in the leadership contest.

Sajid Javid

The 52-year-old former chancellor has been publicly criticising the government this week – adding his voice to growing calls that benefits must be raised in line with inflation.

Could this be an advantage? Maybe the markets will trust someone who went toe-to-toe with Ms Truss in recent days.

He would certainly bring a wealth of experience to the role, having previously held six cabinet jobs – culture, business, housing, home and health secretary.

Simon Clarke

The new levelling up secretary is a close ally of Ms Truss, and was present at the meetings to put together the much-maligned mini-budget.

The 38-year-old served as chief secretary to the Treasury – the second most senior position – under Mr Sunak, so it came as a surprise when he backed Ms Truss for the premiership.

He has reportedly written to the PM with a set of proposals intended to boost house-building and economic growth.

Therese Coffey

An MP since 2010, after several failed attempts at running for political office, Ms Coffey is the UK’s first female deputy prime minister.

The 50-year-old is a long-time friend and ally of Ms Truss, and the new PM was quick to make her health secretary – and her second in command.

As a result of her posts, she has been in some but not all of the economic meetings, and last month defended the prime minister from criticism that she had appointed a “cabinet of chums”.

Nadhim Zahawi

The chancellor of the duchy of Lancaster has some experience in the job.

The 55-year-old briefly served as Boris Johnson’s chancellor during the final two months of his premiership.

Mr Zahawi has recently sought to quell disquiet in Tory ranks, warning: “Delay is our biggest enemy.”

He has said colleagues must “focus” on delivering for the country, as any “dither” will “end in defeat” for the party.