Jeremy Hunt has been appointed Britain’s Chancellor of the Exchequer, Prime Minister Liz Truss’s office said on Friday, following Kwasi Kwarteng’s sacking just an hour earlier.

The decision to replace Kwarteng was made as the British Government tried to reverse the new tax cuts from the Exchequer. Experts have previously found Kwarteng’s policy insufficient to tackle the current cost-of-living crisis and promote economic development.

Britain’s market slumped from September 23rd after Kwarteng’s announcement of a plan to cut taxes worth 50 billion USD without an explanation on how to compensate for the reduced budget due to tax cut.

Jeremy Hunt has become the 4th Chancellor of the Exchequer in 2022. He previously served as Secretary of State for Foreign and Commonwealth Affairs under ex-Prime Minister Theresa May.

Source: VOV5