Jeremy Hunt Appointed Chancellor After Liz Truss Sacked Kwasi Kwarteng

Jeremy Hunt is set to take over from Kwasi Kwarteng as Chancellor of the Exchequer.

Liz Truss, the UK's prime minister is expected to hold a press conference in the afternoon as speculation builds that the government could reverse more of the tax cuts announced in its mini-budget, according to multiple media outlets.

Rachel Reeves, the shadow chancellor, has responded to the sacking of Kwasi Kwarteng. She said: "Changing the Chancellor doesn't undo the damage that's already been done... We don't just need a change in Chancellor, we need a change in government"

Former health secretary Jeremy Hunt returns to the frontbenches after a few years off, after serving as foreign secretary under Theresa May and health secretary and culture secretary under David Cameron.

Kwasi Kwarteng lost his job after just 38 days following a disastrous mini-budget announcement, which resulted in economic turmoil and subsequent U-turns.

With low growth, there is less capacity for real wage growth and it will hit government finances at a time when there is a need for more public spending and a wish to reduce taxes.

Labour shortages have contributed to queues at airports.

One of the largest teaching unions is set to carry out its threat to hold a strike ballot, after the government in England ignored its demand for a 12% pay rise this year.

Royal Mail has announced plans to cut 10,000 jobs by next August, blaming ongoing strike action and rising losses at the business.

Outside of the redundancies the firm will cut roles through natural attrition, for example by not replacing workers who leave.

Since the Brexit vote the Pound has devalued, causing an increase in the cost of imports and contributing to domestic inflation.