Following a 38-day tenure as Finance Minister, which was described by some as "disastrous", Kwasi Kwarteng has been fired and replaced by Jeremy Hunt, the UK Prime Minister's office announced today.

The Rt Hon Jeremy Hunt MP @Jeremy_Hunt has been appointed Chancellor of the Exchequer @HMTreasury. pic.twitter.com/bldKWr3crG

— UK Prime Minister (@10DowningStreet) October 14, 2022

Hunt was a former minister under Prime Ministers David Cameron and Theresa May, taking over duties as Secretary of State for Culture, Olympics, Media, and Sport for two years under David Cameron, before taking on the mantle of Health Secretary for six years. He then became the Foreign Secretary under Theresa May for a year.

He was also a former candidate for the Conservative Party's leadership, and his appointment was announced on Friday shortly before Truss was about to hold a press conference, where she was expected to launch a U-turn on her economic plans, which wreaked havoc on UK financial markets.

Truss has faced major criticism just a month into her term as PM, from failed promises to failing policies. Her term has witnessed the British pound plummeting to its lowest rate against the US dollar since 1971, a great recession almost taking over the UK, and her own party, known as the Tories, decrying her actions as an unfit PM.

A previous poll revealed on September 30 that half of the British population thinks that Truss should resign. The 4,918 participants surveyed in the poll conducted revealed that only 3% think the mini-budget had the right ideas and only a quarter of them think she should remain in office, while more than half also thought Kwarteng should resign.  

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