- Jeremy Hunt, a former Cabinet member, was named by Liz Truss to the position.
- He succeeds Kwasi Kwarteng, whose “mini-budget” that lowered taxes was announced just three weeks ago.
- The move could see her replaced by Rishi Sunak and Penny Mordaunt, her main opponents in the leadership race.
On Thursday, the pound increased against the dollar by as much as 1.7%, while bond markets stabilised on speculation that Truss might change the economic growth strategy.
As the fourth Treasury chief in the United Kingdom this year, Truss selected former Cabinet minister Jeremy Hunt to the position.
Jeremy Hunt, a former Cabinet member, was named by Truss to the position, making him the fourth Treasury chief in the UK this year.
Liz Truss, the embattled British prime minister, installed a new Treasury chief ahead of a hurriedly scheduled news conference on Friday as she tried to maintain her position and calm the markets after the presentation of a divisive economic plan.
As the fourth Treasury chief in the United Kingdom this year, Truss selected former Cabinet minister Jeremy Hunt to the position. He succeeds Kwasi Kwarteng, whose “mini budget” that lowered taxes was announced just three weeks ago and caused the pound to drop to historic lows versus the dollar.
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