Jeremy Hunt is new Chancellor as Kwasi Kwarteng is dramatically sacked
As part of Liz Truss's Treasury shake-up, former foreign secretary and Conservative leadership contender Jeremy Hunt has been named Chancellor, Downing Street said.
He replaces Kwasi Kwarteng, who has paid the price for the chaos unleashed by his controversial mini-budget.
Edward Argar replaces Chris Philp as chief secretary to the Treasury, while Mr Philp moves into Mr Argar's previous role as paymaster general and minister for the Cabinet Office.