Yahoo Finance Rishi Sunak keeps Jeremy Hunt as chancellor
Watch: Jeremy Hunt leaves Downing Street after being re-appointed as Chancellor
Jeremy Hunt has been reappointed as UK chancellor, as new prime minister Rishi Sunak tries to reassure the markets following weeks of economic turmoil.
Hunt took over the position after Kwasi Kwarteng was sacked following his botched mini-budget.
Former PM Liz Truss was forced to bring Hunt into the job after her radical tax-cutting and public spending plans spooked the market.
Read more: Rishi Sunak's first speech as UK prime minister lifts pound against dollar
Hunt moved quickly to reverse nearly all of the measures unveiled by his predecessor, actions which went a long way to calm the markets.
Sunak has now handed Hunt the task of continuing the fiscal repair job. He is scheduled to deliver his “medium-term fiscal plan” next week.
The Rt Hon Jeremy Hunt MP @Jeremy_Hunt has been re-appointed Chancellor of the Exchequer @HMTreasury. #Reshuffle pic.twitter.com/Z2RepjNHj2
— UK Prime Minister (@10DowningStreet) October 25, 2022
The new prime minister has vowed to fix the “mistakes” of Liz Truss’s leadership and he braced the nation for “difficult decisions”.
Hunt has tweeted to say that he is “honoured” to continue as the chancellor of the exchequer.
Honoured to serve our country, and @RishiSunak, as Chancellor of the Exchequer.
It is going to be tough. But protecting the vulnerable - and people's jobs, mortgages and bills - will be at the front of our minds as we work to restore stability, confidence and long-term growth. pic.twitter.com/8eGecW677t— Jeremy Hunt (@Jeremy_Hunt) October 25, 2022
Hunt was first elected to parliament in 2005 and joined the cabinet under PM David Cameron as secretary of state for culture.
He went on to become health secretary from 2012 to 2018 and became foreign secretary in 2018, leaving the role the following year.
The pound has surged further to strike its highest level since before Liz Truss’s government’s mini-budget announcement last month.
Read more: Bank of England's chief economist criticises Liz Truss
Sterling lifted 1.9% higher to 1.149 against the US dollar after Rishi Sunak’s appointment as Prime Minister.
Meanwhile 30-year gilt yields, which determine the interest that the government pays on some of its loans, were 0.1 percentage points lower at 3.65%.
Boris Johnson loyalists who stayed close to Truss, including Jacob Rees-Mogg, were among the 11 ministers who were out of government.
