Jeremy Hunt has been confirmed as the new Chancellor of the Exchequer, becoming the fifth person to occupy Number 11 Downing Street since 2019.
This comes as Kwasi Kwarteng was pushed out of Truss’ government earlier on Friday.
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
Kwarteng’s departure made him the second-shortest serving Chancellor in history. He had been in the USA but returned earlier than expected for urgent talks with the Prime Minister.
This comes as Liz Truss also announced a “U-turn” on elements of Kwarteng’s mini-budget – namely the corporation tax freeze – that was announced in September, though Kwarteng – the architect of many of its elements – will play no further part.
Confirming the end of his tenure, Kwarteng said it was his honour to serve as Truss’ first Chancellor.
— Kwasi Kwarteng (@KwasiKwarteng) October 14, 2022
As to one key element of Kwarteng’s mini-budget – the cut to Stamp Duty Land Tax – it remains to be seen whether his departure could impact this policy. Conveyancers will wait with bated breath to see if demand for homebuying in the immediate and long-term future is once again set to face upheaval.
Timothy Douglas, Head of Policy and Campaigns at Propertymark, said:
“Reflecting on the recent announcement that Jeremy Hunt has now entered his new position as Chancellor, we would firstly like to welcome him into his role but secondly ask that he works with us to tackle issues faced across the housing sector.
The ex-Chancellor Kwarteng’s introduction of the recent review to Stamp Duty was welcomed and will help to bring people’s budgets in line with rising house prices.”
