(Photo: SOPA Images via Getty Images)
Jeremy Hunt has been appointed chancellor by Liz Truss after she sacked Kwasi Kwarteng in a bid to save her premiership.
The prime minister is expected to announce further humiliating U-turns on her mini-Budget at a press conference on Friday afternoon.
It has been reported one of the measures that could be scrapped was the plan not to increase corporation tax.
Kwarteng - Truss’ closest political ally and longtime friend - was fired earlier today having flown home early from the United States.
Hunt is a former foreign secretary and health secretary who stood in both the 2019 and 2022 Tory leadership contests.
The mini-Budget, which caused market turmoil and led to the Tory poll ratings tanking, was just Kwarteng’s plan, it formed the basis of the Truss’ leadership campaign.
Westminster is awash with speculation that Conservative MPs could try to oust Truss as leader sooner rather than later.
The appointment of Hunt - who ultimately backed Rishi Sunak in the race to replace Boris Johnson - will be seen as an attempt by Truss to steady the ship.
Truss and Kwarteng had planned to ditch Sunak’s plan to increase corporation tax from 19% to 25%. It is expected that this increase will now go ahead.
But in his short-lived 2022 leadership bid, Hunt not only promised to not increase that tax rate, he pledged to cut it to 15%.
This article originally appeared on HuffPost UK and has been updated.