Liz Truss tore up the mini budget with an £18 billion corporation tax U-turn after sacking Kwasi Kwarteng as Chancellor on Friday.
The reversal came as the prime minister held a press conference after a tumultuous day where she sacked Mr Kwarteng, one of her closest allies, and appointed Jeremy Hunt as Chancellor his place.
Downing Street confirmed Mr Hunt as the fourth chancellor this year after Mr Kwarteng’s departure on Friday following his disastrous mini-budget.
Edward Argar has also replaced Chris Philp as Chief Secretary to the Treasury as Liz Truss fights to save her premiership.
Mr Kwarteng flew back early from International Monetary Fund talks in Washington on Friday to be informed of his fate in a brief meeting with the Prime Minister.
