London, Oct 14: Jeremy Hunt has been appointed Britain's new Chancellor of the Exchequer, replacing Kwasi Kwarteng.

The former Foreign Secretary and Tory leadership contender will be the fourth Chancellor this year, the Guardian reported.

Kwarteng has confirmed he was asked "to stand aside" as Chancellor. UK PM Liz Truss Sacks Finance Minister Kwasi Kwarteng as Chancellor After Economic Crisis Following Govt’s Mini-Budget (Video).

In a letter to Prime Minister Liz Truss, Kwarteng wrote: "You have asked me to stand aside as your Chancellor. I have accepted."

"When you asked me to serve as your Chancellor, I did so in full knowledge that the situation we faced was incredibly difficult, with rising global interest rates and energy prices. However, your vision of optimism, growth and change was right.

"As I have said many times in the past weeks, following the status quo was simply not an option. For too long this country has been dogged by low growth rates and high taxation � that must still change if this country is to succeed," he wrote. Liz Truss To Be Replaced With Rishi Sunak? Rebels Plot To Remove UK Prime Minister After Controversial Mini-Budget.

Kwarteng has been sacked after his disastrous mini-budget caused market turmoil, a bailout of pension funds and rising mortgage rates, The Guardian reported.

Kwarteng is leaving the position after just six weeks in the job, despite Truss having also signed off an array of unfunded tax cuts in the mini-budget last month.

He had returned early from the International Monetary Fund meeting in the US to discuss further U-turns in the budget, after a move to drop the 45p tax rate failed to calm the economic situation.

(The above story first appeared on LatestLY on Oct 14, 2022 07:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).