BROMSGROVE MP Sajid Javid MP has congratulated Jeremy Hunt as he became the fourth Chancellor of the Exchequer since July.
Prime Minister Liz Truss asked Kwasi Kwarteng to stand down earlier today amidst a background of economic uncertainty in the UK, replacing him with Mr Hunt.
Mr Javid, who held the Treasury’s top role before Rishi Sunak, told The Standard: “I served with Jeremy Hunt in Government before and know how deeply he cares about the country.”
Mr Kwarteng leaves his position just weeks after he announced the government’s ‘mini-budget’.
He was heavily criticised for his decision to scrap the 45p higher tax rate as part of his mini-budget before U-turning on the move just days later.
But the reversal was done after the original policy was blamed for the Pound hitting its lowest rate in decades against the US Dollar and leading to uncertainty surrounding mortgages with lenders withdrawing a number of their products.
In a letter to the PM, during which he accepted Liz Truss’s request for him to stand aside as Chancellor, Mr Kwarteng said: “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.”
