Katy Balls Katy Balls

Why Truss picked Hunt for Chancellor

Credit: Getty Images

A day is a long time in politics. Just this morning, a No. 10 source told the BBC the Prime Minister believed Kwasi Kwarteng was doing ‘an excellent job’ as chancellor and the pair were ‘in lockstep.’ Only just a few hours on, Liz Truss has sacked her close ally and friend in a bid to salvage her premiership. Now, Truss has appointed Jeremy Hunt to replace Kwarteng. It’s not even 2 p.m.

The view in Downing Street is that Hunt is ultimately a low-tax Tory

As soon as rumours started to circulate that Hunt was the preferred pick, there were raised eyebrows among Tory MPs. Nadhim Zahawi and Sajid Javid both backed Truss in the leadership contest and were therefore seen as more obvious choices. Hunt also has no Treasury experience which raises questions about whether the markets will react in the positive way No. 10 hopes. What’s more, Hunt is a controversial pick with Boris Johnson supporters – who take issue with him dating back to the 2019 leadership contest where Hunt made the final two against Johnson.

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