Former Chancellor, Kwasi Kwarteng recently became the second shortest-serving Chancellor of the Exchequer after leaving the position earlier today.
Britain is now onto its fourth Chancellor in under four months amid a time of economic uncertainty.
While Kwarteng only lasted a little over a month in the second most senior government position, another Chancellor was actually the shortest serving in UK history.
Shortest serving Chancellor of the Exchequer
The shortest-serving Chancellor in UK history was British Conservative MP Iain Macleod who was Chancellor of the Exchequer from June 20, 1970, to July 20, that same year.
He died suddenly of a heart attack, only serving in the post for a month.
Previously, he had held numerous positions within the UK Government and was even the Shadow Chancellor before his party won the 1970 General Election.
Why did Kwasi Kwarteng step aside?
— Kwasi Kwarteng (@KwasiKwarteng) October 14, 2022
The former Chancellor confirmed he was asked to 'stand aside' by Prime Minister Liz Truss after criticism of his 'mini-budget' earlier this month.
The Chancellor's 'economic event,' which set out major tax cuts, saw the value of the pound drop dramatically and interest rates rise.
READ MORE: UK Market Chaos Explained: Energy prices, mortgages and interest rates
Who will be Chancellor?
The next Chancellor is Jeremy Hunt, the former secretary for Foreign and Commonwealth Affairs after he was tipped as the UK's new economy chief.
Jeremy Hunt has currently not said anything on Twitter but was confirmed by Number 10.
Jeremy Hunt
Jeremy Hunt was also a long-serving Health Secretary, serving under the governments of David Cameron and Theressa May.
Jeremy Hunt is a big name and is seen as someone who can unite the different factions of the Conservative Party.
He was also Foreign Secretary until 2019 and was a key leadership candidate in 2019 before Boris Johnson became party leader and Prime Minister.
Chris Philip Treasury sacking
Chris Philips has also been sacked from his role as Chief Secretary to the Treasury.
Sources say he was phoned by Liz Truss and dismissed from his position in a shake-up of the government and Truss' economic plans.
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