Who will replace Kwasi Kwarteng as new chancellor? List of candidates

The former chancellor paid the price for the chaos unleashed by his mini-budget one day after insisting he is “not going anywhere”.

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, it was reported.

Ms Truss will stage a press conference in Downing Street later on Friday in which she is expected to announce major changes to Mr Kwarteng’s £43 billion tax giveaway.

Now attention turns to who could replace him. Here are the Tories who could be in the running to replace him.

Sajid Javid

Sajid Javid (Image: PA)

Sajid Javid, a former chancellor himself, has been public in is criticism of the government this week calling for benefits to rise in line with inflation.

Nadhim Zahawi

Chancellor of the Duchy of Lancaster, Nadhim Zahawi. (Image: PA)

The chancellor of the duchy of Lancaster has warned “delay is our biggest enemy” as he called on colleagues to focus on delivering for the country.

Jeremy Hunt

Jeremy Hunt. (Image: PA MEDIA)

The Times reports the former health secretary is in the running for the vacant role.

Hunt backed Rishi Sunak during the leadership contest and is currently out of the country.

Simon Clarke

Simon Clarke. (PA) (Image: PA)

An ally of Liz Truss and current levelling up secretary, Simon Clark was involved in meeting which led to the mini-budget announcement.

Therese Coffey

Deputy Prime Minister and Health Secretary Therese Coffey. (Image: PA)

Currently serving as deputy prime minister and health secretary, Therese Coffey has also been involved in economic meetings under Liz Truss.