Following her confirmation as PM Liz Truss quickly made appointments to the cabinet, which has a fresh new look with five ministers from the Boris Johnson era and no conciliatory moves to appoint supporters of her rival in the leadership race, Rushi Sunak.

Kwarteng takes over the role of Chancellor from Nadhim Zahawi, who was in the role on an interim basis following the resignation of Sunak in July.

His priority at the Treasury will be focused on the government’s plans for a massive financial package for individual consumers to support them through the energy crisis.

Another key element of Truss’ leadership campaign focused on cutting taxes, with pledges to cancel the social care levy which saw a 1.5% increase in national insurance rates for employees and employers. The expected £12bn raised from this measure was supposed to help cut the NHS backlog and in the longer term would be earmarked for social care funding.