Jeremy Hunt remains in his post as chancellor. He was appointed chancellor by former prime minister Liz Truss earlier in October after turmoil in the financial markets following the mini-budget, which led to the sacking of her first choice Kwasi Kwarteng. His initial appointment – and subsequent move to scrap almost all the tax cuts his predecessor had promised – calmed financial markets. The need to encourage economic stability was a key reason to keep him in post. He was first elected to parliament in 2005 and joined the cabinet under PM David Cameron as secretary of state for culture, Olympics, media and sport in the run-up to the 2012 London Olympics. He went on to become health secretary, where he faced criticism from junior doctors over plans to introduce new contracts, but also secured a funding increase for the NHS. Mr Hunt became foreign secretary in 2018. The MP for South West Surrey has twice stood unsuccessfully for the party leadership, losing to Boris Johnson in 2019.