Jeremy Hunt has been appointed chancellor after the prime minister sacked Kwasi Kwarteng.
Mr Hunt returns to the frontbenches after a few years off, after serving as foreign secretary under Theresa May and health secretary and culture secretary under David Cameron.
His appointment is a sign that Liz Truss is trying to get her opponents on side.
Mr Hunt was one of Rishi Sunak’s most prominent supporters during the Tory leadership campaign in the summer after he was knocked out of the running himself.
The MP for South West Surrey since 2005, Mr Hunt has been a backbencher since Boris Johnson took over from Mrs May in 2019.
Mr Kwarteng lost his job after just 38 days following a disasterous mini-budget announcement, which resulted in economic turmoil and subsequent U-turns.
The Prime Minister is set to hold a press conference from Number 10 at 2.30 pm today.
Argar becomes Hunt’s deputy at Treasury
Ed Argar will take over chief secretary to the treasury – the second in command over the country’s finances.
Argar will be moving from his role at the Cabinet Office as paymaster general, swapping roles with his predecessor Chris Philp, who becomes the new paymaster general.