New Prime Minister Liz Truss has named Kwasi Kwarteng as Chancellor of the Exchequer and Jacob Rees-Mogg as Business Secretary.
Mr Kwarteng succeeds Nadhim Zahawi in the Treasury. And he has called bank bosses into the Treasury on Wednesday as he starts his economic planning.
The move tonight came as Ms Truss began announcing her Cabinet, overlooking some Rishi Sunak supporters and promoting allies - including Mr Kwarteng, a long-term ally whose move to No 11 had been predicted.
