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.
READ MORE: New PM Liz Truss says it's time to 'transform Britain'
Jacob Rees-Mogg has been appointed Secretary of State for Business, Energy and Industrial Strategy. And Kemi Badenoch has been appointed as International Trade Secretary and President of the Board of Trade.
Ms Truss also appointed Therese Coffey as Deputy Prime Minister and Health Secretary, as she made James Cleverly the Foreign Secretary.
Former attorney general Suella Braverman was appointed Home Secretary, replacing Priti Patel after she pre-emptively resigned.
The PM also sent former deputy PM Dominic Raab and cabinet colleagues Grant Shapps and Steve Barclay to the backbenches after they supported former Chancellor Mr Sunak in the Tory leadership contest.
The PA news agency said Ms Coffey, the former work and pensions secretary, is regarded as Ms Truss’s closest friend in Westminster. She replaced Mr Raab as deputy PM after he described Ms Truss’s tax plans as an “electoral suicide note”, while previous health secretary Mr Barclay was also a Sunak supporter.
Ben Wallace will continue in the role of Defence Secretary, as he plays a vital role in supporting Volodymyr Zelensky in Ukraine’s fight against Vladimir Putin’s invasion.
Former transport minister Wendy Morton will attend Cabinet as chief whip, making her responsible for party discipline in the Commons.
Nadhim Zahawi has been named Chancellor of the Duchy of Lancaster, as well as minister for intergovernmental relations.
Tonight PA is reporting that bank chief executives and the leaders of insurers and investment houses have been invited by Mr Kwarteng for a meeting on Wednesday morning as he prepares to outline his plans for growth and business support.
He is expected to outline his new growth-orientated approach, including immediate help for families and businesses to help weather the financial difficulties threatening a recession.
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