Kwasi Kwarteng replaced by Jeremy Hunt

14 October 2022

Today (14 October 2022), Kwasi Kwarteng was removed from the post of chancellor of the Exchequer, and was replaced by Jeremy Hunt, by prime minister, Liz Truss.

It's been confirmed that Hunt will proceed with delivering a ‘medium-term fiscal plan’ on 31 October 2022. It will be interesting to see how any plans the new chancellor has could impact the payroll profession.

Delivering a press conference, Truss confirmed she would reverse the planned freeze on the rate of corporation tax, meaning it will increase, as previously intended, from 19% to 25% in April 2023.