Harrogate’s MP backs new Chancellor on day of political turmoil at Westminster

But Andrew Jones MP was scathing of Kwasi Kwarteng who was sacked earlier today by Prime Minister Liz Truss after the disastrous Mini Budget.

“In giving my reaction to the mini-budget I questioned the tax cuts and said that the then Chancellor had been naïve in his approach," said Mr Jones.

"I also questioned the wisdom of delivering a shock to the markets.

“By bringing forward tax cuts without measures that would fund them the Chancellor’s tenure was always going to be precarious.

"The market reaction, I am afraid, made his resignation inevitable."

The Harrogate and Knaresborough MP continued: “I have long been a friend of Jeremy Hunt as well as a colleague.

"He was an exceptional and long-serving Health Secretary and a much-respected Foreign Secretary.

"He is a safe pair of hands. Jeremy isn’t a dogma-driven politician.

"He has always listened to experts, taken long-term decisions and shown great judgment.

“I am sure he will be an excellent Chancellor, bring stability to the markets, focus support on the least well-off in our society and be an authoritative voice for the economy,” added Mr Jones.

Whether the financial markets will be reassured by the arrival of the fourth Chancellor of the year or Prime Minister's new U-turn on Corporation Tax remains to be seen.

Some political commentators at Westminster are predicting Liz Truss' premiership is now hanging by a thread.