Jeremy Hunt has been appointed as Liz Truss’s new chancellor, in a stunning reversal of political fortune and a sign that the beleaguered prime minister wants to reach out to other sections of the Conservative party.

Hunt, the former foreign secretary and health secretary, has twice tried unsuccessfully to become Conservative leader.

He has been on the backbenches since Boris Johnson became prime minister in 2019, and is seen as coming from the more one-nation wing of the party. His appointment indicates Truss wants to broaden her support – and is likely to slow down her rush to introduce tax cuts.