Kwasi Kwarteng has been sacked after just over a month (Picture: AP Photo/Kirsty Wigglesworth)

Liz Truss has only been Prime Minister for just over a month, and already her premiership has been characterised by a controversial mini-budget and U-turns.

The man behind that mini-budget, Chancellor of the Exchequer Kwasi Kwarteng has now been sacked after just over a month in the job.

He had been under enormous pressure for his £45 billion package of unfunded tax cuts after the announcement plunged the markets into chaos.

With Mr Kwarteng now out of the job after such a short amount of time, many are wondering if he is the shortest-serving Chancellor in the UK’s history.

Well, let’s find out…

Who is the shortest-serving Chancellor?

Mr Kwarteng was in the job for just 38 days – he was appointed on September 6 – but he is not the shortest-serving Chancellor.

The shortest-serving Chancellor was Iain Macleod, who died in office in 1970 after being in charge of the Treasury for 30 days.

Macleod – who was also a Conservative – served Edward Heath’s government but tragically suffered a heart attack on July 20 1970, just one month after taking the job as Chancellor.

Kwarteng’s immediate predecessor, Nadhim Zahawi, also had a short time in the role, serving for just 62 days from July 5 2022 to September 6.

Prior to Zahawi, Liz Truss’ leadership opponent Rishi Sunak served as Chancellor of the Exchequer from February 13 2020 to July 5 2022, taking over Sajid Javid, who held the position for 207 days under Boris Johnson’s government.

While it may seem like a lot of people have taken on the job in the last six months alone, it is not the only period in which many chancellors have taken on the role in a short window of time.

Between 1989 and 1993, the UK government saw Nigel Lawson, John Major, Norman Lamont and Ken Clarke all take up the role.

Kwasi Kwarteng’s letter following his dismissal (Picture: Twitter @KwasiKwarteng)

Who will replace Kwasi Kwarteng as Chancellor?

While the UK waits for Liz Truss to make a statement addressing both Kwarteng’s ‘mini-budget’ and his sacking, a new Chancellor has already been announced.

Jeremy Hunt has been appointed as the new Chancellor.

Mr Hunt has held a number of different roles in government in the past, and had been Chair of the Health and Social Care Select Committee since 2020.

He previously served in the Cabinet as Culture Secretary from 2010 to 2012 and as Health Secretary from 2012 to 2018.

He was also Forieng Secretary from 2018 to 2019 and has been the MO for Sout West Surrey since 2005.

MORE : Liz Truss to hold press conference later today amid ongoing mini-budget turmoil

MORE : Who is Kwasi Kwarteng? Inside the former Chancellor’s career path and family life

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Kwasi Kwarteng was in the job for just over a month.