With Kwasi out, Guido takes a look at the runners and riders for next Chancellor:
Nadhim Zahawi: Already a good day for Zahawi, whose tenure as interim Chancellor over the summer has outlasted that of Kwasi Kwarteng’s. Recent Treasury experience is a plus, albeit under a different permanent secretary.
Simon Clarke: A key and prominent supporter of Liz. Chief Secretary to the Treasury under Rishi, though with some major disagreements with the former Chancellor reported during his time there. A very likely candidate.
Sajid Javid: Again, previous experience though even during his short time at the Treasury he didn’t show much promise of breaking free of Treasury orthodoxy. Steven Swinford reports it’s not going to be him.
Jeremy Hunt: The centrist, ‘party unity’ candidate that may placate backbench opponents. Would be an admission that the Truss economic programme is DOA. Currently out of the country.
Rishi Sunak: Stranger things have happened over the past 40 days.
Chris Philp: The current chief secretary to the treasury, a role with a decent track record of stepping in to replace unexpectedly departing chancellors. Would need some lessons on tweeting about the value of the pound.
Steve Barclay: Widely reported to have been Rishi’s choice for Chancellor had he won the leadership contest.
Alan Mak: Treasury minister from July to September. The best candidate to reverse Liz’s fortunes and lead Britain into a new golden age of economic growth.
All of this is helpfully contextualised by Stephen Bush, who points out that when Kwarteng’s replacement is appointed, the Conservative party will have had as many Chancellors of the Exchequer in 2022 as the Labour party has had since 1967…