Posted: Tue 25th Oct 2022
After officially becoming the UK's new prime minister following an audience with the King, Rishi Sunak has begun appointing his new Cabinet with Grant Shapps taking on the role of business secretary.
He replaces Jacob Rees-Mogg who was given the position by former leader Liz Truss on 6 September but resigned earlier today.
Shapps takes on the business brief after spending only a week as home secretary. He got the job on 19 October after the resignation of Suella Braverman.
The MP for Welwyn Hatfield has some business experience having founded PrintHouse Corporation, a design, print, website creation and marketing business, in 1990.
He also set up How To Corp Limited, a web publishing company which has caused controversy.
Championing business, supporting investment and innovation, fixing the broken energy market.— Rt Hon Grant Shapps MP (@grantshapps) October 28, 2022
My elevator pitch as Business Secretary here at @Beisgovuk, the department for growth. pic.twitter.com/iMJip6IpW1
Jeremy Hunt re-appointed as chancellor
Sunak has kept Jeremy Hunt as chancellor. He replaced Kwasi Kwarteng during Liz Truss' administration.
Hunt reversed most of the tax cuts in Kwarteng's controversial mini-Budget although the increase to National Insurance, which Sunak announced as chancellor, has been cancelled and will not go ahead.
Hunt is due to give a fiscal plan statement on 31 October.
UPDATE 26/10/22: The Treasury has announced that the fiscal plan statement has been upgraded to a full Autumn Statement and will now take place on 17 November.
Prime Minister @RishiSunak & Chancellor @Jeremy_Hunt have agreed the Autumn Statement will be delivered on 17 November with an @OBR_UK forecast. It will contain the UK’s medium term fiscal plan to put public spending on a sustainable footing, get debt falling & restore stability. pic.twitter.com/3wiSAU1iaK— HM Treasury (@hmtreasury) October 26, 2022