Former Health Secretary Jeremy Hunt is being lined up as a potential replacement for sacked Chancellor Kwasi Kwarteng according to reports.

As reported by the PA News Agency Mr Kwarteng has said he has accepted Prime Minister Liz Truss’ request he “stand aside” as Chancellor.

The Chancellor flew back early from International Monetary Fund talks in Washington on Friday (October 14) to be informed of his fate in a brief meeting with the Prime Minister, it was reported.

Repercussions from the economic effects of the mini-budget including rising interest rates, and mortgage rates being affected undoubtedly played a part in this decision.

Downing Street has not commented on any replacements yet, but the Evening Standard is reporting that Mr Hunt is being considered.

Additionally, Steven Swinford, the Times’s political editor, has tweeted that Mr Hunt could be the next person to be Chancellor.

He posted: "Multiple sources are now telling me that Jeremy Hunt will be the new chancellor, although I’ve not had official confirmation yet.

It’s being complicated by the fact he’s out of the country. Hunt was one of Sunak’s most prominent backers."

In a follow up he added: "FWIW hearing that Jeremy Hunt is now back in the UK - coming to a press conference near you?"

Mr Hunt has served in Cabinet positions as part of several Conservative governments, including Health Secretary under David Cameron and Foreign Secretary under Theresa May.

The 55-year-old was one of the MPs to put himself forward for the Conservative leadership when Boris Johnson resigned earlier this year, but he was eliminated in the first round of voting.