Jeremy Hunt is fourth UK finance minister in as many months after Kwasi Kwarteng ouster

Hunt has been unsuccessful twice in running for the Conservative Party's leadership, once losing to Boris Johnson and then being knocked out in the first round of voting in a contest which saw Truss take the prize.

See as on the centre-right of the party, Hunt endorsed Truss's leadership rival Rishi Sunak to become PM and is seen by many in the party as a safe pair of hands.

Hunt, who has also previously served as health minister and culture minister, becomes Britain's fourth finance minister in as many months.

Truss's office also said Edward Argar had replaced Chris Philip as Chief Secretary to the Treasury, the second most important job in the department.

According to media reports, UK PM Liz Truss is set to announce that the government will abandon the important fiscal policy pledges laid out in the Finance Minister's controversial 'mini-budget' on September 23, which included large quantities of underfunded tax cuts.

The other policies include Kwarteng's pledge to reverse the prior FM Rishi Sunak's corporation tax hike from 19 percent to 25 percent, which is estimated to cost about 19 billion pounds by 2026, as well as a 1.25 percent cut to dividend tax.

Earlier this month, the government put an end to its plan to remove the top income tax rate after a substantial public backlash. However, it failed to quell the market turbulence.

Kwarteng had to cut his visit to Washington short on Thursday as ministers tried to address the market chaos in the recent weeks. This included a rise in mortgage rates for prospective homeowners as well as long-dated government bonds' sell-off which led the Bank of England to intervene to save pension funds from collapsing.

The UK PM had been under a lot of pressure to rethink her economic policies as opinion polls showed that the support for the ruling Conservative Party reducing and lawmakers from her own party allegedly plotting to oust her following a tumultous five weeks in office.