Former chancellor Kwasi Kwarteng will stand down at the next election.

Mr Kwarteng delivered the disastrous mini budget, and was later sacked by then prime minister Liz Truss and replaced with Jeremy Hunt in a bid to reassure markets.

The Truss administration collapsed shortly after.

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Mr Kwarteng is the MP for Spelthorne in Surrey, and holds it with a majority of 18,393.

Writing on social media, Mr Kwarteng said: “Yesterday I informed my association chair of my decision not to stand at the next general election.

“It has been an honour to serve the residents of Spelthorne since 2010, and I shall continue to do so for the remainder of my time in parliament.”

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Mr Kwarteng has worked for various Conservative governments since 2015, including as a Brexit minister, a business minister, before being promoted to the cabinet as business secretary by Boris Johnson in January 2021.

A close ally of Ms Truss, he was a vocal ally of her campaign to become leader of the Tory Party and the country, and she appointed him chancellor on 6 September 2022.

He was sacked on 14 October 2022 – 38 days later.

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