The Changing of the Guard: UK’s Chancellor of the Exchequer Position in Contemporary British Politics

Recent Transition in the Treasury

Jeremy Hunt served as Chancellor of the Exchequer from October 14, 2022, through July 5, 2024, spanning the premierships of both Liz Truss and Rishi Sunak. Following a significant political shift, Hunt was succeeded by Rachel Reeves when the Conservative Party lost the election to the Labour Party led by Keir Starmer.

Hunt’s Legacy and Economic Impact

During his tenure, Hunt delivered two comprehensive budgets in March 2023 and March 2024, along with two autumn statements in November 2022 and 2023. His economic management led to falling public sector borrowing, with the deficit projected to reach 2.7% of GDP in 2025-26, meeting fiscal targets three years ahead of schedule.

Key Policy Initiatives

Hunt’s final budget included significant measures such as fuel duty cuts and freezes until March 2025, support for pubs and breweries, and new tax reliefs aimed at establishing the UK as a leader in creative sectors, advanced manufacturing, and life sciences. A notable reform included the abolition of the ‘non-dom’ tax regime, to be replaced with a new system from April 2025 where new arrivals to the UK will pay the same tax as other residents after four years.

Future Outlook

Following the electoral defeat, Hunt announced his decision to step down from the shadow cabinet, citing the need for the Conservative Party to ‘reflect on that and show new faces to the country.’ He confirmed his intention to remain on the backbenches for at least the next few years. The transition period has seen the implementation of new policies, including expanded childcare support, with working parents receiving increased government-funded childcare hours from September 2025, supported by an £8 billion investment in early years entitlements.