Former British foreign minister Jeremy Hunt has been appointed as the new finance minister by Prime Minister Liz Truss, Times Political Editor Steven Swinford reported via Twitter on Friday. 

PM Truss is expected to make the official announcement at a press conference.

UK's Finance Minister Kwasi Kwarteng officially resigns.

Market reaction

This development doesn't seem to be helping the British pound find demand. As of writing, GBP/USD was trading at 1.1200, where it was down 1.1% on a daily basis. Meanwhile, the UK's FTSE 100 Index is up more than 1% on the day.