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Jeremy Hunt, one of the faces of the One Nation Conservative camp within the Tory party, is the new chancellor under Liz Truss’s government.

Ideologically they may see eye to eye on keeping corporation tax low – Mr Hunt told Sky’s Sophy Ridge in July he not only wanted the tax not to rise but he wanted it slashed further – but Mr Hunt is by no means seen as an obvious bedfellow for the prime minister.

For example as health secretary, Mr Hunt was in favour of banning junk food adverts before 9pm as part of a push to reduce childhood obesity.

This policy was never implemented however, as it was seen as a ‘nanny state’ policy. This is just one example to suggest these two heavy hitters could end up falling out.

Liz Truss appoints Jeremy Hunt as chancellor. Pic: Andrew Parsons / No 10 Downing Street
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Liz Truss appoints Jeremy Hunt as chancellor. Pic: Andrew Parsons/No 10 Downing Street

Unapologetic Truss says she ‘acted decisively’ in tense news conference – follow latest updates

Ms Truss has also notably been in favour of fracking when there is local community consent, but Mr Hunt has been loudly against the government’s decision to allow drilling in rural Surrey in his constituency, writing to Michael Gove earlier this year urging him to reconsider. Does this make him a part of the anti-growth coalition?

Moreover, it still remains to be seen whether the government will restore its aid budget to 0.7% of GDP – it is currently at 0.5%.

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However, if Ms Truss decides the political and economic climate is too unstable to put that aid budget back up, we may see another row between No 10 and No 11 as Mr Hunt called for the 0.7% budget to be reinstated in the House of Commons in the spring.

Will Ms Truss’s libertarian instincts put her at loggerheads with her new chancellor? Or will the ideological differences between them make for a more balanced dialogue around the cabinet table?

Strategically, Ms Truss will be hoping that appointing Mr Hunt will assuage Tory anger and bring back the One Nation MPs out for blood. But Mr Hunt inspires a lukewarm reaction (at best), even among sympathetic MPs.

Firstly, he was not even able to gain enough support from fellow MPs in the latest leadership race to make it past the first round of voting.

Secondly, one former cabinet minister told me: “He brings no one with him” and is “yesterday’s man”.

Another former minister pleased with the hire said they were happy but not excited, and that it made little difference to Ms Truss’s life expectancy as prime minister: “She cannot reassert her authority after this. It’s over.”

Jeremy Hunt. Pic: Andrew Parsons / No 10 Downing Street
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Pic: Andrew Parsons/No 10 Downing Street

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Who is the UK’s new chancellor Jeremy Hunt?

Although sacking Kwasi Kwarteng may look like a sign of strength from Ms Truss, she has now amputated her own political right arm, making her life 10 times harder.

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Mr Kwarteng and Ms Truss were seen as ideological soulmates, something mirrored in Ms Truss’s letter to her former chancellor where she said: “We share the same vision for our country.”

And now rebellious Tory backbenchers know the lady is for turning, she will be pulled in every which way by the increasingly divided factions of her chaotic party until she is ripped apart beyond repair.

:: The new chancellor, Jeremy Hunt, will be speaking to Sky News from 7am today

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The most significant part of Volodymyr Zelenskyy’s olive branch offering to Donald Trump

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The most significant part of Volodymyr Zelenskyy's olive branch offering to Donald Trump

Ukraine’s president is offering an olive branch to Donald Trump with a dramatic public message aimed at mending their relationship and ending Russia’s war.

Volodymyr Zelenskyy chose social media – the US leader’s favourite mode of communication – to make his point.

He did not go so far as to apologise for a fiery bust-up with Mr Trump at the Oval Office last Friday – a move that some members of the US administration have called for, even though it was the American president and his deputy JD Vance who laid into Mr Zelenskyy.

Instead, he described the encounter as “regrettable”, saying it “did not go the way it was supposed to be” and it was “time to make things right”.

Ukrainian servicemen fire a BM-21 Grad multiple-launch rocket system toward Russian troops on a front line near the town of Chasiv Yar
Tuesday, 25th February 2025, 08:48
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Ukrainian forces fire a missile towards Russian troops near Chasiv Yar. Pic: Reuters

Most significantly though was his spelling out of a vision for the first stage of how Russia’s war with Ukraine could end.

Pushing back on false claims by Trump allies such as Elon Musk that Mr Zelenskyy wants an endless war, he said that Ukraine is committed to peace and is ready to come to the negotiating table as soon as possible.

Crucially, he said: “We are ready to work fast to end the war, and the first stages could be the release of prisoners and truce in the sky – ban on missiles, long-ranged drones, bombs on energy and other civilian infrastructure – and truce in the sea immediately, if Russia will do the same.”

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Appealing to the US president’s ego, he praised Mr Trump’s “strong leadership” and repeated his gratitude for past American support – again responding to criticism from the American commander in chief and his team that he is not showing enough gratitude.

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He also said Kyiv was ready to sign a key minerals deal with Washington – something else Mr Trump is seeking.

This message appears to be an attempt by Mr Zelenskyy to steer his relationship with Mr Trump back on track and to map out his idea for an end to the war – a conflict that Ukraine did not seek but which was brought to its land by Russia’s invading forces.

Donald Trump and Volodymyr Zelenskyy at the White House. Pic: AP
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Donald Trump and Volodymyr Zelenskyy at the White House on Friday, before their Oval Office bust-up. Pic: AP

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Canada warns ‘no winners in a trade war’
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Key now will be how the US president responds.

Will Mr Zelenskyy’s expression of regret and clear wish to end the war provide enough of an off-ramp for Mr Trump to defuse the row and – for the sake of Ukraine’s ability to defend itself – switch back on the flow of military assistance to the country?

Another major factor, of course, is how Vladimir Putin reacts and whether he could countenance a limited ceasefire in a war that he started and – unlike Mr Zelenskyy – appears to have no genuine desire to halt.

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Donald Trump confirms Mexico and Canada tariffs – prompting a stock sell-off

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Donald Trump confirms Mexico and Canada tariffs - prompting a stock sell-off

Donald Trump’s 25% tariffs on goods from Mexico and Canada have come into effect, as has an additional 10% on Chinese products, bringing the total import tax to 20%.

The US president confirmed the tariffs in a speech at the White House – and his announcement sent US and European stocks down sharply.

The tariffs will be felt heavily by US companies which have factories in Canada and Mexico, such as carmakers.

Mr Trump said: “They’re going to have a tariff. So what they have to do is build their car plants, frankly, and other things in the United States, in which case they have no tariffs.”

There’s “no room left” for a deal that would see the tariffs shelved if fentanyl flowing into the US is curbed by its neighbours, he added.

Mexico and Canada face tariffs of 25%, with 10% for Canadian energy, the Trump administration confirmed.

And tariffs on Chinese imports have doubled, raising them from 10% to 20%.

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Canada announced it would retaliate immediately, imposing 25% tariffs on US imports worth C$30bn (£16.3bn). It added the tariffs would be extended in 21 days to cover more US goods entering the country if the US did not lift its sanctions against Canada.

China also vowed to retaliate and reiterated its stance that the Trump administration was trying to “shift the blame” and
“bully” Beijing over fentanyl flows.

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What is America’s trade position?

Mr Trump’s speech stoked fears of a trade war in North America, prompting a financial market sell-off.

Stock market indexes the Dow Jones Industrial Average and the Nasdaq Composite fell by 1.48% and 2.64% respectively on Monday.

The share prices for automobile companies including General Motors, which has significant truck production in Mexico, Automaker and Ford also fell.

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Consumers in the US could see price hikes within days, an expert has said.

Gustavo Flores-Macias, a public policy professor at Cornell University, New York, said “the automobile sector, in particular, is likely to see considerable negative consequences”.

This is due to supply chains that “crisscross the three countries in the manufacturing process” and ” because of the expected increase in the price of vehicles, which can dampen demand,” he added.

Read more:
The effects of Trump trade tariffs explained
Trump hits out at Zelenskyy again

The Trump administration is gearing up to bring in other tariffs in the coming weeks.

On 2 April, reciprocal tariffs will take effect on all countries that impose duties on US products.

He is also considering 25% tariffs on goods from the EU “very soon” after claiming the bloc was created to “screw the United States”.

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More than 30 killed in Bolivia bus crash – second deadly collision within days

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More than 30 killed in Bolivia bus crash - second deadly collision within days

A truck has collided with a bus in southern Bolivia, killing at least 31 people, according to police – just two days after a deadly crash claimed at least 37 lives.

Officers said the bus rolled some 500m (1,640ft) down a ravine after the collision on Monday, which took place on the highway between Oruro, in the Bolivian Altiplano, and the highland mining city of Potosi.

The driver of the truck has been arrested, while the cause of the accident is under investigation.

Police spokesperson Limbert Choque said men and women were among the dead, and 22 people suffered injuries.

** on right of picture are bodies ** First responders work at the site after a crash between a vehicle and a bus along a highway in Lenas, Potosi, southern Bolivia, March 3, 2025, in this handout image obtained from social media. Bolivia's Attorney General/Handout via REUTERS THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY. NO RESALES. NO ARCHIVES. MANDATORY CREDIT
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Rescue teams operating at the site of the crash. Pic: Bolivia’s attorney general/Reuters

Bolivia’s President, Luis Arce, expressed condolences for the victims on social media: “This unfortunate event must be investigated to establish responsibilities,” he said in a post on Facebook.

“We send our most sincere condolences to the bereaved families, wishing them the necessary strength to face these difficult times.”

Map showing location of collision, which took place on the highway between Oruro, in the Bolivian Altiplano, and the highland mining city of Potosi.
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The crash happened between Oruro and Potosi

On Saturday morning, a crash between two buses killed more than three dozen people in the same region.

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It happened between Colchani and the city of Uyuni, a major tourist attraction and the world’s largest salt flat.

People stand near the wreckage of one of the two buses involved in the crash.
Pic: Reuters/Potosi Departmental Command
Image:
People stand near the wreckage of one of the two buses involved in a crash on Saturday. Pic: Reuters/Potosi Departmental Command

Coincidentally, one of the buses was heading to Oruro, where one of the most important carnival celebrations in Latin America is currently taking place.

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More than 30 people were also killed after a bus crash on 17 February.

In that crash, police said the driver appeared to have lost control of the vehicle, causing it to drop more than 800m (2,600ft) off a precipice in the southwestern area of Yocalla.

Bolivia’s mountainous, undermaintained and poorly supervised roads are some of the deadliest in the world, claiming an average 1,400 fatalities every year.

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