Kwasi Kwarteng, a long-time ally and political soulmate of new prime minister Liz Truss, has been named as the UK's next chancellor.

He takes over at a critical time for the UK economy, with millions looking to him for help with soaring winter energy bills.

The decisions he makes in the coming days and weeks will have a huge impact on the country's future prospects, as well as on the Conservative Party's prospects of retaining power.

He will not be short of support from his new Downing Street neighbour. One friend told the Times Mr Kwarteng and Ms Truss were a bit like "Batman and Robin", adding: "They are both slight social misfits, amiable geeks, and have strong views which are in tune with each other."

Nor is he likely to be accused of lacking intellectual firepower or self-confidence. An Old Etonian, who became the first black Conservative cabinet minister in 2021, he has a double first from Cambridge University and a PhD in economic history. He is also a past winner of notoriously tough BBC quiz show University Challenge.

of new prime minister Liz Truss, has been named as the UK's next chancellor.

He takes over at a critical time for the UK economy, with millions looking to him for help with soaring winter energy bills.

The decisions he makes in the coming days and weeks will have a huge impact on the country's future prospects, as well as on the Conservative Party's prospects of retaining power.

He will not be short of support from his new Downing Street neighbour. One friend told the Times Mr Kwarteng and Ms Truss were a bit like "Batman and Robin", adding: "They are both slight social misfits, amiable geeks, and have strong views which are in tune with each other."

Nor is he likely to be accused of lacking intellectual firepower or self-confidence. An Old Etonian, who became the first black Conservative cabinet minister in 2021, he has a double first from Cambridge University and a PhD in economic history. He is also a past winner of notoriously tough BBC quiz show University Challenge.