Britain's new Prime Minister Liz Truss has appointed business and energy secretary Kwasi Kwarteng as the new finance minister, her office said in a statement on Tuesday.

Kwarteng, an ideological ally of Truss, has said that her government can afford to borrow more to fund support to households and businesses on their energy bills, but it will remain responsible with the public finances.

He had been business and energy minister since January 2021, previously holding a junior role in the department, and he also worked in the Brexit ministry.

Like Truss, Kwarteng has expressed his admiration for former Prime Minister Margaret Thatcher, but has shown some pragmatism in applying those principles in his previous roles in government.