Since then, Mr Hunt has confronted strain and scrutiny from just about each angle.
He has confronted challenges starting from volatility within the mortgage market to accusations of supermarkets profiteering, as meals turned sharply costlier.
Here the PA news company seems to be on the defining moments and sizzling matters for the Chancellor over the previous 12 months:
The most dramatic interval of Mr Hunt’s first 12 months as Chancellor was doubtlessly the second he was thrust into the position.
Mr Kwarteng resigned after lower than six weeks amid the fall-out of his “mini-budget” with then prime minister Liz Truss .
Mr Kwarteng scrapped a part of the monetary plan himself, which included important tax cuts and spending pledges, after the pound plunged to a file low towards the greenback and mortgage charges spiked.
However, it was not sufficient to save lots of his job.
Mr Hunt took the job on October 14 and made much more U-turns on the disastrous mini-budget days later, so as to win again favour with the monetary markets.
On October 17 Mr Hunt made an emergency assertion during which he ripped up tax-cutting plans to shed billions off the UK Government’s debt e-book.
This included scrapping a deliberate 1p lower to the fundamental fee of earnings tax, 1.25 proportion level lower in dividend tax, and axing a brand new VAT-free buying scheme for abroad vacationers.
Shares in London listed corporations jolted larger as buyers and merchants welcomed the proposals.
Days later, Liz Truss confirmed she would resign as prime minister after simply 44 days in workplace.
– First finances
The Government had been on account of ship a finances on Halloween final 12 months, however the swift appointment of Rishi Sunak as Prime Minister noticed this pushed again into November.
A month after his emergency assertion, Mr Hunt set out a package deal of about £30 billion of spending cuts and £24 billion in tax rises over the following 5 years, in stark distinction to the plans underneath his predecessor.
The autumn assertion was designed to result in a “shallower downturn” within the UK’s funds.
Measures included decreasing the brink at which the 45p prime fee of earnings tax is paid, from £150,000 to £125,140.
He additionally introduced the windfall tax on oil and gasoline giants would enhance from 25% to 35% and proposed a forty five% levy on electrical energy turbines to assist increase an estimated £14 billion.
A core a part of the finances additionally noticed power help for households enhance, though it was for a a lot shorter interval than beforehand indicated.
– Energy disaster
The resolution to assist households by means of final winter had already been taken when Mr Hunt got here into workplace. But, attempting to reassure markets, one of many first issues in his in-tray was to scale back the generosity of the help.
Just two days after Liz Truss turned prime minister the Government mentioned it will pay the distinction, in order that households would pay not more than 34p per unit of electrical energy and 10.3p for gasoline.
That meant that the typical family would pay about £2,500 per 12 months for 2 years from October 1, 2022.
When Mr Hunt took cost he stored that very same help in place for the winter, however would restrict it to simply six months. He promised to evaluate the state of affairs forward of the help ending in April.
Just a month later, with a brand new prime minister in place, Mr Hunt mentioned that the help would proceed for an additional 12 months after April, however could be made much less beneficiant. The common invoice would now be about £3,000 from April 2023, he mentioned.
But just a few months later, within the March finances, as wholesale power costs remained excessive, however have been falling from their peaks, Mr Hunt prolonged the £2,500 assure for an additional three months.
– Public sector pay
The rising value of dwelling additionally put strain on the Government in relation to wages, with employees wanting these to maintain tempo with inflation.
As a outcome, the Treasury was concerned in months of intense conversations over the most recent pay deal for public sector employees after prolonged strikes in lots of key areas.
Doctors and lecturers have been amongst putting public sector employees as unions sought to place strain on Government to safe a greater deal.
In July, public sector employees have been finally supplied a deal value no less than a 6% enhance following suggestions by unbiased pay evaluate our bodies.
However, the Treasury ordered a variety of measures for Whitehall departments to “reprioritise” their budgets so as to assist safe funds.
– Banking challenges
The Chancellor met main banks earlier this 12 months and agreed to a “mortgage charter” to help mortgage holders coming underneath strain from larger borrowing prices, after the typical two-year fixed-rate mortgage surpassed 6%.
Among plenty of measures, debtors got the possibility to change to an interest-only mortgage for six months or prolong their mortgage time period to scale back month-to-month funds for a similar interval.
The constitution was designed to offer some non permanent reduction for struggling debtors whereas avoiding providing main money help which might additional gas inflation.
Separately, Mr Hunt stepped in to ask the City watchdog to urgently examine the size of de-banking, after former Ukip chief Nigel Farage sparked a debate over whether or not UK banks have been shutting down folks’s financial institution accounts over their political views.
This month the Chancellor pledged to alter the regulation to stop folks being de-banked for having the “wrong political views”.
Meanwhile, in March, the Government and the Bank of England stepped in to facilitate a rescue deal of the UK arm of collapsed US lender Silicon Valley Bank, which was purchased by HSBC.
Mr Hunt mentioned the transfer was a part of a promise to take care of the nation’s know-how sector.
– Inflation
The cost-of-living disaster has gripped households over the previous 12 months, with rocketing meals costs and file power payments.
The total fee of inflation peaked at 11.1% in October final 12 months, in accordance with the Office for National Statistics (ONS), however the price of meals continued to soar properly into 2023.
Food and drink inflation peaked at 15.7% in April, in accordance with the British Retail Consortium, with contemporary meals costs up 17.8%.
The surge in costs stemmed from larger manufacturing prices and strain on commodity costs stoked by the Russian invasion of Ukraine.
In June, Bank of England governor Andrew Bailey prompt some retailers might be boosting their earnings by means of larger pricing.
Shortly after, Mr Hunt mentioned he and different ministers have been speaking to grocery chains and suppliers about these worth hikes, calling on supermarkets to behave “responsibly and fairly” as commodity costs cooled.
At the top of the month, the Chancellor met the UK’s regulators to lift issues that companies aren’t passing on easing value pressures to customers quick sufficient.
