Former chancellor Kwasi Kwarteng has announced he will be stand down as MP for Spelthorne at the next general election.

Kwarteng, who was sacked as chancellor in October 2022 after a turbulent 38 days in the role under then-Prime Minister Liz Truss, announced his decision on X.

He tweeted: “Yesterday I informed my Association Chair of my decision not to stand at the next General Election. It has been an honour to serve the residents of Spelthorne since 2010, and I shall continue to do so for the remainder of my time in Parliament.”

Kwarteng, who became the UK’s first black Conservative cabinet minister in 2021, left his role as Chancellor amid financial turbulence and a revolt from Tory MPS.

The mini-budget in September 2022 included £45bn of tax cuts, and was followed by a drop in the value of the pound and a rise in the cost of mortgage rates and UK government borrowing.

Kwarteng is the latest Surrey MP to announce he will be leaving his post.

Dominic Raab in Esher & Walton, Chris Grayling in Epsom & Ewell, Sir Paul Beresford in Mole Valley, and Crispin Blunt in Reigate have also announced their intentions to stand down.