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The 42-year-old is all set to assume the position left vacant by Liz Truss.
Former Finance Minister Rishi Sunak is a potential contender while Penny Mordaunt has become the first official candidate.
When Liz Truss announced her resignation this afternoon after being in office for barely five weeks, she became the fourth prime minister to come and go in just six years.
Truss' tenure was scarred by turmoil as her economic policies threatened the country's financial stability, driving the pound to record lows, sparking chaos on bond markets and increasing mortgage costs.
Speaking to the media, Truss accepted that she could not deliver the promises she made when she was running for Conservative leader, having lost the faith of her party.
PM Liz Truss had faced a raucous session in parliament for the first time earlier on the day.
Hunt, who has also previously served as health minister and culture minister, becomes Britain's fourth finance minister in as many months.
Kwarteng said he had resigned at Truss's request after being forced to rush back to London overnight from IMF meetings in Washington.
The laws that govern Britain's constitutional monarchy dictate the sovereign must stay out of partisan politics, but Charles has spent much of his life speaking out on issues important to him.
The Queen's state funeral is expected to take place at Westminster Abbey in less than two weeks. The exact day will be confirmed by Buckingham Palace, the BBC reported.
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