Chancellor Sajid Javid has resigned.
His replacement is Rishi Sunak, who has served as Chief Secretary to the Treasury since July 2019. He has been the Member of Parliament for Richmond since the 2015 general election.
According to the BBC, Javid was "offered the chance to stay on as Chancellor on condition that he fired all of his advisers". He refused to carry this out.
Javid, former home secretary from 2018-19, was appointed by Prime Minister Boris Johnson in July.
He was due to be delivering a budget in four weeks' time
Quilter tax and financial planning expert Rachael Griffin said: "Sunak in his new role will need to work extraordinarily quickly to get a grip on the upcoming Budget and present it to Parliament next month. It is yet to be seen whether Sunak will serve as No. 10’s puppet, given the speculation that the Prime Minister’s office is seeking to take closer control of the Treasury.
"He will inherit several political hot potatoes. For instance the government has already promised to fix its disastrous pension annual allowance taper, which has led to staffing shortages in key public services, including the NHS. The government is also under pressure to address the issue of social care funding which has been kicked down the road multiple times and was a major Tory manifesto pledge."
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