George Osborne resigns and Philip Hammond in as Chancellor

Ryan Fowler

July 13, 2016

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George Osborne has resigned as Chancellor of the Exchequer and been replaced by Foreign Secretary Philip Hammond.

Osborne had served as Chancellor since 2010 and was considered a likely future prime minister until last month’s referendum.

Osborne said: “A sad, moving day to see my great friend Dacid Cemeron leave Downing St. He can be very proud of the job he’s done and service he’s given.

City house price inflation slows

“It’s been a privilege to be Chancellor these last 6 yrs. Others will judge – I hope I’ve left the economy in a better state than I found it.

“Thank you to everyone who’s helped me do the job – my ministerial team, great special advisers, and the outstanding Treasury civil servants.”

Hammond, the new Chancellor, has long coveted the role and just yesterday said that the Brexit negotiations could take as long as six years.

He is reported to be one of the richest individuals in the Cabinet with the success of the property company he co-founded said to have netted him an £8m fortune.

So far a number of politicians have been seen entering Downing Street including ex-London Mayor and prominent Leave campaigner Boris Johnson who has now been named as Foreign Secretary.

Other politicians seen at Number 10 include Amber Rudd, Michael Fallon with Rudd taking up the role of Home Secretary.

Meanwhile David Davis has been confirmed as Brexit Minister and Liam Fox has also been confirmed to lead the brand new Department of International Trade – a key appointment as Britain will have to sign new trade deals after it leaves the EU.

Previously Davis served as Europe Minister in the 1990’s and has since served as Shadow Home Secretary. Davis has also stated that he does not believe in guaranteeing the status of EU nationals in the UK until other countries reciprocate the deal. A potential issue for financial services with a number of EU nationals occupying key positions.