Sajid Javid resigns as Chancellor
Sajid Javid has announced his resignation as Chancellor.
Javid’s departure follows a number of high-profile exits today as Boris Johnson announced his cabinet reshuffle.
Sky News has reported that Javid was given the option to remain in his position, if he was willing to sack his team of advisers.
However, Javid declined to do so and therefore has now resigned.
Javid is the UK’s shortest servicing finance minister since 1970.
He held the position for just 204 days and departs a month before he was due to give his first budget.
Adam Seagrave, head of global sales trading at Saxo Markets, said: “The initial reaction has been weaker GBP, but we are now seeing a rally to a new high.
“This is presumably the market interpreting the announcement as Boris wanting advisors who are more willing to back aggressive fiscal stimulus.”
More to follow…