The pound strengthened to a three and a half year high against the euro yesterday after Sajid Javid resigned as Chancellor of the Exchequer. It’s thought that sterling’s lift was due to increased expectations of a looser fiscal policy, which may come with the appointment of Rishi Sunak as Chancellor.
Javid was reportedly told that he could stay on as Chancellor on the condition that he fired all his advisers, however, he refused and turned down the job. He said that “no self respecting minister” could accept those demands from the Prime Minister. He’ll be replaced by Rishi Sunak, an early supporter of Boris Johnson and former city banker who was second in command at the Treasury.
Other cabinet newcomers include Anne-Marie Trevelyan as International Development Secretary and Suella Braverman as Attorney General. The new cabinet will meet for the first time today.
