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Business & Economy

Rishi Sunak named new Chancellor of the Exchequer

A North Yorkshire MP is now in charge of the UK’s finances after a major Cabinet reshuffle.

Rishi Sunak is the country’s new Chancellor of the Exchequer following Sajid Javid’s resignation.

The Richmond MP’s appointment heads a long list of Cabinet culls as Prime Minister Boris Johnson swings the axe on a number of senior ministers, including Northern Ireland Secretary Julian Smith and Business Secretary Andrea Leadsom.

His promotion also marks another chapter in a rapid political rise, having only entered Government service as the Minister for Local Government in January 2018.

Sitting in the former seat of ex-Conservative leader William Hague, which neighbours the Darlington constituency, Rishi – who was appointed Chief Secretary to the Treasury in July last year – has a business background.

Having helped out in his mother’s chemist shop as a youngster, he went on to co-found a large investment firm, working with companies from Silicon Valley to Bangalore, and has also worked to support the growth of small and entrepreneurial firms.

Among other changes, Berwick MP Anne-Marie Trevelyan has been named as Secretary of State for International Development.

Mr Javid – who was Business Secretary when Redcar steel firm SSI UK collapsed in 2015 – is understood to have rejected an order to fire his team of aides, a move which prompted his departure.

Mr Javid, appointed last July, had been due to deliver his first Budget next month.