Sajid Javid resigned today as Chancellor of the Exchequer as Boris Johnson’s reshuffle of the cabinet saw many Cabinet ministers moved on or replaced.
He will now be replaced by the Chief Secretary to the Treasury, Rishi Sunak who is believed to be a more loyal as a No. 10 junior member of staff, in what some are describing as a Downing Street power grab, after Mr Javid delivered the bombshell announcement of his resignation.
Mr Sunak is relatively new to politics, and was only elected MP for the area of Richmond Park in Yorkshire in 2015, but as s Chief Secretary to the Treasury, he would have been second in command to the Chancellor so he has obviously experience in this position. He voted to Leave the EU and backed Teresa May’s Brexit deal. He also has appeared in televised debates during the December elections. Sunak worked as an analyst for investment bank Goldman Sachs between 2001 and 2004
Sajid Javid, the former Chancellor is believed to have been furious following rows over policy and control by Boris Johnson’s top team, including Dominic Cummings.
Mr Javid would have remained as Chancellor in the reshuffle – but quit this lunchtime when Number 10 ordered him to sack his team of aides, a source close to the former minister said.
In his shock departure only 27 days before the Budget, Mr Javid announced “no self-respecting minister” could accept the conditions that were being imposed on his department.
It is the first resignation of a Chancellor in protest for 31 years since Nigel Lawson quit under Margaret Thatcher in 1989.
His resignation makes Mr Javid the shortest-serving Chancellor for 50 years, the last smallest tenure as chancellor Iain Macleod who died after only a month in office.
Both Mr Sunak and Mr Javid have both worked in Banking with Rishi Sunak having worked as a hedge fund manager for a investment firm.