Pound jumps on hopes new Chancellor will turn on the spending taps

Government reshuffle: Sajid Javid resigns as Chancellor

Sajid Javid arriving in Downing Street, London, he has dramatically quit as chancellor after Boris Johnson ordered him to fire his closest aides.

She said: "It did seem as if Mr Javid was very much in line with broad thinking in Number 10, which was that there should be less concern about the level of debt".

Harry Lambert, a special correspondent with the New Statesman wrote an extensive profile of the Prime Minister's closest adviser Dominic Cummings, has told James O'Brien the decision was underscored by efforts by Cummings to reduce the independence of the Treasury.

This is now being replaced with an integrated Number 10-Treasury team of advisers at the top of that structure.

Julian Smith was also sacked as Northern Ireland Secretary - weeks after he brokered the deal that restored the power-sharing administration in Stormont.

Before the explosive meeting with Mr Johnson, Mr Javid had walked smiling into Number 10 in a sign that he expected to remain in place ahead of the March 11 Budget.

Javid then reportedly suggested Cummings should be sacked on the eve of the December 2019 election, fearing the Tories had only won a small majority.

Newcomers at the cabinet meeting on Friday will include Anne-Marie Trevelyan, who replaces Alok Sharma as worldwide development secretary; Amanda Milling, who is minister without portfolio and chairwoman of the Conservative Party; and Suella Braverman, who takes on the role of attorney general after the prime minister asked Mr Cox to step down.

- Theresa Villiers lost her job as environment secretary.

British Prime Minister Boris Johnson Wednesday appointed Indian-origin politician and Infosys co-founder Narayana Murthy's son-in-law Rishi Sunak as the new finance minister in his cabinet.

- Esther McVey lost her job as housing minister.

Paul Dales, chief United Kingdom economist at Capital Economics, said: 'The unexpected resignation of Sajid Javid and the promotion of Rishi Sunak could mean that fiscal policy will provide an even bigger boost to GDP growth over the next few years than we already expected.

Oliver Dowden has become a full cabinet member as culture secretary having previously attended the meetings as paymaster general.

Former Brexit minister Suella Braverman returns to the government as attorney general.

He tweeted: "Serving the people of Northern Ireland has been the biggest privilege".

Ex-Brexit secretary Stephen Barclay replaces Mr Sunak as Treasury Chief Secretary.

But allies of the axed minister said it was "absolute crap" to suggest Johnson and Number 10 had not been kept informed of the process and details of the deal.

Although female ministers were axed in the reshuffle, Downing Street indicated that there would not be a reduction in the number of women around the Cabinet table.

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