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George Osborne resigns as Philip Hammond named Chancellor

  • Chancellor: Philip Hammond
  • Foreign: Boris Johnson
  • Home: Amber Rudd
  • Defence: Michael Fallon
  • Brexit: David Davis
  • Trade: Liam Fox

Published 13/07/2016

Philip Hammond is next Chancellor of the Exchequer
Philip Hammond is next Chancellor of the Exchequer

George Osborne has resigned from Government after Philip Hammond was named as next Chancellor of the Exchequer.

In Theresa May's first appointment as Prime Minister, the former Foreign Secretary was promoted to the job he has long been tipped to want.

The announcement comes less than two hours after Mrs May succeeded David Cameron in No 10 with a promise to create "a country that works for everyone".

Hammond has risen to some of the highest offices in Government while leaving little trace in the public imagination.

His reputation - within Westminster at least - has been as a highly articulate and effective "safe pair of hands" who can plough a steady course without causing drama, upset or excitement.

It is exactly those qualities which have made him the "reassuringly boring" choice for successive promotions to Transport Secretary, Defence Secretary, Foreign Secretary and now Chancellor.

Despite being a permanent fixture in David Cameron's shadow frontbench team and Cabinet throughout his time as leader, he was rarely mentioned as a possible successor - and that is probably the way he liked it.

The Treasury has always been his goal, and he is understood to have been disappointed to miss out on the number two job there in 2010 when the necessities of coalition gave Liberal Democrats the Chief Secretary's post - a role he had shadowed for three years in opposition. Sent instead to the Department for Transport, he was swiftly moved on to Defence in the aftermath of the exit of Liam Fox amid a public furore over his special adviser.

With a reputation forged in the shadow Treasury team as the Tories' public spending "axeman", he was ideally placed to preside over a big spending squeeze to close the "black hole" in Ministry of Defence budgets.

His installation as Foreign Secretary in 2014 was hailed by Eurosceptics, who detected signs of a fellow spirit in comments which appeared to suggest he was ready to contemplate withdrawal from the EU if the Government was unable to negotiate a better deal.

Britain's new Prime Minister Theresa May (L) and her husband Philip John (R) wave outside 10 Downing Street in central London on July 13, 2016 on the day she takes office following the formal resignation of David Cameron. AFP/Getty Images
Britain's new Prime Minister Theresa May (L) and her husband Philip John (R) wave outside 10 Downing Street in central London on July 13, 2016 on the day she takes office following the formal resignation of David Cameron. AFP/Getty Images
EDITORS NOTE ALTERNATE CROP David Cameron leaves 10 Downing Street in London, with wife Samantha and children Nancy, 12, Elwen, 10, and Florence, 5, for Buckingham Palace for an audience with Queen Elizabeth II to formally resign as Prime Minister. PRESS ASSOCIATION Photo. Picture date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Stefan Rousseau/PA Wire
Britain's new Prime Minister Theresa May (L) and her husband Philip John May (R) laugh together outside the door of 10 Downing Street in central London on July 13, 2016 on the day that Theresa May takes office following the formal resignation of David Cameron. AFP/Getty Images
Staff applaud as new British Prime Minister Theresa May and her husband Philip John walk into 10 Downing Street in London, on July 13, 2016 after meeting Queen Elizabeth II and accepting her invitation to become Prime Minister and form a new government. Theresa May took office as Britain's second female prime minister on July 13 charged with guiding the UK out of the European Union after a deeply devisive referendum campaign ended with Britain voting to leave and David Cameron resigning. / AFP PHOTO / POOL / Stefan RousseauSTEFAN ROUSSEAU/AFP/Getty Images
Pro-Brexit supporters holds up placards as they demonstrate outside Downing street in central London on July 13, 2016, on the day new British Prime Minister Theresa May takes over at number 10. Theresa May took office as Britain's second female prime minister on July 13 charged with guiding the UK out of the European Union after a deeply devisive referendum campaign ended with Britain voting to leave and David Cameron resigning. / AFP PHOTO / NIKLAS HALLE'NNIKLAS HALLE'N/AFP/Getty Images
Former mayor of London Boris Johnson walks to 10 Downing Street in central London on July 13, 2016 after New British Prime Minister Theresa May takes office following the formal resignation of David Cameron. Theresa May took office as Britain's second female prime minister on July 13 charged with guiding the UK out of the European Union after a deeply devisive referendum campaign ended with Britain voting to leave and David Cameron resigning. / AFP PHOTO / OLI SCARFFOLI SCARFF/AFP/Getty Images
Brexit supporters protest outside 10 Downing Street in London, after new Prime Minister Theresa May, accepted Queen Elizabeth II's invitation to become Prime Minister and form a new government. PRESS ASSOCIATION Photo. Picture date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Gareth Fuller/PA Wire
David Davis who will become Secretary of State for Brexit, leaves 10 Downing Street, central London, as new Prime Minister Theresa May begins a Cabinet reshuffle. PRESS ASSOCIATION Photo. Picture date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Gareth Fuller/PA Wire
Amber Rudd, leaves 10 Downing Street, central London, after being appointed as Home Secretary following a Cabinet reshuffle by new Prime Minister Theresa May. PRESS ASSOCIATION Photo. Issue date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Gareth Fuller/PA Wire
LONDON, ENGLAND - JULY 13: (EDITORS NOTE: Retransmission of image #547088848 with alternate crop.) Newly appointed Prime Minister Theresa May, shoe detail, speaks at 10 Downing Street on July 13, 2016 in London, England. Former Home Secretary Theresa May becomes the UK's second female Prime Minister after she was selected unopposed by Conservative MPs to be their new party leader. She is currently MP for Maidenhead. (Photo by Christopher Furlong/Getty Images)
LONDON, ENGLAND - JULY 13: British Energy Secretary and Climate Change Secretary Amber Rudd arrives at Downing Street on July 13, 2016 in London, England. The UK's New Prime Minister Theresa May began appointing the key Ministerial positions in her cabinet shortly after taking up residence at Number 10 Downing Street. She has appointed Philip Hammond as Chancellor and George Osborne has resigned. (Photo by Jack Taylor/Getty Images)
Newly appointed Foreign Secretary Boris Johnson leaves 10 Downing Street in central London on July 13, 2016 after new British Prime Minister Theresa May took office. Theresa May took office as Britain's second female prime minister on July 13 charged with guiding the UK out of the European Union after a deeply devisive referendum campaign ended with Britain voting to leave and David Cameron resigning. / AFP PHOTO / JUSTIN TALLISJUSTIN TALLIS/AFP/Getty Images
British Conservative party member of parliament Liam Fox arrives at 10 Downing Street in central London on July 13, 2016 after new British Prime Minister Theresa May took office. Theresa May took office as Britain's second female prime minister on July 13 charged with guiding the UK out of the European Union after a deeply devisive referendum campaign ended with Britain voting to leave and David Cameron resigning. / AFP PHOTO / OLI SCARFFOLI SCARFF/AFP/Getty Images
LONDON, ENGLAND - JULY 13: Newly appointed Defence Secretary Michael Fallon gives a thumbs up as he leaves Downing Street on July 13, 2016 in London, England. The UK's New Prime Minister Theresa May began appointing the key Ministerial positions in her cabinet shortly after taking up residence at Number 10 Downing Street. She has appointed Philip Hammond as Chancellor and George Osborne has resigned. (Photo by Carl Court/Getty Images)
LONDON, ENGLAND - JULY 13: British Prime Minister Theresa May and husband Philip May wave outside 10 Downing Street on July 13, 2016 in London, England. Former Home Secretary Theresa May becomes the UK's second female Prime Minister after she was selected unopposed by Conservative MPs to be their new party leader. She is currently MP for Maidenhead. (Photo by Carl Court/Getty Images) *** BESTPIX ***
LONDON, ENGLAND - JULY 13: Prime Minister David Cameron with his wife Samantha leave 10 Downing Street for the last time after speaking to the press to visit Buckingham Palace to formally tender his resignation to the Queen on July 13, 2016 in London, England. David Cameron leaves Downing Street today having been Prime Minister of the United Kingdom since May 2010 and Leader of the Conservative Party since December 2005. He is succeeded by former Home Secretary Theresa May and will remain as Member of Parliament for Witney in Oxfordshire. (Photo by Christopher Furlong/Getty Images) *** BESTPIX ***
Britain's new Prime Minister Theresa May (L) and her husband Philip John May (R) wave outside the door of 10 Downing Street in central London on July 13, 2016 on the day that Theresa May takes office following the formal resignation of David Cameron. AFP/Getty Images
Britain's new Prime Minister Theresa May (L) and her husband Philip John May (R) wave outside the door of 10 Downing Street in central London on July 13, 2016 on the day that Theresa May takes office following the formal resignation of David Cameron. AFP/Getty Images
New Prime Minister Theresa May makes a speech outside 10 Downing Street, London, after meeting Queen Elizabeth II and accepting her invitation to become Prime Minister and form a new government. PA
Outgoing British prime minister David Cameron (L) speaks outside 10 Downing Street beside (L-R) his daughter Nancy Gwen, his wife Samantha Cameron and son Arthur Elwen in central London on July 13, 2016 before going to Buckingham Palace to tender his resignation to Queen Elizabeth II. AFP/Getty Images
A demonstrator displays a painting depicting former British Prime minister David Cameron in central London on July 13, 2016, on the day new British Prime Minister Theresa May takes over at number 10. Theresa May took office as Britain's second female prime minister on July 13 charged with guiding the UK out of the European Union after a deeply devisive referendum campaign ended with Britain voting to leave and David Cameron resigning. / AFP PHOTO / NIKLAS HALLE'NNIKLAS HALLE'N/AFP/Getty Images
Britain's new Prime Minister Theresa May waves outside 10 Downing Street in central London on July 13, 2016 on the day she takes office following the formal resignation of David Cameron. Theresa May took office as Britain's second female prime minister on July 13 charged with guiding the UK out of the European Union after a deeply devisive referendum campaign ended with Britain voting to leave and David Cameron resigning. / AFP PHOTO / JUSTIN TALLISJUSTIN TALLIS/AFP/Getty Images
Britain's new Prime Minister Theresa May laughs on the step outside 10 Downing Street in central London on July 13, 2016 on the day she takes office following the formal resignation of David Cameron. Theresa May took office as Britain's second female prime minister on July 13 charged with guiding the UK out of the European Union after a deeply devisive referendum campaign ended with Britain voting to leave and David Cameron resigning. / AFP PHOTO / JUSTIN TALLISJUSTIN TALLIS/AFP/Getty Images
Queen Elizabeth II welcomes Theresa May at the start of an audience in Buckingham Palace, London, where she invited the former Home Secretary to become Prime Minister and form a new government. PA
LONDON, ENGLAND - JULY 13: David Cameron leaves Downing Street for the last time with his wife Samantha Cameron and children Nancy Cameron (C), Arthur Cameron and Florence Cameron on his way to Buckingham Palace on July 13, 2016 in London, England. David Cameron leaves Downing Street today having been Prime Minister of the United Kingdom since May 2010 and Leader of the Conservative Party since December 2005. He is succeeded by former Home Secretary Theresa May and will remain as Member of Parliament for Witney in Oxfordshire. (Photo by Dan Kitwood/Getty Images)
Outgoing British prime minister David Cameron (L) waves outside 10 Downing Street with his family (L-R) his daughter Nancy Gwen, son Arthur Elwen, daughter Florence Rose Endellion and his wife Samantha Cameron in central London on July 13, 2016 before going to Buckingham Palace to tender his resignation to Queen Elizabeth II. Outgoing British prime minister David Cameron urged his successor Theresa May on Wednesday to maintain close ties with the EU even while negotiating to leave it, as he paid a fond farewell to MPs hours before leaving office. Cameron will tender his resignation on July 13 to Queen Elizabeth II at Buckingham Palace, after which the monarch will task the new leader of the Conservative Party Theresa May with forming a government. / AFP PHOTO / OLI SCARFFOLI SCARFF/AFP/Getty Images
David Cameron after making a speech outside 10 Downing Street in London, with wife Samantha and children Nancy, 12, Elwyn, 10, and Florence, 5, before leaving for Buckingham Palace for an audience with Queen Elizabeth II to formally resign as Prime Minister. PRESS ASSOCIATION Photo. Picture date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Gareth Fuller/PA Wire
LONDON, ENGLAND - JULY 13: Prime Minister David Cameron with his wife Samantha Cameron and family speaks to press before leaving 10 Downing Street to visit Queen Elizabeth II at Buckingham Palace to formally resign as Prime Minister on July 13, 2016 in London, England. David Cameron leaves Downing Street today having been Prime Minister of the United Kingdom since May 2010 and Leader of the Conservative Party since December 2005. He is succeeded by former Home Secretary Theresa May and will remain as Member of Parliament for Witney in Oxfordshire. (Photo by Christopher Furlong/Getty Images)
David Cameron makes a speech outside 10 Downing Street in London, before leaving for Buckingham Palace for an audience with Queen Elizabeth II to formally resign as Prime Minister. PA
LONDON, ENGLAND - JULY 13: Prime Minister David Cameron speaks as he leaves Downing Street for the last time on July 13, 2016 in London, England. David Cameron leaves Downing Street today having been Prime Minister of the United Kingdom since May 2010 and Leader of the Conservative Party since December 2005. He is succeeded by former Home Secretary Theresa May and will remain as Member of Parliament for Witney in Oxfordshire. (Photo by Carl Court/Getty Images)
LONDON, ENGLAND - JULY 13: Prime Minister David Cameron speaks as he leaves Downing Street for the last time with his wife Samantha Cameron and children Nancy Cameron, Arthur Cameron and Florence Cameron on July 13, 2016 in London, England. David Cameron leaves Downing Street today having been Prime Minister of the United Kingdom since May 2010 and Leader of the Conservative Party since December 2005. He is succeeded by former Home Secretary Theresa May and will remain as Member of Parliament for Witney in Oxfordshire. (Photo by Carl Court/Getty Images)
David Cameron makes a speech outside 10 Downing Street in London, with wife Samantha and children Nancy, 12, Elwen, 10, and Florence, 5, before leaving for Buckingham Palace for an audience with Queen Elizabeth II to formally resign as Prime Minister. PRESS ASSOCIATION Photo. Picture date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Hannah McKay/PA Wire
LONDON, ENGLAND - JULY 13: Prime Minister David Cameron leaves Downing Street for the last time with his wife Samantha Cameron and children Nancy Cameron, Arthur Cameron and Florence Cameron on July 13, 2016 in London, England. David Cameron leaves Downing Street today having been Prime Minister of the United Kingdom since May 2010 and Leader of the Conservative Party since December 2005. He is succeeded by former Home Secretary Theresa May and will remain as Member of Parliament for Witney in Oxfordshire. (Photo by Carl Court/Getty Images)
David Cameron with wife Samantha and children Nancy, 12, Elwen, 10, and Florence, 5, outside 10 Downing Street in London before leaving for Buckingham Palace for an audience with Queen Elizabeth II to formally resign as Prime Minister. PRESS ASSOCIATION Photo. Picture date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Hannah McKay/PA Wire
David Cameron after making a speech outside 10 Downing Street in London, with wife Samantha and children Nancy, 12, Elwyn, 10, and Florence, 5, before leaving for Buckingham Palace for an audience with Queen Elizabeth II to formally resign as Prime Minister. PRESS ASSOCIATION Photo. Picture date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Gareth Fuller/PA Wire
A car carrying outgoing British prime minister David Cameron enters the gates at Buckingham Palace in central London on July 13, 2016 for Cameron to have an audience with Queen Elizabeth II to tender his resignation as prime minister. Outgoing British prime minister David Cameron urged his successor Theresa May on Wednesday to maintain close ties with the EU even while negotiating to leave it, as he paid a fond farewell to MPs hours before leaving office. Cameron will tender his resignation on July 13 to Queen Elizabeth II at Buckingham Palace, after which the monarch will task the new leader of the Conservative Party Theresa May with forming a government. / AFP PHOTO / DANIEL LEAL-OLIVASDANIEL LEAL-OLIVAS/AFP/Getty Images
LONDON, ENGLAND - JULY 13: Prime Minister David Cameron's child Florence Cameron is seen as he speaks for the last time as he leaves Downing Street on July 13, 2016 in London, England. David Cameron leaves Downing Street today having been Prime Minister of the United Kingdom since May 2010 and Leader of the Conservative Party since December 2005. He is succeeded by former Home Secretary Theresa May and will remain as Member of Parliament for Witney in Oxfordshire. (Photo by Carl Court/Getty Images)
David Cameron leaves 10 Downing Street in London, with wife Samantha and children Nancy, 12, Elwyn, 10, and Florence, 5, for Buckingham Palace for an audience with Queen Elizabeth II to formally resign as Prime Minister. PRESS ASSOCIATION Photo. Picture date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Gareth Fuller/PA Wire
David Cameron makes a speech outside 10 Downing Street in London, with wife Samantha and children Nancy, 12, Elwen, 10, and Florence, 5, before leaving for Buckingham Palace for an audience with Queen Elizabeth II to formally resign as Prime Minister. PRESS ASSOCIATION Photo. Picture date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Hannah McKay/PA Wire
David Cameron after making a speech outside 10 Downing Street in London, with wife Samantha and children Nancy, 12, Elwyn, 10, and Florence, 5, before leaving for Buckingham Palace for an audience with Queen Elizabeth II to formally resign as Prime Minister. PRESS ASSOCIATION Photo. Picture date: Wednesday July 13, 2016. See PA story POLITICS Conservatives. Photo credit should read: Gareth Fuller/PA Wire
LONDON, ENGLAND - JULY 13: People look out of the windows of the Home Office over looking Downing Street ahead of the departure of Prime Minister David Cameron on July 13, 2016 in London, England. David Cameron leaves Downing Street today having been Prime Minister of the United Kingdom since May 2010 and Leader of the Conservative Party since December 2005. He is succeeded by former Home Secretary Theresa May and will remain as Member of Parliament for Witney in Oxfordshire. (Photo by Christopher Furlong/Getty Images)
LONDON, ENGLAND - JULY 13: A protestor wearing a Theresa May mask takes part in small demonstration outside Downing Street on July 13, 2016 in London, England. Former Home Secretary Theresa May becomes the UK's second female Prime Minister after she was selected unopposed by Conservative MPs to be their new party leader. She is currently MP for Maidenhead. (Photo by Carl Court/Getty Images)
LONDON, ENGLAND - JULY 13: A protestor dressed as new Prime Minister Theresa May is seen outside Downing Street on July 13, 2016 in London, England. Former Home Secretary Theresa May becomes the UK's second female Prime Minister after she was selected unopposed by Conservative MPs to be their new party leader. She is currently MP for Maidenhead. (Photo by Carl Court/Getty Images)
Britain's out-going Prime Minister David Cameron gets a standing ovation from members of parliament at the end of his last Prime Minister's Questions at the House of Commons in central London on July 13, 2016. Theresa May becomes Britain's second female prime minister on July 13, taking over from David Cameron whose career was ended by the seismic Brexit referendum, with the daunting task of leading the country out of the EU. Cameron, who has been premier for six years, will say his goodbyes at his last question-and-answer session in parliament before tendering his resignation to Queen Elizabeth II at Buckingham Palace. / AFP PHOTO / PRU / PRU / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT " AFP PHOTO / PRU " - NO MARKETING NO ADVERTISING CAMPAIGNS - NO RESALE - NO DISTRIBUTION TO THIRD PARTIES - 24 HOURS USE - NO ARCHIVESPRU/AFP/Getty Images
Britain's out-going Prime Minister David Cameron gets a standing ovation from members of parliament at the end of his last Prime Minister's Questions at the House of Commons in central London on July 13, 2016. Theresa May becomes Britain's second female prime minister on July 13, taking over from David Cameron whose career was ended by the seismic Brexit referendum, with the daunting task of leading the country out of the EU. Cameron, who has been premier for six years, will say his goodbyes at his last question-and-answer session in parliament before tendering his resignation to Queen Elizabeth II at Buckingham Palace. / AFP PHOTO / PRU / PRU / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT " AFP PHOTO / PRU " - NO MARKETING NO ADVERTISING CAMPAIGNS - NO RESALE - NO DISTRIBUTION TO THIRD PARTIES - 24 HOURS USE - NO ARCHIVESPRU/AFP/Getty Images
Britain's out-going Prime Minister David Cameron (L) speaks at the dispatch box with new leader of the Conservative Party and incoming prime minister Theresa May (C) and British Foreign Secretary Philip Hammond (R) on the front bench during his last Prime Minister's Questions at the House of Commons in central London on July 13, 2016. Theresa May becomes Britain's second female prime minister on July 13, taking over from David Cameron whose career was ended by the seismic Brexit referendum, with the daunting task of leading the country out of the EU. Cameron, who has been premier for six years, will say his goodbyes at his last question-and-answer session in parliament before tendering his resignation to Queen Elizabeth II at Buckingham Palace. / AFP PHOTO / PRU AND AFP PHOTO / PRU / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT " AFP PHOTO / PRU " - NO MARKETING NO ADVERTISING CAMPAIGNS - NO RESALE - NO DISTRIBUTION TO THIRD PARTIES - 24 HOURS USE - NO ARCHIVESPRU/AFP/Getty Images
Britain's opposition Labour Party leader Jeremy Corbyn (C) speaks at the dispatch box during British Prime Minister David Cameron's last Prime Minister's Questions at the House of Commons in central London on July 13, 2016. Theresa May becomes Britain's second female prime minister on July 13, taking over from David Cameron whose career was ended by the seismic Brexit referendum, with the daunting task of leading the country out of the EU. Cameron, who has been premier for six years, will say his goodbyes at his last question-and-answer session in parliament before tendering his resignation to Queen Elizabeth II at Buckingham Palace. / AFP PHOTO / PRU / PRU / RESTRICTED TO EDITORIAL USE - MANDATORY CREDIT " AFP PHOTO / PRU " - NO MARKETING NO ADVERTISING CAMPAIGNS - NO RESALE - NO DISTRIBUTION TO THIRD PARTIES - 24 HOURS USE - NO ARCHIVESPRU/AFP/Getty Images

But when the referendum came, he remained true to his practice of never rocking the boat, loyally backing Mr Cameron's renegotiation and backing the Remain side during the campaign.

After the result came in, Mr Hammond, 60, did not demur from Theresa May's insistence that "Brexit means Brexit" but left little doubt that he thought voters had handed the new Prime Minister a thankless task, warning that the process of leaving the EU could take six years.

As Foreign Secretary, he played a key role in the 2015 agreement for Iran to give up its military nuclear ambitions.

And he was the minister who tabled the fateful European Union Referendum Bill in the House of Commons.

State-educated in his native Essex, Philip Anthony Hammond arrived at Oxford University to study philosophy, politics and economics on the day Labour won the second general election of 1974.

His devout belief in economic stability and prudent public finances were forged in the turbulent years that followed, culminating in Margaret Thatcher sweeping to power in 1979.

Mr Hammond made his first steps in party politics during that campaign as a volunteer in Westminster, going on to be chair of the Lewisham East Conservative Association for several years.

After a failed 1994 by-election bid, his entry to the Commons came on another day of victory for Labour - Tony Blair's 1997 landslide when he secured the Surrey seat of Runnymede and Weybridge which he has held ever since.

Quickly promoted to William Hague's opposition front bench at health, he held several other positions and moved into the shadow cabinet as chief secretary under Michael Howard in 2005.

Married with three children, he faced some criticism during the expenses scandal for claiming almost the full second home allowance despite living in the commuter town of Woking.

He is reported to be one of the richest individuals in the Cabinet with the success of the property company he co-founded said to have netted him an £8 million fortune.

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