Chancellor quits after Downing Street row

Chancellor of the Exchequer Sajid Javid MP (Photo: Reuters / sajidjavid.com)

Chancellor of the Exchequer Sajid Javid resigned this morning.

The Chancellor stepped down as Boris Johnson carries out a post-Brexit cabinet reshuffle.

The Chancellor decided to step down after rejecting an order to fire his team of aides.

He said “no self-respecting minister” could accept such a condition.

He had been due to deliver his first Budget on March 11th.

The former home secretary was appointed chancellor by Mr Johnson when he became prime minister in July.

A source close to the Chancellor said: “He has turned down the job of chancellor of the Exchequer.

“The prime minister said he had to fire all his special advisers and replace them with Number 10 special advisers to make it one team.

“The chancellor said no self-respecting minister would accept those terms.”

Sajid Javid was born in Rochdale but spent his formative years in Bristol where his father worked as a bus driver.

He had an 18-year City career where he rose to become a board member of Deutsche Bank International.

Rishi Sunak

Chief Secretary to the Treasury Rishi Sunak will replace Mr Javid.

The North Yorkshishire MP was educated at Winchester College and Oxford University. He then he went on to found an investment firm.

He was elected MP for Richmond, North Yorkshire, replacing former Conservative leader William Hague.

Meanwhile it has also been announced that Housing Minister and North West MP Esther McVey.

Commenting on Mr Javid’s resignation, Labour’s shadow chancellor John McDonnell said: “This must be a historical record with the government in crisis after just over two months in power.

“Dominic Cummings has clearly won the battle to take absolute control of the Treasury and install his stooge as chancellor.”

Adam Seagrave, head of global sales trading at Saxo Markets, said: “The initial reaction has been weaker a weaker pound but we are now seeing a rally to a new high.

“This is presumably the market interpreting the announcement as Boris wanting advisors who are more willing to back aggressive fiscal stimulus.”

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