British finance minister Sajid Javid quits in Cabinet reshuffle

Rishi Sunak Narayana Murthy's son-in-law is the new UK Finance Minister

Rishi Sunak Narayana Murthy's son-in-law is the new UK Finance Minister

The former Treasury minister told BBC Radio 4's Today programme: 'I think he, probably more by accident than design, was put into a position where it was extremely hard for him to swallow that and move on'.

Prior to the announcement that Javid had quit, a pound was worth $1.298.

Mr Jenrick denied that newly-appointed Chancellor Rishi Sunak would be the PM's "puppet" after accepting terms of office that his predecessor rejected.

Today, the Prime Minister insisted to Sajid Javid that all he wanted was a Osborne/Cameron relationship but Mr Javid and his allies in the Treasury believed what was on offer from No. 10 was a very different (servant/master).

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. "A government in chaos within weeks of an election", said John McDonnell, finance spokesman for the main opposition Labour Party.

Javid had been due to deliver his annual budget next month.

The former chancellor chose to quit instead and was replaced by his former deputy at the Treasury Rishi Sunak.

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Paul Dales, chief United Kingdom economist at Capital Economics, said Javid, a fiscal conservative, had appeared reluctant to increase public borrowing to fund higher spending. When it doesn't, the government can look dysfunctional.

That appeared to be the main sentiment in financial markets, as traders calculated that the higher spending would inevitably lead to the Bank of England having to raise interest rates more quickly than anticipated.

Johnson is now appointing several new ministers to his cabinet in hopes of making a deal with the European Union by the end of this year.

In other moves, Andrea Leadsom was sacked as business secretary, Theresa Villiers lost her job as environment secretary and Geoffrey Cox was removed from his post as attorney general.

Anne-Marie Trevelyan joins the cabinet as worldwide development secretary, having previously been a defence minister.

Besides Javid's exit, perhaps the greatest surprise in the Cabinet reshuffle is the firing of Northern Ireland Secretary Julian Smith, who had success securing a deal to end a three-year suspension of the local government. The summit, known as the 26th Conference of the Parties, or COP26, is scheduled to be held in Glasgow in November.

Losing a chancellor is no small event, and it wasn't what Boris Johnson set out to do.

The government said Thursday that Alok Sharma, previously in charge of worldwide development, would become business secretary and also take charge of COP26.

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