HM Treasury  

Who and what to expect after Hammond's resignation

He added it was important to ensure tax rules were fit for the future and did not penalise those saving for retirement — such as in the doctors’ pensions issue — as well as ensuring tax breaks for those earning above the higher rate threshold didn’t negatively affect pension tax relief.

Ricky Chan, director and chartered financial planner at IFS Wealth & Pensions, said the main thing he wanted from a new chancellor was stability.

He said: “I’d like to see more clarity within pensions — and for pensions to be left alone for a while. Governments always want to raise some funds from pensions but it needs stability at the moment."

Mr Chan added it made it hard to plan if prime ministers and chancellors kept making changes to tax systems, but noted he hoped any changes would “not just help the super rich and wealthy”.

Yesterday, FTAdviser asked advisers which issues they hoped the new prime minister would tackle in his time in the top spot.

The tapered annual allowance, and end to regulatory changes and a simplification of income tax featured high up the agenda.

Other ministers to have resigned over Mr Johnson's leadership include Rory Stewart, previously development secretary and one of Mr Johnson’s competitors for leadership, alongside justice minister David Gauke.

Mr Stewart had already announced he would not be able to serve in Mr Johnson’s cabinet, while Mr Gauke said he believed he could most effectively make the case against a no-deal Brexit “from the backbenches”.

Anne Milton, minister for education, stood down yesterday after announcing she had “grave concerns” over a no-deal Brexit and that she “sincerely hoped” the UK would have left the EU with a deal back in March.

David Liddington, minister for the Cabinet Office and chancellor of the Duchy of Lancaster, became the fourth cabinet minister to resign, saying it was the “right moment to move on” after 20 years on the front bench.

imogen.tew@ft.com

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