Sajid Javid has turned down an offer to stay on as the Chancellor of Exchequer in today's government reshuffle and was swiftly replaced by Rishi Sunak.
Mr Javid was offered the second-top job on the condition he would fire his team of advisers but he refused and therefore stepped down from the cabinet, reports claimed.
Soon after his departure it was announced that Mr Sunak, MP for Richmond in Yorkshire, had been appointed to the position.
Mr Sunak was chief secretary to the Treasury under Boris Johnson and before that served as parliamentary under-secretary for Housing, Communities and Local Government.
Mr Javid had been chancellor since July 2019 when prime minister Boris Johnson won the battle to become Conservative party leader.
Both HM Treasury and 10 Downing Street refused to comment on Mr Javid's moves at this time.
Mr Javid was expected to deliver the Budget on March 11 - in 18 working days - where the industry awaited news on pension taxes, a social care bill and a number of housing reforms.
Reports have suggested Rushi Sunak, the MP for Richmond and chief secretary to the Treasury since July 2019, and therefore Mr Javid's deputy, will take over the position.
The reshuffle has also seen Esther McVey, housing minister and Andrea Leadsom, business secretary both lose their cabinet jobs, alongside Northern Ireland secretary Julian Smith and attorney general Geoffrey Cox.
Rachael Griffin, tax and financial planning expert at Quilter, said: "One of the key pillars of the Conservative’s election success was the perception that they could be trusted with the economy, and the country was hoping for a period of stability within Westminster.
"This was supposed to be a low-key reshuffle but instead we have yet another key ministerial change. It is really not a good look for the chancellor to quit less than a month before their first Budget, and it leaves a host of issues hanging in the balance."
She added: "Rishi Sunak in his new role will need to work extraordinarily quickly to get a grip on the upcoming Budget and present it to parliament next month.
"It is yet to be seen whether Sunak will serve as No. 10’s puppet, given the speculation that the Prime Minister’s office is seeking to take closer control of the Treasury."
imogen.tew@ft.com, rachel.mortimer@ft.com, amy.austin@ft.com
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