Weybridge MP Philip Hammond has been appointed chancellor of the exchequer in Theresa May's cabinet reshuffle.
Mr Hammond, who has been the foreign secretary since July 2014, was appointed the treasury role this evening as Mrs May begins establishing her new inner circle.
The move follows former chancellor George Osborne's resignation today.
A statement from Downing Street read: "The Queen has been pleased to approve the appointment of Rt Hon Philip Hammond MP as Chancellor of the Exchequer.
"The Rt Hon George Osborne MP has resigned from Government.
"Further ministerial appointments will be announced this evening."
Mr Hammond has had previous roles in the Conservative cabinet including defence and transport secretary posts.
Former London mayor and key Brexit supporter Boris Johnson was appointed the foreign secretary role, with Amber Rudd replacing Mrs May's former role as home secretary.
Michael Fallon will remain as defence secretary, with Liam Fox as international affairs secretary and David Davis being appointed secretary of state for exiting the European Union, a newly-created role.
The reshuffle is underway this evening following David Cameron's formal resignation this afternoon.
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