Home / Market News / UK government appoints new chancellor after Rishi Sunak’s resignation

UK government appoints new chancellor after Rishi Sunak’s resignation

U.K. Prime Minister Boris Johnson has appointed Nadhim Zahawi to be the new chancellor of the exchequer, according to a tweet from No. 10 Downing Street. The appointment comes after Rishi Sunak and Sajid Javid both dramatically quit the prime minister’s Cabinet in a seemingly coordinated move earlier on Tuesday. Sunak had been the chancellor of the exchequer, while Javid had served as secretary of state for health and social care. No. 10 Downing Street has also confirmed that Steve Barclay will be replacing Javid. The departures on Tuesday were taken as a sign that Johnson’s government is hanging on by a thread as the PM faces another rebellion from within the Conservative Party.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Read Full Story