 "Philip Hammond (Photo: Wikipedia)")
Philip Hammond has become Britain's new finance minister, Downing Street announced, replacing George Osborne who quit the government after Theresa May was appointed prime minister.
Hammond had been the foreign minister in the outgoing government of David Cameron since 2014.
"The queen has been pleased to approve the appointment of Philip Hammond MP as chancellor of the exchequer," Downing Street said in a statement.
As the second lord of the Treasury — the prime minister is the first — he takes over 11 Downing Street, the office next door to the prime minister at Number 10.
The flat above Number 11 is bigger than the flat above number 10. Prime ministers Cameron and Tony Blair opted to take the Number 11 flat and May could well follow suit, leaving Hammond living above Number 10.
"George Osborne MP has resigned from government. Further ministerial appointments will be announced this evening," the statement added.
Osborne was Cameron's closest minister and, before the referendum, had been widely viewed as a likely successor.
However, his aggressive campaigning for Britain to stay in the EU riled Conservative party colleagues and members, and when Cameron stepped down after the vote for Brexit, he declined to run.
