Following the shock resignation of Chancellor Sajid Javid, a new chancellor has been appointed.
With just four weeks to go until the Budget, one of the main events in the calendar for the UK Treasury, Mr Javid has been replaced by new Chancellor Rishi Sunak.
So who is Mr Sunak, and what is his background?
Mr Sunak has been the Conservative MP for Richmond in Yorkshire since 2015. He lives in Kirby Sigston, just outside the town of Northallerton.
His father was a GP, and his mother was a pharmacist. They emigrated from India to the UK with Mr Sunak’s grandparents.
He was born in 1980 in Southampton in Hampshire, and studied at the exclusive private school Winchester College.
Mr Sunak then went on to Oxford University to read Philosophy, Politics and Economics, a tried and trusted route for aspiring Westminster politicians. He also studied for an MBA at Stanford University.
Before entering politics he worked for investment bank Goldman Sachs and a hedge fund, then co-founded an investment firm.
His wife – Akshata Murthy – is the daughter of Indian billionaire and co-founder of IT services giant Infosys Narayana Murthy.
The couple have two daughters.
‘The force is strong’
Mr Sunak campaigned for Leave in the EU referendum, and his constituency voted 55% Leave.
He voted for Theresa May’s Brexit deal on all three occasions, and was an early supporter of Boris Johnson, making a number of media appearances in his support.
In July 2019 Mr Sunak was picked by Mr Johnson to be chief secretary to the Treasury, after being parliamentary under-secretary in the Ministry of Housing, Communities and Local Government from January 2018 to July 2019.
Mr Sunak is seen as a rising star in the Conservatives, with endorsements from people including former Conservative Party leader Lord Hague of Richmond, who has described Mr Sunak as an “exceptional individual”.
He was also endorsed by Mr Javid, who in a recent tweet said “The force is strong with young Sunak” in reference to a phrase from Disney’s Star Wars franchise.
Mr Sunak is a Hindu, who doesn’t eat beef.
His hobbies include keeping fit, cricket, football and watching films, according to his website.
One of his childhood heroes was Southampton football player Matt le Tissier.