UK Chancellor of Exchequer Osborne Replaced by Ex-Foreign Secretary Hammond

UK finance chief George Osborne will be replaced by ex-Foreign Secretary Philip Hammond in the new British government, according to the statement of Downing Street.

MOSCOW (Sputnik) — UK finance chief George Osborne resigned from the new government, replaced by ex-Foreign Secretary Philip Hammond, Downing Street said in a statement on Wednesday.

"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," the statement said.