With just four weeks to go until the Budget, Sajid Javid announced his resignation and has been replaced by Rishi Sunak.
Who is Rishi Sunak?
Mr Sunak has been the Conservative MP for Richmond in Yorkshire since 2015, according to his website.
In July 2019 he was made 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.
He lives with his wife - Akshata Murthy - and two young daughters in Kirby Sigston, just outside Northallerton in North Yorkshire.
He studied at private school Winchester College before going to Oxford University to read Philosophy, Politics and Economics. He also studied for an MBA at Stanford University.
Before working in politics he worked for investment bank Goldman Sachs and a hedge fun and co-founded an investment firm.
He has been an early supporter of Prime Minister Boris Johnson and voted for Theresa May's Brexit deal each time she put it forward.
He campaigned for Leave in the EU referendum and most of his constituency - 55 per cent - voted to leave the EU.
His father was an NHS GP and his mother was a pharmacist. His hobbies include keeping fit, cricket, football and watching films.