George Osborne did not resign but was sacked as Chancellor by Prime Minister Theresa May, ITV News understands.
Philip Hammond was appointed as the new Chancellor of the Exchequer in Mrs May's cabinet earlier today.
A No 10 source has told ITV's Deputy Political Editor Chris Ship that the MP for Tatton did not resign as initially reported, but was dismissed from the role by Mrs May.
The new Foreign Secretary has made several high-profile gaffes and controversies on the international stage.
Boris Johnson's appointment as Foreign Secretary has not gone down well in the US, following a previous insult to President Obama.