Rishi Sunak appointed Chancellor as Sajid Javid quits amid shock Cabinet reshuffle
Sajid Javid has resigned as Chancellor amid Boris Johnson's Cabinet reshuffle, his spokesperson said.
It is reported Mr Javid had been told he could keep his job, so long as he agreed to sack all of his special advisers - he refused and subsequently resigned.
He has been replaced by chief secretary to the Treasury Rishi Sunak, who has went from backbencher to Chancellor in under five years.
The resignation came as a huge shock in Westminster, with Mr Javid's position being viewed as one of the safest.
He had already set a date to deliver his first budget on March 11.
In a dramatic move which follows rumours of tensions between the former Chancellor and Boris Johnson's closest aide Dominic Cummings, Mr Javid said that "no self-respecting minister" could accept the condition being imposed.
"He has turned down the job of Chancellor of the Exchequer," a source close to Mr Javid said.
"The Prime Minister said he had to fire all his special advisers and replace them with Number 10 special advisers to make it one team.
"The Chancellor said no self-respecting minister would accept those terms."