Profile: The new Chancellor
Who: Philip Hammond, Chancellor of the Exchequer; Conservative MP for Runnymede and Weybridge
Background: A former company director, Philip Hammond entered Parliament in 1997 and was promoted into the Shadow Cabinet by David Cameron in 2005. He then worked under George Osborne as Shadow Chief Secretary to the Treasury.
In the Coalition government he held increasingly senior Cabinet positions, progressing from Secretary of State for Transport, to Defence, and finally Foreign and Commonwealth Affairs. When Theresa May
succeeded Cameron as Prime Minister in July 2016, she quickly appointed Hammond as Chancellor of the Exchequer in place of Osborne.
Political views: Although considered to be broadly Eurosceptic prior to the referendum, Hammond
campaigned for Britain to remain in the EU. As Chancellor, he indicated early on that he would emphasise investment in infrastructure and housing over his predecessor’s deficit reduction targets. The Autumn Statement is his first major announcement in the role.