While today’s resignation of David Cameron and immediate appointment of Teresa May as his replacement was fully expected, May’s cabinet served up her first major surprise when it was revealed that the man who led the Brexit campaign, Boris Johnson, and who many assumed would not hold a key role in the new UK cabinet, was appointed to replace Philip Hammond (who will now be finance minister) in what may be the most prominent and important role as the UK prepares to negotiate its exit from the EU: that of foreign secretary.
According to Bloomberg, the former London mayor campaigned for Brexit, but pulled out of the race to succeed David Cameron as prime minister.
Johnson’s appointment came moments after new Prime Minister Theresa May named Philip Hammond as foreign secretary.
Amber Rudd, energy secretary under former PM David Cameron, was named home secretary – the position held by May for the past six years.
The new team will be tasked with crafting a path forward for the U.K. as it bids to leave the European Union after a referendum last month.
While those voting Leave may be delighted, the pound isn’t and moments after the announcement, sterling set a new intraday low at 1.3155.