UK fiscal splurge cemented as ‘last Mohican’ is ousted

By Jasper Cox, Jon Hay, Lewis McLellan
13 Feb 2020

The ousting of Sajid Javid as the UK's chancellor of the exchequer has been interpreted in financial markets as a power grab by prime minister Boris Johnson. Javid's removal is likely to strengthen the government’s bias towards populist economics, “rewriting the Treasury’s fiscal rules”, according to one investor.

Rishi Sunak, who had been Javid’s deputy as chief secretary to the Treasury, has been named the new chancellor.

Sterling rose a cent against the euro, to €1.20, and about 0.8 cents against the dollar, to $1.304. This was likely down to traders pricing in a more expansive fiscal ...

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