Britain’s new prime minister Theresa May has appointed Philip Hammond as the new Chancellor of the Exchequer, as the country’s economy braces up to face Brexit fallout.
Hammond, who campaigned for Britain’s EU membership, formerly served as Britain's foreign secretary.
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He will replace George Osborne, who has resigned from the post after six years.
The appointment of Hammond as the chancellor puts him in charge of an economy that is in turmoil following Britain’s vote to quit the European Union.
The Brexit decision has led pound to slump to its weakest level in 30 years against the dollar, and has also raised doubts regarding the future of London as a leading financial hub.
The decision has also significantly impacted the property fund market with several firms such as Aviva, M&G, Henderson, Columbia Threadneedle and Standard Life Investments suspending dealings in their UK property funds.
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By GlobalData
