Following the shock resignation of Chancellor Sajid Javid, a new chancellor has been appointed.
With just four weeks to go until the Budget, one of the main events in the calendar for the UK Treasury, Mr Javid has been replaced by new Chancellor Rishi Sunak.
So who is Mr Sunak, and what is his background?
Mr Sunak has been the Conservative MP for Richmond in Yorkshire since 2015, according to his website. He lives in Kirby Sigston, just outside the town of Northallerton.
His father was a GP, and his mother was a pharmacist.
He studied at the exclusive private school Winchester College before going on to Oxford University to read Philosophy, Politics and Economics, a tried and trusted route for aspiring Westminster politicians. He also studied for an MBA at Stanford University.
Before entering politics he worked for investment bank Goldman Sachs and a hedge fund, then co-founded an investment firm.
His wife – Akshata Murthy – is the daughter of of Indian billionaire and co-founder of IT services giant Infosys Narayana Murthy.
The couple have two daughters.
Mr Sunak campaigned for Leave in the EU referendum, and his constituency voted 55% Leave.
He voted for Theresa May’s Brexit deal on all three occasions, and was an early supporter of Boris Johnson, making a number of media appearances in his support.
In July 2019 Mr Sunak was made chief secretary to the Treasury, after being parliamentary under-secretary in the Ministry of Housing, Communities and Local Government from January 2018 to July 2019.
His hobbies include keeping fit, cricket, football and watching films.