Nadhim Zahawi is the new Chancellor of the Exchequer after Rishi Sunak resigned from his post last night.
Zahawi, the former education secretary, takes over from Sunak after his shock exit from government over the PM's handling of the Chris Pincher affair. Pincher is facing allegations of sexual misconduct while working as deputy chief whip.
Sunak said the public expected "government to be conducted properly, competently and seriously".
He also said his and the PM's position on the economy was "fundamentally too different".
Health secretary and former Chancellor, Sajid Javid, also quit the cabinet within minutes of Sunak. He has been replaced by North East Cambridgeshire MP Steve Barclay who previously served as Downing Street chief of staff.
The BBC reports Zahawi has previously expressed traditionally "conservative views on the economy - including the need to keep the budget balanced and the deficit down".
More recently he's been a strong supporter of Sunak's approach - praising his predecessor's package to help families with the cost of living crisis in March this year, said the BBC.
He has also said he wants to be "on the side of the people" and bring inflation under control.
Boris Johnson will face MPs later at PMQs.
'Ready to hear the truth'
In his resignation letter, Sunak said: "Our country is facing immense challenges. We both want a low-tax, high-growth economy, and world class public services, but this can only be responsibly delivered if we are prepared to work hard, make sacrifices and take difficult decisions.
"I firmly believe the public are ready to hear that truth. Our people know that if something is too good to be true then it's not true. They need to know that whilst there is a path to a better future, it is not an easy one. In preparation for our proposed joint speech on the economy next week, it has become clear to me that our approaches are fundamentally too different.
"I am sad to be leaving government but I have reluctantly come to the conclusion that we cannot continue like this."
