Who is Phillip Hammond- the man in charge of our money?

With George Osborne leaving his role as Chancellor of the Exchequer following Brexit, just who exactly is the new man carrying the red briefcase, and why is he in charge of our money?

Phillip Hammond, aged 60, became chancellor of the exchequer in July 2016, appointed by Theresa May as his predecessor George Osborne was removed from the position after the unexpected results of the European Union referendum vote.

Hammond, educated in Oxford, started his career at the medical equipment manufacturers Speywood Laboratories Ltd in the late 80s, becoming the head of the company just three years later. It was not until the mid-90s that Hammond started his political career. Working for The World Bank, when he was assigned to be an advisor to the government of Malawi.

He first became a Member of Parliament in 1997, serving on the Environment, Transport and the Regions Select Committee up until 2001. But Hammond’s political career did not stop there: he became a member of the Shadow Cabinet and then the Foreign Secretary after the 2005 general election when the Conservative party came into power. Although Prime minister and leader of the party David Cameron resigned as leader following the Brexit vote, Hammond stayed and was eventually trusted to be in charge of the finance of the country.

In the position of Foreign Secretary Hammond set a goal to close in UK’s military budget and was known as an “axeman” of the Conservative party. Coming to EU referendum and David Cameron rocking the boat, Hammond stayed loyal backing the Remain campaign despite previous Eurosceptic comments, related to access of the single market. Hammond was also the main star dealing with Iran’s nuclear deal in 2015.

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Phillip Hammond with his wife Susan

As chancellor of the exchequer, Phillip Hammond has kept a relatively low profile so far. Hammond is a family man with a wife and three children. In addition, Phillip Hammond is said to be one of the richest members in the cabinet with estimated fortune of £8 million, which he obtained by co- founding a real estate business.

 

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