UK's Hammond quits as finance minister

Britain's Finance Minister Philip Hammond quit his post on Wednesday as expected, and before Boris Johnson arrival at Downing Street as prime minister.

Hammond had said on the weekend that he would go over Johnson's threat to carry out a no-deal Brexit. He was also highly critical of the new Tory leader's spending pledges while campaigning to run the Conservative Party.

Other high profile resignations included Justice Secretary David Gauke, Development Secretary Rory Stewart and David Lidington as the Cabinet Office secretary. None would have survived under hardline Brexiteer Johnson.

“Despite the uncertainty created by the unresolved issue of Brexit, we have been able to make notable progress in rebuilding the public finances and preparing the British economy for the opportunities ahead,” Hammond said in his resignation letter to Prime Minister Theresa May.

“We bequeath to our successors genuine choices, once a Brexit deal is done: the ability to choose, within the fiscal rules, between increased public spending, reduced taxes, higher investment or progress towards faster debt reduction – or some combination of all four."

“After a decade when the aftermath of the 2008-09 recession meant we had no choices, this is a luxury which our successors should use wisely.”