Sajid Javid quit as Britain's finance minister on Thursday just weeks before the scheduled annual budget statement, in a shock move provoked by Prime Minister Boris Johnson's attempts to shake up his cabinet after Brexit.
Sunak appears more aligned with Johnson than his predecessor in backing a looser fiscal policy, noted Paul Dales, chief UK economist at Capital Economics. After his election victory in December, Johnson fulfilled his pledge to get Britain out of the European Union on January 31 -- but the country's future ties with the bloc remain uncertain.Johnson began his cabinet reshuffle by sacking his ministers for Northern Ireland, business, housing and the environment, as well as his attorney general.
Asked whether the planned Budget statement would still take place on March 11, he said only:"Extensive preparations have already been carried out for the Budget and they will continue at pace." Irish Prime Minister Leo Varadkar led tributes to Smith's efforts, saying he was"one of Britain's finest politicians of our time".
Arlene Foster, who as DUP leader was restored as first minister of Northern Ireland under the deal, also hailed his"dedication to the role".