UK Prime Minister Boris Johnson’s office could not confirm that the budget will go ahead as planned on March 11, or that the government will keep to fiscal rules — announced by Javid — which require day-to-day public spending and revenue to be in balance within three years.
Javid, who had served as Britain’s finance minister since July 2019, had been locked in a power battle with Johnson’s top adviser Dominic Cummings for months over control of the Treasury. Javid’s replacement, who was chief secretary to the Treasury, is seen as a rising star in the Conservative Party. He worked at Goldman Sachs and in hedge funds before his career in politics.
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