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UK names new finance ministry head after ousting predecessor

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Britain's government on Monday named an experienced Treasury official as the finance ministry's new top civil servant, after unsettling investors last month by abruptly ousting his predecessor.

James Bowler will become permanent secretary to the Treasury. He replaces Tom Scholar whose departure shortly after Kwasi Kwarteng became finance minister contributed to a drop in confidence among investors since Liz Truss took over as prime minister.

Truss said during her campaign to become leader of the governing Conservative Party that she wanted to end the "Treasury orthodoxy" she said was holding back radical reforms.Bowler, whose most recent job was as the top official at the trade ministry, where Truss was recently minister, has more than 20 years of experience at the Treasury where he oversaw policy areas including the budget, spending and tax policy.

But the Financial Times reported on Monday that Truss had changed her mind about appointing an outsider because she wanted to calm financial markets.

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