Former foreign secretary Mr Hammond remains as Chancellor of the Exchequer. He has previously served as transport secretary and defence secretary. The “reassuringly boring” choice, Mr Hammond, 61, studied philosophy, politics and economics at Oxford University and is believed to have a devout belief in economic stability and prudent public finances.
A special meeting of the Scottish cabinet is being held today with talks focused on the oil and gas industry.
Nigeria’s President Muhammadu Buhari said he will hold the country’s oil portfolio in his new cabinet, rather than trust anyone else with the source of most of its revenue. Buhari, who took office earlier this year, has promised to combat corruption and made clear he wants to overhaul the oil sector in Africa’s biggest economy. At an annual meeting of world leaders at the United Nations General Assembly in New York this week Buhari said he intended to remain as the minister of petroleum resources.