Yorkshire MP Rishi Sunak has been announced as the country's next Chancellor after Sajid Javid dramatically resigned on reshuffle day.
Mr Javid's shock resignation is reported to have come after a row with the Prime Minister and his most senior adviser Dominic Cummings over special advisers.
And although there had previously been concerns Richmond MP Mr Sunak - a well thought of and popular figure in the Conservative Party - was not quite ready for one of the biggest jobs in Government, he has now got shot.
Mr Javid's spokesman confirmed he had resigned.
Mr Javid said that "no self-respecting minister" could accept the condition being imposed.
"He has turned down the job of Chancellor of the Exchequer," a source close to Mr Javid said.
"The Prime Minister said he had to fire all his special advisers and replace them with Number 10 special advisers to make it one team.
"The Chancellor said no self-respecting minister would accept those terms."
Mr Sunak has been Chief Secretary to the Treasury since July 2019, and was regularly sent out to bat for Boris Johnson in media appearances both during and since the election.
It has long been predicted that he would be due a promotion for his efforts when Mr Johnson took a look at his top team, potentially within a new super-ministry focusing on the economy.
But with merger plans seeming to take a back seat, it had been reported that he may instead be kept at the Treasury, where he is currently Chief Secretary, to keep an eye on Mr Javid and oversee the spending review. However Mr Javid's resignation has thrown this into disarray.
It is now understood No 10 and No 11 will have a new joint team of advisers, signalling the PM will have more control.
Shadow Chancellor John McDonnell said Mr Javid's resignation had left the Government in crisis.
"This must be a historical record with the Government in crisis after just over two months in power," he said.
"Dominic Cummings has clearly won the battle to take absolute control of the Treasury and install his stooge as Chancellor."