Theresa May Expected To Name Philip Hammond New U.K. Finance Minister: ITV

By Sara SjolinMarketsMarketWatch Pulse

Incoming U.K. Prime Minister Theresa May is expected to name Philip Hammond as the new Chancellor of the Exchequer when she takes over the helm from David Cameron later on Wednesday, according to ITV. Hammond is currently the secretary of state for foreign and Commonwealth affairs. The U.K. TV station said current finance minister George Osborne is rumored to be unwilling to accept another role and will leave government in a cabinet reshuffle. May is set to formally become the new U.K. leader at the end of a traditional sequence on Wednesday afternoon. Cameron earlier on Wednesday attended his final Prime Minister's Questions and is heading to Buckingham Palace to tender his resignation to the queen.

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