Philip Hammond made Chancellor in Theresa May's first Cabinet appointment

Former Foreign Secretary gained reputation as party's "axeman" with perchant for making public spending cuts

Philip Hammond has been appointed as the new Chancellor of the Exchequer.

Mr Hammond previously served as Foreign Secretary and is Theresa May’s first Cabinet appointment as Prime Minister.

He replaces George Osborne, who resigned from the Government, a Downing Street spokesperson said.

Mr Hammond served in the Conservatives’ Treasury team while in opposition, where he gained a reputation as the party's "axeman" with a perchant for making public spending cuts.

In government he swung his axe at the Ministry of Defence, helping to bear down on the department's financial pressures.

He has since taken a number of other Cabinet level roles while the party has been in government.

The minister also served as Transport Secretary under David Cameron.

He is now Britain's chief finance minister, in charge of economic policy and spending.

Ms May has ruled out holding an emergency Budget in the wake of her appointment as PM.

She has said any changes in economic course will be made in the scheduled Autumn Statement later this year.

Ms May is unveiling her first Cabinet after being appointed Prime Minister by Queen Elizabeth II at Buckingham Palace earlier this evening.

The first four top jobs are expected to be unveiled this evening, with the rest of the front bench due to be announced over the next few days.

She has pledged to create a fairer economy and create a government that works in the interests of "ordinary people" rather than the "privileged few".