George Osborne has been sacked as Chancellor of the Exchequer as new Prime Minister Theresa May announces the first of her Cabinet appointments.
He has been Chancellor since 2010, when David Cameron took over as Prime Minister, and was also first secretary of state after May 2015.
Osborne Tweeted: "Others will judge - I hope I've left the economy in a better state than I found it."
Philip Hammond takes the second-most senior role in Government after two years as Foreign Secretary. Defacto leader of the Leave campaign Boris Johnson in turn replaces Hammond as Foreign Secretary.
Remember campaigner Amber Rudd is made Home Secretary, replacing May, and Michael Fallon keeps his Defence Secretary post.
Liam Fox - who ran against May for leader - is made Secretary of State for International Trade.
David Davis - who lost out to David Cameron in the 2005 Conservative leadership contest - is made Secretary of State for Exiting the EU, the Brexit minister.
Other appointments are expected later today in May's first full day as Prime Minister.