Sterling up… a bit
The pound has risen slightly this morning against both the dollar and the euro. But still below where it was a week ago.
Resignation watch – Mick Davis
A key feature of today will be who resigns from cabinet and key party roles ahead of the appointment of the new Johnson government.
First up: Tory Party chief executive Sir Mick Davis has been reported to have tendered his resignation this morning. Chancellor Philip Hammond, justice secretary David Gauke and international development secretary Rory Stewart have already said they intend to resign today.
Other runners and riders
Youth and ethnic diversity have emerged as themes of Mr Johnson’s likely picks.
Richi Sunak (pictured), the 39-year old Stanford educated son-in-law of top Indian industrialist Narayana Murthy, is expected to be promoted from his current role as housing under-secretary.
MP for Reading West, Alok Sharma has become used to reshuffles, having been moved from housing minister to the department for work and pensions under Theresa May in 2018. He is the third likely appointee with an Asian background, reflecting a pledge by Mr Johnson to make his cabinet diverse and for it to better represent modern Britain.
Robert Jenrick, who is 37 but has already worked as a solicitor in London and Moscow and been international managing director of art dealer Christies, is tipped for a cabinet post.
Remainer and former David Cameron chief of staff Oliver Dowden, aged 40, could join his two young colleagues, with whom he wrote letter to the Times last month arguing Mr Johnson was the only candidate who could save what they viewed as the imperiled Conservative Party.
Another tipped for a cabinet role is Tracey Crouch, who resigned as sports minister last Autumn after the Treasury delayed plans to cut the maximum bets gamblers could stake on fixed odds betting terminals, known as the “crack cocaine” of gaming machines for how rapidly they can become addictive.
A comeback for Priti?
Priti Patel resigned as international development secretary in November 2017 after it emerged she had held undisclosed meetings with a lobbyist and Israeli politicians.
Perhaps sensing the opportunity for a cabinet comeback, Ms Patel was a staunch supporter of Mr Johnson’s leadership campaign, having tweeted last week that he would be “a Prime Minister who believes in Britain.”
Who will be in Johnson’s cabinet?
Names in the frame to get the keys to Number 11 Downing Street as Mr Johnson’s chancellor include Sajid Javid (pictured) and Liz Truss.
Mr Javid, the home secretary and a state-school educated former investment banker was knocked out of the Conservative leadership race last month. He then switched to supporting Mr Johnson’s campaign and began talking about the need for an “emergency Budget” to lessen the impact of a no-deal Brexit, leading to growing speculation that he would be handed the keys to number 11 Downing Street.
A backer of Mr Johnson’s campaign, Ms Truss has presented herself in recent months as pro-business and pro-wealth. She said in a keynote speech at the Financial Times’ Brexit and Beyond conference in May that claimed Britain was infected by an “insidious” anti-wealth sentiment.
In her current role as chief treasury secretary Ms Truss has been responsible for leading a review into whether austerity policies should end. She admitted last month the public spending study would now have to be delayed because of the Conservative leadership election.
Cummings to key Johnson role
The early appointments to the Johnson regime are already being leaked, with one of the most striking so far Dominic Cummings, the former chief of Vote Leave, set to be chosen as a senior adviser to Boris Johnson. Former Sky finance chief Andrew Griffith has been lined up as Johnson’s business advisor.
Boris Johnson to enter Downing Street
Welcome to the FT’s live blog on a big day for the UK as Boris Johnson becomes prime minister, replacing Theresa May who will formally resign to the Queen this afternoon. Mr Johnson will then be appointed prime minister and enter Downing Street to choose his cabinet.