Rishi Sunak replaces 'fintech-friendly' Sajid Javid as Chancellor of the Exchequer

By Aisling Finn on Friday 14 February 2020

Alternative LendingDigital BankingSavings and Investment

PM Boris Johnson told Javid to fire all of his special advisers to keep his job and he refused.

Rishi Sunak replaces 'fintech-friendly' Sajid Javid as Chancellor of the Exchequer
Image source: Rishi Sunak

Boris Johnson culled several high-profile MPs in his latest cabinet reshuffle on Thursday, and rather shockingly Sajid Javid resigned as chancellor.

Javid has been replaced by the former chief secretary to the treasury, Rishi Sunak.

Sunak has been the MP for Richmond in Yorkshire since 2015 but before that, he worked for Goldman Sachs and a The Children’s Investment Fund Management (TCI), one of the largest hedge funds in Europe, and also co-founded an investment firm, Theleme Partners. 

The new Chancellor was also a director of investment at Catamaran Ventures, an investment firm owned by his father-in-law, N. R. Narayana Murthy, founder of Infosys.

Sunak’s brother-in-law, Rohan Murty, is the chief technical officer of Sororco, a digital transformation company that specialises in artificial intelligence (AI).

In a column in the Financial Times, before he became Chancellor of the Exchequer, Javid wrote about wanting to “build a foundation for successful businesses to thrive beyond Brexit”.

It remains to be seen whether Javid achieved this in his stint as Chancellor, which only lasted less than six months. 

Sunak has a strong financial background which could be very positive news for the UK’s ever-growing and evolving fintech market.

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