With Philip Hammond's departure likely, an uphill battle awaits his successor | Larry Elliott

A new chancellor would have to decide on the spending review and the next Bank of England governor

The Conservative hopefuls lining up to replace Theresa May can be divided into two categories: those with a chance of becoming prime minister and those who see a tilt at the premiership as a way of securing promotion in the new Cabinet. There will be plenty in the second group who fancy their chances of becoming chancellor of the exchequer.

There are circumstances in which Philip Hammond could stay at the Treasury. Graham Brady might come from nowhere and decide that continuity is a precious commodity in current circumstances. One of the Brexiters in the running for PM might want to reach out to the remainers in the Conservative party.

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