Rishi Sunak named new Chancellor after resignation of Javid

Rishi Sunak was named the U.K.'s Chancellor of the Exchequer, just minutes after the surprise resignation of Sajid Javid. Sunak, the chief secretary to the Treasury, has a background in finance including at hedge fund The Children's Investment Fund as well as at Goldman Sachs. The pound was trading at $1.3021 up from $1.2960 on Wednesday.