The Telegraph's guide to the favourites to replace Philip Hammond as Chancellor

Christopher Hope
Philip Hammond and Theresa May - Toby Melville/Toby Melville

Philip Hammond's future as Chancellor of the Exchequer is highly uncertain after he embarrassingly had to drop the increase in National Insurance Contributions.

On Wednesday Cabinet ministers were not rushing to defend Mr Hammond in the aftermath of the announcement.

One told The Telegraph: "He did what he had to do." A second member of the Cabinet added: "Philip took a sensible decision."

Speculation is now mounting that he will be sacked before the next Budget in November this year. Here is are the top five most likely successors:

Greg Clark Credit: BEN STANSALL/AFP

Name: Greg Clark

Current job: Business, Energy and Industrial Strategy secretary

Why: A Cabinet minister since the last general election, Mr Clark’s political views are closely in line with those of Theresa May, the Prime Minister, notably his championing of boosting regional economies outside London. 

Likelihood: 8/10

Amber Rudd Credit: James Gourley/REX/Shutterstock /James Gourley/REX/Shutterstock 

Name: Amber Rudd

Current job: Home secretary

Why: Remain-supporting Ms Rudd’s stock has risen with an assured performance at the Home Office since last July, her second Cabinet post. A former Parliamentary aide to George Osborne when he was Chancellor, she worked in investment banking in London and New York before entering Parliament in 2010.

Likelihood: 8/10

Sajid Javid Credit:  Joe Giddens/ Joe Giddens

Name: Sajid Javid

Current job: Communities and Local Government secretary

Who are they: Mr Javid – who has held three Cabinet posts in three years – has long been tipped to be one of the three Great Offices of State. His previous career in the City would be a major help.

Likelihood: 7/10

Chris Grayling Credit:  Julian Andrews/ Julian Andrews

Name: Chris Grayling

Current job: Transport secretary

Why: Mr Grayling – one of the most high profile leaders of the Leave campaign - he has held three Cabinet posts since 2012 and was the manager of Mrs May’s leadership campaign.

Likelihood: 6/10

Sir Michael Fallon Credit:  SAFIN HAMED/ SAFIN HAMED

Name: Sir Michael Fallon

Current job: Defence secretary

Why: Sir Michael has been regarded as a safe pair of hands since becoming a minister in 2012 and is the only minister left in Government to have worked with Margaret Thatcher when he was one of her whips.

Likelihood: 5/10

 

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