Chancellor Philip Hammond  has announced he will step down as chancellor before Theresa May leaves Downing Street on Wednesday – but why will Mr Hammond will resign?

Speaking on the Andrew Marr show this morning chancellor Philip Hammond said: “I am sure I am not going to be sacked because I am going to resign before that.”

Why will Philip Hammond resign?

Mr Hammond declared he will quit the Government before Theresa May goes to see the Queen to tender her resignation on Wednesday.

Speaking on BBC One’s Andrew Marr Show he expressed his intention to resign before the next Tory leader takes power.

Boris Johnson is the favourite to become Britain’s next PM.

Mr Hammond made it clear he would not stick around to be sacked by the next Tory boss to take up residence at Number 10.

Asked by Andrew Marr Show if he thought he would be sacked, Mr Hammond said: “No, I’m sure I’m not going to be sacked because I’m going to resign before we get to that point.”

Mr Hammond said his fierce opposition to a no deal Brexit would be a key reason for him to quit if Mr Johnson takes power.

He said: ”Assuming that Boris Johnson becomes the next prime minister, I understand that his conditions for serving in his government would include accepting a no-deal exit on the 31st October and it’s not something that I could ever sign up to.”

“It’s very important that the prime minister is able to have a chancellor who is closely aligned with him in terms of policy and I, therefore, intend to resign to Theresa May before she goes to the Palace to tender her own resignation on Wednesday.”

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