George Osborne is to return to the backbenches, as new Prime Minister Theresa May appoints Philip Hammond as her chancellor .
Osborne "has resigned from government" and will not be taking a position in May's cabinet, according to 10 Downing Street.
The Sun reported Osborne was dismissed by May.
Breaking: George Osborne was sacked. Theresa May told him she didn't want him in her Cabinet. Wow.— Tom Newton Dunn (@tnewtondunn) July 13, 2016
George Osborne sent a series of tweets as the news of his ousting broke:
It's been a privilege to be Chancellor these last 6 yrs. Others will judge - I hope I've left the economy in a better state than I found it.— George Osborne (@George_Osborne) July 13, 2016
Thank you to everyone who's helped me do the job - my ministerial team, great special advisers, and the outstanding Treasury civil servants— George Osborne (@George_Osborne) July 13, 2016
Good luck to new Prime Minister @theresa_may & Chancellor @PHammondMP - they have my full support in the big challenge that lies ahead— George Osborne (@George_Osborne) July 13, 2016
Amber Rudd has been appointed as home secretary, and Boris Johnson has been made foreign secretary.
Rudd said on the steps of 10 Downing Street: "I am very pleased. I am very excited to get going."
Liam Fox and David Davis have entered 10 Downing Street, where they will likely receive positions in May's cabinet. Michael Fallon will remain defence secretary. Key positions are yet to be filled, including a newly-created head of Brexit.
Hammond, Fallon and Rudd all campaigned for Remain in the European Union referendum.
May was officially confirmed as the UK's Prime Minister today, after energy minister Andrea Leadsom withdrew from the Conservative leadership race earlier this week.
Speaking outside 10 Downing Street today, May promised to fight "burning injustice" in the UK.
"When we take the big calls, we will think not of the powerful, but you," she said.