Summarised by the FT:
Theresa May has entered Downing Street with a promise to address the country’s deep divisions, ruling not “for the privileged few” but for people who felt they were losing control of their lives.
Within hours of becoming the UK’s second female prime minister, Mrs May made her first cabinet appointments by installing Philip Hammond as chancellor and Boris Johnson as foreign secretary. George Osborne left the government, making way for the former foreign secretary who has long harboured an ambition to move to the Treasury.
Mrs May spoke only fleetingly about last month’s Brexit vote as she addressed the nation outside Number 10, but her mission statement was aimed squarely at those voters who saw the referendum as a chance to attack the economic establishment.
A low-key fiscal hawk, Mr Hammond is not a natural fit with Mrs May’s plan to relax austerity and tackle corporate excess but he will bring business and ministerial experience to the top of government in uncertain times.
David Davis, a Leave campaigner with a long record of Euroscepticism, was appointed to the key new role of secretary of state for leaving the EU.
Liam Fox, another Eurosceptic, is given a new role as international trade minister, in charge of delivering the trade deals that Brexiters claimed would be available if Britain left the EU.