Every kid has a dream, whether it is to be the first human on Mars, global rock star or in the case of Philip Hammond, facilitating fiscal prudence thus safeguarding the country's economic stability at a time of political uncertainty.

At the new Chancellor's state school in Brentwood, Essex, classmate Richard "married to Judy" Madeley tweets, Hammond "used to arrive in class in leather trench-coat with the Guardian under his arm."

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It's perhaps an indicator of the new Chancellor's personality that this most colourful detail (reading The Guardian) is probably his most embarrassing secret.

At Oxford Hammond studied philosophy, politics and economics, then entered business working for companies linked to oil, gas and manufacturing.

He made a fortune in property before entering politics and remains one of the richest people in government, worth around £8m, according to The Independent. Hammond is married with three children, with homes in London and Surrey.

Elected as MP for Runnymede and Weybridge in 1997 —the year Labour won a historic landslide — Hammond quickly joined the shadow Cabinet, becoming Secretary of State for Transport in the coalition government of 2010. After a stint in defence he became Foreign Secretary in 2014 and played an important role in negotiating the nuclear deal with Iran.

Hammond is thought to have been a Euro-sceptic but when the referendum was called he sided with then-prime minister David Cameron and chancellor George Osborne and opted for the Remain camp.

Hammond has always been a friend and ally of new Prime Minister Theresa May, and his loyalty was rewarded today with one of the most thankless jobs in UK politics: trying to balance the books as the country manoeuvres away from the EU while attempting to reduce the deficit. Judging by Hammond's unflappable manner, if anyone can do it, Hammond can.

Brexit Phillip Hammond
Philip Hammond has finally landed his dream job - Chancellor Mary Turner/ Getty Images