Philip Hammond replaced George Osborne as Britain's finance minister after Prime Minister Theresa May took office on Wednesday.

Hammond had served as transport secretary when the Conservatives took power in a coalition with the centrist Liberal Democrats in 2010. He then took charge of defence in 2011 and had been foreign secretary since 2014.

Analysts say as finance minister, Hammond will have to manage an economy that risks sliding into recession after last month's Brexit vote. They say the finance minister will also have to set new budget goals after Osborne abandoned his aim of running a budget surplus by 2020.

Moreover, analysts say Hammond needs to rebuild confidence in the pound, convince foreign banks to stay in London and manage relations with the Bank of England.