The new Conservative shadow chancellor is George Osborne, who steps into the role in place of Oliver Letwin.
Osborne, 33, is one of parliament’s youngest MPs, and will face Gordon Brown across the despatch box.
Oxford-educated Osborne became the youngest Conservative MP in the House of Commons in June 2001.
Letwin, who is reported to be considering taking up a role with former employer, the merchant bank NM Rothschild, will serve as shadow secretary of state for environment, food & rural affairs.
Further rumours within Westminster suggest that Letwin has stepped down to prepare to take part in the impending battle for the Tory leadership.
Phillip Hammond takes the role of shadow chief secretary to the Treasury, effectively serving as number two to Osborne.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements