GBP rose against most other major currencies in the European session on Thursday, following media reports that Sajid Javid had resigned as the head of the UK’s finance ministry as Prime Minister Boris Johnson began reshaping his cabinet. 

According to the reports, Javid was offered the chance to remain the UK's top finance official on the condition that he fires all of his advisors. But he said no and opted to resign himself. 

The decision was a surprise for the markets as it came just a few weeks before Javid was due to present Britain’s budget in March. At the same time, it raised hopes that his replacement would pave the way for a more expansionary budget next month. 

Rishi Sunak is being reported to replace Javid.