Chancellor George Osborne opened his Budget speech with a tribute to Macpherson, who he said had held the position for ten years under three different Chancellors, serving with ‘integrity and impartiality’. Macpherson was in the chamber to hear the comments, attending the last of 34 Budgets in which he had a hand.

Scholar is currently the Prime Minister’s adviser on European and global issues and head of the European and global issues secretariat in the Cabinet Office, and has a background of working for the Treasury.

Chancellor of the Exchequer George Osborne said: ‘Tom is an outstanding civil servant, with experience of advising on some of the biggest challenges facing the country in recent years.

It is a tribute to the British civil service that the field of candidates was so strong. Having worked closely with Tom, I know he will be a great leader of the Treasury and a worthy successor to Nick Macpherson.’

Scholar joined the Treasury in 1992 and went on to hold various roles covering economic forecasting, general expenditure policy, foreign exchange reserves and banking supervision.

He was principal private secretary to the Chancellor of the Exchequer from 1998 to 2001. He then moved to Washington where he was the UK’s executive director at the International Monetary Fund and the World Bank, and minister (economic) at the British Embassy.

In 2007 Scholar became chief of staff and principal private secretary at 10 Downing Street before returning to the Treasury in 2008 as director general financial services.

He was appointed second permanent secretary at the Treasury in 2009, before taking up his current role in 2013.