What do we know about Kennedy?

Well, she is apparently quite a Blairite, having fought against the Militant wing of the Labour party in Liverpool in the 1980s.

Much more than that, however, it may be difficult to say. She has held a lot of different government posts, and is said to be 'an instinctive loyalist'.

All in all, the Treasury team looks finely balanced. Which way will Blairites like Andy Burnham, chief secretary to the Treasury, and Kennedy go on issues like private equity and tax? That will be the interesting question.