BREAKING: Rod Phillips resigns as Finance Minister

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Just hours after landing in Toronto, Rod Phillips has resigned as the Finance Minister of Ontario.

Phillips will stay on as a member of the Conservative caucus, and the Ajax MPP.

Premier Doug Ford has released a statement, saying he accepted Phillips' resignation today:

“Today, following my conversation with Rod Phillips, I have accepted his resignation as Ontario's Minister of Finance.
 
At a time when the people of Ontario have sacrificed so much, today’s resignation is a demonstration that our government takes seriously our obligation to hold ourselves to a higher standard.
 
In addition to his current role as President of the Treasury Board, I have asked Minister Peter Bethlenfalvy to assume the role of Minister of Finance and deliver the government's 2021 Budget."

Phillips spoke to reporters at Pearson Airport this morning upon his arrival, calling his choice to vacation in St. Barts a "dumb, dumb mistake".