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Rishi Sunak today sought to put his own stamp on the cabinet, in a way not possible a year ago when he took over. 

Yet this reshuffle – which was already in the works in May – took only baby steps towards creating a cabinet truly in Mr Sunak’s image.

Even this level of change immediately provoked rumblings which suggest some of the Conservative Party are not yet ready for a top team that bears his imprint too heavily.

Today has been a stark reminder that, 10 months into the job, sometimes Mr Sunak still struggles to take part of his party with him.

And as a result, he is now likely to have a second reshuffle before the end of the year.

The logic behind the three decisions today tells us much about Mr Sunak.

There is a perfectly sensible reason to replace Ben Wallace with Grant Shapps.

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Mr Wallace had qualities that endeared him to many – his affinity with the military, his high standing with Tory members, his willingness to confront the Treasury and other ministers, and his pivotal role over Ukraine.

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But not all of these went down so well in Number 10, who felt this amounted to grandstanding on the world stage and endless demands for cash.

It was no secret in Westminster that the personal relationship between Mr Wallace and Mr Sunak was not the strongest.

So the Shapps appointment represents a different approach.

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Who is Grant Shapps?

A fast learner – as any cabinet minister who has had five jobs in the last year can expect to be – he will use this more high-profile approach to project the government’s message more widely.

Senior Tories know they don’t have many top-rank media performers (“it’s a bit eighth series Big Brother”, sighed one) – so an upside of the defence post is that it comes without the burdens of the energy job – where the incumbent risks being dragged into tricksy arguments about climate change and net zero.

Mr Shapps is not known for getting bogged down in fights with cabinet colleagues or arguments with the Treasury.

In general, he is well-liked – and last year was sufficiently confident to launch his own, albeit brief, leadership bid.

Such is the grumpiness of the Tory Party that this closeness is toxic for some, with one member of the government labelling Grant Shapps “an encyclopaedia salesman” – he was a businessman before entering government – and claiming this was a reward for helping to oust Liz Truss.

Yet Mr Sunak will see this as putting the demands of an upcoming election ahead of the need for depth of military or foreign affairs experience – a trade-off he will be comfortable with.

Replacing Mr Shapps in the energy brief is Claire Coutinho, one of the most loyal MPs to Mr Sunak in parliament.

A special adviser when he was chief secretary to the Treasury, a parliamentary aide when he was chancellor, and a senior figure on his campaign team, this former investment banker speaks the prime minister’s language.

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Who is Claire Coutinho?

As a reward, she becomes the first 2019 intake MP to be catapulted into cabinet.

But she is a relatively unknown figure to many, and there will be an awful lot of Tory MPs who feel there are others (perhaps themselves) with greater qualifications.

She – along with Laura Trott, Victoria Atkins, Laura Farris and the highly tipped David Johnston, who was promoted to Ms Coutinho’s old job – form a new generation of loyalists for the new prime minister.

But many others, bruised by the Truss era, are hostile and suspicious of his decision to promote allies rather than reach across the party to find talent.

Back in May, there were suggestions this reshuffle might spell the end of Therese Coffey, the environment secretary, Steve Barclay, the health secretary, or even Suella Braverman, the home secretary.

What is not clear is whether things will be easier in November than they are now, the last days of August.

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How Vietnam is using crypto to fix its FATF reputation

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How Vietnam is using crypto to fix its FATF reputation

How Vietnam is using crypto to fix its FATF reputation

Vietnam is leveraging crypto regulation to meet FATF standards, combat digital asset fraud and rebuild its international financial reputation.

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UAE Golden Visa is ‘being developed independently‘ — TON Foundation

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UAE Golden Visa is ‘being developed independently‘ — TON Foundation

UAE Golden Visa is ‘being developed independently‘ — TON Foundation

The TON Foundation distanced itself from initial Golden Visa claims, saying the move is an independent initiative with no official backing from the United Arab Emirates government.

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Building societies step up protest against Reeves’s cash ISA reforms

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Building societies step up protest against Reeves's cash ISA reforms

Building society chiefs will this week intensify their protests against the chancellor’s plans to cut cash ISA limits by warning that it will push up borrowing costs for homeowners and businesses.

Sky News has obtained the draft of a letter being circulated by the Building Societies Association (BSA) among its members which will demand that Rachel Reeves abandons a proposed move to slash savers’ annual cash ISA allowance from the existing £20,000 threshold.

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The draft letter, which is expected to be published this week, warns the chancellor that her decision would deter savers, disrupt Labour’s housebuilding ambitions and potentially present an obstacle to economic growth by triggering higher funding costs.

“Cash ISAs are a cornerstone of personal savings for millions across the UK, helping people from all walks of life to build financial resilience and achieve their savings goals,” the draft letter said.

“Beyond their personal benefits, Cash ISAs play a vital role in the broader economy.

“The funds deposited in these accounts support lending, helping to keep mortgages and loans affordable and accessible.

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“Cutting Cash ISA limits would make this funding more scarce which would have the knock-on effect of making loans to households and businesses more expensive and harder to come by.

“This would undermine efforts to stimulate economic growth, including the government’s commitment to delivering 1.5 million new homes.

“Cutting the Cash ISA limit would send a discouraging message to savers, who are sensibly trying to plan for the future and undermine a product that has stood the test of time.”

The chancellor is reportedly preparing to announce a review of cash ISA limits as part of her Mansion House speech next week.

While individual building society bosses have come out publicly to express their opposition to the move, the BSA letter is likely to be viewed with concern by Treasury officials.

The Nationwide is by far Britain’s biggest building society, with the likes of the Coventry, Yorkshire and Skipton also ranking among the sector’s largest players.

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In the draft letter, which is likely to be signed by dozens of building society bosses, the BSA said the chancellor’s proposals “would make the whole ISA regime more complex and make it harder for people to transfer money between cash and investments”.

“Restricting Cash ISAs won’t encourage people to invest, as it won’t suddenly change their appetite to take on risk,” it said.

“We know that barriers to investing are primarily behavioural, therefore building confidence and awareness are far more important.”

The BSA called on Ms Reeves to back “a long-term consumer awareness and information campaign to educate people about the benefits of investing, alongside maintaining strong support for saving”.

“We therefore urge you to affirm your support for Cash ISAs by maintaining the current £20,000 limit.

“Preserving this threshold will enable households to continue building financial security while supporting broader economic stability and growth.”

The BSA declined to comment on Monday on the leaked letter, although one source said the final version was subject to revision.

The Treasury has so far refused to comment on its plans.

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