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Sir Keir Starmer put past government experience and an appetite for public service reform at the heart of his reshuffle.

The result was more wins for those on the right of the party, reflecting the “change” since the Corbyn years.

The Labour leader has made clear the reshuffle, the first full-blown reset of his top team since May 2021, put his “strongest possible players on the pitch” and represented a government in waiting “determined to solve the challenges we have”.

He left the top three jobs – shadow chancellor, home secretary and foreign secretary – untouched, but brought in a handful of fresh faces and showed his ruthlessness by demoting those suspected of briefing against him.

Hilary Benn, a former cabinet minister under Tony Blair and Gordon Brown and a big figure in Labour politics, returns to the frontline with the Northern Ireland role. He will steady the nerves of the party as his appointment represents the endorsement of Sir Keir by a serious figure not associated with the factionalism of his father, Tony Benn.

PM backs Keegan after sweary outburst – politics latest

Liz Kendall, who was a special adviser in the last Labour government, gets the work and pensions brief – while Pat McFadden gets a big upgrade after being made campaign chief with a Cabinet Office portfolio. Both figures are identified with the Blair wing of the Labour Party, who were uncomfortable during the Corbyn years and can antagonise some on the left.

More on Keir Starmer

Deputy leader Angela Rayner emerges “score-draw” with what some claim is a mid-level role – shadowing the Department for Levelling Up – but holds onto the work brief so unions will be relieved, and she gets Deputy PM moniker officially.

Allies of Sir Keir reject this suggestion, saying the levelling up brief encompasses some of Labour’s highest priorities on social justice, housing and planning – but everyone will be looking to Ms Rayner to publicly demonstrate her enthusiasm for the new role.

Read more:
The promotions and demotions in full
SNP reshuffles its frontbench too

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Who is in and out of Starmer’s cabinet?

The biggest loser was one-time leadership contender Lisa Nandy, whose personal relationship with Sir Keir never recovered after the leadership race.

I’m told the conversation was tricky: initially the Labour leader just said he wanted her to do this role and bigged it up. Ms Nandy then said “it sounds like you don’t really want me” and he effectively admitted that. Swallowing her pride, however, subsequently she put out a statement saying she’s a team player and accepted the job – the number two in the Foreign Office, shadowing international development with the right to attend cabinet.

One figure called it a “factional takeover” by some on the right of the party – the balance of the top team certainly very different to the shadow cabinet he appointed when he took over in 2020.

Some will point to the influence of the backroom campaign chief Morgan McSweeney, who has a fractious relationship with the left of the party, though often Labour staff members can become bogeymen for elected politicians not wanted to blame the leader themselves.

But most of all, Sir Keir will be relieved it is over. In May 2021, his first big reshuffle went awry when a series of figures from Ms Rayner downwards refused to move and he had to back down.

Asked how it felt, the Labour leader told me: “I was really pleased that we started at nine o’clock this morning. We’d finished by half past 12. And everybody’s pleased with the position they’ve now got in the shadow cabinet. I’m very, very pleased with this reshuffle.”

The body language suggests he was indeed happy with the result.

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Circle gets Abu Dhabi greenlight amid UAE stablecoin and crypto push

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Circle gets Abu Dhabi greenlight amid UAE stablecoin and crypto push

Stablecoin issuer Circle has secured regulatory approval to operate as a financial service provider in the Abu Dhabi International Financial Center, deepening its push into the United Arab Emirates.

In an announcement Tuesday, Circle Internet Group said it received a Financial Services Permission license from the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), the International Financial Centre of Abu Dhabi. This allows the stablecoin issuer to operate as a Money Services Provider in the IFC.

The USDC (USDC) issuer also appointed Saeeda Jaffar as its managing director for Circle Middle East and Africa. The new executive also serves as a senior vice president and group country manager for the Gulf Operation Council at Visa and will be tasked with developing the stablecoin issuer’s regional strategy and partnerships.

Circle co-founder, chairman and CEO Jeremy Allaire said that the relevant regulatory framework “sets a high bar for transparency, risk management, and consumer protection,” adding that those standards are needed if “trusted stablecoins” are going to support payments and finance at scale.

UAE, Circle, Stablecoin
Source: Circle

Related: Abu Dhabi Investment Council triples stake in Bitcoin ETF in Q3: Report

Abu Dhabi awards a wave of licenses

The ADGM has recently awarded licenses for financial operations to a wave of crypto companies. Earlier this week, Tether’s USDt (USDT) — the largest stablecoin by circulation and Circle’s top competitor — secured a regulatory milestone in Abu Dhabi’s international financial center, as did Ripple’s dollar-pegged stablecoin Ripple USD at the end of November.

On Monday, crypto exchange Binance was granted three separate licenses from Abu Dhabi’s financial regulator, allowing it to operate its exchange, clearing house and broker-dealer services. This followed its competitor Bybit receiving regulatory approval in the UAE in early October.

Related: HSBC to bring tokenized deposits to US and UAE as stablecoin race heats up

UAE bets on crypto

The Central Bank of the UAE has been actively reviewing its cryptocurrency regulations. In November, it introduced rules for decentralized finance (DeFi) and the broader Web3 industry.

The newly introduced Federal Decree Law No. 6 of 2025 brings DeFi platforms, related services and infrastructure providers under the scope of regulations if they enable payments, exchange, lending, custody, or investment services, with licenses now required. Local crypto lawyer Irina Heaver said that “DeFi projects can no longer avoid regulation by claiming they are just code.”

Heaver told Cointelegraph at the end of 2024 that during that year the country cemented its status as a global crypto hub.

In October 2024, the UAE exempted cryptocurrency transfers and conversions from value-added tax, just a month after Dubai’s digital asset regulator announced stricter rules on crypto marketing. Around the same time, local free economic zone Ras Al Khaimah Digital Assets Oasis was also working to introduce a legal framework for decentralized autonomous organizations.

Local regulators were not shy about enforcing the rules, with Dubai’s Virtual Assets Regulatory Authority cracking down on seven unlicensed crypto businesses, issuing fines and cease-and-desist orders.

Magazine: Review: The Devil Takes Bitcoin, a wild history of Mt. Gox and Silk Road