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Labour leader Sir Keir Starmer is carrying out a reshuffle of his shadow cabinet as the party prepares for the next general election, expected in 2024.

But who has won a promotion in the ranks? Who has been demoted to a lower position? And who is returning to the backbenchers after a stint in a top job?

We bring you all the moves below…

Politics live: Labour reshuffle news as Sunak’s in-tray stacks up

Promoted

The first of the big winners is deputy party leader Angela Rayner, having been formally appointed as the shadow deputy prime minister, solidifying herself in the role if Labour wins the next election. She has also been named shadow levelling up secretary – giving her a departmental brief to get her teeth into.

A Labour source also said she would remain the “strategic lead on Labour’s new deal for working people”.

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Another rise in the ranks was announced with the news that Shabana Mahmood would take over as shadow justice secretary.

Sky News understands she is a key ally to Sir Keir and has been credited with helping transform the party and its campaign machine while acting as its national campaign co-ordinator.

Former leadership contender Liz Kendall has also received a vote in confidence with a big promotion – going from a junior shadow health minister to shadow work and pensions secretary.

Another leap to a full departmental brief was given to Thangam Debbonaire, who has gone from a more obscure role as shadow leader of the Commons to shadow secretary for culture, media and sport.

Pics: PA/Rita Franca/NurPhoto/Shutterstock
Image:
Liz Kendall and Darren Jones are among those Labour MPs getting promoted today. Pics: PA/Rita Franca/NurPhoto/Shutterstock

Pat McFadden had been a senior player in the Treasury team, having held the role of shadow chief secretary to the Treasury.

But now he will take over as the shadow chancellor of the Duchy of Lancaster – a strange title in the Cabinet Office, previously held by Ms Rayner – and as the national campaign co-ordinator.

Perhaps more of a sideways shift than a full-on promotion was gained by Peter Kyle. Having been shadow Northern Ireland secretary, he already held a key role – with ongoing issues at Stormont and continued fallout from Brexit.

He will now take on the shadow science, innovation and technology post – a key part of policy going forward when it comes to jobs and growth.

However, Darren Jones has definitely been promoted as a new member of the shadow cabinet.

He won plaudits as the chair of the business select committee – especially when it came to questioning prominent ministers – and the strong communicator now takes on the role of shadow chief secretary to the Treasury, with the hope he will aid Labour’s economic credibility in the coming months.

Another new entry to Sir Keir’s team, though a well-known name from the past, is Hilary Benn, who comes in as shadow Northern Ireland secretary.

He held multiple government roles in the Blair and Brown years – including environment secretary – and numerous shadow positions since, such as Jeremy Corbyn’s shadow foreign secretary. But he now returns after a seven-year absence from the frontbench.

A more minor promotion, but one all the same, is for Ellie Reeves. She had held a junior position as a shadow justice minister, but now adds deputy national campaign co-ordinator to her job title.

Demoted

One of the biggest casualties of the reshuffle was Lisa Nandy, who lost her position as shadow levelling up secretary to Ms Rayner.

She has been appointed as the shadow minister for international development – essentially the second in command to the shadow foreign secretary – and will keep her seat at the cabinet table.

But it is a lower position than being in charge of shadowing an entire department, and our deputy political editor Sam Coates understands it was a “pretty brutal” conversation between her and Sir Keir.

Less of a big hit was taken by Steve Reed, who has gone from shadow justice secretary to shadow environment secretary.

While the brief may traditionally have been seen as a lesser role, environmental issues often lead to key debates with voters, so it could still be a fruitful place for Mr Reed to make his mark.

One clear demotion was for Lucy Powell, losing her spot as shadow culture secretary. But again, she has been given the consolation prize of leader of the House.

Jonathan Ashworth and Lisa Nandy
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Jonathan Ashworth and Lisa Nandy lost roles – but were put elsewhere in the shadow cabinet

Meanwhile, Jonathan Ashworth has taken a hit, moving from shadow work and pensions secretary to the more obscure role of shadow paymaster general.

But Sky News understands he will stay as a full shadow cabinet member and will play a big role in the general election campaign.

Nick Thomas-Symonds also loses his post as shadow secretary for international trade, but again keeps his cabinet position as a shadow minister without portfolio in the Cabinet Office.

Gone

Kicking off proceedings today was the resignation of Jim McMahon, who quit his post as shadow environment secretary.

In his letter to Sir Keir, Mr McMahon said there was “still some way to go” in his recovery from a serious illness – reported in the Mirror earlier this year as an infection that led him to two weeks in hospital – and he wanted to resign “for the benefit of both my health and my family”.

The party leader thanked him for his service, and also revealed Mr McMahon had been subject to “abuse [and] violent threats” during his time in post.

Rosena Allin-Khan and Jim McMahon
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Rosena Allin-Khan and Jim McMahon are both heading to the backbenches

Another resignation came from Rosena Allin-Khan, who stepped down as the shadow minister for mental health.

Writing to Sir Keir, she revealed tensions, saying: “As discussed previously, and in our call earlier, you made clear that you do not see a space for a mental health portfolio in a Labour cabinet, which is why I told you many weeks ago that I would not be able to continue in this role.”

But she thanked him for the opportunity and promised to fight for a Labour government from the backbenches.

Two other MPs have seen their roles removed and given to someone else – Fleur Anderson who was shadow paymaster general, and Preet Kaur Gill, who was shadow minister for international development.

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Crypto stocks down, IPOs punted amid tariff tumult

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Crypto stocks down, IPOs punted amid tariff tumult

Crypto stocks down, IPOs punted amid tariff tumult

Cryptocurrency firms felt the heat from US President Donald Trump’s sweeping tariff rollout this week as market turbulence sent share prices tumbling and foiled initial public offering (IPO) plans. 

From exchanges to Bitcoin (BTC) miners, crypto stocks suffered as much, if not more, than shares of other companies — despite the industry’s warm relationship with the US president. 

On April 2, Trump announced he was placing tariffs of at least 10% on practically all imports into the United States and adding additional “reciprocal” tariffs on some 57 countries. 

Since then, major US stock indices — including the S&P 500 and Nasdaq — tumbled by roughly 10% as traders braced for a looming trade war. 

Crypto stocks down, IPOs punted amid tariff tumult

Bitcoin miners sold off on Trump’s tariff news. Source: Morningstar

Related: Bitcoin ‘decouples,’ stocks lose $3.5T amid Trump tariff war and Fed warning of ‘higher inflation’

Sharp selloffs

Crypto exchange Coinbase — a prominent ally of Trump during the November US elections — experienced a similarly severe sell-off, with its stock price dropping by roughly 12% during the same period, according to data from Google Finance.

Bitcoin miners are also taking a hit. The CoinShares Crypto Miners ETF (WGMI) — which tracks a diverse basket of Bitcoin mining stocks — has lost roughly 13% of its value since immediately prior to Trump’s April 2 announcement, according to data from Morningstar. 

Even Strategy, one of the best-performing stocks of 2024, wasn’t immune. Its share price has fallen by around 6% on the news, Google Finance data showed.

According to Reuters, investment bank JPMorgan has raised its estimated odds of a global economic recession in 2025 to 60% from 40% previously. 

“Disruptive U.S. policies have been recognized as the biggest risk to the global outlook all year,” JP Morgan reportedly said.

“The effect … is likely to be magnified through (tariff) retaliation, a slide in U.S. business sentiment and supply-chain disruptions.”

Crypto stocks down, IPOs punted amid tariff tumult

Strategy’s shares also dropped this week. Source: Google Finance

IPO delays

The impact of US tariffs hasn’t been limited to stock price volatility. Stablecoin issuer Circle has reportedly paused plans for a 2025 IPO, citing market turbulence. 

According to The Wall Street Journal, Circle is “waiting anxiously” before taking further steps after filing to take the company public on April 1. 

It is among several companies — including fintech Klarna and ticketing service StubHub — reportedly considering altering or shelving IPO plans. 

One exception may be Bitcoin itself, which some analysts say is finally “decoupling” from the broader market.

Bitcoin’s spot price has held above $82,000 this week, even as US equities markets collapsed.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

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Brazilian court authorizes crypto seizure for debt collection — Report

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Brazilian court authorizes crypto seizure for debt collection — Report

Brazilian court authorizes crypto seizure for debt collection — Report

Brazilian judges have been authorized to seize cryptocurrency assets from debtors who owe money and are behind on their payments, signaling a growing recognition that digital assets can be both a form of payment and a store of value.

According to local media reports, the Third Panel of Brazil’s Superior Court of Justice unanimously authorized judges to send letters to cryptocurrency brokers informing them about their intent to seize an account holder’s assets to repay creditors.

The report was confirmed by the Superior Court of Justice, which issued a notice on its website.

The decision was reached unanimously by the Third Panel, which reviewed a case brought forward by a creditor.

“Although they are not legal tender, crypto assets can be used as a form of payment and as a store of value,” a translated version of the Superior Court of Justice’s memo read.

Brazilian court authorizes crypto seizure for debt collection — Report

Source: STJnoticias

Under existing rules, Brazilian judges are allowed to freeze bank accounts and order fund withdrawals, even without a debtor’s knowledge, should they rule that a creditor is owed money.

Following the recent decision, crypto assets now fall under the same purview. 

Minister Ricardo Villas Bôas Cueva, who voted in the five-person panel, said cryptocurrencies still lack formal regulation in Brazil but noted certain bills have recognized the asset class as “a digital representation of value.” 

Related: Brazil’s data watchdog upholds ban on World crypto payments

Despite regulatory uncertainty, Brazil is a major hub for crypto

Although Brazil still lacks an overarching framework for digital assets, with the country’s central bank divvying up the regulatory processes into phases, crypto adoption is surging across the country.

Brazil ranks second among all Latin American countries in terms of “crypto value received,” which is a key benchmark for adoption, according to an October report by Chainalysis. 

Brazilian court authorizes crypto seizure for debt collection — Report

In Latin America, only Argentina has higher crypto penetration in terms of value received as of June 2024. Source: Chainalysis

Earlier this year, crypto exchange Binance was granted approval to operate in the country after it acquired a São Paulo-based investment company. 

A Binance executive told Cointelegraph at the time that Brazil was making “significant strides” in regulating the industry and expects a comprehensive framework to be finalized “by mid-year.”

Nevertheless, not all of Brazil’s regulatory proposals have been favorable for the industry.

In December, the country’s central bank proposed banning stablecoin transactions on self-custodial wallets at a time when more locals were using dollar-pegged tokens to hedge against the devaluation of the Brazilian real.

Industry observers told Cointelegraph at the time that such a ban would be difficult to enforce.

“Governments can regulate centralized exchanges, but P2P transactions and decentralized platforms are much harder to control, which means the ban would likely only affect part of the ecosystem,” said Lucien Bourdon, an analyst with Trezor. 

Related: Brazilian lawmaker introduces bill to regulate Bitcoin salaries

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‘Will the PM side with parents or tech bros?’: Labour peer demands action on children’s smartphone safety

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'Will the PM side with parents or tech bros?': Labour peer demands action on children's smartphone safety

Sir Keir Starmer needs to choose between parents who want stronger action to tackle harmful content on children’s phones, or the “tech bros” who are resisting changes to their platforms, Baroness Harriet Harman has said.

Speaking to Beth Rigby on Sky News’ Electoral Dysfunction podcast, the Labour peer noted that the prime minister met with the creators of hit Netflix drama Adolescence to discuss safety on social media, but she questioned if he is going to take action to “stop the tech companies allowing this sort of stuff” on their platforms where children can access it.

Sir Keir hosted a roundtable on Monday with Adolescence co-writer Jack Thorne and producer Jo Johnson to discuss issues raised in the series, which centres on a 13-year-old boy arrested for the murder of a young girl, and the rise of incel culture.

Politics latest: Could the UK retaliate against Trump?

The aim was to discuss how to prevent young boys being dragged into a “whirlpool of hatred and misogyny”, and the prime minister said the four-part series raises questions about how to keep young people safe from technology.

Sir Keir has backed calls for the four-part drama to be shown in all schools across the country, but Baroness Harman questioned what is going to be achieved by having young people simply watch the show.

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Sir Keir Starmer held a roundtable with the creators of the Adolescence TV drama.

“Two questions were raised [for me],” she said. ” Firstly – after they’ve watched it, what is going to be the discussion afterwards?

More on Electoral Dysfunction

“And secondly, is he going to act to stop the tech companies allowing this sort of stuff to go online into smartphones without protection of children?

“Because if the tech companies wanted to do this, they could actually protect children. They can do everything they want with their tech.”

She acknowledged there are “very big public policy challenges” in this area, but added of the prime minister: “Is he going to side with parents who are terrified and want this content off their children’s phones, or is he going to accept the tech bros’ resistance to having to make changes?”

Harriet Harman said the government should impose time limits on inquiries
Image:
Baroness Harriet Harman

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Can parliament keep up?

The Labour peer backed the Conservative Party’s call for a ban on smartphones in schools to be mandated from Westminster, saying it would “enable all schools not to have a discussion with their parents or to battle it out, but just to say, this is the ruling” from central government, which Ofsted would then enforce.

“I’m sensitive to the idea that we shouldn’t constantly be telling schools what to do,” she continued. “And they’ve got a lot of common sense and a lot of professional experience, and they should have as much autonomy as possible.

“But perhaps it’s easier for them if it’s done top down.”

Baroness Harman also questioned the speed with which parliament is actually able to legislate to deal with the very rapid development of new technologies, and posits that it could “change its processes to be able to legislate in real time”.

She suggested that a “powerful select committee” of MPs could be established to do that, because “otherwise we talk about it, and then we’re not able to legislate for 10 years – by which time that problem has really set in, and we’ve got a whole load more problems”.

On the podcast, the trio also discussed the 10% tariffs imposed on the UK by Donald Trump and the government’s efforts to strike a trade deal with the US to mitigate the impact of the levy.

The government has refused to rule out scrapping the Digital Services Tax, a 2% levy on tech giants’ revenues in the UK, as part of the negotiations with the Trump administration – a move Baroness Harman said would be “very heartbreaking”.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

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