David Cameron walking up Downing Street to be appointed foreign secretary was the twist no one expected – the character from the end of season one brought back for the finale.
The news eclipsed the departure of Suella Braverman – who pushed the limits of collective responsibility and was blamed by her own colleagues for inflaming protests over the weekend.
So, what does the surprise return of our former prime minister, seven years out of office, tell us about this government?
Follow live for updates and analysis on reshuffle
You can see the argument that Rishi Sunak is bringing back a “big beast” to bolster his administration as it heads towards a difficult election. David Cameron has long experience in government, pulled off a surprise election victory in 2015 and has clout on the world stage at a time of global instability.
But this also looks like a shift in political direction – a swerve away from right-wing populism associated with the former home secretary and towards a traditional centre-right Toryism.
It has certainly cheered the party’s One Nation MPs, the often-sidelined remaining Cameroons who felt out in the cold during the Boris Johnson years. Damian Green, a leading member of this group, called his appointment a move to the “centre-right”.
Other MPs in what could be called “blue wall” seats – those facing a challenge from the Liberal Democrats, and broadly not enamoured with Brexit or the Rwanda policy – also welcomed the appointment. Another former minister told me “the grown-ups are back in charge, Cameron is a class act”.
They added that what the home secretary was doing last week in taking on the Met police was “pure populism”. His appointment is likely to reflect concern about shoring up these blue wall seats.
Analysis:
Cameron’s Greensill connection risks haunting ex-PM’s return to government
David Cameron walks outside 10 Downing Street
But for that reason, it’s a move likely to infuriate the right of his party and its supporters. It could also raise questions about some of Sunak’s own instincts, given the prime minister has promised to “stop the boats”, has socially conservative views on gender, crime and migration, and still hopes to make his Rwanda scheme a reality.
One of Sunak’s supporters described it as a sign of “professionalism” after an all-too-obvious tug of war within the cabinet. Sunak is now not thought to be at risk of a leadership challenge, with an election on the horizon, and can choose the cabinet he wants after a period of having to placate parts of the party who backed him in the leadership contest.
Suella Braverman leaves her home this morning
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But the unelected Cameron comes with baggage. Most obviously, there is Brexit – having campaigned for Remain, he brought about our EU exit with all the messy consequences that dogged his successors. Those tensions have eased within the Conservative Party but have by no means disappeared.
Increasing suspicion of him on the right of the party will be his record on China, and the “golden age” he championed – now seen by many in government as a mistake, as China is regarded as presenting a major geo-political challenge for the UK.
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Theresa Villiers, a Brexiteer who served in David Cameron’s cabinet and is a member of the Intelligence and Security Committee, which recently published a highly critical report on the government’s China policy, told me MPs would have questions for him, saying: “I welcome David Cameron’s return. He is hugely talented and has much to offer government.
“The political landscape has changed dramatically since he resigned and MPs will want the assurance that his approach on issues such as Brexit and China will reflect where we are now, not where we were during the Cameron era in Downing Street. I’m sure he will be able to give that reassurance.”
This reshuffle is likely to be the last significant one before the general election. Previous prime ministers facing difficult electoral tests have brought back big beasts from the past – Gordon Brown with Lord Mandelson in 2008, before going on to lose the 2010 election 18 months later.
Sunak used his recent party conference speech to portray himself as the candidate of change – after 30 years of what he called 30 years of broken politics. He’s now relying on a key figure from the past to try and secure his survival.
Despite the ongoing market meltdown on US trade tariffs, executives at major cryptocurrency firms Messari and Sygnum are bullish on institutional Bitcoin adoption later in 2025.
Speaking on a panel at Paris Blockchain Week on April 8, Messari CEO Eric Turner and Sygnum Bank co-founder Thomas Eichenberger said they expect a significant shift in the banking sector’s involvement with crypto in the second half of the year.
According to the executives, the global banking push into Bitcoin (BTC) services has great potential to happen in the second half of 2025 as regulators embrace crypto, including stablecoins and crypto services by banks.
“I think we’re probably looking at a muted Q2, but I’m really excited for Q3 and Q4,” Messari’s Turner said during the panel discussion moderated by Cointelegraph CEO Yana Prikhodchenko, forecasting “really interesting” things coming to the crypto market in 2025.
Crypto adoption is not just about Trump
While some investors focus on the pro-crypto stance of US President Donald Trump, Turner emphasized that broader regulatory momentum is what matters most.
“When you look at the potential of having market structure regulation in the US, stablecoin regulation, and just the fact that across the board, not just President Trump himself, but the SEC and all these regulatory industries are really embracing crypto,” Turner said.
Paris Blockchain Week’s panel with Cointelegraph CEO Yana Prikhodchenko, Bancor co-founder Eyal Hertzog, Sygnum co-founder Thomas Eichenberger, Messari CEO Eric Turner, AWS fintech leader Alex Matsuo and Near chief operating officer Chris Donovan. Source: Cointelegraph
Sygnum co-founder Thomas Eichenberger said international banks with US branches are also poised to enter the market once the legal landscape becomes clearer:
“I think it’s a matter of fact that US banks are preparing to be able to offer crypto custody and at least crypto spot trading services anytime soon.”
“I think by then I would agree with you, Eric,” he continued, projecting a continued phase of market uncertainty until the US establishes a clear regulatory framework.
Related: Ripple acquires crypto-friendly prime broker Hidden Road for $1.25B
Banks are no longer afraid of Bitcoin regulators
With the establishment of clear crypto rules for banks in the US, there will be a rush for crypto services by large international banks that are incorporated outside of the US but have a US-based presence, Eichenberger said.
“Some of them may have had their strategic plans in their cupboard to offer crypto-related services, but have been afraid that at some point they will be gone after by any of the US regulatory authorities,” he said, adding:
“Now I think there’s no one to be afraid of anymore in terms of regulatory authorities worldwide. So I think many of the large international banks will launch this year.”
Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Global trade tensions triggered by US President Donald Trump’s sweeping tariff measures may come to an end with a potential deal with China as investors remain concerned about escalation from both sides.
Trump’s April 2 announcement of reciprocal import tariffs sent shockwaves through global equity and crypto markets. The measures include a 10% baseline tariff on all imported goods, effective April 5, with higher levies — such as a 34% tariff on Chinese imports — set to begin on April 9.
However, the tariff negotiations may only be “posturing” for the US to reach an agreement with China, according to Raoul Pal, founder and CEO of Global Macro Investor.
“In the end, almost all the other tariff negotiations and rhetoric are all about getting China to agree a deal,” Pal wrote in an April 8 X post, adding:
“That is the big prize and both China and the US understand it and need it. Everything else is negotiation posturing. China needs a weaker $ and the US needs tariffs.”
Source: Raoul Pal
“Also, the US is trying to shut down China tariff arbitrage using other channels such as Mexico or Vietnam,” Pal said.
Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes
China retaliates with new tariffs
Considering China’s latest retaliatory measures, a resolution remains unlikely in the short term.
In response to US tariffs, China imposed a 34% tariff on all US imports effective April 10, media outlet Xinhua News reported on April 4. China’s foreign ministry also vowed to “fight till the end” against Trump’s tariffs, which it called “bullying” by the world’s largest economy.
China overtakes the US in global trade. Source: Econovis
China overtook the US in 2012 to become the world’s largest trading nation by the total value of exports and imports, surpassing $4 trillion in goods trade that year, according to The Guardian.
Crypto markets watch trade outcome closely
As the trade dispute continues to evolve, analysts say a potential agreement between the two global superpowers could serve as a key catalyst for recovery in digital asset markets.
Crypto markets have a 70% chance to bottom by June 2025 before recovering, Nansen analysts predicted.
Related: Crypto market bottom likely by June despite tariff fears: Finance Redefined
Investor appetite for risk assets such as Bitcoin will depend on the global tariff responses from other countries, according to Nicolai Sondergaard, a research analyst at Nansen.
“We have reached somewhat of a local bottom in regard to tariffs and the impact on prices,” the analyst said during Cointelegraph’s Chainreaction live show on X, adding:
“Trump came out guns blazing, and we’ve mostly seen the worst from the US side, so we’ll see if other countries are willing to drop some of the tariffs because it’s very likely the US will do the same.”
Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
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