Rishi Sunak’s claim to be ‘change candidate’ is tested by return of David Cameron

Published

2 years ago

November 14, 2023

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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

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.

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.

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.

Politics

Labor Department rescinds Biden-era guidance for crypto in 401(k) plans

Published

4 hours ago

May 28, 2025

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Labor Department rescinds Biden-era guidance for crypto in 401(k) plans

The US Labor Department has officially rescinded guidance issued during the Biden administration that limited the inclusion of cryptocurrency in 401(k) retirement plans.

On May 28, the Labor Department revoked a 2022 guidance that had urged fiduciaries to be “extremely cautious” when considering cryptocurrency for 401(k) retirement plans. The move could give asset managers more flexibility to include digital assets in retirement investment options.

The government agency removed the guidance asserting that it represented a departure from the department’s “historically neutral, principled-based approach to fiduciary investment decisions.”

“We’re rolling back this overreach and making it clear that investment decisions should be made by fiduciaries, not D.C. bureaucrats,” said US Secretary of Labor Lori Chavez-DeRemer.

The Labor Department under Biden criticized the practice of marketing cryptocurrencies to 401(k) participants. At the time, the agency claimed cryptocurrencies posed “significant risks and challenges” to participants’ retirement accounts due to their “speculative and volatile” nature and “valuation concerns,” among other reasons.

The American Banking Association (ABA) criticized the 2022 compliance release, claiming that it did not make the guidance available for public comment and review prior to issuance.

Trump administration shifts crypto landscape

President Trump has pledged to make the United States “the world capital of crypto” during his 2024 campaign.

Under his administration, the Securities and Exchange Commission has scaled back several enforcement actions and investigations involving Web3 companies such as Uniswap, Coinbase, and Kraken, while also engaging in policy discussions on topics like real-world asset tokenization and the regulatory status of certain tokens.

At the same time, some lawmakers have expressed concerns about Trump’s involvement in the crypto space, including calls for greater scrutiny of his associated ventures.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Politics

Pakistan announces Bitcoin strategic reserve

Published

5 hours ago

May 28, 2025

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Pakistan announces Bitcoin strategic reserve

Bilal Bin Saqib, head of Pakistan’s crypto council, announced on May 28 that the country is moving to establish a strategic Bitcoin reserve.

Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Saqib said the government of Pakistan followed the United States’ lead in establishing a Bitcoin strategic reserve and is embracing pro-crypto regulatory policies. The government official told the audience:

“Today is a very historic day. Today, I announce the Pakistani government is setting up its own government-led Bitcoin Strategic Reserve, and we want to thank the United States of America again because we were inspired by them.”

The announcement represents a significant departure from the government of Pakistan’s previous stance on cryptocurrencies, holding that crypto would never be legal in the country.

Pakistan’s shift reflects the broader trend of nation-states adopting pro-crypto policies following the regulatory shift in Washington, DC under the President Donald Trump administration.

Government, Bitcoin Reserve, Bitcoin2025 — *Bilal Bin Saqib at the Bitcoin 2025 conference announcing a Bitcoin strategic reserve. Source: Cointelegraph*

Politics

JD Vance urges Bitcoin community to embrace politics

Published

7 hours ago

May 28, 2025

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JD Vance urges Bitcoin community to embrace politics

United States Vice President JD Vance took the stage to deliver a keynote address at the Bitcoin 2025 conference in Las Vegas, Nevada, encouraging Bitcoiners to deepen their involvement in politics.

Vance highlighted the strategic and geopolitical importance of Bitcoin, emphasizing that the US should maintain leadership in the crypto industry to remain competitive in the age of digital finance. Vance told the audience:

“What happens in the world of politics, what happens in the world of bureaucracy, will affect even the most transformational and valuable technologies if we do not make the right decisions. The first thing that I would ask you, is to take the momentum of your political involvement in 2024 and carry it forward to 2026 and beyond.”

“Don’t ignore politics because I guarantee you, my friends, politics is not going to ignore this community, not now, and not in the future,” the vice president continued.

US Government, United States, Bitcoin Adoption, Bitcoin2025 — *Vice President JD Vance gives a keynote speech at Bitcoin 2025 in Las Vegas, Nevada. Source: Cointelegraph*

Bitcoin continues to gain institutional legitimacy and has been elevated to an asset class with macroeconomic and geopolitical importance. Market analysts and Bitcoin advocates warn that the global race to acquire BTC is underway between sovereign powers.

Nation-state Bitcoin adoption

Bitcoin maximalists and market analysts argue that high-stakes game theory compels nation-states to adopt BTC due to the downside or opportunity cost of not adopting the scarce digital asset as sovereign competitors do.

This alleged nation-state’s fear of missing out (FOMO) was amplified by US President Donald Trump’s pro-crypto stance, including the creation of a Bitcoin strategic reserve and a crypto advisory council.

The regulatory shift in the United States prompted other governments to indicate a possible policy reset on cryptocurrencies and Bitcoin.

The government of India, for instance, is reconsidering its crypto policies in response to regulatory changes in the US. India’s economic affairs secretary, Ajay Seth, said that digital assets do not care about borders.

Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee