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If at first you don’t succeed, try, try again.

When it comes to Rishi Sunak’s reset, it appears to be third time lucky as the prime minister sought to take back control of his ailing premiership.

Sacking Suella Braverman as home secretary only to bring back former prime minister David Cameron as foreign secretary was a genuine “marmalade dropper” moment – no one was expecting that.

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Finally, after months of seeming on the ropes, Mr Sunak appears to be putting up a fight.

Bumping along the bottom, many in his own party had been doubting whether this premiership was ever going to get going, particularly after reset moment number one – party conference – and then number two – the King’s Speech – failed to get off the ground.

“This reshuffle is bolder than anyone thought,” says one former cabinet minister.

“The boldness is there, even if there is incredulity at some of his moves.”

A Sunak loyalist believes the PM is finally grasping the nettle, saying: “He needed to shake things up and show who he is.”

To that end, he is clearing out some of those who were put into his cabinet for party management reasons, when he was made prime minister just over a year ago.

His insubordinate home secretary, who he has been forced to defend repeatedly over the past year, is out – while Liz Truss’s former deputy Therese Coffey has also had to make way for Sunak supporters at the top table.

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Suella Braverman’s controversial career

Downing Street insiders say this reshuffle, in the making for weeks, is all about showing unity and purpose around the PM and bringing together a cabinet where “competence is king”.

He is promoting his key supporters to key positions as he gets the cabinet on to an election footing, with James Cleverly now in place to lead on his small boats pledge and Vicky Atkins promoted to health secretary, with the NHS a key battleground – and weak spot – going into the general election.

Another key ally, Laura Trott, is put into the Treasury as the deputy to Chancellor Jeremy Hunt, while long-term ally John Glen moves over to the Cabinet Office to help deputy PM Oliver Dowden with delivery.

But while the prime minister has captured attention by bringing back a former prime minister in this bold reshuffle, it is not without risk.

One former cabinet minister tells me that Mr Cameron will relish the chance to reinvent himself on the world stage, but there is a risk for Mr Sunak of being outshone by the former leader’s charisma.

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Cameron speaks after shock return

That said, Mr Cameron comes with plenty of baggage too – from disagreeing with Mr Sunak’s position on HS2 and cutting the overseas aid budget, to his role in the biggest lobbying scandal in Britain for decades.

The Financial Times revealed Mr Cameron had secretly lobbied former colleagues in government on behalf of his employer Greensill Capital, which Labour seized on within minutes of the announcement of Mr Cameron’s return.

There is also the matter of an even more disgruntled party, as ambitious MPs despair of a PM who can’t find anyone in the current crop of MPs to take over as foreign secretary.

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Meanwhile, the right wing of the party looks on in alarm as this socially conservative prime minister, who looked to be tacking to the right – be it on immigration or drawing dividing lines on gender wars – places his flag very much on the centre ground, with the green-loving, socially liberal, centre-ground David Cameron – the new right-hand man of the prime minister.

Read more:
We haven’t heard the last of Suella Braverman
Greensill connection risks haunting Cameron’s return – analysis
Cameron’s comeback: Three key questions people are asking

While the One Nation group of Tories believes it is getting its party back, the right are feeling very much left out in the cold.

The New Conservative grouping of right-wingers including Suella Braverman, Sir John Hayes, Miriam Cates and Danny Kruger are meeting later with, according to one source, the issue of Braverman’s leadership “play” on the agenda.

That doesn’t mean an outright bid now, but the intent is clear. As one of her supporters put it to me over the weekend: “There is upside if she leaves government. From her point of view, it would be easier. She’s spending eight hours a day on necessary and difficult issues, so she doesn’t get a lot of space.

“Suella’s gone from the attorney general who nobody heard of to the home secretary everybody’s heard of. If she were Queen over the water, she’d have papers covering her everyday.”

What everyone can agree with is that the prime minister, with little left to lose, is done with playing it safe.

This is one of his last rolls of the dice. Some may say it’s a “hail Mary” pass for a leader so far behind in the polls and a party now potentially fracturing even more. Unity in the new cabinet, maybe, but what happens on the backbenchers?

To evoke a thought from the old regime, Dominic Cummings was a keen student of Chinese military strategist and philosopher Sun Tzu, who argued that surprise brings victory and the PM today has confounded his opponents.

Whether it brings anything approaching even a shot at victory is an entirely different matter, but he’s signalled in this reshuffle he’s back in the game.

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Kenya drafts legislation to regulate cryptocurrencies

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Kenya drafts legislation to regulate cryptocurrencies

Kenya is preparing legislation to regulate cryptocurrencies with a draft proposal open for public feedback until Jan. 24.

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Wolf Capital co-founder pleads guilty to $9.4M Ponzi, promised 547% returns

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Wolf Capital co-founder pleads guilty to .4M Ponzi, promised 547% returns

According to the US Department of Justice, Wolf Capital’s co-founder has pleaded guilty to wire fraud conspiracy for luring 2,800 crypto investors into a Ponzi scheme.

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Rachel Reeves lands in China amid pressure to cancel trip over market turmoil

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Rachel Reeves lands in China amid pressure to cancel trip over market turmoil

Making Britain better off will be “at the forefront of the chancellor’s mind” during her visit to China, the Treasury has said amid controversy over the trip.

Rachel Reeves flew out on Friday after ignoring calls from opposition parties to cancel the long-planned venture because of market turmoil at home.

The past week has seen a drop in the pound and an increase in government borrowing costs, which has fuelled speculation of more spending cuts or tax rises.

The Tories have accused the chancellor of having “fled to China” rather than explain how she will fix the UK’s flatlining economy, while the Liberal Democrats say she should stay in Britain and announce a “plan B” to address market volatility.

However, Ms Reeves has rejected calls to cancel the visit, writing in The Times on Friday night that choosing not to engage with China is “no choice at all”.

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The chancellor will be accompanied by Bank of England governor Andrew Bailey and other senior executives.

She will meet with her counterpart, Vice Premier He Lifeng, in Beijing on Saturday to discuss financial services, trade and investment.

She will also “raise difficult issues”, including Chinese firms supporting Russia’s invasion of Ukraine and concerns over constraints on rights and freedoms in Hong Kong, the Treasury said.

But it did not mention whether Ms Reeves would raise the treatment of the Uyghur community, which Downing Street said Foreign Secretary David Lammy would do during his visit last year.

Britain's Foreign Secretary David Lammy and Chinese Foreign Minister Wang Yi shake hands before their meeting at the Diaoyutai State Guesthouse in Beijing. Pic: AP
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Britain’s Foreign Secretary David Lammy and Chinese Foreign Minister Wang Yi in Beijing. Pic: AP

On Friday, Culture Secretary Lisa Nandy defended the trip, telling Sky News that the climbing cost of government borrowing was a “global trend” that had affected many countries, “most notably the United States”.

“We are still on track to be the fastest growing economy, according to the OECD [Organisation for Economic Co-operation and Development] in Europe,” she told Anna Jones on Sky News Breakfast.

“China is the second-largest economy, and what China does has the biggest impact on people from Stockton to Sunderland, right across the UK, and it’s absolutely essential that we have a relationship with them.”

Read more – Ed Conway analysis: The chancellor’s gamble with China

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Nandy defends Reeves’ trip to China

However, former prime minister Boris Johnson said Ms Reeves had “been rumbled” and said she should “make her way to HR and collect her P45 – or stay in China”.

While in the country’s capital, Ms Reeves will also visit British bike brand Brompton’s flagship store, which relies heavily on exports to China, before heading to Shanghai for talks with representatives across British and Chinese businesses.

It is the first UK-China Economic and Financial Dialogue (EFD) since 2019, building on the Labour government’s plan for a “pragmatic” policy with the world’s second-largest economy.

Sir Keir Starmer was the first British prime minister to meet with China’s President Xi Jinping in six years at the G20 summit in Brazil last autumn.

Relations between the UK and China have become strained over the last decade as the Conservative government spoke out against human rights abuses and concerns grew over national security risks.

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How much do we trade with China?

Navigating this has proved tricky given China is the UK’s fourth largest single trading partner, with a trade relationship worth almost £113bn and exports to China supporting over 455,000 jobs in the UK in 2020, according to the government.

During the Tories’ 14 years in office, the approach varied dramatically from the “golden era” under David Cameron to hawkish aggression under Liz Truss, while Rishi Sunak vowed to be “robust” but resisted pressure from his own party to brand China a threat.

The Treasury said a stable relationship with China would support economic growth and that “making working people across Britain secure and better off is at the forefront of the chancellor’s mind”.

Ahead of her visit, Ms Reeves said: “By finding common ground on trade and investment, while being candid about our differences and upholding national security as the first duty of this government, we can build a long-term economic relationship with China that works in the national interest.”

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