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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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China Merchants Bank tokenizes $3.8B fund on BNB Chain in Hong Kong

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China Merchants Bank tokenizes .8B fund on BNB Chain in Hong Kong

China Merchants Bank tokenizes .8B fund on BNB Chain in Hong Kong

CMBI’s tokenization initiative with BNB Chain builds on its previous work with Singapore-based DigiFT, which tokenized its fund on Solana in August.

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Chancellor admits tax rises and spending cuts considered for budget

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Chancellor admits tax rises and spending cuts considered for budget

Rachel Reeves has told Sky News she is looking at both tax rises and spending cuts in the budget, in her first interview since being briefed on the scale of the fiscal black hole she faces.

“Of course, we’re looking at tax and spending as well,” the chancellor said when asked how she would deal with the country’s economic challenges in her 26 November statement.

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Ms Reeves was shown the first draft of the Office for Budget Responsibility’s (OBR) report, revealing the size of the black hole she must fill next month, on Friday 3 October.

She has never previously publicly confirmed tax rises are on the cards in the budget, going out of her way to avoid mentioning tax in interviews two weeks ago.

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Chancellor pledges not to raise VAT

Cabinet ministers had previously indicated they did not expect future spending cuts would be used to ensure the chancellor met her fiscal rules.

Ms Reeves also responded to questions about whether the economy was in a “doom loop” of annual tax rises to fill annual black holes. She appeared to concede she is trapped in such a loop.

Asked if she could promise she won’t allow the economy to get stuck in a doom loop cycle, Ms Reeves replied: “Nobody wants that cycle to end more than I do.”

She said that is why she is trying to grow the economy, and only when pushed a third time did she suggest she “would not use those (doom loop) words” because the UK had the strongest growing economy in the G7 in the first half of this year.

What’s facing Reeves?

Ms Reeves is expected to have to find up to £30bn at the budget to balance the books, after a U-turn on winter fuel and welfare reforms and a big productivity downgrade by the OBR, which means Britain is expected to earn less in future than previously predicted.

Yesterday, the IMF upgraded UK growth projections by 0.1 percentage points to 1.3% of GDP this year – but also trimmed its forecast by 0.1% next year, also putting it at 1.3%.

The UK growth prospects are 0.4 percentage points worse off than the IMF’s projects last autumn. The 1.3% GDP growth would be the second-fastest in the G7, behind the US.

Last night, the chancellor arrived in Washington for the annual IMF and World Bank conference.

Read more:
Jobs market continues to slow
Banks step up lobbying over threat of tax hikes

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The big issues facing the UK economy

‘I won’t duck challenges’

In her Sky News interview, Ms Reeves said multiple challenges meant there was a fresh need to balance the books.

“I was really clear during the general election campaign – and we discussed this many times – that I would always make sure the numbers add up,” she said.

“Challenges are being thrown our way – whether that is the geopolitical uncertainties, the conflicts around the world, the increased tariffs and barriers to trade. And now this (OBR) review is looking at how productive our economy has been in the past and then projecting that forward.”

She was clear that relaxing the fiscal rules (the main one being that from 2029-30, the government’s day-to-day spending needs to rely on taxation alone, not borrowing) was not an option, making tax rises all but inevitable.

“I won’t duck those challenges,” she said.

“Of course, we’re looking at tax and spending as well, but the numbers will always add up with me as chancellor because we saw just three years ago what happens when a government, where the Conservatives, lost control of the public finances: inflation and interest rates went through the roof.”

Pic: PA
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Pic: PA

Blame it on the B word?

Ms Reeves also lay responsibility for the scale of the black hole she’s facing at Brexit, along with austerity and the mini-budget.

This could risk a confrontation with the party’s own voters – one in five (19%) Leave voters backed Labour at the last election, playing a big role in assuring the party’s landslide victory.

The chancellor said: “Austerity, Brexit, and the ongoing impact of Liz Truss’s mini-budget, all of those things have weighed heavily on the UK economy.

“Already, people thought that the UK economy would be 4% smaller because of Brexit.

“Now, of course, we are undoing some of that damage by the deal that we did with the EU earlier this year on food and farming, goods moving between us and the continent, on energy and electricity trading, on an ambitious youth mobility scheme, but there is no doubting that the impact of Brexit is severe and long-lasting.”

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Crypto maturity demands systematic discipline over speculation

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Crypto maturity demands systematic discipline over speculation

Crypto maturity demands systematic discipline over speculation

Unlimited leverage and sentiment-driven valuations create cascading liquidations that wipe billions overnight. Crypto’s maturity demands systematic discipline.

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