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Trump-linked WLFI’s 40% decline causes millions in losses for crypto whales: Finance Redefined

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Trump-linked WLFI’s 40% decline causes millions in losses for crypto whales: Finance Redefined

Trump-linked WLFI’s 40% decline causes millions in losses for crypto whales: Finance Redefined

Whales are losing millions of dollars on the decline of the Trump-linked WLFI token, but most of the pre-sale participants are still holding the coin.

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US regulators release joint statement teasing 24/7 capital markets

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US regulators release joint statement teasing 24/7 capital markets

US regulators release joint statement teasing 24/7 capital markets

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Cabinet reshuffle: Who’s on Keir Starmer’s new team and who’s out?

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Cabinet reshuffle: Who's on Keir Starmer's new team and who's out?

Sir Keir Starmer is reshuffling his cabinet following Angela Rayner’s resignation after admitting she had not paid enough stamp duty on the purchase of a new home.

The prime minister’s former right-hand woman stepped down as deputy prime minister, housing secretary and deputy leader of the Labour Party after standards adviser Sir Laurie Magnus found she had breached the ministerial code.

Politics latest: Reshuffle after Rayner quits

She paid standard stamp duty on a flat she bought in Hove, East Sussex, in May after taking advice that it counted as her only home due to her disabled son’s trust owning the family home in Ashton-under-Lyne – but it was established she should have paid more.

Her resignation has left a hole around the cabinet table, which Sir Keir is now filling.

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The rise and fall of Angela Rayner

It was stressed early on Chancellor Rachel Reeves would remain as chancellor, in an attempt to stop the markets moving.

Read more: The working class mum who left school at 16 and became deputy PM

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This is who is moving and where to:

David Lammy – foreign secretary to justice secretary and deputy PM

After flexing his diplomatic muscles with Donald Trump and his deputy JD Vance over the past year, Mr Lammy will now move to the justice brief.

The move is likely to be a blow as the PM had promised, most recently in November, he would be foreign secretary for the whole parliament until 2029.

Although he is no longer holding one of the four great offices of state, he has also been made deputy prime minister, presumably to soften the blow.

Mr Lammy is close to Sir Keir, both as a friend and in his next door constituency, and was seen grinning as he went into Number 10 after being appointed.

David Lammy is now justice secretary and deputy PM. Pic: Reuters
Image:
David Lammy is now justice secretary and deputy PM. Pic: Reuters

Yvette Cooper – home secretary to foreign secretary

The Labour stalwart had made tackling illegal migration a priority, so the move could be seen as a disappointment for her.

However, she remains in one of the four great offices of state – PM, chancellor, foreign and home.

Yvette Cooper is now foreign secretary
Image:
Yvette Cooper is now foreign secretary

Shabana Mahmood – justice secretary to home secretary

A big promotion, the straight-talking Labour MP will be tasked with tackling the small boats crisis and asylum seeker hotel protests.

She is no stranger to making difficult decisions, deciding to free criminals early to reduce prison overcrowding as justice secretary.

Her move makes it the first time all three great offices of state, after the prime minister, are held by women.

Shabana Mahmood is now home secretary. Pic: PA
Image:
Shabana Mahmood is now home secretary. Pic: PA

Pat McFadden – chancellor of the Duchy of Lancaster and intergovernmental minister to work and pensions secretary and head of “super ministry”

Often seen as Sir Keir’s “number two”, Mr McFadden will take over a newly formed “super ministry”.

It will include the department for work and pensions and the skills remit of the department for education – taking a large part of Education Secretary Bridget Phillipson’s brief and taking over from Liz Kendall as work and pensions secretary.

While it is not a promotion at first glance, it is a much wider role than he has had as chancellor of the Duchy of Lancaster – the highest-ranking Cabinet Office minister after the PM.

Pat McFadden is work and pensions secretary and head of the 'super ministry'. Pic: PA
Image:
Pat McFadden is work and pensions secretary and head of the ‘super ministry’. Pic: PA

Darren Jones – chancellor of the Duchy of Lancaster

It is the second new job in the space of one week for the new chancellor of the Duchy of Lancaster. The close ally of the prime minister was promoted from chief secretary to the Treasury on Monday to chief secretary to the prime minister. And now he gets another new job.

Darren Jones is the new chancellor of the Duchy of Lancaster
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Darren Jones is the new chancellor of the Duchy of Lancaster

Steve Reed – environment secretary to housing secretary

A promotion for the man who has consistently defended the government lifting inheritance tax relief on farmers.

He takes over one of the two major vacancies left by Ms Rayner and will have the massive task of building 1.5 million new homes during this parliament, as promised by the government.

Steve Reed is now housing secretary
Image:
Steve Reed is now housing secretary

Jonathan Reynolds – business and trade secretary to chief whip

A slightly odd move for the MP seen as a steady pair of hands in his business secretary role.

He takes over from Sir Alan Campbell and will now have to hustle Labour MPs to vote with the government – something that has sometimes proved difficult with the current cohort.

Mr Reynolds will also attend cabinet, as is necessary so he can liaise between the party and No 10.

Jonathan Reynolds is the new chief whip
Image:
Jonathan Reynolds is the new chief whip

Peter Kyle – science secretary to business and trade secretary

A promotion for Mr Kyle, who is taking over from Jonathan Reynolds.

He is seen as a rising star and impressed Labour MPs when he refused to stand down after suggesting Nigel Farage was on the side of people like Jimmy Savile by opposing the government’s online safety law.

Mr Kyle will be in charge of getting trade deals with other countries over the line.

Peter Kyle is now business and trade secretary
Image:
Peter Kyle is now business and trade secretary

Emma Reynolds – economic secretary to the Treasury to environment secretary

Probably the biggest promotion of the reshuffle, Ms Reynolds is taking on Mr Reed’s role after serving as a junior minister in the Treasury.

She will have to take on farmers and deal with the water companies – a big undertaking.

Emma Reynolds is now environment secretary
Image:
Emma Reynolds is now environment secretary

Liz Kendall – work and pensions secretary to science, innovation and technology secretary

Pat McFadden has taken her role as work and pensions secretary, while Ms Kendall takes over Peter Kyle’s brief.

He has made AI a major facet of his role so we will wait to see which direction Ms Kendall takes the job in.

Liz Kendall is the new science secretary. Pic: PA
Image:
Liz Kendall is the new science secretary. Pic: PA

Douglas Alexander – trade policy minister to Scotland secretary

A promotion for the Blair/Brown minister who returned to politics last year after being ousted in 2015 by then 20-year-old SNP MP Mhairi Black.

He takes over from Ian Murray, who has been removed from the cabinet.

Douglas Alexander is the new Scotland secretary
Image:
Douglas Alexander is the new Scotland secretary


Sir Alan Campbell – Chief whip to Lord President of the Council and leader of the House of Commons

An MP since 1997 and part of Tony Blair and Gordon Brown’s frontbench, Sir Alan is taking over Lucy Powell’s role.

He will be in charge of organising government business in the Commons – a sizeable job.

Who is out?

Lucy Powell has been sacked as leader of the House of Commons.

Ian Murray has been sacked as Scotland secretary.

Bridget Phillipson remains as education secretary but her brief has narrowed as Mr McFadden has taken over the skills part of her job.

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