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Labour leader Sir Keir Starmer is carrying out a reshuffle of his shadow cabinet as the party prepares for the next general election, expected in 2024.

But who has won a promotion in the ranks? Who has been demoted to a lower position? And who is returning to the backbenchers after a stint in a top job?

We bring you all the moves below…

Politics live: Labour reshuffle news as Sunak’s in-tray stacks up

Promoted

The first of the big winners is deputy party leader Angela Rayner, having been formally appointed as the shadow deputy prime minister, solidifying herself in the role if Labour wins the next election. She has also been named shadow levelling up secretary – giving her a departmental brief to get her teeth into.

A Labour source also said she would remain the “strategic lead on Labour’s new deal for working people”.

More on Angela Rayner

Another rise in the ranks was announced with the news that Shabana Mahmood would take over as shadow justice secretary.

Sky News understands she is a key ally to Sir Keir and has been credited with helping transform the party and its campaign machine while acting as its national campaign co-ordinator.

Former leadership contender Liz Kendall has also received a vote in confidence with a big promotion – going from a junior shadow health minister to shadow work and pensions secretary.

Another leap to a full departmental brief was given to Thangam Debbonaire, who has gone from a more obscure role as shadow leader of the Commons to shadow secretary for culture, media and sport.

Pics: PA/Rita Franca/NurPhoto/Shutterstock
Image:
Liz Kendall and Darren Jones are among those Labour MPs getting promoted today. Pics: PA/Rita Franca/NurPhoto/Shutterstock

Pat McFadden had been a senior player in the Treasury team, having held the role of shadow chief secretary to the Treasury.

But now he will take over as the shadow chancellor of the Duchy of Lancaster – a strange title in the Cabinet Office, previously held by Ms Rayner – and as the national campaign co-ordinator.

Perhaps more of a sideways shift than a full-on promotion was gained by Peter Kyle. Having been shadow Northern Ireland secretary, he already held a key role – with ongoing issues at Stormont and continued fallout from Brexit.

He will now take on the shadow science, innovation and technology post – a key part of policy going forward when it comes to jobs and growth.

However, Darren Jones has definitely been promoted as a new member of the shadow cabinet.

He won plaudits as the chair of the business select committee – especially when it came to questioning prominent ministers – and the strong communicator now takes on the role of shadow chief secretary to the Treasury, with the hope he will aid Labour’s economic credibility in the coming months.

Another new entry to Sir Keir’s team, though a well-known name from the past, is Hilary Benn, who comes in as shadow Northern Ireland secretary.

He held multiple government roles in the Blair and Brown years – including environment secretary – and numerous shadow positions since, such as Jeremy Corbyn’s shadow foreign secretary. But he now returns after a seven-year absence from the frontbench.

A more minor promotion, but one all the same, is for Ellie Reeves. She had held a junior position as a shadow justice minister, but now adds deputy national campaign co-ordinator to her job title.

Demoted

One of the biggest casualties of the reshuffle was Lisa Nandy, who lost her position as shadow levelling up secretary to Ms Rayner.

She has been appointed as the shadow minister for international development – essentially the second in command to the shadow foreign secretary – and will keep her seat at the cabinet table.

But it is a lower position than being in charge of shadowing an entire department, and our deputy political editor Sam Coates understands it was a “pretty brutal” conversation between her and Sir Keir.

Less of a big hit was taken by Steve Reed, who has gone from shadow justice secretary to shadow environment secretary.

While the brief may traditionally have been seen as a lesser role, environmental issues often lead to key debates with voters, so it could still be a fruitful place for Mr Reed to make his mark.

One clear demotion was for Lucy Powell, losing her spot as shadow culture secretary. But again, she has been given the consolation prize of leader of the House.

Jonathan Ashworth and Lisa Nandy
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Jonathan Ashworth and Lisa Nandy lost roles – but were put elsewhere in the shadow cabinet

Meanwhile, Jonathan Ashworth has taken a hit, moving from shadow work and pensions secretary to the more obscure role of shadow paymaster general.

But Sky News understands he will stay as a full shadow cabinet member and will play a big role in the general election campaign.

Nick Thomas-Symonds also loses his post as shadow secretary for international trade, but again keeps his cabinet position as a shadow minister without portfolio in the Cabinet Office.

Gone

Kicking off proceedings today was the resignation of Jim McMahon, who quit his post as shadow environment secretary.

In his letter to Sir Keir, Mr McMahon said there was “still some way to go” in his recovery from a serious illness – reported in the Mirror earlier this year as an infection that led him to two weeks in hospital – and he wanted to resign “for the benefit of both my health and my family”.

The party leader thanked him for his service, and also revealed Mr McMahon had been subject to “abuse [and] violent threats” during his time in post.

Rosena Allin-Khan and Jim McMahon
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Rosena Allin-Khan and Jim McMahon are both heading to the backbenches

Another resignation came from Rosena Allin-Khan, who stepped down as the shadow minister for mental health.

Writing to Sir Keir, she revealed tensions, saying: “As discussed previously, and in our call earlier, you made clear that you do not see a space for a mental health portfolio in a Labour cabinet, which is why I told you many weeks ago that I would not be able to continue in this role.”

But she thanked him for the opportunity and promised to fight for a Labour government from the backbenches.

Two other MPs have seen their roles removed and given to someone else – Fleur Anderson who was shadow paymaster general, and Preet Kaur Gill, who was shadow minister for international development.

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New Hampshire approves first-of-its-kind $100M Bitcoin-backed municipal bond

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New Hampshire approves first-of-its-kind 0M Bitcoin-backed municipal bond

New Hampshire has approved the issuance of a $100 million municipal bond backed by Bitcoin, in what appears to be the first structure of its kind at the US state level.

Minutes from a Nov. 17 meeting of the New Hampshire Business Finance Authority (BFA), the state’s business financing agency, show the board planned “to consider approving a resolution authorizing up to $100,000,000 bonds for a project to acquire and hold digital currency.”

Minutes from the following day record that directors voted to “approve the preliminary official intent, with no reservation, to issue a taxable conduit revenue bond for WaveRose Depositor, LLC of up to $100,000,000.”

According to a Wednesday Crypto in America report, the bond is backed by Bitcoin (BTC) and would let companies borrow against overcollateralized BTC held by a private custodian. The state or taxpayers do not back the bond; instead, BFA approves and oversees a private deal, while Bitcoin — reportedly held in custody by BitGo — covers investors.

According to the report, asset manager Wave Digital Assets and bond specialist Rosemawr Management designed the bond to utilize Bitcoin as collateral under the same rules that govern municipal and corporate bonds. Wave co-founder Les Borsai said the goal is to “bridge traditional fixed income with digital assets” for institutional investors.

New Hampshire, United States
The New Hampshire State House in Concord. Source: Wikimedia

Related: New Hampshire, North Dakota introduce bills for Strategic Bitcoin Reserve

“We believe this structure shows how public and private sectors can collaborate to responsibly unlock the value of digital assets and digital asset reserves,” he added.

The borrower is expected to post approximately 160% of the bond’s value in Bitcoin as collateral, and if the price of BTC drops below roughly 130%, a liquidation would ensure that bondholders stay whole. According to BFA Executive Director James Key-Wallace, fees from the transaction will fund the local innovation and entrepreneurship program, the Bitcoin Economic Development Fund.

New Hampshire dives headfirst into crypto

The news follows New Hampshire becoming the first US state to allow its government to invest in cryptocurrencies in May after Governor Kelly Ayotte signed a bill allowing the municipality to “invest in cryptocurrency and precious metals.”

Related: US won’t start Bitcoin reserve until other countries do: Mike Alfred

New Hampshire is also working on a bill to deregulate local cryptocurrency mining operations. In late October, a committee voted 4–2 to send the measure for further review in an interim study after it had been deadlocked in the State Senate twice.

The local administration is viewed as particularly welcoming to the cryptocurrency industry. In early February, Brendan Cochrane, an Anti-Money Laundering specialist at YK Law in New York City, argued that it could become an alternative for crypto companies relocating to the Bahamas.

The latest moves build on a longer history of crypto engagement. Back in 2015, New Hampshire was already working on a bill that would have allowed the state government to accept tax and fee payments in Bitcoin.

The bill ultimately failed in 2016, but it shows how early the local administration began to show interest in this asset class. Additionally, as early as 2016, some advocates were already arguing that New Hampshire was among the world’s most Bitcoin-friendly communities.