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Cabinet Reshuffle Underway, Home Sec Sacked

UK

UK PM Rishi Sunak is engaging in a Cabinet reshuffle this morning as he attempts to re-stamp his authority on gov't as well as set up a team to revitalise his party's flagging polling ratings. Numerous outlets reporting that Home Secretary Suella Braverman has been sacked following the publication of an article in The Times that did not have sign-off from No.10. This shift is not of interest for markets, and is likely to have more impact on the internal political dynamic within the Conservative party, given Braverman's popularity with sections of the more right-leaning grassroots membership.

  • For markets there is only likely to be notable interest in the reshuffle if Chancellor of the Exchequer Jeremy Hunt is moved from his position. While this has been speculated on in recent months, given the Autumn Statement is set to be delivered in just over a week on 22 Nov changing the finance minister now seems an unlikely outcome of the reshuffle.
  • Steven Swinford at The Times: " Suella Braverman expected to be highest profile casualty, but look out also for Therese Coffey [Environment Sec], Steve Barclay [Health Sec], Chris Heaton-Harris [Northern Ireland Sec]. One scenario has James Cleverley moving from foreign secretary to Home Secretary"
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