MNI: PBOC Net Injects CNY958.4 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1883 Weds; -2.29% Y/Y

MNI NBP WATCH: Rate Hold Seen After Governor's Hawkish Tilt

MNI China Daily Summary: Tuesday, January 14

MNI BRIEF: PBOC To Ensure Yuan Stable, Ease For Economy: Xuan

EZ/UK T-Bill Calendar: 12-Month BT Auction on Wednesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Wednesday

MNI: US DEC TREASURY BUDGET -$86.7B

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

UK: Reshuffle At Treasury As Econ Sec Siddiq Resigns

UK
Homepagemarkets-real-timePolitical RiskPolitical Risk BulletCEEMEABulletUKMarketsFixed Income BulletsForeign Exchange Bullets

The Economic Secretary to the Treasury, also known as the City Minister, Tulip Siddiq has resigned amid increasing scrutiny regarding her political and financial relations with the ousted Bangladeshi PM Sheikh Hasina, Siddiq's aunt. The gov't has confirmed that Parliamentary Under-Secretary of State for Pensions Emma Reynolds will take over as Econ Sec to the Treasury. Meanwhile, Torsten Bell - former chief exec of the left-leaning Resolution Foundation think tank - becomes a Parliamentary Secretary in the Treasury and Parliamentary Under Secretary of State in the Department for Work and Pensions. 

  • The resignation of Siddiq, who also served as anti-corruption minister, comes as Chancellor of the Exchequer Rachel Reeves faces significant pressure amid rising gov't borrowing costs, a weakening pound, and declining fiscal headroom. Reeves' statement to the Commons earlier today gave little sign of what the gov't intends to do to try an assure markets.
  • The UK gov't is already facing a slump in opinion polling support. The latest YouGov poll has Starmer's Labour party on 26% compared to the right-wing populist Reform UK on 25%). While Siddiq was a relatively junior minister the nature of her resignation could both tarnish Starmer's attempts to portray his gov't as graft-free, and sustain the political narrative of a gov't being led by events rather than setting the agenda. 
217 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

The Economic Secretary to the Treasury, also known as the City Minister, Tulip Siddiq has resigned amid increasing scrutiny regarding her political and financial relations with the ousted Bangladeshi PM Sheikh Hasina, Siddiq's aunt. The gov't has confirmed that Parliamentary Under-Secretary of State for Pensions Emma Reynolds will take over as Econ Sec to the Treasury. Meanwhile, Torsten Bell - former chief exec of the left-leaning Resolution Foundation think tank - becomes a Parliamentary Secretary in the Treasury and Parliamentary Under Secretary of State in the Department for Work and Pensions. 

  • The resignation of Siddiq, who also served as anti-corruption minister, comes as Chancellor of the Exchequer Rachel Reeves faces significant pressure amid rising gov't borrowing costs, a weakening pound, and declining fiscal headroom. Reeves' statement to the Commons earlier today gave little sign of what the gov't intends to do to try an assure markets.
  • The UK gov't is already facing a slump in opinion polling support. The latest YouGov poll has Starmer's Labour party on 26% compared to the right-wing populist Reform UK on 25%). While Siddiq was a relatively junior minister the nature of her resignation could both tarnish Starmer's attempts to portray his gov't as graft-free, and sustain the political narrative of a gov't being led by events rather than setting the agenda.