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Cables Climbs As Boris Sacks Chancellor Javid In Latest ‘Cabinet Reshuffle’ Twist

Courtesy of ZeroHedge View original post here.

UK Chancellor Sajid Javid was ousted on Thursday after choosing to resign instead of firing a group of advisors that the prime minister wanted sacked, according to the FT.

According to the British financial paper of record, Javid, a one-time contender for the conservative leadership, has been engaged in a “briefing war with Downing Street in recent weeks over who will be responsible for writing the upcoming budget.”

Rishi Sunak, the Treasury chief secretary who stood in for PM Boris Johnson during the general campaign’s televised debates has been picked to succeed Javid. Sunak (a former Goldman employee) has apparently agreed to a joint pool of advisors between No. 10 and the office of the Chancellor.

For Americans who aren’t as familiar with the British system, the Chancellor is roughly equivalent to the Treasury Secretary in the British government’s sprawling cabinet, which includes senior and junior members.

Javid

Javid’s sacking is something of an unexpected twist in what was supposed to be a ‘modest’ cabinet reshuffle. Johnson recently sacked Northern Ireland Secretary Julian Smith, Business Secretary Andrea Leadsom, Environment Secretary Theresa Villiers, AG Geoffrey Cox, Housing Minister Esther McVey, Universities and Sciences Minister Chris Skidmore and Transport Ministers Nusrat Ghani and George Freeman (for what it’s worth, most of these names are second-tier positions who are relatively inconsequential: Leadsom and Smith were the big ones).

Cable is soaring on the news, the latest sign that traders have no idea how to interpret any of the news coming out of Whitehall and Westminster (and even Brussels) as the UK and EU scramble to strike a new trade deal by the end of the year.


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