Market News

(Bloomberg) -- UK Prime Minister Rishi Sunak named former premier David Cameron as foreign secretary, a shock moved that followed his firing of Home Secretary Suella Braverman and her replacement by James Cleverly.

Sunak fired Braverman after she defied his authority over police handling of pro-Palestinian marches and was accused of emboldening a far-right counter-protest which turned violent on Saturday. He then moved Cleverly, previously foreign secretary, to replace her, and brought in Cameron, who was elevated to the House of Lords so that he could take up his post.

Key Developments

• Former Prime Minister David Cameron named as foreign secretary
• Sunak names James Cleverly as Braverman’s replacement
• Suella Braverman fired as home secretary, says she’ll have “more to say in due course.”

David Cameron Appointed New UK Foreign Secretary (09:59am)

It’s confirmed: David Cameron is Britain’s new foreign secretary, after Rishi Sunak appointed the former prime minister to the House of Lords and made him the country’s top diplomat. It marks an unlikely comeback for Cameron, who will take charge of the UK’s response to the crisis in Israel and Gaza, as well as contending with Russia’s invasion of Ukraine.

Cleverly Named Home Secretary, Freeing Up Foreign Job (09:41am)

Sunak appointed James Cleverly as the new home secretary, replacing Braverman, according to a statement from the prime minister’s office. Cleverly had been foreign secretary, meaning Britain will imminently get a new top diplomat at a critical time during the wars in the Middle East and Ukraine.

David Cameron Seen Walking Into Downing Street (08:56am)

In a development not predicted by anyone in Westminster, former prime minister David Cameron has just walked up Downing Street and into No. 10. That’s set off speculation that he is about to be appointed to the House of Lords and a Cabinet job, in what would be an extraordinary return to front-line politics for the premier who quit after losing the Brexit referendum in 2016.

Sunak Sacks Home Secretary Braverman, Shuffles Cabinet (08:38am)

Sunak has fired his Home Secretary Suella Braverman after she defied him by criticizing the policing of pro-Palestine protests in remarks that were not authorized by Downing Street. The sacking kicks off a wider Cabinet reshuffle, with the prime minister expected to announce a raft of other senior ministerial changes on Monday. Braverman said in a statement: “It has been the greatest privilege of my life to serve as Home Secretary. I will have more to say in due course.”

Junior Ministers Gibb, O’Brien Step Down (Earlier)

Junior Ministers Nick Gibb and Neil O’Brien both said that they’ve stepped down from their posts. Gibb, the long-serving schools minister, said he’s in talks to take up a diplomatic role after the next general election and had asked Sunak if he could step down in the government reshuffle. 

O’Brien, who served as a health minister, said he’d asked to return to the backbenches so that he could focus on his constituency work. Both men made their announcements in posts on the social media platform X, formerly Twitter.

--With assistance from Unni Krishnan.