Overview

• Darren Jones has been moved from the Treasury to a newly created chief secretary-to-the-Prime Minister role, with Baroness Minouche Shafik named chief economic adviser and Dan York-Smith becoming the PM’s principal private secretary.
• Downing Street bills the restructure as boosting economic delivery, with Jones’ post outside the cabinet but attending cabinet meetings.
• Home Secretary Yvette Cooper rejected claims that Chancellor Rachel Reeves has been sidelined, saying the chancellor writes the budget, and No 10 says the pair will work in lockstep.
• Thirty-year UK gilt yields rose to roughly 5.7%, their highest since 1998, increasing borrowing costs and prompting analysts to warn the moves are a market ‘warning shot’.
• Focus now turns to the Autumn Budget, where Reeves must meet Labour’s fiscal rules and is widely reported to be weighing tax increases or spending cuts to close a sizeable funding gap.