Overview

• Downing Street moved Darren Jones to a new chief secretary role in No 10 and appointed Minouche Shafik as chief economic adviser and Dan York‑Smith as principal private secretary.
• No 10 and senior ministers rejected claims that Rachel Reeves has been sidelined, reiterating an "ironclad" commitment to fiscal rules and saying the chancellor will write the Budget.
• Long‑dated UK gilt yields climbed to about 5.7%, the highest since 1998, and the pound fell, signaling investor concern over fiscal plans and raising borrowing costs.
• Independent estimates point to a £41bn–£50bn hole against the government’s fiscal rules, increasing the likelihood of tax measures or spending cuts in the Autumn Budget.
• A YouGov poll found 58% of voters oppose higher taxes and 55% say Reeves should be sacked, as the Conservatives push a Commons vote to rule out proposed property taxes.