UK Markets Unruffled After Controversial Minister Suella Braverman Sacked

Suella Braverman was sacked as UK home secretary on Monday as Prime Minister Rishi Sunak launched a major reshuffle of his top team.

Markets have, in the past, reacted strongly to UK cabinet reshuffles – most notably during the premiership of Liz Truss last year.

On Monday, however, traders appeared to welcome the news that the controversial Braverman would be removed from her position as chief minister of the Home Office. The FTSE 100 was up 0.8% at 7,417, while the UK pound gained 0.2% to $1.2242 against the dollar [GBP/USD].

Downing Street announced Braverman’s departure from the post on Monday morning. “Rishi Sunak has asked Suella Braverman to leave government and she has accepted,” the government said in a statement.

Braverman said in response: “It has been the greatest privilege of my life to serve as home secretary. I will have more to say in due course.”

The former minister has been outspoken about sensitive issues such as immigration and, last week, published an article in the The Times in which she accused British police of “playing favourites” with pro-Palestine protestors – comments that were not authorized by Downing Street.

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The positive reaction from the markets may reflect both the end of Braverman’s controversial career at the top table of UK politics, and rumors that the new team to be assembled by Sunak will mark the return of some experienced ministers.

Former prime minister David Cameron was spotted entering Number 10 Downing Street on Monday morning, igniting speculation that he could be offered a ministerial role and, at around 10 a.m. UK time, he announced on social media he had been offered the role of foreign secretary.

The Prime Minister has asked me to serve as his Foreign Secretary and I have gladly accepted.

We are facing a daunting set of international challenges, including the war in Ukraine and the crisis in the Middle East. At this time of profound global change, it has rarely been more…

— David Cameron (@David_Cameron) November 13, 2023

While Cameron is not a member of parliament, having stood down following his defeat in the EU referendum in 2016, it now looks likely he will be awarded a peerage and join the government from the House of Lords.

James Cleverly, the previous foreign secretary will replace Braverman at the home office.

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