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Liam Byrne escapes axe in Labour reshuffle

Shadow Work and Pensions Secretary Liam Byrne has escaped the axe in a reshuffle of Labour’s front bench.

Byrne has lost responsibility for Labour’s policy review but will keep his work and pensions brief despite speculation last week that he would be returned to the backbenches. John Cruddas, MP for Dagenham, takes over at the head of the policy review team. Lord Adonis will advise the review on industrial strategy.

Labour leader Ed Miliband says: “I want to thank Liam for his excellent work in kick starting the ideas that Labour will need to win in 2015, and for working so hard to make sure our agenda is rooted firmly in the issues that matter to hardworking people in Britain.

“Jon Cruddas is already known as one of the most radical and deepest thinkers in the party. As the policy review enters its next phase, I look forward to him bringing his energy and new ideas.

Shadow Treasury exchequer secretary Owen Smith replaces Peter Hain as Shadow Secretary of State for Wales after Hain stepped down on Sunday. Catherine McKinnell will move from her role as shadow minister for children and young families to replace Smith. Miliband says Smith has shown himself to be a “real talent” in his role working alongside Shadow Chancellor Ed Balls.

Ed Miliband will recommend to the party’s National Policy Forum that Shadow leader of the house Angela Eagle becomes its new chair.

Miliband says: “I am also delighted he will be working with Angela Eagle, in her proposed role as Chair of the National Policy Forum, combined with Shadow Leader of the House. She brings great policy and political acumen to the role.”


‘Platforms punching above weight in assets’

Skandia’s assets under administration increased to £40.2bn in the first quarter of 2012, a 6 per cent rise from £38bn in the final quarter 2011, according to The Platforum. Quarterly growth figures published by The Platforum last week show Cofunds’ assets increased by 10 per cent to £39.2bn from £35.8bn in the final quarter of […]

RSM Tenon suspends tax service offering

RSM Tenon has suspended new product offers through its specialist tax service arm following the Government’s announcement of an anti-avoidance rule in the 2012 Budget. In the 2012 Budget, Chancellor George Osborne announced plans to introduce general anti-avoidance rules in a bid to improve transparency and counteract the avoidance of tax. A statement from RSM […]

M&G’s Riddell: EM debt is not a safe haven

M&G bond manager Mike Riddell says emerging markets are not a safe haven from the developed world. Riddell, who runs the £74m M&G international sovereign bond and the £374m M&G index linked bond, says that he does not see emerging market debt as a good alternative to developed market debt. He says: “There is a […]


JLT suspends ETV exercises to take account of rule changes

JLT Wealth Management has temporarily suspended current DB pension transfer exercises following the FSA’s confirmation of changes to the way transfers are calculated. The regulator’s plans, published in April, came in a bid to make it more difficult for advisers to recommend an investor quits their defined-benefit scheme. JLT temporarily suspended its current advice exercises […]


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