financetom
World
financetom
/
World
/
Grant Shapps replaces Ben Wallace as UK defence minister
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Grant Shapps replaces Ben Wallace as UK defence minister
Aug 31, 2023 5:53 AM

Ben Wallace confirmed his resignation as British defence minister on Thursday in a letter to Prime Minister Rishi Sunak, offering the government his continued support while warning the prime minister not to see defence as a "discretionary spend". Ex-energy secretary Grant Shapps has now been named as the country's new defence minister.

Wallace has served as defense secretary under three prime ministers and played a key role in the UK's response to Russia's invasion of Ukraine. A former captain in the British army, Wallace, 53, was appointed as defence minister in 2019 by his friend and ally, former Prime Minister Boris Johnson, after holding junior ministerial roles in earlier governments.

Wallace had said last month that he would stand down as a lawmaker at the next Cabinet reshuffle. He had told The Sunday Times last month his departure was due to the strain his job had put on his family. He also said he would stand down as a lawmaker at the next general election.

"Last month marked my fourth year as Secretary of State for Defence. It also marks the ninth year as a Minister. I have had the privilege of serving you and your predecessors in the task of protecting this great country and keeping its citizens safe. As you know that responsibility carries with it a 24*7 duty to be available at almost no notice. In my time as both security Minister and at Defence, I have been able to contribute to the Government's response to a range of threats and incidents," he said in his resignation letter.

Wallace, who had been touted as a potential successor to NATO Secretary General Jens Stoltenberg, had taken a leading role in shaping Britain's response to Russia's invasion of Ukraine last year.

He is the longest continuously serving minister in government. He was security minister under former Prime Minister Theresa May, before being promoted to defense secretary by her successor Boris Johnson.

Wallace drew criticism last week when he suggested that Ukraine should show “gratitude” for the West's military support. He made the remark at the NATO summit in Lithuania after Ukrainian President Volodymyr Zelenskyy expressed frustration about when his country could join the military alliance.

British Prime Minister Rishi Sunak distanced himself from Wallace's comments, saying Zelenskyy had “expressed his gratitude for what we've done on a number of occasions.”

(With inputs from Reuters and the Associated Press)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
EMERGING MARKETS-Chile's peso leads Latin American currencies higher on strong metal prices
EMERGING MARKETS-Chile's peso leads Latin American currencies higher on strong metal prices
Sep 26, 2024
* Chile's peso jumps more than 1% against the dollar * Brazil's central bank boosts 2024 GDP forecast * Latin American currencies up 0.8%, stocks up nearly 2% By Ankika Biswas Sept 26 (Reuters) - Chile's peso led gains among most Latin American currencies against the dollar on Thursday, riding on the back of strong copper prices, while investors awaited...
European Equities Traded in the US as American Depositary Receipts Rise in Thursday Trading
European Equities Traded in the US as American Depositary Receipts Rise in Thursday Trading
Sep 26, 2024
11:07 AM EDT, 09/26/2024 (MT Newswires) -- European equities traded in the US as American depositary receipts were trending higher late Thursday morning, rising 0.49% to 1,443.68 on the S&P Europe Select ADR Index. From continental Europe, the gainers were led by biopharmaceutical company Genfit ( GNFT ) and financial services company Banco Bilbao Vizcaya Argentaria ( BBVA ) ,...
Euro zone bond yields fall on ECB rate cut bets, French-German gap widens
Euro zone bond yields fall on ECB rate cut bets, French-German gap widens
Sep 26, 2024
(Updates prices at 1554 GMT) By Linda Pasquini Sept 26 (Reuters) - The spread between French and German 10-year yields hit its widest in seven weeks on Thursday, as rising expectations that the European Central Bank could cut rates in October boosted bond prices overall, but French bonds lagged amid political jitters. Germany's 10-year bond yield fell 2.6 basis points...
US Equity Indexes Rose as China Stimulus Expectations Boosted Basic Materials, Micron's Results Lifted Technology
US Equity Indexes Rose as China Stimulus Expectations Boosted Basic Materials, Micron's Results Lifted Technology
Sep 26, 2024
12:15 PM EDT, 09/26/2024 (MT Newswires) -- US equity indexes rose as basic materials and technology topped sector charts after China signaled more stimulus is in the pipeline and Micron Technology's ( MU ) fiscal Q4 results boosted the so-called artificial intelligence trade. The S&P 500 rose 0.3% to 5,742.1, after scaling an intraday record high of 5,767.37. The Dow...
Copyright 2023-2026 - www.financetom.com All Rights Reserved