Mohamed A. El-Erian sees reason to hope that the new chancellor can deliver a much-needed structural shake-up.

John Healey has been appointed Britain’s new Chancellor as Andy Burnham unveils a major shake-up of key Cabinet roles.

The move will be read as a sign that Burnham is serious about bolstering defence spending and honouring Britain’s international commitments.

Burnham appoints former defence secretary to key role in surprise move