Loser: George Osborne
The chancellor of the exchequer was never likely to be axed by his close friend David Cameron, despite wicked whispers in the press. However he has not benefited from the reshuffle. Mr Osborne will now have to co-operate - or contend - with the views of Ken Clarke, the cabinet's new "economic adviser". Mr Cameron's changes will not have any significant impact on the performance of the British economy, for which Mr Osborne will continue to be held solely responsible. Furthermore, the reputation of the entire government hinges on the likelihood of an economic recovery, which every single new minister will be desperately hoping Mr Osborne can deliver.