Rishi Sunak will try to convince the public he is the person to “fundamentally change the country” and fix Westminster’s “broken system” – despite the fact his party has been in government for 13 years.

In his speech to the Tory Party conference, the prime minister will present himself as a reformer who is prepared to take difficult decisions, unlike opponents, who take “the easy decision, not the right one”.

Mr Sunak will tell the conference hall that politics “doesn’t work the way it should” and that his Labour opponent, Sir Keir Starmer, is “betting on voters’ apathy.”

The speech will round off what has been a chaotic four days at the party’s annual conference in Manchester – an event that has been overshadowed by the announcement that the northern leg of HS2 will not go ahead as originally envisioned.

Instead, services will run between Birmingham and Manchester but they will not be high speed and they will use the existing West Coast Mainline track.

The development prompted Greater Manchester mayor Andy Burnham to accuse the government of treating people in the north as “second-class citizens”.

Election would be ‘massive distraction’ – Tory conference latest

He warned the government: “To pull that plug here in Manchester would show complete contempt to the city region and to the north of England as a whole.”

The Tory mayor for the West Midlands, Andy Street, also warned it would be “an incredible political gaffe” allowing opponents to accuse Mr Sunak of having decided to “shaft the north”.

In his speech, Mr Sunak will rail against “30 years of a political system which incentivises the easy decision, not the right one – 30 years of vested interests standing in the way of change”.

He will reflect on his first year in Number 10 and acknowledge a “feeling that Westminster is a broken system”.

“It isn’t anger, it is an exhaustion with politics,” he will say.

“In particular, politicians saying things, and then nothing ever changing.

“And you know what? People are right. Politics doesn’t work the way it should.”

And he will say: “Politicians spent more time campaigning for change than actually delivering it.

“Our mission is to fundamentally change our country.”

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As well as the HS2 announcement, Mr Sunak has also been undermined by his predecessor Liz Truss, who drew big conference crowds as she demanded immediate tax cuts to “make Britain grow again”.

Mr Sunak has instead compared himself to the late Baroness Thatcher, who tackled inflation before cutting taxes during her premiership between 1979 and 1990.

While Mr Sunak has repeatedly sought to dodge questions over HS2, he did say on Tuesday that the costs of the project had gone “far beyond” what had been predicted, and the sums involved were “enormous”.

The HS2 scheme was given a budget of £55.7bn in 2015 but costs have ballooned, with an estimate of up to £98bn – in 2019 prices – in 2020.

The United States Securities and Exchange Commission has asked a federal judge to deny Coinbase’s motion to dismiss a lawsuit by the regulator.

In an Oct. 3 filing in a New York District Court, the SEC hit back at claims in Coinbase’s dismissal motion and reiterated its belief that some of the cryptocurrencies listed on its platform were investment contracts under the Howey Test subject to SEC registration.

“Each crypto asset issuer invited investors — including purchasers on Coinbase’s platform — reasonably to expect the value of their investment to increase based on the issuer’s broadly-disseminated plan to develop and maintain the asset’s value,” the SEC wrote.

The SEC asserted Coinbase has “known all along” that cryptocurrencies it sells are securities if they meet the Howey Test and alleged the exchange recognized this in its filings with the SEC.

The regulator also scrubbed Coinbase’s argument invoking the “major questions doctrine” which claimed the SEC has no authority over the crypto market until Congress says so.

“The SEC has not assumed for itself any new power to do what the federal securities laws do not already expressly authorize it to do,” the SEC said.

In an Oct. 3 X (Twitter) post, Coinbase legal chief Paul Grewal said the SEC’s arguments were “more of the same old same old” and asserted the assets it lists “are not securities and are not within the SEC’s jurisdiction.”

The @SECgov just filed its opposition to our motion to dismiss their case against @Coinbase. It’s more of the same old same old. But don’t just take my word for it – take a look for yourself. 1/7 https://t.co/QMdkRoiq0V

— paulgrewal.eth (@iampaulgrewal) October 3, 2023

Grewal claimed the SEC’s arguments in its response would mean “everything from Pokemon cards to stamps to Swiftie bracelets are also securities.”

Related: SEC initiates legal action against FTX’s auditor

Miles Jennings, a16z crypto’ general counsel, claimed in an X post that the SEC’s motion “has a lot of holes.”

The SEC’s opposition to @coinbase‘s motion has a lot of holes. Even if the court were to agree with the SEC’s main contention (that investment contracts don’t require legal contracts), the SEC’s case should still fail.

As we discussed in our brief in August, the SEC’s theory of… https://t.co/RTzlutSM9t

— miles jennings (@milesjennings) October 3, 2023

Jennings added even if the court were to agree with the regulators main argument around investment contracts then the case “should still fail” as he believes the SEC’s definition of an investment contract has “endless breadth.”

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