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Three days of discussions – as well as a beach barbecue – in Cornwall are over for G7 leaders. So what did their summit amount to?

COVID-19

What was agreed: G7 leaders committed to providing one billion doses of COVID vaccines to poorer countries over the next year. They also agreed to initiatives on future pandemic preparedness such as improving virus surveillance systems and a mission to reduce the time taken to develop new vaccines and treatments from 300 to 100 days.

What wasn’t agreed: Charities accused G7 leaders of “cooking the books” on their vaccine pledge, with their one billion doses promise made up of only 870 million doses directly donated. The rest will be made up through funding to an international vaccine-sharing scheme. Meanwhile, the World Health Organisation has said 11 billion doses are needed to help end the global pandemic. And G7 countries are still split on whether intellectual property rights should be waived on COVID vaccines, despite the WHO saying it is an “essential” step to inoculating the world.

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PM ‘rejects’ claims of moral failure over vaccine

Climate change

What was agreed: G7 countries committed to net zero carbon emissions no later than 2050 and to halve their collective emissions by 2030. There was also a commitment to conserve or protect at least 30% of land and oceans by 2030. Prime Minister Boris Johnson, the summit’s host, said G7 nations were “clear” that “action has to start with us”.

What wasn’t agreed: Campaigners criticised a lack of action on climate finance to help vulnerable communities and countries. It has been claimed that, without such cash, developing nations will be less inclined to cooperate at the COP-26 climate change summit in Glasgow later this year.

More on The G7

12/06/2021. Carbis Bay, United Kingdom. Prime Minister Boris Johnson G7 Leaders Summit Day Two. The Prime Minister Boris Johnson with the The President of France Emmanuel Macron talking to a Red Arrows pilot at the G7 Summit in Carbis Bay, Cornwall. Pic:  Andrew Parsons / No 10 Downing Street
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World leaders enjoyed a beach BBQ while at Carbis Bay

China

What was agreed: The G7 agreed to set up what is being viewed as an alternative to China’s belt and road initiative – an infrastructure strategy increasing Beijing’s economic and political influence across the world. The G7 plan aims to provide high quality financing for infrastructure such as railways in Africa and wind farms in Asia in order to propel global green economic growth.

What wasn’t agreed: Human rights issues in Hong Kong and Xinjiang were highlighted in the summit’s communique. But it was noted a section on forced labour made no specific mention of China, which has been accused of the use of forced labour in Xinjiang.

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What is the G7?

Brexit

What was agreed: The prime minister and EU leaders agreed to continue talking amid the ongoing dispute over post-Brexit arrangements for Northern Ireland. US President Joe Biden also steered away from the row, despite reports the UK had recently received a “demarche” – a formal diplomatic protest – from the US over the dispute about the Northern Ireland Protocol.

What wasn’t agreed: Number 10 was keen to stress Mr Johnson did not see this weekend’s summit as the forum to agree solutions to the Brexit dispute. Meanwhile, French President Emmanuel Macron denied he had questioned the “territorial integrity” of the UK in bilateral talks with the prime minister. This came after Foreign Secretary Dominic Raab claimed EU leaders had been “offensive” by suggesting Northern Ireland was a different country to the UK.

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Stablecoins are really ‘central business digital currencies’ — VC

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<div>Stablecoins are really 'central business digital currencies' — VC</div>

<div>Stablecoins are really 'central business digital currencies' — VC</div>

Jeremy Kranz, founder of Sentinel Global, a venture capital firm, said investors should be “discerning” and read the fine print on any stablecoin.

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Labour deputy leadership candidate accuses opponent’s team of ‘throwing mud’ and briefing against her

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Labour deputy leadership candidate accuses opponent's team of 'throwing mud' and briefing against her

Lucy Powell has accused Bridget Phillipson’s team of “throwing mud” and briefing against her in the Labour deputy leadership race in a special episode of Sky’s Electoral Dysfunction podcast.

With just days to go until the race is decided, Sky News’ political editor Beth Rigby spoke to the two leadership rivals about allegations of leaks, questions of party unity and their political vision.

Ms Powell told Electoral Dysfunction that through the course of the contest, she had “never leaked or briefed”.

But she said of negative stories about her in the media: “I think some of these things have also come from my opponent’s team as well. And I think they need calling out.

“We are two strong women standing in this contest. We’ve both got different things to bring to the job. I’m not going to get into the business of smearing and briefing against Bridget.

“Having us airing our dirty washing, throwing mud – both in this campaign or indeed after this if I get elected as deputy leader – that is not the game that I’m in.”

Ms Powell was responding to a “Labour source” who told the New Statesman last week: “Lucy was sacked from cabinet because she couldn’t be trusted not to brief or leak.”

Ms Powell said she had spoken directly to Ms Phillipson about allegations of briefings “a little bit”.

Bridget Phillipson (l) and Lucy Powell (r) spoke to Sky News' Beth Rigby in a special Electoral Dysfunction double-header. Pics: Reuters
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Bridget Phillipson (l) and Lucy Powell (r) spoke to Sky News’ Beth Rigby in a special Electoral Dysfunction double-header. Pics: Reuters

Phillipson denies leaks

But asked separately if her team had briefed against Ms Powell, Ms Phillipson told Rigby: “Not to my knowledge.”

And Ms Phillipson said she had not spoken “directly” to her opponent about the claims of negative briefings, despite Ms Powell saying the pair had talked about it.

“I don’t know if there’s been any discussion between the teams,” she added.

On the race itself, the education secretary said it would be “destabilising” if Ms Powell is elected, as she is no longer in the cabinet.

“I think there is a risk that comes of airing too much disagreement in public at a time when we need to focus on taking the fight to our opponents.

“I know Lucy would reject that, but I think that is for me a key choice that members are facing.”

She added: “It’s about the principle of having that rule outside of government that risks being the problem. I think I’ll be able to get more done in government.”

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Insider vs outsider

But Ms Powell, who was recently sacked by Sir Keir Starmer as leader of the Commons, said she could “provide a stronger, more independent voice”.

“The party is withering on the vine at the same time, and people have got big jobs in government to do.

“Politics is moving really, really fast. Government is very, very slow. And I think having a full-time political deputy leader right now is the political injection we need.”

The result of the contest will be announced on Saturday 25 October.

The deputy leader has the potential to be a powerful and influential figure as the link between members and the parliamentary Labour Party, and will have a key role in election campaigns. They can’t be sacked by Sir Keir as they have their own mandate.

The contest was triggered by the resignation of Angela Rayner following a row over her tax affairs. She was also the deputy prime minister but this position was filled by David Lammy in a wider cabinet reshuffle.

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UK tax authority doubles crypto warning letters in crackdown on unpaid gains

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UK tax authority doubles crypto warning letters in crackdown on unpaid gains

UK tax authority doubles crypto warning letters in crackdown on unpaid gains

HMRC sent nearly 65,000 warning letters to crypto investors last year, more than double the previous year, as the UK steps up efforts to trace undeclared capital gains.

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