Connect with us

Published

on

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.

Please use Chrome browser for a more accessible video player

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
Image:
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.

Please use Chrome browser for a more accessible video player

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.

Continue Reading

Politics

Planning reforms to ‘rewire the system’ and get Britain building – all while protecting wildlife

Published

on

By

Planning reforms to 'rewire the system' and get Britain building - all while protecting wildlife

Major developers will only deal with one regulator under planning reforms which ministers say will “rewire the system” to get Britain building – all while protecting the environment. 

A review by former Labour adviser Dan Corry into Britain’s sluggish system of green regulation has concluded that existing environmental regulators should remain in place, while rejecting a “bonfire of regulations”.

But Mr Corry suggested there might be circumstances in which the government look at changing the wildlife and habit rules inherited from the EU, which protect individual species.

Politics latest: Follow live updates

These lie at the centre of the controversy of a £120m bat tunnel – the shed in Aylesbury which protects a rare breed from future high speed trains.

Keir Starmer has declared war on £100m HS2 bat shed – but has he got a solution?
New planning bill could be the government’s most important – but will it work in practice?

The government has now explicitly ruled out any such change in this parliament.

More from Politics

Campaigners have questioned whether the changes go far enough and will make a major difference to the rate and scale of building in the UK.

Speaking to Sky News, Environment Secretary Steve Reed insisted that accepting nine of the recommendations from the Corry review would amount to wholesale reform.

The minister said: “We can get a win-win for economic growth and for nature. And that is why we are moving ahead with proposals such as appointing a lead regulator for major developments so that the developers don’t have to navigate the architecture of multiple regulators.

“They just work for a single regulator who manages all the others on their behalf. Simplifying the online planning portal.

“These are huge changes that will save developers billions of pounds and speed up decisions doing damage to the environment.”

Mr Reed insisted that there would be “no more bat tunnels” built, even though the Corry review suggests that more work needs to be done to look again at the relevant guidance.

It says: “Rapidly reviewing the existing catalogue of compliance guidance, including on protecting bats, will identify opportunities to remove duplication, ambiguity or inconsistency.

“Natural England has already agreed to review and update their advice to Local Planning Authorities on bats to ensure there is clear, proportionate and accessible advice available.”

The review will mean:

• Appointing one lead regulator for every major infrastructure project, like Heathrow expansion

• A review on how nature rules are implemented – but not the rules themselves

• Insisting regulators focus more on government priorities, particularly growth

Economist and former charity leader Mr Corry, who led the review, said it shows that “simply scrapping regulations isn’t the answer”.

“Instead we need modern, streamlined regulation that is easier for everyone to use. While short-term trade-offs may be needed, these reforms will ultimately deliver a win-win for both nature and economic growth in the longer run.”

However, Sam Richards from Britain Remade, a thinktank trying to get Britain growing, said that while the steps are welcome, the number of regulators that report to the environment department would remain the same before and after the review. He questioned whether this would have the impact ministers claimed.

Continue Reading

Politics

Kentucky joins Vermont and South Carolina in dropping Coinbase staking suit

Published

on

By

Kentucky joins Vermont and South Carolina in dropping Coinbase staking suit

Kentucky joins Vermont and South Carolina in dropping Coinbase staking suit

Kentucky’s finance watchdog has dismissed its lawsuit against Coinbase over the exchange’s staking rewards program, following its peers in Vermont and South Carolina.

Kentucky’s Department of Financial Institutions filed the stipulation to dismiss jointly with Coinbase on April 1, ending the state’s legal action against the exchange first filed along with 10 other state regulators in June 2023.

Coinbase chief legal officer Paul Grewal posted to X on April 1, calling for Congress “to end this litigation-driven, state-by-state approach with a federal market structure law.”

Kentucky joins Vermont and South Carolina in dropping Coinbase staking suit

Source: Paul Grewal

Financial regulators from 10 states launched similar suits against Coinbase in June 2023, on the same day the Securities and Exchange Commission sued the exchange — a lawsuit the SEC dropped last month.

Seven suits against Coinbase still active

Alabama, California, Illinois, Maryland, New Jersey, Washington and Wisconsin are the seven states that are still continuing with their lawsuits, which all allege Coinbase breached securities laws with its staking rewards program.

Vermont was the first state to end its suit against Coinbase, with its Department of Financial Regulation filing an order to rescind the action on March 13, noting the SEC’s Feb. 27 decision to drop its action against the exchange and the likelihood of changes in the federal regulator’s guidance.

The South Carolina Attorney General’s securities division followed Vermont days later, dismissing its lawsuit in a joint stipulation with Coinbase on March 27.

Related: South Carolina dismisses its staking lawsuit against Coinbase, joining Vermont

Kentucky’s decision to drop its case against Coinbase follows just days after the state’s governor, Andy Beshear, signed a “Bitcoin Rights” bill into law on March 24 that establishes protections for crypto self-custody and exempts crypto mining from money transmitting and securities laws.

The axed state-level lawsuits come amid a stark policy change at the SEC, which has dropped or delayed multiple lawsuits against crypto companies that it filed under the Biden administration.

The federal securities watchdog has also created a Crypto Task Force that is engaging with the industry on how it should approach cryptocurrencies.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Continue Reading

Politics

Sir Keir Starmer says US-UK trade talks ‘well advanced’ and rejects ‘knee-jerk’ response to Donald Trump tariffs

Published

on

By

Sir Keir Starmer says US-UK trade talks 'well advanced' and rejects 'knee-jerk' response to Donald Trump tariffs

Sir Keir Starmer has said US-UK trade talks are “well advanced” ahead of tariffs expected to be imposed by Donald Trump on the UK this week – but rejected a “knee-jerk” response.

Speaking to Sky News political editor Beth Rigby, the prime minister said the UK is “working hard on an economic deal” with the US and said “rapid progress” has been made on it ahead of tariffs expected to be imposed on Wednesday.

But, he admitted: “Look, the likelihood is there will be tariffs. Nobody welcomes that, nobody wants a trade war.

“But I have to act in the national interest and that means all options have to remain on the table.”

Politics latest: Ministers hail ‘huge’ minimum wage boost as bills rise

Sir Keir added: “We are discussing economic deals. We’re well advanced.

“These would normally take months or years, and in a matter of weeks, we’ve got well advanced in those discussions, so I think that a calm approach, a collected approach, not a knee-jerk approach, is what’s needed in the best interests of our country.”

More on Donald Trump

Keir Starmer

Downing Street said on Monday the UK is expecting to be hit by new US tariffs on Wednesday – branded “liberation day” by the US president – as a deal to exempt British goods would not be reached in time.

A 25% levy on car and car parts had already been announced but the new tariffs are expected to cover all exports to the US.

Jonathan Reynolds, the business and trade secretary, earlier told Sky News he is “hopeful” the tariffs can be reversed soon.

But he warned: “The longer we don’t have a potential resolution, the more we will have to consider our own position in relation to [tariffs], precluding retaliatory tariffs.”

He added the government was taking a “calm-headed” approach in the hope a deal can be agreed but said it is only “reasonable” retaliatory tariffs are an option, echoing Sir Keir’s sentiments over the weekend.

Read more:
Why a figure of 48% is important as Trump tariffs near
Starmer and Trump discuss US-UK ‘prosperity’ deal

Donald Trump speaks to reporters aboard Air Force One. Pic: Reuters
Image:
Donald Trump speaks to reporters aboard Air Force One on Sunday. Pic: Reuters

Tariff announcement on Wednesday

Mr Trump has been threatening tariffs – import taxes – on countries with the biggest trade imbalances with the US.

However, over the weekend, he suggested the tariffs would hit all countries, but did not name them or reveal which industries would be targeted.

Read more: How Trump’s tariffs could affect the UK

Please use Chrome browser for a more accessible video player

‘Everything on table over US tariffs’

Mr Trump will unveil his tariff plan on Wednesday afternoon at the first Rose Garden news conference of his second term, the White House press secretary said.

“Wednesday, it will be Liberation Day in America, as President Trump has so proudly dubbed it,” Karoline Leavitt said.

“The president will be announcing a tariff plan that will roll back the unfair trade practices that have been ripping off our country for decades. He’s doing this in the best interest of the American worker.”

Please use Chrome browser for a more accessible video player

Trump’s tariffs: What can we expect?

Tariffs would cut UK economy by 1%

UK government forecaster the Office for Budget Responsibility (OBR) said a 20 percentage point increase in tariffs on UK goods and services would cut the size of the British economy by 1% and force tax rises this autumn.

Global markets remained flat or down on Monday in anticipation of the tariffs, with the FTSE 100 stock exchange trading about 1.3% lower on Monday, closing with a 0.9% loss.

On Wall Street, the S&P 500 rose 0.6% after a volatile day which saw it down as much as 1.7% in the morning.

However, the FTSE 100 is expected to open about 0.4% higher on Tuesday, while Asian markets also steadied, with Tokyo’s Nikkei 225 broadly unchanged after a 4% slump yesterday.

Continue Reading

Trending