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Boris Johnson will make a speech on Thursday on his plans to “level up and unite the country”, something the prime minister has previously described as “the central purpose of his premiership”.

In the Conservatives’ 2019 general election-winning manifesto, the party said its focus would be “levelling up every part of the UK” and the term has since become a key slogan for Mr Johnson’s government.

The term was a key tenet of the Queen’s Speech, the prime minister now has a ‘levelling up adviser’ and Chancellor Rishi Sunak has unveiled a £4.8bn ‘levelling up fund’.

People walk at High Street, amid the coronavirus disease (COVID-19) outbreak, in Windsor, Britain January 10, 2021.
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The regeneration of the high street is expected to form a key part of the PM’s speech on Thursday

In the party’s manifesto, the PM said it would involve investing in towns, cities and rural and coastal areas, using apprenticeships to balance out skills, giving areas more control over investment and creating new freeports.

Andy Street, the Conservative Mayor of the West Midlands – where the PM will be making his speech on Thursday – has said it should mean “a level playing field for the UK’s regions” in terms of opportunities.

And more recently, the term ‘levelling up’ was heavily referenced in the Hartlepool by-election in May – which saw a Tory MP elected for the first time in the current constituency’s history.

But what does the phrase really mean?

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Levelling up is ‘not just getting a shiny new high street’

Conservative MP Simon Fell, one of the many new party representatives elected in the 2019 snap general election, said placing more decision-making locally and investment in education is key to levelling up.

“I think we are seeing good progress on levelling up with towns deals, the Levelling Up Fund, high street bids, all that sort of stuff,” the MP for Barrow and Furness told Sky News.

“But what I am really interested in seeing is more local decision-making, pushing decisions back closer to people, and I am hoping that we will see with that some of what will deliver long-term levelling up.

“I look at my own patch, some of the real challenges we have are around education and health.

“So how we drive changes there, that we are not just getting a shiny new high street – I would happily take a shiny new high street – but actually giving young people the opportunities both in terms of the skills they can pick up and the education they receive, but also the health outcomes which are just lacking at the moment.”

Owner Isatu Funna from Dar Leone displays a "we're open" sign designed by artist Timothy Hunt, which has been created as part of the American Express Shop Small campaign and to help welcome people back to our high streets
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Conservative MP Sir John Redwood says investment in small business and enterprise is key to levelling up

‘Harnessing public and private sectors to create sustained progress’

Conservative MP Sir John Redwood says levelling up to him is investment in “training, education, support for small business and enterprise”.

“To me, the aim is very clear: it is primarily about more people going on worthwhile personal journeys so that we end up with many more people who are in worthwhile and well-paid work where they find more enjoyment and reward from it in every sense,” the MP for Wokingham told Sky News.

Mr Redwood added that the key to effective levelling up is “harnessing public and private sectors” to create “sustained progress for a community”.

“You are not going to get a sustained recovery or a noticeable levelling up if you just put one or two large public sector projects into a place,” he said.

“It has got to be much more comprehensive than that and a lot of the action is going to be private sector led. “

Prime Minister Boris Johnson and Chancellor of the Exchequer, Rishi Sunak during a visit to Teesport in Middlesbrough. Picture date: Thursday March 4, 2021.
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Chancellor Rishi Sunak announced eight new freeports in England in March.

‘Rebalancing the economy and bringing high-quality, well-paid jobs to the regions’

Conservative MP and former minister Simon Clarke says levelling up is about “creating jobs and opportunity and restoring pride in place”.

“My priority for the future is very clear – delivering more good jobs, growth and investment for the area I was brought up in,” the MP for Middlesbrough South and East Cleveland told Sky News.

Mr Clarke added: “Here on Teesside, our new freeport is already bringing the first high-quality, well-paid jobs to our region with huge investors such as GE Renewables choosing Teesside for their new manufacturing operations.

“The Towns Fund, the Future High Streets Fund and the Levelling Up Fund are all enabling our local authorities to deliver investment and kick-start shovel-ready projects to make the improvements that will unlock future investment in our towns and communities.

“The government is rebalancing the economy to give communities which have felt ignored and let down a greater share of investment and greater control over how these investments are made.”

The research is looking at the activation of white cells
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Giles Wilkes, senior fellow at the Institute for Government, said Boris Johnson sees R&D (research and development) as key to his levelling up promise

‘What the state should be doing is what the levelling up debate is all about’

Giles Wilkes, senior fellow at the Institute for Government and former special adviser to Theresa May, says the levelling up debate for Mr Johnson’s government is about two things – investment and research and development (R&D) spending.

On the latter, he said: “This is the idea that if you try to situate your brainy industries outside of these regions that normally benefit from it, the south east and so on, then you will be able to generate new clusters that will become the Seattles and Bostons of the future.

“All I can say about this is that it is extremely difficult.

“The agglomeration benefits of being around where the existing clever people are is incredibly powerful and there is a long list, perhaps 100 long, on Wikipedia of places that decided to call themselves Silicon something-or-other and failed – because there is only one Silicon Valley.”

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Germany seizes $38M in crypto from Bybit hack-linked eXch exchange

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Germany seizes M in crypto from Bybit hack-linked eXch exchange

Germany seizes M in crypto from Bybit hack-linked eXch exchange

German law enforcement seized 34 million euros ($38 million) in cryptocurrency from eXch, a cryptocurrency platform allegedly used to launder funds stolen after Bybit’s record-breaking $1.4 billion hack.

The seizure, announced on May 9 by Germany’s Federal Criminal Police Office (BKA) and Frankfurt’s main prosecutor’s office, involved multiple crypto assets, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Dash (DASH). The move marks the third-largest crypto confiscation in the BKA’s history.

The authorities also seized eXch’s German server infrastructure with over eight terabytes of data and shut down the platform, the announcement added.

eXch exchanged crypto without AML

In the statement, the BKA described eXch as a “swapping” service that allowed users to exchange various crypto assets without implementing Anti-Money Laundering (AML) measures.

The platform had operated since 2014 and reportedly facilitated about $1.9 billion in crypto transfers, some of which were believed to be of “criminal origin,” including assets laundered during the Bybit hack.

Germany seizes $38M in crypto from Bybit hack-linked eXch exchange
Example of flow of Bybit exploit funds moving through eXch and bridging back and forth between Ether and Bitcoin. Source: TRM Labs

“Among other things, a portion of the $1.5 billion stolen from the Bybit crypto exchange, which was hacked on Feb. 21, 2025, is said to have been exchanged via eXch,” the authorities wrote.

Multisig, FixedFloat among laundering cases

According to a post by crypto sleuth ZachXBT, eXch was also involved in laundering millions of funds from other crypto thefts and exploits, including Multisig, FixedFloat and the $243 million Genesis creditor theft.

Those were in addition to “countless phishing drainer services over the past few years with refusal to block addresses and freeze orders,” ZachXBT said.

Germany, AML, Crimes, Hacks, Policy, Bybit
Source: ZachXBT

ZachXBT was among the first security analysts to report on eXch’s links to laundering $35 million of crypto assets stolen from Bybit soon after the hack was confirmed.

Related: Hacken CEO sees ‘no shift’ in crypto security as April hacks hit $357M

“Lazarus Group transferred 5K ETH from the Bybit Hack to a new address and began laundering funds via eXch (a centralized mixer) and bridging funds to Bitcoin via Chainflip,” ZachXBT wrote in a Telegram post on Feb. 22.

eXch announced termination of services by May 1

After initially denying involvement in laundering funds from the Bybit hack, eXch eventually announced it would cease operations by May 1 in a Bitcoin Talk post published in mid-April.

“Even though we have been able to operate despite some failed attempts to shut down our infrastructure […], we don’t see any point in operating in a hostile environment where we are the target of SIGINT [Signals Intelligence] simply because some people misinterpret our goals,” it wrote.

Addressing the seizure, senior public prosecutor Benjamin Krause stressed the importance of action against “quick and anonymous opportunities for money laundering for any amount.”

“Crypto swapping is an essential component of the underground economy, used to conceal incriminated funds from illegal activities such as hacking or trading in stolen payment card data, thus making them available to perpetrators,” he said.

Magazine: Finally blast into space with Justin Sun, Vietnam’s new national blockchain: Asia Express

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Red Wall MPs should focus on two-child benefit cap rather than winter fuel, Harriet Harman says

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Red Wall MPs should focus on two-child benefit cap rather than winter fuel, Harriet Harman says

Red Wall MPs should push for the two-child benefit cap to be lifted rather than a reversal of the winter fuel payment policy, Baroness Harriet Harman has said.

Baroness Harman, the former Labour Party chair, told Sky’s Electoral Dysfunction podcast that this would hand the group a “progressive win” rather than simply “protesting and annoying Sir Keir Starmer” over winter fuel.

Earlier this week, a number of MPs in the Red Wall – Labour’s traditional heartlands in the north of England – reposted a statement on social media in which they said the leadership’s response to the local elections had “fallen on deaf ears”.

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They singled out the cut to the winter fuel allowance as an issue that was raised on the doorstep and urged the government to rethink the policy, arguing doing so “isn’t weak, it takes us to a position of strength”.

Labour’s decision to means test the policy has snatched the benefit away from millions of pensioners.

But Baroness Harman said a better target for the group could be an overhaul of George Osborne’s two-child benefit cap.

More on Harriet Harman

The cap, announced in 2015 as part of Lord David Cameron’s austerity measures, means while parents can claim child tax credit or Universal Credit payments for their first and second child, they can’t make claims for any further children they have.

Labour faced pressure to remove the cap in the early months of government, with ministers suggesting in February that they were considering relaxing the limit.

Baroness Harman told Beth Rigby that this could be a sensible pressure point for Red Wall MPs to target.

She said: “It could be that they have a kind of progressive win, and it might not be a bad thing to do in the context of an overall strategy on child poverty.

“Let’s see whether instead of just protesting and annoying Sir Keir Starmer, they can build a bridge to a new progressive set of policies.”

Jo White, the Labour MP for Bassetlaw and a member of the Red Wall group, suggested that her party’s “connection” to a core group of voters “died” with the decision to means test the winter fuel payment for pensioners.

“We need to reset the government,” she told Electoral Dysfunction. “The biggest way to do that is by tackling issues such as winter fuel payments.

“I think we should raise the thresholds so that people perhaps who are paying a higher level of tax are the only people who are exempt from getting it.”

Pic: AP
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Pic: AP

A group of MPs in the Red Wall, thought to number about 40, met on Tuesday night following the fallout of local election results in England, which saw Labour lose the Runcorn by-election and control of Doncaster Council to Reform UK.

Following the results, Sir Keir said “we must deliver that change even more quickly – we must go even further”.

Some Labour MPs believe it amounted to ignoring voters’ concerns.

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UK and US trade deal will save thousands of UK jobs – Starmer
Starmer faces rebellion from Labour MPs over welfare reforms

One of the MPs who was present at the meeting told Sky News there was “lots of anger at the government’s response to the results”.

“People acknowledged the winter fuel allowance was the main issue for us on the doorstep,” they said.

“There is a lack of vision from this government.”

Another added: “Everyone was furious.”

Downing Street has ruled out a U-turn on means testing the winter fuel payment, following newspaper reports earlier this week that one might be on the cards.

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Can a trade deal with Trump save Starmer?

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Can a trade deal with Trump save Starmer?

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

With Ruth away, Beth and Harriet are joined by Salma Shah, a former Conservative special adviser from 2014-2018 and now a political commentator.

They unpack Donald Trump’s surprise UK trade deal announcement and what it means for Sir Keir Starmer, who’s also landed a deal with India and is gearing up for key EU negotiations.

But while the global optics look strong, the domestic mood is tense. Harriet has some advice for the Labour backbenchers who are unhappy over welfare cuts and the winter fuel allowance policy.

Also – does Sir Keir need a hand with his comms?

Come and join us live on Tuesday 20 May at Cadogan Hall in London, tickets available now: https://www.aegpresents.co.uk/event/electoral-dysfunction-live/

Remember you can also watch us on YouTube!

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