Boris Johnson has refused to apologise after he said Margaret Thatcher gave the UK a “big early start” in its battle against climate change when she closed coal mines in the 1980s.
The PM’s official spokesperson told reporters Mr Johnson recognises the “huge impact and pain” caused by the closure of coal mines – but did not confirm whether he would say sorry for the remark.
But Labour leader Sir Keir Starmer called for the PM to apologise “immediately” and accused the Conservative government of not caring about “communities still suffering from the devastating effects of Margaret Thatcher’s callous actions”.
Please use Chrome browser for a more accessible video player
PM: Thatcher gave UK an ‘early start’ on climate
The prime minister made the comment during a visit to Scotlandon Thursday, when he was asked if he would set a deadline for ending fossil fuel extraction.
“Look at what we’ve done already. We’ve transitioned away from coal in my lifetime,” he said.
Advertisement
“Thanks to Margaret Thatcher, who closed so many coal mines across the country, we had a big early start and we’re now moving rapidly away from coal altogether.”
According to the Daily Record, the prime minister laughed when he made the reference to Mrs Thatcher, whose time in Downing Street (1979-90) featured the miners’ strike of 1984-5.
More on Margaret Thatcher
Mr Johnson is reported to have added: “I thought that would get you going.”
Pressed on the matter on Friday, the PM’s official spokesperson said: “The prime minister recognises the huge impact and pain closing coal mines had in communities across the UK.
“This government has an ambitious plan to tackle the critical issue of climate change, which includes reducing reliance on coal and other non-renewable energy sources.
“During the visit the prime minister pointed to the huge progress already made in the UK transitioning away from coal and towards cleaner forms of energy, and our commitment to supporting people and industries on that transition.”
Lives & communities in Scotland were utterly devastated by Thatcher’s destruction of the coal industry (which had zero to do with any concern she had for the planet). To treat that as something to laugh about is crass & deeply insensitive to that reality. https://t.co/QY0Y59UO3K
Asked if the PM plans to apologise for his remark, the spokesman added: “You’ve got my words there, the prime minister recognises the huge impact and pain closing coal mines had in communities across the UK.”
The prime minister’s Thatcher comment drew quick condemnation from opposition parties and Scotland’s First Minister Nicola Sturgeon.
“The prime minister has shown his true colours yet again,” Sir Keir said on Friday.
“For Boris Johnson to laugh when talking about the closure of the coal mines is a slap in the face for communities still suffering from the devastating effects of Margaret Thatcher’s callous actions.
“I’m proud to have always stood with our coalfield communities. I represented the miners in court as the Tories tried to close the pits. These communities contributed so much to the success of our country, and then were abandoned.
“The Tories didn’t care then, and they don’t care now.
“For Boris Johnson to treat the pain and suffering caused to our coalfield communities as a punchline shows just how out of touch with working people he is.
“The prime minister must apologise immediately.”
In a tweet on Thursday, Ms Sturgeon said: “Lives and communities in Scotland were utterly devastated by Thatcher’s destruction of the coal industry (which had zero to do with any concern she had for the planet).
“To treat that as something to laugh about is crass & deeply insensitive to that reality.”
And Scottish Greens Central Scotland MSP Gillian Mackay added: “Thatcher’s decimation of the coal industry had absolutely nothing to do with environmentalism and everything to do with her despicable anti-trade union ideology.”
But Conservative MPs have defended the PM’s remarks.
One Conservative MP in a ‘red wall’ seat told Sky News they believed the issue had been “massively overblown”, adding the only email they had received from a constituent in relation to the matter was supportive of the prime minister.
Image: The PM’s official spokesperson told reporters Mr Johnson recognises the ‘huge impact and pain’ caused by the closure of coal mines
And Brendan Clarke-Smith, MP for Bassetlaw – a former mining town – said the comment was made “in jest” but admitted he would not have said it himself.
“The comment has clearly been made in jest and was said in the context of the move away from fossil fuels to renewable and clean forms of energy,” Mr Clarke-Smith told Sky News.
He added: “That said, I wouldn’t have made the joke myself and I think we all know that when an industry closes down in a community it can have a hugely detrimental effect on the local economy, which can take a generation to solve. I have seen this with my own eyes.
“If we were talking about speeding up closures, then I would have actually used Labour’s Harold Wilson as an example, who closed 290 pits, as opposed to the 160 under Margaret Thatcher. Tony Blair also continued the trend towards closures.
“I do find it remarkable that the same people criticise the prime minister for his comments about pit closures, but then stand up in parliament expecting everybody to cut out fossil fuels immediately and drive electric cars. They can’t have it both ways.”
Mr Clarke-Smith continued: “We are proud of our mining heritage in Bassetlaw and it is something to be recognised. I am currently fighting for miners to receive a fairer deal from the Mineworkers Pension Scheme for example. We are now entering a new age however and we must seize these new opportunities to build back better in Bassetlaw.”
The US Securities and Exchange Commission (SEC) sent warning letters to several exchange-traded fund (ETF) providers, halting applications for leveraged ETFs that offer more than 200% exposure to the underlying asset.
ETF issuers Direxion, ProShares, and Tidal received letters from the SEC citing legal provisions under the Investment Company Act of 1940.
The law caps exposure of investment funds at 200% of their value-at-risk, defined by a “reference portfolio” of unleveraged, underlying assets or benchmark indexes. The SEC said:
“The fund’s designated reference portfolio provides the unleveraged baseline against which to compare the fund’s leveraged portfolio for purposes of identifying the fund’s leverage risk under the rule.”
The SEC directed issuers to reduce the amount of leverage in accordance with the existing regulations before the applications would be considered, putting a damper on 3-5x crypto leveraged ETFs in the US.
SEC regulators posted the warning letters the same day they were sent to the issuer, in an “unusually speedy move” that signals officials are keen on communicating their concerns about leveraged products to the investing public, according to Bloomberg.
The crypto market took a nosedive in October after a flash crash caused $20 billion in leveraged liquidations, the most severe single-day liquidation event in crypto history, sparking discussions among analysts and investors over the dangers of leverage and its effect on the crypto market.
24-hour liquidations in the crypto derivatives market. Source: Coinglass
Liquidations in the crypto futures market during the last cycle averaged about $28 million in long positions and $15 million in shorts per day.
The current cycle is clocking about $68 million in long liquidations and $45 million in short liquidations daily, according to Glassnode.
Demand for leveraged crypto ETFs surged following the 2024 presidential election in the United States, in anticipation of a better regulatory climate for crypto in the US.
Leveraged ETFs are not subject to margin calls and automated liquidations like leveraged crypto derivatives, but can still deal a serious blow to investor capital in a bear market or even a sideways market, as losses compound more quickly than gains.
Taiwan could see its first stablecoin launched as early as the second half of 2026 as lawmakers advance new rules for digital assets, according to one of the country’s financial regulators.
According to a Focus Taiwan report on Wednesday, Financial Supervisory Commission (FSC) Chair Peng Jin-lon said that, based on the timeline for passing related legislation, a Taiwan-issued stablecoin could enter the market in the second half of 2026.
Should the Virtual Assets Service Act pass in the country’s next legislative session, and accounting for a six-month buffer period for the law to take effect, it would lay the groundwork for the launch of a Taiwanese stablecoin.
Peng said the draft legislation was derived from Europe’s Markets in Crypto-Assets (MiCA) and would eventually allow non-financial institutions to issue stablecoins. Initially, however, Taiwan’s central bank and the FSC would restrict issuance to regulated entities.
Last year, Taiwan’s policymakers began enforcing Anti-Money Laundering regulations in response to alleged violations by crypto companies MaiCoin and BitoPro. As of December, however, regulated entities in the country have yet to launch a stablecoin pegged to either the US dollar or the Taiwan dollar.
In addition to the FSC’s advancement of stablecoin regulations, Taiwan’s policymakers are reportedly assessing the total amount of Bitcoin (BTC) confiscated by authorities. The move signaled that the nation could be preparing to launch its own strategic crypto stockpile.
Ju-Chun, a Taiwanese lawmaker, called on the government to add BTC to its national reserves in May as a hedge against economic uncertainty.
The country’s reserves include US Treasury bonds and gold, but no cryptocurrencies. Other countries, such as the US, have adopted policies that promote Bitcoin and crypto reserves.
Former US Securities and Exchange Commission Chair Gary Gensler renewed his warning to investors about the risks of cryptocurrencies, calling most of the market “highly speculative” in a new Bloomberg interview on Tuesday.
He carved out Bitcoin (BTC) as comparatively closer to a commodity while stressing that most tokens don’t offer “a dividend” or “usual returns.”
Gensler framed the current market backdrop as a reckoning consistent with warnings he made while in office that the global public’s fascination with cryptocurrencies doesn’t equate to fundamentals.
“All the thousands of other tokens, not the stablecoins that are backed by US dollars, but all the thousands of other tokens, you have to ask yourself, what are the fundamentals? What’s underlying it… The investing public just needs to be aware of those risks,” he said.
Gensler’s record and industry backlash
Gensler led the SEC from April 17, 2021, to Jan. 20, 2025, overseeing an aggressive enforcement agenda that included lawsuits against major crypto intermediaries and the view that many tokens are unregistered securities.
The industry winced at high‑profile actions against exchanges and staking programs, as well as the posture that most token issuers fell afoul of registration rules.
Gary Gensler labels crypto as “highly speculative.” Source: Bloomberg
Under Gensler’s tenure, Coinbase was sued by the SEC for operating as an unregistered exchange, broker and clearing agency, and for offering an unregistered staking-as-a-service program. Kraken was also forced to shut its US staking program and pay a $30 million penalty.
The politicization of crypto
Pushed on the politicization of crypto, including references to the Trump family’s crypto involvement by the Bloomberg interviewer, the former chair rejected the framing.
“No, I don’t think so,” he said, arguing it’s more about capital markets fairness and “commonsense rules of the road,” than a “Democrat versus Republican thing.”
He added: “When you buy and sell a stock or a bond, you want to get various information,” and “the same treatment as the big investors.” That’s the fairness underpinning US capital markets.
On ETFs, Gensler said finance “ever since antiquity… goes toward centralization,” so it’s unsurprising that an ecosystem born decentralized has become “more integrated and more centralized.”
He noted that investors can already express themselves in gold and silver through exchange‑traded funds, and that during his tenure, the first US Bitcoin futures ETFs were approved, tying parts of crypto’s plumbing more closely to traditional markets.
Gensler’s latest comments draw a familiar line: Bitcoin sits in a different bucket, while most other tokens remain, in his view, speculative and light on fundamentals.
Even out of office, his framing will echo through courts, compliance desks and allocation committees weighing BTC’s status against persistent regulatory caution of altcoins.