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The prime minister is expected to announce a rise in national insurance payments to fund social care, despite this being a breach of the 2019 Tory manifesto.

Reports in The Times and The Daily Telegraph say the plans could be revealed as soon as next week when parliament returns from its summer recess.

Both newspapers said national insurance is the favoured approach but there are varying reports of how much the rise could be.

The Times said Health Secretary Sajid Javid is pushing for a 2% increase while Chancellor Rishi Sunak is arguing against any increase of more than 1%.

The Daily Telegraph said Number 10 wants a one percentage point rise but the Treasury is pushing to go higher, possibly 1.25 percentage points.

Social care is in desperate need of funding reform but any plan to increase national insurance payments is likely to disproportionately hit millions of younger people.

It will also break a promise made by the Conservatives ahead of the 2019 general election, which guaranteed there would be no increase to the rate of income tax, VAT, or national insurance.

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This promise was confirmed in July by Business Secretary Kwasi Kwarteng, who told Sky News: “That’s what it says in the manifesto, I don’t see how we could increase national insurance.

“But you know things have been very flexible over the last 18 months, we’ve lived through an unprecedented time, we’ve been spending huge amounts of money that we never thought was possible and it’s up to the chancellor and the Treasury, and the wider government, to decide a budget.”

Munira Wilson, the Liberal Democrats spokesperson for health and social care, said in a statement the increase of two percentage points was “unfair and unjust”.

“Sajid Javid is putting the burden on the same people who have been hardest hit by the pandemic, and Boris Johnson has today broken his manifesto promise not to raise taxes.

“Has it really taken all this time, to make a decision to rip-off the people who can least afford to shoulder the burden of social care?”

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CFTC greenlights spot crypto trading on US exchanges

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CFTC greenlights spot crypto trading on US exchanges

The US Commodity Futures Trading Commission has given approval for spot cryptocurrency products to trade on federally regulated futures exchanges.

In a Thursday notice, Acting CFTC Chair Caroline Pham said the move was in response to policy directives from US President Donald Trump. She added that the approval followed recommendations by the President’s Working Group on Digital Asset Markets, engagement with the US Securities and Exchange Commission and consultations from the CFTC’s “Crypto Sprint” initiative.

“[F]or the first time ever, spot crypto can trade on CFTC-registered exchanges that have been the gold standard for nearly a hundred years, with the customer protections and market integrity that Americans deserve,” said Pham.

Investments, SEC, Cryptocurrency Exchange, Trading
Source: Acting CFTC Chair Caroline Pham

Pham, who became acting CFTC chair in January amid Trump’s taking office, is expected to step down once the US Senate confirms a replacement. The nomination of Michael Selig, an SEC official whom Trump nominated to chair the CFTC, is expected to head to the Senate floor for a vote soon after moving out of committee. 

Related: Acting CFTC chair seeks CEOs for ‘innovation council,’ citing crypto policy

One of the derivatives exchanges poised to be among the first to begin enacting trading is Bitnomial, which scheduled its launch for next week. The exchange is authorized to operate under the CFTC as a Designated Contract Market, which Coinbase also obtained in 2020.

Awaiting market structure, new leadership at CFTC

In addition to Selig’s nomination under consideration in the Senate, the CFTC has four empty commissioner seats on its leadership. As of Thursday, Trump had not announced any potential replacements for the regulator.

Also expected soon is for US senators to advance a digital asset market structure bill, legislation expected to lay out clear regulatory roles for the CFTC and SEC over cryptocurrencies. Discussion drafts of possible frameworks would give the CFTC more authority to regulate digital assets.