The golden rule of Boris Johnson’s Conservatives is that an otherwise disparate party is at its most happy when it’s talking about Brexit and its consequences.
At times of stress, it’s the trump card the PM routinely reaches for. Given the stage of the country, expect it to feature heavily during the party conference.
As the prime minister heads to Manchester in what would conventionally be an extraordinarily troublesome backdrop – fuel shortages, supply line disruption, containers mounting up at ports, food shortages for months, lack of medicines in pharmacies culling pigs where they live rather than in slaughter houses due to a lack of labour meaning they become pet food not pork – he will seek to turn this to his advantage.
Mr Johnson wants to boil this down into an argument over migration he believes he can win – the Tories will continue to control numbers coming in from overseas in the hope competition drives up wages, Labour would let in more workers from abroad to fill the vacancies, undercutting domestic workers.
It is a bold gambit, not without its risks. No matter the argument doesn’t fix the problems at hand or fill empty shelves. No matter that his government has had to increase visa numbers and relax conditions to entice migrant labour twice in a fortnight. No matter that Labour is not actually proposing a return to free movement or unlimited migration, though he is helped by their line being inconsistent. No matter that some economists would argue constraining labour supply when inflation is rising could lead to a stagnant economy.
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The argument over the involvement of Brexit will be nuanced, and he won’t say the shortages are a consequence of it. Instead he will make clear Brexit allowed the ending of free movement which stops overseas low-wage migration being part of the solution under his government.
Mr Johnson believes he has found a politically-winning dividing line up to a 2023 or 2024 election, so expect to hear variations of it from the conference podium and fringe events through the week. If he can show by the time of the next election wages have risen, he believes voters will thank him.
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The prime minister’s business secretary gave a foretaste of the argument in a pre-conference interview with Conservative Home.
Kwasi Kwarteng put the supply line crisis, flashing amber and red in different sectors in the briefings for minister, down to a “transition” as the UK “rejects a low-wage high immigration economic model”.
He goes on: “You’re quite right to say people are resisting that, particularly employers that were benefiting from an influx of labour that could keep wages low,” in remarks that will leave many industry associations reeling.
And what if the shortages cause disruption? “All you can do, other than take various emergency measures, is tough it out,” said Mr Kwarteng.
Faced with a crisis, this prime minister loves nothing more than to try and “tough it out”, so expect little backing down at conference, but if Christmas retail is disrupted in the way some predict, it could still be a choppy autumn for the Conservatives. But first he wants to use the extraordinary platform which Manchester affords.
The prime minister is entering Tory conference in as strong a position as any Conservative leader since David Cameron in October 2015. The Conservatives are eight percentage points of Labour in YouGov’s latest poll. The party enjoys huge leads in everyone over 50, with three times as many over-65s voting Tory as Labour. Almost nobody who voted Tory in 2019 says they will vote Labour now (at 2% this figure is within the margin of error of zero) with four times as many voters deserting to Richard Tice’s right-wing Reform party.
That does not mean that Mr Johnson is in an unassailable position. Slowly Sir Keir’s ratings have been catching up with Mr Johnson’s in the YouGov tracker. Some 52% said they disapprove of the government compared to 26% approving. It would not take much volatility for ‘red wall’ MPs, elected because Labour got the worst defeat since 1935 in the 2019 general election, to start to wobble. Politics can spiral.
Image: Sir Keir Starmer is slowly gaining on the PM in polls
This is not happening yet, and almost certainly will not happen in the confines of the Manchester Conference Centre. Tory MPs I’ve spoken are asking little more than that the prime minister empathises with cost of living pressures in his speech. Mr Johnson’s reshuffle confirmed he rules his party now, beholden to no one, hearing little meaningful dissent and happy to promote potential future rivals who can all compete to succeed.
So expect Manchester to be an Instagram beauty pageant, of Rishi Sunak’s diffident one-liners pitted against Liz Truss intoning to the ideologically faithful, all beautifully presented in picture form. Try and spot the work being put into the brands of people who consider themselves contenders to the Johnson throne while also waiting for Michael Gove to hit the dancefloor again.
With the lobbyists cooing complements and the faithful cheering, the Tory party conference is a long way from the real world. Mr Johnson will want to enjoy it.
Binance is set to implement new compliance measures for South African users, requiring sender and receiver information for all crypto deposits and withdrawals.
In an announcement on April 23, the largest exchange in terms of daily trading volume of cryptocurrencies said the move comes in response to local regulatory demands.
Starting April 30, Binance users in South Africa will be prompted to provide additional information when transferring crypto.
For deposits, users must disclose the sender’s full name, country of residence, and, if applicable, the name of the originating crypto exchange. Similarly, withdrawals will require beneficiary details before processing.
Binance to require information for all crypto transfers in South Africa. Source: Binance
The update will only impact crypto deposits and withdrawals, leaving trading and other platform features unaffected.
On April 2, Bloomberg reported that South Africa’s Revenue Service (SARS) is urging individuals, crypto exchanges and intermediaries involved in crypto transactions to register with the authority, warning that failure to do so is now illegal.
In March, the Financial Sector Conduct Authority (FSCA) of South Africa issued a public warning against two unlicensed crypto firms, Afriinvest and Mutualwealth, accusing them of soliciting investments while promising unrealistic returns of up to 10,000 rand ($542) per day.
Emerging economies across Africa, particularly South Africa, are positioning themselves as potential digital asset hubs amid growing regulatory clarity, Ben Caselin, chief marketing officer (CMO) of Johannesburg-based crypto exchange VALR, told Cointelegraph in September 2024.
Caselin said that South Africa’s strong legal framework and ease of business make it a key entry point for crypto expansion across the continent.
The South African crypto market is projected to generate $278 million in revenue in 2025, with expectations to grow at a compound annual growth rate (CAGR) of 7.86% and reach $332.9 million by 2028, according to Statista.
Revenue in South Africa’s crypto market is expected to grow by 7.86% by 2028. Source: Statista
Robert Jenrick has vowed to “bring this coalition together” to ensure that Conservatives and Reform UK are no longer fighting each other for votes by the time of the next election, according to a leaked recording obtained by Sky News.
The shadow justice secretary told an event with students last month he would try “one way or another” to make sure Reform UK and the Tories do not compete at another general election and hand a second term in office to Keir Starmer in the process.
In the exclusive audio, Mr Jenrick can be heard telling the students he is still working hard to put Reform UK out of business – the position of the Tory leader Kemi Badenoch.
Image: Shadow justice secretary Robert Jenrick. Pic: PA
However, more controversially, the comments also suggest he can envisage a time when that position may no longer be viable and has to change. He denies any suggestion this means he is advocating a Tory-Reform UK pact.
The shadow justice secretary came second to Mrs Badenoch in the last leadership contest and is the bookies’ favourite to replace her as the next Conservative leader.
Image: Robert Jenrick lost the Tory leadership contest to Kemi Badenoch. Pic: PA
Speaking to the UCL Conservative association dinner in late March, he can be heard saying: “[Reform UK] continues to do well in the polls. And my worry is that they become a kind of permanent or semi-permanent fixture on the British political scene. And if that is the case, and I say, I am trying to do everything I can to stop that being the case, then life becomes a lot harder for us, because the right is not united.
“And then you head towards the general election, where the nightmare scenario is that Keir Starmer sails in through the middle as a result of the two parties being disunited. I don’t know about you, but I’m not prepared for that to happen.
“I want the fight to be united. And so, one way or another, I’m determined to do that and to bring this coalition together and make sure we unite as a nation as well.”
This is the furthest a member of the shadow cabinet has gone in suggesting that they think the approach to Reform UK may evolve before the next general election.
Last night, Mr Jenrick denied this meant he was advocating a pact with Reform UK.
A source close to Mr Jenrick said: “Rob’s comments are about voters and not parties. He’s clear we have to put Reform out of business and make the Conservatives the natural home for all those on the right, rebuilding the coalition of voters we had in 2019 and can have again. But he’s under no illusions how difficult that is – we have to prove over time we’ve changed and can be trusted again.”
Mrs Badenoch has said in interviews that she cannot see any circumstances that the Tories under her leadership would do a deal with Reform UK.
Image: Reform UK leader Nigel Farage. Pic: PA
In next week’s local elections, Reform UK will compete directly against the Tories in a series of contests from Kent to Lincolnshire. At last year’s general election, in more than 170 of the 251 constituencies lost by the Conservatives the Reform vote was greater than the margin of the Tories’ defeat.
Today’s YouGov/Sky voting intention figures put Reform UK in front on 25%, Labour on 23% and the Conservatives on 20%, with the Lib Dems on 16% and Greens on 10%.
The US Securities and Exchange Commission has said it doesn’t intend to refile its securities fraud complaint against Hex founder Richard Schueler, who goes by Richard Heart.
“Plaintiff Securities and Exchange Commission provides this notice that it does not intend to file an amended complaint in this matter,” the regulator’s lawyer, Matthew Gulde, stated in an April 21 letter to New York District Court Judge Carol Bagley Amon.
The court had previously dismissed the SEC’s original complaint on Feb. 28 as Judge Amon said the regulator failed to establish that it had jurisdiction over Heart’s activities, which she said were not specifically targeted at US investors.
She granted leave for the SEC to file an amended complaint by March 20, later extending the deadline to April 21.
Heart posted to X on April 22 that “Richard Heart, PulseChain, PulseX, and HEX have defeated the SEC completely and have achieved regulatory clarity that nearly no other coins have.”
Heart added that the SEC walked away from some of its other cryptocurrency cases voluntarily, but claimed his was the only case where “the SEC lost and crypto won across the board, with a dismissal in court of every single claim the SEC brought.”
Heart said it was a victory for open-source software, cryptocurrency and free speech because the SEC “actually sued software code itself in this case.”
SEC hunted Heart in Finland
The SEC sued Heart in July 2023 for alleged unregistered securities offerings of three tokens, HEX, PulseChain (PLS), and PulseX (PSLX), claiming he made more than $1 billion by touting the tokens as a “pathway to grandiose wealth for investors.”
In April 2024, Heart tried to have the suit tossed, claiming the regulator “has no sway over him,” because he didn’t reside in the United States.
The SEC opposed this in August, claiming he touted the tokens at a Las Vegas event. In December 2024, Interpol issued a Red Notice for Heart, seeking his arrest in Finland, where he was also suspected of tax evasion.
The PulseChain native token (HEX) hit an all-time high of $0.031 in December 2024 but has since tanked 76% as most altcoins have failed to follow Bitcoin’s momentum this year.
The SEC has dropped or suspended several cases against crypto firms so far this year under the Trump administration.