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adminSince 2021, pop superstar Taylor Swift has been rerecording and releasing her entire back catalog of albums in an effort to break away from her previous record label and gain greater control over her art.
The fact she has to go through such a painstaking, expensive process just to recover what most would consider rightfully hers highlights how the music industry can be a complicated, confusing place for young artists. It has a well-deserved reputation for being a space where enthusiastic musicians often unknowingly enter into unfavorable or exploitative record contracts.
“I would say maybe 10% of musicians have a good understanding, 1% of musicians have a great understanding, and 0.1% of musicians have an amazing understanding” of the legal and financial structure behind the music industry, Justin Blau tells Magazine. Also known as 3lau, Blau is a popular DJ and the founder of Royal, one of a handful of companies working to bridge the divide between the traditional music industry and blockchain.
Web3 or blockchain is often hyped up as the “Promised Land” for musicians, where the music industry will be democratized and decentralized, and where musicians will earn a larger slice of the profit pie by connecting directly with fans through NFTs.
One rising use case for “music NFTs” is tokenizing a song’s royalties, allowing fans to earn a percentage of the revenue generated by their favorite artists’ music.
But music copyright law and royalty collection are highly complicated, and very much off-chain. So, where exactly does blockchain fit in, and what do artists and fans gain from its introduction?
A complicated starting point
To start with the very basics, each piece of recorded music has two copyrights associated with it: One represents the recording itself, while the other represents the underlying composition — the written lyrics and music.
Depending on how many people and companies are involved in writing and releasing a song, any one track can have multiple rights holders. Musicians who release music through record labels are often required to sign over the master recording rights to the label.

Each copyright also generates its own associated royalties based on whether the song was played on the radio, listened to on Spotify, featured in a movie, etc. On top of that, different organizations are responsible for collecting each type of royalty.
With all that, it’s easy to see why the average artist may not fully grasp the business side of the music industry when entering into a recording contract that benefits their label more than them.

“Very few people really begin understanding the business of music and how it works, let alone the legal part of it,” Renata Lowenbraun, an attorney and CEO of Infanity — a Web3 platform for independent music artists and their communities — tells Magazine.
“The more informed you are as a recording artist or as a songwriter, the better off you are.”
Read also
Putting royalties on the blockchain
There are three main companies working on tokenizing traditional music royalty streams — Blau’s Royal, Anotherblock and Bolero — and they all follow the same basic premise.
A song’s rights holders divest a certain percentage of their royalties, and those royalty rights are fractionalized as NFTs. Tokenholders receive regular payouts to their crypto wallets in USDC in proportion to their share of the rights. If they wish to sell their NFTs, they can do so on the company’s website or secondary markets like OpenSea.

The core focus of Royal is streaming, and the platform has already worked with several high-profile musicians, including Nas and The Chainsmokers. Blau tells Magazine that streaming is “where most of the income comes from,” and that since fans can directly impact how often a song is streamed, “it makes the most sense to give fans the ownership in something that they actually can affect the success of.”
Royal’s NFTs live on Polygon and can be stored either in a custodial wallet managed by Royal or self-custodied using a wallet like MetaMask.

Anotherblock — which has worked with musicians like The Weeknd and R3hab — also focuses on streaming royalties and uses Ethereum. Investors can buy the NFTs with ETH using a self-custodial wallet or through the third-party wallet service Paper.
With all three platforms, the original rights holders retain ownership of the copyright itself — all they give up is a share of the royalties. Anotherblock CEO Filip Strömsten tells Magazine, “We think that the creators are the ones that have made the track, and they should be able to decide where their music is and how their music is being listened to.”

Bolero is a more recent entrant to the business of putting royalties on the blockchain, launching the Polygon-based “Song Shares” in February. It has worked with musicians like Agoria and Yemi Alade.
While Royal and Anotherblock fractionalize just one of the royalty streams generated by a song’s master recording, Bolero focuses on the master recording itself and its underlying IP.
As a result, NFT holders are entitled to a percentage of the royalties generated by multiple exploitations of the master recording, including physical sales, digital sales and sync placements (when a song is used in a movie, TV show, etc) in addition to streams.
“This is what we are trying to tackle here,” William Bailey, Bolero’s co-founder and CEO, tells Magazine.
“We are taking IP, we are fractionalizing, and thanks to this, we are able to offer multiple revenue sources.”
Keeping the artists at the center
Many builders in the Web3 music space are motivated by their own negative experiences in the business.
Blau, who continues to release music and tour, says he wants to help musicians better understand the industry, know the true value of their music, and ultimately, retain more ownership. “Everyone’s heard the saying ‘artists don’t get paid for music,’” he says. “That’s true a lot of the time. But the statement ‘music doesn’t make money’ is not true.”

Anotherblock’s Strömsten is also a musician, and his negative experience signing a recording contract at 18 later inspired him to co-found the company so that artists could sell their catalogs directly to fans instead of giving them away for virtually free to record labels.
“We want to emotionally and financially connect the consumers of music with the creators of music,” he states. “If you actually own something, then you are probably willing to pay more, and you’re probably willing to support that creator more.”

With a traditional recording contract, the label acts as a bank, giving artists cash advances and fronting the money to record their albums. But there’s a massive catch: The label wants that money back, and the artist is technically in debt until the label recoups its investment.
For Bolero’s Bailey, selling a part of one’s music catalog directly to fans is a way to get money upfront but not be indebted to a record label. “Instead of taking an advance that will be really difficult to recoup, […] maybe you can simply share or sell a little piece of it.” He adds:
“Thanks to Web3, I can access a liquid market to trade my IP without losing creative control.”

And when collectors decide to sell their tokens on secondary markets, artists can continue to profit from each sale. So while artists give up some of their future music industry royalties, they gain access to a different set of blockchain royalties generated from the secondary sales of their NFTs — assuming traders sell them on markets with this feature enabled.
Read also
What’s in it for the fans?
So, what do fans gain from musicians tokenizing their royalties? The most obvious answer is that they can more directly support their favorite artists and get some “skin in the game.” The better a song performs, the more money fans can potentially make.
Purchasing music catalogs has historically been limited to a select few major institutional funds and record labels with deep pockets. But through fractionalization, “the average Joe can actually access music rights,” argues Strömsten.

Music catalogs for major artists are generally recognized as stable assets with reliable, lucrative returns for investors. Strömsten reports that Anotherblock’s recent royalty payouts saw “approximately 9% annualized dividend yields, which is much better than the stock market is performing, especially now.”
“You buy a catalog, and if the economics are right, you’re going to have royalties coming in in the future,” adds Infanity’s Lowenbraun. She also points to the collectible nature of the NFTs themselves — fans have a blockchain-based memento proving they are long-time supporters of an artist.

“Think about the bragging rights you can have, right? ‘Hey, I was an earlier supporter. I was into this in this person before anybody, before he blew up.’ But you can really prove that now.”
This aspect has also been embraced by platforms such as Sound, which recently raised $20 million in a Series A funding round that included the participation of rapper and crypto connoisseur Snoop Dogg. Projects like Sound and Infanity let artists mint limited-edition music NFTs tied to new music releases, allowing fans to directly support them in exchange for perks like exclusive meet-and-greets and VIP concert tickets.
Bolero’s Song Shares include a clause where artists can buy back the IP they divested to collectors at the current secondary market price. If the tokens have increased in value, fans make a profit.
For Bailey, this ensures fans are properly compensated in the event an artist gains greater success and wants to pursue other lucrative deals.
“The fans and the investors who are actually acquiring these pieces of catalogs, they are not lost in the process.”
Blockchain, meet the real world
For all of the promises of Web3, the traditional music industry remains very much off-chain. As Royal’s Blau puts it, “It’s impossible to expect the world to just flip a switch and move everything on the blockchain.” This effectively means that there is only partial decentralization, with these platforms acting as trusted intermediaries, collecting revenue from centralized off-chain sources before moving it on-chain.
This irony isn’t lost on Strömsten, who tells Magazine: “I would say that is probably the biggest challenge. If you want to have a decentralized music industry to begin with, then anyone who listens to music has to do that on-chain, right? So, the royalties have to start on-chain in order for it to be completely trustless and completely decentralized in that way. And it’s pretty improbable, in my view, that in the short term that is going to happen.”

Then there is the regulatory and legal ambiguity around crypto and NFTs, especially in the United States, which is the largest market for recorded music and home to the “Big Three” major record labels — Universal Music Group, Sony Music Entertainment and Warner Music Group. (UMG is legally headquartered in the Netherlands but maintains its operational headquarters in California). For example, the question of whether NFTs can be considered securities in the U.S. is still up in the air.
“The law, in general, always lags behind new technology because new technology just moves a lot quicker,” attorney Lowenbraun states. “Over time, the courts will slowly get used to this new technology and come up with ways of crafting the law, or rather to use existing principles to figure out what the heck things mean in Web3. I have full confidence in that.”
She adds that while linking royalties to NFTs is an exciting idea, builders must tread carefully. “For anybody working in it now, it just means you’ve got to make some logical best guesstimates based on where existing law is now on where it should be going.”
“It’s still a little iffy depending on how you offer what you’re offering.”
The future is on-chain — potentially

The Promised Land may still be some way — with no easy path to get there. It would require music rights to be stored on-chain and royalties to be paid on-chain, both of which are technologically possible but don’t seem to be an immediate priority of anyone in the traditional industry.
Many traditional music industry players have little interest in shaking up the current model, as its complex and confusing nature ultimately benefits them and their ability to make money at the expense of artists. As Bailey says, “They are making their bread and butter because it is complicated, you know?”

But true believers still think we’ll make it. Ljungberg believes that “in a couple of years, it’s not unlikely, in my view at least, that Spotify will pay out royalties directly on-chain and get distributed automatically to all the parties that are involved since that’s a lot more efficient way of doing it.”
According to Blau, it’s just a matter of patience:
“People don’t understand it yet. Any nascent technology just takes time to reduce friction.”
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Jonathan DeYoung
Jonathan DeYoung is the senior copy editor at Cointelegraph. He is interested in how decentralized technologies can strengthen communities, and the ways blockchain can empower independent artists and creators. In his free time, Jonathan raps and produces under the name “MADic.”
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Politics
Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset
Published
6 hours agoon
April 5, 2025By
admin
Satoshi Nakamoto, the pseudonymous creator of Bitcoin, marks their 50th birthday amid a year of rising institutional and geopolitical adoption of the world’s first cryptocurrency.
The identity of Nakamoto remains one of the biggest mysteries in crypto, with speculation ranging from cryptographers like Adam Back and Nick Szabo to broader theories involving government intelligence agencies.
While Nakamoto’s identity remains anonymous, the Bitcoin (BTC) creator is believed to have turned 50 on April 5 based on details shared in the past.
According to archived data from his P2P Foundation profile, Nakamoto once claimed to be a 37-year-old man living in Japan and listed his birthdate as April 5, 1975.
Source: Web.archive.org
Nakamoto’s anonymity has played a vital role in maintaining the decentralized nature of the Bitcoin network, which has no central authority or leadership.
The Bitcoin wallet associated with Nakamoto, which holds over 1 million BTC, has laid dormant for more than 16 years despite BTC rising from $0 to an all-time high above $109,000 in January.
Satoshi Nakamoto statue in Lugano, Switzerland. Source: Cointelegraph
Nakamoto’s 50th birthday comes nearly a month after US President Donald Trump signed an executive order creating a Strategic Bitcoin Reserve and a Digital Asset Stockpile, marking the first major step toward integrating Bitcoin into the US financial system.
Related: Bitcoin at 16: From experiment to trillion-dollar asset
Nakamoto’s legacy: a “cornerstone of economic sovereignty”
“At 50, Nakamoto’s legacy is no longer just code; it’s a cornerstone of economic sovereignty,” according to Anndy Lian, author and intergovernmental blockchain expert.
“Bitcoin’s reserve status signals trust in its scarcity and resilience,” Lian told Cointelegraph, adding:
“What’s fascinating is the timing. Fifty feels symbolic — half a century of life, mirrored by Bitcoin’s journey from a white paper to a trillion-dollar asset. Nakamoto’s vision of trustless, peer-to-peer money has outgrown its cypherpunk roots, entering the halls of power.”
However, lingering questions about Nakamoto remain unanswered, including whether they still hold the keys to their wallet, which is “a fortune now tied to US policy,” Lian said.
Related: Bitcoin’s next catalyst: End of $36T US debt ceiling suspension
Is Satoshi Nakamoto wealthier than Bill Gates?
In February, Arkham Intelligence published findings that attribute 1.096 million BTC — then valued at more than $108 billion — to Nakamoto. That would place him above Microsoft co-founder Bill Gates on the global wealth rankings, according to data shared by Coinbase director Conor Grogan.
Satoshi’s new addresses. Source: Conor Grogan
If accurate, this would make Nakamoto the world’s 16th richest person.
Despite the growing interest in Nakamoto’s identity and holdings, his early decision to remain anonymous and inactive has helped preserve Bitcoin’s decentralized ethos — a principle that continues to define the cryptocurrency to this day.
Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’
Politics
Wall Street’s one-day loss tops the entire crypto market cap
Published
11 hours agoon
April 5, 2025By
admin
The United States stock market lost more in value over the April 4 trading day than the entire cryptocurrency market is worth, as fears over US President Donald Trump’s tariffs continue to ramp up.
On April 4, the US stock market lost $3.25 trillion — around $570 billion more than the entire crypto market’s $2.68 trillion valuation at the time of publication.
Nasdaq 100 is now “in a bear market”
Among the Magnificent-7 stocks, Tesla (TSLA) led the losses on the day with a 10.42% drop, followed by Nvidia (NVDA) down 7.36% and Apple (AAPL) falling 7.29%, according to TradingView data.
The significant decline across the board signals that the Nasdaq 100 is now “in a bear market” after falling 6% across the trading day, trading resource account The Kobeissi Letter said in an April 4 X post. This is the largest daily decline since March 16, 2020.
“US stocks have now erased a massive -$11 TRILLION since February 19 with recession odds ABOVE 60%,” it added. The Kobessi Letter said Trump’s April 2 tariff announcement was “historic” and if the tariffs continue, a recession will be “impossible to avoid.”
Source: Anthony Scaramucci
On April 2, Trump signed an executive order establishing reciprocal tariffs on trading partners and a 10% baseline tariff on all imports from all countries.
Trump said the reciprocal tariffs will be roughly half the rate US trading partners impose on American goods.
Related: Bitcoin bulls defend $80K support as ‘World War 3 of trade wars’ crushes US stocks
Meanwhile, the crypto industry has pointed out that while the stock market continues to decline, Bitcoin (BTC) remains stronger than most expected.
Crypto trader Plan Markus pointed out in an April 4 X post that while the entire stock market “is tanking,” Bitcoin is holding.
Source: Jeff Dorman
Even some crypto skeptics have pointed out the contrast between Bitcoin’s performance and the US stock market during the recent period of macro uncertainty.
Stock market commentator Dividend Hero told his 203,200 X followers that he has “hated on Bitcoin in the past, but seeing it not tank while the stock market does is very interesting to me.”
Meanwhile, technical trader Urkel said Bitcoin “doesn’t appear to care one bit about tariff wars and markets tanking.” Bitcoin is trading at $83,749 at the time of publication, down 0.16% over the past seven days, according to CoinMarketCap data.
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Politics
‘We will see closures’: The industries hit the hardest by national insurance hike
Published
14 hours agoon
April 5, 2025By
admin
The cost of having staff is going up this Sunday as the increase in employers’ national insurance kicks in.
Chancellor Rachel Reeves announced in the October budget employers will have to pay a 15% rate of national insurance contributions (NIC) on their employees from 6 April – up from 13.8%.
She also lowered the threshold at which employers pay NIC from £9,100 a year to £5,000 a year, meaning they start paying at an earlier point on staff salaries.
This is on top of the national minimum wage rising, the business relief rate for hospitality, retail and leisure reducing from 75% to 40% and the rising cost of ingredients and services.
Sky News spoke to people working in some of the industries that will be hardest hit by the rise in NIC: Nurseries, hospitality, retail, small businesses and care.
NURSERIES
Nearly all (96% of 728) nurseries surveyed by the National Day Nurseries Association (NDNA) said they will have no choice but to put up fees because of the NIC rise, leaving parents to pick up the shortfall.
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The NDNA has warned nurseries could close due to the rise, with 14% saying their business is at risk, 69% reducing spending on resources and 39% considering offering fewer places with government-funded hours as 92% said they do not cover their costs.
Sarah has two children, with her youngest starting later this month, but they were just informed fees will now be £92 a day – compared with £59 at the same nursery when her eldest started five years ago.
“I’m not sure how we will afford this. Our salaries haven’t increased by 50% during this time,” she said.
“We’re stuck as there aren’t enough nursery spaces in our area, so we will have to struggle.”
Karen Richards, director of the Wolds Childcare group in Nottinghamshire, has started a petition to get the government to exempt private nurseries – the majority of providers – from the NIC changes as she said it is unfair nurseries in schools do not have to pay the NIC.
She told Sky News she will have to find about £183,000 next year to cover the increase across her five nurseries and reducing staff numbers is “not off the table” but it is more likely they will reduce the number of children they have.

Joeli Brearley, founder of Pregnant Then Screwed, said parents are yet again having to pay the price for the government’s actions. Pic: Pregnant Then Screwed
Joeli Brearley, founder of the Pregnant Then Screwed campaign group, told Sky News: “Parents are already drowning in childcare costs, and now, thanks to the national insurance hike, nurseries are passing even more fees on to families who simply can’t afford it.
“It’s the same story every time – parents pay the price while the government looks the other way. How exactly are we meant to ‘boost the economy’ when we can’t even afford to go to work?”
Purnima Tanuku, executive chair of the NDNA, said staffing costs make up about 75% of nurseries’ costs and they will have to find £2,600 more per employee to pay for the NIC rise – £47,000 for an average nursery.
“The government says it wants to offer ‘cheaper childcare’ for parents on the one hand but then with the other expects nurseries to absorb the costs of National Insurance Contributions themselves,” she told Sky News.
“High-quality early education and care gives children the best start in life and enables parents to work. The government must invest in this vital infrastructure to make sure nurseries can continue to deliver this social and economic good.”
HOSPITALITY
The hospitality industry has warned of closures, price rises, lack of growth and shorter opening hours.
Dan Brod, co-owner of The Beckford Group, a small southwest England restaurant and country pub/hotel group, said the economic situation now is “much worse” than during COVID.
The group has put plans for two more projects on hold and Mr Brod said the only option is to put up prices, but with the rising supplier costs, wages, business rates and NIC hike they will “stay still” financially.
Read more:
Reeves admits it won’t be easy for businesses to absorb NI hike
UK businesses issue warning over ‘deeply troubling’ Trump tariffs

Dan Brod, co-owner of The Beckford Group, said the government does not value hospitality as an industry. Pic: The Beckford Group
He told Sky News: “What we’re nervous about is we’re still in the cost of living crisis and even though our places are in very wealthy areas of the country, Wiltshire, Somerset and Bath, people are feeling the situation in their pockets, people are going out less.”
Mr Brod said they are not getting rid of any staff as their business strongly depends on the quality of their hospitality so they are having to make savings elsewhere.
“I’m still optimistic, I still feel that humans need hospitality but we’re not valued as an industry and the social benefit is never taken into account by government.”

Chef/owner Aktar Islam, who runs Opheem in Birmingham, said the rise will cost him up to £120,000 more this year. Pic: Opheem
Aktar Islam, owner/chef at two Michelin-starred Opheem in Birmingham, said the NIC rise will cost him up to £120,000 more in staff costs a year and to maintain the financial position he is in now they would have to make “another million pounds”.
He got emails from eight suppliers on Thursday saying they were raising their costs, and said he will have to raise prices but is concerned about the impact on diners.
The restaurateur hires four commis chefs to train each year but will not be able to this year, or the next few.
“It’s very short-sighted of the government, you’re not going to grow the economy by taxing hospitality out of existence, these sort of businesses are the lifeblood of our economy,” he said.
“They think if a hospitality business closes another will open but people know it’s tough, why would they want to do that? It’s not going to happen.”
The chef sent hundreds of his “at home” kits to fellow chefs this week for their staff as an acknowledgement of how much of a “s*** show” the situation is – “a little hug from us”.
RETAIL
Some of the UK’s biggest retailers, including Tesco, Boots, Marks & Spencer and Next, wrote to Rachel Reeves after the budget to say the NIC hike would lead to higher consumer prices, smaller pay rises, job cuts and store closures.
The British Retail Consortium (BRC), representing more than 200 major retailers and brands, said the costs are so significant neither small or large retailers will be able to absorb them.
Andrew Bailey, the governor of the Bank of England, told the Treasury committee in November that job losses due to the NIC changes were likely to be higher than the 50,000 forecast by the Office for Budget Responsibility (OBR).

Big retailers have warned the NIC rise will lead to higher prices, job cuts and store closures. File pic: PA
Nick Stowe, chief executive of Monsoon and Accessorize, said retailers had the choice of protecting staff numbers or cancelling investment plans.
He said they were trying to protect staff numbers and would be increasing prices but they would likely have to halt plans to increase store numbers.
Helen Dickinson, head of the BRC, told Sky News the national living wage rise and NIC increase will cost businesses £5bn, adding more than 10% to the cost of hiring someone in an entry-level role.
A further tax on packaging coming in October means retailers will face £7bn in extra costs this year, she said.
“This huge cost burden will undoubtedly reduce investment in stores and jobs and is likely to lead to higher prices,” she added.
SMALL BUSINESSES
A massive 85% of 1,400 small business owners surveyed by the Federation of Small Businesses (FSB) in March reported rising costs compared with the same time last year, with 47% citing tax as the main barrier to growth – the highest level in more than a decade.
Just 8% of those businesses saw an increase in staff numbers over the last quarter, while 21% had to reduce their workforce.
Kate Rumsey, whose family has run Rumsey’s Chocolates in Wendover, Buckinghamshire and Thame, Oxfordshire, for 21 years, said the NIC rise, minimum wage increase and business relief rate reduction will push her staff costs up by 15 to 17% – £70,000 to £80,000 annually.
To offset those costs, she has had to reduce opening hours, including closing on Sundays and bank holidays in one shop for the first time ever, make one person redundant, not replace short-term staff and introduce a hiring freeze.
The soaring price of cocoa has added to her woes and she has had to increase prices by about 10% and will raise them further.

Kate Rumsey, who runs Rumsey’s Chocolates in Buckinghamshire and Oxfordshire, said they are being forced to take a short-term view to survive. Pic: Rumsey’s Chocolates
She told Sky News: “We’re very much taking more of a short-term view at the moment, it’s so seasonal in this business so I said to the team we’ll just get through Q1 then re-evaluate.
“I feel this is a bit about the survival of the fittest and many businesses won’t survive.”
Tina McKenzie, policy chair of the FSB, said the NIC rise “holds back growth” and has seen small business confidence drop to its lowest point since the first year of the pandemic.
With the “highest tax burden for 70 years”, she called on the chancellor to introduce a “raft of pro-small business measures” in the autumn budget so it can deliver on its pledge for growth.
She reminded employers they can claim the Employment Allowance, which has doubled after an FSB campaign to take the first £10,500 off an employer’s annual bill.
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National Insurance rise impacts carers
CARE
The care sector has been warning the government since the October that budget care homes will be forced to close due to the financial pressures the employers’ national insurance rise will place on them.
Care homes receive funding from councils as well as from private fees, but as local authorities feel the squeeze more and more their contributions are not keeping up with rising costs.
The industry has argued without it the NHS would be crippled.
Raj Sehgal, founding director of ArmsCare, a family-run group of six care homes in Norfolk, said the NIC increase means a £360,000 annual impact on the group’s £3.6m payroll.
In an attempt to offset those costs, the group is scrapping staff bonuses and freezing management salaries.
It is also considering reducing day hours, where there are more staff on, so the fewer numbers of night staff work longer hours and with no paid break.

Raj Sehgal said his family-owned group of care homes will need £360,000 extra this year for the NIC hike
Mr Sehgal said: “But what that does do unfortunately, is impact the quality you’re going to be able to provide, at a time when we need to be improving quality, but something has to give.
“The government just doesn’t seem to understand that the funding needs to be there. You cannot keep enforcing higher costs on businesses and not be able to fund those without actually finding the money from somewhere.”
He said the issue is exacerbated by the fact local authority funding, despite increasing to 5%, will not cover the 10% rise.
“It’s going to be a really, really tough ride. And we are going to see a number of providers close their doors,” he warned.
Nadra Ahmed, executive co-chair of the National Care Association, said those who receive, or are waiting to access, care as well as staff will feel the impact the hardest.
“As providers see further shortfalls in the commissioning of care services, they will start to limit what they can do to ensure their viability or, as a last resort exit the market,” she said.
“This is very short-sighted, with serious consequences, which alludes to the understanding of this government.”
Government decided to ‘wipe the slate clean’
A Treasury spokesperson told Sky News the government is “pro-business” but has “taken the difficult but necessary decisions to wipe the slate clean and properly fund our public services after years of declines”.
“Our budget choices have already delivered an NHS with falling waiting lists, a £3.7bn rescue package for social care, and vital protection for Britain’s small businesses,” they said.
“We’re making tough choices today to secure a better tomorrow through our Plan for Change. By investing in economic growth and early years education while capping corporation tax, we’re putting more money in working people’s pockets and giving every child the best start in life.”
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