Connect with us

Published

on

The Conservatives have lost the Somerton and Frome by-election to the Liberal Democrats.

The Lib Dem victory comes roughly a year after a similar result in the nearby Tiverton and Honiton by-election.

David Warburton stood down as the constituency’s MP last month, but shortly after it was found that an investigation into claims he sexually harassed someone was “materially flawed“.

However the MP – who had been suspended from the Conservative Party in parliament – did admit to drug use.

Follow by-election coverage live: Tories hang on in Uxbridge after ULEZ backlash

Somerton and Frome results in full

  • Faye Purbrick – Conservative Party – 10,179
  • Neil Guild – Labour Party – 1,009
  • Sarah Joanne Dyke – Liberal Democrats – 21,187
  • Rosie Mitchell – Independent – 635
  • Martin Dimery – Green Party – 3,944
  • Lorna Irene Bromley Corke – Christian Peoples Alliance – 256
  • Bruce David Evans – Reform UK – 1,303
  • Peter Kevin Richardson – UK Independence Party (UKIP) – 275

His seat has now been taken over by the Lib Dems‘ Sarah Dyke with a majority of 11,008. The Tory candidate was Faye Purbrick.

Ms Dyke received 21,187 votes, while the Conservatives took 10,179, the Greens 3,944, Reform 1,303 and Labour 1,009.

More on Conservatives

This equates to a 29 point swing to the Liberal Democrats, and the Conservatives have never had a lower share of the vote in the seat.

Unlike Tiverton and Honiton, the Lib Dems have held Somerton and Frome in recent memory.

Speaking after her win, Ms Dyke said: “Tonight has been a stunning and historic victory for the Liberal Democrats, and it shows once and for all, the Liberal Democrats are back in the West Country.

“Lifelong conservative voters have today voted Liberal Democrat for the first time. Thank you for putting your trust in me to deliver for you. I will not let you down.”

Mr Warburton only won the seat for the Conservatives in 2015 off coalition minister David Heath, who had held it for 18 years previously.

But this election still required a sizeable shift in opinion from 2019, as the Conservatives had been sitting on a majority of more than 19,000.

The seat is largely older than average and has been less exposed to interest rate rises due to a lower number of mortgage-holders, with 43% of homes being owned without a loan. But the momentum had been swinging away from the Tories in the region.

David Warburton MP for Somerton and Frome
Image:
David Warburton stood down as an MP

The 2022 council elections saw sizeable falls in the Conservative wards in the region, with the Lib Dems claiming first place in 10 of 13 seats and taking 40% of the vote.

The Tories won just one ward; the other two were taken by the Greens.

Continue Reading

Politics

Millionaire former Tory donor defects to Reform

Published

on

By

Millionaire former Tory donor defects to Reform

Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.

Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.

Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.

He added: “He will take Reform UK Scotland to a new level.”

During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.

The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.

“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.

Read more:
Nigel Farage dismisses school racism claims as ‘banter in a playground’
Farage allegations are deeply shocking – but will they deter voters?

“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.

“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.

“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”

The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.

Please use Chrome browser for a more accessible video player

Claims made against Nigel Farage

Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.

Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.

Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.

Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.

A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.

Continue Reading

Politics

‘European SEC’ proposal sparks licensing concerns, institutional ambitions

Published

on

By

‘European SEC’ proposal sparks licensing concerns, institutional ambitions

The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.

On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.

Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.

“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.

The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation. 

If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.

Related: Bank of America backs 1%–4% crypto allocation, opens door to Bitcoin ETFs

EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns

The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.

“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”

“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.

Related: Grayscale Chainlink ETF draws $41M on debut, but not ‘blockbuster’

Global stock market value by country. Source: Visual Capitalist

The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.

The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.

Magazine: EU’s privacy-killing Chat Control bill delayed — but fight isn’t over