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Rishi Sunak is intervening in Sadiq Khan’s housing plan as he says not enough dwellings are built.

But the mayor of London has criticised the prime minister’s “disappointing and disingenuous claims” about the capital.

On Thursday, the government said Mr Khan has until the autumn to “look at opportunities to accelerate residential development on inner city brownfield industrial sites” or Housing Secretary Michael Gove will intervene directly.

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Downing Street criticised the mayor’s London Plan and wanted “to address issues such as single-story warehouses being prioritised over new homes on central London sites within a few minutes of tube stations”.

Mr Khan was quick to highlight his record on housebuilding, claiming that more homes had been completed under his leadership than at any time since the 1930s.

He pointed out progress had been to beat a target of starting 116,000 affordable homes in the capital between 2015 and 2023.

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The government, meanwhile, claimed that “London’s own local housing plan says that 52,000 new homes are required – after the Mayor’s London Plan was not deemed credible to deliver the original 66,000 homes a year that he estimated to be needed”.

“Despite this, only around 30,000 have been built in recent years, and the latest indicator suggests only 21,000 new homes started development last year”.

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Sadiq Khan says the PM ‘doesn’t understand building in the capital’

Mr Khan’s spokesperson said: “These disappointing and disingenuous claims appear to show a fundamental lack of understanding of housebuilding in London.

“The mayor delivered record numbers of affordable homes over the last six years, consistently exceeding government targets despite the impact of the pandemic and Brexit. This has included starting more council homes than at any time since the 1970s.

“The mayor’s London Plan was approved by the government in 2021 and the ministers should know that the housing figures included within it are reliant on sufficient government investment being made in infrastructure, particularly transport.”

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Liz Bates is a political correspondent

Liz Bates

Political correspondent

@wizbates

In the aftermath of the Conservatives’ narrow win at the recent Uxbridge by-election, it was clear they had taken two key lessons from the result.

Tory MPs interviewed in the early hours said it was about showing what Labour in power was really like and that single issues, like ULEZ (the Ultra-Low Emission Zone) could be weaponised to win votes.

Less than a week later, it appears that the prime minister has wasted no time in applying what many in his party think could be the strategy that enables them to cling on to power at the next election.

Which is presumably why Rishi Sunak popped up on a London building site today to trash Sadiq Khan’s housebuilding record in the capital.

Focusing on the Labour mayor enables the prime minister to avoid his own party’s record which, assessed against almost any metric, is a disappointing one.

Their 300,000 homes a year pledge, established in 2017, has been oft ignored and at times watered down, with Housing Secretary Michael Gove last year downgrading it to “advisory”.

The party’s one serious attempt at meeting it with ambitious planning reforms and country-wide targets was met with a furious wave of opposition from its own MPs and council leaders, many determined to protect the picturesque Tory shires.

It was clear that approach had been abandoned this week when Mr Gove set out a new vision focused instead on cities, including a significant expansion of Cambridge – a scheme immediately condemned by the area’s Conservative MP.

Meanwhile, the most recent homelessness figures show record number of families living in temporary accommodation, including 131,000 children without a home.

Add to that the recent economic turmoil that has pushed up rents and mortgages to eye-watering levels and you get a toxic combination that underpins a dysfunctional and deteriorating housing market.

Rishi Sunak’s response? To point the finger at the London mayor and to say he will now step in to sort it out.

Given his government’s record across the rest of the country, Londoners may be forgiven for thinking this is anything more than electioneering.

Mr Sunak said: “We are on track to build 1 million new homes over this parliament, having already delivered over 2.2 million across the country since 2010.

“But the reality is that too few of these homes are being built in London, and for too many Londoners the dream of owning their own home is beyond reach.

“The mayor has failed to deliver the homes that London needs. This has driven up house prices and made it harder for families to get on the housing ladder in the first place.

“That is why we are stepping in today to boost house building and make homeownership a reality again for people across this great city.”

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In its plans, the government said it wanted to support a “Docklands 2.0”, which would see increased building in parts of east London like Thamesmead, Beckton and Silvertown.

It also said £150m for housebuilding will be passed onto London boroughs, bypassing the mayor’s Greater London Authority.

And another £200m will be spent on developing unused brownfield sites.

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Crypto industry, trade unions clash over multi-trillion dollar retirement funds

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Crypto industry, trade unions clash over multi-trillion dollar retirement funds

A growing rift has emerged in Washington, D.C., between the cryptocurrency industry and labor unions as lawmakers debate whether to ease rules allowing cryptocurrencies in 401(k) retirement accounts.

The dispute centers on proposed market structure legislation that would allow retirement accounts to gain exposure to crypto, a move labor groups say could expose workers to speculative risk. In a letter sent on Wednesday to the US Senate Banking Committee, the American Federation of Teachers argued that cryptocurrencies are too volatile for pension and retirement savings, warning that workers could face significant losses.

The letter drew immediate pushback from crypto investors and industry figures. “The American Federation of Teachers has somehow developed the most logically incoherent, least educated take one could possibly author on the matter of crypto market structure regulation,” a crypto investor said on X. 

Retirement, Pensions
The AFT letter to Congress opposes regulatory changes that would allow 401(k) retirement accounts to hold alternative assets, including cryptocurrency. Source: CNBC

In response to the letter, Castle Island Ventures partner Sean Judge said the bill would improve oversight and reduce systemic risk, while enabling pension funds to access an asset class that has delivered strong long-term returns.

Consensys attorney Bill Hughes said the AFT’s opposition to the crypto market structure bill was politically motivated, accusing the group of acting as an extension of Democratic lawmakers.

Retirement, Pensions
Funds held in US retirement accounts by type of account plan. Source: ICI

Related: Atkins says SEC has ‘enough authority’ to drive crypto rules forward in 2026

Opposition to crypto in retirement and pension funds mounts

Proponents of allowing crypto in retirement portfolios, on the other hand, argue that it democratizes finance, while trade unions have voiced strong opposition to relaxing current regulations, claiming that crypto is too risky for traditional retirement plans.

“Unregulated, risky currencies and investments are not where we should put pensions and retirement savings. The wild, wild west is not what we need, whether it’s crypto, AI, or social media,” AFT president Randi Weingarten said on Thursday. 

The AFT represents 1.8 million teachers and educational professionals in the US and is one of the largest teachers’ unions in the country.

According to Better Markets, a nonprofit and nonpartisan advocacy organization, cryptocurrencies are too volatile for traditional retirement portfolios, and their high volatility can create time-horizon mismatches for pension investors seeking a predictable, low-volatility retirement plan.

Retirement, Pensions
Bitcoin and Ether volatility compared to other asset classes and stock indexes. Source: US Federal Reserve

In October, the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) also wrote to Congress opposing provisions within the crypto market structure regulatory bill.

The AFL-CIO, the largest federation of trade unions in the US, wrote that cryptocurrencies are volatile and pose a systemic risk to pension funds and the broader financial system.

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