Interest rates are up, house prices are down, the small boats are still coming, and NHS doctors are striking.
Labour are still 20 points ahead of the Conservativesin the poll of polls.
As he contemplates his political future and the lack of progress on his five pledges, it is understandable that the prime minister might want a summer holiday break from the day job.
Rishi Sunak’s desire to get away can only have increased as he suffers personalised indignities.
Image: Greenpeace activists on the roof of Prime Minister Rishi Sunak’s house
Even the prime minister’s sartorial choices have come under attack with an arrows-point-to-defective-parts scrutiny of his made to measure suits.
“Sunak needs his suits to be nipped in – anything else would drown him,” the style editor of The Daily Telegraph concedes, “but the cropped proportions mean his trouser leg rides up to mid-calf.”
Crisis, what crisis?
Only a few miserable souls will begrudge the prime minister some time off, especially since we are told that he will be back at work, in Blighty, in only a few days.
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The modest length of his holiday will not take targets off his back. Prime ministers struggle to hit the right note with their holidays and usually get it wrong.
Is it too flashy? Too boring? Too foreign? Bad for the environment? And who is really paying for it?
These delicate questions explain why Number 10 spokespeople made the mistake of refusing to give details of where the Sunak family were heading.
It was an error because denial will only perk up interest.
Past form shows that newshounds were bound to sniff out the location anyway and would then pap photos more enthusiastically than if they had been served up with a photo opportunity.
David Cameron learnt this lesson the hard way after having his man boobs snapped on a Cornish beach.
Image: British Prime Minister David Cameron and his wife Samantha on holiday in Cornwall in 2015
From then on, Cameron holidays began with a posed picture, usually of the beshirted prime minister pointing at dead fish in a market.
It took less than 24 hours for Mr Sunak’s secret destination to be exposed.
The prime minister came clean in a rare extended radio phone-in which came across like a public request for permission to have a break afterwards. Sunak duly pleaded that this holiday is a “special trip”.
“We’re going to California, which is where I met my wife, so it’s very special to us,” he explained to listeners, “but the kids are very excited because I’m taking them to Disneyland”.
It later emerged that the Mickey Mouse visit may be as much for their father as for his daughters Krishna and Anoushka.
“They have sadly grown out of princesses,” the prime minister admitted – but “there’s a new, well not that new anymore, Star Wars bit of Disneyland which I’m very excited about”.
Image: British Prime Minister Rishi Sunak, his wife Akshata Murty and daughters Anoushka and Krishna
Not much to complain about so far. Lots of Brits take their families Disneyward, though most opt for the shorter-haul flights to Disneyworld in Florida rather than Disneyland in California.
Sunak has long advertised his softer side as a Star Wars geek. He collects merchandise from the franchise including a toy lightsabre, and called in the cameras to film his visit to the last blockbuster episode, accompanying his then “boss” Sajid Javid.
A California beach holiday is a lot grander than Cornwall or the walks in the Alps and Snowdonia favoured by Prime Minister Theresa May and her husband Philip.
The Sunaks are trying to muffle extravagance by flying “commercial” rather than indulging the prime minister’s predilection for private jets. That is canny of them – a “PJ” return trip for the family would cost around $300,000 (£235,000).
They’ll be more frugality because they’ll be no hotel or rental costs. The Sunaks will be staying in the $5m (£3.9m) penthouse apartment they already own on Ocean Boulevard in Santa Monica.
Though whether it will be big enough to accommodate the prime ministerial entourage, funded by the taxpayer, is another question.
According to Cherie Blair, her husband’s prime ministerial vacations required the presence of “three garden girls (the Downing Street secretaries) to do shifts because he has to have a 24-hour office, the comms people to take in secure lines to the White House and No 10, the detectives who come every day with the red boxes”.
Mr Sunak may get by with a smaller team since he is only expecting “daily updates from his private office”.
The Blairs did not have the wealth of Rishi Sunak and his wife Akshata Murthy.
Image: Prime Minister Tony Blair and his wife, Cherie, on holiday in Cumbria in 2002
Cherie admits the family were “house bandits” inviting themselves as guests in other people’s property.
Blair’s image was damaged by the hospitality he accepted from Sir Cliff Richard, the Bee Gee Maurice Gibb, the Bamford JCB dynasty and the Italian aristocrat Prince Girolamo Strozzi, among others.
Having pitched her tent on a campsite in Cornwall, the Labour MP Caroline Flint was surprised to see the then prime minister walking by.
That year, following the foot and mouth outbreak, the Blairs fitted in an unconvincing “holiday at home” away from the sun.
Margaret Thatcher used to impose on a friend as well. She spent several summer breaks away from Number 10 at the Swiss lakeside schloss of Lady Elenore Glover, the widow of a Tory MP.
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By all accounts she did not enjoy her leisure time and packed in as many official trips and visitors as she could.
The surprising exception was when she turned up in Cameron territory on a Cornish beach with a spaniel called Polo on a lead, and her husband Denis.
It was the day after she had surgery on her hand, and the purpose was to demonstrate that the Iron Lady still had an iron grip under the bandages.
John Major and Gordon Brown did not attract attention with their holidays because they did not amount to much.
Major watched cricket and bought a second home in Norfolk.
A glum looking Brown took off his red tie in Suffolk but rushed back to London at the first news of anything happening.
Image: Prime Minister Gordon Brown and his wife Sarah walk through Whitlingham Country Park in Trowse in 2008
Like much else during his premiership, Boris Johnson’s holiday diary was chaotic – including Perugia, Greece, Mustique and Margate.
It remains a mystery who picked up the tab for some of his luxury trips with Carrie.
He almost certainly did pay himself for their memorable budget trip to a remote Scottish cottage in 2020 with their new baby. That idyll was cut short when photographers took unauthorised pictures of the couple.
Prime Minister Sunak has not done himself any damage with this year’s family holiday.
He claims not to have had a proper one for four years. Efforts to get away last summer were certainly blighted by his leadership battle with Liz Truss and the death of the Queen.
He has not notched up any points as a man of the people either, with the well-heeled trip to California.
The choice confirms what the world already thought of the couple who met at the elite Stanford University, not far from Disneyland.
No score with the holiday can be seen as a win for this prime minister facing the live possibility that the next general election could free him “to spend more time with the family”, as ministers thrust out of office like to put it.
Otherwise, expressed in the cruder words to errant underlings of an old Sky News boss, “go on holiday permanently, mate!”.
Senate Banking Committee Chair Tim Scott says he’s looking to mark up a crypto market structure bill next month to have it on President Donald Trump’s desk by early next year.
Scott told Fox Business on Tuesday that the committee has been negotiating with Democrats to reach a deal, but accused the party’s senators of stalling.
“Next month, we believe we can mark up in both committees and get this to the floor of the Senate early next year so that President Trump will sign the legislation making America the crypto capital of the world,” Scott said.
Banking Committee Chairman Tim Scott says a vote on the market structure bill could occur in December. Source: YouTube
The House passed the CLARITY Act in July, which outlines the Commodity Futures Trading Commission and the Securities and Exchange Commission’s power to regulate crypto, and the Senate has been working on its own version of the bill.
Republicans on the Senate Banking Committee released a discussion draft on their section of the bill in July and suggested it would marry up with the CLARITY Act, and the Senate Agriculture Committee released its discussion draft on Nov. 10, which left much of the bill up for change.
The Agriculture Committee has jurisdiction over the CFTC, while the Banking Committee oversees the SEC and is leading parts of the bill relating to securities laws.
Bill will create clear rules and unlock crypto: Armstrong
Coinbase CEO Brian Armstrong said in a video posted to X on Tuesday that he was in Washington, DC, “pushing for market structure legislation,” and noted there had been “a lot of progress.”
“Senate banking is also working nights and weekends to get the next iteration of their text out, so we’ve got a good chance, I think, of a markup for this bill in December, hopefully get it to the president’s desk shortly thereafter,” Armstrong said.
“This would be a big milestone to get crypto unlocked with clear rules in the US, which would benefit all companies,” he added.
Where the bill will go from here
The CLARITY Act was one of three major crypto bills the House passed in July after a 10-hour voting session alongside the GENIUS Act, which aims to regulate stablecoins and the Anti-CBDC Surveillance Act, which outlaws central bank digital currencies.
As the Senate is working on its own version, the CLARITY Act will return to the House for final approval if it’s passed by the Senate. It would then be sent to Trump to be signed into law.
Republicans hold the majority in the Senate with 53 seats, compared to the Democrats’ 47 seats, with legislation effectively requiring 60 votes to pass.
The Republic of the Marshall Islands announced that it would allow citizens to access funds through a government-issued digital asset as part of the nation’s Universal Basic Income (UBI) program.
In a Wednesday announcement shared with Cointelegraph, the government of the island nation said it had launched a digital wallet called Lomalo, which will utilize the US dollar-pegged stablecoin USDM1 to enable citizens to access the UBI program. According to the government, the first disbursement of funds will occur in late November, allowing citizens to access them through their wallet, by physical check, or via direct deposit.
“By introducing a secure digital option alongside our traditional methods, we are strengthening our financial systems and ensuring that no community is left behind,” said David Paul, finance minister for the Marshall Islands.
Neighboring Pacific island nations have rolled out similar programs over the years, including Palau’s stablecoin on the XRP Ledger for government employees, and the central bank of the Solomon Islands’ Bokolo Cash for peer-to-peer transactions and retail payments in the nation’s capital, Honiara.
“Citizens will be able to transfer to other registered Lomalo users,” a spokesperson for the Marshall Islands’ finance minister told Cointelegraph. “Right now, only citizens registered for the UBI can set up a wallet.”
Warnings from the IMF on the Marshall Islands utilizing digital assets
The launch of the digital wallet as part of the islands’ UBI program followed warnings from the International Monetary Fund (IMF). In 2023, the group urged the government of the Marshall Islands to reconsider its central bank digital currency program, then known as SOV.
“Progress on rolling back past digital initiatives is welcome,” said the IMF in a Sept. 10 notice. “Current plans to issue a ‘digital sovereign bond’ carry significant risks relative to perceived returns, which cannot be effectively mitigated given lack of pre-requisite capacity. Thus, in the mission’s view, the authorities should not proceed with the global launch as planned.”
The IMF said that the expansion of Decentralized Autonomous Organizations (DAOs), which the Marshall Islands began recognizing as legal entities in 2022, and the launch of the UBI program using the “untested” USDM1 could have “adverse macro-fiscal and financial integrity implications.” The fund urged the government to scale back the UBI program to a “more targeted scheme to those who need it the most.”
Kemi Badenoch has said she does not want to scrap the triple lock “now” but said “lets see mess Labour leaves for us”.
The Tory leader told Sky News that the triple lock was a Conservative idea and that it was right to protect people who had contributed to the welfare system.
The triple lock means the state pension must rise by whichever is highest of either average earnings, inflation or 2.5%.
However, she said she would not say she would “never” reform it or explicitly rule it out for the next parliament.
In April, the government stated that 55% of social security expenditure in 2025-26 would be spent on pensioners.
The Office for Budget Responsibility says the triple lock has pushed up the spending on the state pension by £12bn a year, compared to if it had been uprated in line with average earnings.
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The problem with the triple lock, Ms Badenoch suggested, was low growth – with 0.1% in the UK.
She suggested it was also the reason why Argentinian President Javier Milei – whom she has praised as “fantastic” and “fearless” – could block pensioner entitlement rises is because they are growing at 6%.
“If we were growing a 2% to 3%, you wouldn’t have a problem with pensions,” she explained.
“Argentina is growing at 6%. What we’re seeing right now is growth at 0.1%. Growth is flatlining. We need to start with getting growth.”
But asked whether the Tories would “never” look at reforming the policy, she said: “That moment is not now. And I don’t want people to be confused about what our policy is right now. Our policy is to keep the triple lock. Let us focus on welfare, that is the picture of what we mean by right now.”
Asked how long that would be her position for, Ms Badenoch replied: “Well, let’s see what this budget leaves. Let’s see what mess Reeves leaves for us.”
The triple lock is the cause of much debate, given the economic climate, with Reform UK leader Nigel Farage also saying its future depended on the state of the economy.
Asked by political correspondent Tamara Cohen whether a potential Reform government would keep the triple lock, Mr Farage said the matter was one of “open debate” and that keeping the triple lock would depend “on the state of the economy”.
Pressed on when he would make a decision because pensioners were becoming concerned, he said: “Not now. Nearer the election.”
He added: “Right now they’re getting above inflation increases.
“That doesn’t mean they’re wealthy. The real worry for many pensioners will be even with modest pensions, this budget could drag them all into the tax system. That’ll worry them even more.”