A Labour frontbencher has failed to deny claims the party has watered down its key commitment to strengthen workers’ rights.
The Financial Times alleged leader Sir Keir Starmer has scaled back this commitment in an attempt to appease corporate backers, including by diluting his pledge to bolster the rights of gig workers.
This would mean rolling back on Labour’s promise to create a single category of “worker” for all those who are not self-employed, a change that was intended to secure “rights and protections” for all working people.
Asked about these reports on Sky News, the shadow schools minister Stephen Morgan said he could not comment.
Instead, he stressed Labour will be “pro-worker and pro-business”, adding that more detail will be set out in the party’s manifesto ahead of the upcoming general election.
He said: “Labour set out its five national missions. That has been approved by our national policy forum in July.
“Obviously we will set out more detail in our manifesto, but the Labour Party can be pro-worker and pro-business.
More from Politics
“We have got a really good relationship with business now, we can be trusted to run our economy and to run our country, and we have got a set of policies which are pro-worker too.”
Image: Labour leader Sir Keir Starmer
The FT claims the pledge was diluted at Labour’s national policy forum in Nottingham last month, citing people familiar with the matter and related texts seen by the newspaper.
Advertisement
The document, agreed in July, will reportedly be published ahead of Labour’s Party Conference in October.
But extracts seen by the newspaper allegedly show how Labour has reined in its 2021 promise to create a single status of “worker” for all but the self-employed.
The policy will reportedly not be introduced immediately, and instead Labour will consult on the proposal and consider how this “simpler framework” could “properly capture the breadth of employment relationships in the UK”.
However, Labour’s deputy leader Angela Rayner has since insisted Labour remains committed to reforming workers’ rights.
She said: “Labour’s New Deal for Working People will be the biggest levelling-up of workers’ rights in decades – providing security, treating workers fairly, and paying a decent wage.
“I’m proud that we developed our comprehensive New Deal together with Labour’s affiliated unions. Far from watering it down, we will now set out in detail how we will implement it and tackle the Tories’ scaremongering.”
Separately, the Conservative Campaign Headquarters has reportedly drawn up a list of 20 Labour policy proposals it considers “anti-business” – including the pledge allegedly watered down last month.
Image: Business Secretary Kemi Badenoch
It is anticipated that Business Secretary Kemi Badenoch will challenge these plans in the coming months.
But Labour has since hit back, telling Sky News this criticism is “desperate and inaccurate”.
A source added: “Last month’s National Policy Forum endorsed Keir Starmer’s programme, his five missions for government, and the fiscal rules that he and Rachel Reeves have set out.
“This is a serious, credible and ambitious policy programme that lays the groundwork for an election-winning manifesto and a mission-driven Labour government that will build a better Britain. That includes growing a strong economy by levelling-up workers’ rights and making work pay. There are no unfunded spending commitments in the document.”
South Korea is preparing to impose bank-level, no-fault liability rules on crypto exchanges, holding exchanges to the same standards as traditional financial institutions amid the recent breach at Upbit.
The Financial Services Commission (FSC) is reviewing new provisions that would require exchanges to compensate customers for losses stemming from hacks or system failures, even when the platform is not at fault, The Korea Times reported on Sunday, citing officials and local market analysts.
The no-fault compensation model is currently applied only to banks and electronic payment firms under Korea’s Electronic Financial Transactions Act.
The regulatory push follows a Nov. 27 incident involving Upbit, operated by Dunamu, in which more than 104 billion Solana-based tokens, worth approximately 44.5 billion won ($30.1 million), were transferred to external wallets in under an hour.
Regulators are also reacting to a pattern of recurring outages. Data submitted to lawmakers by the Financial Supervisory Service (FSS) shows the country’s five major exchanges, Upbit, Bithumb, Coinone, Korbit and Gopax, reported 20 system failures since 2023, affecting over 900 users and causing more than 5 billion won in combined losses. Upbit alone recorded six failures impacting 600 customers.
The upcoming legislative revision is expected to mandate stricter IT security requirements, higher operational standards and tougher penalties. Lawmakers are weighing a rule that would allow fines of up to 3% of annual revenue for hacking incidents, the same threshold used for banks. Currently, crypto exchanges face a maximum fine of $3.4 million.
The Upbit breach has also drawn political scrutiny over delayed reporting. Although the hack was detected shortly after 5 am, the exchange did not notify the FSS until nearly 11 am. Some lawmakers have alleged the delay was intentional, occurring minutes after Dunamu finalized a merger with Naver Financial.
As Cointelegraph reported, South Korean lawmakers are also pressuring financial regulators to deliver a draft stablecoin bill by Dec. 10, warning they will push ahead without the government if the deadline is missed.
The ruling party’s ultimatum follows slow progress and repeated delays, with officials hoping to bring the bill to debate during the National Assembly’s extraordinary session in January 2026.
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.
“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
4:09
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”.
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.
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.
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.