Unsafe concrete crisis could extend to other public buildings, experts warn
The crisis over unsafe concrete in schools may extend beyond the education sector to other types of public buildings, experts have warned.
They say the scale of the problem with reinforced autoclaved aerated concrete (RAAC) is “much bigger than schools” and could include hospitals, police stations, and court buildings.
Even private sector sites such as shopping centres and residential tower blocks could also be impacted, experts say.
Meanwhile, Labour MP Dame Meg Hillier, chairwoman of parliament’s Public Accounts Committee, has warned the issues with RAAC in schools are just the “tip of the iceberg” of maintenance issues for sites across England.
It comes after 104 schools and colleges were told by the Department for Education (DfE) to partially or fully shut buildings just days before the start of the new school year over fears about the safety of facilities built with RAAC.
Labour has called for an “urgent audit” across the public sector estate, while the Liberal Democrats say the public must be given “urgent clarity” over whether hospital wards and buildings could also be forced to close.
Politics latest: More classrooms could shut over collapsing concrete fears
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Concrete crisis explained
RAAC is essentially a lighter-weight form of concrete, used to build roofs, schools, colleges and other buildings from the 1950s until the mid-1990s,
But experts fear that the material has now reached the end of its shelf life and is liable to collapse.
Though not confirmed, it is estimated that around 24 schools in England have been told to close entirely because of the presence of RAAC.
Schools minister Nick Gibb has admitted more could be asked to shut classrooms.
But the problem could be far wider than just schools, experts say, with other buildings at risk of “sudden and catastrophic collapse” if RAAC is not removed.
Chris Goodier, professor of construction engineering and materials at Loughborough University, said the “scale of the problem is much bigger than schools”.
He says it could cover public sectors including health, defence, and justice, as well as some private sector buildings.
NHS providers have already identified 14 hospitals, which were constructed “either wholly or in major part with RAAC”. Seven of these are considered “critical” and not fit for purpose beyond 2030.
Three buildings operated by Police Scotland have also been found to contain RAAC after an investigation of 65 structures.
Matt Byatt, president of the Institution of Structural Engineers, says any high-rise buildings with flat roofs constructed between the late 1960s and early 1990s may also contain RAAC.
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‘New evidence’ to shut unsafe schools
According to Dame Meg, the DfE has been aware of a “significant problem” with RAAC since a roof collapse in 2018.
She warns that this week’s announcement could have a “significant impact” on the department’s wider school maintenance programmes.
Read more:
Disruption at primary school with unsafe concrete to last until 2025
Which other buildings are at risk of concrete collapse?
Ministers urged to publish full list of impacted schools
In an opinion piece in The Times newspaper, she writes: “At our hearing in July it was clear that officials were being thorough with the proportion of school buildings they were working on, including the surveys of 600 schools with RAAC which have led to this week’s decision.
“But this is the tip of the iceberg of a failing school estate in England. Most of the 700,000 pupils currently being educated in substandard buildings are not in RAAC buildings and will now be waiting longer for the improvements they need.”
A taped-off section inside a school affected by reinforced autoclaved aerated concrete (RAAC)
Damage inside Parks Primary School in Leicester which has been affected with sub standard reinforced autoclaved aerated concrete (RAAC)
Around 104 schools or “settings” in England found with concrete prone to collapse are set to be closed or disrupted – on top of 52 that have already been affected this year.
The government says the schools needed to close because of safety fears, which have arisen due to concrete failing “with no warning”.
While the DfE has previously focused on remediation, Mr Gibb says the department is now taking the “cautious approach” that all of the concrete should be removed.
Labour is calling on ministers to “come clean” and publish the full list of schools that will be impacted, as they have not yet been publicly named.
It has also accused the government of “neglect and incompetence” over their handling of the issue.
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Strive Asset Management, founded by entrepreneur and former presidential candidate Vivek Ramaswamy, has revealed plans to transition into a Bitcoin treasury company.
According to a May 7 announcement, Strive is going public through a reverse merger and plans to use the combined company’s stock to accumulate Bitcoin (BTC).
The deal will see Strive merging with Asset Entities — a social media marketing company listed on the Nasdaq. The combined entity will operate under the Strive brand and use its access to the public equity markets to finance Bitcoin purchases, the company said.
Once the deal closes, Strive plans to issue approximately $1 billion in equity and debt and use the proceeds to accumulate BTC. The asset manager “intends to use all available mechanisms to build a Bitcoin war chest […] and build a long-term investment approach designed to outperform Bitcoin,” it said.
Strive plans to allow “Bitcoin holders to contribute Bitcoin in exchange for public stock through a structure that is intended to be tax-free,” it said. As of May 7, the company manages approximately $2 billion in net assets across a variety of funds.
In December, Strive filed to list an exchange-traded fund (ETF) investing in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers.
Related: Trump-linked Strive files for ‘Bitcoin Bond’ ETF
Corporate Bitcoin treasuries
Corporate Bitcoin treasuries have become popular since the approval of Bitcoin exchange-traded funds (ETFs) on Wall Street. Companies pioneering the Bitcoin buyer approach, such as Strategy have seen their share prices surge by 350% in 2024.
Analysts say adding Bitcoin to corporate treasuries can “potentially be a valuable hedge against growing fiscal deficits, currency debasement, and geopolitical risks,” asset manager Fidelity Digital Assets said in a 2024 report.
Corporate Bitcoin treasuries collectively hold roughly $74 billion worth of BTC as of May 7, according to Bitcointreasuries.net.
Trump connection
Ramaswamy, an outspoken ally of President-elect Donald Trump, founded Strive in 2022. Its stated goal is to help investors “harness the power of capitalism,” according to Strive’s website.
In 2023, Ramaswamy — who largely earned his $1 billion net worth from biotechnology startup Roivant Sciences — campaigned against Trump in the Republican presidential primary. He later endorsed the president-elect.
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At least some of the top holders of Donald Trump’s memecoin who apply to attend a private dinner with the president could be based outside the United States.
According to a May 7 Bloomberg report based on an analysis of the top TRUMP tokenholders, 19 of the top 25 wallets on the leaderboard used foreign exchanges that exclude US-based customers, suggesting either foreign nationals or Americans living abroad. In addition, more than half of the top 220 holders — the group eligible to apply for a dinner with the president — also used exchanges in other countries.
As of May 7, the identities of the top tokenholders and those who might choose to apply for the May 22 Trump dinner and “special VIP tour” were unknown. However, the project stated that anyone who applied could not bring guests, had to pass a background check, and “can not be from a [Know Your Customer] watchlist country.”
The implications of having dozens or hundreds of memecoin holders potentially tied to foreign governments and interest groups have raised ethics concerns from some US lawmakers, claiming that Trump was engaging in “pay-to-play” corruption. At least one senator has called for the president’s impeachment, saying Trump was “selling access for what are effectively payments directly to him.”
Memecoin concerns are slowing crypto legislation
Democratic lawmakers in the House of Representatives and Senate have already been pushing back against considering any crypto-related legislation until Republicans address concerns around “Trump’s crypto corruption.” The Senate is expected to vote on a bill regulating stablecoins on May 8, and House Republicans recently introduced a discussion draft of a digital asset market structure bill.
Related: Trump-backed USD1 is now the seventh-largest stablecoin worldwide
Then-president-elect Trump launched the memecoin on Jan. 17 — three days before taking office — followed by the first lady introducing her own token. Two companies connected to Trump control roughly 80% of the memecoin’s supply.
The launch of the memecoin and its potential influence over the president and his agenda has already prompted some companies to get on board. On April 30, a trucking logistics management company announced a $20 million investment in the TRUMP token, suggesting influencing Trump’s trade war between the US and Mexico, where the firm conducts much of its business.
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USD1, the US dollar stablecoin launched by the President Donald Trump-backed World Liberty Financial (WLFI), has become the seventh-largest stablecoin worldwide in just two months since its launch.
WLFI’s snapshot vote for a USD1 airdrop proposal is underway, and USD1’s market capitalization has continued to climb.
Launched in early March with a $3.5 million supply, USD1 has expanded into a market cap of $2.2 billion at the time of writing, leaving rival stablecoins First Digital USD (FDUSD), PayPal USD (PYUSD) and Tether Gold (XAUT) behind, according to data from CoinGecko.
Although rising fast, the USD1 market cap is still far from the market value of major stablecoins like Tether’s USDt (USDT) and USDC (USDC), whose market caps are worth $149 billion and $61 billion, respectively.
BNB Chain drives USD1 issuance
Trump-backed USD1 is almost exclusively issued on Binance-backed BNB Chain. According to data from BscScan, as much as $2.1 billion of all USD1 supply is issued on BNB Chain, accounting for more than 99% of its total circulating supply, while an Ethereum-based version accounts for just $14.5 million, according to Etherscan.
USD1’s latest market spike was sharp, jumping 1,540% from $128 million to $2.1 billion within two days in late April, according to CoinGecko.
The spike came days before Eric Trump announced that Abu Dhabi-based investment firm MGX would use the USD1 to invest $2 billion in Binance.
Justin Sun-backed HTX among the first CEXs to list USD1
As USD1’s market cap spiked, some centralized exchanges (CEXs) rushed to list the Trump-backed stablecoin.
HTX, a crypto exchange closely associated with Tron founder Justin Sun and formerly known as Huobi, announced the listing of USD1 with permanent zero-fee withdrawals on the BEP-20 network on May 6.
According to websites like CoinGecko and CoinMarketCap, HTX was one of the first CEXs to list USD1, as the token is primarily available on decentralized exchanges, including PancakeSwap and Uniswap.
Most WLFI inflows come from outside the US
While the WLFI community has been voting on the USD1 airdrop, some reports suggested that WLFI investment is mainly coming from outside the United States.
According to a poll by V1PS founder Notaz.Sol, as much as 90% of WLFI investors are likely coming from non-US jurisdictions, including Europe, Asia and Latin America.
A May 7 Bloomberg report also indicated that over half of the top holders of Trump-branded memecoins reside abroad.
The USD1 stablecoin’s growth lines up with Trump’s pro-stablecoin agenda announced in his executive order on “Strengthening American leadership in digital financial technology” in January.
While WLFI has been closely associated with Binance, both Trump and Binance have repeatedly denied and criticized reports suggesting any links or deals between the parties.
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