More schools and other public buildings with structural problems could come to light, Jeremy Hunt says

Published

2 years ago

September 3, 2023

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The chancellor has admitted more schools and other public buildings with structural problems could come to light in the coming weeks.

It comes as the government investigates the extent of problems with crumbling concrete, also known as reinforced autoclaved aerated concrete (RAAC).

RAAC is a type of concrete that has also been used in public buildings, such as hospitals and court buildings.

More than 100 schools and colleges have been 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.

The government has so far identified 156 schools that contain RAAC – with 104 schools or “settings” told to close or partially close, on top of another 50 where mitigations have already been put in place.

Watch and follow Sunday Morning with Trevor Phillips live

However, speaking to Sky News’ new politics show Sunday Morning with Trevor Phillips Jeremy Hunt admitted that more schools and other public buildings with structural problems could come to light as the government carries out its “exhaustive” programme into the problem.

“Obviously we might find new information in the weeks or months ahead and we will act on it, but in terms of the information we have today we have acted immediately, we will continue to act we will continue to invest,” he said.

The announcement by the DfE that some schools may be forced to close prompted anger from parents and opposition parties, with Labour accusing the government of “staggering incompetence”.

But Mr Hunt defended the government’s response to the issue, saying it would “take action immediately” on any risks – which also include concerns of possible asbestos outbreaks in public buildings.

“As soon as problems have been identified we’ve started a huge survey of every single school in the country so we could identify where these problems are,” he said.

“And I think it’s very important to reassure parents that where there is an issue as soon as we find out about it we will act.”

He added that the government would do “what it takes to make sure that children are safe” and that as chancellor he would “prioritise spending money to sort out these problems where that needs to happen”.

Elsewhere in the programme, Mr Hunt was asked about the state of the British economy after he welcomed figures from the Office for National Statistics (ONS) which showed that the UK’s economy was 0.6% larger than pre-pandemic levels by the fourth quarter of 2021 and had the third-fastest recovery in the G7 during that period – behind only the US and Canada.

He told Trevor Phillips:

• That despite the economy performing better than expected, he would not have taken a different approach because it was the government’s “priority” to bring down inflation – which peaked at over 11%

• His plan to reform the public sector does not involve “more cuts” and that the government will prioritise reducing debt over increasing borrowing by making public services more efficient and cutting the amount of time frontline staff spend on administrative tasks

• The government believes it is “morally wrong” to leave substantial debt to future generations – as he attacked Labour’s plans to increase borrowing by £100bn”.

Schools impacted by the RAAC crisis have been advised by the government to find space in nearby schools, community centres or even “empty local office buildings”.

Ministers have said such spaces should be utilised for the “first few weeks” while structural supports are installed to mitigate the risk of collapse of structures built with RAAC.

Schools Minister Nick Gibb has pledged to publish the list in “in due course”, while it is understood a full list will only be released by the DfE when all parents are informed and mitigations are in place.

The crisis has prompted Labour to ramp up its calls for the government to reveal the “full extent” of the impact of RAAC, including by publicly listing the schools which have had to close or partially shut.

Also speaking to Trevor Phillips, Labour’s shadow education secretary Bridget Phillipson said her party wanted to force a vote to get the government to release the full list of the schools affected.

“Children are going to have to move to alternative accommodation or portable cabins with steel props holding up the ceiling,” she said.

“I don’t think there can be a more defining metaphor for the last 13 years of Conservative government than children sat in classrooms with steel props to stop the ceiling falling in on their heads.”

Politics

EU could fine Elon Musk’s X $1B over illicit content, disinformation

Published

4 hours ago

April 4, 2025

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EU could fine Elon Musk’s X B over illicit content, disinformation

European Union regulators are reportedly mulling a $1 billion fine against Elon Musk’s X, taking into account revenue from his other ventures, including Tesla and SpaceX, according to The New York Times.

EU regulators allege that X has violated the Digital Services Act and will use a section of the act to calculate a fine based on revenue that includes other companies Musk controls, according to an April 3 report by the newspaper, which cited four people with knowledge of the plan.

Under the Digital Services Act, which came into law in October 2022 to police social media companies and “prevent illegal and harmful activities online,” companies can be fined up to 6% of global revenue for violations.

A spokesman for the European Commission, the bloc’s executive branch, declined to comment on this case to The New York Times but did say it would “continue to enforce our laws fairly and without discrimination toward all companies operating in the EU.”

In a statement, X’s Global Government Affairs team said that if the reports about the EU’s plans are accurate, it “represents an unprecedented act of political censorship and an attack on free speech.”

“X has gone above and beyond to comply with the EU’s Digital Services Act, and we will use every option at our disposal to defend our business, keep our users safe, and protect freedom of speech in Europe,” X’s global government affairs team said.

European Union, Elon Musk — *Source:* *Global Government Affairs*

Along with the fine, the EU regulators could reportedly demand product changes at X, with the full scope of any penalties to be announced in the coming months.

Still, a settlement could be reached if the social media platform agrees to changes that satisfy regulators, according to the Times.

One of the officials who spoke to the Times also said that X is facing a second investigation alleging the platform’s approach to policing user-generated content has made it a hub of illegal hate speech and disinformation, which could result in more penalties.

X EU investigation ongoing since 2023

The EU investigation began in 2023. A preliminary ruling in July 2024 found X had violated the Digital Services Act by refusing to provide data to outside researchers, provide adequate transparency about advertisers, or verify the authenticity of users who have a verified account.

X responded to the ruling with hundreds of points of dispute, and Musk said at the time he was offered a deal, alleging that EU regulators told him if he secretly suppressed certain content, X would escape fines.

Thierry Breton, the former EU commissioner for internal market, said in a July 12 X post in 2024 that there was no secret deal and that X’s team had asked for the “Commission to explain the process for settlement and to clarify our concerns,” and its response was in line with “established regulatory procedures.”

Musk replied he was looking “forward to a very public battle in court so that the people of Europe can know the truth.”

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

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Coinbase Institutional files for XRP futures trading with CFTC

Published

4 hours ago

April 4, 2025

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Coinbase Institutional files for XRP futures trading with CFTC

US crypto exchange Coinbase has filed with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” stated Coinbase Institutional on April 3.

The firm added that it anticipates the contract going live on April 21.

According to the certification filing, the XRP (XRP) futures contract will be a monthly cash-settled and margined contract trading under the symbol XRL.

The contract tracks XRP’s price and is settled in US dollars. Each contract represents 10,000 XRP, currently worth about $20,000 at $2 per token.

Contracts can be traded for the current month and two months ahead, and trading will be paused as a safety measure if spot XRP prices move more than 10% in an hour.

“The exchange has spoken with FCMs (Futures Commission Merchants) and market participants who support the decision to launch a XRP contract,” the firm stated.

Coinbase is not the first to launch XRP futures in the United States. In March, Chicago-based crypto exchange Bitnomial announced the launch of the “first-ever CFTC-regulated XRP futures in the US.”

XRP futures trading is available on many of the world’s leading centralized crypto exchanges, such as Binance, OKX, Bybit and BitMEX.

Funding rates remain negative

In late March, Cointelegraph reported that XRP derivatives’ funding rates had flipped negative as investor sentiment turned bearish.

Funding rates are periodic payments between traders in perpetual futures markets that help keep the futures price aligned with the spot price. Positive funding rates mean that long traders (buyers) pay short traders, while negative funding rates mean short traders (sellers) pay long traders.

When funding rates go negative, it means short traders are willing to pay a premium to maintain their positions, indicating strong conviction from bearish derivatives traders.

XRP funding rates remained negative on major derivatives exchanges as of April 4, according to CoinGlass.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

Politics

Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Published

7 hours ago

April 4, 2025

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Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Former Binance CEO Changpeng “CZ” Zhao will begin advising the Kyrgyz Republic on blockchain and crypto-related regulation and tech after signing a memorandum of understanding with the country’s foreign investment agency.

“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading,” the crypto entrepreneur said in an April 3 X post, adding that he finds this work “extremely meaningful.”

His comments came in response to an earlier X post from Kyrgyzstan President Sadyr Zhaparov announcing that Kyrgyzstan’s National Investment Agency (NIA) had signed a memorandum with CZ to provide technical expertise and consulting services for the Central Asian country.

The NIA is responsible for promoting foreign investments and assisting international companies in identifying business opportunities within the country.

“This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity,” Zhaparov said.

The Kyrgyzstan president added: “such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.”

Kyrgyzstan, which officially changed its name from the Republic of Kyrgyzstan to the Kyrgyz Republic in 1993, is a mountainous, land-locked country.

It is considered well-suited for crypto mining operations due to its abundant renewable energy resources, much of which is underutilized.

Over 30% of Kyrgyzstan’s total energy supply comes from hydroelectric power plants, but only 10% of the country’s potential hydropower has been developed, according to a report by the International Energy Agency.

CZ has met with several other state officials in Asia

Malaysia also recently tapped CZ for guidance on crypto-related matters, with Prime Minister Anwar Ibrahim meeting him personally in January.

CZ has also met with officials in the UAE and Bitcoin-stacking country Bhutan — however, it isn’t clear what those meetings entailed.

CZ’s latest pursuits come a little over six months after he was released from a four-month prison sentence in the US for violating several anti-money laundering laws.

Since being released, CZ has made investments in blockchain tech, artificial intelligence and biotechnology companies.

CZ also recently donated 1,000 BNB (BNB) — worth almost $600,000 — to support earthquake relief efforts in Thailand and Myanmar after the natural disaster in late April.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again