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Rishi Sunak said it is “completely and utterly wrong” to suggest he is to blame for failing to fully fund a programme to rebuild England’s crumbling schools.

The prime minister dismissed claims about his record as chancellor as he acknowledged hundreds more schools in England could be affected by unsafe concrete.

Thousands of pupils face disruption at the start of term this week following an order to fully or partially close 104 schools because of concerns about reinforced autoclaved aerated concrete (RAAC), which is prone to collapse.

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Pupils face being taught in temporary classrooms, on different sites or even forced into pandemic-style remote lessons.

In his first comments since the debacle emerged, Mr Sunak said that 95% of England’s schools were unaffected, leaving open the possibility that more than a thousand could still be impacted by concerns over RAAC.

He said: “Of course I know the timing is frustrating, but I want to give people a sense of the scale of what we are grappling with here: there are around 22,000 schools in England and the important thing to know is that we expect that 95% of those schools won’t be impacted by this.”

If, as Mr Sunak said, 5% of schools are impacted, that would mean 1,100 are affected.

However, the prime minister’s official spokesman suggested the safety issues won’t be as widespread as that.

He told reporters: “I think the prime minister was providing reassurance to parents, pupils and schools that the vast majority – we believe more than 95% – won’t be affected.”

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The government issued a last minute warning to schools about RAAC after a beam previously thought to be safe collapsed.

Previously guidance had stated RAAC should be removed where it is in critical condition, but now ministers say all RAAC should be removed.

Concerns about the material – which was widely used from the 1950s to mid-1990s – have been raised for years.

Earlier Jonathan Slater, who was secretary at the Department for Education (DfE) from May 2016 to August 2020, claimed the Treasury had failed to fully fund school rebuilding schemes – including during Mr Sunak’s time at the helm.

He said he was “absolutely amazed” that a decision was made after he left the department to halve the school rebuilding programme.

Mr Slater said up to 400 schools a year need to be replaced, but the DfE got funding for 100 while he was the senior official.

Mr Slater said there was a “critical” risk to life in some schools.

He told BBC Radio 4’s Today programme: “The actual ask in the Spending Review of 2021 was to double the 100 to 200 – that’s what we thought was going to be practical at first instance.

“I thought we’d get it, but the actual decision that the chancellor took in 2021 was to halve the size of the programme.”

But asked if he was to blame for the concrete crisis, Mr Sunak said: “I think that is completely and utterly wrong.

“Actually, one of the first things I did as chancellor in my first spending review in 2020 was to announce a new 10-year school re-building programme for 500 schools.

“Now that equates to about 50 schools a year, that will be refurbished or rebuilt.

“If you look at what we have been doing over the previous decade, that’s completely in line with what we have always done.”

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PM ‘putting lives at risk’

However, Labour insisted Mr Sunak “bears huge culpability for his role in this debacle” – saying funding for rebuilding schools has been slashed over the years.

Analysis published by the party found that spending on school rebuilding between 2019 and 2020 was at £765m, but this fell to £560m the following year.

Spending dropped again to £416m in 2021 to 2022, the party said.

Bridget Phillipson, the shadow education secretary, said: “The defining image of 13 years of the Conservative-run education system will be children sat under steel girders to stop the roof falling in.

“Rishi Sunak bears huge culpability for his role in this debacle: he doubled down on Michael Gove’s decision to axe Labour’s schools rebuilding programme and now the chickens have come home to roost – with yet more disruption to children’s education.”

The Department for Education has so far refused to say which schools are affected.

‘Extra money’ will be available – Sunak

On Monday Education Secretary Gillian Keegan vowed to publish a list of the schools affected by the concrete crisis this week.

She also sought to clarify concerns around costs, insisting her department will pay for repairs and temporary accommodation.

Ms Keegan could not say how much the DfE will ultimately have to ringfence – but admitted the concrete crisis will likely cost “many many millions”.

Despite both Ms Keegan and Treasury sources suggesting the money will come from the DfE’s existing budget, Mr Sunak said “extra money” will be made available.

Mr Sunak said: “The Chancellor has been crystal clear that schools will be given extra money for these mitigations, it won’t come from their existing school budgets.”

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Nearly 400,000 FTX users risk losing $2.5 billion in repayments

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Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX court filing. Source: Bloomberglaw.com

The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX court filing, estimated claims. Source: Sunil

The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.

Related: FTX liquidated $1.5B in 3AC assets 2 weeks before hedge fund’s collapse

How FTX users can complete KYC

Many FTX users have reported problems with the KYC process.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX KYC portal. Source: Sunil

Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.

Related: Crypto trader turns $2K PEPE into $43M, sells for $10M profit

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.

While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.

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

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Sir Keir Starmer pledges to protect UK companies from Trump tariff ‘storm’

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Sir Keir Starmer pledges to protect UK companies from Trump tariff 'storm'

Sir Keir Starmer has said his government stands ready to use industrial policy to “shelter British business from the storm” after Donald Trump’s new 10% tariff kicked in.

The UK was among a number of countries hit with the lowest import duty rate following the president’s announcement on 2 April – which he called ‘Liberation Day’, while other nations, such as Vietnam, Cambodia and China face much higher US levies.

But a global trade war will hurt the UK’s open economy.

The prime minister said “these new times demand a new mentality”, after the 10% tax on British imports into America came into force on Saturday. A 25% US levy on all foreign car imports was introduced on Thursday.

It comes as Jaguar Land Rover announced it would “pause” shipments to the US for a month, as firms grapple with the new taxes.

On Saturday, the car manufacturer said it was working to “address the new trading terms” and was looking to “develop our mid to longer-term plans”.

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Jobs fears as Jaguar halts shipments

Referring to the tariffs, Sir Keir said “the immediate priority is to keep calm and fight for the best deal”.

Writing in The Sunday Telegraph, he said that in the coming days “we will turbocharge plans that will improve our domestic competitiveness”, adding: “We stand ready to use industrial policy to help shelter British business from the storm.”

It is believed a number of announcements could be made soon as ministers look to encourage growth.

NI contribution rate for employers goes up

From Sunday, the rate of employer NICs (national insurance contributions) increased from 13.8% to 15%.

At the same time, firms will also pay more because the government lowered the salary threshold at which companies start paying NICs from £9,100 to £5,000.

Also, the FTSE 100 of leading UK companies had its worst day of trading since the start of the pandemic on Friday, with banks among some of the firms to suffer the sharpest losses.

Sir Keir said: “This week, the government will do everything necessary to protect Britain’s national interest. Because when global economic sands are shifting, our laser focus on delivering for Britain will not. And these new times demand a new mentality.”

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Trump defiant despite markets

UK spared highest tariff rates

Some of the highest rates have been applied to “worst offender” countries including some in Southeast Asia. Imports from Cambodia will be subject to a 49% tariff, while those from Vietnam will face a 46% rate. Chinese goods will be hit with a 34% tariff.

Imports from France will have a 20% tariff, the rate which has been set for European Union nations. These will come into effect on 9 April.

Read more:
Red wall on Wall Street – but Trump undeterred
How will UK respond to Trump’s tariffs?

Sir Keir has been speaking to foreign leaders on the phone over the weekend, including French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni and Australian Prime Minister Anthony Albanese, to discuss the tariff changes.

A Downing Street spokesperson said of the conversation between Sir Keir and Mr Macron: “They agreed that a trade war was in nobody’s interests but nothing should be off the table and that it was important to keep business updated on developments.

“The prime minister and president also shared their concerns about the global economic and security impact, particularly in Southeast Asia.”

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Trump’s warning

Mr Trump has warned Americans the tariffs “won’t be easy”, but urged them to “hang tough”.

In a post on his Truth Social platform, he said: “We are bringing back jobs and businesses like never before.

“Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!

“THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic.”

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Billionaire investor would ‘not be surprised’ if Trump postpones tariffs

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<div>Billionaire investor would 'not be surprised' if Trump postpones tariffs</div>

<div>Billionaire investor would 'not be surprised' if Trump postpones tariffs</div>

Crypto-friendly billionaire investor Bill Ackman is considering the possibility that US President Donald Trump may pause the implementation of his controversial proposed tariffs on April 7.

“One would have to imagine that President Donald Trump’s phone has been ringing off the hook. The practical reality is that there is insufficient time for him to make deals before the tariffs are scheduled to take effect,” Ackman, founder of Pershing Square Capital Management, said in an April 5 X post.

Trump may postpone tariffs to make more deals, says Ackman

“I would, therefore, not be surprised to wake up Monday with an announcement from the President that he was postponing the implementation of the tariffs to give him time to make deals,” Ackman added.

On April 2, Trump signed an executive order establishing a 10% baseline tariff on all imports from all countries, which took effect on April 5. Harsher reciprocal tariffs on trading partners with which the US has the largest trade deficits are scheduled to kick in on April 9.

Ackman — who famously said “crypto is here to stay” after the FTX collapse in November 2022 — said Trump captured the attention of the world and US trading partners, backing the tariffs as necessary after what he called an “unfair tariff regime” that hurt US workers and economy “over many decades.” 

Following Trump’s announcement on April 2, the US stock market shed more value during the April 4 trading session than the entire crypto market is currently worth. The fact that crypto held up better than the US stock market caught the attention of both crypto industry supporters and skeptics.

United States, Donald Trump

Source: Cameron Winklevoss

Prominent crypto voices such as BitMEX co-founder Arthur Hayes and Gemini co-founder Cameron Winklevoss also recently showed their support for Trump’s tariffs.

Related: Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

Ackman said a pause would be a logical move by Trump — not just to allow time for closing potential deals but also to give companies of all sizes “time to prepare for changes.” He added:

“The risk of not doing so is that the massive increase in uncertainty drives the economy into a recession, potentially a severe one.”

Ackman said April 7 will be “one of the more interesting days” in US economic history.

Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express

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