‘Nothing works anymore’: Tories accused of having ‘broken Britain’ with public services ‘in crisis’

Published

2 years ago

September 11, 2023

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The Conservatives will be accused of having “broken Britain” in a keynote speech by the new leader of the Trades Union Congress (TUC) attacking the state of the economy and public services.

In his first speech as head of the union federation, Paul Nowak will highlight that “nothing works in this country anymore and no one in government cares”.

He will point to problems such as sewage in the rivers and the school concrete fiasco as proof that the country needs “urgent political change”.

Politics Live: Ex-Tory compares running government to fish and chip shop

Addressing union delegates in his home city of Liverpool, Mr Nowak will say on Monday: “Nothing works in this country anymore and no one in government cares. The Conservatives have broken Britain.

“They’ve had 13 years to sort out crumbling concrete in our schools. But five days before the new term they tell schools they can’t open.

“Because – and I quote the education secretary – everyone is ‘on their arses’.

“Could you think of a more perfect metaphor for this government? A crisis of their making, but someone else gets the blame.

“Yet, this government that can’t keep our rivers clean, or run trains on time, or run a functioning NHS can find time to attack the right to strike.”

Mr Nowak’s speech will come on the second day of the annual TUC conference which opened in Liverpool on Sunday.

The event kicked off with Mr Nowak announcing in a news conference that he is reporting the government to the UN’s workers’ rights watchdog over its controversial “anti-strikes” legislation.

Unions ‘will fight anti-strikes law on picket line’

The Strikes (Minimum Service Levels) Bill seeks to ensure a legally mandated level of service across key sectors like the NHS during a strike, and will allow bosses to fire employees who ignore notices ordering them to work on strike day.

The government has said the purpose of the legislation is to protect lives and ensure people can continue to access vital public services during strikes.

But in his speech Mr Nowak will argue that rather than preserving services for the public, the new law is about “telling us to get back in our place and to not demand better”.

He will warn: “When the first worker is sacked for refusing to work on a strike day, we’ll fight it in workplaces and on the picket lines.

“Congress – this movement will fight it every single day until it is repealed.”

Debates about how to oppose the the legislation are expected to dominate the TUC conference, which will also hear from deputy Labour leader Angela Rayner.

Sir Keir Starmer will not address the conference but he will host a private dinner for members of the TUC general counsel on Monday.

Unions will also discuss issues like the cost of living crisis, workers’ rights and nationalising public services.

It comes after a bruising week for the Tories which saw the escape of a terror suspect turn into a political row about the state of the justice system and cuts to staffing and funding.

Meanwhile over 100 schools were forced to shut or partially shut because of collapse-prone concrete, with embattled Prime Minister Rishi Sunak facing accusations he refused to fully fund a programme of repairs while chancellor.

‘Years of austerity have left services reeling’

Unions used the two crises’ to argue the Conservative governments’ austerity agenda had left public services reeling as they opened four days of debate.

Listing problems in the public sector Unison general secretary Christina McAnea said: “The longest NHS waiting lists in history, huge cuts to police forces and councils going bust. Care services are unable to deliver for patients, their families, or the workforce, but generate huge profits for offshore private equity trusts.

“Inmates are escaping overcrowded prisons and unsafe schools are crumbling, although you can bet Eton, Winchester and Harrow won’t be among them.

“Workers across all public services, and everyone who relies on them, can see austerity has fractured and smashed the economy.”

In a scathing attack on Westminster leaders she added: “This is the most venal, corrupt, inept government I can remember.”

Labour ‘must be more like Atlee in 1945’

The conference follows a year of unprecedented industrial action by hundreds of thousands of workers including nurses, teachers, civil servants and railway staff.

Unions are calling for change in the form of a Labour government.

In his speech, Mr Nowak will attack the current “cabinet of millionaires” and in a ringing endorsement of Sir Keir Starmer say: “When the time comes I will tell anyone who ask: vote for working people, vote for change, vote for the party we named for our movement. Vote Labour.”

But while Labour traditionally enjoys the support of trade unions, others had some choice words for the potential future incumbent of Downing Street.

Mark Serwotka, leader of the Public and Commercial Services union, called on Labour to commit to a radical programme of investment to tackle low pay, homelessness, under-staffing in prisons, library closures and “crumbling” school buildings.

Sharon Graham, leader of Labour’s biggest union donor Unite, accused the party of becoming a “1990s tribute act” – a reference to its last time in office under Tony Blair.

She said Sir Keir’s leadership needs to be more radical than then because there is less money in the public coffers to spend – and options such as wealth taxes and nationalising energy should be considered to raise capital.

In a reference to the post-war Labour government of Clement Attlee, which founded the NHS, she told Sky News: “Britain is in crisis. And what we need to do now is not to look back to 1997. What we need to do is be more like in 1945. The country needs a reboot and Labour needs to put policies forward that give it that reboot.”

Politics

Deloitte predicts $4T tokenized real estate on blockchain by 2035

Published

4 hours ago

April 26, 2025

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Deloitte predicts T tokenized real estate on blockchain by 2035

Over $4 trillion worth of real estate could be tokenized on blockchain networks during the next decade, potentially offering investors greater access to property ownership opportunities, according to a new report.

The Deloitte Center for Financial Services predicts that over $4 trillion worth of real estate may be tokenized by 2035, up from less than $300 billion in 2024. The report, published April 24, estimates a compound annual growth rate (CAGR) of more than 27%.

The $4 trillion of tokenized property is predicted to stem from the benefits of blockchain-based assets, as well as a structural shift across real estate and property ownership.

Deloitte predicts $4T tokenized real estate on blockchain by 2035 — *Global tokenized real estate value, growth predictions. Source: Deloitte*

“Real estate itself is undergoing transformation. Post-pandemic work-from-home trends, climate risk, and digitization have reshaped property fundamentals,” according to Chris Yin, co-founder of Plume Network, a blockchain built for real-world assets (RWAs).

“Office buildings are being repurposed into AI data centers, logistics hubs and energy-efficient residential communities,” Yin told Cointelegraph.

“Investors want targeted access to these modern use cases, and tokenization enables programmable, customizable exposure to such evolving asset profiles,” he said.

The uncertainty triggered by US President Donald Trump’s import tariffs has boosted investor interest in the RWA tokenization sector, which involves minting financial products and tangible assets on a blockchain.

Both stablecoins and RWAs have attracted significant capital as safe-haven assets amid the global trade concerns, Juan Pellicer, senior research analyst at IntoTheBlock, told Cointelegraph.

The tariff concerns also led tokenized gold volume to surpass $1 billion in trading volume on April 10, its highest level since March 2023 when a US banking crisis saw the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank

Blockchain innovation could drive regulatory clarity

Growing RWA adoption may inspire a more welcoming stance from global regulators, Yin said.

“While regulation is a hurdle, regulation follows usage,” he explained, likening tokenization to Uber’s growth before widespread regulatory acceptance:

“Tokenization is similar — as demand increases, regulatory clarity will follow.”

He added that making tokenized products compliant with a wide range of international regulations is key to unlocking broader market access.

However, some industry watchers are skeptical about the benefits introduced by tokenized real estate.

“I don’t think tokenization should have its eyes directly set on real estate,” said Securitize chief operating officer Michael Sonnenshein at Paris Blockchain Week 2025.

“I’m sure there are all kinds of efficiencies that can be unlocked using blockchain technology to eliminate middlemen, escrow, and all kinds of things in real estate. But I think today, what the onchain economy is demanding are more liquid assets,” he added.

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Politics

Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

Published

6 hours ago

April 26, 2025

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Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

United States Senator Cynthia Lummis suggests the crypto industry may be celebrating too soon over the US Federal Reserve softening its crypto guidance for banks.

“The Fed withdrawing crypto guidance is just noise, not real progress,” Lummis said in an April 25 X post. Lummis called the Fed’s April 24 announcement — withdrawing its 2022 supervisory letter that had discouraged banks from engaging with crypto and stablecoin activities — “just lip service.”

Lummis’ tone was different from the rest of the crypto industry

Lummis, a pro-crypto advocate known for introducing the Bitcoin (BTC) Strategic Reserve Bill in July 2024, pointed out several flaws in the Fed’s announcement, even as Strategy founder Michael Saylor and crypto entrepreneur Anthony Pompliano suggested it was a step forward for banks and crypto.

Cryptocurrencies, United States — *Source:* *Anthony Pompliano*

She argued that the Fed continues to “illegally flout the law on master accounts” and still relies on reputational risk in its bank supervision practices. It comes as the Federal Insurance Deposit Corporation (FDIC) is working on a rule to stop examiners from considering reputational risk when reviewing a bank’s operations, according to a recent Bloomberg report.

Lummis also highlighted the Fed’s policy statement in Section 9(13), which hasn’t been withdrawn, stating that Bitcoin and digital assets are considered “unsafe and unsound.”

She also reiterated many of the same staff behind Operation Chokepoint 2.0 are still involved in crypto policy today.

“We are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over.”

“I will continue to hold the Fed accountable until the digital asset industry gets more than a life jacket, Chair Powell — they need a fair shake,” Lummis said.

Custodia Bank founder and CEO Caitlin Long seemed to share a similar view to Lummis.

“THANK YOU for seeing this for what it is,” Long said.

However, many crypto executives praised the Fed’s announcement as a positive development for the industry. Saylor said in an April 25 X post that the Fed’s move means that “banks are now free to begin supporting Bitcoin.”

Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said the Fed’s decision “is a significant development, as it will simplify the path to institutional adoption.”

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Politics

SEC chair suggests ‘huge benefits’ in agency’s third crypto roundtable

Published

18 hours ago

April 25, 2025

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<div>SEC chair suggests 'huge benefits' in agency's third crypto roundtable</div>

In one of his first appearances as the recently sworn-in chair of the US Securities and Exchange Commission, Paul Atkins delivered remarks to the agency’s third roundtable discussion of crypto regulation.

In the “Know Your Custodian” roundtable event on April 25, Atkins said he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs. He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty.

“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.

SEC chair suggests 'huge benefits' in agency's third crypto roundtable — *SEC chair Paul Atkins addressing the April 25 crypto roundtable. Source:* *SEC*

Some critics of US President Donald Trump see Atkins’ nomination to lead the SEC as a nod to the crypto industry, acting on campaign promises to remove Gensler — the former chair resigned the day Trump took office — and cut back on regulation. Democratic lawmakers on the Senate Banking Committee questioned Atkins on his ties to the industry, potentially presenting conflicts of interest in his role regulating crypto.

The direction of the SEC under new leadership

“We’ve noticed that we don’t have to be as concerned […] about being accused of things that we’re not doing, like being broker-dealers for securities,” Exodus chief legal officer Veronica McGregor, who participated in the roundtable, told Cointelegraph on April 24.”It’s just a less scary regulatory environment in general. It is, however, still unclear what the ultimate regs are going to look like for crypto.”

The SEC crypto task force is scheduled to hold two more roundtables in May and June to discuss tokenization and decentralized finance, respectively. Commissioner Hester Peirce, who leads the task force, told Cointelegraph in March that she welcomed the opportunity to work with Atkins to “reorient the agency,” hinting at an SEC with regulations more favorable to the crypto industry.

In addition to the roundtables, the crypto task force has reported several meetings with digital asset firms to discuss various policies and considerations in developing a regulatory framework.

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