Labour has confirmed it could accept a quota of migrants from the EU under a returns agreement it hopes to strike with the bloc if it wins power at the next general election.
Shadow Cabinet Office minister Nick Thomas-Symonds said the “objective” was to secure a returns agreement to establish “management and control of the system” as he accused the Conservatives of having “lost control of our borders”.
Mr Thomas-Symonds spoke to Sky News while Sir Keir Starmer and shadow home secretary Yvette Cooper meet European officials in The Hague – and as the party unveils proposals to treat smuggling gangs “on a par” with terrorists.
The potential for a returns agreement has already attracted controversy, with Tory Party chair Greg Hands accusing Labour of a “shocking open door policy on immigration”.
The EU is currently working on a new returns agreement that would mean each member state takes a minimum annual quota of 30,000 migrants, or pay €20,000 (£17,200) for each person they do not accept.
Mr Thomas-Symonds told Sky News: “What we are looking to do as an objective is a returns agreement.
“At the moment, the government is in a position to return people already to particular countries. They are not fast-tracking that situation. They’re not doing that competently.
Image: Migrants on a patrol boat after trying to cross the English Channel
“What we would be looking for is management and control of the system, which is absolutely vital and not there at the moment under this government.”
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When it was put to him on Sky News that the UK is 13% of Europe’s population and therefore could have to accept the same percentage of migrants under an agreement – equating to around 182,000 people per year – Mr Thomas-Symonds said he did not accept the figure.
He said the exact details would be for a potential future Labour government to negotiate with the EU.
“Our position is that net migration has been too high in the UK and we want to see that coming down. That’s our overall position and that’s something we’d obviously take into any negotiation with the EU,” he said.
Labour also wants to have more UK police officers posted with Europol for joint investigations – aiming to disrupt the gangs before they reach the coast– and work with EU partners on data and intelligence sharing, replacing access the UK lost to certain programmes after Brexit.
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Rishi Sunak hit back at Labour’s assertion that the government has “lost control of the borders” and claimed Sir Keir’s plan would see the UK accept 100,000 migrants from the EU every year – although he did not say how he had calculated this figure.
Speaking to broadcasters on a visit to Devon, the prime minister said the Labour leader “spent all of this year voting against our stop the boats bill, the toughest legislation that any government has passed to tackle illegal migration”.
Will Labour regret taking the fight to the Tories on small boats?
Territory usually seen as belonging to the Conservatives, Sir Keir Starmer is talking tough on immigration.
In The Netherlands with his shadow home secretary Yvette Cooper, the Labour leader has announced Labour’s plans for a new security partnership with Europe to smash the business model of the people smuggling gangs bringing migrants in boats across the Channel.
Labour’s plans include giving more powers to the National Crime Agency, real-time intelligence sharing with European partners and setting up a new cross border policing unit – paid for by scrapping the Rwanda scheme.
Sir Keir also wants to make it possible to restrict the movement of and freeze the assets of those suspected of people smuggling, treating suspected smugglers more like terrorists or drug traffickers.
But it’s a potential returns agreement with the EU that is causing an almighty row.
In an interview with The Times newspaper, the leader of the opposition said accepting quotas of migrants from the EU in exchange for a returns agreement would be reserved for future negotiations with Brussels.
This has alarmed Tories who believe this to be confirmation that Labour would open up the UK’s doors to higher numbers of refugees than we currently already receive.
Shadow minister Nick Thomas-Symonds told Sky News: “A wider returns agreement with the EU – that’s of course subject to negotiation.”
He went on to say that any returns agreement would be “under new arrangements” and that the objective for his party was to reduce net migration.
But government ministers beg to differ.
Home Office minister Robert Jenrick posted on X: “Not content with voting against every one of our measures to stop the boats, Keir Starmer is now opening the door to taking over 100,000 illegal migrants from the safety of the EU. His ‘plan’ is a recipe for even more illegal migration.”
Labour insists their plans will allow the UK to take back control of its immigration system.
But government sources tell Sky News that Sir Keir has made it easier for them to argue that Labour would be soft on immigration.
Small boat crossings will be a critical topic at the next general election but it appears that both parties believe this is one fight they can win.
He added: “I don’t think it’s credible that he really wants to grip this problem.”
In August, The Times reported Mr Sunak was also attempting to secure a returns agreement with the EU, but that the negotiations stalled.
It is likely any agreement would have involved the UK taking a share of EU migration.
Downing Street today told reporters the government was open to a returns deal with the EU but would not accept a quota of migrants in exchange.
The prime minister’s official spokesman did not rule out the possibility of a funding deal which would see UK taxpayers’ money go to Brussels as part of an agreement.
“There are discussions ongoing, so I’m not going to get into whether or not we would or would not fund any further co-operation,” the spokesman said.
In his interview with The Times, the Labour leader said he would treat people smugglers like terrorists by freezing their assets and restricting their movements.
Speaking from The Hague, Sir Keir told broadcasters: “The government has lost control of our borders, and we can see that with the number of crossings there are across the Channel in small boats. We have to stop that.”
He said the “only way to do that is to smash the gangs that are running this vile trade,” and that he had been speaking to Europol today about getting a “closer agreement” to tackle it.
“That is taking control of a situation that the government has totally lost control of,” he declared.
Sir Keir rejected assertions that such a deal with Europe would be a betrayal of the 2016 Brexit referendum, and said the only way to defeat the gangs is to “operate where they’re operating”, which is in Europe and beyond.
Asked about Home Secretary Suella Braverman’s claim that his plan would make Britain Europe’s “dumping ground” for “millions” of illegal migrants, Sir Keir said it’s “embarrassing that the government is pumping out this nonsense”.
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“I can only assume it’s because they’ve got nothing sensible to say on this issue,” he said.
More than 23,000 people have made the dangerous journey across the Channel in the year so far – with over 3,000 making the crossing in September alone.
Mr Sunak has made tackling the issue one of his five priorities for the year, promising to “stop the boats” with measures such as deporting some migrants to Rwanda and housing people on barges.
But both schemes have hit barriers, with Rwanda flights caught up in the courts and an outbreak of Legionella disease on the Bibby Stockholm vessel.
Mr Sunak has repeatedly defended the government’s progress, saying: “We’ve already reduced the legacy backlog by over 28,000 – nearly a third – since the start of December and we remain on track to meet our target.”
SEC Commissioner Caroline Crenshaw, expected to leave the agency in less than a month, used one of her final public speaking engagements to address the regulator’s response to digital assets.
Speaking at a Brookings Institution event on Thursday, Crenshaw said standards at the SEC had “eroded” in the last year, with “markets [starting] to look like casinos,” and “chaos” as the agency dismissed many years-long enforcement cases, reduced civil penalties and filed fewer actions overall.
The commissioner, expected to depart in January after her term officially ended in June 2024, also criticized many crypto users and the agency’s response to the markets.
SEC Commissioner Caroline Crenshaw speaking at a Brookings Institution event on Thursday. Source: Brookings
“People invest in crypto because they see some others getting rich overnight,” said Crenshaw. “Less visible are the more common stories of people losing their shirts. One thing that consistently puzzles me about crypto is what are cryptocurrency prices based on? Many, but not all, crypto purchasers are not trading based on economic fundamentals.”
She added:
“I think it’s safe to say [crypto purchasers are] speculating, reacting to hysteria from promoters, feeding a desire to gamble, wash trading to push up prices, or, as one Nobel laureate has posited, ‘betting on the popularity of the politicians who support or stand to benefit from the success of crypto.’”
In contrast to Crenshaw’s remarks, SEC Chair Paul Atkins, Commissioner Hester Peirce and Commissioner Mark Uyeda have all publicly expressed their support for the agency’s approach to digital assets and the Trump administration’s direction of policy.
Peirce and Atkins spoke at a Blockchain Association Policy Summit this week to discuss crypto regulation and a path forward on market structure under consideration in the Senate.
During the Thursday event’s question-and-answer session, Crenshaw expanded on her views of crypto, stating that it was a “tiny piece of the market,” and suggested that the SEC focus on other regulatory concerns. In addition, she expressed concern that the agency was heading toward giving crypto companies an exception from policies that applied to traditional finance.
“I do worry that as the crypto rules are perhaps implemented, or perhaps we just put out more guidance […] where we say they are not securities, where we loosen the basic fundamentals of the securities laws so that they can operate in our system, but without any of the guardrails that we have in place. I do worry that that can lead to more significant market contagion,” said Crenshaw.
The final throes of bipartisan financial regulators under Trump?
The departure of Crenshaw would leave the SEC with three Republican commissioners, two of whom were nominated by US President Donald Trump. As of Thursday, Trump had not made any announcements signaling that he ever planned to nominate another Democrat to the SEC, and Crenshaw said the agency’s staff had been reduced by about 20% in the last year.
The Commodity Futures Trading Commission also faces a dearth of leadership, with many commissioners leaving the agency in 2025. As of December, acting Chair Caroline Pham was the sole remaining CFTC commissioner and a Republican. However, the US Senate is soon expected to vote on Trump’s nominee, Michael Selig, to chair the agency after Pham.
The Belarusian Ministry of Information has blocked access to crypto exchanges Bybit, OKX, Bitget, Gate, Bingx and Weex, it said on Thursday.
According to a government announcement, the ministry has restricted access to the global domains of several crypto exchanges, citing “inappropriate advertising” under Article 511 of the Law on Mass Media.
Belarus’ government announcement on Thursday. Source: Ministry of Information of the Republic of Belarus
Cointelegraph reached out to the blocked exchanges but had not received responses at the time of publication.
Belarus is a close ally of Russia on the world stage. The domain restriction comes on the same day that Vladimir Chistyukhin, first deputy chairman at the Central Bank of Russia, told state-backed outlet RIA Novosti that it “agreed to allow qualified investors” into the crypto market. The remarks build on recent reports that the institution was considering easing restrictions on cryptocurrencies in response to the sweeping sanctions imposed on the country.
Russia disclosed plans in late April to allow crypto access only to “super-qualified investors,” defined by wealth and income thresholds of over 100 million rubles ($1.2 million) or an annual income of at least 50 million rubles ($630,000), effectively limiting participation to high-net-worth individuals.
Chistyukhin said a “crucial point that cannot be ignored” is that “cryptocurrencies are currently being used not only as an investment but also as a means of cross-border payments.” His comments echoed recent statements over allowing broader crypto access in Russia as a response to the international sanctions:
“We certainly want to protect Russian retail investors as much as possible from transactions with such a risky asset. On the other hand, we understand that, under the current circumstances, some international payments can only be made using cryptocurrency.“
Chistyukhin said there are currently about one million qualified investors able to access crypto assets in Russia, noting that investors would also be assessed on their knowledge of cryptocurrencies. He conceded that allowing non-qualified investors to access crypto is on the table, but said it would require extreme caution.
“Specifically, such investors could be granted access only to the most liquid instruments,” he said.
Chistyukhin highlighted the need for “establishing strict restrictions and prohibitions” and said “it’s expected that cryptocurrency transactions will be conducted primarily through existing market participants, under existing licenses,” adding that “anything outside this framework will be considered illegal.“
Trust Wallet, the self-custodial crypto wallet owned by Binance co-founder Changpeng “CZ” Zhao, has partnered with European fintech unicorn and digital banking giant Revolut to introduce a new way to purchase crypto assets on its platform.
Trust Wallet users can now buy Bitcoin (BTC), Ether (ETH) and Solana (SOL) with Revolut through a direct integration, the company announced on Thursday.
With a minimum purchase starting at 10 euros ($12) and capped at 23,000 euros ($26,950) daily and per transaction, Trust Wallet’s new buy option is expected to provide a faster and easier way to access crypto from Europe.
The integration will initially support only three crypto assets, but the companies said they expect to add stablecoins such as Circle’s USDC (USDC) at a later stage.
The feature enables zero-fee crypto purchases using multiple fiat currencies supported by Revolut, including the euro, the British pound, as well as the Czech koruna, Danish Krone, Polish Złoty and others.
While Revolut–Trust Wallet crypto purchases are offered with zero fees, adding money to a Revolut account is not free of charge in many cases, including via bank transfers, card top-ups and cash deposits. Cash deposits are subject to a 1.5% fee and are limited to $3,000 per calendar month, according to Revolut’s FAQs.
The integration came shortly after Revolut secured a $75 billion company valuation after completing a private share sale in late November. “This makes us Europe’s most valuable private company and in the top 10 of the world’s most valuable private companies,” Revolut said in a post on X.
CZ-backed Trust Wallet has been actively tapping into trending market sectors, including prediction markets and real-world asset tokenization, expanding access to these offerings for self-custody users.
Cointelegraph contacted Revolut and Trust Wallet for comment on the integration, but had not received a response by publication.