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Labour has promised to end the use of hotels for asylum seekers if it gets into power at the next election.

Outlining its latest policy pledges, the party said it would also clear the growing backlog of asylum cases and speed up the return of those who fail to meet the threshold.

As a result of its measures, Labour claimed long-standing facilities for housing asylum applicants – with space for 58,000 people – would be sufficient, meaning not only would hotels becomes redundant, but so would barges and military sites.

Shadow home secretary Yvette Cooper said: “Tory chaos at our borders and in the asylum system is costing taxpayers billions and must come to an end. All we have had from this government is gimmicks not grip.

“Labour has a serious plan to end the government’s wasteful spending on hotels and return people who have no right to be here.”

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Labour’s plan to ‘smash the gangs’

Figures from the Home Office at the end of August showed more than 51,000 asylum seekers were being housed in hotels, costing around £6m per day, while the full bill for the accommodation in the last financial year was £2.28bn.

The backlog of asylum claims in the UK hit a record high in the same month, with a total of 175,457 people waiting for an initial decision on their application – up 44% from 2022 and the highest figure since records began in 2010.

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Of those, 139,961 had been waiting more than six months – a 57% increase from last year and another record high.

Labour plans to tackle these figures by hiring over 1,000 new caseworkers for the Home Office, with increased pay to “improve productivity”, and recruiting 1,000 staff to man a new returns unit, with fast-track decisions on applications from safe countries processed “within weeks”.

It would also create so-called Nightingale courts – echoing the pop-up facilities brought in post-COVID – to speed up any legal challenges to asylum decisions and ensure removals are processed.

Read more:
Why Sunak could face bigger headache from rising legal migration than asylum backlog
Is the government’s Illegal Migration Bill legal?

This latest announcement comes after the party received a mixed response to its plan to strike a new returns agreement with the EU to tackle migration figures.

Labour confirmed it could accept a quota of migrants to get a deal over the line as it sought “management and control of the system” after the Conservatives had “lost control of our borders”.

But Tory critics thrashed the announcement, with Prime Minister Rishi Sunak claiming it would see the UK accept 100,000 migrants from the EU every year – although he did not say how he had calculated the figure.

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Mr Sunak has made tackling illegal migration – especially when it comes to small boat crossings of the Channel – one of his five priorities in government, backing 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.

But the prime minister 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.”

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XRP ETF debut outshines all 2025 launches with $250M inflows, record volume

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XRP ETF debut outshines all 2025 launches with 0M inflows, record volume

The debut of the Canary Capital XRP exchange-traded fund (ETF) is signaling renewed demand for altcoins, after the fund posted the strongest first-day performance of the more than 900 ETFs launched in 2025.

Canary Capital’s XRP (XRP) ETF closed its first day with $58 million in trading volume, marking the most successful ETF debut of 2025 among both crypto and traditional ETFs, said Bloomberg ETF analyst Eric Balchunas in a Thursday X post

The new fund garnered over $250 million in inflows during its first trading day, surpassing the recent inflows of all other crypto ETFs. 

Part of the reason behind the successful launch was the ETF’s in-kind creation model, according to ETF analyst Nate Geraci.

“A few people asking how it’s possible to have ‘only’ $59mil trading volume, but nearly $250mil inflows… The answer? In-kind creations, which don’t show up in trading volume,” wrote Geraci in a Thursday X post.

Source: Nate Geraci

The in-kind redemption model enables the creation and redemption of ETF shares through the underlying asset, as opposed to cash-only transaction models. In this case, Canary Capital’s ETF shares can be exchanged for XRP tokens.

The US Securities and Exchange Commission (SEC) approved in-kind creation and redemption for cryptocurrency ETFs on July 29, Cointelegraph reported at the time.

SEC, Ethereum ETF, Bitcoin ETF, ETF
SEC press release permitting in-kind creations and redemptions for crypto ETPs. Source: SEC

Smart money traders rotate into XRP longs after ETF debut

The launch of the ETF inspired a bullish rotation among the industry’s most successful traders, as tracked by returns and labeled as “smart money” traders on the crypto intelligence platform Nansen.

Related: Circle enters world’s largest financial market with onchain FX engine

Smart money traders have added $44 million worth of net long XRP positions over the past 24 hours, signaling more upside expectations for the token.

Smart money traders top perpetual futures positions on Hyperliquid. Source: Nansen

The cohort was net long on the XRP token, with a cumulative $49 million, but remained net short on the Solana (SOL) token, with $55 million worth of cumulative short positions on the decentralized exchange Hyperliquid.

Related: Metaplanet’s Bitcoin gains fall 39% as October crash pressures corporate treasuries

“XRP is holding near $2.30, showing relative stability but still feeling the effects of declining liquidity and cautious investor sentiment,” Ryan Lee, chief analyst at Bitget exchange, told Cointelegraph.

“For now, the setup looks like a healthy reset, not the end of the cycle, with both SOL and XRP well-positioned to lead the next wave once confidence snaps back.”

Spot Bitcoin ETFs saw $866 million worth of negative outflows on Thursday, their second-worst day on record, after the $1.14 billion daily outflows on Feb. 25, 2025, according to Farside Investors.

Magazine: Father-son team lists Africa’s XRP Healthcare on Canadian stock exchange