An internal review of the campaign called it a “high speed car crash”, and some questioned whether the party could ever have the impact it once had on the electorate again.
But skip to 2023, with Sir Ed Davey at the helm and the party’s first autumn conference since that fateful year – COVID and the Queen’s death led to the others being cancelled – and there is an audible buzz of positivity coming from its members.
With four by-election wins since the start of this parliament, ripping safe seats from the Conservatives, a stonkingly good performance at last year’s locals, and a general election on the horizon, Oxford West and Abingdon MP, Layla Moran, says: “We are really buoyant as a party, and with all those wins, the first thing we will be doing at conference is celebrating!
“This could be the last conference before the next general election (which is expected in 2024). We are confident going into the election, but confident does not mean complacent.
“We have a winning formula that has worked with winning seats in both local and by-elections. We will take that forward but with zero complacency.”
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Lib Dems: ‘Get these clowns out of No 10!’
Her fellow Lib Dem MP, Christine Jardine, who represents Edinburgh West, agrees, saying there is “excitement” in the air.
“Momentum is the right word, but also optimism,” she adds. “We have four new MPs, hundreds of new councillors, and 16 new councils. It shows we have moved on from 2019 and we are in a very different place.
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“This could be the start of something.”
For anything to get started, however, the Lib Dems need to agree on a policy programme.
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“I grew up in a family with three daughters,” she said. “There were four women in the house and that got expensive!
“We need to be thinking of those issues, we need to be looking at how we look after people, not just those who are in a cost of living crisis now, but also those who are just managing – as they stop managing when these economic issues hit.”
Image: Lib Dem MPs Christine Jardine (left) and Layla Moran (right)
And, despite its impact on their last national results, the topic of Brexit will still be on the agenda, with Ms Moran saying the party hadn’t “lost its roots”.
“Well, the discussion is not about ‘Brexit’ as that’s the past,” she adds. “But the country is in a total state and you have to think about the economy, so you have to think about fixing that broken relationship with the EU.”
She says the Lib Dems have a four-part plan, “starting with the low hanging fruit like rejoining Europol and schemes like Erasmus”, then “when the timing is right”, bringing up the prospect of the single market again.
“It is not off the table,” says Ms Moran. “We want to be at the heart of Europe, that’s not changed.”
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Lib Dem Leader on wet wipe ban
However, the “golden thread” running throughout conference will be about one service in particular – the NHS.
A senior party source revealed the “centrepiece policy” would be the legal right to see a GP within seven days.
This isn’t a new idea for the party, but it will be the first time it has been formally adopted in the manifesto.
So, why the NHS? Because the Lib Dems think voters in the seats they are targeting are feeling the impact of health service pressures like never before.
“30 years ago, when we knocked on doors in Tory seats, we spoke about the economy or crime,” said a source close to Sir Ed.
“But 30 years ago, the NHS was just about working in those more rural areas, and struggling in more urban, Labour seats.
“If you go into those rural areas now, the local NHS services have been depleted so much – for those trying to get a GP appointment, those trying to get an ambulance to show up, the fear of ending up on a cancer waiting list.
The Lib Dems came second in 91 seats at the last election, and 80 of those saw them come second to the Tories, with many in the so-called “Blue Wall” – the term used to describe safe Conservative seats across the south of England.
The leadership thinks they can “take a bite” out of those seats, especially by focusing on the current government’s track record when it comes to the NHS, holding a “Blue Wall summit” on Friday to welcome their marginal candidates to conference to talk tactics.
“We are key to getting the Tories out,” said a senior party source. “We want to capitalise on that – focusing on the seats where we came second in the Blue Wall.
“And we will talk a lot about the Blue Wall at conference, as well as showing off our rising stars in the party that are running in those seats.”
One person hoping to benefit from that election machine is Josh Babarinde, the Lib Dem prospective parliamentary candidate for Eastbourne.
“We run on volunteers, so what is exciting about this conference is getting together our army of activists, who don’t have masses of billionaire donors propping them up, and firing them up,” he said.
“The momentum is building and building and building. We had a bruising result in Eastbourne in the 2019 election, now people are coming into the office wanting to take to the streets and campaign for the election. The country hasn’t seen anything yet.”
Image: The Lib Dems are determined to smash through the ‘Blue Wall’
But all this “optimism” and “excitement” appears to have its limits.
Just over 10 years ago, the Lib Dems were the kingmakers, the party who decided the next prime minister and secured themselves senior positions at the top of government.
Yet, ask MPs, strategists or members if they are aiming for power again and every answer is either a deflection or laced with trepidation.
“Ed feels strongly that so many leaders in the past got distracted by thinking about [government] without thinking about winning those seats,” said a source close to the leader.
“It creates an atmosphere of anticipation and then we don’t focus and don’t try to win seats.”
The party has already ruled out going into coalition with the Conservatives again – a decision that saw the party collapse electorally at the 2015 election and put off many of the voters that their former leader, Sir Nick Clegg, recruited.
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Starmer refuses to rule out Lib Dem deal
“Ed fears if we start to talk about coalition, it looks as though we are taking those voters we are trying to win over for granted,” adds the source.
“We want to focus on being local champions fighting for local services.
“And remember, we won 11 seats at the last general election. There is nothing for us to be arrogant about.”
As members start to gather on the south coast, a statement from deputy leader Daisy Cooper tells them this conference will “fire the starting pistol” on the next election campaign and get activists ready for the fight.
“Our horizons are broader than when we went in for the Chesham and Amersham by-election (the first of the Lib Dem wins in this parliament),” said the source close to Sir Ed.
“Journalists laughed at me when I said we could win that seat, now they laugh at me if I say we might not win Mid Beds (the safe Tory seat left empty by the exit of Nadine Dorries).”
But while this conference is set to be one of the most positive gatherings for the Lib Dems in years, there is still a mountain to climb to get the numbers in parliament to make an impact – and a residual fear around what doing well at the next election may mean for the party’s future.
Solana decentralized finance (DeFi) protocol Loopscale has temporarily halted its lending markets after suffering an approximately $5.8 million exploit.
On April 26, a hacker siphoned approximately 5.7 million USDC (USDC) and 1200 Solana (SOL) from the lending protocol after taking out a “series of undercollateralized loans”, Loopscale co-founder Mary Gooneratne said in an X post.
The exploit only impacted Loopscale’s USDC and SOL vaults and the losses represent around 12% of Loopscale’s total value locked (TVL), Gooneratne added.
Loopscale is “working to resume repayment functionality as soon as possible to mitigate unforeseen liquidations,” its said in an X post.
“Our team is fully mobilized to investigate, recover funds, and ensure users are protected,” Gooneratne said.
In the first quarter of 2025, hackers stole more than $1.6 billion worth of crypto from exchanges and on-chain smart contracts, blockchain security firm PeckShield said in an April report.
More than 90% of those losses are attributable to a $1.5 billion attack on ByBit, a centralized cryptocurrency exchange, by North Korean hacking outfit Lazarus Group.
Launched on April 10 after a six-month closed beta, Loopscale is a DeFi lending protocol designed to enhance capital efficiency by directly matching lenders and borrowers.
It also supports specialized lending markets, such as “structured credit, receivables financing, and undercollateralized lending,” Loopscale said in an April announcement shared with Cointelegraph.
Loopscale’s order book model distinguishes it from DeFi lending peers such as Aave that aggregate cryptocurrency deposits into liquidity pools.
Loopscale’s main USDC and SOL vaults yield APRs exceeding 5% and 10%, respectively. It also supports lending markets for tokens such as JitoSOL and BONK (BONK) and looping strategies for upwards of 40 different token pairs.
The DeFi protocol has approximately $40 million in TVL and has attracted upwards of 7,000 lenders, according to researcher OurNetwork.
United States Senator Jon Ossoff expressed support for impeaching President Donald Trump during an April 25 town hall, citing the President’s plan to host a private dinner for top Official Trump memecoin holders.
“I mean, I saw just 48 hours ago, he is granting audiences to people who buy his meme coin,” said Ossoff, a Democrat, according to a report by NBC News.
“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense.”
Senator Ossoff said he “strongly” supports impeachment proceedings during a town hall in the state of Georgia, where he is running for reelection to the Senate.
The Senator added that an impeachment is unlikely unless the Democratic Party gains control of Congress during the US midterm elections in 2026. Trump’s own Republican Party currently has a majority in both the House of Representatives and the Senate.
TRUMP holders can register to dine with the US President. Source: gettrumpmemes.com
On April 23, the Official Trump (TRUMP) memecoin’s website announced plans for Trump to host an exclusive dinner at his Washington, DC golf club with the top 220 TRUMP holders.
The website subsequently posted a leaderboard tracking top TRUMP wallets and a link to register for the event. The TRUMP token’s price has gained more than 50% since the announcement, according to data from CoinMarketCap.
The specific guest list is unclear, but the memecoin’s website states that applicants must pass a background check, “can not be from a [Know Your Customer] watchlist country,” and cannot bring any additional guests.
On April 25, the team behind TRUMP denied social media rumors that TRUMP holders need at least $300,000 to participate in an upcoming dinner with the president.
“People have been incorrectly quoting #220 on the block explorer as the cutoff. That’s wrong because it includes things like locked tokens, exchanges, market makers, and those who are not participating. Instead, you should only be going off the leaderboard,” they wrote.
The TRUMP token jumped on news of the private dinner plans. Source: CoinMarketCap
Legal experts told Cointelegraph that Trump’s cryptocurrency ventures, including the TRUMP memecoin and Trump-affiliated decentralized finance (DeFi) protocol World Liberty Financial, raise significant concerns about potential conflicts of interest.
“Within just a couple of days of him taking office, he’s signed a number of executive orders that are significantly going to affect the way that our crypto and digital assets industry works,” Charlyn Ho of law firm Rikka told Cointelegraph in February.
“So if he has a personal pecuniary benefit arising from his own policies, that’s a conflict of interest.”
Crypto investor sentiment has seen a significant recovery from global tariff concerns, but analysts warn that the market’s structural weaknesses may still result in downside momentum during periods of weekend illiquidity.
Risk appetite appeared to return among crypto investors this week after US President Donald Trump adopted a softer tone, saying that import tariffs on Chinese goods may “come down substantially.”
However, the improved investor sentiment “does not guarantee that Bitcoin will avoid volatility over the weekend,” analysts from Bitfinex exchange told Cointelegraph:
“Sentiment improvements reduce fragility, but they do not eliminate structural risks like thin weekend liquidity.”
“Historically, weekends remain vulnerable to sharp moves — especially when open interest is high and market depth is low,” the analysts said, adding that unexpected macroeconomic news can still increase volatility during low liquidity periods.
Bitcoin (BTC) staged a near 11% recovery during the past week, but its rally has previously been limited by Sunday liquidity dynamics.
BTC/USD, 1-year chart. Source: Cointelegraph
Bitcoin fell below $75,000 on Sunday, April 6, despite initially decoupling from the US stock market’s $3.5 trillion drop on April 4 after US Federal Reserve Chair Jerome Powell warned that Trump’s tariffs may affect the economy and raise inflation.
The correction was exacerbated by the lack of weekend liquidity and the fact that Bitcoin was the only large liquid asset available for de-risking, industry watchers told Cointelegraph.
“While improved sentiment creates a more stable foundation, cryptocurrency markets are still susceptible to rapid movements during periods of reduced trading volume,” according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone blockchain oracle firm.
“The sentiment recovery provides some cushioning, but traders should remain cautious as weekend liquidity constraints can still amplify price movements regardless of the current market mood,” he told Cointelegraph.
Crypto investors may have “maxed out on tariff-related fears”
Cryptocurrency markets may have priced in the full extent of tariff-related concerns, according to Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen.
“It feels like we’ve maxed out on tariff-related fear,” she told Cointelegraph, adding:
“While many remain uncertain about where things are headed over the next month or so, it also seems like markets were just waiting for the slightest signal that we’re back in the game.”
“Whether the rally is sustainable depends on whether we can break through previous resistance levels, at least in isolation. It could have legs, as markets now seem to believe there’s a ‘Trump put’ under equities, the US dollar and US Treasurys,” Barthere added, warning of more potential volatility amid the upcoming negotiations.
Nansen previously predicted a 70% chance that crypto markets will bottom and start a recovery by June, but highlighted that the timing will depend on the outcome of tariff negotiations.
The tariff negotiations may only be “posturing” for the US to reach a trade agreement with China, which may be the “big prize” for Trump’s administration, according to Raoul Pal, founder and CEO of Global Macro Investor.