Connect with us

Published

on

Sir Keir Starmer has insisted he will not allow the UK to become a “rule-taker” after his comments suggesting he did not want to diverge from EU rules sparked criticism.

The Labour leader immediately rejected suggestions from the Conservatives that he wanted to take the UK back into the EU, telling reporters: “There is no case for going back into the EU, and that includes the single market and customs union.”

“Equally, we will not be a rule-taker,” he continued. “The rules and laws of this country will be made in parliament according to the national interest.”

However, he added: “But that does not mean that a Labour government wants to lower standards on food, wants to lower standards on people’s rights at work.

“The Labour Party has been completely consistent on those issues for many many years – there is no surprise here. Incidentally, this is also government policy.”

His remarks come after the Labour leader declared “we don’t want to diverge” from EU rules in footage of a conference of centre-left leaders in Canada seen by Sky News.

Read more: Labour is ‘obsessed with getting into power’ – politics latest

Sir Keir argued Britain’s relationship with the EU could be much stronger, while still remaining outside the bloc and outside the single market, “the more we share a future together”.

The comments have triggered a fresh discussion over how Labour would approach Brexit, with the Tories immediately seizing the opportunity to accuse Sir Keir of wanting to take the UK back into the EU.

Levelling Up Secretary Michael Gove said the remarks had shown “the real Keir Starmer” and claimed the Labour leader wanted to “return us into the EU” and “re-run the Brexit agonies of the past”.

Earlier on Friday, a Labour frontbencher told Sky News there would “clearly be ways” in which the UK does diverge from the EU, including through individual trade deals.

James Murray, Labour’s shadow financial secretary to the Treasury, said his party had been “very clear throughout” about any “red lines” there would be with the EU post-Brexit.

He said “we don’t want to be in the single market, we don’t want to be in a customs union, we don’t want to bring back freedom of movement – but we do want a better trading relationship”.

Mr Murray hit back at the criticism from the Conservatives and said they had “no plan to make Brexit work”.

Please use Chrome browser for a more accessible video player

 Mark Spencer accused Sir Keir of ‘another flip flop’.

Asked how the UK could maximise the advantage of Brexit if it did not diverge from EU rules, Mr Murray told Sky News: “Well, there will clearly be ways in which we do diverge in terms of striking our own trade deals with other countries and so on.

“But the conversation that we’re having today is focused on UK standards and I think what Keir was saying is we have no interest in weakening or watering down UK standards when it comes to things like food standards, consumer protection, workers rights and so on.”

His remarks were echoed by London mayor Sadiq Khan, who said Sir Keir is “right to say, ‘look, the current deal we have with the European Union has got big problems in it’. Some characterise it – I would – as an extreme, hard Brexit deal.”

He said it’s “right” that Sir Keir would seek to “look into having a better deal” when the current deal, negotiated by Boris Johnson, is up for review in 2025.

Please use Chrome browser for a more accessible video player

Do Labour want EU rules?

Mr Murray said there would still be areas where a Labour government would diverge from Brussels, for example by striking trade deals around the world.

He added: “All we’re seeing under the Conservatives is extra red tape on businesses, which means that it’s impacting on economic growth, which means it’s deepening the cost-of-living crisis.”

Sir Keir’s statement was made just days after he was forced to shut down speculation he might join an EU quota system on migrants after he said he would talk to the bloc about a returns deal – prompting the Conservatives to brand him “Mr Open Borders”.

His statement on Saturday evening came in response to a question from John McTernan, a former aide to Sir Tony Blair, at a conference for progressive leaders in Montreal.

Sir Keir said: “Most of the conflict with the UK being outside of the EU arises in so far as the UK wants to diverge and do different things to the rest of our EU partners.

“Obviously the more we share values, the more we share a future together, the less the conflict. And actually different ways of solving problems become available.

Read more:
Starmer sets his sights on closer relationship with Europe
Sir Keir fails to rule out tax burden rise under Labour

“Actually we don’t want to diverge, we don’t want to lower standards, we don’t want to rip up environmental standards, working standards for people that work, food standards and all the rest of it.

“So suddenly, you’re in a space where, notwithstanding the obvious fact that we’re outside the EU and not in the [European Economic Area], there’s a lot more common ground than you might think.”

A Labour spokesperson said following the remarks that the UK had “left the European Union and we’re not going back in any form”.

“Any decisions on what standards we follow will be made in the UK parliament,” they added.

“The Tories have not used Brexit to diverge on food, environmental or labour standards and if they have a plan to do so then they should come clean with people.”

Continue Reading

Politics

Gensler separates Bitcoin from pack, calls most crypto ‘highly speculative’

Published

on

By

Gensler separates Bitcoin from pack, calls most crypto ‘highly speculative’

Former US Securities and Exchange Commission Chair Gary Gensler renewed his warning to investors about the risks of cryptocurrencies, calling most of the market “highly speculative” in a new Bloomberg interview on Tuesday.

He carved out Bitcoin (BTC) as comparatively closer to a commodity while stressing that most tokens don’t offer “a dividend” or “usual returns.”

Gensler framed the current market backdrop as a reckoning consistent with warnings he made while in office that the global public’s fascination with cryptocurrencies doesn’t equate to fundamentals.

“All the thousands of other tokens, not the stablecoins that are backed by US dollars, but all the thousands of other tokens, you have to ask yourself, what are the fundamentals? What’s underlying it… The investing public just needs to be aware of those risks,” he said.

Gensler’s record and industry backlash

Gensler led the SEC from April 17, 2021, to Jan. 20, 2025, overseeing an aggressive enforcement agenda that included lawsuits against major crypto intermediaries and the view that many tokens are unregistered securities.

Related: House Republicans to probe Gary Gensler’s deleted texts

The industry winced at high‑profile actions against exchanges and staking programs, as well as the posture that most token issuers fell afoul of registration rules.

Gary Gensler labels crypto as “highly speculative.” Source: Bloomberg

Under Gensler’s tenure, Coinbase was sued by the SEC for operating as an unregistered exchange, broker and clearing agency, and for offering an unregistered staking-as-a-service program. Kraken was also forced to shut its US staking program and pay a $30 million penalty.

The politicization of crypto

Pushed on the politicization of crypto, including references to the Trump family’s crypto involvement by the Bloomberg interviewer, the former chair rejected the framing.

“No, I don’t think so,” he said, arguing it’s more about capital markets fairness and “commonsense rules of the road,” than a “Democrat versus Republican thing.”

He added: “When you buy and sell a stock or a bond, you want to get various information,” and “the same treatment as the big investors.” That’s the fairness underpinning US capital markets.

Related: Coinbase files FOIA to see how much the SEC’s ‘war on crypto’ cost

ETFs and the drift to centralization

On ETFs, Gensler said finance “ever since antiquity… goes toward centralization,” so it’s unsurprising that an ecosystem born decentralized has become “more integrated and more centralized.”

He noted that investors can already express themselves in gold and silver through exchange‑traded funds, and that during his tenure, the first US Bitcoin futures ETFs were approved, tying parts of crypto’s plumbing more closely to traditional markets.

Gensler’s latest comments draw a familiar line: Bitcoin sits in a different bucket, while most other tokens remain, in his view, speculative and light on fundamentals.

Even out of office, his framing will echo through courts, compliance desks and allocation committees weighing BTC’s status against persistent regulatory caution of altcoins.

Magazine: Solana vs Ethereum ETFs, Facebook’s influence on Bitwise — Hunter Horsley