Rishi Sunak’s popularity at lowest point ever after net zero announcement

Published

2 years ago

September 24, 2023

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Rishi Sunak’s popularity has plunged to its lowest point since taking office following his watering down of key climate pledges.

The prime minister’s net favourability rating has slumped to -45, according to a YouGov survey carried out days after his speech rowing back on net zero pledges.

The poll of more than 2,000 adults between 21 and 22 September showed the majority of Britons have an unfavourable view of Mr Sunak, rising from 67% in late August to 68%.

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Just 23% said they had a positive view of the prime minister, down from 26% over the summer, when his net favourability rating was -41.

While Mr Sunak may have been hoping to receive some benefit from his net zero U-turn – which he claimed would save families money – his reputation among Tory voters remains effectively unchanged (they continue to be divided on the party leader, by 48% to 47%) as well as with Labour voters (who continue to overwhelmingly dislike him, at 90%).

However, his popularity has particularly taken a hit among Lib Dems voters, with just 12% saying they have a favourable view – a drop of more than half since late August, when the figure was 25%.

Starmer’s favourability also drops

Mr Sunak’s unpopularity has not benefited Labour leader Sir Keir Starmer though, with 30% having a favourable view of him, a fall from 35% at the end of August.

A separate poll by IPSOS showed two-thirds of the public did not think the UK would meet its commitment to reach net zero by 2050, even before Mr Sunak made a raft of changes on how to get there.

Following the announcement, 48% said they were now even less confident the target would be met.

Those polled, however, were almost evenly split on whether they thought Mr Sunak had made the right decision on net zero with 47% saying he had and 46% saying he hadn’t.

Sunak ‘facing balancing act’

Gideon Skinner, head of UK politics at Ipsos, said this shows Mr Sunak is “facing a balancing act” to convince the public “he is still taking climate change seriously while also addressing concerns about the cost of living”.

In a speech from Downing Street on Wednesday, Mr Sunak insisted he was still committed to the legal target of reaching net zero by 2050, despite pushing back the deadline for phasing out gas boilers and petrol cars, while scrapping energy efficiency targets for landlords.

He said the policies risked adding extra costs onto individuals and his changes meant meeting net zero in a “pragmatic” way.

However, environment groups and industry leaders accused him of making a “false argument” saying green energy is cheaper for households and will boost jobs and investment.

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The government’s Climate Change Committee also said it was “wishful thinking” to say the UK is still on the path to reaching net zero by the 2050 deadline.

Tory MPs are split, with some seeing scrapping expensive green policies as a vote winner and those on the environmental wing worried about the impact on investment and the UK’s international reputation on climate policies.

Although Mr Sunak denied acting politically, the policy shift has been seen as part of a broader attempt to create dividing lines with Labour ahead of the next general election.

The Tories’ annual party conference slogan is “long-term decisions for a brighter future” – giving a flavour of what is to come.

Since the net zero announcement, it has been reported that Mr Sunak wants to shift towards a baccalaureate exam system for A-Level pupils and ban smoking for the next generation – though the latter is something Labour has also said it will look at.

On net zero, Labour has said it will reverse the delay to the petrol cars ban and will set out its position on gas boilers in due course.

Politics

Chancellor to hold tariff crisis talks with top City executives

Published

4 hours ago

April 8, 2025

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Chancellor to hold tariff crisis talks with top City executives

Rachel Reeves will seek to gauge the unfolding impact of President Donald Trump’s tariffs blitz on Wednesday when she holds talks with some of the City’s top executives.

Sky News has learnt the chancellor will hold talks with bosses from companies including Hargreaves Lansdown, Legal & General, Lloyds Banking Group and M&G amid ongoing volatility in global financial markets.

Insiders said the talks had been convened to help frame the Treasury’s financial services growth and competitiveness strategy.

However, they acknowledged that the fallout from US tariffs, while not directly affecting most City employers, would feature prominently on Wednesday’s agenda.

“The chancellor will use this meeting to show leadership, building on her statement to the House earlier today, and reiterating that the government will act decisively to take the right decisions in our national interest and protect working people,” a Treasury insider said.

Ms Reeves would stress a commitment to working with international partners to reduce barriers to trade, while pursuing the best possible bilateral deal with the US, they added.

Charlie Nunn, the Lloyds boss; Antonio Simoes of L&G; and Dan Olley, Hargreaves Lansdown’s chief, will all attend the talks.

It will be the latest in a string of meetings the chancellor has held in recent weeks in a bid to boost economic growth.

Her budget last October sparked a furious backlash from the business community, while last month’s spring statement raised fresh fears about the possibility of further tax rises later this year.

None of the companies invited to Wednesday’s meeting would comment when approached by Sky News.

Politics

Crypto execs expect global banking push into Bitcoin by end of 2025

Published

9 hours ago

April 8, 2025

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Crypto execs expect global banking push into Bitcoin by end of 2025

Despite the ongoing market meltdown on US trade tariffs, executives at major cryptocurrency firms Messari and Sygnum are bullish on institutional Bitcoin adoption later in 2025.

Speaking on a panel at Paris Blockchain Week on April 8, Messari CEO Eric Turner and Sygnum Bank co-founder Thomas Eichenberger said they expect a significant shift in the banking sector’s involvement with crypto in the second half of the year.

According to the executives, the global banking push into Bitcoin (BTC) services has great potential to happen in the second half of 2025 as regulators embrace crypto, including stablecoins and crypto services by banks.

“I think we’re probably looking at a muted Q2, but I’m really excited for Q3 and Q4,” Messari’s Turner said during the panel discussion moderated by Cointelegraph CEO Yana Prikhodchenko, forecasting “really interesting” things coming to the crypto market in 2025.

Crypto adoption is not just about Trump

While some investors focus on the pro-crypto stance of US President Donald Trump, Turner emphasized that broader regulatory momentum is what matters most.

“When you look at the potential of having market structure regulation in the US, stablecoin regulation, and just the fact that across the board, not just President Trump himself, but the SEC and all these regulatory industries are really embracing crypto,” Turner said.

Banks, Paris, Bitcoin Regulation, Policy — Paris Blockchain Week’s panel with Cointelegraph CEO Yana Prikhodchenko, Bancor co-founder Eyal Hertzog, Sygnum co-founder Thomas Eichenberger, Messari CEO Eric Turner, AWS fintech leader Alex Matsuo and Near chief operating officer Chris Donovan. Source: Cointelegraph

Sygnum co-founder Thomas Eichenberger said international banks with US branches are also poised to enter the market once the legal landscape becomes clearer:

“I think it’s a matter of fact that US banks are preparing to be able to offer crypto custody and at least crypto spot trading services anytime soon.”

“I think by then I would agree with you, Eric,” he continued, projecting a continued phase of market uncertainty until the US establishes a clear regulatory framework.

Banks are no longer afraid of Bitcoin regulators

With the establishment of clear crypto rules for banks in the US, there will be a rush for crypto services by large international banks that are incorporated outside of the US but have a US-based presence, Eichenberger said.

“Some of them may have had their strategic plans in their cupboard to offer crypto-related services, but have been afraid that at some point they will be gone after by any of the US regulatory authorities,” he said, adding:

“Now I think there’s no one to be afraid of anymore in terms of regulatory authorities worldwide. So I think many of the large international banks will launch this year.”

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Politics

Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

Published

12 hours ago

April 8, 2025

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Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

Global trade tensions triggered by US President Donald Trump’s sweeping tariff measures may come to an end with a potential deal with China as investors remain concerned about escalation from both sides.

Trump’s April 2 announcement of reciprocal import tariffs sent shockwaves through global equity and crypto markets. The measures include a 10% baseline tariff on all imported goods, effective April 5, with higher levies — such as a 34% tariff on Chinese imports — set to begin on April 9.

However, the tariff negotiations may only be “posturing” for the US to reach an agreement with China, according to Raoul Pal, founder and CEO of Global Macro Investor.

“In the end, almost all the other tariff negotiations and rhetoric are all about getting China to agree a deal,” Pal wrote in an April 8 X post, adding:

“That is the big prize and both China and the US understand it and need it. Everything else is negotiation posturing. China needs a weaker $ and the US needs tariffs.”

“Also, the US is trying to shut down China tariff arbitrage using other channels such as Mexico or Vietnam,” Pal said.

China retaliates with new tariffs

Considering China’s latest retaliatory measures, a resolution remains unlikely in the short term.

In response to US tariffs, China imposed a 34% tariff on all US imports effective April 10, media outlet Xinhua News reported on April 4. China’s foreign ministry also vowed to “fight till the end” against Trump’s tariffs, which it called “bullying” by the world’s largest economy.

China overtook the US in 2012 to become the world’s largest trading nation by the total value of exports and imports, surpassing $4 trillion in goods trade that year, according to The Guardian.

Crypto markets watch trade outcome closely

As the trade dispute continues to evolve, analysts say a potential agreement between the two global superpowers could serve as a key catalyst for recovery in digital asset markets.

Crypto markets have a 70% chance to bottom by June 2025 before recovering, Nansen analysts predicted.

Investor appetite for risk assets such as Bitcoin will depend on the global tariff responses from other countries, according to Nicolai Sondergaard, a research analyst at Nansen.

“We have reached somewhat of a local bottom in regard to tariffs and the impact on prices,” the analyst said during Cointelegraph’s Chainreaction live show on X, adding:

“Trump came out guns blazing, and we’ve mostly seen the worst from the US side, so we’ll see if other countries are willing to drop some of the tariffs because it’s very likely the US will do the same.”