HS2: Rishi Sunak refuses to answer questions on rail project’s future in series of tough local radio exchanges

Published

2 years ago

September 28, 2023

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Rishi Sunak dodged questions over the future of HS2 as he spoke to local radio stations across the country.

The prime minister was repeatedly asked about the northern leg of the high speed rail line between Birmingham and Manchester.

He was also quizzed on whether the route would now end in the west London suburb of Old Oak Common rather than Euston, as reports continue to surface that he plans to scrap the next phase of the project due to soaring costs.

In a tough exchange on BBC Radio Manchester, Mr Sunak refused to give a yes or no answer to the presenter, saying: “I’m not speculating on future things.”

But he hinted at more support for the so-called Northern Powerhouse Rail, running east to west, adding: “Having greater frequency, greater capacity and shorter journey times… will make the biggest difference to unlocking the massive potential across the North”.

He also appeared to defend the viability of Old Oak Common on BBC Three Counties Radio, saying it had “very strong” connections into the capital.

HS2 was first touted by Labour in 2009, before it was signed off by the Tory Lib Dem coalition government. It was designed to connect the South, the Midlands and the North of England with state-of-the-art infrastructure.

If the Manchester leg were to be axed, it would be the latest watering down of the project, with the eastern leg to Leeds scrapped entirely and work between Birmingham and Crewe delayed due to the impact of inflation.

Some estimates have put the total cost at more than £100bn, while the project has been rated “unachievable” by the infrastructure watchdog.

The line has numerous defenders, from Tory grandees like Lord Heseltine and former chancellor George Osborne, through to Labour’s regional mayors, who have criticised the government for not involving them in the decision over its future.

An announcement on the scrapping of phase two and the London terminus had been expected this week – but it has yet to surface just days before the Conservative Party heads to Manchester for its annual conference.

Almost a year to the day former prime minister Liz Truss faced a battering on BBC local stations, Mr Sunak carried out the same pre-conference media round, beginning with BBC York, which asked him if he had “betrayed” the North over HS2.

“No,” he replied. “I think what people will see… [is] we’re investing record amounts in improving infrastructure but also delivering levelling up. I mean making sure that our town centres and high streets get the investment that they need.

“That’s really important and making sure that, as I say, transport infrastructure is being improved.”

Asked if the northern leg would go ahead by BBC West Midlands, the prime minister said: “There are spades in the ground right now at the moment making sure that we complete the first part of this line from Birmingham to central London, and we are absolutely getting on with that, that is important.”

But he deflected to talk about other forms of travel, saying: “We are investing in the transport that they use every day, making sure that the roads that people are using, probably right now as they are driving to work or taking their kids to school, are free of potholes, that the bus services that we have are reliable and frequent.”

Mr Sunak’s third outing came on BBC Manchester and presenter Anna Jameson accused him of “trying to get off” the HS2 topic, asking: “Let’s end this right here right now, tell the people of Greater Manchester, are you scrapping the HS2 line between Birmingham and Manchester?”

The PM replied: “I know there is a lot of speculation on this but we have already got spades in the ground on the first bit of HS2 and what we are doing is getting on with delivering it.”

Pushed on the northern leg, he said: “It is always right that the government is looking at things to make sure we are doing things in a way that creates value for money.

“But what I would say is HS2 is one of the many things we are doing to level up across our country and is one of the many things we are doing to invest in the north and in transport infrastructure in the north.”

Accusing him of “going off topic”, the presenter asked him to “keep focus”, adding: “We are straight talking people in the north it is a yes or a no, are you scrapping the HS2 line between Birmingham and Manchester?”

But again Mr Sunak insisted he would not be “speculating on future things”. However, he again put the focus on the need for greater connectivity east to west, hinting it could be on offer if the north to south plan is ditched.

“Connectivity across northern towns and cities is important,” added the prime minister. “I’ve said it for years.

“I know that that connectivity across the Pennines is not good enough. And it’s not just Liverpool to Manchester, it’s all the way across the North. And that is probably the thing that will drive the most growth, create the most jobs if we can get that right. And that’s why we are investing in doing that. But we obviously need to do more.”

English regions unite in calling for answers on HS2

Mhari Aurora

Political correspondent

@MhariAurora

The countdown to Conservative party conference has begun, and while Rishi Sunak would most likely want to be focused on the allocated themes of each day – the economy, cutting waiting lists and stopping the boats – HS2 looks set to derail that agenda.

On a whistle-stop tour of eight regional radio stations this morning, the prime minister was asked about the controversial trainline by more than half of them.

Unsurprisingly the West Midlands and Manchester stations grilled Sunak on the northern leg of the line.

Mr Sunak insisted there were spades in the ground building the line from Birmingham to central London, but as Old Oak Common is situated in the London travel zone two, most would not class that as the heart of the city.

The prime minister was accused of going against the North and betraying its people, to which he responded, “I know acutely where the challenges are”, and that he was focused on investing in transport links that people use on a daily basis.

But his justification for focusing on investing in local rail lines and roads making it easier for people to get around would bring jobs, drive growth and make life better for everyone could be interpreted as somewhat ironic, as some would argue HS2 would do exactly that.

The presenter on the Manchester station questioned whether Mr Sunak would be able to hang on to so-called ‘Red Wall’ seats if he continued the Tory record of broken promises to the North of England.

And after being played a clip of a leaked recording in which Mr Sunak takes credit for diverting funds from poor urban areas to rural places, the station accused him of not caring about areas like theirs.

But immediately after that on the Shropshire radio station, the very first question asked was whether he was ignoring rural communities.

And on the Three Counties radio station, the presenter played a recording of one man crying because he felt the HS2 development had destroyed his town of Wendover.

Indicative of the conflicting directions in which Mr Sunak is being pulled, the prime minister is under incredible pressure to not only make a decision on the future of the highspeed rail link, but to make the right one.

But that decision looks starkly different depending on who you ask.

On BBC Three Counties Radio, Mr Sunak was pushed over the final destination for HS2 in the capital, with presenter Babs Michel asking: “Where is Old Oak Common? Because it appears [it] is closer to Brentford than Trafalgar Square, so what is the point… it doesn’t help us at all.”

But the prime minister appeared to defend it as a sensible place to terminate the link, saying: “Old Oak Common is on the new Elizabeth Line and actually the connections from Old Oak Common to most London destinations, whether that is Heathrow, the City, the West End, Canary Wharf, are actually very strong.

“Obviously it is a new station that people won’t be familiar with, but its connectivity into all those areas is very strong.”

During the interviews, Mr Sunak was also challenged on crumbling concrete, waiting times for ambulances – and whether he wanted to buy Reading Football Club.

Politics

EU could fine Elon Musk’s X $1B over illicit content, disinformation

Published

4 hours ago

April 4, 2025

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EU could fine Elon Musk’s X B over illicit content, disinformation

European Union regulators are reportedly mulling a $1 billion fine against Elon Musk’s X, taking into account revenue from his other ventures, including Tesla and SpaceX, according to The New York Times.

EU regulators allege that X has violated the Digital Services Act and will use a section of the act to calculate a fine based on revenue that includes other companies Musk controls, according to an April 3 report by the newspaper, which cited four people with knowledge of the plan.

Under the Digital Services Act, which came into law in October 2022 to police social media companies and “prevent illegal and harmful activities online,” companies can be fined up to 6% of global revenue for violations.

A spokesman for the European Commission, the bloc’s executive branch, declined to comment on this case to The New York Times but did say it would “continue to enforce our laws fairly and without discrimination toward all companies operating in the EU.”

In a statement, X’s Global Government Affairs team said that if the reports about the EU’s plans are accurate, it “represents an unprecedented act of political censorship and an attack on free speech.”

“X has gone above and beyond to comply with the EU’s Digital Services Act, and we will use every option at our disposal to defend our business, keep our users safe, and protect freedom of speech in Europe,” X’s global government affairs team said.

European Union, Elon Musk — *Source:* *Global Government Affairs*

Along with the fine, the EU regulators could reportedly demand product changes at X, with the full scope of any penalties to be announced in the coming months.

Still, a settlement could be reached if the social media platform agrees to changes that satisfy regulators, according to the Times.

One of the officials who spoke to the Times also said that X is facing a second investigation alleging the platform’s approach to policing user-generated content has made it a hub of illegal hate speech and disinformation, which could result in more penalties.

X EU investigation ongoing since 2023

The EU investigation began in 2023. A preliminary ruling in July 2024 found X had violated the Digital Services Act by refusing to provide data to outside researchers, provide adequate transparency about advertisers, or verify the authenticity of users who have a verified account.

X responded to the ruling with hundreds of points of dispute, and Musk said at the time he was offered a deal, alleging that EU regulators told him if he secretly suppressed certain content, X would escape fines.

Thierry Breton, the former EU commissioner for internal market, said in a July 12 X post in 2024 that there was no secret deal and that X’s team had asked for the “Commission to explain the process for settlement and to clarify our concerns,” and its response was in line with “established regulatory procedures.”

Musk replied he was looking “forward to a very public battle in court so that the people of Europe can know the truth.”

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

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Coinbase Institutional files for XRP futures trading with CFTC

Published

4 hours ago

April 4, 2025

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Coinbase Institutional files for XRP futures trading with CFTC

US crypto exchange Coinbase has filed with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” stated Coinbase Institutional on April 3.

The firm added that it anticipates the contract going live on April 21.

According to the certification filing, the XRP (XRP) futures contract will be a monthly cash-settled and margined contract trading under the symbol XRL.

The contract tracks XRP’s price and is settled in US dollars. Each contract represents 10,000 XRP, currently worth about $20,000 at $2 per token.

Contracts can be traded for the current month and two months ahead, and trading will be paused as a safety measure if spot XRP prices move more than 10% in an hour.

“The exchange has spoken with FCMs (Futures Commission Merchants) and market participants who support the decision to launch a XRP contract,” the firm stated.

Coinbase is not the first to launch XRP futures in the United States. In March, Chicago-based crypto exchange Bitnomial announced the launch of the “first-ever CFTC-regulated XRP futures in the US.”

XRP futures trading is available on many of the world’s leading centralized crypto exchanges, such as Binance, OKX, Bybit and BitMEX.

Funding rates remain negative

In late March, Cointelegraph reported that XRP derivatives’ funding rates had flipped negative as investor sentiment turned bearish.

Funding rates are periodic payments between traders in perpetual futures markets that help keep the futures price aligned with the spot price. Positive funding rates mean that long traders (buyers) pay short traders, while negative funding rates mean short traders (sellers) pay long traders.

When funding rates go negative, it means short traders are willing to pay a premium to maintain their positions, indicating strong conviction from bearish derivatives traders.

XRP funding rates remained negative on major derivatives exchanges as of April 4, according to CoinGlass.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

Politics

Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Published

8 hours ago

April 4, 2025

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Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Former Binance CEO Changpeng “CZ” Zhao will begin advising the Kyrgyz Republic on blockchain and crypto-related regulation and tech after signing a memorandum of understanding with the country’s foreign investment agency.

“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading,” the crypto entrepreneur said in an April 3 X post, adding that he finds this work “extremely meaningful.”

His comments came in response to an earlier X post from Kyrgyzstan President Sadyr Zhaparov announcing that Kyrgyzstan’s National Investment Agency (NIA) had signed a memorandum with CZ to provide technical expertise and consulting services for the Central Asian country.

The NIA is responsible for promoting foreign investments and assisting international companies in identifying business opportunities within the country.

“This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity,” Zhaparov said.

The Kyrgyzstan president added: “such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.”

Kyrgyzstan, which officially changed its name from the Republic of Kyrgyzstan to the Kyrgyz Republic in 1993, is a mountainous, land-locked country.

It is considered well-suited for crypto mining operations due to its abundant renewable energy resources, much of which is underutilized.

Over 30% of Kyrgyzstan’s total energy supply comes from hydroelectric power plants, but only 10% of the country’s potential hydropower has been developed, according to a report by the International Energy Agency.

CZ has met with several other state officials in Asia

Malaysia also recently tapped CZ for guidance on crypto-related matters, with Prime Minister Anwar Ibrahim meeting him personally in January.

CZ has also met with officials in the UAE and Bitcoin-stacking country Bhutan — however, it isn’t clear what those meetings entailed.

CZ’s latest pursuits come a little over six months after he was released from a four-month prison sentence in the US for violating several anti-money laundering laws.

Since being released, CZ has made investments in blockchain tech, artificial intelligence and biotechnology companies.

CZ also recently donated 1,000 BNB (BNB) — worth almost $600,000 — to support earthquake relief efforts in Thailand and Myanmar after the natural disaster in late April.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again