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The designer who refurbished Boris Johnson’s Downing Street flat has spoken out about the “missed opportunity” to promote British craftwork after being caught up in ‘Partygate’ and the scandal around how the work was funded.

Lulu Lytle, founder of design and manufacturing firm Soane Britain, has also said in an interview that the reported £840-per-roll cost of gold leaf wallpaper is not accurate, insisting it was nowhere near that expensive – and nor was it made of gold leaf.

She has said the now infamous wallpaper for the flat above Number 11 Downing Street housing then-prime minister Boris Johnson and his then fiance Carrie Symonds cost £120 per roll – the industry standard – and it was yellow, not gold.

Ms Lytle – who became known as “Carrie’s interior designer” – said she had never met Mr Johnson or his fiance before she received a cold call from Ms Symonds one day asking her to oversee the refurbishment of the Downing Street residence, commissioned in early 2020 and funded by the official grant of £30,000 given to all prime ministers to revamp their living space.

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“Carrie had seen some fabrics of ours that had been commissioned for the state bedrooms at Chequers and liked them very much,” Ms Lytle told the Wall Street Journal of the prime minister’s official country residence in Buckinghamshire.

“She asked me to help with their Downing Street flat, not only because she liked the Soane aesthetic, but because our supply chains are so transparently English.”

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Lulu Lytle, pictured in May 2019
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Decorator Lulu Lytle

When the bill for the requested work overshot the official grant, Ms Lytle said she was assured a trust would make up the gap, as had been the case for Chequers.

“I was totally reassured it was being set up, but it was taking time,” she said, but a year later it emerged in press reports that not only had the refurbishment cost over six times the official allowance but it had also been funded by Tory party donor Lord David Brownlow.

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The scandal erupted at the same time as it emerged parties had been taking place in Downing Street – and Ms Lytle herself was even investigated for allegedly attending Mr Johnson’s birthday party in Downing Street, for which the ex-PM was later fined.

However, after speaking to investigating officers, she was not fined, having been in Downing Street for work.

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Boris Johnson said that he was ‘very, very surprised; to receive a fine after the events of ‘Partygate’

As for Mr Johnson, although he was referred to the Electoral Commission over the saga of the redecoration and the Tory party was fined, his ethics advisor, Lord Christopher Geidt, concluded that he did not break the ministerial code, and he settled the bill for the work privately.

Nonetheless, she recounted the ordeal as having a very difficult impact on herself, her family, and her business.

She says that what upset her the most was the “missed opportunity” to highlight British craftwork.

“Downing Street could, and in my opinion should, be the most fantastic showcase for British makers – I hoped and believed it would provide a springboard for conversations about UK manufacturing, or honest and transparent supply chains,” she said.

“It was such a missed opportunity,” she added.

Ms Lytle is now launching a flagship outlet on New York’s Upper East Side, expanding properly into the US for the first time.

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

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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.

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