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Ethereum futures ETFs to start trading next week

Investment firm Valkyrie will start offering exposure to Ether futures in the coming days. On Sept. 28, the firm told Cointelegraph that its Bitcoin Strategy ETF will allow investors access to Ether and Bitcoin futures “under one wrapper,” making it one of the first firms to do so amid several pending applications with the U.S. Securities and Exchange Commission. Starting Oct. 3, the fund’s name will be updated to the Valkyrie Bitcoin and Ether Strategy ETF. Asset manager VanEck also disclosed its upcoming Ethereum Strategy ETF, which will be listed on the Chicago Board Options Exchange in the coming days. Analysts suggested that a potential U.S. government shutdown might have accelerated the launch of Ether futures ETFs.

SBF trial dates revealed: FTX founder to stand trial over 6 weeks

Former FTX CEO Sam “SBF” Bankman-Fried will spend at least 21 days in court as part of his criminal trial, which will begin in earnest on Oct. 4 and last until Nov. 9, according to a newly released trial calendar posted to the public court docket. The first official date of the Bankman-Fried trial is Oct. 4, where the participants will begin discussing seven fraud charges laid against SBF. There are two substantive charges where the prosecution must convince a jury that Bankman-Fried committed the crime. Five other “conspiracy” charges involve the prosecution convincing a jury that Bankman-Fried planned to commit the crimes. The former FTX CEO has been serving pre-trial detention at the Brooklyn Metropolitan Detention Center since Aug. 11. If considered guilty of fraud, Bankman-Fried is likely to spend the rest of his life in prison, legal specialists explained to Cointelegraph.

3AC’s Su Zhu arrested in Singapore

Co-founder of Three Arrows Capital (3AC) Su Zhu was detained at Changi Airport in Singapore while trying to leave. Teneo, the joint liquidator of the now-bankrupt hedge fund, told Cointelegraph that Zhu’s arrest followed a committal order from the Singapore Courts, which is a directive used to imprison someone for contempt of court. On Sept. 25, Teneo secured this committal order, alleging that Zhu didn’t comply with a court order. His arrest is part of an ongoing investigation to retrieve funds for 3AC’s creditors. The $10 billion hedge fund crashed in 2022 due to the collapse of the Terra ecosystem. A similar committal order was granted against Kyle Davies, also co-founder of 3AC. His whereabouts remain unknown.



Binance urges users to convert euros to USDT after Paysafe debank

Binance has warned its European users to convert their euro (EUR) balances to Tether by Oct. 31 due to the loss of support from its banking partner, Paysafe. Paysafe ceased processing EUR deposits for Binance users on Sept. 25. While EUR withdrawals to bank accounts remain available, Paysafe users won’t be able to engage in EUR spot trading. Binance’s token swap feature, Binance Convert, will also restrict EUR transactions. Paysafe previously facilitated fiat deposits and withdrawals for Binance users in Europe, including via bank transfer in the European Union’s Single Euro Payments Area. The move is the latest to add to Binance’s regulatory and debanking woes in the West.

SEC delays spot Bitcoin ETF decision for BlackRock, Invesco and Bitwise

The U.S. Securities and Exchange Commission has again postponed its decision on several spot Bitcoin ETF applications, including those from BlackRock, Invesco, Bitwise and Valkyrie, ahead of a potential government shutdown. Bloomberg ETF analyst James Seyffart anticipates similar delays for Fidelity, VanEck, and WisdomTree. These delays came two weeks before the applicants’ expected second deadline. Seyffart links the premature delays to an anticipated U.S. government shutdown on Oct. 1, which would impact financial regulators and federal agencies.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $26,895, Ether (ETH) at $1,667 and XRP at $0.53. The total market cap is at $1.07 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Compound (COMP) at 23.71%, Chainlink (LINK) at 15.12% and THORchain (RUNE) at 14.51%. 

The top three altcoin losers of the week are Immutable (IMX) at -9.80%, UNUS SED LEO (LEO) at -5.38% and XDC Network (XDC) at -4.61%.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Read also


Features

Inside South Korea’s wild plan to dominate the metaverse


Features

Unstablecoins: Depegging, bank runs and other risks loom

Most Memorable Quotations

“You [Gary Gensler] are kneecapping the U.S. capital markets with the avalanche of red tape coming out of your commission.”

Andy Barr, U.S. representative

“A central bank that introduces a CBDC should increase the choices for society, not diminish them.”

Agustín Carstens, general manager at the Bank of International Settlements

“Looking like the SEC is gonna let a bunch of #Ethereum futures ETFs go next week potentially.”

James Seyffart, analyst at Bloomberg Intelligence

“Do you think it’s possible for you [Gary Gensler] to serve as an impartial regulator and not favor large financial intermediaries?”

Tom Emmer, U.S. representative

“[Stablecoins] will be a big driver of economic freedom in the decade ahead.”

Jesse Pollak, head of protocols at Coinbase

“The symbiosis between street art and Bitcoin is a powerful one. By working together, these two movements help to create a more just and equitable world.”

Street, pseudonymous co-founder of the Street Cy₿er artist collective

Prediction of the Week 

Bitcoin shorts keep burning as BTC price seeks to hold $27K

Bitcoin (BTC) bounced around $27,000 on Sept. 29 as a challenge to month-to-date highs dragged BTC price action upward. Data from Cointelegraph Markets Pro and TradingView showed the largest cryptocurrency attempting to hold gains after a classic “short squeeze.”

The day prior offered a trip past the $27,000 mark, with Bitcoin bulls unable to seal a fresh peak for September. Topping out at $27,300 on Bitstamp, BTC price strength returned to consolidate, still up 4% versus the week’s low at the time of writing.

Analyzing the situation on low timeframes (LTFs), popular pseudonymous trader Skew said that the upside had come courtesy of derivatives markets, with spot traders selling at the highs. “LTF stuff but pretty clear spot absorption around the high so $27.2K is an important price area to clear for spot buyers,” he explained on X (formerly Twitter).

Skew subsequently noted that $27,200 remained a rejection point on the day, ahead of the Wall Street open. Going into next week, he added, the market was “likely to hunt both sides of the book.”

FUD of the Week 

Ben ‘BitBoy’ Armstrong arrested on livestream over Lambo dispute

Crypto influencer Ben Armstrong, formerly known as “BitBoy,” was arrested on Sept. 25 while livestreaming outside a former business associate’s house, claiming the associate had his Lamborghini. He was charged with “loitering/prowling” and “simple assault by placing another in fear” and was held for over eight hours before being released on a $2,600 bond and $40 in fees. In Georgia, the misdemeanor charges of loitering and prowling could result in a fine of up to $1,000, up to one year in jail, or both.

Crypto exchange claiming $1.4B trading volume uses reportedly fake license data

An investigation by Cointelegraph revealed that several cryptocurrency platforms, reporting significant daily trades on CoinMarketCap, may have provided misleading information about their crypto licenses. Bitspay, for instance, which has a daily trading volume of $1.4 billion on CoinMarketCap and ranks as the fourth-largest crypto exchange, claimed to be licensed in Estonia. However, after inquiries by Cointelegraph, Bitspay quickly removed the potentially false license data and no longer provides details about its registration or licensing.

Huobi Global hacked for $7.9M: Report

Huobi Global’s HTX crypto exchange was hacked on Sept. 24, according to a report from blockchain analytics platform CyVers. A total of $7.9 million of crypto has been drained in the attack. A known Huobi hot wallet posted a message to the attacker in Chinese. According to the message, the exchange knows the identity of the attacker and has offered to let them keep 5% of the drained funds as a “white-hat bonus,” but only if the attacker returns the remaining 95%. Binance CEO Changpeng “CZ” Zhao offered the help of the exchange’s security team in investigating the attack.

Blockchain detectives: Mt. Gox collapse saw birth of Chainalysis

From solving Mt. Gox to tracing crypto used by child abuse syndicates in Korea, Chainalysis has a long but sometimes controversial history.

US gov’t messed up my $250K Bitcoin price prediction: Tim Draper, Hall of Flame

Tim Draper’s first big Bitcoin prediction came off without a hitch, but he says the current administration is making his second one look bad.

China dev fined 3 yrs’ salary for VPN use, 10M e-CNY airdrop: Asia Express

Chinese national fined three years’ salary for using VPN for remote work, Hangzhou airdrops 10M digital yuan, JPEX alleged Ponzi nears $200M, and more.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset

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Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset

Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset

Satoshi Nakamoto, the pseudonymous creator of Bitcoin, marks their 50th birthday amid a year of rising institutional and geopolitical adoption of the world’s first cryptocurrency.

The identity of Nakamoto remains one of the biggest mysteries in crypto, with speculation ranging from cryptographers like Adam Back and Nick Szabo to broader theories involving government intelligence agencies.

While Nakamoto’s identity remains anonymous, the Bitcoin (BTC) creator is believed to have turned 50 on April 5 based on details shared in the past.

According to archived data from his P2P Foundation profile, Nakamoto once claimed to be a 37-year-old man living in Japan and listed his birthdate as April 5, 1975.

Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset

Source: Web.archive.org

Nakamoto’s anonymity has played a vital role in maintaining the decentralized nature of the Bitcoin network, which has no central authority or leadership.

The Bitcoin wallet associated with Nakamoto, which holds over 1 million BTC, has laid dormant for more than 16 years despite BTC rising from $0 to an all-time high above $109,000 in January.

Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset

Satoshi Nakamoto statue in Lugano, Switzerland. Source: Cointelegraph

Nakamoto’s 50th birthday comes nearly a month after US President Donald Trump signed an executive order creating a Strategic Bitcoin Reserve and a Digital Asset Stockpile, marking the first major step toward integrating Bitcoin into the US financial system.

Related: Bitcoin at 16: From experiment to trillion-dollar asset

Nakamoto’s legacy: a “cornerstone of economic sovereignty”

At 50, Nakamoto’s legacy is no longer just code; it’s a cornerstone of economic sovereignty,” according to Anndy Lian, author and intergovernmental blockchain expert.

“Bitcoin’s reserve status signals trust in its scarcity and resilience,” Lian told Cointelegraph, adding: 

“What’s fascinating is the timing. Fifty feels symbolic — half a century of life, mirrored by Bitcoin’s journey from a white paper to a trillion-dollar asset. Nakamoto’s vision of trustless, peer-to-peer money has outgrown its cypherpunk roots, entering the halls of power.”

However, lingering questions about Nakamoto remain unanswered, including whether they still hold the keys to their wallet, which is “a fortune now tied to US policy,” Lian said.

Related: Bitcoin’s next catalyst: End of $36T US debt ceiling suspension

Is Satoshi Nakamoto wealthier than Bill Gates?

In February, Arkham Intelligence published findings that attribute 1.096 million BTC — then valued at more than $108 billion — to Nakamoto. That would place him above Microsoft co-founder Bill Gates on the global wealth rankings, according to data shared by Coinbase director Conor Grogan.

Satoshi Nakamoto turns 50 as Bitcoin becomes US reserve asset

Satoshi’s new addresses. Source: Conor Grogan

If accurate, this would make Nakamoto the world’s 16th richest person.

Despite the growing interest in Nakamoto’s identity and holdings, his early decision to remain anonymous and inactive has helped preserve Bitcoin’s decentralized ethos — a principle that continues to define the cryptocurrency to this day.

Magazine: 10 crypto theories that missed as badly as ‘Peter Todd is Satoshi’

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Wall Street’s one-day loss tops the entire crypto market cap

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Wall Street’s one-day loss tops the entire crypto market cap

Wall Street’s one-day loss tops the entire crypto market cap

The United States stock market lost more in value over the April 4 trading day than the entire cryptocurrency market is worth, as fears over US President Donald Trump’s tariffs continue to ramp up.

On April 4, the US stock market lost $3.25 trillion — around $570 billion more than the entire crypto market’s $2.68 trillion valuation at the time of publication.

Nasdaq 100 is now “in a bear market”

Among the Magnificent-7 stocks, Tesla (TSLA) led the losses on the day with a 10.42% drop, followed by Nvidia (NVDA) down 7.36% and Apple (AAPL) falling 7.29%, according to TradingView data.

The significant decline across the board signals that the Nasdaq 100 is now “in a bear market” after falling 6% across the trading day, trading resource account The Kobeissi Letter said in an April 4 X post. This is the largest daily decline since March 16, 2020.

“US stocks have now erased a massive -$11 TRILLION since February 19 with recession odds ABOVE 60%,” it added. The Kobessi Letter said Trump’s April 2 tariff announcement was “historic” and if the tariffs continue, a recession will be “impossible to avoid.”

Nasdaq, United States, Stocks

Source: Anthony Scaramucci

On April 2, Trump signed an executive order establishing reciprocal tariffs on trading partners and a 10% baseline tariff on all imports from all countries.

Trump said the reciprocal tariffs will be roughly half the rate US trading partners impose on American goods.

Related: Bitcoin bulls defend $80K support as ‘World War 3 of trade wars’ crushes US stocks

Meanwhile, the crypto industry has pointed out that while the stock market continues to decline, Bitcoin (BTC) remains stronger than most expected.

Crypto trader Plan Markus pointed out in an April 4 X post that while the entire stock market “is tanking,” Bitcoin is holding.

Nasdaq, United States, Stocks

Source: Jeff Dorman

Even some crypto skeptics have pointed out the contrast between Bitcoin’s performance and the US stock market during the recent period of macro uncertainty.

Stock market commentator Dividend Hero told his 203,200 X followers that he has “hated on Bitcoin in the past, but seeing it not tank while the stock market does is very interesting to me.”

Meanwhile, technical trader Urkel said Bitcoin “doesn’t appear to care one bit about tariff wars and markets tanking.” Bitcoin is trading at $83,749 at the time of publication, down 0.16% over the past seven days, according to CoinMarketCap data.

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

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‘We will see closures’: The industries hit the hardest by national insurance hike

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'We will see closures': The industries hit hardest by national insurance hike

The cost of having staff is going up this Sunday as the increase in employers’ national insurance kicks in.

Chancellor Rachel Reeves announced in the October budget employers will have to pay a 15% rate of national insurance contributions (NIC) on their employees from 6 April – up from 13.8%.

She also lowered the threshold at which employers pay NIC from £9,100 a year to £5,000 a year, meaning they start paying at an earlier point on staff salaries.

This is on top of the national minimum wage rising, the business relief rate for hospitality, retail and leisure reducing from 75% to 40% and the rising cost of ingredients and services.

Sky News spoke to people working in some of the industries that will be hardest hit by the rise in NIC: Nurseries, hospitality, retail, small businesses and care.

NURSERIES

Nearly all (96% of 728) nurseries surveyed by the National Day Nurseries Association (NDNA) said they will have no choice but to put up fees because of the NIC rise, leaving parents to pick up the shortfall.

More on Cost Of Living

The NDNA has warned nurseries could close due to the rise, with 14% saying their business is at risk, 69% reducing spending on resources and 39% considering offering fewer places with government-funded hours as 92% said they do not cover their costs.

Sarah has two children, with her youngest starting later this month, but they were just informed fees will now be £92 a day – compared with £59 at the same nursery when her eldest started five years ago.

“I’m not sure how we will afford this. Our salaries haven’t increased by 50% during this time,” she said.

“We’re stuck as there aren’t enough nursery spaces in our area, so we will have to struggle.”

Karen Richards, director of the Wolds Childcare group in Nottinghamshire, has started a petition to get the government to exempt private nurseries – the majority of providers – from the NIC changes as she said it is unfair nurseries in schools do not have to pay the NIC.

She told Sky News she will have to find about £183,000 next year to cover the increase across her five nurseries and reducing staff numbers is “not off the table” but it is more likely they will reduce the number of children they have.

Joeli Brearley, founder of Pregnant Then Screwed, said parents are yet again having to pay for the price for the government's actions. Pic: Pregnant Then Screwed
Image:
Joeli Brearley, founder of Pregnant Then Screwed, said parents are yet again having to pay the price for the government’s actions. Pic: Pregnant Then Screwed

Joeli Brearley, founder of the Pregnant Then Screwed campaign group, told Sky News: “Parents are already drowning in childcare costs, and now, thanks to the national insurance hike, nurseries are passing even more fees on to families who simply can’t afford it.

“It’s the same story every time – parents pay the price while the government looks the other way. How exactly are we meant to ‘boost the economy’ when we can’t even afford to go to work?”

Purnima Tanuku, executive chair of the NDNA, said staffing costs make up about 75% of nurseries’ costs and they will have to find £2,600 more per employee to pay for the NIC rise – £47,000 for an average nursery.

“The government says it wants to offer ‘cheaper childcare’ for parents on the one hand but then with the other expects nurseries to absorb the costs of National Insurance Contributions themselves,” she told Sky News.

“High-quality early education and care gives children the best start in life and enables parents to work. The government must invest in this vital infrastructure to make sure nurseries can continue to deliver this social and economic good.”

HOSPITALITY

The hospitality industry has warned of closures, price rises, lack of growth and shorter opening hours.

Dan Brod, co-owner of The Beckford Group, a small southwest England restaurant and country pub/hotel group, said the economic situation now is “much worse” than during COVID.

The group has put plans for two more projects on hold and Mr Brod said the only option is to put up prices, but with the rising supplier costs, wages, business rates and NIC hike they will “stay still” financially.

Read more:
Reeves admits it won’t be easy for businesses to absorb NI hike
UK businesses issue warning over ‘deeply troubling’ Trump tariffs

Dan Brod, co-owner of The Beckford Group, said the government does not value hospitality as an industry. Pic: The Beckford Group
Image:
Dan Brod, co-owner of The Beckford Group, said the government does not value hospitality as an industry. Pic: The Beckford Group

He told Sky News: “What we’re nervous about is we’re still in the cost of living crisis and even though our places are in very wealthy areas of the country, Wiltshire, Somerset and Bath, people are feeling the situation in their pockets, people are going out less.”

Mr Brod said they are not getting rid of any staff as their business strongly depends on the quality of their hospitality so they are having to make savings elsewhere.

“I’m still optimistic, I still feel that humans need hospitality but we’re not valued as an industry and the social benefit is never taken into account by government.”

Chef/owner Aktar Islam, who runs two Michelin starred Opheem in Birmingham, said the rise will cost him up to £120,000 more this year. Pic: Opheem
Image:
Chef/owner Aktar Islam, who runs Opheem in Birmingham, said the rise will cost him up to £120,000 more this year. Pic: Opheem

Aktar Islam, owner/chef at two Michelin-starred Opheem in Birmingham, said the NIC rise will cost him up to £120,000 more in staff costs a year and to maintain the financial position he is in now they would have to make “another million pounds”.

He got emails from eight suppliers on Thursday saying they were raising their costs, and said he will have to raise prices but is concerned about the impact on diners.

The restaurateur hires four commis chefs to train each year but will not be able to this year, or the next few.

“It’s very short-sighted of the government, you’re not going to grow the economy by taxing hospitality out of existence, these sort of businesses are the lifeblood of our economy,” he said.

“They think if a hospitality business closes another will open but people know it’s tough, why would they want to do that? It’s not going to happen.”

The chef sent hundreds of his “at home” kits to fellow chefs this week for their staff as an acknowledgement of how much of a “s*** show” the situation is – “a little hug from us”.

RETAIL

Some of the UK’s biggest retailers, including Tesco, Boots, Marks & Spencer and Next, wrote to Rachel Reeves after the budget to say the NIC hike would lead to higher consumer prices, smaller pay rises, job cuts and store closures.

The British Retail Consortium (BRC), representing more than 200 major retailers and brands, said the costs are so significant neither small or large retailers will be able to absorb them.

Andrew Bailey, the governor of the Bank of England, told the Treasury committee in November that job losses due to the NIC changes were likely to be higher than the 50,000 forecast by the Office for Budget Responsibility (OBR).

Big retailers have warned the NIC rise will lead to higher prices, job cuts and store closures. File pic: PA
Image:
Big retailers have warned the NIC rise will lead to higher prices, job cuts and store closures. File pic: PA

Nick Stowe, chief executive of Monsoon and Accessorize, said retailers had the choice of protecting staff numbers or cancelling investment plans.

He said they were trying to protect staff numbers and would be increasing prices but they would likely have to halt plans to increase store numbers.

Helen Dickinson, head of the BRC, told Sky News the national living wage rise and NIC increase will cost businesses £5bn, adding more than 10% to the cost of hiring someone in an entry-level role.

A further tax on packaging coming in October means retailers will face £7bn in extra costs this year, she said.

“This huge cost burden will undoubtedly reduce investment in stores and jobs and is likely to lead to higher prices,” she added.

SMALL BUSINESSES

A massive 85% of 1,400 small business owners surveyed by the Federation of Small Businesses (FSB) in March reported rising costs compared with the same time last year, with 47% citing tax as the main barrier to growth – the highest level in more than a decade.

Just 8% of those businesses saw an increase in staff numbers over the last quarter, while 21% had to reduce their workforce.

Kate Rumsey, whose family has run Rumsey’s Chocolates in Wendover, Buckinghamshire and Thame, Oxfordshire, for 21 years, said the NIC rise, minimum wage increase and business relief rate reduction will push her staff costs up by 15 to 17% – £70,000 to £80,000 annually.

To offset those costs, she has had to reduce opening hours, including closing on Sundays and bank holidays in one shop for the first time ever, make one person redundant, not replace short-term staff and introduce a hiring freeze.

The soaring price of cocoa has added to her woes and she has had to increase prices by about 10% and will raise them further.

Kate Rumsey, who runs Rumsey's Chocolates in Buckinghamshire and Oxfordshire, said they are being forced to take a short-term view to survive. Pic: Rumsey's Chocolates
Image:
Kate Rumsey, who runs Rumsey’s Chocolates in Buckinghamshire and Oxfordshire, said they are being forced to take a short-term view to survive. Pic: Rumsey’s Chocolates

She told Sky News: “We’re very much taking more of a short-term view at the moment, it’s so seasonal in this business so I said to the team we’ll just get through Q1 then re-evaluate.

“I feel this is a bit about the survival of the fittest and many businesses won’t survive.”

Tina McKenzie, policy chair of the FSB, said the NIC rise “holds back growth” and has seen small business confidence drop to its lowest point since the first year of the pandemic.

With the “highest tax burden for 70 years”, she called on the chancellor to introduce a “raft of pro-small business measures” in the autumn budget so it can deliver on its pledge for growth.

She reminded employers they can claim the Employment Allowance, which has doubled after an FSB campaign to take the first £10,500 off an employer’s annual bill.

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National Insurance rise impacts carers

CARE

The care sector has been warning the government since the October that budget care homes will be forced to close due to the financial pressures the employers’ national insurance rise will place on them.

Care homes receive funding from councils as well as from private fees, but as local authorities feel the squeeze more and more their contributions are not keeping up with rising costs.

The industry has argued without it the NHS would be crippled.

Raj Sehgal, founding director of ArmsCare, a family-run group of six care homes in Norfolk, said the NIC increase means a £360,000 annual impact on the group’s £3.6m payroll.

In an attempt to offset those costs, the group is scrapping staff bonuses and freezing management salaries.

It is also considering reducing day hours, where there are more staff on, so the fewer numbers of night staff work longer hours and with no paid break.

Raj Sehgal said his family-owned group of care homes will need £360,000 extra this year for the NIC hike
Image:
Raj Sehgal said his family-owned group of care homes will need £360,000 extra this year for the NIC hike

Mr Sehgal said: “But what that does do unfortunately, is impact the quality you’re going to be able to provide, at a time when we need to be improving quality, but something has to give.

“The government just doesn’t seem to understand that the funding needs to be there. You cannot keep enforcing higher costs on businesses and not be able to fund those without actually finding the money from somewhere.”

He said the issue is exacerbated by the fact local authority funding, despite increasing to 5%, will not cover the 10% rise.

“It’s going to be a really, really tough ride. And we are going to see a number of providers close their doors,” he warned.

Nadra Ahmed, executive co-chair of the National Care Association, said those who receive, or are waiting to access, care as well as staff will feel the impact the hardest.

“As providers see further shortfalls in the commissioning of care services, they will start to limit what they can do to ensure their viability or, as a last resort exit the market,” she said.

“This is very short-sighted, with serious consequences, which alludes to the understanding of this government.”

Government decided to ‘wipe the slate clean’

A Treasury spokesperson told Sky News the government is “pro-business” but has “taken the difficult but necessary decisions to wipe the slate clean and properly fund our public services after years of declines”.

“Our budget choices have already delivered an NHS with falling waiting lists, a £3.7bn rescue package for social care, and vital protection for Britain’s small businesses,” they said.

“We’re making tough choices today to secure a better tomorrow through our Plan for Change. By investing in economic growth and early years education while capping corporation tax, we’re putting more money in working people’s pockets and giving every child the best start in life.”

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