Top Tories set out policies as Conservative Party conference kicks off in Manchester

Published

2 years ago

October 1, 2023

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Top Tories are setting out their policies as the Conservative Party conference kicks off in Manchester – with levelling up, immigration, Ukraine and the next general election on the agenda.

Rishi Sunak has announced that more than 50 “overlooked” British towns will be given £20m each over the next 10 years to regenerate high streets, tackle anti-social behaviour and grow their local economies.

However, figures suggest this £1bn of levelling up funding will mostly go to constituencies held by Conservative MPs – or Labour seats with small majorities.

Read more: Is your town on the list?

The prime minister has claimed that politicians have always focused on cities, despite many Britons living and working in towns.

He said: “The result is the half-empty high streets, rundown shopping centres and anti-social behaviour that undermine many towns’ prosperity and hold back people’s opportunity – and without a new approach, these problems will only get worse.”

Mr Sunak is set to use his first conference as leader to focus on policies that could narrow the gap against Sir Keir Starmer, with opinion polls currently putting the government about 18 points behind Labour.

But on the fringes of the conference, backbench Tories are set to urge the PM to slash an “unsustainable” tax burden on consumers and businesses – with former prime minister Liz Truss calling for corporation tax to be lowered back to 19%.

The Tory leader is also coming under pressure to consider quitting the European Convention on Human Rights, with Business Secretary Kemi Badenoch becoming the second cabinet minister in a week to raise the issue.

Meanwhile, The Sunday Times is reporting that Jeremy Hunt was secretly recorded saying Mr Sunak will call an election once inflation falls below 3%, with the chancellor telling Tory activists that the Bank of England forecasts this will be achieved next autumn.

Politics Hub – latest updates

Braverman attacks ‘pampered’ celebrities

Two cabinet ministers have given interviews to Sunday newspapers as the four-day conference gets under way.

Sunday’s focus will be on the state of the nation, followed by the economy on Monday. Tackling Channel crossings and bringing down NHS waiting lists will follow on Tuesday, paving the way for the prime minister’s speech on Wednesday.

Speaking to The Mail on Sunday, Suella Braverman attacked celebrities who have criticised her controversial immigration policies – dismissing them as “pampered and out of touch”.

BBC presenter Gary Lineker has been a vocal critic of the government’s approach, while Sir Elton John recently warned their policies risk “legitimising hate and violence”.

Ms Braverman told the newspaper they were members of a “virtue-signalling elite” who lecture Britons from villas and private jets, and suggested they were out of touch with the challenges faced by everyday people.

Analysis: Challenges for Sunak

Rob Powell

Political correspondent

@robpowellnews

The Conservative conference hasn’t even begun and already we’re seeing some very traditional conservative flashpoints emerge: tax, migration, the environment and Europe.

Dozens of MPs have launched a pre-emptive strike on the government by signing a pledge vowing to vote against any further tax rises.

One signatory described this as simply drawing “a line in the sand”.

There’ll also be a “rally for growth” on Monday, hosted by former prime minister Liz Truss – who this time last year was fighting her own internal critics.

But there’s also chest beating coming from within the cabinet.

Former leadership contender Kemi Badenoch has used a newspaper interview to make some not-so-subtle interventions on the hot-button topics of net zero and the European Convention on Human Rights.

That comes days after another person with ambitions for the top job, Suella Braverman, made her own somewhat freelance incursion into broader migration policy.

Rishi Sunak wants this conference to be about long-term planning and decision making.

But he can’t escape short-term challenges – and the political vibrations they are sending through his party.

British soldiers may train troops in Ukraine

Meanwhile, new Defence Secretary Grant Shapps has told The Sunday Telegraph that British soldiers could start training Volodymyr Zelenskyy’s forces on Ukrainian soil.

More than 20,000 Ukrainian recruits have already received formal training here in the UK – but Mr Shapps has had conversations with senior military officials about moving this effort to the country.

So far, the UK and other NATO members have avoided this approach amid concerns that personnel could be in danger of being drawn into combat with Putin’s forces.

Mr Shapps went on to reveal that he had held conversations with Mr Zelenskyy about whether the British navy could help protect commercial vessels from Russian attacks in the Black Sea.

And amid continued speculation about the future of HS2’s northern leg to Manchester – where the Tory conference is being held – the former transport secretary said failing to review the high-speed rail line would be “pretty much irresponsible”.

Watch Sunday Morning With Trevor Phillips at 8.30am on Sky News – live from the Conservative Party conference. He will be joined by Levelling Up Secretary Michael Gove, former home secretary Dame Priti Patel, and Labour’s shadow Scotland secretary Ian Murray.

Politics

‘Will the PM side with parents or tech bros?’: Labour peer demands action on children’s smartphone safety

Published

42 mins ago

April 4, 2025

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'Will the PM side with parents or tech bros?': Labour peer demands action on children's smartphone safety

Sir Keir Starmer needs to choose between parents who want stronger action to tackle harmful content on children’s phones, or the “tech bros” who are resisting changes to their platforms, Baroness Harriet Harman has said.

Speaking to Beth Rigby on Sky News’ Electoral Dysfunction podcast, the Labour peer noted that the prime minister met with the creators of hit Netflix drama Adolescence to discuss safety on social media, but she questioned if he is going to take action to “stop the tech companies allowing this sort of stuff” on their platforms where children can access it.

Sir Keir hosted a roundtable on Monday with Adolescence co-writer Jack Thorne and producer Jo Johnson to discuss issues raised in the series, which centres on a 13-year-old boy arrested for the murder of a young girl, and the rise of incel culture.

Politics latest: Could the UK retaliate against Trump?

The aim was to discuss how to prevent young boys being dragged into a “whirlpool of hatred and misogyny”, and the prime minister said the four-part series raises questions about how to keep young people safe from technology.

Sir Keir has backed calls for the four-part drama to be shown in all schools across the country, but Baroness Harman questioned what is going to be achieved by having young people simply watch the show.

“Two questions were raised [for me],” she said. ” Firstly – after they’ve watched it, what is going to be the discussion afterwards?

“And secondly, is he going to act to stop the tech companies allowing this sort of stuff to go online into smartphones without protection of children?

“Because if the tech companies wanted to do this, they could actually protect children. They can do everything they want with their tech.”

She acknowledged there are “very big public policy challenges” in this area, but added of the prime minister: “Is he going to side with parents who are terrified and want this content off their children’s phones, or is he going to accept the tech bros’ resistance to having to make changes?”

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Can parliament keep up?

The Labour peer backed the Conservative Party’s call for a ban on smartphones in schools to be mandated from Westminster, saying it would “enable all schools not to have a discussion with their parents or to battle it out, but just to say, this is the ruling” from central government, which Ofsted would then enforce.

“I’m sensitive to the idea that we shouldn’t constantly be telling schools what to do,” she continued. “And they’ve got a lot of common sense and a lot of professional experience, and they should have as much autonomy as possible.

“But perhaps it’s easier for them if it’s done top down.”

Baroness Harman also questioned the speed with which parliament is actually able to legislate to deal with the very rapid development of new technologies, and posits that it could “change its processes to be able to legislate in real time”.

She suggested that a “powerful select committee” of MPs could be established to do that, because “otherwise we talk about it, and then we’re not able to legislate for 10 years – by which time that problem has really set in, and we’ve got a whole load more problems”.

On the podcast, the trio also discussed the 10% tariffs imposed on the UK by Donald Trump and the government’s efforts to strike a trade deal with the US to mitigate the impact of the levy.

The government has refused to rule out scrapping the Digital Services Tax, a 2% levy on tech giants’ revenues in the UK, as part of the negotiations with the Trump administration – a move Baroness Harman said would be “very heartbreaking”.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

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Bakkt investors file class-action lawsuit after loss of Webull, BoA contracts

Published

4 hours ago

April 4, 2025

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Bakkt investors file class-action lawsuit after loss of Webull, BoA contracts

A group of investors with cryptocurrency custody and trading firm Bakkt Holdings filed a class-action lawsuit alleging false or misleading statements and a failure to disclose certain information.

Lead plaintiff Guy Serge A. Franklin called for a jury trial as part of a complaint against Bakkt, senior adviser and former CEO Gavin Michael, CEO and president Andrew Main, and interim chief financial officer Karen Alexander, according to an April 2 filing in the US District Court for the Southern District of New York.

The group of investors allege damages as the result of violations of US securites laws and a lack of transparency surrounding its agreement with clients: Webull and Bank of America (BoA).

Law, Investments, United States, Bakkt — *April 2 complaint against Bakkt and its executives. Source: PACER*

The loss of Bank of America and Webull will result “in a 73% loss in top line revenue” due to the two firms making up a significant percentage of its services revenue, the investor group alleges in the lawsuit. The filing stated Webull made up 74% of Bakkt’s crypto services revenue through most of 2023 and 2024, and Bank of America made up 17% of its loyalty services revenue from January to September 2024.

Bakkt disclosed on March 17 that Bank of America and Webull did not intend to renew their agreements with the firm ending in 2025. The announcement likely contributed to the company’s share price falling more than 27% in the following 24 hours. The investors allege Bakkt “misrepresented the stability and/or diversity of its crypto services revenue” and failed to disclose that this revenue was “substantially dependent” on Webull’s contract.

“As a result of Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages,” said the suit.

Other law offices said they were investigating Bakkt for securities law violations, suggesting additional class-action lawsuits may be in the works. Cointelegraph contacted Bakkt for a comment on the lawsuit but did not receive a response at the time of publication.

Prices affected by Trump Media reports

Bakkt’s share price surged roughly 162% in November 2024 after reports suggested that then-US President-elect Donald Trump’s media company was considering acquiring the firm. As of April 2025, neither company has officially announced a deal.

Shares in Bakkt (BKKT) were $8.15 at the time of publication, having fallen more than 36% in the previous 30 days.

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Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

Published

10 hours ago

April 4, 2025

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Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

The new trade tariffs announced by US President Donald Trump may place added pressure on the Bitcoin mining ecosystem both domestically and globally, according to one industry executive.

While the US is home to Bitcoin (BTC) mining manufacturing firms such as Auradine, it’s still “not possible to make the whole supply chain, including materials, US-based,” Kristian Csepcsar, chief marketing officer at BTC mining tech provider Braiins, told Cointelegraph.

On April 2, Trump announced sweeping tariffs, imposing a 10% tariff on all countries that export to the US and introducing “reciprocal” levies targeting America’s key trading partners.

Community members have debated the potential effects of the tariffs on Bitcoin, with some saying their impact has been overstated, while others see them as a significant threat.

Tariffs compound existing mining challenges

Csepcsar said the mining industry is already experiencing tough times, pointing to key indicators like the BTC hashprice.

Hashprice — a measure of a miner’s daily revenue per unit of hash power spent to mine BTC blocks — has been on the decline since 2022 and dropped to all-time lows of $50 for the first time in 2024.

According to data from Bitbo, the BTC hashprice was still hovering around all-time low levels of $53 on March 30.

“Hashprice is the key metric miners follow to understand their bottom line. It is how many dollars one terahash makes a day. A key profitability metric, and it is at all-time lows, ever,” Csepcsar said.

He added that mining equipment tariffs were already increasing under the Biden administration in 2024, and cited comments from Summer Meng, general manager at Chinese crypto mining supplier Bitmars.

“But they keep getting stricter under Trump,” Csepcsar added, referring to companies such as the China-based Bitmain — the world’s largest ASIC manufacturer — which is subject to the new tariffs.

Trump’s latest measures include a 34% additional tariff on top of an existing 20% levy for Chinese mining imports. In response, China reportedly imposed its own retaliatory tariffs on April 4.

BTC mining firms to “lose in the short term”

Csepcsar also noted that cutting-edge chips for crypto mining are currently massively produced in countries like Taiwan and South Korea, which were hit by new 32% and 25% tariffs, respectively.

“It will take a decade for the US to catch up with cutting-edge chip manufacturing. So again, companies, including American ones, lose in the short term,” he said.

Csepcsar also observed that some countries in the Commonwealth of Independent States region, including Russia and Kazakhstan, have been beefing up mining efforts and could potentially overtake the US in hashrate dominance.

“If we continue to see trade war, these regions with low tariffs and more favorable mining conditions can see a major boom,” Csepcsar warned.

As the newly announced tariffs potentially hurt Bitcoin mining both globally and in the US, it may become more difficult for Trump to keep his promise of making the US the global mining leader.

Trump’s stance on crypto has shifted multiple times over the years. As his administration embraces a more pro-crypto agenda, it remains to be seen how the latest economic policies will impact his long-term strategy for digital assets.

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