Rishi Sunak: General election ‘not what the country wants’
Rishi Sunak has claimed a general election is “not what the country wants”, despite insisting he is unafraid of going to the polls.
Sky News’s political editor Beth Rigby put it to the prime minister that he was a “man without a mandate” – having lost the Tory leadership election last year, before being appointed weeks later without a vote from members.
But Mr Sunak said he was “just getting on” with the job and “delivering” on long-term policy plans.
And when asked if he would still be prime minister after the next election, he replied: “Of course”.
Politics live: Downing Street has ‘lost control’ of HS2 announcement
Speaking during the Conservative Party conference in Manchester, the prime minister also refused to admit if a decision had been taken over scrapping the northern leg of HS2 – despite Downing Street dropping heavy hints an announcement could come in his conference speech on Wednesday.
The Conservatives were re-elected back in 2019 when Boris Johnson was at the helm, securing an 80-seat majority to give him power over parliament.
After his downfall last year, the summer was spent on a leadership election, with Liz Truss winning the support of Tory members come September 2022.
But when she was ousted after just 49 days in office, Mr Sunak was only selected by some of his party’s MPs, leading to accusations on the backbenches that it was “undemocratic” and a “coronation”.
Please use Chrome browser for a more accessible video player
Truss: ‘Make Britain grow again’
Asked by Beth Rigby why he wasn’t putting his plans to the country in a general election to secure a mandate, the prime minister replied: “Because that’s not what the country wants.”
He added: “I go out [and] about every day. That’s not what anybody wants. What people want is politicians making a difference to their lives.”
Pushed on whether he was scared of an election after months of falling behind in the polls, Mr Sunak said: “Not at all, I am just getting on and delivering for people.
“You can see that with net zero. You can see it with the number of boat crossings down this year by a fifth. You can see it with our progress on bringing inflation down, helping people. You can see it with a long-term workforce plan, hiring doctors and nurses for the future.
“These are all things that are going to change our country for the better. It’s an example of the type of leadership that I am bringing.”
Read more:
‘Make Britain grow again’ – Truss echoes Trump in speech
HS2 revelation could not be more disruptive for Sunak
The topic that has dominated this week’s conference is the future of HS2, with Sky News reporting on Monday that the northern leg of the high-speed rail line between Birmingham and Manchester will be axed after weeks of speculation.
But while Downing Street said officially that “no final decisions have been taken”, sources gave Sky News’ Mhari Aurora “the heaviest hint yet” an announcement would feature in the prime minister’s conference speech on Wednesday – and his remarks would be “worth waiting for”.
Please use Chrome browser for a more accessible video player
Osborne: ‘Tragedy to shelve HS2’
Questioned over whether he had made up his mind, Mr Sunak revealed nothing, dismissing “speculation” and adding: “I approach all these things carefully, thoughtfully, rigorously.”
But pressed multiple times over whether he had made the call to announce it tomorrow, the prime minister said: “I think it’s right that I’m not going to get forced into making premature decisions, not on something that’s so important that it costs this country tens of billions of pounds.”
He also denied that the conference had descended into chaos over the topic – as well as the return of Ms Truss and her calls for tax cuts – instead claiming Tory members had “a spring in their step” and “really support” his plans.
Labour’s national campaign coordinator, Pat McFadden, said: “We’ve had 13 years of Tory failure. The prime minister isn’t a cure for that failure – he’s a product of it. And every day the Tories stay in power it all just carries on.
“He is too weak to take on all the competing factions and contenders already jockeying to replace him. The sooner the election comes the better because it’s time to turn the page on the Tory years and start to rebuild Britain.”
United States Treasury Secretary Scott Bessent recently called for “Bretton Woods institutions,” such as the International Monetary Fund (IMF), to reorient themselves, a signal that the global monetary order could be shifting.
Speaking at the Institute of International Finance (IIF) on April 23, Bessent called on the IMF and the World Bank to correct trade imbalances and protect the value of fiat currencies against exchange rate risk.
“The Bretton Woods institutions must step back from their sprawling and unfocused agendas,” Bessent said. He added:
“The IMF’s mission is to promote international monetary cooperation, facilitate the balanced growth of international trade, encourage economic growth, and discourage harmful policies like competitive exchange rate depreciation.”
Bessent’s call for the IMF to correct trade imbalances between countries, specifically the US and China, coincides with a decline in the US dollar to three-year lows, $36 trillion in US government debt, and stiff economic competition from China.
Investor and hedge fund manager Ray Dalio argues that the world is experiencing a global macroeconomic shift that will upend the post-WWII financial order and eventually replace the US dollar as the global reserve currency, potentially with a digital form of money.
Related: Trump tariffs reignite idea that Bitcoin could outlast US dollar
The Bretton Woods Agreement
The Bretton Woods Agreement was signed in 1944 and pegged the currencies of 44 countries to the value of the US dollar, which, at that point, was pegged to the value of gold at $35 per ounce.
Eliminating complex foreign exchange risks between freely floating currencies to make global trade more efficient was the primary goal of the agreement.
In August 1971, US President Richard Nixon announced the end of the dollar’s convertibility to gold — formally ending the Bretton Woods agreement in a move that was supposed to be temporary.
“Your dollar will be worth just as much tomorrow as it does today,” Nixon incorrectly told Americans during his now-infamous address.
The IMF and the World Bank, which were spawned from the Bretton Woods agreement, continue operating in an attempt to curb the effects of free-floating fiat currencies on the foreign exchange market.
Bessent eyes stablecoins to protect the US dollar, BTC advocates have another idea
Speaking at the White House Digital Asset Summit on March 7, Bessent said stablecoins could drive international demand for US dollars and US government debt instruments.
Bessent added that the Trump administration will use stablecoins to protect the US dollar and its status as the global reserve currency.
Bitcoin maximalist Max Keiser argued against this plan, predicting that gold-backed stablecoins would outcompete dollar-pegged tokens due to the desire for low-volatility, inflation-resistant money.
In March this year, BlackRock CEO Larry Fink wrote that the $36 trillion US national debt could drive investors to Bitcoin (BTC) as market participants start to see BTC as a better store of value than the US dollar.
Bitwise executive Jeff Park voiced a similar prediction in February, focused on the effects of US President Donald Trump’s trade tariffs.
The analyst wrote that the tumult from the ongoing trade war would cause worldwide inflation, which would cause individuals to seek alternative stores of value like Bitcoin, driving its price much higher in the long term.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
The Alabama Securities Commission, a financial regulator for the US state, dropped its lawsuit against crypto exchange Coinbase, which accused the company of violating securities laws by offering staking services to clients.
The regulator cited the ongoing work between the US Securities and Exchange Commission (SEC) and the crypto industry to develop clear crypto regulations as the primary reason for dropping the litigation, according to the April 23 legal filing shared by Coinbase’s chief legal officer, Paul Grewal.
The filing read:
“The SEC has announced the formation of a new task force to, among other things, provide guidance for the promulgation of rules regarding the regulation of cryptocurrency products and services.”
“Due to the foregoing, the Commission believes it would be apt to allow policymakers time to consider regulatory constructs,” the filing continued.
The Alabama Securities Commission filed its lawsuit against Coinbase in June 2023, alongside state regulators from California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin.
The Commission’s dropped lawsuit reflects the positive regulatory shift toward cryptocurrencies in the United States as reform at the federal level matriculates into state-level regulatory policy.
Related: Oregon targets Coinbase after SEC drops its federal lawsuit
US states drop Coinbase lawsuit but half still holding out
Five of the 10 states that filed the litigation against Coinbase for its staking services have dropped their lawsuits.
On March 13, Vermont’s Department of Financial Regulation became the first of the 10 state regulators to drop the staking lawsuit against Coinbase.
South Carolina’s securities watchdog was the next to drop the 2023 litigation against Coinbase, dismissing the lawsuit on March 28.
Grewal announced that Kentucky’s Department of Financial Institutions followed Vermont and South Carolina’s lead on April 1 by also dismissing its Coinbase lawsuit.
Despite the domino effect of states rescinding litigation against the crypto exchange, the Coinbase chief legal officer said that more work needs to be done.
“Five holdouts are still electing to waste taxpayer resources on lawsuits, and four of those have banned staking with Coinbase, depriving consumers of the right to earn on their platform of choice,” Grewal wrote in an April 23 X post.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Officials with the US Securities and Exchange Commission’s (SEC) crypto task force met with the El Salvador National Commission on Digital Assets (CNAD) to discuss regulation and a proposed cross-border sandbox.
In an April 22 memo, the SEC’s crypto task force reported meeting with officials from El Salvador, Perkin Law Firm, and former Goldman Sachs partner Heather Shemilt as part of the commission’s outreach to the industry. The representatives discussed US-El Salvador cross-border collaboration on crypto regulation at a time when the relationship between the two countries was in the national spotlight over immigration and US deportations to an El Salvador prison.
According to the meeting notes, El Salvador’s national commission agreed to collaborate with the SEC to establish a sandbox pilot program, capped at $10,000 for each scenario. The program proposed allowing brokers licensed in the US to obtain a digital asset license in El Salvador and issue “non-securities” tokens in collaboration with a local company.
Many in the crypto industry see Salvadoran President Nayib Bukele as behind the country’s efforts to adopt cryptocurrency since he announced legislation to recognize Bitcoin (BTC) as legal tender in 2021. Bukele met with US President Donald Trump on April 14, discussing details of a $6 million deal in which the Trump administration has been sending immigrants, whose legal status to be in the US is unclear, to prisons in El Salvador. Some of these deportations violated orders from federal judges.
Related: Bitcoin takes back seat as Trump, Bukele focus on trade and immigration
New SEC chair sworn in
It’s unclear if the Trump administration may intend to deepen ties to El Salvador through additional regulatory partnerships or stepping up deportations in its existing deal. Cointelegraph reached out to SEC Commissioner Hester Peirce, who heads the crypto task force, for comment, but did not receive a response at the time of publication.
The meeting report came roughly a day after the SEC announced that Paul Atkins had been sworn in as the commission’s new chair, following Gary Gensler and acting chair Mark Uyeda. During his swearing-in ceremony, Atkins said his top priority would be to “provide a firm regulatory foundation for digital assets.”
Magazine: Ethereum maxis should become ‘assholes’ to win TradFi tokenization race
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway