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Sir Keir Starmer mocked Rishi Sunak over the Conservatives’ two by-election defeats last week, as he pressed him on the cost of living crisis at Prime Minister’s Questions.

Labour took both Tamworth and Mid Befordshire from the Conservatives after Thursday’s vote, overturning huge majorities in a double blow for the government.

In the Commons today, the Labour leader demanded a general election, saying Mr Sunak was “oblivious” to the struggles being felt by working people.

But the prime minister insisted it was his party “making the right long-term decisions to change this country for the better”.

Politics live: Starmer has cross words for laughing Tories

Sir Keir welcomed his two new MPs to the green benches before pointing to a social media post by the defeated Tory candidate in Tamworth.

Published in 2020, the Facebook post by Andrew Cooper told parents who struggled to feed children while still paying for TV and phone services to “f*** off”.

More on Prime Minister’s Questions

Keir Starmer introduces the new MPS during PMQS
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Keir Starmer introduced his new MPs during PMQs

Rishi Sunak and Keir Starmer
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Rishi Sunak and Sir Keir Starmer faced off in this week’s Prime Minister’s Questions

The Labour leader said the candidate must have thought he was “following government lines” by “throwing expletives at struggling families”, as he told stories of both renters and homeowners being hit hard by rising costs and being “abandoned” by the government – especially since Liz Truss’ disastrous mini-budget last autumn.

“In every cafe, pub and supermarket in Britain, people are having the same conversation,” he said. “‘We can’t afford that, put it back on the shelf, it’s too expensive’.

“[Mr Sunak] is completely oblivious, just patting himself on the back.”

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Exceptional by-election swings analysed

The prime minister insisted the government was “providing significant help” for people, from increasing pensions and benefits, along with a rise in the national living wage.

“Politicians like him always take the easy way out,” added Mr Sunak. “Whereas we’re getting on, making the right long-term decisions to change this country for the better – on net zero, on HS2, on a smoke-free generation, on education and energy security.

“Contrast that to his leadership – too cautious to say anything and hoping that nobody notices.”

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But the Labour leader dismissed the remarks, instead calling for a general election.

“The truth is, his candidate in Tamworth summed up perfectly just how he and his Tories are treating the British public,” Sir Keir said.

“So will he just call a general election and give the British Public a chance to respond?

“As they did in Selby, Mid Beds, and Tamworth – they’ve heard the government telling them to f off and they want the chance to return the compliment.”

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Bank CEO calls out Washington’s debanking “skullduggery”: Bitcoin Investor Week

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Bank CEO calls out Washington's debanking “skullduggery”: Bitcoin Investor Week

Recent efforts to “debank” crypto firms in the US revealed a “staggering” level of corruption among government officials, and the problem is not yet resolved, one banking executive said in a Feb. 27 interview during Bitcoin Investor Week. 

“The magnitude of skullduggery that is happening in Washington D.C. is really incredible… and it’s not over yet,” Caitlin Long, Custodia Bank’s founder and CEO, said during a panel at the event.  

In 2023, the US Federal Reserve, which regulates banks, stymied Custodia’s efforts to service crypto firms by denying the bank access to a master account, citing Custodia’s involvement in “crypto-asset-related activities.” 

A master account would allow the bank to custody assets directly with the central bank and access payment rails for inter-bank transfers. Custodia took legal action against the Fed in a bid to reverse the decision. 

Custodia Bank CEO Caitlin Long speaks at Bitcoin Investor Week. Source: Cointelegraph

Related: FDIC releases 790 pages of crypto-related letters in regulatory pivot

Industry outrage over alleged debanking reached a crescendo when a June 2024 lawsuit spearheaded by ​​Coinbase resulted in the release of letters showing US banking regulators asked certain financial institutions to “pause” crypto banking activities.

US President Donald Trump, who started his term on Jan. 20, has criticized the prior administration’s approach to crypto-friendly banks and vowed to better integrate cryptocurrencies, including stablecoins, into the regulated financial system. 

In a Jan. 23 executive order, Trump told agencies to prioritize “fair and open access to banking services” for digital asset firms.

Stablecoin scrum

However, the battle for regulatory clarity isn’t over, Long said. Instead, it has evolved into a multi-directional fight among different types of stablecoin issuers seeking preferential rules, she said. 

There is an ongoing “scrum between the big banks… and the incumbent stablecoin issuers, and then there’s Tether,” which is not based in the US, Long said. 

The result has been “this incredible flow of money that has gone from the banks and the crypto industry to people in [Washington] D.C., and they’re all going to fight,” Long said. 

“I don’t know how it’s going to come out,” she added.

Magazine: Godzilla vs. Kong: SEC faces fierce battle against crypto’s legal firepower