Autumn statement: Public have ‘duty’ to work, says minister – as benefits shake-up looms
There is a “duty on citizens” to work if they are able to, a government minister has said.
Chief secretary to the Treasury, Laura Trott, told Sky News the Conservatives believe “if you can work, as a principle, you should work”, saying the tenet is “the thrust of all our policies”.
Her remarks came ahead of the autumn statement on Wednesday, where the government is expected to announce plans to force those with mental health or mobility problems to find work they can do from home, or risk losing their welfare payments.
Government sources have told Sky News there is a concern a large number of people are currently “written off” and there will be measures in the speech to address that.
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Chancellor Jeremy Hunt is said to be considering a big squeeze on benefits in order to make savings for the public purse.
Over the weekend, he said ministers needed to “take difficult decisions to reform the welfare state”, and he has not ruled out a change in the way the government increases benefits – perhaps using October’s lower inflation figure of 4.6% for the rise, rather than September’s higher number of 6.7%.
Economists said this would equate to a £3bn spending cut, largely impacting households receiving means-tested or disability benefits.
Charities and opposition MPs have appealed to the government not to make the move, saying it would hit the poorest hardest as the cost of living crisis continues to bite.
Currently, around two million working age people are not employed – something Rishi Sunak dubbed a “national scandal” on Monday, claiming it was “not sustainable for the country”.
Asked by Sky News’ Kay Burley if the reports around the welfare shake-up were “uncaring”, Ms Trott said: “I think that if you can work, as a principle, you should work, and that is what the government believes, that’s been the thrust of all of our policies.
“Of course, there should be support for people to help them into work or to help them with issues that they’re facing.
“But ultimately there is a duty on citizens that if they are able to go out to work, that’s what they should do.”
She added that the Department for Work and Pensions – where she was formally a minister was “working very hard to make sure our welfare system is supporting those who need support”.
But, she said: “Those who can work, can contribute, should contribute. And that is the principle that we must keep throughout all of this.”
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Shadow work and pensions secretary, Liz Kendall, told Sky News said she was a “big supporter of flexible working and working from home”.
But she blamed the government’s lack of support for those with disabilities and mental health conditions for the number of those out of work.
Ms Kendall said: “It’s very interesting to see Rishi Sunak railing against the fact millions of people are out of work due to long-term sickness, saying it’s a scandal they’ve been written off. Well, who’s done that?”
The Labour MP added: “What those people want is access to the talking therapies they need to deal with anxiety and depression.
“They need adaptations at work or at home if they have a disability, and we are seeing huge waits for people to get adaptations – both at home and in the work place.
“We strongly believe in work. But the government has failed to achieve that and instead of railing against the problems that they themselves have created, we need to see a proper plan.”
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.
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 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’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.
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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.”
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.
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.
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