Boris Johnson piles pressure on Rishi Sunak over migration figures – as he claims Dublin ‘engulfed by race riots’

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1 year ago

November 24, 2023

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Boris Johnson has heaped further pressure on Rishi Sunak over the UK’s “all-time high” net migration figures, as he suggested “demographic change” had led to “race riots” in Dublin.

The former prime minister criticised net migration numbers released this week as “way too big” and suggested imposing a minimum income of £40,000 for those who wanted to obtain a visa to work in the UK.

The latest data showed net migration hit a record-breaking 745,000 in 2022 – a number that was revised upwards from a previous estimate in May of 606,000, which was then deemed to be a record high.

At the same time, the Office for National Statistics (ONS) revealed 672,000 people came to the UK in the 12 months to June 2023.

Net migration is calculated by looking at the number of people arriving in the UK when both immigration (people coming to the UK) and emigration (people leaving the UK) are taken into account.

Politics news latest: Rishi Sunak admits ‘more to do’ to reduce net migration

In his weekly Daily Mail column, Mr Johnson argued that people would “not accept demographic change at this kind of pace – even in the most achingly liberal of countries and capital cities”.

He claimed that events in the “lovely and happy city” of Dublin – where violent protests and clashes with police took place after three young children were injured in a stabbing incident outside a primary school – “seems to have been engulfed by race riots”.

And he also pointed to the election victory of “patently Islamophobic” Geert Wilders in the Netherlands as a further sign that electorates were rejecting big migration numbers.

“The people of Ireland and Holland, in my experience, are among the nicest, kindest, most generous in the world; and yet there are plainly large numbers in both countries who are starting to worry that something has gone wrong, and that the EU system of free movement – a border-free Europe for the entire 450 million-strong territory – has too many downsides,” he said.

The numbers from the ONS drew strong criticism from Conservative MPs on the right of the party, with former home secretary Suella Braverman calling it “a slap in the face to the British public who have voted to control and reduce migration at every opportunity”.

She called on the government – which she was a member of until last week – to “act now”, with policies including introducing an annual cap on net migration and the number of health and social care visas given out, as well as raising the salary threshold for people to come to the country, closing the graduate visa route, and limiting the number of dependents.

In his column, Mr Johnson admitted the immigration system post-Brexit – while he was still in power – led to too many workers on low incomes coming to the UK.

He said the Migration Advisory Committee, an independent body that advises the government on migration issues, had set the minimum salary level too low at £26,000 because “after Brexit everyone was wailing about the thought of EU workers fleeing Britain, and business was worried about shortages”.

“What the numbers also show is that after Brexit we underestimated the magnetic pull of the UK; and the numbers show that the British labour market is continuing to inspire large numbers of low-skilled people to want to come to work here – and for low incomes,” he wrote.

“That is a mistake. The beauty of Brexit is that we can change those incentives, and address the problem in a way that is open to no other European country.”

Politics

Crypto sentiment recovers, but weekend liquidity risks remain

Published

1 hour ago

April 26, 2025

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Crypto sentiment recovers, but weekend liquidity risks remain

Crypto investor sentiment has seen a significant recovery from global tariff concerns, but analysts warn that the market’s structural weaknesses may still result in downside momentum during periods of weekend illiquidity.

Risk appetite appeared to return among crypto investors this week after US President Donald Trump adopted a softer tone, saying that import tariffs on Chinese goods may “come down substantially.”

However, the improved investor sentiment “does not guarantee that Bitcoin will avoid volatility over the weekend,” analysts from Bitfinex exchange told Cointelegraph:

“Sentiment improvements reduce fragility, but they do not eliminate structural risks like thin weekend liquidity.”

“Historically, weekends remain vulnerable to sharp moves — especially when open interest is high and market depth is low,” the analysts said, adding that unexpected macroeconomic news can still increase volatility during low liquidity periods.

Bitcoin (BTC) staged a near 11% recovery during the past week, but its rally has previously been limited by Sunday liquidity dynamics.

Bitcoin fell below $75,000 on Sunday, April 6, despite initially decoupling from the US stock market’s $3.5 trillion drop on April 4 after US Federal Reserve Chair Jerome Powell warned that Trump’s tariffs may affect the economy and raise inflation.

The correction was exacerbated by the lack of weekend liquidity and the fact that Bitcoin was the only large liquid asset available for de-risking, industry watchers told Cointelegraph.

“While improved sentiment creates a more stable foundation, cryptocurrency markets are still susceptible to rapid movements during periods of reduced trading volume,” according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone blockchain oracle firm.

“The sentiment recovery provides some cushioning, but traders should remain cautious as weekend liquidity constraints can still amplify price movements regardless of the current market mood,” he told Cointelegraph.

Crypto investors may have “maxed out on tariff-related fears”

Cryptocurrency markets may have priced in the full extent of tariff-related concerns, according to Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen.

“It feels like we’ve maxed out on tariff-related fear,” she told Cointelegraph, adding:

“While many remain uncertain about where things are headed over the next month or so, it also seems like markets were just waiting for the slightest signal that we’re back in the game.”

“Whether the rally is sustainable depends on whether we can break through previous resistance levels, at least in isolation. It could have legs, as markets now seem to believe there’s a ‘Trump put’ under equities, the US dollar and US Treasurys,” Barthere added, warning of more potential volatility amid the upcoming negotiations.

Nansen previously predicted a 70% chance that crypto markets will bottom and start a recovery by June, but highlighted that the timing will depend on the outcome of tariff negotiations.

The tariff negotiations may only be “posturing” for the US to reach a trade agreement with China, which may be the “big prize” for Trump’s administration, according to Raoul Pal, founder and CEO of Global Macro Investor.

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Politics

Deloitte predicts $4T tokenized real estate on blockchain by 2035

Published

5 hours ago

April 26, 2025

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Deloitte predicts T tokenized real estate on blockchain by 2035

Over $4 trillion worth of real estate could be tokenized on blockchain networks during the next decade, potentially offering investors greater access to property ownership opportunities, according to a new report.

The Deloitte Center for Financial Services predicts that over $4 trillion worth of real estate may be tokenized by 2035, up from less than $300 billion in 2024. The report, published April 24, estimates a compound annual growth rate (CAGR) of more than 27%.

The $4 trillion of tokenized property is predicted to stem from the benefits of blockchain-based assets, as well as a structural shift across real estate and property ownership.

Deloitte predicts $4T tokenized real estate on blockchain by 2035 — *Global tokenized real estate value, growth predictions. Source: Deloitte*

“Real estate itself is undergoing transformation. Post-pandemic work-from-home trends, climate risk, and digitization have reshaped property fundamentals,” according to Chris Yin, co-founder of Plume Network, a blockchain built for real-world assets (RWAs).

“Office buildings are being repurposed into AI data centers, logistics hubs and energy-efficient residential communities,” Yin told Cointelegraph.

“Investors want targeted access to these modern use cases, and tokenization enables programmable, customizable exposure to such evolving asset profiles,” he said.

The uncertainty triggered by US President Donald Trump’s import tariffs has boosted investor interest in the RWA tokenization sector, which involves minting financial products and tangible assets on a blockchain.

Both stablecoins and RWAs have attracted significant capital as safe-haven assets amid the global trade concerns, Juan Pellicer, senior research analyst at IntoTheBlock, told Cointelegraph.

The tariff concerns also led tokenized gold volume to surpass $1 billion in trading volume on April 10, its highest level since March 2023 when a US banking crisis saw the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank

Blockchain innovation could drive regulatory clarity

Growing RWA adoption may inspire a more welcoming stance from global regulators, Yin said.

“While regulation is a hurdle, regulation follows usage,” he explained, likening tokenization to Uber’s growth before widespread regulatory acceptance:

“Tokenization is similar — as demand increases, regulatory clarity will follow.”

He added that making tokenized products compliant with a wide range of international regulations is key to unlocking broader market access.

However, some industry watchers are skeptical about the benefits introduced by tokenized real estate.

“I don’t think tokenization should have its eyes directly set on real estate,” said Securitize chief operating officer Michael Sonnenshein at Paris Blockchain Week 2025.

“I’m sure there are all kinds of efficiencies that can be unlocked using blockchain technology to eliminate middlemen, escrow, and all kinds of things in real estate. But I think today, what the onchain economy is demanding are more liquid assets,” he added.

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Politics

Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

Published

7 hours ago

April 26, 2025

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Crypto banking rule withdrawal by Fed ‘not real progress’ — Senator Lummis

United States Senator Cynthia Lummis suggests the crypto industry may be celebrating too soon over the US Federal Reserve softening its crypto guidance for banks.

“The Fed withdrawing crypto guidance is just noise, not real progress,” Lummis said in an April 25 X post. Lummis called the Fed’s April 24 announcement — withdrawing its 2022 supervisory letter that had discouraged banks from engaging with crypto and stablecoin activities — “just lip service.”

Lummis’ tone was different from the rest of the crypto industry

Lummis, a pro-crypto advocate known for introducing the Bitcoin (BTC) Strategic Reserve Bill in July 2024, pointed out several flaws in the Fed’s announcement, even as Strategy founder Michael Saylor and crypto entrepreneur Anthony Pompliano suggested it was a step forward for banks and crypto.

Cryptocurrencies, United States — *Source:* *Anthony Pompliano*

She argued that the Fed continues to “illegally flout the law on master accounts” and still relies on reputational risk in its bank supervision practices. It comes as the Federal Insurance Deposit Corporation (FDIC) is working on a rule to stop examiners from considering reputational risk when reviewing a bank’s operations, according to a recent Bloomberg report.

Lummis also highlighted the Fed’s policy statement in Section 9(13), which hasn’t been withdrawn, stating that Bitcoin and digital assets are considered “unsafe and unsound.”

She also reiterated many of the same staff behind Operation Chokepoint 2.0 are still involved in crypto policy today.

“We are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over.”

“I will continue to hold the Fed accountable until the digital asset industry gets more than a life jacket, Chair Powell — they need a fair shake,” Lummis said.

Custodia Bank founder and CEO Caitlin Long seemed to share a similar view to Lummis.

“THANK YOU for seeing this for what it is,” Long said.

However, many crypto executives praised the Fed’s announcement as a positive development for the industry. Saylor said in an April 25 X post that the Fed’s move means that “banks are now free to begin supporting Bitcoin.”

Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said the Fed’s decision “is a significant development, as it will simplify the path to institutional adoption.”

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