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The Greek prime minister’s party got the call that Rishi Sunak was cancelling his meeting with Kyriakos Mitsotakis when they were on the way to talks with Sir Keir Starmer in parliament.

It did not feel like a coincidence.

With the Conservatives trailing a disastrous average of 19 points behind Labour in the opinion polls, the thin-skinned British PM and his entourage are increasingly uptight about Starmer being treated as a prime minister in waiting – PMiW for short – especially by fellow VIPs.

It is fascinating to observe the shuffling in the corridors of power when an opponent starts to look like a credible challenger to the incumbent.

The PM cannot get away from them in a parliamentary democracy but how should they treat political rivals when they are on an upward arc? Ignore them? Snub them? Patronise them graciously?

None of these is a comfortable option. Not least because other foreign leaders and power brokers quite legitimately want to get to know someone who they anticipate could be taking over soon.

UK prime ministers behave no differently. Tony Blair made a point of meeting the conservative candidate Angela Merkel in the run-up to a German election, even though he was in Berlin on a final visit to the outgoing chancellor, and fellow social democrat, Gerhard Schroder.

More on Rishi Sunak

Sunak told MPs that he cancelled the invitation to the recently re-elected centre-right prime minister of a friendly European power “when it was clear that the purpose of the meeting was not to discuss substantive issues but rather to grandstand” about the Parthenon Marbles, sold to the British Museum by Lord Elgin.

The official-looking meeting

Far from impressing his audience, Sunak handed the Leader of the Opposition a grandstand opportunity to whack him with a severe PMQs spanking and to advertise his own credentials as a PMiW. Few would have noticed Starmer’s talks without the row.

Starmer wasted no time retorting that he had met “a fellow NATO member, an economic ally and one of our most important partners in tackling illegal immigration” and that “I discussed the economy, security and immigration with the Greek prime minister. I also told him we would not change the law regarding the marbles – it is not that difficult”.

Labour Party leader Sir Keir Starmer (left) meets Prime Minister of Greece Kyriakos Mitsotakis in London. Picture date: Monday November 27, 2023.
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Sir Keir Starmer meets Kyriakos Mitsotakis

By agreement, Starmer’s meeting with Mitsotakis was an official-looking affair – complete with pool camera pictures. Yvette Cooper, the shadow home secretary, David Lammy, the shadow foreign secretary, and other officials joined them around a conference table.

Trying to look like a prime minister has meant Starmer frequently falls in line with government plans to avoid controversy. With the scent of power in the air, and the Corbynistas largely sidelined, Labour MPs are going along with this in public. By contrast the Conservatives seldom miss an opportunity to disagree among themselves.

A previous Labour PMiW, sitting on a similar poll lead, might find the situation familiar. Tony Blair notes in his memoirs: “[John] Major decided on a long campaign… the hope was I would trip up, I would suddenly lose my head, or by some trick of fate or fortune the mood of the public would change… instead and rather more predictably the Tories fell apart.

“Every time Major tried to get them on the front foot, someone in his ranks resigned, said something stupid or got caught in a scandal.”

Prime Minister Rishi Sunak talks to former British Prime Minister, Tony Blair win the sidelines of the Cop28 UN climate summit in Dubai. Picture date: Friday December 1, 2023.
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Rishi Sunak talking to former PM Tony Blair at the COP28 UN climate summit in Dubai

Leaders in office are well aware they are conferring status when they meet PMiWs.

In the run-up to the 1987 General Election, Neil Kinnock secured an audience with President Reagan, coinciding with Margaret Thatcher’s high-profile trip to Mikhail Gorbachev in Moscow.

Point one on the confidential State Department memo to the president spelt it out: “WHAT DOES KINNOCK WANT? * To meet with the President as Leader of the British Opposition and potential prime minister to demonstrate that he is a serious figure in international affairs.”

Not surprisingly, given Reagan’s fondness for Thatcher, that encounter did not go well – Labour felt slighted by White House briefings afterwards and retaliated by claiming Reagan was not on the ball.

Ronald Reagan and Margaret Thatcher had a close political relationship
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Ronald Reagan and Margaret Thatcher had a close political relationship. Pic: AP

Presidents are also heads of state, which means they can rise above party politics when it suits them.

US presidents usually hold at least one meeting with British opposition leaders.

Party allegiances, between Conservatives and Republicans on the right or Labour and Democrats on the left, do not matter much.

Shortly after taking office in 2009, Barack Obama insisted on a half-hour meeting with David Cameron, then leader of the opposition, at the US ambassador’s residence, Winfield House.

Both sides fielded top teams of officials, including Tim Geithner, US treasury secretary and Hillary Clinton, then secretary of state.

Read more:
Elgin Marbles row intensifies as Greece denies promising not to raise issue
UK officials eye legally blocking Elgin Marbles return as Greek PM complains

The British monarch, Queen or King, may also facilitate contacts because opposition leaders are invited to state occasions.

Ever the iconoclast, on his state visit in 2019 Trump claimed he had turned down a request from then Labour leader Jeremy Corbyn: “He wanted to meet today. I said no. He is somewhat of a negative force.”

Rachel Reeves and David Lammy have been on official trips to Washington DC, but Starmer has not yet had a formal meeting with Joe Biden even though this president has been to the UK five times, though never on a state visit.

Perhaps this is just as well given the polarisation of US politics with an election year approaching in both countries. For now, Sunak or Starmer are transparently eager not to be seen anywhere near Donald Trump.

Opposition ‘left out’

Number 10 and the Foreign Office are certainly not making it easy for Labour.

Rishi Sunak during PMQS
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Rishi Sunak during PMQS

Reportedly, the prime minister has not yet given the green light to the civil service to begin the briefings for the opposition, which are normal courtesy in the run-up to an election.

There was no invitation to a Labour minister to join in the recent international talks on AI security at Bletchley Park.

This week, Business Secretary Kemi Badenoch posted on X from the government’s investor conference: “It was sad to hear from some investors yesterday that they’d move their HQs out of UK if Labour win.

“They tell me Labour relentlessly talk down the economy. Labour are like one of those candidates on The Apprentice who get fired early on. All talk no substance.”

She did not respond to challenges to name any such investors.

In the business community, a different rumour has been circulating; that attendees were quietly warned their invitations to the Hampton Court junket would be withdrawn if they committed prominently to one of shadow chancellor Rachel Reeves’ over-subscribed events.

Labour says the chancellor pressured “a load of businesses” not to sign up to their “British Infrastructure Council”.

This autumn, French President Emmanuel Macron invited Starmer and colleagues to the Elysee for talks.

Rishi Sunak is Britain’s only Brexiteer prime minister by life-long conviction.

He is super sensitive about relations with Europe and turned down an EU invitation to hold regular EU-UK ministerial summits.

Barbs at PMQs

During PMQs he chided Starmer, with no justification beyond the Greek meeting, that “no one will be surprised that he is backing an EU country over Britain”.

Keir Starmer during PMQS
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Keir Starmer during PMQS

Starmer stuttered back that the PM was digging himself into a deeper hole: “Let me get this straight: the prime minister is now saying that meeting the prime minister of Greece is somehow supporting the EU, instead of discussing serious issues”.

If the prime minister was trying to energise a group of voters, the pickings may be slim. Well over 60% now tell pollsters that Brexit has not gone well and would like better relations with the EU.

Is it important for a PMiW to mix with current leaders on equal terms? It is surely good preparation if they end up getting the job. For some voters, it will be reassuring that a new leader might already count for something in international negotiations.

Sunak and Starmer both attended the COP28 climate summit in the UAE this weekend, where the King made a speech.

The PM dashed in for less than 24 hours. Starmer stayed three days until Sunday – to fulfil requests for meetings from a number of heads of state and government, according to his staff.

Neither the Elgin Marbles nor, frankly, Greece, are at the top of the diplomatic agenda. The UK government and opposition agree they are not going to change the law so the sculptures can be handed over.

Read more:
How did the Elgin Marbles end up in the British Museum?
Ex-culture secretary: PM did not need to be ‘front and centre’ of row

The difference is that Sunak has made a diplomatic incident of it and, unlike Starmer, he has also obstructed the attempts to broker a compromise by a former Conservative colleague George Osborne, who is now chairman of the British Museum.

Perhaps the most painful swipe at PMQs for the prime minister came when Starmer risked a question, with the merest hint of a sizeist jibe at Sunak’s diminutive stature: “Why such small politics, prime minister?”

Or was it more humiliating when the Speaker rose to quell rowdies drowning out the PM’s peroration that “the British people aren’t listening” – to Starmer, he meant?

Whether they are listening now or not, come the general election the wait will be over for Sunak and Starmer. It will be up to the British people to choose who they think looks like the next PM.

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CFPB likely to step back from crypto regulation — Attorney

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CFPB likely to step back from crypto regulation — Attorney

CFPB likely to step back from crypto regulation — Attorney

The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.

“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.

State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.

Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.

However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.

Related: Elon Musk’s ‘government efficiency’ team turns its sights to SEC — Report

Trump administration targets CFPB in efficiency push

The Trump administration targeted the CFPB as part of a broader push by the Department of Government Efficiency (DOGE) to slash government spending and reduce the federal debt.

Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.

Bitcoin Regulation, US Government, United States, Donald Trump

Source: Russell Vought

Massachusetts Senator Elizabeth Warren criticized Elon Musk for dismantling the CFPB, which the US senator co-founded back in 2007.

Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.

In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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Nearly 400,000 FTX users risk losing $2.5 billion in repayments

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Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX court filing. Source: Bloomberglaw.com

The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX court filing, estimated claims. Source: Sunil

The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.

Related: FTX liquidated $1.5B in 3AC assets 2 weeks before hedge fund’s collapse

How FTX users can complete KYC

Many FTX users have reported problems with the KYC process.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX KYC portal. Source: Sunil

Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.

Related: Crypto trader turns $2K PEPE into $43M, sells for $10M profit

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.

While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

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Sir Keir Starmer pledges to protect UK companies from Trump tariff ‘storm’

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Sir Keir Starmer pledges to protect UK companies from Trump tariff 'storm'

Sir Keir Starmer has said his government stands ready to use industrial policy to “shelter British business from the storm” after Donald Trump’s new 10% tariff kicked in.

The UK was among a number of countries hit with the lowest import duty rate following the president’s announcement on 2 April – which he called ‘Liberation Day’, while other nations, such as Vietnam, Cambodia and China face much higher US levies.

But a global trade war will hurt the UK’s open economy.

The prime minister said “these new times demand a new mentality”, after the 10% tax on British imports into America came into force on Saturday. A 25% US levy on all foreign car imports was introduced on Thursday.

It comes as Jaguar Land Rover announced it would “pause” shipments to the US for a month, as firms grapple with the new taxes.

On Saturday, the car manufacturer said it was working to “address the new trading terms” and was looking to “develop our mid to longer-term plans”.

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Jobs fears as Jaguar halts shipments

Referring to the tariffs, Sir Keir said “the immediate priority is to keep calm and fight for the best deal”.

Writing in The Sunday Telegraph, he said that in the coming days “we will turbocharge plans that will improve our domestic competitiveness”, adding: “We stand ready to use industrial policy to help shelter British business from the storm.”

It is believed a number of announcements could be made soon as ministers look to encourage growth.

NI contribution rate for employers goes up

From Sunday, the rate of employer NICs (national insurance contributions) increased from 13.8% to 15%.

At the same time, firms will also pay more because the government lowered the salary threshold at which companies start paying NICs from £9,100 to £5,000.

Also, the FTSE 100 of leading UK companies had its worst day of trading since the start of the pandemic on Friday, with banks among some of the firms to suffer the sharpest losses.

Sir Keir said: “This week, the government will do everything necessary to protect Britain’s national interest. Because when global economic sands are shifting, our laser focus on delivering for Britain will not. And these new times demand a new mentality.”

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Trump defiant despite markets

UK spared highest tariff rates

Some of the highest rates have been applied to “worst offender” countries including some in Southeast Asia. Imports from Cambodia will be subject to a 49% tariff, while those from Vietnam will face a 46% rate. Chinese goods will be hit with a 34% tariff.

Imports from France will have a 20% tariff, the rate which has been set for European Union nations. These will come into effect on 9 April.

Read more:
Red wall on Wall Street – but Trump undeterred
How will UK respond to Trump’s tariffs?

Sir Keir has been speaking to foreign leaders on the phone over the weekend, including French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni and Australian Prime Minister Anthony Albanese, to discuss the tariff changes.

A Downing Street spokesperson said of the conversation between Sir Keir and Mr Macron: “They agreed that a trade war was in nobody’s interests but nothing should be off the table and that it was important to keep business updated on developments.

“The prime minister and president also shared their concerns about the global economic and security impact, particularly in Southeast Asia.”

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Trump’s warning

Mr Trump has warned Americans the tariffs “won’t be easy”, but urged them to “hang tough”.

In a post on his Truth Social platform, he said: “We are bringing back jobs and businesses like never before.

“Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!

“THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic.”

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