Sunak urges Starmer to ‘rise above political games’ on Rwanda bill – but Tories accused of ‘fighting like rats in a sack’

Published

1 year ago

December 10, 2023

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Rishi Sunak has attacked Labour’s illegal migration policy as Sir Keir Starmer accused the Conservatives of “fighting like rats in a sack” over the Rwanda bill.

The prime minister called on Labour to “rise above political games” and back the emergency legislation when it comes before the Commons on Tuesday, despite battling to convince his own MPs not to oppose the new law.

Sir Keir will use a speech on the same day as the scheduled vote to say the Conservatives have lost the ability to govern and insist he “won’t let the Tories take the country down with them”.

Home Secretary James Cleverly travelled to Rwanda to sign a revised treaty after the original proposal was ruled unlawful by the Supreme Court, which said there was a “real risk” migrants sent there would be returned home and put in danger.

Robert Jenrick quit as immigration minister on Wednesday over the new law, which is designed to speed up deportations and deter people from crossing the Channel on small boats.

The right of the party are awaiting the verdict of a “star chamber” of lawyers before deciding whether to oppose the bill because it doesn’t seek to override international law.

More moderate Tories are weighing up whether they can support the plans amid concerns about compelling courts to find Rwanda is a “safe” country to send asylum seekers.

Meanwhile, the attorney general has been told the bill has a “50% at best” chance of getting fights off the ground next year, according to The Times.

That assessment – said to have been signed off by Sir James Eadie, who represented the government in the Supreme Court – is reportedly based on fears that the European Court of Human Rights would block flights, as it did in June.

Mr Sunak insisted the law would be a “significant step” towards securing UK borders, “thwarting the evil trade of the smuggling gangs” and stopping the “injustice of illegal migration”.

“People in this country care deeply about stopping the boats, he said.

“A government that governs in their interest must act on these entirely legitimate concerns.”

Mr Sunak said the opposition are “not fit to govern” because “they have no plans to tackle illegal immigration”.

He claimed illegal migration would rise under a Labour government which would agree a “burden sharing agreement for asylum seekers with the EU” and accused the party’s leader of having “blocked the deportation of dangerous criminals”.

“This week, Labour needs for once to rise above political games,” he said.

“They need for once to stop acting in their short-term interests. They need to act in the national interest.

“The Conservatives are on the public’s side – and we will push on with our plan to stop the boats.”

‘Miserable chapter of decline’

With a big lead in the polls, Sir Keir will deliver a speech on Tuesday to pitch his “fundamentally changed” Labour as a party that is ready to govern, arguing that the Tory infighting is not just limited to the party’s Rwanda policy but “a cultural stain running through the modern Conservative Party”.

“While they’re all swanning around self-importantly, in their factions and their ‘star chambers’, fighting like rats in a sack, there’s a country out here that isn’t being governed,” he is expected to say.

“It is time to come together, to turn the page on this miserable chapter of decline, and walk towards a decade of national renewal,” he is set to say.

“I have dragged this Labour Party back to service, and I will do the same to British politics. I won’t let the Tories drag our country down with them. We cannot and will not let them kick the hope out of our future.”

The speech will also coincide with the four-year anniversary of the 2019 general election, which saw Boris Johnson lead the Conservatives to a huge common’s majority against Jeremy Corbyn’s Labour.

Sir Keir will say: “You know that this is a party that has fundamentally changed. Not just a paint job, but a total overhaul. A different Labour Party, driven by your values. By British values.”

Politics

Chancellor to hold tariff crisis talks with top City executives

Published

2 hours ago

April 8, 2025

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Chancellor to hold tariff crisis talks with top City executives

Rachel Reeves will seek to gauge the unfolding impact of President Donald Trump’s tariffs blitz on Wednesday when she holds talks with some of the City’s top executives.

Sky News has learnt the chancellor will hold talks with bosses from companies including Hargreaves Lansdown, Legal & General, Lloyds Banking Group and M&G amid ongoing volatility in global financial markets.

Insiders said the talks had been convened to help frame the Treasury’s financial services growth and competitiveness strategy.

However, they acknowledged that the fallout from US tariffs, while not directly affecting most City employers, would feature prominently on Wednesday’s agenda.

“The chancellor will use this meeting to show leadership, building on her statement to the House earlier today, and reiterating that the government will act decisively to take the right decisions in our national interest and protect working people,” a Treasury insider said.

Ms Reeves would stress a commitment to working with international partners to reduce barriers to trade, while pursuing the best possible bilateral deal with the US, they added.

Charlie Nunn, the Lloyds boss; Antonio Simoes of L&G; and Dan Olley, Hargreaves Lansdown’s chief, will all attend the talks.

It will be the latest in a string of meetings the chancellor has held in recent weeks in a bid to boost economic growth.

Her budget last October sparked a furious backlash from the business community, while last month’s spring statement raised fresh fears about the possibility of further tax rises later this year.

None of the companies invited to Wednesday’s meeting would comment when approached by Sky News.

Politics

Crypto execs expect global banking push into Bitcoin by end of 2025

Published

7 hours ago

April 8, 2025

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Crypto execs expect global banking push into Bitcoin by end of 2025

Despite the ongoing market meltdown on US trade tariffs, executives at major cryptocurrency firms Messari and Sygnum are bullish on institutional Bitcoin adoption later in 2025.

Speaking on a panel at Paris Blockchain Week on April 8, Messari CEO Eric Turner and Sygnum Bank co-founder Thomas Eichenberger said they expect a significant shift in the banking sector’s involvement with crypto in the second half of the year.

According to the executives, the global banking push into Bitcoin (BTC) services has great potential to happen in the second half of 2025 as regulators embrace crypto, including stablecoins and crypto services by banks.

“I think we’re probably looking at a muted Q2, but I’m really excited for Q3 and Q4,” Messari’s Turner said during the panel discussion moderated by Cointelegraph CEO Yana Prikhodchenko, forecasting “really interesting” things coming to the crypto market in 2025.

Crypto adoption is not just about Trump

While some investors focus on the pro-crypto stance of US President Donald Trump, Turner emphasized that broader regulatory momentum is what matters most.

“When you look at the potential of having market structure regulation in the US, stablecoin regulation, and just the fact that across the board, not just President Trump himself, but the SEC and all these regulatory industries are really embracing crypto,” Turner said.

Banks, Paris, Bitcoin Regulation, Policy — Paris Blockchain Week’s panel with Cointelegraph CEO Yana Prikhodchenko, Bancor co-founder Eyal Hertzog, Sygnum co-founder Thomas Eichenberger, Messari CEO Eric Turner, AWS fintech leader Alex Matsuo and Near chief operating officer Chris Donovan. Source: Cointelegraph

Sygnum co-founder Thomas Eichenberger said international banks with US branches are also poised to enter the market once the legal landscape becomes clearer:

“I think it’s a matter of fact that US banks are preparing to be able to offer crypto custody and at least crypto spot trading services anytime soon.”

“I think by then I would agree with you, Eric,” he continued, projecting a continued phase of market uncertainty until the US establishes a clear regulatory framework.

Banks are no longer afraid of Bitcoin regulators

With the establishment of clear crypto rules for banks in the US, there will be a rush for crypto services by large international banks that are incorporated outside of the US but have a US-based presence, Eichenberger said.

“Some of them may have had their strategic plans in their cupboard to offer crypto-related services, but have been afraid that at some point they will be gone after by any of the US regulatory authorities,” he said, adding:

“Now I think there’s no one to be afraid of anymore in terms of regulatory authorities worldwide. So I think many of the large international banks will launch this year.”

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Politics

Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

Published

10 hours ago

April 8, 2025

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Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

Global trade tensions triggered by US President Donald Trump’s sweeping tariff measures may come to an end with a potential deal with China as investors remain concerned about escalation from both sides.

Trump’s April 2 announcement of reciprocal import tariffs sent shockwaves through global equity and crypto markets. The measures include a 10% baseline tariff on all imported goods, effective April 5, with higher levies — such as a 34% tariff on Chinese imports — set to begin on April 9.

However, the tariff negotiations may only be “posturing” for the US to reach an agreement with China, according to Raoul Pal, founder and CEO of Global Macro Investor.

“In the end, almost all the other tariff negotiations and rhetoric are all about getting China to agree a deal,” Pal wrote in an April 8 X post, adding:

“That is the big prize and both China and the US understand it and need it. Everything else is negotiation posturing. China needs a weaker $ and the US needs tariffs.”

“Also, the US is trying to shut down China tariff arbitrage using other channels such as Mexico or Vietnam,” Pal said.

China retaliates with new tariffs

Considering China’s latest retaliatory measures, a resolution remains unlikely in the short term.

In response to US tariffs, China imposed a 34% tariff on all US imports effective April 10, media outlet Xinhua News reported on April 4. China’s foreign ministry also vowed to “fight till the end” against Trump’s tariffs, which it called “bullying” by the world’s largest economy.

China overtook the US in 2012 to become the world’s largest trading nation by the total value of exports and imports, surpassing $4 trillion in goods trade that year, according to The Guardian.

Crypto markets watch trade outcome closely

As the trade dispute continues to evolve, analysts say a potential agreement between the two global superpowers could serve as a key catalyst for recovery in digital asset markets.

Crypto markets have a 70% chance to bottom by June 2025 before recovering, Nansen analysts predicted.

Investor appetite for risk assets such as Bitcoin will depend on the global tariff responses from other countries, according to Nicolai Sondergaard, a research analyst at Nansen.

“We have reached somewhat of a local bottom in regard to tariffs and the impact on prices,” the analyst said during Cointelegraph’s Chainreaction live show on X, adding:

“Trump came out guns blazing, and we’ve mostly seen the worst from the US side, so we’ll see if other countries are willing to drop some of the tariffs because it’s very likely the US will do the same.”