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With the start of a new year, the 2024 general election campaign will officially get under way. The time for festive frivolity and fun is over.

Rishi Sunak poked fun at himself with a highly amusing Home Alone-style video filmed in Number 10 Downing Street for Christmas day. Sir Keir Starmer and wife Victoria went to the pub for a Christmas day drink.

But politics is about to get deadly serious now. And, possibly, dirty and nasty too, with the two main parties unleashing bitter personal attacks on their opponent’s leader.

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PM ‘Home Alone’ at Christmas

So buckle up. It’s going to be a bumpy ride. The starting gun for the election campaign is about to be fired.

Here’s how 2024 is likely to shape up, month by month

Keir Starmer
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Sir Keir Starmer posed in the pub with his wife

JANUARY

The big new year battle between the parties – and between Rishi Sunak and his mutinous Tory backbenchers – will be a parliamentary dogfight over the government’s controversial Rwanda Bill, or – to give it its full title – the Safety of Rwanda (Asylum and Immigration) Bill.

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The prime minister comfortably won the vote at second reading with a majority of 43. But that was because Tory right-wingers, who claim the bill is feeble and won’t “stop the boats”, were persuaded to abstain rather than vote against it.

Rwanda bill backed by MPs
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The Rwanda Bill passed through on its second reading – but what next?

So what did the PM promise them? And will they block the bill in its later stages, which are expected to begin in the week beginning 15 January? At its worst, defeat on such a flagship piece of legislation could bring down the government. And we’d be into a very, very early election.

The Rwanda battle is a big test for the increasingly gaffe-prone Home Secretary James Cleverly, who was accused of calling the Rwanda scheme “bats**t”, a Labour MP’s constituency a “s**t-hole” – both of which he denied – and joked about giving his wife a date-rape drug, which he didn’t deny but apologised for.

If the Rwanda Bill and the “stop the boats” policy fails, Mr Cleverly will surely get the blame. The embattled home secretary can’t even rely on the experienced former immigration minister Robert Jenrick for help any more. He’s now one of the rebels.

Before the parliamentary clashes, Mr Sunak and Sir Keir are expected to kick off the year with big policy speeches, setting out their priorities, as they did last year. That was when Mr Sunak unveiled his five pledges, including “stop the boats”. And haven’t they gone well!

Sir Keir, meanwhile, is understood to be poised to announce alternatives to the government’s Rwanda plan, designed to neutralise Tory attacks that seek to brand him as weak on immigration. Good luck, as they say, with that.

Home Secretary James Cleverly arriving in Downing Street, London, for a Cabinet meeting. Picture date: Tuesday December 19, 2023.
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Mr Cleverly could get the blame if the Rwanda Bill fails

FEBRUARY

After seven bruising parliamentary by-elections in 2023, another is looming for Rishi Sunak in Wellingborough, Northamptonshire, after the maverick and somewhat eccentric Tory MP Peter Bone was ousted in a recall petition after being found guilty in a parliamentary inquiry of bullying and exposing himself to a staff member.

Although it was held by Labour from the 1997 Tony Blair landslide until 2005, it’s a safe Tory seat with a majority of 18,540. So what’s the problem for the Conservatives? Well, the Tory majority was 20,137 in Selby and Ainsty, 19,634 in Tamworth and a massive 24,664 in Mid Bedfordshire – and all three fell to Labour in by-elections.

It’s also possible that Mr Bone, who continues to protest his innocence, will stand as an independent, making it even harder for the Conservatives to hold the seat.

And let’s not forget that another by-election is likely later in the year in the much more marginal seat of Blackpool South, where Tory MP Scott Benton is facing suspension and possible recall petition after being caught in a lobbying sting. His majority was only 3,690.

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Peter Bone’s is the latest by-election headache for the prime minister

MARCH

We now know that Jeremy Hunt’s budget will be on 6 March, fewer than 10 weeks away and unusually early for a spring budget. Last year’s was on 15 March.

The reason it’s so early? Well, obviously to leave open the option of an early election, in May. Or, more likely, to make Labour believe the Tories are keeping open the option of a dash to the polls.

In 1992, Norman Lamont’s pre-election giveaway budget was on 10 March. He brought in the 20% tax rate for low earners and raised thresholds. John Major called an election the next day and on 9 April won an unexpected victory with a majority of 21. Rishi Sunak would gladly take that, given the state of the opinion polls at the turn of the year.

One option for Mr Hunt is to cut or abolish inheritance tax. That would delight Tory right-wingers, but many red wall MPs believe there are better ways to cut taxes and help those on lower and average incomes. Labour would also condemn it as a tax cut for millionaires.

Chancellor Jeremy Hunt
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Chancellor Jeremy Hunt will unveil his budget in the first full week of March

Tories who back scrapping inheritance tax argue, however, that it would create a clear dividing line with Labour, unlike raising the 40% income tax threshold or cutting the 20% basic rate, which Labour might support.

March is also the month when parliament would have to be dissolved if there’s to be a May election. Since the abolition of the Fixed Term Parliaments Act, an election is now held 25 working days after dissolution, not counting weekends and bank holidays.

APRIL

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The government will be hoping to hand out tax cuts in April

The start of a new financial year in April is when Mr Hunt and Mr Sunak want any tax cuts to land in people’s pay packets, especially if there is to be a May election.

Even if the election is not until October, the Conservatives will want voters to feel the benefit of budget tax cuts. That’s why Tory MPs are so desperate for the chancellor to cut taxes as soon as possible, hoping a tax giveaway will help cut Labour’s stubborn opinion poll lead, which is around 20 percentage points at the turn of the year.

MAY

Stock image of Sadiq Khan
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Sadiq Khan will be looking for a record third term as London mayor

Unless Mr Sunak calls a snap election in the spring, the final test of public opinion before a general election takes place on 2 May, with local elections in England and Wales.

There are polls in metropolitan boroughs, unitary authorities and district councils and for big city mayors and police and crime commissioners.

After benefiting from a ULEZ backlash in the by-election in Boris Johnson’s former constituency of Uxbridge and South Ruislip in July, the Tories will be hoping to turn the London mayoral election into a referendum on ULEZ.

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But despite the unpopularity of ULEZ, Labour’s Sadiq Khan is odds on to win a record third term, largely because the Conservatives picked a relatively unknown candidate, Susan Hall, as his opponent.

A more significant mayoral election will be Tory mayor Andy Street’s bid to win re-election in the West Midlands, a region full of marginal parliamentary constituencies which is always a key general election battleground.

Mayor of the West Midlands Andy Street speaks to the media about HS2 during the Conservative Party annual conference at the Manchester Central convention complex. Picture date: Monday October 2, 2023.
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West Midlands mayor Andy Street will also be facing the electorate

JUNE

A Tory rout in the May elections – possible, if the end-of-year opinion polls are to be believed – will trigger severe Tory jitters and blind panic among many backbenchers convinced they’re on course to lose their seat in the general election.

And with Nigel Farage‘s former party, Reform UK, now polling at between 9% and 11% in opinion polls, MPs and activists on the right of the Conservative Party will see Mr Farage, a hero to many after his I’m a Celebrity jungle exploits, as their saviour.

Pic: ITV/Shutterstock
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Could Nigel Farage’s jungle adventure grow his popularity in the UK? Pic: ITV/Shutterstock

There’s a clamour for a Farage comeback from some, and the Conservatives may be open to a deal that persuades current Reform UK leader Richard Tice to drop his threat to stand in every constituency in the UK, including against Eurosceptic Tory MPs. That threat surely cannot hold until the general election.

What price Lord Farage or Lord Tice, in return for a pledge not to oppose Tory MPs in the election? Mr Farage has said he plans to “sit out” the next general election. In other words, not stand as a candidate. After all, he has stood for parliament unsuccessfully seven times. Yes, seven.

King’s Birthday Honours, anyone?

JULY

Claire Coutinho and Rishi Sunak
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Claire Coutinho could become the first female chancellor of the exchequer

If Rishi Sunak is planning an October election, July is his last chance to freshen up his top team ahead of the election in a cabinet reshuffle.

One possible move is easing out, or sideways, Jeremy Hunt, and installing his protege and favourite Claire Coutinho as chancellor. Some MPs think Mr Sunak wants to do that to rob Labour’s Rachel Reeves of the honour of becoming the UK’s first female chancellor.

Currently energy secretary, after a rapid rise to the cabinet since her election as MP for former chancellor Sir Geoffrey Howe’s Surrey East constituency in 2019, she’s only 38.

Unless Mr Hunt turned down a sideways move, he’d be a good fit for home secretary, replacing gaffe-prone Mr Cleverly, and would complete the trio of serving in all three so-called “great offices of state”, having previously been foreign secretary.

AUGUST

Labour Deputy Leader, Angela Rayner at the launch of the Labour Party's campaign for the May local elections in Swindon, Wiltshire. A total of 230 local authorities are holding contests on May 4, ranging from small rural councils to some of the largest towns and cities. Picture date: Thursday March 30, 2023.
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Angela Rayner will be on the campaign trail over the summer

No let-up in campaigning if we’re hurtling towards an October election. Expect to see Tory attack dog Richard Holden, the party chairman whose parliamentary seat is disappearing in boundary changes, let off the leash.

And for Labour, look out for the party’s deputy leader Angela Rayner as she takes her “Rayner on the road” campervan to your town. We can even expect to see lots of seaside campaigning. Just what you want when you’re sunbathing on the beach!

SEPTEMBER

British Defence Secretary Ben Wallace attends a joint news conference with Hungarian Defence Minister Tibor Benko in Budapest, Hungary, January 31, 2022. REUTERS/Bernadett Szabo
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Ben Wallace

Dominic Raab walks on the day he gives evidence at the UK COVID-19 Inquiry
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Dominic Raab


Sajid Javid arrives for a Service of Thanksgiving for the life and work of Lord Lawson at St Margaret's Church in central London. Picture date: Tuesday October 17, 2023.
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Sajid Javid

Former health secretary Matt Hancock leaving Dorland House in London where he has been giving evidence to the UK Covid-19 Inquiry, during its second investigation (Module 2) exploring core UK decision-making and political governance. Picture date: Friday December 1, 2023.
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Matt Hancock

Parliament will meet for what’s known as “wash-up”, tidying up and completing all unfinished business in the parliamentary session.

But it will also be time for the House of Commons to say goodbye to several big beasts who’ve held senior positions in their party and are standing down. Some of them are veterans, but some are not so mature.

Senior Tories leaving the Commons include Ben Wallace, Dominic Raab, Sajid Javid and Matt Hancock and from Labour Harriet Harman, Dame Margaret Beckett and Dame Margaret Hodge. Most will surely soon be back in parliament in the House of Lords.

A September dissolution probably means no party conferences, though since they make money there may be moves to keep them. More likely, though, there’ll be campaign rallies around the country instead.

Harriet Harman
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Harriet Harman

Dame Margaret Beckett
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Dame Margaret Beckett

labour
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Dame Margaret Hodge

OCTOBER

The election date? The Tories had considered 31 October, but it’s Halloween, of course, and they wouldn’t want headlines about an election “fright night”. So the week before, Thursday 24 October, looks the favourite.

During the campaign, the two main parties are likely to bring some of their top box office performers out of retirement to work their magic on the voters.

A person leaves a polling station during the by-election to choose the successor to Boris Johnson's seat in Britain's parliament in Uxbridge, Britain, July 20, 2023. REUTERS/Suzanne Plunkett..
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October is likely to see an election

So, for the Tories, despite his “Marmite” appeal, Boris Johnson will no doubt be urged to woo red wall voters in the former Labour seats with his brand of Brexity populism, while the housewives’ favourite, the new foreign secretary Lord David Cameron is likely to be asked to charm posh middle class Tories in the shires.

For Labour, Sir Tony Blair hasn’t lost his magic and will be back. And even grumpy Gordon Brown is revered by Scots and will surely be deployed to repel the yellow peril of the SNP north of the border.

And the result? If there’s a hung parliament, it could all take weeks or even months to sort out, as it did in 2010 when the Lib Dems took an age before deciding to go into coalition with Mr Cameron. And a fat lot of good it did them in the 2015 election!

NOVEMBER

Donald Trump and Boris Johnson
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Donald Trump and Boris Johnson could return in November

Don’t underestimate the impact of the US presidential election, on Tuesday 5 November, on UK politics and indeed on international affairs if Donald Trump returns to the White House.

Nigel Farage, whether he’s inside or outside the Tory big tent by then, will surely be among the first on a plane to Washington. Closely followed, almost certainly, by Boris Johnson.

A Trump victory in the US is likely to trigger a loud and excitable “bring back Boris” campaign if the Tories have lost an October election.

A Trump presidency will also be a nightmare for whoever is UK PM, whether it’s still Mr Sunak or Sir Keir finding his feet in Downing Street. Ukraine and the Middle East would become dangerous political minefields for a UK prime minister as well as brutal war zones.

If Mr Sunak has lost, he’ll no doubt be out in days. The Tory party is very unforgiving of a loser.

DECEMBER

Business and Trade Secretary Kemi Badenoch  arriving in Downing Street, London, for a Cabinet meeting. Picture date: Tuesday December 19, 2023. PA Photo. Photo credit should read: James Manning/PA Wire
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Kemi Badenoch will likely run to be leader if the Tories lose the general election

Britain's Home Secretary Suella Braverman speaks on stage at Britain's Conservative Party's annual conference in Manchester, Britain, October 3, 2023. REUTERS/Hannah McKay
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Former home secretary Suella Braverman could fancy her chances at replacing Rishi Sunak

But who will succeed Mr Sunak in a pre-Christmas Tory leadership election if he has lost the general election? Suella Braverman and Kemi Badenoch, rival queens of the Tory right, will certainly run.

Boris Johnson? We may hear his famous quote – “If the ball came loose from the back of the scrum
” from him once again.

Nigel Farage? He did say “Never say never” after his jungle jaunt, in what was seen as a hint that he might return to the Tories as part of a dream ticket with Mr Johnson.

Far-fetched? Probably. But Margaret Thatcher famously said that in politics “the unexpected always happens”. And who would’ve predicted the return of Lord Cameron as he strode up Downing Street that November morning?

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With the party’s big lead in the polls, a Labour win in 2024 is widely predicted. But could Mr Sunak repeat John Major’s shock victory of 1992?

If he does he’ll be able to record another Home Alone video in Downing Street next Christmas. And Sir Keir and his wife will have more time to go to the pub.

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Mission: Impossible? Chancellor heads to the IMF with a very big challenge – and she’s not alone

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Mission: Impossible? Chancellor heads to the IMF with a very big challenge - and she's not alone

There will be much to chew over at the International Monetary Fund’s (IMF) spring meetings this week.

Central bankers and finance ministers will descend on Washington for its latest bi-annual gathering, a place where politicians and academics converge, all of them trying to make sense of what’s going on in the global economy.

Everything and nothing has changed since they last met in October.

One man continues to dominate the agenda.

Six months ago, delegates were wondering whether Donald Trump could win the November election and what that might mean for tax and tariffs. How far would he push it? Would his policy match his rhetoric?

Donald Trump. Pic: Reuters
Image:
Donald Trump. Pic: Reuters

This time round, expect iterations of the same questions. Will the US president risk plunging the world’s largest economy into recession?

Yes, he put on a bombastic display on his so-called “Liberation Day”, but will he now row back? Have the markets effectively checked him?

Behind the scenes, finance ministers from around the world will be practising their powers of persuasion, each jostling for meetings with their US counterparts to negotiate a reduction in the tariffs set by the Trump administration.

That includes our own chancellor, Rachel Reeves, who is still holding out hope for a trade deal with the US – although she is not alone in that.

Read more:
PM and Trump step up trade talks
Ed Conway on the impact of US tariffs

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Could Trump make a deal with UK?

Are we heading for a recession?

The IMF’s economists have already made up their minds about Trump’s potential for damage.

Last week, they warned about the growing risks to financial stability after a period of turbulence in the financial markets, induced by Trump’s decision to ratchet up US protectionism to its highest level in a century.

By the middle of this week the organisation will publish its World Economic Outlook, in which it will downgrade global growth but stop short of predicting a full-blown recession.

Others are less optimistic.

Kristalina Georgieva, the IMF’s managing director, said last week: “Our new growth projections will include notable markdowns, but not recession. We will also see markups to the inflation forecasts for some countries.”

She acknowledged the world was undergoing a “reboot of the global trading system,” comparing trade tensions to “a pot that was bubbling for a long time and is now boiling over”.

She went on: “To a large extent, what we see is the result of an erosion of trust – trust in the international system, and trust between countries.”

IMF Managing Director Kristalina Georgieva holds a press briefing on the Global Policy Agenda to open the IMF and World Bank's 2024 annual Spring Meetings in Washington, U.S., April 18, 2024. REUTERS/Kevin Lamarque
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IMF managing director Kristalina Georgieva. Pic: Reuters

Don’t poke the bear

It was a carefully calibrated response. Georgieva did not lay the blame at the US’s door and stopped short of calling on the Trump administration to stop or water down its aggressive tariffs policy.

That might have been a choice. To the frustration of politicians past and present, the IMF does not usually shy away from making its opinions known.

Last year it warned Jeremy Hunt against cutting taxes, and back in 2022 it openly criticised the Liz Truss government’s plans, warning tax cuts would fuel inflation and inequality.

Taking such a candid approach with Trump invites risks. His administration is already weighing up whether to withdraw from global institutions, including the IMF and the World Bank.

The US is the largest shareholder in both, and its departure could be devastating for two organisations that have been pillars of the world economic order since the end of the Second World War.

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Here in the UK, Andrew Bailey has already raised concerns about the prospect of global fragmentation.

It is “very important that we don’t have a fragmentation of the world economy,” the Bank of England’s governor said.

“A big part of that is that we have support and engagement in the multilateral institutions, institutions like the IMF, the World Bank, that support the operation of the world economy. That’s really important.”

The Trump administration might take a different view when its review of intergovernmental organisations is complete.

That is the main tension running through this year’s spring meetings.

How much the IMF will say and how much we will have to read between the lines, remains to be seen.

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Labour WhatsApp messages on Supreme Court ruling point to future tensions on trans issues

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Labour WhatsApp messages on Supreme Court ruling point to future tensions on trans issues

It’s no great surprise that members of a Labour MPs’ LGBT+ WhatsApp group would be raising concerns about the impact of this week’s Supreme Court ruling on the trans community.

But the critical contributions reportedly made by some of the group’s higher-profile ministerial members highlight the underlying divisions with the Labour Party over the issue – and point to future tensions once the practical implications of the judgement become clear.

Messages leaked to the Mail on Sunday allegedly include the Home Office minister Dame Angela Eagle writing “the ruling is not as catastrophic at it seems but the EHRC [Equality and Human Rights Commission] guidance might be & there are already signs that some public bodies are overreacting”.

Culture minister Sir Chris Bryant reportedly replied he “agreed” with another MP’s opinion that the EHRC chair Baroness Falkner was “pretty appalling” when she said the ruling would mean trans women could not use single-sex female facilities or compete in women’s sports.

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Gender ruling – How it happened

Government sources argue these messages are hardly evidence of any kind of plot or mass revolt against the Supreme Court’s ruling.

But they still raise uncomfortable questions for a party that has been on a tortuous journey over the issue.

Under Jeremy Corbyn, Labour was committed to introducing self-identification – enabling people to change their legal sex without a medical diagnosis – a position dropped in 2023.

Back in 2021, Sir Keir Stamer said the then Labour MP Rosie Duffield was “not right” to say “only women have a cervix”. But three years later he acknowledged that “biologically, she of course is right”.

Duffield, who now sits as an independent, is asking for an apology – but that doesn’t seem to be forthcoming from a government keen to minimise its own role in changing social attitudes to the issue.

The Conservative position on this has also chopped and changed – with Theresa May‘s support for gender self-ID ditched under Boris Johnson.

Read more from Sky News:
School leaders issue warning as free breakfast clubs set to open

Four things to avoid if you’re doing the London Marathon

As the Conservatives’ equalities minister, Kemi Badenoch led the UK government’s fight against Scotland’s efforts to make it easier to change gender – and she’s determined to punch Labour’s bruise on the issue.

This weekend, she’s written to the cabinet secretary calling for an investigation into a possible breach of the ministerial or civil service code over a statement made by the Education Secretary Bridget Phillipson in response to the ruling, which said “we have always supported the protection of single-sex spaces based on biological sex”.

The Tories claim this is false, because last summer Ms Phillipson herself gave an interview in which she suggested that trans women with penises could use female toilets.

Ms Phillipson has been approached for a response.

Her comments, however, are entirely in keeping with the government’s official statement on the judgement, which claims they have “always supported the protection of single-sex spaces based on biological sex” and welcomed the ruling as giving “clarity and confidence for women and service providers”.

The government statement added: “Single-sex spaces are protected in law and will always be protected by this government.”

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‘Crypto is not communism’ — Exec slams BIS’ take on crypto

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‘Crypto is not communism’ — Exec slams BIS’ take on crypto

‘Crypto is not communism’ — Exec slams BIS’ take on crypto

The Bank for International Settlements’ (BIS) push to isolate crypto markets and its controversial recommendations on DeFi and stablecoins is “dangerous” for the entire financial system, warns the head of a blockchain investment firm.

“Many of their recommendations and conclusions — perhaps due to a mix of fear, arrogance, or ignorance — are completely uninformed and, frankly, dangerous,” CoinFund president Christopher Perkins said in an April 19 X post, referring to the BIS’ April 15 report titled “Cryptocurrencies and Decentralized Finance: Functions and Financial Stability Implications.” 

BIS recommendations exposes TradFi to risks of “unimaginable scale”

“Crypto is not communism,” Perkins said, pushing back against the BIS’ call for a “containment” approach to isolate crypto from traditional finance and the broader economy.

“It’s the new internet that provides anyone with a connection access to financial services,” Perkins said. “You cannot control it anymore than you control the internet,” he added.

Perkins warned that a containment approach to crypto would expose the traditional financial system to massive liquidity risks “of unimaginable scale,” especially when the crypto market operates in real-time, 24/7, while traditional financial markets shuts down after trading hours.

“If implemented they will cause–not mitigate–the systemic risk they seek to prevent.”

The report warned that the number of investors and amount of capital in crypto and DeFi have “reached a critical mass,” with investor protection becoming a “significant concern for regulators.”

Cryptocurrencies
Source: Michael Egorov

Perkins pushed back against the BIS’ claim that DeFi presents significant challenges, arguing instead that it represents a “significant improvement” over the “opacity” and imbalances of the traditional financial system.

Related: Crypto industry is not experiencing regulatory capture — Attorney

Responding to the BIS’s concern about the anonymity of DeFi developers, Perkins questioned its relevance:

“Sorry, but when was the last time a TradFi company published a list of its developers? Sure, public companies provide a degree of disclosures and transparency, but they seem to be dying off in favor of private markets.”

Perkins also critiqued the BIS’s concern around stablecoins that it could lead to “macroeconomic instability in countries like Venezuela and Zimbabwe.”

“If there is demand for USD stablecoins and it helps improve the condition of anyone in the developing world, perhaps that is a good thing,” Perkins said.

Cryptocurrencies
Source: Christopher Perkins

Perkins wasn’t alone in criticizing the controversial report. Lightspark co-founder Christian Catalini also weighed in, posting a series of critiques on X that same day. Catalini summed up the report with the analogy:

“Think: writing parking regulations for a fleet of self‑driving drones — earnest work, two technological leaps behind.”

Magazine: Altcoin season to hit in Q2? Mantra’s plan to win trust: Hodler’s Digest, April 13 – 19

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