Kwasi Kwarteng, Therese Coffey and the rest of Liz Truss’s cabinet have missed out on getting gongs or places in the House of Lords as part of her resignation honours list.
There has been sizeable speculation about who the UK’s shortest-serving prime minister would choose to elevate to the upper house or make a knight or dame.
But none of her top ministerial team, nor those who were credited with her tenure’s disastrous mini-budget, are included on the list agreed with Downing Street.
But she has conferred honours on eight people – including political allies and former advisers – and elevated three people to the House of Lords.
These include Matthew Elliot, the political strategist and former chief executive of Vote Leave being added to the upper house, as well as former Vote Leave chair Jon Moynihan and Ms Truss’s former deputy chief of staff in Number 10 Ruth Porter.
Tory MP Jackie Doyle-Price has been made a dame, while fellow Conservative Alec Shelbrooke has been made a knight.
David Hills, the Conservative association chairman for Ms Truss’s North West Norfolk constituency, has been handed an MBE. Back in 2009 he was rumoured to be heading up the so-called “turnip Taliban” which opposed Ms Truss being selected as a Commons candidate due to her having an affair with a married Tory MP, although he later supported her.
It might take a few days to find out how ‘modest’ list was whittled down
The biggest surprise in Liz Truss’s resignation honours list may well be who is not on it.
There are no names from the former prime minister’s cabinet.
No Kwasi Kwarteng. No Therese Coffey. No Ranil Jayawardena.
Other free-market economists – and inspirations for Liz Truss’s platform for government – are also not there.
All in all, allies of the former prime minister may have a point when they say this is a “relatively modest list” focussed on long-standing colleagues.
That said, there have been reports that one person fell short of the vetting process and others may have declined the gongs.
As ever, it may take a few days before the full picture emerges of how the initial submission was whittled down.
There is a potential row brewing over the timing of the publication of this honours list though.
Number 10 has decided to release it at the same time as the regular New Year gongs and while MPs are out of Westminster on their Christmas break.
Some may smell an attempt by the government to bury the announcement to try and avoid too much public association between Rishi Sunak and his predecessor’s chaotic time in office.
Friends of Liz Truss are somewhat perplexed as to why it has taken until Christmas to put the names out, given they were submitted in March.
Not for the first time this year, the honours of a prime minister from the past could have a political impact on the present.
Ms Truss said of her list: “I am delighted these champions for the conservative causes of freedom, limited government and a proud and sovereign Britain have been suitably honoured.”
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Labour’s shadow Cabinet Office minister, Jonathan Ashworth, said: “This list is proof positive of Rishi Sunak’s weakness and a slap in the face to working people who are paying the price of the Tories crashing the economy.
“Honours should be for those committed to public service, not rewards for Tory failure. Rather than apologise for crashing the economy and driving up mortgages rates, costing families thousands, Rishi Sunak has nodded through these tarnished gongs because he is too weak to lead a Tory party completely out of touch with working people.”
The Liberal Democrat’s deputy leader Daisy Cooper said: “This shameless move to reward Liz Truss’s car crash cronies is matched only by Sunak’s weakness in failing to block it.”
A Downing Street source said it was “long-standing convention” for former prime ministers to issue honours lists – and it is also convention that “the incumbent prime minister does not block the political peerage proposals of others”.
Matthew Elliott is most well known as the former chief executive of Vote Leave, the pro-Brexit campaign group. He also founded the low tax thinktank the Taxpayers’ Alliance.
According to his LinkedIn page, Mr Elliot is currently a non-executive director at the Latis group housing developer, as well as being a senior political adviser at Shore Capita, a senior adviser at the communications consultancy MHP Group, and president of The Jobs Foundation.
• Jon Moynihan
Image: Jon Moynihan
Jon Moynihan is a Conservative Party donor who has given hundreds of thousands of pounds to the Tories since 2001, according to the Electoral Commission.
Since 2019, he has given £53,000 to Ms Truss alone.
He has been described as a “businessman and venture capitalist”, having worked as chief executive of the PA Consulting Group.
Mr Moynihan chaired the Vote Leave finance committee, and was also appointed to the board of trustees of the Institute of Economic Affairs.
• Ruth Porter
Image: Ruth Porter
Ruth Porter was a key aide of Ms Truss.
Ms Porter served as deputy chief of staff in Number 10 during the ill-fated stretch in Downing Street.
She has since returned to the job she held before as a managing director at strategic advisory company FGS Global.
She had previously worked as an adviser to Ms Truss when she was environment secretary, and worked on her leadership campaign.
Who has been made a dame or a knight?
• Shirley Conran
Image: Shirley Conran in 2004
Shirley Conran, an author and former journalist, has been made a dame for her work on maths education.
As well as her work in media, Ms Conran founded the Maths Anxiety Trust, which aims to help people who struggle with numbers due to anxiety over the subject.
She has written a free eBook – Money Stuff – which aims to teach girls maths without a teacher.
• Jackie Doyle-Price
Image: Jackie Doyle-Price. Pic: House of Commons
Jackie Doyle-Price has been the MP for Thurrock, Essex, since 2010.
She was a member of governments under David Cameron and Theresa May, and served as construction minister in the Truss administration.
It was for this work that she was made a dame.
• Alec Shelbrooke
Image: Alec Shelbrooke
Alec Shelbrooke has been the Conservative MP for Elmet and Rothwell in West Yorkshire since 2010. Both he and Ms Doyle-Price joined parliament at the same time as Ms Truss.
He has been knighted for “public and political service as minister of state for defence procurement”, the role he held for less than two months under the Truss administration.
Who has been made a Commander of the Order of the British Empire (CBE)
• Sophie Jarvis
Sophie Jarvis was an adviser to Ms Truss during her time as trade secretary and foreign secretary, and also worked in Downing Street.
• Shabbir Merali
Shabbir Merali was an economic adviser to Ms Truss during her time as a Treasury minister, as well as in her trade and foreign roles and in Downing Street.
Who was made an Officer of the Order of the British Empire (OBE)
• Robert Butler
Robert Butler is the MP for Aylesbury in Buckinghamshire, and worked as Ms Truss’s parliamentary private secretary in the Foreign Office.
• Suzanne Webb
Suzanne Webb is the MP for Stourbridge in the West Midlands, and worked as parliamentary private secretary for Ms Truss in the Department for International Trade and in Downing Street.
Who has been made a Member of the Order of the British Empire (MBE)
• David Hills
David Hills is the Conservative association chairman for Ms Truss’s South West Norfolk constituency.
Who missed out?
Image: Kwasi Kwarteng
• Kwasi Kwarteng
Kwasi Kwarteng was chancellor under Liz Truss, and delivered the ill-fated mini-budget which ultimately sunk the pair’s time in Downing Street.
Mr Kwarteng had to U-turn on the pair’s pledge to axe the top band of income tax in the middle of the Conservative Party conference. He later found out he had been sacked as chancellor from a tweet from The Times.
He had been a long-term ally of Ms Truss, having co-authored the Britannia Unchained pamphlet in 2012.
• Mark Littlewood
Mark Littlewood is the director general of the Institute of Economic Affairs, a free market thinktank.
He was a proponent of “Trussonomics”, and backed the former prime minister’s mini-budget which caused economic upheaval and precipitated the collapse of Ms Truss’s administration.
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2:15
September: Was Liz Truss to blame?
• Jason Stein
Jason Stein was an adviser to Liz Truss during her time in the House of Commons, and also helped run her campaign to be leader of the Conservative Party.
Ranil Jayawardena was a vocal supporter of Liz Truss in the race to replace Boris Johnson, and served as her environment secretary once she became prime minister.
He had previously been a junior minister in the Department for International Trade, and deputy chair of the Conservative Party.
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Therese Coffey was one of Liz Truss’s closest political allies, and even chaired her campaign as she ran to be party leader.
And once in power, Ms Truss made Ms Coffey her deputy prime minister, as well as the secretary of state for health and social care.
• Mark Fullbrook
Mark Fullbrook was Liz Truss’s chief of staff during her time in Downing Street,
Mr Fullbrook was at the centre of controversy during his time in Number 10 after it was revealed he was being paid through a lobbying firm and not as a government employee.
The government will decide by the summer on controversial proposals to charge some households more for their electricity than others, Sky News understands.
The energy secretary Ed Miliband has been mulling over plans for “zonal pricing”, which would see different regions of the country pay different rates, based on supply and demand levels in the local area.
The idea is to attract industry to build in low-cost areas, and incentivise new electricity generation in regions where people need it most.
Supporters say zonal pricing could lower everyone’s bills to some extent by making the system more efficient – but some would fall more than others.
Critics, including renewable energy generators, warn the plans would create a postcode lottery for bills and put investors off certain areas, risking jobs.
It is not yet clear how the changes would be passed on to household bills. But it could see people in the south of England pay much more than those in parts of Scotland – though not, the government hopes, more than they do now.
Mr Miliband is expected to make his recommendation to fellow government ministers in the coming weeks, before the government decides either way by the middle of this year.
More from Science, Climate & Tech
They are keen to resolve the issue – which was also considered under the last Tory government – before businesses start bidding for fresh renewable power contracts in summer.
UK still ‘vulnerable and exposed’
It comes as the UK government hosts a summit on energy securityin London today, lobbying other countries to leave fossil fuels behind.
Mr Miliband said the government’s push to generate more clean power at home was as much about energy security as it was about fighting climate change.
“As long as energy can be weaponised against us, our countries and our citizens are vulnerable and exposed,” he said in a speech.
But he also said North Sea oil and gas would “continue to play an important role” in the UK energy mix, fuelling campaigners’ fears it may yet allow the Rosebank oil and gas field to go ahead, despite hurdles in court and the government’s own concerns.
Mr Miliband quoted a message from King Charles that said the “transition to more sustainable energy sources can itself lead to more resilient and secure energy systems”.
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Miliband reads King’s letter at summit
Trump’s representative invokes God
US President Donald Trump’s junior representative at the summit, acting assistant secretary Tommy Joyce, quoted the Bible in his address.
He urged delegates to “remember God’s golden rule, and that is that we should love our neighbour as ourselves”.
That means helping them out of poverty through access to affordable energy, according to Mr Joyce.
About 750 million people in the world still have no access to electricity, and team Trump says American oil, gas and coal are the answer.
However, a report by RMI suggests that new wind and solar are the cheapest option for new electricity in 82% of the world – though for some countries are hard to finance upfront.
Mr Joyce also continued Trump’s ongoing attacks on climate policies, criticising what he described as “so-called renewables” and the “net zero agenda”.
‘Most delicate debate’
Before the summit, a senior UN official said the idea that the switch to clean power compromised energy security and affordability “is just not true”.
“We really need to dispel this notion,” said the source, speaking on the condition of anonymity. “If you are dependent on volatile and expensive fossil fuel imports, fossil fuels equal energy insecurity.”
A senior official from Brazil, which in November is hosting the COP30 UN climate summit, also this week said there had been a “rather successful” attempt by some to frame energy security and the switch to clean energy as a question of “either/or”.
“We don’t believe it is.”
He called it “one of the most delicate debates” of the moment.
South Korean exchanges Upbit and Bithumb have suspended deposits for Synthetix (SNX) tokens after it was flagged by the Digital Asset Exchange Alliance (DAXA) for potential risks.
DAXA, the self-regulatory organization establishing industry standards for South Korean exchanges, designated SNX as a cautionary item.
Assets receiving this designation typically undergo rigorous evaluations to determine whether trading can continue or if delisting is necessary.
Exchanges may take action, such as adding a warning tag to the asset and urging investors to take caution when engaging with it. Trading platforms can also perform additional measures, like blocking deposits or suspending trading support temporarily.
Upbit and Bithumb block SNX deposits
In response to the designation, the biggest exchanges in South Korea said they are blocking deposits for SNX tokens on their platforms.
Upbit announced that it had added a trading caution ticker and suspended token deposits. The exchange said it had been monitoring the developments related to the Synthetix USD (sUSD) depegging. It added that this event may damage investors through potential volatility, as SNX is used as collateral for sUSD.
The exchange added that it had determined a lack of use cases for the asset, which may cause investors to suffer losses. Upbit said it would conduct a comprehensive review to decide whether to delist the asset or resume normal operations for the token.
Bithumb has also blocked deposits for SNX and added a cautionary tag for the token. However, the exchange said this decision could be overturned depending on internal circumstances. If the reason for the designation is resolved, Bithumb said it would lift the restrictions.
Korbit and Coinone also published investor alerts to caution traders. The two exchanges added cautionary tags to SNX tokens to alert investors who may want to trade the token.
Cointelegraph reached out to Synthetix for comment but did not get a response by publication.
On April 10, the sUSD stablecoin dropped to a five-year low of $0.83 after struggling to maintain its dollar peg in the first quarter of 2025. With the stablecoin being collateralized by the project’s native asset, Cork Protocol co-founder Rob Schmitt compared the token to Terra USD (UST), which collapsed in 2022. However, Schmitt said that sUSD has a “more manageable” debt system.
On April 18, the stablecoin dipped further to $0.68, with SNX falling by 26% in a 30-day period. A Synthetix spokesperson told Cointelegraph that their team has short, medium and long-term plans to mitigate the risks.
On April 21, Synthetix founder Kain Warwick threatened SNX stakers with “the stick” if they didn’t take up a newly launched staking mechanism to fix the sUSD depeg. The executive said they may put extra pressure on stakers if they don’t see enough momentum on the newly implemented mechanism.
Since the warning, sUSD prices increased by 27%. On April 24, the stablecoin briefly reached $0.87. However, the token has still failed to recover its dollar peg.
Shaquille O’Neal has settled with investors who claim losses from the collapse of cryptocurrency exchange FTX, according to an April 23 filing in the US District Court for the Southern District of Florida.
The settlement amount remains confidential, with terms expected to be disclosed after investors formally request preliminary court approval, according to court documents.
O’Neal and other celebrities and athletes were accused of promoting FTX and allegedly contributing to investor losses by endorsing the now-bankrupt exchange.
Source: Court Listener
The case is part of a broader multidistrict litigation effort, where investors are seeking up to $21 billion in damages from FTX insiders, advisers and promoters, far exceeding the $9.2 billion available through bankruptcy proceedings.
Other celebrities embroiled in similar legal troubles for their roles in FTX include NFL quarterback Tom Brady, supermodel Gisele Bündchen, billionaire investor Kevin O’Leary, former NBA player Udonis Haslem, David Ortiz, Naomi Osaka and others.
Notably, FTX investors faced challenges in serving O’Neal with legal papers during the early stages of the lawsuit over his promotion of the collapsed exchange.
Lawyers representing the victims described O’Neal as “running from the lawsuit,” after multiple failed attempts to deliver court documents. Legal teams reportedly spent months trying to reach the NBA legend, resorting to creative methods, including attempting service during NBA games and at his residences.
O’Neal finalizes $11 million settlement over Astrals NFT project
The settlement with FTX investors comes as O’Neal recently agreed to pay $11 million to resolve a class-action lawsuit tied to his involvement in the Solana-based Astrals NFT project.
In May 2023, O’Neal was served with the Astral NFT lawsuit during an NBA game at Miami’s Kaseya Center, formerly the FTX Arena. The class-action lawsuit involved his promotion of the Astrals NFT project, alleging that the NFTs promoted by O’Neal were unregistered securities.
Astrals is a Solana-based project featuring 10,000 NFTs, a metaverse called Astralworld and a decentralized autonomous organization (DAO) with a governance token called Galaxy.