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Rishi Sunak himself declared that 2024 will be an election year – at the least discreet location possible: a Christmas party for political journalists.

This year that election will be looming in the background of every issue, whether politicians intend it to or not.

The Conservatives – who were last ahead in the polls more than two years ago – are trying to defy the odds to win a historic fifth term in office in the teeth of a cost-of-living squeeze.

Labour leader Sir Keir Starmer is trying to convince voters that his party has changed after their worst result in more than 80 years.

The route to a Starmer victory would need to run through Scotland – where Labour are increasingly confident of winning seats from the SNP.

And the Liberal Democrats, decimated by their coalition with the Conservatives from 2010-2015, could play a key role in ousting them in their former heartlands.

Sunak has another challenge: the Reform party, whose support will be tested in by-elections looming in the coming weeks in heavily Brexit-supporting seats. They can chip away at the Conservative vote in key seats.

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Sunak and Starmer’s New Year’s messages

All of these dynamics help to explain why the government is celebrating its progress towards one of Sunak’s five priorities set out a year ago – to “stop the boats”.

He initially promised to “pass new laws to stop small boats, making sure that if you come to this country illegally, you are detained and swiftly removed”.

But it has been received as stopping crossings altogether, not least because Sunak keeps saying it and standing in front of the slogan which simply reads “stop the boats”.

Like “get Brexit done”, it’s an incredibly complex policy boiled down to three words – and it’s by no means clear ministers will come close to achieving it.

The number of migrants crossing the Channel is going in the right direction.

The 2023 total was 29,432, a drop of 36% on the previous year when it reached a record high of 45,477. But it’s still the second-highest number on record.

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‘When will you stop the boats?’

A new law was indeed passed – the Illegal Migration Act – but amid loud criticism from within the party, and the Rwanda policy was eventually ruled unlawful by the UK’s highest court.

Downing Street insists the fall in migrant crossings is down to government policies such as the returns agreement with Albania, which has seen the numbers of Albanians crossing the Channel plummet.

The Immigration Services Union, representing border staff, is planning for a rise in numbers this year. Many come from the world’s most unstable places – such as Afghanistan, Sudan and Syria.

How much will all of this count for in an election?

Small boats are a key dividing line with Labour, who oppose the Rwanda policy, which the prime minister is still determined to get off the ground in the coming months – via another law.

More voters tell pollsters that while they agree with Rwanda, most believe it is unworkable. Labour is the party currently more trusted on immigration.

Immigration polls well below the NHS and cost of living in terms of issues voters say are important for them, says Joe Twyman of Deltapoll.

“Immigration is by no means strong ground for the Conservatives to compete on,” he told Sky News.

“There are a lot of people out there who stopped voting Conservative because their mortgage rates went up and energy bills soared, but there are very few who will say ‘I’m back voting Conservative because of small boats’.”

The start of the year will see more announcements on cutting numbers of both irregular and legal migration – with new rules to prevent international students and health and care workers bringing family members with them to the UK.

But there are now just months to go to demonstrate success – or at least the road to it, and plenty of risks along the way.

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How Vietnam is using crypto to fix its FATF reputation

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How Vietnam is using crypto to fix its FATF reputation

How Vietnam is using crypto to fix its FATF reputation

Vietnam is leveraging crypto regulation to meet FATF standards, combat digital asset fraud and rebuild its international financial reputation.

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UAE Golden Visa is ‘being developed independently‘ — TON Foundation

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UAE Golden Visa is ‘being developed independently‘ — TON Foundation

UAE Golden Visa is ‘being developed independently‘ — TON Foundation

The TON Foundation distanced itself from initial Golden Visa claims, saying the move is an independent initiative with no official backing from the United Arab Emirates government.

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Building societies step up protest against Reeves’s cash ISA reforms

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Building societies step up protest against Reeves's cash ISA reforms

Building society chiefs will this week intensify their protests against the chancellor’s plans to cut cash ISA limits by warning that it will push up borrowing costs for homeowners and businesses.

Sky News has obtained the draft of a letter being circulated by the Building Societies Association (BSA) among its members which will demand that Rachel Reeves abandons a proposed move to slash savers’ annual cash ISA allowance from the existing £20,000 threshold.

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The draft letter, which is expected to be published this week, warns the chancellor that her decision would deter savers, disrupt Labour’s housebuilding ambitions and potentially present an obstacle to economic growth by triggering higher funding costs.

“Cash ISAs are a cornerstone of personal savings for millions across the UK, helping people from all walks of life to build financial resilience and achieve their savings goals,” the draft letter said.

“Beyond their personal benefits, Cash ISAs play a vital role in the broader economy.

“The funds deposited in these accounts support lending, helping to keep mortgages and loans affordable and accessible.

More on Rachel Reeves

“Cutting Cash ISA limits would make this funding more scarce which would have the knock-on effect of making loans to households and businesses more expensive and harder to come by.

“This would undermine efforts to stimulate economic growth, including the government’s commitment to delivering 1.5 million new homes.

“Cutting the Cash ISA limit would send a discouraging message to savers, who are sensibly trying to plan for the future and undermine a product that has stood the test of time.”

The chancellor is reportedly preparing to announce a review of cash ISA limits as part of her Mansion House speech next week.

While individual building society bosses have come out publicly to express their opposition to the move, the BSA letter is likely to be viewed with concern by Treasury officials.

The Nationwide is by far Britain’s biggest building society, with the likes of the Coventry, Yorkshire and Skipton also ranking among the sector’s largest players.

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In the draft letter, which is likely to be signed by dozens of building society bosses, the BSA said the chancellor’s proposals “would make the whole ISA regime more complex and make it harder for people to transfer money between cash and investments”.

“Restricting Cash ISAs won’t encourage people to invest, as it won’t suddenly change their appetite to take on risk,” it said.

“We know that barriers to investing are primarily behavioural, therefore building confidence and awareness are far more important.”

The BSA called on Ms Reeves to back “a long-term consumer awareness and information campaign to educate people about the benefits of investing, alongside maintaining strong support for saving”.

“We therefore urge you to affirm your support for Cash ISAs by maintaining the current £20,000 limit.

“Preserving this threshold will enable households to continue building financial security while supporting broader economic stability and growth.”

The BSA declined to comment on Monday on the leaked letter, although one source said the final version was subject to revision.

The Treasury has so far refused to comment on its plans.

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