Keir Starmer accuses PM of ‘squatting in No 10’ after Rishi Sunak’s general election hint
Rishi Sunak has given the clearest hint yet about when he will call a general election, saying his “working assumption” is that it will happen in the second half of this year.
Speculation has been rife for months about when the prime minister will choose to go to the polls.
Politics latest: One date thought to be frontrunner for election this year
Technically, he can wait until December before calling an election, meaning voters would then cast their ballots in January 2025.
But Mr Sunak has narrowed down the timeframe for an election the polls suggest the Tories will lose, which would bring to an end 14 years in power under five prime ministers.
Speaking to broadcasters on a visit to a youth centre in Mansfield, Nottinghamshire, he said: “So, my working assumption is we’ll have a general election in the second half of this year and in the meantime I’ve got lots that I want to get on with.”
Prime Minister Rishi Sunak during a visit to a youth centre in Mansfield
The Conservative leader declined to rule out a May election categorically – but repeated his intentions to call one later in the year.
“I want to keep going, managing the economy well and cutting people’s taxes,” Mr Sunak said.
“But I also want to keep tackling illegal migration. So I’ve got lots to get on with and I’m determined to keep delivering for the British people.”
Both the Conservatives’ and Labour’s long election campaigns were well under way on Thursday, as both party leaders visited battleground areas.
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‘May election the worst kept secret in parliament’
Labour has claimed a spring vote is the “worst kept secret in parliament”, with party leader Sir Keir Starmer earlier saying in his own speech to voters in Bristol that he is “ready” for a general election whenever it is called.
Responding to Mr Sunak’s remarks which hinted at an autumn vote, Sir Keir accused the prime minister of “delaying” the inevitable.
He told Sky’s political editor Beth Rigby: “People are crying out for change. And I say to the prime minister, what’s he hiding? If he’s not going to set a date, what’s he hiding from the public?
“This has serious implications for the country because he’s basically saying he’s going to be squatting for months and months in Downing Street, dithering and delaying.
“So if he’s not being clear, and I don’t think he’s setting a date, what’s he hiding?”
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‘What’s prime minister hiding from public?’
Asked whether he would prefer a vote in the first half of the year, Sir Keir said: “I would like to see an election as soon as possible.
“I think the vast majority of the public want to see an election as soon as possible, and the reason is that the choice now is to turn our back on 14 years of decline and usher in a decade of national renewal with hope and change.”
He added: “People can’t afford for the prime minister to be squatting for months on end this year.”
The Liberal Democrats have also been calling for Mr Sunak to hold the vote in May rather than trying to “cling on” to power for the rest of the year.
Lib Dem leader Ed Davey accused Mr Sunak of “running scared” of a May election.
He said: “Squatter Sunak is holed up in Downing Street, desperately clinging on to power rather than facing the verdict of the British people.
“We need an election in spring, so that voters can finally get rid of this appalling and out-of-touch Conservative government.”
Analysis: PM will be hoping ‘squatting’ charge over election timing won’t stick
The prime minister has thoroughly stolen the thunder and headlines from Sir Keir Starmer’s new year speech with the revelation that his “working assumption” is that a general election will be held in the second half of the year.
Speculation in Westminster had been growing that the Tories were preparing to go to the polls in May – particularly after confirming over Christmas the spring budget would be delivered in March.
Many believed the strategy was for the chancellor to offer a generous series of tax cuts as a sweetening springboard into an early trip to the ballot box.
Pundits pointed out that this would avoid the embarrassing fallout from another drubbing at the local elections and a summer of small boat arrivals – and activists, it’s thought, would be more enthusiastic about pounding the pavements and knocking on doors in milder weather, particularly if they were doing so anyway on behalf of local council candidates.
But with Labour riding so consistently high in the polls and only one of his five pledges met (halving inflation), Rishi Sunak is clearly unconvinced by these arguments.
With the path to a Tory victory at any time of year so incredibly narrow, others believe the PM just wants to maximise his time in office. Indeed, speaking to reporters today he argues he’s still got plenty more to do in terms of “managing the economy well and cutting people’s taxes” as well as “tackling illegal migration”.
Delivering on illegal migration means successfully forcing his emergency Rwanda legislation through both houses of parliament, and past future legal challenges.
It’s the key challenge for Mr Sunak and his team at present; many advisors believe finally getting deportation flights off the ground, combined with a dramatic economic recovery, is perhaps his only real hope of clinging on to power at the next election.
Needless to say the opposition parties aren’t happy.
The Liberal Democrats yesterday called for a return to the Fixed Term Parliaments Act, to take away the PM’s power to call elections as the most opportune political moment. They’ve accused Mr Sunak of “bottling” the opportunity to call an election – with echoes of Gordon Brown’s perceived dithering in the autumn of 2007.
Both Sir Ed Davey and Sir Keir say Mr Sunak is “squatting” in Downing Street – with Sir Keir arguing that both he and the country want to see an election as soon as possible.
The PM will be hoping he’s set out his timetable early enough to avoid that charge sticking; but don’t expect the calls for an immediate national vote to calm down any time soon.
Reform UK has ruled out entering into any electoral pacts with the Tories.
Mr Sunak warned against voting for Reform UK amid fears the right-wing party could steal votes from the Conservatives.
He said: “A vote for anybody who’s not a Conservative candidate, a Conservative MP, is a vote for Keir Starmer in power.
“There’s only going to be two options for prime minister after the next election, it’s either going to be me or Keir Starmer. A vote for anyone who is not a Conservative is a vote for Keir Starmer in power.”
He added: “What’s the issue that has motivated a lot of these conversations? It’s illegal migration. So, what’s my track record? Well, I’m the first person to actually cut the numbers, and cut them not just by a little, but cut them by over a third in my first year in power.
“We’re going to pass our Rwanda Bill through parliament, get that scheme up and running, and that will provide the further deterrent we need to grip this once and for all.”
European Union regulators are reportedly mulling a $1 billion fine against Elon Musk’s X, taking into account revenue from his other ventures, including Tesla and SpaceX, according to The New York Times.
EU regulators allege that X has violated the Digital Services Act and will use a section of the act to calculate a fine based on revenue that includes other companies Musk controls, according to an April 3 report by the newspaper, which cited four people with knowledge of the plan.
Under the Digital Services Act, which came into law in October 2022 to police social media companies and “prevent illegal and harmful activities online,” companies can be fined up to 6% of global revenue for violations.
A spokesman for the European Commission, the bloc’s executive branch, declined to comment on this case to The New York Times but did say it would “continue to enforce our laws fairly and without discrimination toward all companies operating in the EU.”
In a statement, X’s Global Government Affairs team said that if the reports about the EU’s plans are accurate, it “represents an unprecedented act of political censorship and an attack on free speech.”
“X has gone above and beyond to comply with the EU’s Digital Services Act, and we will use every option at our disposal to defend our business, keep our users safe, and protect freedom of speech in Europe,” X’s global government affairs team said.
Source: Global Government Affairs
Along with the fine, the EU regulators could reportedly demand product changes at X, with the full scope of any penalties to be announced in the coming months.
Still, a settlement could be reached if the social media platform agrees to changes that satisfy regulators, according to the Times.
One of the officials who spoke to the Times also said that X is facing a second investigation alleging the platform’s approach to policing user-generated content has made it a hub of illegal hate speech and disinformation, which could result in more penalties.
X EU investigation ongoing since 2023
The EU investigation began in 2023. A preliminary ruling in July 2024 found X had violated the Digital Services Act by refusing to provide data to outside researchers, provide adequate transparency about advertisers, or verify the authenticity of users who have a verified account.
Related: Musk says he found ‘magic money computers’ printing money ‘out of thin air’
X responded to the ruling with hundreds of points of dispute, and Musk said at the time he was offered a deal, alleging that EU regulators told him if he secretly suppressed certain content, X would escape fines.
Thierry Breton, the former EU commissioner for internal market, said in a July 12 X post in 2024 that there was no secret deal and that X’s team had asked for the “Commission to explain the process for settlement and to clarify our concerns,” and its response was in line with “established regulatory procedures.”
Musk replied he was looking “forward to a very public battle in court so that the people of Europe can know the truth.”
Source: Thierry Breton
Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set
US crypto exchange Coinbase has filed with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token.
“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” stated Coinbase Institutional on April 3.
The firm added that it anticipates the contract going live on April 21.
According to the certification filing, the XRP (XRP) futures contract will be a monthly cash-settled and margined contract trading under the symbol XRL.
The contract tracks XRP’s price and is settled in US dollars. Each contract represents 10,000 XRP, currently worth about $20,000 at $2 per token.
Contracts can be traded for the current month and two months ahead, and trading will be paused as a safety measure if spot XRP prices move more than 10% in an hour.
“The exchange has spoken with FCMs (Futures Commission Merchants) and market participants who support the decision to launch a XRP contract,” the firm stated.
Coinbase is not the first to launch XRP futures in the United States. In March, Chicago-based crypto exchange Bitnomial announced the launch of the “first-ever CFTC-regulated XRP futures in the US.”
XRP futures trading is available on many of the world’s leading centralized crypto exchanges, such as Binance, OKX, Bybit and BitMEX.
Funding rates remain negative
In late March, Cointelegraph reported that XRP derivatives’ funding rates had flipped negative as investor sentiment turned bearish.
Related: XRP funding rate flips negative — Will smart traders flip long or short?
Funding rates are periodic payments between traders in perpetual futures markets that help keep the futures price aligned with the spot price. Positive funding rates mean that long traders (buyers) pay short traders, while negative funding rates mean short traders (sellers) pay long traders.
When funding rates go negative, it means short traders are willing to pay a premium to maintain their positions, indicating strong conviction from bearish derivatives traders.
XRP funding rates remained negative on major derivatives exchanges as of April 4, according to CoinGlass.
XRP OI-weighted funding rates. Source: CoinGlass
Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set
Former Binance CEO Changpeng “CZ” Zhao will begin advising the Kyrgyz Republic on blockchain and crypto-related regulation and tech after signing a memorandum of understanding with the country’s foreign investment agency.
“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading,” the crypto entrepreneur said in an April 3 X post, adding that he finds this work “extremely meaningful.”
His comments came in response to an earlier X post from Kyrgyzstan President Sadyr Zhaparov announcing that Kyrgyzstan’s National Investment Agency (NIA) had signed a memorandum with CZ to provide technical expertise and consulting services for the Central Asian country.
The NIA is responsible for promoting foreign investments and assisting international companies in identifying business opportunities within the country.
Source: Changpeng Zhao
“This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity,” Zhaparov said.
The Kyrgyzstan president added: “such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.”
Kyrgyzstan, which officially changed its name from the Republic of Kyrgyzstan to the Kyrgyz Republic in 1993, is a mountainous, land-locked country.
It is considered well-suited for crypto mining operations due to its abundant renewable energy resources, much of which is underutilized.
Over 30% of Kyrgyzstan’s total energy supply comes from hydroelectric power plants, but only 10% of the country’s potential hydropower has been developed, according to a report by the International Energy Agency.
CZ has met with several other state officials in Asia
Malaysia also recently tapped CZ for guidance on crypto-related matters, with Prime Minister Anwar Ibrahim meeting him personally in January.
CZ has also met with officials in the UAE and Bitcoin-stacking country Bhutan — however, it isn’t clear what those meetings entailed.
Related: Is Bitcoin’s future in circular economies or national reserves?
CZ’s latest pursuits come a little over six months after he was released from a four-month prison sentence in the US for violating several anti-money laundering laws.
Since being released, CZ has made investments in blockchain tech, artificial intelligence and biotechnology companies.
CZ also recently donated 1,000 BNB (BNB) — worth almost $600,000 — to support earthquake relief efforts in Thailand and Myanmar after the natural disaster in late April.
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