Sir Keir Starmer commits to clean power by 2030
Sir Keir Starmer has pledged to deliver clean power for the UK by 2030 – and told Sky News he wants to have “a fight” with the Conservative Party on his green commitments.
Asked about the 2030 pledge, he told Wilfred Frost on Sky News: “I’m not prepared to move that date. People keep saying to me, are you moving back on your goal? No, we’re not – clean power by 2030.
“But look, it’s absolutely clear to me that the Tories are trying to weaponise this issue, the £28bn, etc.
“It’s a fight I want to have, if we can have a fight going into the election between an incoming Labour government that wants to invest in the future long-term strategy that will lower our bills and give us energy independence, versus stagnation, more of the same under this government.
“If they want that fight on borrow to invest, I’m absolutely up for that.”
The measures Labour has said it will target include quadrupling offshore wind, more than doubling onshore wind, more than tripling solar power, and backing new nuclear power.
Politics latest: Sir Keir Starmer faces questions as election year kicks off
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The Labour leader added that he was “very happy to do live debates” – including on Sky News – but the specifics would be negotiated at a later date.
Sir Keir added that his first mission was to grow the economy, and he reiterated that any fiscal pledge would need to adhere to his party’s fiscal rules.
The party has previously watered down the £28bn pledge – saying it was a target rather than a commitment.
Sir Keir was asked if it was “irresponsible” to have a “trade-off” between green policies and the economy.
He told Wilfred Frost on the Sunday Morning with Trevor Phillips programme: “No, I don’t.
“Because the government is trying to pretend that the date on which an incoming Labour government signs a particular cheque, is what matters. What matters is clean power by 2030, keeping to those targets.
“I’m not prepared to move that date.”
The Labour leader last week launched his general election campaign, with a vote likely to take place this year.
Speaking near Bristol on Thursday, he rejected that he was “cautious” and pitching himself as simply a way to end the Conservative’s time in power.
Sir Keir added that the “change that we are offering, the difference that we want to make, between 14 years of decline and a decade of national renewal, they are fundamentally different things”.
Earlier this week, Rishi Sunak indicated he will call an election in the second part of this year – with Sky’s deputy political editor Sam Coates hearing that 14 November is the frontrunner in government circles.
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Sir Keir taking on Tory strategy head on with challenge on spending
The first week of the year has seen both party leaders shift into gear for the long election campaign – something fully on show in Sir Keir Starmer’s first Sunday morning interview of 2024.
The pre-ballot trash talk has started with the Labour leader calling on the prime minister to “set a date” now with a new attack line levelled on his opposite number that Rishi Sunak is trying to clock up two years in office before going to the polls.
But despite claiming to be ready for the vote, much of Sir Keir’s policy offering still appears to be a work in progress.
On taxation, the Labour leader suggested he would look to prioritise taxes for people in work – but would go no further.
On the party’s 2021 pledge to spend £28bn on clean energy investment, a pivot is undoubtedly in the offing as Sir Keir looks to shift the emphasis away from the exact figure – which many doubt can be hit given the party’s fiscal rules – and to the longer term promise for clean electricity by 2030.
Plenty of people doubt a Labour government would meet that pledge either, but it’s the £28bn that the Conservatives have chosen to weaponise – hence the recalibration.
We saw Sir Keir address that Tory strategy head on though, saying that if Rishi Sunak wants that fight in the election campaign “bring it on”.
For a politician sometimes accused of lacking personality and emotional depth, we also got a rare glimpse into Starmer the husband and Starmer the father.
He spoke of his one big worry about his potential career trajectory saying there would undoubtedly be an impact on his young children and he “desperately” wanted to protect them.
It’s likely to be a messy and vicious election campaign.
This won’t be the last time that Sir Keir is asked about matters beyond politics and policy.
Sir Keir told Sky that the prime minister is putting “vanity before country” by delaying the calling of a vote, adding that he wants a vote “as soon as possible”.
The Labour leader pointed out this is the first election since 2015 which the public knows is coming in advance.
“And so if people want change – and I think they do – I can make that case.
“But in the end it’s voters who will, on whatever day it is, be able to go and put that cross on the ballot and determine the future of their country.
“I mean, the power of the vote is incredible, and it’s a reminder that this year voters have the power to vote for hope and change.”
In his interview with Wilfred Frost, Sir Keir was also asked which taxes he would cut to deliver his desire to lowering the tax burden.
He did not name any specifics, but rather stated that “taxes on working people” would be what he is aiming to reduce if he gets the keys to Number 10.
But the Labour leader said government needs to look at the reasons for a high tax burden – singling out a “low growth economy” and 14 years of “effectively” stagnation.
“We’ve got to have a discussion about how we grow the economy,” he said.
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Sir Keir Starmer opens up about family support.
Speaking about the more personal side of being a frontline politician, Sir Keir said his wife Victoria “is fantastic”.
He added: “She is my complete support and partner in this.
“She doesn’t do anything publicly; she wants to get on with her job, she works for the NHS, we’ve got two relatively young children, a boy who’s 15, a boy who’s 13, but it impacts them all of the time, every single day.
“And all of that I do, I talk through with Vic, all the big decisions, the ones which we sit and talk thorough at home, and that is a good thing except I’m not sure she signed up for this.”
South Korean authorities are reportedly looking into blocking crypto exchange platforms that may have operated without adhering to the requirements set by the country’s financial regulator.
On March 21, local media Hankyung reported that the Financial Intelligence Unit (FIU) of the Financial Services Commission is considering sanctions against crypto exchanges for allegedly operating in the country without reporting as an operator to the appropriate regulators.
South Korean financial authorities require crypto exchanges to report to regulators as virtual asset service providers (VASPs) under the country’s Specified Financial Information Act.
The FIU is investigating a list of exchanges and is conducting consultations with related agencies. The regulator is also considering sanctions, such as blocking access to the exchanges, as they begin to prepare countermeasures.
Exchanges operated without VASP reports
The list of exchanges that have allegedly provided services to South Koreans without the appropriate VASP reports includes BitMEX, KuCoin, CoinW, Bitunix and KCEX. The exchanges reportedly provided marketing and customer support to Korean investors without going through the country’s compliance process.
Under the country’s laws, operators of crypto sales, storage, brokerage and management are required to report to the FIU. If exchanges don’t comply, their business will be considered illegal and subject to criminal penalties and administrative sanctions.
An FIU official said in the report that measures to block access to the exchanges included in the list are being reviewed. The official said the financial regulator is currently consulting with the Korea Communications Standards Commission, the regulator in charge of the internet, on how they can block access to the exchanges.
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South Korean exchanges face scrutiny
Apart from foreign exchanges, South Korean crypto exchanges are also facing scrutiny over suspicions and rumors of financial misconduct.
On March 20, prosecutors raided Bithumb following suspicions that its former CEO, Kim Dae-sik, embezzled company funds to purchase an apartment. The authorities suspect that the exchange and its executive may have violated some financial laws during the apartment purchase. However, Bithumb responded that Kim had already taken a loan to repay the funds.
In addition, rumors of intermediaries getting paid to list projects on Bithumb and Upbit surfaced. Citing anonymous sources, Wu Blockchain said projects claimed to have paid intermediaries millions to get listed on the exchanges.
Upbit responded, demanding the media outlet to disclose the list of digital asset projects that paid brokerage fees.
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Australia’s government, under its ruling center-left Labor Party, has proposed a new crypto framework regulating exchanges under existing financial services laws and has promised to tackle debanking.
It comes ahead of a federal election slated to be held on or before May 17, which current polling shows is shaping up to a dead heat between Prime Minister Anthony Albanese’s Labor and the opposing Coalition led by Peter Dutton.
The Treasury Department said in a March 21 statement that crypto exchanges, custody services and some brokerage firms that trade or store crypto will come under the new laws.
The regime imposes similar compliance requirements as other financial services in the country, such as following rules safeguarding customer assets, obtaining an Australian Financial Services Licence and meeting minimum capital requirements.
Australia’s Treasury says its new crypto regulations have four priorities. Source: Australian Department of the Treasury
In August 2022, the government initiated a series of industry consultations to draft a crypto regulatory framework.
“Our legislative reforms will extend existing financial services laws to key digital asset platforms, but not to all of the digital asset ecosystem,” the Treasury said in its statement.
Small-scale and startup platforms that don’t meet specific size thresholds will be exempt, along with firms that develop blockchain-related software or create digital assets that aren’t financial products.
Payment stablecoins will be treated as a type of stored-value facility under the Government’s Payments Licensing Reforms; however, some stablecoins and wrapped tokens will be exempt.
“Dealing or secondary market trading in these products will be not treated as a dealing activity, and platforms where they are traded will not be treated as operating a market simply because of that trading activity,” the Treasury said.
As part of its crypto agenda, Albanese’s government has also promised to work with Australia’s four largest banks to better understand the extent and nature of de-banking.
There will also be a review into a central bank digital currency and an Enhanced Regulatory Sandbox in 2025, allowing businesses to test new financial products without needing a license.
Related: May election could open floodgates to institutional crypto: OKX Australia CEO
Albanese’s government intends to release a draft of the legislation for public consultation. However, a change of government could be on the horizon with a looming federal election, a date for which is yet to be called.
Dutton’s center-right Coalition had earlier promised to prioritize crypto regulation if it wins the election.
The latest YouGov poll published on March 20 shows the Coalition and Labor neck in neck for a two-party preferred vote.
The Coalition leads for topline voting intention, while Albanese continues to lead as preferred prime minister. Source: YouGov
Caroline Bowler, the CEO of local crypto exchange BTC Markets, said in a statement shared with Cointelegraph that the areas of reform are sensible and would keep Australia competitive with global peers.
However, she thinks there “will be additional detail required on capital adequacy and custody requirements.”
“We need to ensure that these requirements aren’t overly burdensome for business investment in Australia,” Bowler said.
Kraken Australia’s managing director, Jonathon Miller, said there is an “urgent need for bespoke crypto legislation” to address the existing confusion and uncertainty in the country’s industry.
“We believe that by establishing a clear crypto regulatory framework and mitigating problems like debanking, government can remove the barriers hampering growth in the Australian economy,” he said.
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