Longest strike in NHS history leads to over 113,000 patient cancellations – and impact may last for ‘months’

Published

1 year ago

January 11, 2024

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The longest strike in NHS history, during which junior doctors walked out for six days, led to more than 113,000 patient operations, appointments and procedures being postponed, new figures show.

The industrial action started last Wednesday and continued until yesterday, with 25,446 staff absent from work at the peak, which was the day the strike started, 3 January.

According to NHS data, 113,779 inpatient and outpatient appointments had to be rescheduled, taking the total number since the health service strikes started in December 2022 to 1,333,221.

It means patients are “bearing the brunt” of the action, according to Louise Ansari, chief executive of Healthwatch England.

She said: “The cumulative effect of various strikes now hitting the NHS for more than a year also means people are experiencing multiple cancellations, affecting their confidence in health services, often leaving them in pain, feeling stressed and anxious.”

NHS leaders have warned the impact caused by the strike could last for “months”.

Professor Sir Stephen Powis, the national medical director for NHS England, said frontline staff were “very concerned” about the next few weeks as the “cold weather bites” and more people may need to be treated in hospital.

“This puts an incredible strain on staff who have been covering striking colleagues as we continue to navigate one of the most difficult times of year,” he said.

The number of cancellations could be double those reported as hospitals pre-emptively did not book in pre-planned operations during strikes, according to experts.

Matthew Taylor, chief executive of the NHS Confederation, said: “The national figure for the cancelled appointments over the last year of industrial action, in our view, significantly underestimates it because actually a lot of trusts pre-emptively didn’t make appointments in the first place.

“So you have to more or less double that figure in order to get the actual number of appointments and procedures that were cancelled.”

What do junior doctors want?

The British Medical Association (BMA), which represents junior doctors, has called for a 35% pay rise for them but the government has stated the demand is “not affordable, even over several years”.

The union claims junior doctors in England were subjected to a 26.1% real terms pay cut between 2008 and 2022.

The government gave junior doctors an 8.8% pay rise last summer, with an extra 3% offered during the last round of negotiations towards the end of the year.

The BMA said it rejected the 3% offer because it does not make up for a real-term pay cut of nearly a quarter of their salary for junior doctors since 2008.

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NHS consultants took strike action in September and October and agreed to an extra 4.95% pay rise for senior doctors on top of the annual 6% increase already offered to them by the government.

This will be voted on by members of their union this month.

A Department of Health and Social Care spokesperson said: “Despite the significant pressure, the healthcare system has coped well thanks to the hard work of consultants, nurses and other healthcare staff who worked during industrial action.

“The strikes may have ended but their repercussions will be felt for weeks and months to come.

“We want to put an end to damaging strikes once and for all, and if the BMA junior doctors’ committee can demonstrate they have reasonable expectations, we will still sit down with them.”

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Australian court ruling could lead to $640M in Bitcoin tax refunds

Published

2 hours ago

May 19, 2025

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Australian court ruling could lead to 0M in Bitcoin tax refunds

A court decision in Australia could open the door to as much as $640 million in capital gains tax (CGT) refunds on Bitcoin transactions after a judge ruled that crypto should be treated as money rather than a taxable asset.

On May 19, the Australian Financial Review (AFR) reported that the decision arose within a criminal case involving federal police officer William Wheatley, who allegedly stole 81.6 Bitcoin (BTC) in 2019. At the time, the assets were worth roughly $492,000. At current market prices, the tokens are valued at more than $13 million.

In the case, Judge Michael O’Connell of Victoria ruled that Bitcoin qualifies as a form of money rather than property, likening the digital asset to Australian dollars rather than to shares, gold or foreign currency.

The interpretation could set a legal precedent, potentially placing Bitcoin transactions outside the scope of Australia’s current CGT regime.

New court ruling challenges Australian crypto tax laws

In an AFR interview, tax lawyer Adrian Cartland said the verdict “totally upends” the Australian Taxation Office’s (ATO) current position.

Since 2014, the ATO has classified crypto assets as CGT assets. This means that users must pay tax when selling or trading them. Under the ATO’s guidance, any disposal of Bitcoin, including selling it for fiat, exchanging it for another crypto or using it to purchase goods or services, constitutes a CGT event.

This framework has been the basis for taxing cryptocurrency transactions in Australia for over a decade. However, the recent ruling challenges the approach by suggesting that Bitcoin functions more like money than property. This potentially exempts it from CGT.

Tax refunds could reach $640 million

Cartland said it was held that Bitcoin is Australian money. “That is, it is not a CGT asset. Therefore, acquisitions and disposals of Bitcoin have no tax consequences,” the tax lawyer added.

If the ruling is upheld on the appeal, Cartland estimates that there could be potential tax refunds totalling 1 billion Australian dollars ($640 million).

However, while Cartland thinks there could be up to a billion in refunds, the ATO said there were no official figures that confirm the amount to be potentially refunded if the case changes how Bitcoin is taxed in Australia.

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Revolut eyes French license and $1.1B expansion amid EU growth

Published

3 hours ago

May 19, 2025

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Revolut eyes French license and .1B expansion amid EU growth

Revolut, a European neobank with crypto support, plans to invest more than 1 billion euro ($1.1 billion) in France and apply for a local banking license.

According to a May 19 Fortune report, Revolut representatives announced the initiative during the Choose France business summit hosted by President Emmanuel Macron in Paris. The London-based neobank also plans to set up its new European Union-serving headquarters in Paris, promising to invest 1 billion euro and hire at least 200 people within three years.

Revolut spokespeople also said that the firm is in the process of submitting an application to the French banking regulator Prudential Supervision and Resolution Authority. According to an anonymous source cited by Fortune, the regulator has been pushing the neobank to get a license to improve supervision due to its popularity in France.

Revolut currently employs about 300 people and serves five million customers in France. This makes the nation the neobank’s top European Union market.

Aiming for the stars

Revolut hopes to onboard 10 million users by the end of next year and then double that number by 2030. The firm already offers loans, trading and cryptocurrency support in its mobile-first banking platform.

The neobank has seen rapid growth ever since its founding in 2015. The company recently received a $45 billion valuation and reportedly served over 55 million customers as of late May.

Revolut’s 2024 annual report release shows that the firm’s 2024 revenue was 3.1 billion British pounds ($4 billion). A recent Financial News article also puts the company’s headcount at 10,133 employees as of Dec. 31, 2024.

An increasingly regulated institution

Revolut obtained its UK banking license in late July 2024, where 11 million of its customers are located. Now, the neobank is aggressively looking to obtain similar permits across other jurisdictions, with 10 applications underway.

Revolut received the Prepaid Payment Instruments license from India’s central bank earlier this month. This license allows the bank to offer multi-currency forex cards and cross-border remittance services in India.

EU-based Revolut customers now leverage its Lithuania operations. The firm received a banking license in Lithuania at the end of 2018, enabling it to serve customers across the European Economic Area better.

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Dubai regulator sets compliance deadline for updated crypto rules

Published

4 hours ago

May 19, 2025

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Dubai regulator sets compliance deadline for updated crypto rules

Dubai’s crypto regulator has given licensed digital asset companies until June 19 to comply with its updated activity-based Rulebooks to enhance market integrity and risk oversight.

On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) announced that it had released Version 2.0 of the Rulebooks.

The regulator said it had strengthened controls around margin trading and token distribution services, harmonised compliance requirements across all licensed activities and given clearer definitions for collateral wallet arrangements.

VARA’s team will engage with licensed entities and expects the companies to comply with the updated rules after a 30-day transition period.

“In line with global regulatory best practices, a 30-day transition period has been granted to all impacted virtual asset service providers [VASPs], with full compliance required by 19 June 2025,” VARA wrote.

VARA enhances supervisory mechanisms

VARA highlighted that it had enhanced supervisory mechanisms across several regulated activities. This includes advisory, broker-dealer, custody, exchange, lending and borrowing, virtual asset (VA) management and investment, and VA transfer and settlement services.

A VARA spokesperson told Cointelegraph that the updates will bring consistency across all activity-based rules defining core operational terms. The spokesperson gave examples of terms like “client assets,” “qualified custodians,” and “collateral requirements” as some of the terms more consistently defined in the update.

The update also aligned risk management and disclosure obligations, where activities overlap, in areas like brokerage, custody and exchange.

“The aim was to reduce ambiguity and help VASPs navigate cross-functional compliance more easily,” VARA told Cointelegraph.

Dubai regulator tightens leverage thresholds for margin trading

As for margin trading, the VARA spokesperson said they tightened leverage thresholds, mandated clearer collateralisation standards, and enhanced the monitoring obligations for VASPs offering this feature.

Margin trading allows traders to control large positions with smaller amounts of capital. It amplifies both gains and losses. Tightening the leverage traders use helps limit the risks of widespread liquidations in a market downturn.

The crypto regulator introduced a new section on token distribution that sets out licensing prerequisites, investor protections and marketing restrictions. The spokesperson emphasized the marketing restrictions, especially for “retail-facing offers.”

“It’s about aligning with global conduct expectations and closing observed regulatory gaps,” the VARA spokesperson said.