Beth Rigby: There are still battles the PM can win – but he’s already lost the war
Rishi Sunak is a prime minister who has always found it easy to build consensus on the world stage.
But when it comes to his own backyard, this premiership tells a very different story.
PM’s own deputy chair rebels on Rwanda – live updates
With voters, he is struggling to build any sort of coalition, still bumping along 18 or so points behind Sir Keir Starmer’s Labour after 15 months in office, while this week he finds himself battling 60 of his own MPs convinced his flagship Rwanda plan won’t work.
And to hammer home the knock-on effect of that failure to deliver on the small boats promise, new polling by YouGov points to a Tory wipeout worse than in the Blair landslide of 1997, with Mr Sunak’s Conservatives predicated to win just 169 seats, while Labour would win 395, giving Sir Keir a majority of 120 seats.
The message from the Tory right is clear: sort out illegal migration or face electoral oblivion.
To that end, rebel MPs are pressing the prime minister to toughen up his Rwanda bill.
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Calls to ‘strengthen’ Rwanda bill
For now, Number 10 seem to be standing its ground – after all, amendments which the right argues strengthen the bill could provoke a rebellion on the One Nation centrist wing of the party, or even the Rwandan government, which has warned London the bill must stay within international law.
There is going to be a lot of rows, noise, and tension over the coming 48 hours, but even on the rebel side, there is a sense MPs won’t torpedo the entire bill should the government refuse to accept the amendments laid by former immigration minister Robert Jenrick, which aim to tighten the bill around getting planes off the ground in the face of injunctions from the European Court of Human Rights, or asylum seekers being allowed to make individual claims.
As one senior rebel put it to me the other day, it’s one thing to abstain, or vote for rebel amendments, and another to collapse the whole bill entirely.
So far, only Suella Braverman has come out to say she will vote down the bill if it’s not amended.
Read more:
The by-election battles of Sunak’s premiership
Mysterious election poll designed to cause trouble
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PM ‘will not hesitate’ to protect security
The bigger problem for the PM is the rot. Even if he manages to pass the bill, the can is only kicked down the road.
His government will face individual court battles and perhaps a tussle with the court in Strasbourg. He might win in the Commons this week, but if the policy doesn’t work, he’ll face the wrath not just of many of his MPs but many former Conservative voters too.
Last December, after much drama, Mr Sunak headed off a Conservative revolt over his flagship bill, when – despite all the noise – the government won the vote with a majority of 44, with 37 MPs either abstaining or absent and not one voting against.
But even if the prime minister can carry his plan through the Commons this week, the question on all the minds of MPs – amplified by the polling out today – is whether it can even dent Labour’s lead.
As a senior minister lamented to me last December during those Tory rows over Rwanda: “This is the week our hopes of 1992 turned into 1997.”
In other words, even if Mr Sunak can win the battles with his rebel MPs, he has lost the war with a party irreconcilably divided and a public that’s tuned out.
His best hope is that steady progress – on the boats, the economy, NHS waiting lists – can slowly turn the tide.
Despite the ongoing market meltdown on US trade tariffs, executives at major cryptocurrency firms Messari and Sygnum are bullish on institutional Bitcoin adoption later in 2025.
Speaking on a panel at Paris Blockchain Week on April 8, Messari CEO Eric Turner and Sygnum Bank co-founder Thomas Eichenberger said they expect a significant shift in the banking sector’s involvement with crypto in the second half of the year.
According to the executives, the global banking push into Bitcoin (BTC) services has great potential to happen in the second half of 2025 as regulators embrace crypto, including stablecoins and crypto services by banks.
“I think we’re probably looking at a muted Q2, but I’m really excited for Q3 and Q4,” Messari’s Turner said during the panel discussion moderated by Cointelegraph CEO Yana Prikhodchenko, forecasting “really interesting” things coming to the crypto market in 2025.
Crypto adoption is not just about Trump
While some investors focus on the pro-crypto stance of US President Donald Trump, Turner emphasized that broader regulatory momentum is what matters most.
“When you look at the potential of having market structure regulation in the US, stablecoin regulation, and just the fact that across the board, not just President Trump himself, but the SEC and all these regulatory industries are really embracing crypto,” Turner said.
Paris Blockchain Week’s panel with Cointelegraph CEO Yana Prikhodchenko, Bancor co-founder Eyal Hertzog, Sygnum co-founder Thomas Eichenberger, Messari CEO Eric Turner, AWS fintech leader Alex Matsuo and Near chief operating officer Chris Donovan. Source: Cointelegraph
Sygnum co-founder Thomas Eichenberger said international banks with US branches are also poised to enter the market once the legal landscape becomes clearer:
“I think it’s a matter of fact that US banks are preparing to be able to offer crypto custody and at least crypto spot trading services anytime soon.”
“I think by then I would agree with you, Eric,” he continued, projecting a continued phase of market uncertainty until the US establishes a clear regulatory framework.
Related: Ripple acquires crypto-friendly prime broker Hidden Road for $1.25B
Banks are no longer afraid of Bitcoin regulators
With the establishment of clear crypto rules for banks in the US, there will be a rush for crypto services by large international banks that are incorporated outside of the US but have a US-based presence, Eichenberger said.
“Some of them may have had their strategic plans in their cupboard to offer crypto-related services, but have been afraid that at some point they will be gone after by any of the US regulatory authorities,” he said, adding:
“Now I think there’s no one to be afraid of anymore in terms of regulatory authorities worldwide. So I think many of the large international banks will launch this year.”
Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Global trade tensions triggered by US President Donald Trump’s sweeping tariff measures may come to an end with a potential deal with China as investors remain concerned about escalation from both sides.
Trump’s April 2 announcement of reciprocal import tariffs sent shockwaves through global equity and crypto markets. The measures include a 10% baseline tariff on all imported goods, effective April 5, with higher levies — such as a 34% tariff on Chinese imports — set to begin on April 9.
However, the tariff negotiations may only be “posturing” for the US to reach an agreement with China, according to Raoul Pal, founder and CEO of Global Macro Investor.
“In the end, almost all the other tariff negotiations and rhetoric are all about getting China to agree a deal,” Pal wrote in an April 8 X post, adding:
“That is the big prize and both China and the US understand it and need it. Everything else is negotiation posturing. China needs a weaker $ and the US needs tariffs.”
Source: Raoul Pal
“Also, the US is trying to shut down China tariff arbitrage using other channels such as Mexico or Vietnam,” Pal said.
Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes
China retaliates with new tariffs
Considering China’s latest retaliatory measures, a resolution remains unlikely in the short term.
In response to US tariffs, China imposed a 34% tariff on all US imports effective April 10, media outlet Xinhua News reported on April 4. China’s foreign ministry also vowed to “fight till the end” against Trump’s tariffs, which it called “bullying” by the world’s largest economy.
China overtakes the US in global trade. Source: Econovis
China overtook the US in 2012 to become the world’s largest trading nation by the total value of exports and imports, surpassing $4 trillion in goods trade that year, according to The Guardian.
Crypto markets watch trade outcome closely
As the trade dispute continues to evolve, analysts say a potential agreement between the two global superpowers could serve as a key catalyst for recovery in digital asset markets.
Crypto markets have a 70% chance to bottom by June 2025 before recovering, Nansen analysts predicted.
Related: Crypto market bottom likely by June despite tariff fears: Finance Redefined
Investor appetite for risk assets such as Bitcoin will depend on the global tariff responses from other countries, according to Nicolai Sondergaard, a research analyst at Nansen.
“We have reached somewhat of a local bottom in regard to tariffs and the impact on prices,” the analyst said during Cointelegraph’s Chainreaction live show on X, adding:
“Trump came out guns blazing, and we’ve mostly seen the worst from the US side, so we’ll see if other countries are willing to drop some of the tariffs because it’s very likely the US will do the same.”
Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
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