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Long gone are the days of Leave versus Remain. But the Conservative Party and its varied factions are still able to draw battle lines between one another when MPs face a crucial vote.

This week, the focus will be on Rishi Sunak’s Rwanda bill – his attempt to revive the scheme, ruled unlawful by the Supreme Court, that would see asylum seekers arriving by small boat crossings deported to the African nation.

The bill passed its second reading in a crunch Commons vote just before Christmas.

But it will return for its next parliamentary stages on Tuesday and Wednesday this week – and the different factions are still causing the prime minister trouble.

So who are the different groups on the Tory benches? And what do they want?

European Research Group

This gang of MPs is the most well-known of the so-called “five families” of right-wing groups within the Conservative Party.

It became a household name during Brexit years, dominating the headlines with its own demands for exiting the EU, but has kept relatively quiet since the deal was done – except for calling key elements of the Windsor Framework “practically useless”.

The Eurosceptic group is currently chaired by Mark Francois, but saw many of its members promoted to ministerial positions after Boris Johnson came to power – including Sir Jacob Rees-Mogg, Suella Braverman and Steve Baker.

Now, the ERG is leading the fight once again over the Rwanda bill, calling for the prime minister to scrap his current plan, start again and go further in ignoring international treaties and limiting the ability for asylum seekers to take appeals to court.

Jacob Rees-Mogg speaks at a meeting of the pro-Brexit European Research Group in London
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Sir Jacob Rees-Mogg used to chair the ERG before he was made a minister by Boris Johnson

New Conservatives

The newest kids on the block, this group is made up of 25 Tory backbenchers predominantly from so-called “Red Wall” seats that the party won from Labour in recent elections.

All of the members only entered parliament after 2016 – since the Brexit referendum took place – and say they are determined to focus the party on delivering on the 2019 manifesto, where Mr Johnson won a significant majority on his promises to “get Brexit done” and “level up” the country.

One of its first events as it sought to raise its public profile was outlining its 10-point plan for immigration, causing controversy with its call to end the temporary visa scheme for care workers and cap the number of refugees who can settle in the UK.

Now, its right-wing members have raised doubts over Mr Sunak’s Rwanda bill.

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Who are the New Conservatives?

Northern Research Group

Perhaps the precursor to the New Conservatives, this faction was also born from the 2019 election victories in the Red Wall, promising to focus on the interests of the towns and cities that make up the Tories’ “Northern Powerhouse”.

With around 55 MPs from the north of England, Scottish borders and North Wales – led by the now-former chairman of the party, Sir Jake Berry – the group has expanded its remit somewhat, speaking out against COVID lockdowns and business taxes, as well as pushing for its core goals around devolution, transport and investment.

But as the third of the five families of those on the right, its support could be crucial to seeing the Rwanda legislation become law.

The group also holds a conference every year, attracting senior members of government to speak and attempt to keep the powerful bloc onside.

Conservative Party chairman Jake Berry speaking at the Conservative Party annual conference at the International Convention Centre in Birmingham. Picture date: Wednesday October 5, 2022.
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Sir Jake Berry served as party chairman under Liz Truss

Common Sense Group

This collective of around 50 MPs and peers says it “stands for authentic conservatism”, with many of the issues it focuses on falling squarely into the culture wars category.

From slamming the National Trust for publicising Winston Churchill’s family links to slavery, to attacking Black Lives Matter and Extinction Rebellion as “subversives fuelled by ignorance”, the group – led by veteran backbencher Sir John Hayes – calls on the government to “reflect the will of the people, rather than pandering to the peculiar preoccupations of the liberal elite and the distorted priorities of left-wing activists”.

It has published its own set of essays to highlight its concerns, with titles including, “The judicial activists threatening our democracy”, “Taking politics out of policing”, and “The case for strengthening families”.

And the group takes a strong stance when it comes to immigration, so a question mark remains over whether Mr Sunak’s bill goes far enough for this group.

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Security minister John Hayes at the Conservative Party Conference in 2011.
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Sir John Hayes leads the group that focuses on culture war issues

Conservative Growth Group

The final of the “five families”, this group came to life after the short-lived premiership of Liz Truss, who was ousted from Number 10 after just 49 days following her disastrous mini-budget.

But while the party may have pushed for her undoing, her approach to tearing up the “economic orthodoxy” of the Treasury still garners the support of a number of backbenchers – especially those who enjoyed equally short-lived ministerial careers while she was in office.

There are only thought to be around 20 members in the group, including Ms Truss herself, but they are pushing for popular policies in the party, such as tax cuts and deregulation, as the best way for growing the British economy.

It is chaired by Ranil Jayawardena, who was environment secretary while Ms Truss was prime minister.

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Truss ‘tried to fatten and slaughter the pig’

One Nation caucus

In stark contrast to the previous five, this group – established back in 1975 – promotes the One Nation Conservative ideology, a more centrist approach to both the economy and social policy.

Despite dominating the party during the David Cameron years, many of the One Nation group fell out of favour during the tumultuous Brexit debate due to their support for Remain, with Mr Johnson kicking a number of them out of the party for failing to back his exit plans.

But while they may have been in the shadows in recent years, there are still over 100 members in parliament – with some former figures, such as Alex Chalk and Gillian Keegan, making it onto the frontbench – and they are starting to peek out above the parapet again.

Britain's Prime Minister and Conservative Party leader David Cameron (L) walks with Chancellor George Osborne during their visit to Marston's Brewery in Wolverhampton, central England April 1, 2015. Britain will go to the polls in a national election on May 7. REUTERS/Leon Neal/pool
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Before Brexit, One Nation Tories were an influential force in the party – especially under David Cameron and George Osborne

Recent issues being raised have included a call to focus on policies for winning back younger voters – such as rental reform and childcare.

But they are now seen as a key faction for the prime minister to keep onside to ensure the success of the Rwanda plan.

The group has offered its support to Mr Sunak so far, and pledged to back the bill.

But with its more liberal outlook – and having voiced concerns about the prospect of leaving (or break) international human rights treaties – the members have also said they will pull their backing if the prime minister bends to the will of those on the right and goes too far.

Away from the Rwanda row, there are other factions in the party who all want to have their voices heard by the leadership on their main issues of concern.

Conservative Democratic Organisation

This is another group formed after Ms Truss’s exit, but with fierce loyalty to her predecessor, Mr Johnson.

The CDO was furious with how Mr Sunak had been chosen as the new leader – without a vote of the membership – calling it “undemocratic”, and promised to “take back control” of the party with its grassroots movement.

But it is not just leadership elections it wants to influence. The organisation hopes to “steer [the Tories’] political direction back to the centre-right”, with specific calls for tax cuts and attacks on the current PM for failing to provide them.

Key figures include billionaire Conservative donor Lord Cruddas, the party’s former treasurer, and key Johnson ally and former home secretary Dame Priti Patel.

It has already held a conference, with other Johnson backers like Nadine Dorries and Sir Jacob Rees-Mogg attending to give speeches.

Priti Patel
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Priti Patel is one of the members spearheading the group

China Research Group

Another hot topic within Conservative ranks is the best way to approach China, and this group was set up to amplify that debate.

It was co-founded and chaired by the now security minister Tom Tugendhat – an outspoken critic of the country, who has highlighted the dangers of its technological influence, its human rights record, and its ongoing sanctioning of UK politicians.

While its former chair now finds himself on the frontbench, the voices calling for tougher action on Beijing are growing and questioning the current administration’s desire to engage with China, rather than calling it out for being a threat.

Foreign Affairs Committee chair Alicia Kearns now leads the group.

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‘Your backbenchers pulled you back’

Net Zero Scrutiny Group/Conservative Environment Network

Climate policies have been a central bone of contention for Tory MPs in recent months – especially after the party managed to cling on to Mr Johnson’s former seat of Uxbridge and South Ruislip in a by-election by focusing on residents’ anger of the expansion of London’s Ultra Low Emission Zone (ULEZ).

The victory saw a number of the party’s green policies brought into question, with Mr Sunak pledging to only roll them out in a “proportionate and pragmatic way” and watering down a number of promises.

But the legal obligation to hit net zero by 2050 – a law brought in by the Conservatives – has long caused rows, with two groups being formed to represent both sides of the argument.

Minister for Universities, Science, Research and Innovation, Chris Skidmore, addresses the Universities UK Conference at the University of Birmingham. PA Photo. Picture date: Thursday September 12, 2019. See PA story EDUCATION Universities. Photo credit should read: Joe Giddens/PA Wire
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Chris Skidmore (L) and Craig Mackinlay (R) chair opposing groups when it comes to net zero

The Net Zero Scrutiny Group insists it is not climate sceptic, but instead says government policies have gone too far, too fast, contributing to the cost of living crisis.

The group of 50 or so MPs and peers – led by former UKIP deputy leader Craig Mackinlay – wants green levies to be scrapped, saying they are hitting the poorest the hardest, and wants the government to ramp up fossil fuel production at home.

On the other hand, there is the Conservative Environment Network (CEN), which claims to have over 130 MPs and peers backing its mission to “champion greater environmental action in parliament”.

It says Conservative voters don’t want to see a row about whether net zero is worth it or not, but a debate on the right policies to achieve it.

A smaller faction echoing the sentiments of the CEN is led by Tory MP Chris Skidmore and is known as the Net Zero Support Group, which aims to “demonstrate and maintain Conservative support for net zero carbon emissions and policies needed to deliver this”.

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US crypto rules like ‘floor is lava’ game without lights — Hester Peirce

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<div>US crypto rules like 'floor is lava' game without lights — Hester Peirce</div>

<div>US crypto rules like 'floor is lava' game without lights — Hester Peirce</div>

SEC Commissioner and head of the crypto task force, Hester Peirce, says US financial firms are navigating crypto in a way that’s similar to playing the children’s game “the floor is lava,” but in the dark.

“It is time that we find a way to end this game. We need to turn on the lights and build some walkways over the lava pit,” Peirce said at the SEC “Know Your Custodian” roundtable event on April 25.

The lava is crypto, says Peirce

Peirce explained that SEC registrants are forced to approach crypto-related activities like “the floor is lava,” where the aim is to jump from one piece of furniture to the next without touching the ground, except here, touching crypto directly is the lava.

“A D.C. version of this game is our regulatory approach to crypto assets, and crypto asset custody in particular,” she said.

Peirce said that, much like in the game, firms wanting to engage with crypto must avoid directly holding it due to unclear regulatory rules. “To engage in crypto-related activities, SEC-registrants have had to hop from one poorly illuminated regulatory space to the next, all while ensuring that they never touch any crypto asset,” Peirce said.

Cryptocurrencies, SEC, United States
Source: US Securities and Exchange Commission

Peirce said that investment advisers are often unsure which crypto assets qualify as securities, what entities count as qualified custodians, and whether “exercising staking or voting rights” could trigger custody violations.

“The twist in the regulatory version is that it is largely played in the dark: burning legal lava and no lamps to illuminate the way.”

Peirce also said that a broker or ATS that cannot custody or manage crypto assets will struggle to facilitate trading, making it unlikely for a “robust market” to develop.

Echoing a similar sentiment, SEC Commissioner Mark Uyeda said at the event that as more SEC registrants work with crypto assets, it’s essential that they have access to custodial options that meet legal and regulatory requirements.

Uyeda said the agency should consider letting advisers use “state-chartered limited-purpose trust companies” with the authority to hold crypto assets as qualified custodians.

Related: Blockchain needs regulation, scalability to close AI hiring gap

Meanwhile, the recently sworn-in chair of the SEC, Paul Atkins, said that he expected “huge benefits” from blockchain technology through efficiency, risk mitigation, transparency, and cutting costs.

He reiterated that among his goals at the SEC would be to facilitate “clear regulatory rules of the road” for digital assets, hinting that the agency under former chair Gary Gensler had contributed to market and regulatory uncertainty.

“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational fit-for-purpose framework for crypto assets,” said Atkins.

Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest, April 19 – 25

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Labour and Reform in battle for Runcorn by-election seat – but disillusionment could be eventual winner

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Labour and Reform in battle for Runcorn by-election seat - but disillusionment could be eventual winner

On the banks of the Mersey, Runcorn and Helsby is a more complicated political picture than the apparent Labour heartland that first presents itself.

Yes, there are industrial and manufacturing areas – an old town that’s fallen victim to out-of-town shopping, and an out-of-town shopping centre that’s fallen victim to Amazon.

But there are also more middle-class new town developments, as well as Tory-facing rural swathes.

Space Café director Marie Moss says a sense of community has faded
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Space Cafe director Marie Moss says a sense of community has faded

One thing this area does mirror with many across the country, though, is a fed-up electorate with little confidence that politics can work for them.

In the Space Cafe in Runcorn Old Town, its director Marie Moss says many in the region remember a time when a sense of community was more acute.

“People were very proud of their town… and that’s why people get upset and emotional as they remember that,” she says.

It’s this feeling of disenfranchisement and nostalgia-tinged yearning for the past that Reform UK is trading off in its targeting of traditional Labour voters here.

More on Liverpool

Party leader Nigel Farage features heavily on leaflets in these parts, alongside spikey messaging around migration, law and order, and Labour’s record in government so far.

Runcorn 2024 result
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Runcorn 2024 result

Taxi driver Mike Holland hears frequent worries about that record from those riding in the back of his cab.

A Labour voter for decades, he says locals were “made up” at last year’s election result but have been “astonished” since then, with benefit changes a common topic of concern.

“Getting a taxi is two things, it’s either a luxury or a necessity… the necessity people are the disabled people… and a lot of the old dears are so stressed and worried about their disability allowance and whether they are going to get it or not get it,” he says.

But will that mean straight switchers to Reform UK?

Taxi driver Mike Holland has voted for Labour for decades, but is looking at the Liberal Democrats and Greens, or may not vote
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Taxi driver Mike Holland has voted for Labour for decades, but is now looking at the Lib Dems and Greens – or may not vote at all

Mike says he agrees with some of what the party is offering but thinks a lot of people are put off by Mr Farage.

He’s now looking at the Liberal Democrats and Greens, both of whom have put up local politicians as candidates.

Or, Mike says, he may just not vote at all.

It’s in places like Runcorn town that some of the political contradictions within Reform UK reveal themselves more clearly.

Many here say they were brought up being told to never vote Tory.

And yet, Reform, chasing their support, has chosen a former Conservative councillor as its candidate.

It’s no surprise Labour has been trialling attack lines in this campaign, painting Mr Farage’s party as “failed Tories”.

As a response to this, look no further than Reform’s recent nod to the left on industrialisation and public ownership.

👉 Click here to listen to Electoral Dysfunction on your podcast app 👈

Read more:
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Local elections could re-shape politics

But head 15 minutes south from Runcorn docks, and this by-election campaign changes.

Rural areas like Frodsham and Helsby have, in the past, tended towards the Tories.

The Conservatives, of course, have a candidate in this vote, one who stood in a neighbouring constituency last year.

But Reform is now making a hard play for their supporters in these parts, with a softer message compared to the one being put out in urban areas – an attempt to reassure those anxious about too much political revolution coming to their privet-lined streets.

Labour, meanwhile, is actively trying to mobilise the anti-Farage vote by presenting their candidate – another local councillor – as the only person who can stop Reform.

Nadine Tan is concerned about division and anger in the community
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Makeup artist Nadine Tan is concerned about division and anger in the community

The pitch here is aimed at voters like Frodsham makeup artist Nadine Tan, who are worried about division and anger in the community.

“I think they need to kind of come together and stop trying to divide everyone,” she says.

But like Mike the taxi driver five miles north, disillusionment could be the eventual winner as Nadine says, despite the “thousands of leaflets” through her door, she still thinks “they all say the same thing”.

One factor that doesn’t seem to be swinging too many votes, though, is the insalubrious circumstances in which the area’s former Labour MP left office.

Suspended Labour MP Mike Amesbury walks outside Chester Magistrates Court.
Pic: Reuters
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Labour MP Mike Amesbury was convicted of punching a man in the street. Pic: Reuters

Mike Amesbury stepped down after being convicted of repeatedly punching a constituent in a late-night brawl outside a pub.

But across the patch, many praise their ex-MP’s local efforts, while also saying he was “very silly” to have acted in the way he did.

That may be putting it mildly.

But it’s hard to find much more agreement ahead of Thursday’s vote.

A constituency still hungry for change, but unsure as to who can deliver it.

Full list of candidates, Runcorn and Helsby by-election:

Catherine Anne Blaiklock – English Democrats
Dan Clarke – Liberal Party
Chris Copeman – Green Party
Paul Duffy – Liberal Democrats
Peter Ford – Workers Party
Howling Laud Hope – Monster Raving Loony Party
Sean Houlston – Conservatives
Jason Philip Hughes – Volt UK
Alan McKie – Independent
Graham Harry Moore – English Constitution Party
Paul Andrew Murphy – Social Democratic Party
Sarah Pochin – Reform UK
Karen Shore – Labour
John Stevens – Rejoin EU
Michael Williams – Independent

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Solana’s Loopscale pauses lending after $5.8M hack

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<div>Solana's Loopscale pauses lending after .8M hack</div>

<div>Solana's Loopscale pauses lending after .8M hack</div>

Solana decentralized finance (DeFi) protocol Loopscale has temporarily halted its lending markets after suffering an approximately $5.8 million exploit. 

On April 26, a hacker siphoned approximately 5.7 million USDC (USDC) and 1200 Solana (SOL) from the lending protocol after taking out a “series of undercollateralized loans”, Loopscale co-founder Mary Gooneratne said in an X post. 

The exploit only impacted Loopscale’s USDC and SOL vaults and the losses represent around 12% of Loopscale’s total value locked (TVL), Gooneratne added. 

Loopscale is “working to resume repayment functionality as soon as possible to mitigate unforeseen liquidations,” its said in an X post. 

“Our team is fully mobilized to investigate, recover funds, and ensure users are protected,” Gooneratne said.

Solana's Loopscale pauses lending after $5.8M hack
Loopscale’s ‘Genesis’ lending vaults. Source: Loopscale

In the first quarter of 2025, hackers stole more than $1.6 billion worth of crypto from exchanges and on-chain smart contracts, blockchain security firm PeckShield said in an April report. 

More than 90% of those losses are attributable to a $1.5 billion attack on ByBit, a centralized cryptocurrency exchange, by North Korean hacking outfit Lazarus Group.

Related: Crypto hacks top $1.6B in Q1 2025 — PeckShield

Unique DeFi lending model

Launched on April 10 after a six-month closed beta, Loopscale is a DeFi lending protocol designed to enhance capital efficiency by directly matching lenders and borrowers.

It also supports specialized lending markets, such as “structured credit, receivables financing, and undercollateralized lending,” Loopscale said in an April announcement shared with Cointelegraph. 

Loopscale’s order book model distinguishes it from DeFi lending peers such as Aave that aggregate cryptocurrency deposits into liquidity pools.

Solana's Loopscale pauses lending after $5.8M hack
Loopscale’s daily active users. Source: Mary Gooneratne

Loopscale’s main USDC and SOL vaults yield APRs exceeding 5% and 10%, respectively. It also supports lending markets for tokens such as JitoSOL and BONK (BONK) and looping strategies for upwards of 40 different token pairs. 

The DeFi protocol has approximately $40 million in TVL and has attracted upwards of 7,000 lenders, according to researcher OurNetwork.

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