Robert Jenrick ‘prepared’ to vote down Rwanda bill as Tory divide deepens

Published

1 year ago

January 16, 2024

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Robert Jenrick says he is “prepared” to vote against the Rwanda bill if the government does not adopt “robust” changes to the proposed legislation.

Two days of debate on the proposed law has begun in in the Commons, with the legislation aiming to deter asylum seekers from coming to the UK via small boat crossings.

Rishi Sunak has said the new bill, which includes clauses to define Rwanda as a “safe country” and reduces the ability for people to appeal, answers the concerns of the the UK Supreme Court – which ruled the plan unlawful – while also ensuring deportations will take place.

Politics live: Johnson tells PM to accept rebel amendments

But many on the right of the party – including Mr Jenrick, who resigned as immigration minister over the issue – want the prime minister to toughen up the legislation with a raft of amendments, including one that would block injunctions on flights taking off.

Make this move, however, and Mr Sunak risks upsetting the centrist wing of his party, with the One Nation faction already concerned the bill goes too far from the UK’s international obligations.

Speaking to Sky News’s political editor Beth Rigby, Mr Jenrick said he did not want to get to the “situation” where he would have to rebel against the government, but added: “I am prepared to vote against the bill… because this bill doesn’t work, and I do believe that a better bill is possible.

“So the government has a choice. It can either accept my amendments… or it can bring back a new and improved bill, and it could do that within a matter of days because we know the shape of that bill.”

He added: “The opportunity here is immense. Let’s not waste it by creating a scheme that is like a bucket riddled with holes.”

Jenrick: ‘Tens of thousands more’ will come if bill not ‘fixed’

The former immigration minister said he “didn’t accept” that if the bill failed in the Commons, Mr Sunak’s premiership would be in crisis – despite two deputy Tory chairmen now risking the sack to vote for the rebel amendments.

“This isn’t about the prime minister or his leadership of the Conservative Party,” Mr Jenrick said. “This is about fixing one of the biggest problems facing not just this country, but countries all over the world.

“And as I’ve set out in great detail since I resigned on principle last month, if we don’t fix this problem, we’ll see tens of thousands more people coming to our country.

“I don’t want to see the bill either fail or proceed in its current state. Neither is a satisfactory outcome. But I do know that a better bill is possible and the ball is in the government’s court here.”

He added: “The point is that there’s no point having a moment of unity in passing a bill that doesn’t work – that’s an illusion.

“What matters is whether it works. And if we’re celebrating this week, but in August there are still thousands of people coming across in small boats, no one will remember the events of this week.”

Govt ‘risks clogging up the courts’

Sky News understands the government still doesn’t plan to accept any of the amendments from right-wing MPs.

However, shortly before the debate began – and in an attempt to appease rebels – Justice Secretary Alex Chalk confirmed 25 hearing rooms had been prepared and more than 100 additional staff had been recruited to help speed up appeals and deportations.

But Mr Jenrick said: “Adding more judges into the mix simply accepts my central argument that there will be an absolute cascade of individual claims from migrants as they arrive into the country and [that] will clog up the courts.

“It will delay things and the scheme will become completely inoperable.”

The former minister also rejected the government’s argument that any strengthening of the law would lead to the Rwandan government pulling out of the scheme altogether, rather than risk being linked with breaches of international law.

“It is quite an implausible suggestion from the government, which was raised at the 11th hour,” he said.

“I think it’s a highly convenient argument… you weren’t born yesterday, neither was I. I don’t think that is going to wash with parliamentary colleagues.”

Mr Jenrick continued: “All we care about is what works. It is absolutely critical for the country not to talk about the government, but to actually get the Rwanda scheme up and running.

“Illegal migration is doing untold damage to our country. I won’t allow that to continue.

“I said, as did the prime minister, that we would do whatever it takes. And the bill before parliament this week is not that.

“That is why we need to amend it, to toughen it and to ensure those flights do truly get off to Rwanda.”

Today’s debate will last for six hours, with a further six hours expected on Wednesday.

Politics

CFPB likely to step back from crypto regulation — Attorney

Published

1 hour ago

April 6, 2025

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CFPB likely to step back from crypto regulation — Attorney

The Consumer Financial Protection Bureau (CFPB) will likely see a reduced role in crypto regulations as other federal agencies like the Securities and Exchange Commission (SEC) and state-level regulators assume a bigger role in crypto policy, according to Ethan Ostroff, partner at the Troutman Pepper Locke law firm.

“I think with the current administration, my sense is, we are highly likely to see a significant pullback by the CFPB in the context of the activity by other regulators,” Ostroff told Cointelegraph in an interview.

State regulators also have the authority under the Consumer Financial Protection Act (CFPA) to assume some of the regulatory roles of the CFPB, the attorney said but also added that some regulatory functions will continue to fall within the purview of the CFPB as a matter of established law.

Ostroff cited the New York Department of Financial Services (NYDFS) and the California Department of Financial Protection and Innovation (DFPI) as regulators to keep an eye on as potential leaders of crypto regulations at the state level.

However, the attorney clarified that while the CFPB may see a diminished role during the Trump administration, the agency would not be outright dismantled during the current regime due to “statutorily mandated obligations and requirements” that require acts of Congress to change.

Trump administration targets CFPB in efficiency push

The Trump administration targeted the CFPB as part of a broader push by the Department of Government Efficiency (DOGE) to slash government spending and reduce the federal debt.

Russell Vought, the recently appointed head of the CFPB, announced major funding cuts to the agency and scaled back operations within days of assuming the helm at the CFPB in February 2025.

Bitcoin Regulation, US Government, United States, Donald Trump — *Source:* *Russell Vought*

Massachusetts Senator Elizabeth Warren criticized Elon Musk for dismantling the CFPB, which the US senator co-founded back in 2007.

Warren characterized Musk as a “bank robber” and claimed that the Trump administration dismantled the CFPB to undo consumer protection rules and have greater control over the financial system.

In a February 12 interview with Mother Jones, the senator stressed that the Executive Branch of government does not have the statutory authority to fully dismantle the CFPB, which can only be done through Congressional approval.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Politics

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

Published

8 hours ago

April 6, 2025

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Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 creditors of the bankrupt cryptocurrency exchange FTX risk missing out on $2.5 billion in repayments after failing to begin the mandatory Know Your Customer (KYC) verification process.

Roughly 392,000 FTX creditors have failed to complete or at least take the first steps of the mandatory Know Your Customer verification, according to an April 2 court filing in the US Bankruptcy Court for the District of Delaware.

FTX users originally had until March 3 to begin the verification process to collect their claims.

“If a holder of a claim listed on Schedule 1 attached thereto did not commence the KYC submission process with respect to such claim on or prior to March 3, 2025, at 4:00 pm (ET) (the “KYC Commencing Deadline”), 2 such claim shall be disallowed and expunged in its entirety,” the filing states.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments — *FTX court filing. Source:* *Bloomberglaw.com*

The KYC deadline has been extended to June 1, 2025, giving users another chance to verify their identity and claim eligibility. Those who fail to meet the new deadline may have their claims permanently disqualified.

According to the court documents, claims under $50,000 could account for roughly $655 million in disallowed repayments, while claims over $50,000 could amount to $1.9 billion — bringing the total at-risk funds to more than $2.5 billion.

The next round of FTX creditor repayments is set for May 30, 2025, with over $11 billion expected to be repaid to creditors with claims of over $50,000.

Under FTX’s recovery plan, 98% of creditors are expected to receive at least 118% of their original claim value in cash.

How FTX users can complete KYC

Many FTX users have reported problems with the KYC process.

However, users who were unable to submit their KYC documentation can resubmit their application and restart the verification process, according to an April 5 X post from Sunil, FTX creditor and Customer Ad-Hoc Committee member.

Impacted users should email FTX support (support@ftx.com) to receive a ticket number, then log in to the support portal, create an account, and re-upload the necessary KYC documents.

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

The crypto industry is still recovering from the collapse of FTX and more than 130 subsidiaries launched a series of insolvencies that led to the industry’s longest-ever crypto winter, which saw Bitcoin’s (BTC) price bottom out at around $16,000.

While not a “market-moving catalyst” in itself, the beginning of the FTX repayments is a positive sign for the maturation of the crypto industry, which may see a “significant portion” reinvested into cryptocurrencies, Alvin Kan, chief operating officer at Bitget Wallet, told Cointelegraph.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

Politics

Sir Keir Starmer pledges to protect UK companies from Trump tariff ‘storm’

Published

10 hours ago

April 6, 2025

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Sir Keir Starmer pledges to protect UK companies from Trump tariff 'storm'

Sir Keir Starmer has said his government stands ready to use industrial policy to “shelter British business from the storm” after Donald Trump’s new 10% tariff kicked in.

The UK was among a number of countries hit with the lowest import duty rate following the president’s announcement on 2 April – which he called ‘Liberation Day’, while other nations, such as Vietnam, Cambodia and China face much higher US levies.

But a global trade war will hurt the UK’s open economy.

The prime minister said “these new times demand a new mentality”, after the 10% tax on British imports into America came into force on Saturday. A 25% US levy on all foreign car imports was introduced on Thursday.

It comes as Jaguar Land Rover announced it would “pause” shipments to the US for a month, as firms grapple with the new taxes.

On Saturday, the car manufacturer said it was working to “address the new trading terms” and was looking to “develop our mid to longer-term plans”.

Referring to the tariffs, Sir Keir said “the immediate priority is to keep calm and fight for the best deal”.

Writing in The Sunday Telegraph, he said that in the coming days “we will turbocharge plans that will improve our domestic competitiveness”, adding: “We stand ready to use industrial policy to help shelter British business from the storm.”

It is believed a number of announcements could be made soon as ministers look to encourage growth.

NI contribution rate for employers goes up

From Sunday, the rate of employer NICs (national insurance contributions) increased from 13.8% to 15%.

At the same time, firms will also pay more because the government lowered the salary threshold at which companies start paying NICs from £9,100 to £5,000.

Also, the FTSE 100 of leading UK companies had its worst day of trading since the start of the pandemic on Friday, with banks among some of the firms to suffer the sharpest losses.

Sir Keir said: “This week, the government will do everything necessary to protect Britain’s national interest. Because when global economic sands are shifting, our laser focus on delivering for Britain will not. And these new times demand a new mentality.”

UK spared highest tariff rates

Some of the highest rates have been applied to “worst offender” countries including some in Southeast Asia. Imports from Cambodia will be subject to a 49% tariff, while those from Vietnam will face a 46% rate. Chinese goods will be hit with a 34% tariff.

Imports from France will have a 20% tariff, the rate which has been set for European Union nations. These will come into effect on 9 April.

Sir Keir has been speaking to foreign leaders on the phone over the weekend, including French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni and Australian Prime Minister Anthony Albanese, to discuss the tariff changes.

A Downing Street spokesperson said of the conversation between Sir Keir and Mr Macron: “They agreed that a trade war was in nobody’s interests but nothing should be off the table and that it was important to keep business updated on developments.

“The prime minister and president also shared their concerns about the global economic and security impact, particularly in Southeast Asia.”