There was general agreement at the Institute for Government’s Annual conference last week that it would be a good thing for Britain if this year’s election campaign is not “dirty”.
This highfalutin notion was shot down in seconds with equally universal assumption by the assembled politicians and policy wonks that “that is not going to happen”.
A clean campaign would concentrate on policies and competence.
A dirty campaign is built around slurs, distortions and untruths, with those competing for votes slinging mud at each other.
A lot of factors, headed by booming social media, are coming together to suggest that this year we may see one of the dirtiest election campaigns ever.
The IFG delegates had to wait less than a day for their forebodings to come true. There might have been a lot to talk about at Prime Minister’s Questions.
The Rwanda (Asylum and Immigration) bill struggling through parliament. The world order threatened by ongoing conflicts in Ukraine, Gaza, Israel and the Red Sea.
Record NHS waiting lists are the public’s number one concern. The chancellor is contemplating two rounds of tax cuts.
But no, the leader of the opposition chose to exchange personal insults, much of it based on dubious content circulating on smartphones.
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Image: Rishi Sunak responds to Sir Keir Starmer during PMQs
Starmer opened up referring to a couple of brief unofficial clips posted online. One showing the prime minister “collapsing in laughter when he was asked by a member of the public about the NHS waiting lists”.
The other “accidentally record[ing] a candid video for Nigel Farage“.
Sunak, who seldom passes up a chance to brand Starmer as a lefty London lawyer, shot back that he is “the man who takes the knee, who wanted to abolish the monarchy, and who still does not know what a woman is”.
Previously Starmer “chose to represent a now-proscribed terrorist group” Hizb ut-Tahrir, and “served” Jeremy Corbyn.
Image: Sir Keir Starmer during PMQs
Both men knew that the insults they were sticking on each other were essentially unjustified distortions of the other, but that was what they chose to put on the national agenda at the most scrutinized moment of the political week.
Starmer has explicitly changed his party and his previous positions.
Under scrutiny, he has clarified and explained each of the specific acts detailed. It is a core principle of British justice that advocates are not surrogates for their clients.
Sunak was not laughing at the people he was talking to and spoke to them properly after the end of the clip.
The alleged greeting to Farage was repurposing an online meme which allows any name, in this case “Nigel”, to be put into the prime minister’s mouth.
Neither Sunak nor Starmer are classic alpha males.
Sunak comes across as a whiny or petulant geek, Starmer seems hesitant, overcautious and inclined to blame others.
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Starmer pushes PM on childcare
Perhaps this is why they feel the need to overcompensate by acting rough and tough. Sir Ed Davey, the Liberal Democrat leader, also has his moments of fabricated machismo.
The leaders set the tone and their petulance has been picked up in the campaigning efforts of their underlings and supporters.
Prime minister Boris Johnson took up an online distortion that Starmer had failed, when he was director of public prosecutions, to take action against Jimmy Savile.
This prompted the senior Downing Street aide Munira Mirza to resign protesting that this was “not the normal cut and thrust of politics”.
It soon would be. Labour cited Johnson’s attack as justification for their later personalised digital poster attacks on Rishi Sunak including the smear that he “doesn’t think adults convicted of sexually abusing children should go to prison”.
Image: Labour published an attack advert on social media targeting Rishi Sunak last year. Pic: Labour/X
Since then Keir Starmer has gone out of his way not to back down or apologise; following the code of the playground he promises to punch back hard against any attacks.
At the start of election year he rejected an invitation from Beth Rigby to take up Michelle Obama’s famous recommendation: “When they go low, we go high”.
Instead, he told Sky News’ political editor: “If they want to go with fire, we will meet their fire with fire”.
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‘We will meet their fire with fire’
Donald Trump crafts insults – Lyin’ Ted, Sleepy Joe, Ron DeSanctimonious – with cruel genius and gets away with fabulations.
There is only one Trump; honest political strivers should not try to copy him.
Opinion polls after personalised attacks usually show that support for both sides goes down, though more for the target than the attacker.
This should give all the party leaders something to think about, especially since public respect for politicians is at a record low and a low or differential turnout could be a major factor.
Starmer needs to mobilise enthusiasm for his leadership, not dent it. Sunak’s standing is already low and doesn’t want to drop further.
Image: Labour’s attack advert targeting Sunak was published on the Conservative Home website earlier this year. Pic: Conservative Home
This government raised spending limits for the election campaign to £35m. Much of it will go on direct messaging to voters – which is harder to police than election broadcasts and billboards.
During the 2019 campaign, the Conservatives spent over a million on Facebook, much of it on messages disparaging Jeremy Corbyn.
Both Labour and Conservatives are already spending over a million a month on Facebook advertising.
Then there is what partisan supporters choose to put up on social media independently.
Labour has already advised its supporters to use humour.
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Even without explicitly taking sides humourists such as Coldwar Steve and Trumpton, liked and retweeted, can make some political weather, often by lowering the tone.
Political propagandising is much more equal opportunity than it used to be. Anyone can post.
On the other hand, the newspapers and other mainstream media no longer have a near monopoly.
In 1997 when The Sun ran its famous “Nightmare on Kinnock Street” and “Will the Last Person to Leave Britain Please Turn Off the Lights” attacks on Labour, the paper’s circulation was 3.9 million.
Image: The Conservative Party’s poster campaign attacking Gordon Brown during the 2010 election. Pic: PA
The last official figures released were 1.2 million in 2020.
Poster launches used to be major events in political campaigning, but who would bother with them today?
There are some worthwhile lessons to be learned from the classics.
The Saatchi brothers are celebrated for their attacking of billboards: Labour isn’t working, Labour’s tax bombshell and Labour’s Policy on Arms (showing a combat soldier surrendering hands up).
Each of these were masterpieces of wit and effort compared to the Conservatives’ adoption of the BBC newsreader caught giving the finger for “Labour when you ask for their plans to tackle immigration”.
The Saatchis’ best work riffed with precision on policy rather than personal insults.
When the Conservatives tried that with their “New Labour, New Danger” demon eyes poster it misfired; it was difficult to convincingly portray Blair as a devil when other Conservative sources were attacking him as an inexperienced Bambi.
Image: The Conservative Central Office’s 1996 poster depicting Tony Blair with demonic eyes. Pic: Conservative Central Office
Labour boobed depicting Cameron as a cute bicycling chameleon.
The most effective attacks at PMQs cut directly to the political issues facing the voters, rather than scuffling around in their past record for something compromising.
Mrs Thatcher struck directly and seemingly spontaneously at Michael Foot: “Afraid of an election is he? Afraid? Frightened? Frit?”.
“Weak, weak, weak,” Tony Blair gutted John Major. “You were the future once.”
Sunak, Starmer and their teams of advisors have yet to produce anything as authentic.
Something which would crystallise the political moment.
Instead, they and we can look forward to a year in the dirt as they scrabble around trying to find it.
US bank SoFi Technologies has launched crypto trading services to its customers, as clearer rules have allowed the crypto market to court greater interest from traditional finance.
SoFi said on Tuesday that its crypto service will aim to offer dozens of cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), and started in a phased rollout on Monday, with more customers able to gain access in the coming weeks.
SoFi CEO Anthony Noto told CNBC’s Squawk Box on Tuesday that his bank is the first and only nationally chartered bank to launch crypto trading to consumers and was spurred to do so after the Office of the Comptroller of the Currency (OCC) eased its stance on how banks can engage with crypto in March.
“One of the holes we’ve had for the last two years was in cryptocurrency, the ability to buy, sell, and hold crypto. We were not allowed to do that as a bank. It was not permissible,” he said.
SoFi also plans to introduce SoFi USD, a stablecoin backed dollar-for-dollar by reserves, and integrate crypto into its lending and infrastructure services for borrowing and faster payments.
“We believe blockchain and cryptocurrencies are a super cycle technology just like AI, and it will be pervasive across all the financial system,” Noto said.
He added that stablecoins would fundamentally change payments, provided they have liquidity and don’t carry credit risk or duration risk.
SoFi CEO Anthony Noto speaking to CNBC on Tuesday. Source: YouTube
“I actually worry quite significantly about stablecoins from operators that are not banks. Where are the reserves sitting? Is there duration risk for those reserves? Is there credit risk for those reserves? Are those reserves bankruptcy remote?” he said.
“That’s three elements that you have to think about with whatever stablecoin you use. Just because it’s back dollar for dollar doesn’t mean those dollars will be there when you try to liquidate.”
Members back crypto shift
SoFi has over $41 billion in assets, according to financial metric platform Business Quant. The bank’s third-quarter results list its net revenue as $962 million and show a member base of 12.6 million people.
Noto said 60% of the bank’s members surveyed were interested in crypto investments and also revealed he has allocated 3% of his personal portfolio to crypto, mainly Bitcoin.
“We have exposure to it because I believe we’re investing in a technology not in a currency. The analogy I use with people is imagine if in 1990 you could have bought a piece of the World Wide Web through some coin called the World Wide Web coin.”
“It’s very similar to that. These are networks, communication networks used for payments and other applications,” Noto added.
Bitwise’s spot Chainlink exchange-traded fund (ETF) has appeared on the Depository Trust and Clearing Corporation’s registry, a usually positive sign that the fund is moving closer to launch.
The Bitwise Chainlink ETF was added to the DTCC’s “active” and “pre-launch” categories on Tuesday under the ticker CLNK. The listings don’t guarantee that the US Securities and Exchange Commission will approve the ETF, but they have historically been a good indicator that a product is set to be greenlit.
DTCC is a post-trade market infrastructure platform that clears, settles, and records transactions, serving as a central hub for markets to ensure trades in assets like stocks and ETFs are processed efficiently and securely.
Bitwise is yet to file a Form 8-A for its Chainlink product, one of the final documents that must be lodged before securities are offered on an exchange, and often means that a product’s launch is imminent.
Grayscale is another crypto asset manager that has a spot Chainlink ETF in the works. However, it may face more regulatory challenges than Bitwise’s as it seeks to incorporate staking.
Government shutdown slows ETF process
Dozens of spot crypto ETFs are currently awaiting SEC approval amid the US government shutdown, which is in its 42nd day but is expected to end sometime this week after the Senate passed a funding bill.
Crypto asset managers have filed ETFs to track increasingly speculative altcoins in the hopes of attracting investor attention, from Dogecoin (DOGE) and Solana (SOL) to Aptos (APT), Avalanche (AVAX) and Hedera (HBAR).
New SEC listing standards could see more approvals
Industry analysts are now expecting more spot crypto ETFs to be approved as the SEC created new generic listing standards that enable the approval of crypto investment products without them needing to be reviewed on a case-by-case basis.
The SEC’s new listing standards were released on Sept. 17, less than two weeks before the US government shutdown, leaving little time for the new rules to be put to use.
Since then, the government shutdown has forced the SEC to operate with limited capacity and funding.
Sir Keir Starmer is vowing to fight any challenge to his leadership rather than stand aside, amid claims of plotting by MPs being compared to TV’s The Traitors.
Number 10 is going on the attack ahead of a difficult budget this month, with fears it could prove so unpopular that Labour MPs may move against Sir Keir.
But Sky News political editor Beth Rigby reports the prime minister “has no intention of giving way”, with allies warning any challenge would lead to a “drawn-out leadership election, spook the markets, and create more chaos that further damages the Labour brand”.
One senior figure told Rigby any move against Sir Keir would be more likely to arrive after next May’s elections, rather than the budget.
They said many Labour MPs could probably get behind measures like tax rises for wealthier workers, pensioners and landlords, as well as scrapping the two-child benefit cap, if that’s what the chancellor announces on 26 November.
But there are a series of potentially damaging elections in May, including in London and for the Senedd in Wales, as Labour face a challenge from Reform UK on the right and parties like the Greens and Plaid Cymru on the left.
Rigby said there is a “settled view among some very senior figures in the party that Starmer lacks the charisma and communication skills to take on Nigel Farage and win over the public, particularly if or when he breaks a bunch of manifesto pledges”.
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The Number 10 operation to ward off a challenge comes after Sky News deputy political editor Sam Coates likened the febrile mood in the Labour high command to the TV hit The Traitors.
Speaking on the Politics At Sam And Anne’s podcast, he said: “A minister got in touch at the start of the weekend to say they believe that there’s some quite substantial plotting going on.
“They say there was at least one cabinet minister telling colleagues that Keir Starmer, and I quote, is finished.”
When Boris Johnson was facing mutiny from Conservative MPs, his allies launched “Operation Save Big Dog”.
When Margaret Thatcher was about to be ousted by her rebellious MPs in 1990, she declared: “I fight on, I fight to win.”
And Harold Wilson, constantly paranoid about plots, famously quipped in 1969: “I know what’s going on. I’m going on.”
Boris Johnson was ousted less than six months after “Operation Save Big Dog”, Margaret Thatcher resigned the following morning after saying “I fight on”, and Harold Wilson lost a general election to Edward Heath a year after vowing that he would go on.
Coates said the cabinet minister “absolutely and totally denies they are up to anything nefarious whatsoever”.
“I actually do think that this is all in the style of The Traitors, because I’m not sure that there is hard and fast evidence of plotting – there might be some hints from some quarters,” he added.
“But what seems to be completely logical is that if you’re a bit worried in Number 10, you’re trying to pitch roll and ward off people who are maybe thinking about the need to position themselves by starting to get out rumours of plots and hoping that the political system turns against them for disloyalty.”
Image: Who is plotting to unseat the PM? Pic: PA
Cloak-and-dagger
Reports emerged on Tuesday night in The Times, The Guardian, and from the BBC of a “bunker mode” in Number 10, “regime change”, and “plotting” to replace Sir Keir.
Responding to the reports, Health Secretary Wes Streeting denied he was seeking to oust the prime minister.
A spokesperson for Mr Streeting told Sky News: “These claims are categorically untrue.
“Wes’s focus has entirely been on cutting waiting lists for the first time in 15 years, recruiting 2,500 more GPs and rebuilding the NHS that saved his life.”
Image: It’s not me, insists Wes Streeting. Pic: Reuters
However, there is clearly a co-coordinated campaign by allies of the increasingly unpopular Sir Keir to try to prevent a leadership challenge by a cabinet minister or stalking horse.
Sir Keir’s biographer Tom Baldwin questioned the logic of those briefing from within the corridors of power.
“I’m at a loss to understand why anyone would think this sort of briefing will help Keir Starmer, the government, or even their own cause,” he said on social media. “Some people just can’t resist, I guess, but it’s all a bit nuts.”
What next?
It comes ahead of Prime Minister’s Questions this lunchtime, handing Tory leader Kemi Badenoch the chance to make it an awkward afternoon for Sir Keir.
The health secretary will start his day on Sky News’ Morning With Ridge And Frost and will then speak at an NHS providers’ conference.
Watch and follow live coverage across Sky News – including in the Politics Hub.