For weeks – months even – we’ve been watching a beauty parade on the Conservative benches preparing for life after Rishi Sunak as various MPs hook up with various groupings of Conservative backbenchers hoping to garner support for the moment when the ball comes out of the scrum.
On the right, we have seen the ‘five families‘ of right-wing groupings, led by leadership hopefuls Suella Braverman and Robert Jenrick, trying to garner grassroots support by bouncing the prime minister (while Godfather fans will no doubt enjoy the reference to the five leading mafia dynasties of New York City, in the end there was little bloodletting and the prime minister won the day).
Then we have the Business Secretary Kemi Badenoch and Leader of the House Penny Mordaunt on manoeuvres – with briefings from ‘friends’ of the former distancing the cabinet minister from the prime minister’s Rwanda approach, while the latter is hitting the grassroots circuit hard while wooing those new candidates that might end up in the Conservative class of 2024.
Spreaker
This content is provided by Spreaker, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Spreaker cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Spreaker cookies.
To view this content you can use the button below to allow Spreaker cookies for this session only.
On Electoral Dysfunction this week, Ruth, Jess and I also had a chat about another contender flying below the radar but definitely positioning – Priti Patel. A former darling of the right, she was overtaken amid the demise of Boris Johnson by Ms Braverman, Ms Badenoch and Liz Truss. But now, the former home secretary and key Johnson ally is back, building her base almost entirely hidden from view.
Image: One MP is on manoeuvres to take over the Tory party if they lose the next election. Pic: PA
My ears were first pricked in December when I was talking to a senior figure in the ‘One Nation’ wing of the party – that is home to Tory MPs who are more socially liberal and politically positioned on the centre-right.
As this figure was bemoaning the horrors, as they saw it, of a Braverman leadership bid after the election, they told me that Priti Patel was at least someone on that wing of the party they could do business with. The former cabinet minister acknowledged that the right is likely to take the leadership crown after the election, given the leanings of the Conservative party members who get to choose, and that Patel looks, for now, the pick of an unpalatable bunch for Tory centrists.
More on Jess Phillips
Related Topics:
Image: Priti Patel is said to be on manoeuvres. Pic: Reuters
And then earlier this month, up Priti Patel popped at the launch of a new grouping – the Popular Conservatives – spearheaded (I know, the irony isn’t missed on me) by Liz Truss.
She is a politician building alliances over all sorts of groupings and even cross-party: when I raised Priti Patel as my dark horse in the likely up-and-coming leadership race, it certainly chimed with Ruth and Jess, with the latter telling us how surprised she’d been when former home secretary Amber Rudd, very much a One Nation Conservative, told her over dinner how she worked well with Priti: “I remember being like, how is this?”
Advertisement
Jess also told me how Patel was with her after MP Sir David Amess was murdered in his constituency: “Those of us who are the highest security risk, of which I am one of ten, they really ramped up our security on these occasions, as they always do in these moments.
“And Priti Patel [who at the time was home secretary] was really good friends with David.
“I mean she was his [constituency] neighbour. And every Sunday night, for four weeks, at about 9pm at night, she would ring me and ask if I was all right. You don’t forget that sort of thing.”
Electoral Dysfunction
Listen to Beth Rigby, Jess Phillips and Ruth Davidson as they unravel the spin in a new weekly podcast from Sky News
It’s particularly pertinent this week as concerns over MPs’ safety come to the fore over the divisive vote around a ceasefire in Gaza. In the week parliament finally backed an immediate ceasefire – a position which has taken Labour months to move to – this significant moment was drowned out by the spectacle of wrangling and rows over parliamentary procedure and partisan point-scoring from which no one emerged well.
The Speaker has had a particularly torrid 24 hours as dozens of MPs called for him to go after Sir Lindsay Hoyle broke decades of parliamentary precedent to allow all three main parties to put their position on a ceasefire to a vote.
The effect was to let Labour off the hook by avoiding a massive rebellion because it meant Starmer’s MPs could vote for the Labour ceasefire amendment instead of having to defy the whip and support the SNP ceasefire motion. But the Speaker was clear his motive was all about MPs’ safety.
There are those in parliament – like Rishi Sunak – who believe strongly concerns over MPs’ safety shouldn’t ever influence business in the Commons, not least because it could set a dangerous precedent of MPs being intimidated in order to change what they debate and how they vote.
But there is also a lot of chatter on some of the female MPs’ WhatsApp groups about their experiences and concerns over threats, with some – particularly Labour women – having to deal with physical confrontations with protests over the Israel-Hamas conflict.
One Conservative MP told me this week she was “riddled with anxiety” ahead of this week’s vote over what to do. “I’m angry that we’re being put in this position,” she told me.
“We get cast as either child murderers or antisemitic and I’m neither. I believe a nation has a right to defend itself against terrorists but I’m also a pacifist.
“There is no nuance in [this] vote, which is totally irrelevant anyway, just a binary perception of whether you’re for or against a ceasefire.”
So for all of those MPs angry at Sir Lindsay, there are others who are quietly thankful that he takes their safety so seriously and tried to cushion the fallout of this divisive SNP opposition day.
For now, it looks like he’s staying in post. What I can also confidently say will be a mainstay of this year is MPs’ safety, as we head into what is almost certainly going to be a very nasty election campaign. Something for me, Jess, Ruth to chew over in coming episodes.
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.
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.
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.
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.
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.
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.
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.
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.
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”.
Please use Chrome browser for a more accessible video player
2:53
Jobs fears as Jaguar halts shipments
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.
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.”
Please use Chrome browser for a more accessible video player
2:51
Trump defiant despite markets
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.”
Spreaker
This content is provided by Spreaker, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Spreaker cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Spreaker cookies.
To view this content you can use the button below to allow Spreaker cookies for this session only.