Post Office chief executive Nick Read subject of 80-page HR investigation, former chairman Henry Staunton says
The ousted Post Office chairman has insisted it was the company’s current chief executive who was the subject of an internal investigation, not him.
Former chair Henry Staunton was dismissed last month by business secretary Kemi Badenoch who said bullying accusations had been made against him.
But on Tuesday, Mr Staunton told MPs on the Business and Trade Committee that it was the CEO Nick Read who was being investigated.
Politics latest: Ex-chair stuns MPs with CEO claim
Mr Staunton said the Post Office boss “fell out” with the business’s [human resources] HR director and said that his own behaviour was only referenced once in an 80-page document about Mr Read.
The ex-chairman said there was one paragraph in the report on alleged politically incorrect remarks made by him and he “strenuously denied” the claim.
“This was a big investigation into Nick. And I didn’t realise you weren’t aware of that,” he told the MPs.
Asked if he was informed his behaviour was under investigation in November last year, Mr Staunton said: “What there is, actually, is Mr Read fell out with his HR director and she produced a ‘speak up’ document which was 80 pages thick.
“Within that, was one paragraph… about comments that I allegedly made. So this is an investigation, not into me, this is an investigation made into the chief executive Nick Read.
“That one paragraph you could say was about politically incorrect comments attributed to me which I strenuously deny.”
Post Office chief executive Nick Read
Downing Street has said Prime Minister Rishi Sunak has confidence in Mr Read following Mr Staunton’s claims.
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Also at the committee hearing, Mr Staunton reiterated claims he made in an interview with the Sunday Times that he was told by a senior civil servant, Sarah Munby, to go slow in processing sub-postmaster compensation claims over the Horizon IT scandal in the run-up to the general election.
In response to the note Ms Munby produced of the meeting, Mr Staunton said it wasn’t contemporaneous and that his email record, sent to Mr Read at the time and subsequently sent to journalists, was true.
“It is written a year and a month after my file note. So it’s not a contemporary file note by any means. It’s written with the purpose of answering this point.”
He also refuted claims made earlier in the hearing that he was disrupting an investigation and did not cooperate.
The focus of attention should be on justice for sub-postmasters, he added.
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Kemi Badenoch was asked in January – why sack Post Office chair after a year?
Mr Staunton said: “This should all be about the postmasters and their families and how their lives have been wrecked.
“That’s what all of this should be about and nothing else. The rest is just flimflam.”
The Horizon scandal saw more than 700 subpostmasters prosecuted by the Post Office and handed criminal convictions between 1999 and 2015 as Fujitsu’s faulty Horizon software system made it look as though money was missing from their branches.
Hundreds of subpostmasters are still awaiting compensation despite the government announcing those who have had convictions quashed are eligible for £600,000 payouts.
Earlier in the day, a senior official at the Department of Business and Trade, Carl Creswell, said he had been told that other Post Office board members would resign should Mr Staunton not be removed. “I was told that explicitly,” he said.
He said there were two main allegations which influenced Mr Staunton’s removal, first that he had tried to stop a whistleblowing investigation into his conduct and the second that he was “trying to stop” the process to recruit a new board member.
Sir Keir Starmer has declared it his “moral mission” to “turn the tide on the lost decade of young kids left as collateral damage”.
The government launches its 10-year youth plan today, which has pledged £500m to reviving youth services.
Culture Secretary Lisa Nandy has also warned that young people are now “the most isolated in generations” and face challenges that are “urgent and demand a major change in direction”.
But despite the strong language, the Conservatives have warned that “under Labour, the outlook for the next generation is increasingly bleak”.
Lisa Nandy is on Sky News from 7am – follow live
Launching the 10-year strategy, Sir Keir said: “As a dad and as prime minister, I believe it is our generation’s greatest responsibility to turn the tide on the lost decade of young kids left as collateral damage. It is our moral mission.
“Today, my government sets out a clear, ambitious and deliverable plan – investing in the next generation so that every child has the chance to see their talents take them as far as their ability can.”
What’s in the government’s strategy?
Under the plans, the government will seek to give 500,000 more young people across England access to a trusted adult outside their homes – who are assigned through a formal programme – and online resources about staying safe.
The prime minister said the plans will also “ensure” that those who choose to do apprenticeships rather than go to university “will have the same respect and opportunity as everyone else”.
The plan comes following a so-called “state of the nation” survey commissioned by Ms Nandy, which heard from more than 14,000 young people across England.
Launching the strategy, she said: “Young people have been crystal clear in speaking up in our consultation: they need support for their mental health, spaces to meet with people in their communities and real opportunities to thrive. We will give them what they want.”
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Lisa Nandy will speak about the plan on Sky News on Wednesday morning. Pic: PA
But the Conservatives have criticised the government for scrapping the National Citizen Service (NCS), which ended in March this year.
Shadow culture secretary Nigel Huddlestone said “any renewed investment in youth services is of course welcome”, but said Labour’s “economic mismanagement and tax hikes are forcing businesses to close, shrinking opportunities while inflation continues to climb”.
The US Office of the Comptroller of the Currency has affirmed that national banks can intermediate cryptocurrency trades as riskless principals without holding the assets on their balance sheets, a move that brings traditional banks a step closer to offering regulated crypto brokerage services.
In an interpretive letter released on Tuesday, the regulator said banks may act as principals in a crypto trade with one customer while simultaneously entering an offsetting trade with another, a structure that mirrors riskless principal activity in traditional markets.
“Several applicants have discussed how conducting riskless principal crypto-asset transactions would benefit their proposed bank’s customers and business, including by offering additional services in a growing market,” notes the document.
According to the OCC, the move would allow customers “to transact crypto-assets through a regulated bank, as compared to non-regulated or less regulated options.”
The letter also reiterates that banks must confirm the legal permissibility of any crypto activity and ensure it aligns with their chartered powers. Institutions are expected to maintain procedures for monitoring operational, compliance and market risks.
“The main risk in riskless principal transactions is counterparty credit risk (in particular, settlement risk),” reads the letter, adding that “managing counterparty credit risk is integral to the business of banking, and banks are experienced in managing this risk.”
The agency’s guidance cites 12 U.S.C. § 24, which permits national banks to conduct riskless principal transactions as part of the “business of banking.” The letter also draws a distinction between crypto assets that qualify as securities, noting that riskless principal transactions involving securities were already clearly permissible under existing law.
The OCC’s interpretive letter — a nonbinding guidance that outlines the agency’s view of which activities national banks may conduct under existing law — was issued a day after the head of the OCC, Jonathan Gould, said crypto firms seeking a federal bank charter should be treated the same as traditional financial institutions.
According to Gould, the banking system has the “capacity to evolve,” and there is “no justification for considering digital assets differently” than traditional banks, which have offered custody services “electronically for decades.”
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From ‘Choke Point 2.0’ to pro-crypto policy
Under the Biden administration, some industry groups and lawmakers accused US regulators of pursuing an “Operation Choke Point 2.0” approach that increased supervisory pressure on banks and firms interacting with crypto.
Since President Trump took office in January after pledging to support the sector, the federal government has moved in the opposite direction, adopting a more permissive posture toward digital asset activity.
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CryptoUK, a UK-based cryptocurrency trade association, has announced that it will join The Digital Chamber, a US crypto policy advocacy group, potentially marking a significant cross-collaboration on digital asset regulation between the two countries.
In a Tuesday notice, CryptoUK said its team would fall under The Digital Chamber’s umbrella as part of a “unified, cross-border advocacy platform.” Both groups have worked in their respective countries to promote policies favoring the cryptocurrency and blockchain industry, starting with The Digital Chamber in 2014 and CryptoUK in 2018.
“CryptoUK has always aspired to ensure we are driven by policy-led issues, member collaboration, and regulatory engagement,” said Su Carpenter, CryptoUK’s executive director.
The partnership between the two advocacy groups comes as US lawmakers move forward on negotiations to pass a digital asset market structure bill, aiming to establish regulatory clarity for the industry. In the UK, policymakers announced plans to collaborate with their counterparts in the US to explore crypto laws and regulations.
Related: Digital Chamber seeks to guide crypto policy across US states
US-based crypto advocacy organizations, such as The Digital Chamber, have garnered support from former regulators and members of Congress as the Trump White House directs policies toward the industry. Among these groups are the Solana Policy Institute, the Blockchain Association, the Crypto Council for Innovation, and the American Innovation Project.
UK central bank moves forward on stablecoins
On Nov. 10, the Bank of England released a consultation paper to propose a framework for “sterling-denominated systemic stablecoins.” The move by the country’s central bank marked a step toward the UK seeming to play catch-up to the US, where the government passed a law regulating payment stablecoins in July.
Bank of England Deputy Governor Sarah Breeden signaled before the publication of the paper that the central bank’s actions were in response to the US advancing stablecoin policies, and it was “really important” to be synchronized on rules.
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