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Conservative MPs have “never worked harder”, the chancellor has claimed following accusations Rishi Sunak is presiding over a “zombie parliament”.

The average length of a Commons sitting day has been shorter this parliamentary session than any other in the past 25 years, according to analysis by the Financial Times.

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But Jeremy Hunt insisted on Friday that constituency work was the most important part of an MP’s job, and parliamentarians were working harder than ever in their seats.

The chancellor told reporters: “I think that there are lots of things people want from their MPs but more laws being passed is probably not top of the list.

“I think the most important thing is how hard MPs are working in their constituencies, and I would say, certainly when it comes to Conservative MPs, I’ve never seen a parliament where Conservative MPs have worked harder than this parliament to do the right thing for their constituents.”

The prime minister’s official spokesman said the government was delivering “a packed legislative agenda” with 26 bills introduced in the current session and remained “committed to facilitating debates on critical issues”.

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MPs’ jobs involve more than speaking and voting in the Commons chamber, and include participating in other parliamentary business such as select committees and helping constituents.

Chancellor Jeremy Hunt
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Jeremy Hunt claimed Conservative MPs have ‘never worked harder’. Pic: PA

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But the FT’s findings have led to accusations that the current session is a “zombie parliament”, with little legislative work being done and the Commons often rising early.

The average duration of a Commons sitting day in the current parliamentary session, which started in November, has been seven hours and nine minutes – a record low since New Labour came to power in 1997, the newspaper found.

On 5 March, the day before the budget, the Commons sat for less than four and a half hours.

But even before the current session, Labour had criticised the government for a lack of parliamentary business.

In June last year, after the Commons had sat on one day for less than three hours, the then shadow leader of the house Thangam Debbonaire asked: “How are Tory ministers spending their time?

“Because they are clearly not delivering in their departments. Are they racing home to watch daytime TV instead?”

At the time, a Number 10 spokesperson denied this was the case, saying there were “a number of important pieces of legislation going through the House”.

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SEC clears DTCC to offer securities market tokenization service

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SEC clears DTCC to offer securities market tokenization service

The US Securities and Exchange Commission has given a subsidiary of the Depository Trust and Clearing Corporation (DTCC) a highly coveted “no-action” letter, allowing it to offer a new securities market tokenization service.

The DTCC said on Thursday that its subsidiary, the Depository Trust Company (DTC), was given the go-ahead to launch “a new service to tokenize real-world, DTC-custodied assets in a controlled production environment.”

The DTC will tokenize a “set of highly liquid assets” including the Russell 1000 index, exchange-traded funds tracking major indexes, US Treasury bills, bonds and notes, with the service expected to roll out in the second half of 2026.

The DTCC runs crucial market infrastructure, providing clearing, settlement and trading of US securities. The SEC no-action letter gives it an important sign-off on its plan, confirming that the agency won’t take enforcement action if its proposed product operates as described.

“I want to thank the SEC for its trust in us,” said DTCC CEO Frank La Salla. “Tokenizing the US securities market has the potential to yield transformational benefits such as collateral mobility, new trading modalities, 24/7 access and programmable assets.”

SEC clearing up gray areas with no-action letters

The DTCC said the no-action letter allows its subsidiary “to offer a tokenization service for DTC Participants and their clients on pre-approved blockchains for three years.”

Related: J.P. Morgan taps Solana for Galaxy’s tokenized corporate bond issuance

“DTC will have the ability to tokenize real-world assets, with the digital version having all the same entitlements, investor protections and ownership rights as the asset in its traditional form,” it said. 

The SEC rarely gives no-action letters, but SEC chair Paul Atkins, a former crypto lobbyist, has warmed to the industry and has outlined how crypto products fall under his agency’s regime.