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Diane Abbott has appeared at a rally where she hit out at the “level of racism that is still in Britain”, following a row over comments made about her.

Ms Abbott was greeted in Hackney, east London, with cheers and chants of “I stand with Diane” after a Tory donor’s reported offensive remarks.

The former Labour MP praised the people of Hackney whom she said “stood by her – year after year, decade after decade”.

Diane Abbott. File pic: Reuters
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Diane Abbott. File pic: Reuters

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In the wake of the race row, she said: “This is not about me, this is about the level of racism that is still in Britain. This is about the way that black women are disrespected.”

The MP for Hackney and Stoke Newington, who was suspended from the parliamentary Labour Party last year, went on to say her mother came to Britain in the 1950s as a nurse.

“She was in that generation of black women who built the national health service,” she said.

More on Diane Abbott

Ms Abbott, who currently sits as an independent MP in the Commons, attended the rally days after comments by Tory donor Frank Hester emerged in The Guardian.

He reportedly said at a 2019 meeting that she made him “want to hate all black women” and that she “should be shot”.

Mr Hester, who is the chief executive of The Phoenix Partnership, said he was “deeply sorry” for the remarks, but insisted they had “nothing to do with her gender nor colour of skin”.

Frank Hester. Pic: PA/CHOGM Rwanda 2022
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Frank Hester. Pic: PA/CHOGM Rwanda 2022

The Conservatives have faced pressure to return the money Mr Hester has donated to the party in the wake of the row, which is understood to total £15m since 2019.

There have also been calls among Ms Abbott’s supporters for her to be allowed back into the parliamentary Labour Party again by having the whip restored.

Read more:
Rayner wants Abbott back in parliamentary Labour Party

Ms Abbott had the Labour whip removed from her last year following comments she made in the Observer in which she said Jewish, Irish and Traveller people do not face “racism” but instead suffer prejudice similar to “redheads” – something for which she later apologised.

On Friday night, The Independent reported Ms Abbott had not had the whip restored because she refused to take part in antisemitism training – a claim she rejected as a “blatantly shoddy piece of journalism”.

The Labour Party has said it does not comment on individual cases.

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Millionaire former Tory donor defects to Reform

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Millionaire former Tory donor defects to Reform

Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.

Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.

Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.

He added: “He will take Reform UK Scotland to a new level.”

During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.

The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.

“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.

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“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.

“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.

“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”

The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.

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Claims made against Nigel Farage

Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.

Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.

Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.

Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.

A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.

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‘European SEC’ proposal sparks licensing concerns, institutional ambitions

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‘European SEC’ proposal sparks licensing concerns, institutional ambitions

The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.

On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.

Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.

“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.

The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation. 

If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.

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EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns

The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.

“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”

“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.

Related: Grayscale Chainlink ETF draws $41M on debut, but not ‘blockbuster’

Global stock market value by country. Source: Visual Capitalist

The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.

The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.

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