Connect with us

Published

on

It has been a rollercoaster 12 months for Humza Yousaf as he marks one year as Scotland’s first minister.

Mr Yousaf has celebrated the highs of his promised council tax freeze and weathered the lows of his predecessor Nicola Sturgeon being arrested.

Mr Yousaf was sworn into office on 29 March 2023 after a bruising contest to succeed Ms Sturgeon, who surprised the country with her shock resignation as first minister and SNP leader.

He became Scotland’s youngest ever first minister, and the first from an ethnic minority background to hold the post.

File photo dated 15/10/23 of First Minister and SNP leader Humza Yousaf, who will celebrate his promise to implement a council tax freeze during a visit to Inverclyde on Saturday. The SNP leader will be joined by Inverclyde MP Ronnie Cowan and the area's MSP Stuart McMillan. Inverclyde was the one of the last council areas in Scotland to agree to the council tax freeze, with an agreement being reached earlier this week. Issue date: Saturday March 23, 2024.
Image:
Pic: PA

Now a year on, Mr Yousaf says the role continues to be the “greatest honour” of his life but accepts that “there’s still a lot more to do to deliver for the people of Scotland”.

Mr Yousaf said: “I am honoured every day to lead a government driven by clear values, and I am absolutely committed to continuing to make Scotland a better place to live, work and study for everyone who makes it their home.”

Speaking to Sky News, Mr Yousaf said going forward he will continue to campaign for Scottish independence and will seek a Section 30 Order to hold a second referendum if Sir Keir Starmer is elected prime minister at the next general election.

More on Humza Yousaf

He said, “notwithstanding” the challenges his party has faced over the past year, support for independence is “rock solid”.

Mr Yousaf added: “What we’ve got to continue to do as a government is demonstrate progress in how we’re delivering for the priorities of the people.”

The first minister said he would continue to showcase how much progress Holyrood can make under devolution, adding: “Then, of course, we can make the argument and should be making the argument that imagine what we could do with the full powers of a normal independent country.”

First Minister of Scotland, Humza Yousaf, takes part in a dance performance during a visit to the Edinburgh Community Performing Arts re-connect project, at the DN Studios in Edinburgh, which delivers free weekly creative movement and dance classes for older people, particularly those with Dementia, Parkinson's and/or restricted movement, funded through the Communities Mental Health and Wellbeing Fund for Adults. Picture date: Monday March 25, 2024.
Image:
The first minister taking part in a dance performance during a visit to Edinburgh Community Performing Arts re-connect project earlier this month. Pic: PA

The first minister’s highs:
• Highlighting some of his government’s accomplishments, Mr Yousaf said Holyrood would continue to focus on reducing child poverty. He claimed the Scottish government’s policies will keep 100,000 children out of relative poverty and 70,000 out of absolute poverty in 2024-25, according to recently published analysis
• He said the national council tax freeze would protect households amid the cost of living crisis.
• The first minister said a record £19.5bn has been invested into Scotland’s NHS – without losing a single day to pay-related strike action.
• He added that a record number of junior doctors are joining the country’s NHS.
• Mr Yousaf stated that Scotland led every other nation and region last month for private sector employment growth.
• The first minister noted that record numbers of school leavers are going on to a “positive destination”. This includes a record high number of young Scots from deprived areas applying to study at university.
• He stated that Scotland’s GDP per head has grown at a faster rate than the UK average.
• Mr Yousaf also said his government has pledged up to £500m to support the offshore wind industry to help create thousands of green jobs.
• And also worth celebrating, the first minister is expecting a child this July with wife Nadia El-Nakla. The couple already have two children – their daughter Amal is four and Mr Yousaf is stepfather to 14-year-old Maya – and are now set to become the first family to welcome a baby while in Bute House.

Humza Yousaf with his wife Nadia El-Nakla and family at Murrayfield Stadium in Edinburgh, after it was announced that he is the new Scottish National Party leader, and will become the next First Minister of Scotland. Picture date: Monday March 27, 2023.
Image:
Mr Yousaf with his family after winning the SNP leadership contest last year. Pic: PA

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

The first minister’s lows:
• It was a hard year for the SNP as former leader Nicola Sturgeon, ex-chief executive Peter Murrell and former treasurer Colin Beattie were each arrested and released without charge amid a police probe into the party’s funding and finances. Police erected a blue forensics tent outside Ms Sturgeon and husband Mr Murrell’s home during a search.

Officers from Police Scotland outside the home of former chief executive of the Scottish National Party (SNP) Peter Murrell, in Uddingston, Glasgow, after he was "released without charge pending further investigation", after he was arrested on Wednesday as part of a probe into the party's finances. Picture date: Thursday April 6, 2023.
Image:
Ms Sturgeon and Mr Murrell’s home was searched as part of the police probe. Pic: PA

• Mr Yousaf’s in-laws became trapped in Gaza following the breakout of the Israel-Hamas war in October. Elizabeth and Maged El-Nakla eventually made it back home to Dundee one month later, with Ms El-Nakla telling Sky News her life had “changed forever”.

Please use Chrome browser for a more accessible video player

Mr Yousaf’s mother-in-law spoke to Sky News about her time trapped in Gaza

• Scottish Labour trounced the SNP in the battle for former MP Margaret Ferrier’s Rutherglen and Hamilton West seat. Ms Ferrier, who had the SNP whip removed for breaching COVID rules during lockdown, was ousted from Westminster following a successful recall petition. Michael Shanks defeated Katy Loudon by 17,845 votes to 8,399 – a majority of 9,446 and a 20.36% swing from SNP to Scottish Labour.

Scottish Labour leader Anas Sarwar (right) with candidate Michael Shanks after Labour won the Rutherglen and Hamilton West by-election, at South Lanarkshire Council Headquarters in Hamilton. Picture date: Friday October 6, 2023.
Image:
Scottish Labour leader Anas Sarwar (right) with Michael Shanks. Pic: PA

• The Scottish government’s bottle deposit return scheme was delayed until at least October 2025 after Westminster rejected an application for an exemption to the Internal Market Act – effectively blocking glass from the scheme. Circularity Scotland, the company tasked with overseeing the scheme, later folded with £86m in debts. Veteran SNP MSP Fergus Ewing was suspended from the party’s Holyrood group for voting against government minister and Scottish Greens co-leader Lorna Slater in a confidence vote. Ms Slater, who was criticised over her handling of the scheme, survived the vote.
• It was a year of jumping ship with ex-SNP leadership rival Ash Regan MSP leaving for the Alba Party and Dr Lisa Cameron MP defecting to the Tories. Angus MacNeil MP was expelled from the SNP following a row with the party’s chief whip at Westminster. Mr MacNeil refused to rejoin the group at the end of a suspension and was subsequently given the boot. The MP has vowed to stand as an independent candidate at the next general election.
• In December, the Scottish government announced it would take no further legal action against Westminster’s veto of its controversial gender reform bill. It came after Scotland’s highest civil court ruled that the UK government acted lawfully in blocking the bill from receiving royal assent. Westminster is now seeking reimbursement for the legal costs it incurred defending its decision.
• Michael Matheson was forced to quit as health secretary last month amid a probe into an £11,000 iPad data roaming bill. Mr Matheson initially billed the taxpayer after claiming he ran up the eye-watering invoice undertaking constituency work during a family holiday in Morocco. After the story hit the headlines, it then emerged his teenage sons had used the iPad as a hotspot to watch football while abroad. The Falkirk West MSP was found to have breached Holyrood’s code of conduct but has ignored calls to resign. Mr Yousaf has continually defended Mr Matheson, saying that “decent people can make mistakes”.

Please use Chrome browser for a more accessible video player

Michael Matheson admitting his sons racked up the iPad bill

Read more from Sky News:
Humza Yousaf: His life, political path and controversies
Does the hunger for independence remain in Scotland’s ‘Yes’ towns and cities?

Reflecting on Mr Yousaf’s first year in charge, Scottish Tory leader Douglas Ross said it’s been “nothing short of a disaster”.

Mr Ross said: “It’s a tale of independence obsession, abject failures and broken promises; of a first minister out of his depth and unable to control his feuding, scandal-ridden party.

“Humza Yousaf has ignored the real priorities of Scots – fixing our ailing public services and growing the economy – and instead doubled down on the SNP’s fixation with breaking up the UK, while cosying up to the anti-growth Greens.

“Later this year voters will get the chance to cast their verdict on his and the SNP’s dire reign.”

Scottish Labour leader Anas Sarwar described Mr Yousaf as a “weak leader who is out of his depth”.

Mr Sarwar added: “Not only is it clear to the people of Scotland that Humza Yousaf has no vision for the future – even his own former cabinet colleagues are saying so in public.

“This is a record of shame and failure.

“With Humza Yousaf scrambling for a new election strategy on a weekly basis, it is no surprise that the people of Scotland are now looking for change.”

Continue Reading

Politics

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

Published

on

By

Nearly 400,000 FTX users risk losing .5 billion in repayments

Nearly 400,000 FTX users risk losing .5 billion in repayments

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.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX court filing. Source: Bloomberglaw.com

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.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX court filing, estimated claims. Source: Sunil

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.

Related: FTX liquidated $1.5B in 3AC assets 2 weeks before hedge fund’s collapse

How FTX users can complete KYC

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.

Nearly 400,000 FTX users risk losing $2.5 billion in repayments

FTX KYC portal. Source: Sunil

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.

Related: Crypto trader turns $2K PEPE into $43M, sells for $10M profit

FTX’s Bahamian subsidiary, FTX Digital Markets, processed the first round of repayments in February, distributing $1.2 billion to creditors.

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.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

Continue Reading

Politics

Sir Keir Starmer pledges to protect UK companies from Trump tariff ‘storm’

Published

on

By

Sir Keir Starmer pledges to protect UK companies from Trump tariff 'storm'

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.

The UK was among a number of countries hit with the lowest import duty rate following the president’s announcement on 2 April – which he called ‘Liberation Day’, while other nations, such as Vietnam, Cambodia and China face much higher US levies.

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

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.

Also, the FTSE 100 of leading UK companies had its worst day of trading since the start of the pandemic on Friday, with banks among some of the firms to suffer the sharpest losses.

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

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.

Read more:
Red wall on Wall Street – but Trump undeterred
How will UK respond to Trump’s tariffs?

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.”

👉 Follow Trump 100 on your podcast app 👈

Trump’s warning

Mr Trump has warned Americans the tariffs “won’t be easy”, but urged them to “hang tough”.

In a post on his Truth Social platform, he said: “We are bringing back jobs and businesses like never before.

“Already, more than FIVE TRILLION DOLLARS OF INVESTMENT, and rising fast!

“THIS IS AN ECONOMIC REVOLUTION, AND WE WILL WIN. HANG TOUGH, it won’t be easy, but the end result will be historic.”

Continue Reading

Politics

Billionaire investor would ‘not be surprised’ if Trump postpones tariffs

Published

on

By

<div>Billionaire investor would 'not be surprised' if Trump postpones tariffs</div>

<div>Billionaire investor would 'not be surprised' if Trump postpones tariffs</div>

Crypto-friendly billionaire investor Bill Ackman is considering the possibility that US President Donald Trump may pause the implementation of his controversial proposed tariffs on April 7.

“One would have to imagine that President Donald Trump’s phone has been ringing off the hook. The practical reality is that there is insufficient time for him to make deals before the tariffs are scheduled to take effect,” Ackman, founder of Pershing Square Capital Management, said in an April 5 X post.

Trump may postpone tariffs to make more deals, says Ackman

“I would, therefore, not be surprised to wake up Monday with an announcement from the President that he was postponing the implementation of the tariffs to give him time to make deals,” Ackman added.

On April 2, Trump signed an executive order establishing a 10% baseline tariff on all imports from all countries, which took effect on April 5. Harsher reciprocal tariffs on trading partners with which the US has the largest trade deficits are scheduled to kick in on April 9.

Ackman — who famously said “crypto is here to stay” after the FTX collapse in November 2022 — said Trump captured the attention of the world and US trading partners, backing the tariffs as necessary after what he called an “unfair tariff regime” that hurt US workers and economy “over many decades.” 

Following Trump’s announcement on April 2, the US stock market shed more value during the April 4 trading session than the entire crypto market is currently worth. The fact that crypto held up better than the US stock market caught the attention of both crypto industry supporters and skeptics.

United States, Donald Trump

Source: Cameron Winklevoss

Prominent crypto voices such as BitMEX co-founder Arthur Hayes and Gemini co-founder Cameron Winklevoss also recently showed their support for Trump’s tariffs.

Related: Trump tariffs squeeze already struggling Bitcoin miners — Braiins exec

Ackman said a pause would be a logical move by Trump — not just to allow time for closing potential deals but also to give companies of all sizes “time to prepare for changes.” He added:

“The risk of not doing so is that the massive increase in uncertainty drives the economy into a recession, potentially a severe one.”

Ackman said April 7 will be “one of the more interesting days” in US economic history.

Magazine: New ‘MemeStrategy’ Bitcoin firm by 9GAG, jailed CEO’s $3.5M bonus: Asia Express

Continue Reading

Trending