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No wonder the Labour Party is desperate for a general election now and bitterly disappointed that Rishi Sunak has “bottled it”, in Keir Starmer’s words, and is sticking to his plan not to hold it until the autumn at the earliest.

Sir John Curtice, the UK polling guru, has gone on the record that there is “a 99% chance of Labour forming the next administration”.

What could possibly go wrong for Labour between now and the verdict of the voters?

Curtice’s one-in-a-hundred chance of falling short is comforting for Sir Keir Starmer, but nobody around him is treating victory as a done deal.

No one has slipped up in the way Cherie Blair did in the run-up to the 1997 election when she chatted to ITN’s political editor about “when” not “if” the family would be in Downing Street.

Party workers of all kinds, including the shadow cabinet, regional organisers, special advisers and press officers are being summoned to HQ for “no complacency” pep talks.

Pic: Reuters
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Sir Keir’s worries are dwarfed by the problems facing the Tories. Pic: Reuters

Trump’s 2016 win is a warning against complacency

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At the start of the year, Starmer’s campaign manager Morgan McSweeney even produced a slide pack on the theme “polls do not predict the future”.

It listed recent examples from Australia, Germany and Norway, among others, where a party’s sustained lead in opinion polls did not deliver on the day. Trump’s defeat of Hillary Clinton in 2016 being Exhibit A.

The country is three months further on from then and three months closer to the election.

Labour has sustained its remarkable lead of around 18 points for another three months, a gap that has been that wide for two years since Boris Johnson hit the skids.

And any local difficulties for Starmer are dwarfed by continuing troubles for the Tories.

Even as he tries to point to slightly improving economic circumstances, Rishi Sunak has been beset by further resignations.

Nevertheless, the Labour leadership is braced for a “narrowing in the polls”.

Pic: Reuters
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Some believe the PM will hold the election on his two-year anniversary. Pic: Reuters

The local elections in England and Wales on 2 May will be a big test of “real votes in real ballot boxes”, which politicians always say they prefer to polls.

In the last set of these elections, the Conservatives were on a high with a vote share calculated at 40%, with Labour on 30%. Those tables need to be more than reversed if Labour is to live up to its advanced billing, with the Tories dropping towards a vote share in the low 20s.

That would mean the Conservatives losing around 500 seats net – more than half of those they currently hold.

Read more from Sky News:
How Tory MPs can get rid of Sunak – and who could replace him

The possible path to a summer election

Public interest, like voter turnout, tends to be higher in the big mayoral contests.

In London, the government has changed the rules to first past the post to damage the chances of Labour’s Sadiq Khan winning a third term.

Some Conservative campaigners are also playing dirty against him – as shown by a grim online video this week containing shots taken from New York City backed up with questionable presentation of crime statistics.

Khan says this is his hardest election but it seems unlikely that he will be defeated by Susan Hall, the Tory candidate in the capital’s mayoral race.

Mayor of London Sadiq Khan at the launch of his poster campaign.
Pic: PA
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Khan’s ULEZ policy caused anger but he’ll probably keep his job. Pic: PA


By any measure, it would be a major shock if Labour fails to win back Blackpool South in the parliamentary by-election, which the Conservatives hope to bury in the excitement of local elections day.

The Conservatives have higher hopes elsewhere following the de facto bankruptcy of Birmingham Council.

It would be a grave blow to them if Andy Street is not re-elected as mayor of the West Midlands. Especially if coupled with defeat in the Tees Valley for Sunak’s controversial poster boy Lord (Ben) Houchen.

Conversely, should Labour underperform and the Tories hang on to some trophy mayors, there is renewed speculation that Sunak might be tempted to go for a general election in June. Not everyone agrees.

One grandee from the John Major years observed “it is very difficult to persuade a prime minister to lose now because he’ll only lose worse later”.

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A summer general election could come about another way if the Conservative local election performance is very bad.

In that scenario, Sunak’s allies expect him to go to the country rather than face a vote of no confidence by Tory MPs.

Labour’s will to win

On the assumption that the government struggles on through the summer, parliament is set to finalise the Rwanda deportation legislation when they return from their Easter break in mid-April.

The Conservatives are hoping for a boost in popularity if a flight gets off soon after that – or at least to reduce the threat from Reform and others on the right.

Sir Keir Starmer is also likely to find himself dealing with fractious elements in his party over the summer. There is no sign of peace in either of the conflict zones of Israel-Gaza or Ukraine-Russia.

Jeremy Corbyn and his backers do not share Starmer’s instincts in either conflict.

There are many pro-Palestinians among Labour’s likely voters. A divisive decision on whether to re-instate Diane Abbott in the party is looming, as is the choice of Labour candidate to stand in Corbyn’s Islington North constituency.

Angela Rayner  and  Keir Starmer during the Labour Party local elections campaign launch at the Black Country & Marches Institute of Technology in Dudley
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Angela Rayner’s capital gains tax affairs are being investigated by police. Pic: PA

Greater Manchester Police have reopened their inquiries into deputy leader Angela Rayner’s alleged non-payment of capital gains tax on her home.

Labour’s will to win is currently as strong as the Conservatives’ is weak. That and, firm discipline from the leadership, should keep the party broadly united.

Some on both left and right will continue to speak up – amplified by the many Tory sympathisers in the media.

In the space of a few days this week, the left-wing polemicist Owen Jones publicised his resignation from Labour and Peter Mandelson fired a warning shot on behalf of business against Rayner’s proposed new deal for workers.

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The likely dates PM will go to polls after rocky conferences

As things stand, the party conference season should go ahead as normal in September.

If they run true to form, any Labour discontent will bubble to the surface in Liverpool, while the Conservatives will try to use Birmingham to launch their general election campaign.

Some expect Sunak to use his leader’s speech to confirm polling day as Thursday 24 October – the day when he will chalk up precisely two years as prime minister.

Two hardened former cabinet ministers told me their working assumption is that it will not be until the 14 or 21 November, after the US election on 5 November. If it is Trump, he is bound to stick his oar into UK politics.

No prime minister, I am assured, would ruin Christmas by holding out until the last legal date in late January 2025 but, in extremis, 19 December this year remains a possibility, in the hope of repeating some of Boris Johnson‘s 2019 differential turnout coup.

Better late than never. It looks as if Sir Keir Starmer still has many months to navigate through until the Curtice-promised land of that general election.

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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.

Read more:
Nigel Farage dismisses school racism claims as ‘banter in a playground’
Farage allegations are deeply shocking – but will they deter voters?

“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.

Related: Bank of America backs 1%–4% crypto allocation, opens door to Bitcoin ETFs

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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