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The woman who is odds-on to be the next chancellor has recently been painting a bleak picture of the state of Britain.

In her keynote Mais lecture last month, Rachel Reeves described Britain as gripped by “recurrent crises”, and a state of decline comparable to the turmoil of the 1970s.

The Conservatives, she has claimed, have left the NHS “on its knees” and pursued a “scorched earth” approach to public services by making an unfunded commitment to cut National Insurance.

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But as the election nears, the scrutiny is increasing on Labour’s proposed remedies and whether they go anywhere near answering the fundamental questions they have posed.

Today, visiting the Manchester Royal Infirmary, Ms Reeves set out how Labour would fund their promises of breakfast clubs in all primary schools, hundreds of thousands more dentist appointments, and two million more NHS operations, scans and appointments a year.

They had planned to find the £2bn-a-year by scrapping non-domiciled status – in other words forcing people not permanently resident in the UK to pay tax on foreign income – until the current Chancellor Jeremy Hunt came along and nicked the policy.

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Ms Reeves told me she’d been through the costings; and found that £2.6bn over five years could be brought in through closing loopholes in the non-dom policy – although the Institute of Fiscal Studies warns that some non-doms, who currently pay £6bn a year in UK tax too, could move abroad.

Funding HMRC to hire new compliance officers and use better technology to bring in more money from tax evaders would, Labour says, yield £5bn in five years’ time. Governments, both Labour and the Coalition, have managed to close the so-called tax gap, but the exact numbers cannot be guaranteed.

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And is this just tinkering? The OBR forecasts at the last budget show that just to maintain the current levels of day-to-day spending over five years, the next government of whatever stripe will need to find £20bn – just to stand still.

That doesn’t include capital spending on infrastructure, which would be about the same again, or any increases Labour may wish to announce.

Ms Reeves insisted to me that she has no plans to look again at the triple lock on pensions – which currently accounts for 11% of government spending and rising. Or raise personal taxes, currently at their highest for 70 years.

She insisted today’s announcements are not small change, or a drop in the ocean. With the election date uncertain, they are understandably wary of announcing more policies the Conservatives may steal.

But Labour’s dilemma is that to turn around the bleak picture they’ve painted will demand difficult choices on tax or borrowing – and we haven’t really heard what they are yet.

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Polish lawmakers fail to revive controversial crypto bill after presidential veto

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Polish lawmakers fail to revive controversial crypto bill after presidential veto

The lower house of Poland’s parliament failed to secure the required three-fifths majority to override President Karol Nawrocki’s veto of the Crypto-Asset Market Act, pushing the country further away from regulating its digital-asset sector at a moment when lawmakers argue that oversight is increasingly urgent.

As Bloomberg reported Friday, the legislation — advanced by Prime Minister Donald Tusk’s government — was intended to align Poland with the European Union’s MiCA framework for crypto markets. The bill was introduced in June but did not survive the president’s veto.

Nawrocki blocked the measure last week, arguing it would “threaten the freedoms of Poles, their property, and the stability of the state,” as Cointelegraph previously reported.

With the president’s veto upheld, the bill will not move forward, forcing the government to restart its crypto lawmaking process.

Source: Kancelaria Prezydenta RP

The proposal has sharply divided lawmakers and the crypto industry. Supporters framed the bill as a national security priority, saying that comprehensive rules are necessary to curb fraud and prevent potential misuse of crypto assets by foreign actors, including Russia, according to Bloomberg.

However, several crypto-industry groups opposed the legislation, warning that its requirements were overly burdensome and could drive startups out of the country. 

Critics pointed to stringent licensing rules, high compliance costs and criminal-liability provisions for service-provider executives, arguing that the bill risked stifling innovation and creating an uncompetitive business environment.

Related: EU plan would boost ESMA powers over crypto and capital markets

Crypto adoption in Poland ramps up amid regulatory pause

Cryptocurrency use in Poland continues to accelerate even as the country stalls on comprehensive regulation. Chainalysis recently identified Poland as one of Europe’s “large crypto economies,” noting that the country’s onchain activity has expanded significantly over the past year.

According to the company’s 2025 Europe Crypto Adoption report, Poland recorded more than 50% year-over-year growth in overall transaction volume.

Poland ranked eighth in Europe in terms of total cryptocurrency value received between July 2024 and June 2025. Source: Chainalysis

Polish investors are also increasing their exposure to Bitcoin (BTC), reflected in a surge in Bitcoin ATM installations in recent years. In January, Cointelegraph reported that Poland had become the world’s fifth-largest Bitcoin ATM hub, surpassing even El Salvador — a country that has made Bitcoin a central element of its monetary and financial system.

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