Connect with us

Published

on

Many Conservative councillors face certain defeat on 2 May. The party will lose control of councils at the same time. The scale of this setback, so close to the general election, is the main consideration.

The national polls paint a gloomy picture; public confidence in the government is low, only a quarter of voters intend to vote Conservative. The Opposition is riding high, some commentators reckon Labour is on course for a large Commons majority.

Recent parliamentary by-elections largely confirm this, with record swings against the Conservatives and Labour performing strongly.

The one sliver of hope for Rishi Sunak’s party might be that national polls exaggerate support for Reform and public distaste for the Conservatives.

At stake are more than 2,600 seats across 107 English councils. Voters in London are choosing both the Assembly and Mayor, where Sadiq Khan is pursuing and probably securing an unprecedented third term.

Mayoral voting here, and for ten other so-called “super mayors”, including West Midlands and Greater Manchester, is now by “first past the post” rather than the Supplementary Vote.

The same reform applies to the selection of 37 Police and Crime Commissioners (PCCs). It is their re-election which guarantees electors across England and Wales have a vote this time.

More from Politics

Most of the contests next week relate to the 2021 elections.

Then, the Conservatives were riding high, Brexit was done and a successful COVID vaccine rolled-out.

An estimate of the national equivalent vote (NEV) based on those results, put Boris Johnson’s party on 40%, its highest rating since 2008.

Labour was ten points back and instead of gaining council seats from the governing party, usual at this stage of the parliamentary cycle, it was losing them.

Delete

Conservative mayors were re-elected in West Midlands and Tees Valley and the party won 30 PCC elections.

Fast forward three years, via Mr Johnson’s fall from grace, Liz Truss’s blink of an eye premiership and Mr Sunak’s unopposed elevation, we find the Conservatives in freefall. Sky News’ poll tracker currently puts them on 23.5%.

That’s a drop of over sixteen percentage points from May 2021.

By contrast, Labour is heading upwards, from 30% to 43.5% now.

This is a 15-point swing from Conservative to Labour. Conservative councillors sitting on 30% majorities or less over Labour rivals feel vulnerable. The Conservatives are only defending 18 councils, but if things are this bad then they could lose half of them.

But will the Conservatives and Labour perform like this on 2 May? Another measure of electoral support, gleaned from council by-elections, says not.

Over the past year there have been 159 council by-elections across England and Wales. These too have been mostly dire for the Conservatives. Asked to defend 46 vacancies, the party has lost 28 of them, a 61% failure rate.

However, half of these losses are to the Liberal Democrats. The Greens have made five gains, only one fewer than Labour’s total. Moreover, the Conservatives have gained five seats from Labour.

This hardly supports the view Labour are a shoo-in for the next general election.

Consider also changes in vote share in these contests. The average fall in the Conservative vote from 2021 is about 11 percentage points, putting them closer to a nationwide 30% and not 23% as the polls are suggesting.

Similarly, local voting data puts Labour in the range 36-40%, and not comfortably over that figure.

Which of these indicators, national polls or local voting, works best in explaining events on 2 May remains to be seen, but it does require setting relatively wide benchmarks for what constitutes good, indifferent or bad performances.

What are the Conservatives hoping for?

Should the Conservatives suffer minimal losses, say 100 council seats and control of super-marginal councils like Dorset, Gloucester, Redditch and Thurrock, it will claim that as a victory.

Delete

Should losses rise to 250 seats, council control is lost in Harlow, North East Lincolnshire and a mayoral incumbent is defeated, the Conservatives might have taken a step backwards, but the damage inflicted is not as great as many were expecting.

Delete

Losses of around 500 seats, about half the seats it is defending and possibly half of its 18 councils too, will destabilise the party.

Most likely, Andy Street loses in West Midlands and possibly Ben Houchen in Tees Valley also. A sizeable chunk of the country will see Conservative PCCs replaced by Labour ones.

Delete

Inevitable comparisons with crushing local election defeats in the run-up to the 1997 general election defeat will convince some of its backbenchers to demand yet another change of leader.

But, it’s not plain sailing for Labour.

The party has faced an exodus of about a hundred councillors, mostly regarding events in the Middle East, but some against Sir Keir Starmer’s move towards the centre ground.

Inevitably, Labour’s performance in key areas will be assessed in light of its task in winning power at Westminster. It needs to win in Dudley, one of only three metropolitan boroughs still in Conservative hands.

Last year the two parties tied in votes and seats, and results this time will reveal if Labour is on track.

The Conservatives are running hard in the inaugural battle for East Midlands mayor. They have selected Ben Bradley, MP for Mansfield, one of eight former Labour seats in the region captured in 2017 or 2019.

The North West offers challenges. George Galloway’s victory in the Rochdale by-election sees his Workers’ Party now contesting for votes in Labour wards.

There is internal party strife in Burnley, now the most marginal Conservative seat in the country, with some Labour councillors preferring status as Independents. Labour’s councillors in Pendle last month resigned from the party and in some cases are standing against their former party at the local elections.

Like it or not, Sir Keir faces comparison with Sir Tony Blair, electorally the most successful Labour leader; someone who took on and beat the Conservatives across swathes of the midlands and southern England.

Labour has to perform in councils like Harlow, Nuneaton & Bedworth, Swindon and Redditch. For good measure, Labour this time could reach parts hitherto denied them.

It won in Worthing in 2022 and now it is poised to take control of neighbouring Adur council too.

Rushmoor, a district council covering Aldershot and Farnborough, has been Conservative controlled for much of its 51-year existence. Labour gains this time could oust the Conservatives and even take power itself for the first time.

What are Labour’s benchmarks for success?

About 350 seat gains for Labour consolidates its position as the largest party of local government, but if it wants favourable comparisons with the Blair-era it should aim higher. Fewer gains, say around 200 seats, suggests the national polls are over-estimating its lead over the Conservatives.

If the gains are lower still then internal pressures will mount and betting on a Labour majority will reflect that, despite the party doubtless gaining another victory at the Blackpool South parliamentary by-election.

But Labour can ill-afford unfavourable comparisons of its performance against those of the Liberal Democrats and even the Greens.

What about the Lib Dems?

The Liberal Democrats could become major players after the next general election if Labour falls short of a Commons’ majority. Sir Ed Davey’s party should secure control of Wokingham and perhaps Dorset.

Seat gains of about 150 and upwards will demonstrate a real threat to the Conservatives.

And the Greens?

Last year the Greens secured their first council, Mid Suffolk, and are advancing in councils like Worcester, but a real boost may lie in Bristol.

The whole council is up for re-election with the Labour-owned city mayoralty now abandoned. Greens are the largest party and need gains from Labour and the Conservatives to nudge towards an overall majority.

Labour is targeting Conservative seats and is hopeful it can become the largest party.

This is only one of 107 councils, but the bragging rights should Labour or Green secure a majority are immense.

Continue Reading

Politics

Justin Sun to attend Trump’s dinner with memecoin backers

Published

on

By

<div>Justin Sun to attend Trump's dinner with memecoin backers</div>

<div>Justin Sun to attend Trump's dinner with memecoin backers</div>

After weeks of speculation among crypto enthusiasts and news outlets, Tron founder Justin Sun has claimed he owns the wallet that purchased the largest amount of Donald Trump’s memecoin, allowing him to qualify for a dinner and reception with the US president.

In a May 19 X post, Sun said he had received an invitation to attend Trump’s dinner at his golf club outside Washington, DC, as part of a reward for the top 220 memecoin holders. The Tron founder claimed he controlled the top wallet on the TRUMP token leaderboard under the username “Sun,” which held roughly $19 million worth of the memecoin at a price of $13.20.

According to Sun, he plans to network at the May 22 memecoin dinner, “talk crypto,” and “discuss the future” of the industry. It’s unclear why the Tron founder chose to announce his planned presence at the event now, when the leaderboard was finalized on May 12.

Cointelegraph reached out to a spokesperson for Sun for comment, but had not received a response at the time of publication.

Politics, Donald Trump, Corruption, Justin Sun, Memecoin
Source: Justin Sun

Though not a surprise to many who speculated that Sun was the individual behind the memecoin purchases, his attendance at the dinner only deepens his ties to the Trump administration and the president’s family. In addition to the dinner for the 220 tokenholders, Trump said he would hold a reception and “VIP tour” for the top 25 wallets on the leaderboard.

Related: What to expect at Trump’s memecoin dinner

Sun spent $75 million on tokens through World Liberty Financial, the crypto platform backed by Trump’s three sons, including a $30 million investment a few weeks after the 2024 election. The Tron founder is also an adviser to the company.

Before Trump won the November election, Sun had been facing a lawsuit from the US Securities and Exchange Commission (SEC) filed in 2023 over the alleged “orchestration of the unregistered offer and sale, manipulative trading, and unlawful touting of crypto asset securities.” In February, roughly a month after Trump took office and appointed Commissioner Mark Uyeda as acting chair of the SEC, the regulator and Sun jointly filed a motion for a federal judge to stay the case, which was granted.

Memecoin’s potential conflicts of interest are affecting Congress

Sun’s and others’ involvement in Trump’s crypto ventures has prompted calls for investigations and oversight among many Democratic lawmakers, who argued that some individuals could use digital assets to essentially purchase influence with the president. The concerns initially slowed progress on a bill to regulate stablecoins in the Senate, the GENIUS Act, complicated by World Liberty Financial’s own stablecoin, USD1. The chamber voted to move forward on the bill on May 19, a few hours before Sun’s announcement.

“How convenient: the day after the Senate advances the GENIUS Act, Justin Sun — a major investor in the Trump family crypto venture — announces he’s getting a private dinner as the president’s top crypto buyer,” said Massachusetts Senator Elizabeth Warren, according to Bloomberg. “It’s critical that everyone understands the GENIUS Act doesn’t stop this type of corruption — it greenlights it.”

At a May 20 oversight hearing, Maryland Representative Glenn Ivey questioned SEC Chair Paul Atkins on Sun’s case being stayed, as well as his investments in World Liberty Financial and Trump’s memecoin. Though the case was stayed before Atkins was sworn in as chair, Ivey expressed concern about the timeline between Sun’s investments and the SEC not pursuing its own enforcement action.

The memecoin dinner applicants are likely still subject to background checks before meeting Trump in person. As of May 20, those planning to attend included Kronos Research chief investment officer Vincent Liu, Hyperithm co-CEO Oh Sangrok, Synthetix founder Kain Warwick, a consultant named Vincent Deriu, crypto user Morten Christensen, a World Liberty Financial adviser going by the pseudonym “Ogle,” and a representative from the startup MemeCore.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

Continue Reading

Politics

Shouts of ‘genocide’ in Commons as David Lammy denounces Israel’s ‘intolerable’ actions in Gaza

Published

on

By

Shouts of 'genocide' in Commons as David Lammy denounces Israel's 'intolerable' actions in Gaza

The foreign secretary has denounced Israel’s actions in Gaza as “intolerable” but stopped short of saying it had committed genocide.

MPs could be heard shouting “genocide” in the Commons chamber as David Lammy announced the government was suspending its trade negotiations with Israel and summoning Tzipi Hotovely, Israel’s ambassador to the UK, to the Foreign Office.

The UK has also sanctioned a number of individuals and groups in the West Bank which it says have been linked with acts of violence against Palestinians – including Daniella Weiss, a leading settler activist who was the subject of Louis Theroux’s recent documentary The Settlers.

Politics latest: Starmer says sorry for being ‘overly rude’ at PMQs

Israel immediately criticised the UK government actions as “regrettable” and said the free trade agreement talks, which ministers have now backed out of, were “not being advanced at all by the UK government”.

Oren Marmorstein, a spokesperson for the Israeli foreign affairs ministry, said: “If, due to anti-Israel obsession and domestic political considerations, the British government is willing to harm the British economy – that is its own prerogative.”

Mr Lammy’s intervention came in response to Israel ramping up its latest military offensive in Gaza and its decision to limit the amount of aid into the enclave.

Tom Fletcher, head of the UN Office for the Coordination of Humanitarian Affairs, accused Israel of “deliberately and unashamedly” imposing inhumane conditions on Palestinians by blocking aid from entering Gaza more than 10 weeks ago.

He also told the UN’s security council last week that it must “act now” to “prevent genocide” – a claim that Israel has vehemently denied.

Please use Chrome browser for a more accessible video player

Aftermath of strike on Gaza school-turned-shelter

Speaking in the Commons, the foreign secretary said the threat of starvation was “hanging over hundreds of thousands of civilians” and that the 11-week blockade stopping humanitarian aid reaching Gaza was “indefensible and cruel”.

Israeli Prime Minister Benjamin Netanyahu has agreed to allow a limited amount of aid into the besieged enclave in response to global concern at reports of famine.

Mr Lammy said Mr Netanyahu’s govenrment was “isolating Israel from its friends and partners around the world, undermining the interests of the Israeli people and damaging the image of the state of Israel in the eyes of the world”.

“We are now entering a dark new phase in this conflict,” Mr Lammy added.

“Netanyahu’s government is planning to drive Gazans from their homes into a corner of the strip to the south and permit them a fraction of the aid that they need.”

Referring to one of the far-right ministers in Mr Netanyahu’s government, he said Bezalel Smotrich “even spoke of Israeli forces cleansing Gaza, destroying what’s left of residents, Palestinians being relocated, he said, to third countries”.

Please use Chrome browser for a more accessible video player

Surgeon compares Gaza to ‘killing fields’

MPs from across the house shouted “genocide” as Mr Lammy said: “We must call this what it is. It is extremism. It is dangerous. It is repellent. It is monstrous and I condemn it in the strongest possible terms.”

In the Commons, a number of Labour MPs urged the government to go further against Israel.

Yasmin Qureshi, the Labour MP for Bolton South and Walkden, said there needed to be a “full arms embargo” and said: “Can I ask the foreign secretary what additional steps he’s going to be taking in order to stave off this genocide?”

Another Labour MP told Sky News that while the statement was “better than previously…without a concrete timeline and a sanctioning of responsible ministers, it’s hard to know what tangible difference it will make.”

Read more:
British surgeon in Gaza says it is now ‘a slaughterhouse’
Gaza at mercy of what comes next – analysis
How Israel has escalated Gaza bombing campaign

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

Israeli officials have said its plans to seize all of Gaza and hold it indefinitely. – which would move the civilian population southward – will help it achieve its aim of defeating Hamas.

Israel also believes the offensive will prevent Hamas from looting and distributing humanitarian aid, which it says strengthens the group’s rule in Gaza.

Mr Netanyahu has defended Israel’s actions in Gaza and reacted angrily to a joint statement penned by the leaders of the UK, France and Canada, in which they urged Israel to end its military offensive in Gaza and lift restrictions on humanitarian aid allowed into the enclave.

The Israeli prime minister said: “By asking Israel to end a defensive war for our survival before Hamas terrorists on our border are destroyed and by demanding a Palestinian state, the leaders in London, Ottawa and Paris are offering a huge prize for the genocidal attack on Israel on October 7 while inviting more such atrocities.

“No nation can be expected to accept anything less and Israel certainly won’t. This is a war of civilisation over barbarism. Israel will continue to defend itself by just means until total victory is achieved.”

Continue Reading

Politics

SEC crypto task force to release first report ‘in the next few months’

Published

on

By

<div>SEC crypto task force to release first report 'in the next few months'</div>

<div>SEC crypto task force to release first report 'in the next few months'</div>

US Securities and Exchange Commission (SEC) Paul Atkins appeared before lawmakers in one of his first hearings since becoming chair of the financial regulator, addressing questions about his plans for the cryptocurrency industry.

In a May 20 hearing discussing oversight of the SEC, Atkins reiterated his pledge to make regulating digital assets a “key priority” while chair. In response to questions from North Carolina Representative Chuck Edwards, the SEC chair did not directly answer how much of the regulator’s funds were used to support the crypto task force headed by Commissioner Hester Peirce, and said its findings were “still under development.”

“We should be having something here in the next few months with proposed steps forward,” said Atkins in response to the task force’s first report. 

Cryptocurrencies, Government, SEC, United States
Paul Atkins at a May 20 SEC oversight hearing. Source: House Appropriations Committee

The SEC chair’s appearance at the oversight hearing was one of his first since being sworn into office in April. Nominated by Donald Trump, Atkins, also a former commissioner, was seen by many lawmakers and those in the digital asset industry as someone who could radically change the SEC’s approach to crypto. 

Looking to Congress for help with regulatory clarity

Atkins’ remarks came less than 24 hours after US Senators voted to move forward on consideration of a bill to regulate stablecoins, the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act. The bill is one of many related to aspects of digital assets that could affect how the SEC regulates the industry alongside agencies like the Commodity Futures Trading Commission (CFTC).

“Whatever happens in Congress […] that will help undergird what we do,” said Atkins.

Related: Paul Atkins: ‘Crypto markets have been languishing in SEC limbo

Since being sworn into office in April, the SEC chair has given opening remarks and overseen the commission’s roundtable events on digital assets. The next event, scheduled for June 9, will have SEC commissioners and industry leaders discuss issues related to decentralized finance.

Magazine: SEC’s U-turn on crypto leaves key questions unanswered

Continue Reading

Trending