Local elections 2024: Labour pulling off strong wins with ‘truly historic’ shock in Tory stronghold – as results show Brexit shift

Published

11 months ago

May 3, 2024

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Labour has won control of a string of Leave-voting councils as results roll in from the local elections across England and Wales.

The party was also buoyed by victory in the Blackpool South by-election, with a 26.33% swing from the Tories.

Among the key council gains, Labour took Rushmoor in Hampshire, which the Conservatives had run for the last 24 years.

It also seized Redditch in the West Midlands, turning a Conservative majority of five into a Labour majority of 15.

And Labour has retaken Hartlepool Council – the scene of a major by-election loss back in 2021, which led Sir Keir Starmer to consider quitting as leader – and Thurrock in Essex, from no overall control, saying it was “exactly the kind of place we need to be winning to gain a majority in a general election”.

And the party replaced the Tories as the largest party on Peterborough Council which, while remaining under no overall control, saw the Conservatives lose 13 of the 16 seats they were defending.

Meanwhile, the Conservatives lost control of North East Lincolnshire after Labour won five of the seats up for grabs – with neither party now holding a majority on the council.

All six areas overwhelmingly voted Leave in the 2016 Brexit referendum, with Thurrock supporting it by 72.3%, North East Lincolnshire by 69.9%, Hartlepool by 69.6%, Redditch by 62.3%, Peterborough by 60.9% and Rushmoor by 58.2%.

However, Labour lost control in its traditional heartland of Oldham, which has a large Muslim population, with many blaming the party’s stance on the conflict in Gaza.

And while keeping its grip on Newcastle, it saw a number of seats fall to the Greens.

The Tories also clung on by a single seat in Harlow, a council targeted by Sir Keir on the eve of polling day.

In other important developments:

• Labour held on to Sunderland Council
• It also kept control of South Tyneside and Chorley
• The Tories held on to other councils in Hertfordshire, Hampshire and Essex

More than 2,600 council seats across 107 councils were up for grabs in England, alongside 11 mayoral elections, a parliamentary seat and police and crime commissioners throughout England and Wales – with many of the results still coming in.

But early signs show Labour is winning back seats in areas it lost over the Brexit debate, as well as making gains in traditionally Tory voting councils.

Sky’s election coverage plan – how to follow

Friday: From 10am lead politics presenter Sophy Ridge and chief presenter Mark Austin is joined by political editor Beth Rigby and Sam Coates throughout the day, as well as economics and data editor Ed Conway and Professor Michael Thrasher.

Friday night: From 7pm until 9pm, Sophy Ridge will host a special edition of the Politics Hub, offering a full analysis and breakdown of the local elections.

The weekend: Sophy Ridge will host another special edition of the Politics Hub on Saturday from 7pm until 9pm. And Sunday Morning with Trevor Phillips will take a look back over what’s happened from 8.30am until 10am.

How do I watch?: Freeview 233, Sky 501, Virgin 603, BT 313, YouTube and the Sky News website and app. You can also watch Sky News live here, and on YouTube.

And the Electoral Dysfunction podcast with Beth Rigby, Jess Phillips and Ruth Davidson will go out on Friday, and Politics at Jack and Sam’s will navigate the big question of where the results leave us ahead of a general election on Sunday.

We’ll also have the latest on the politics page of our website.

‘People crying out for change’ – Labour

Tory party chairman Richard Holden told Sky News it had been a “tough night” for the Conservatives, but argued it was coming off a “very high watermark set of elections in 2021” and “typical for a government in midterm”.

But he said: “I do feel sorry for a lot of my Conservative colleagues who have been out campaigning with across the country over the last few weeks and months who haven’t managed to hold their seats.”

However, he argued voters had not suggested they want to see “more change” within the Conservative Party, when pressed over Rishi Sunak’s position as leader and insisted the party “will be ready” whenever the election was called.

Analysis: Not all going Starmer’s way with Reform posing real threat

By Professor Michael Thrasher, Sky News elections analyst

Election results declared overnight have clearly demonstrated that the Conservatives are in serious trouble.

A by-election defeat in Blackpool South at the hands of Labour, the seventh this parliament.

In the local council elections the Conservatives are losing seats in numbers that suggest this could be one of the party’s worst ever performances.

But Conservative council seat losses have not been Labour’s gain with Sir Keir Starmer’s party more or less static in terms of vote share compared with its results from last year’s May elections.

The picture of net seat gains and losses is intriguing.

Labour leads the way but it is having to share the headlines with seat gains made at the Conservatives’ expense by the Liberal Democrats, Greens and a range of local independents.

Close comparisons of change in vote share demonstrated that support for Reform is real and will hurt the Conservatives if played out at the next general election.

Read more from Sky News elections analyst Professor Michael Thrasher here

Labour’s shadow environment secretary Steve Reed told Sky News that while it was “early days”, the results so far were showing positive signs for Labour come the next general election.

“These are not polls,” he said. “These are people getting off their backsides, going out of their homes, into a polling station, putting a cross on a party that they want to govern their local area.

“People are crying out for change. I know that from speaking to people on the doorsteps and tonight, it looks like people around the country are voting for change.”

But while Tory MP James Daly said he “fully accepts” the loss of these councils, he insisted to Sky News his party could “still win in parts of the country where historically Labour have dominated” – including in Teeside, where Conservative Lord Houchen is defending his mayoralty.

Analysis:
Story of the night in charts
Blackpool is a big step to No 10 for Starmer
Tories in real trouble but Reform threat not all good for Labour

Tories better some predictions but Lib Dems ‘buoyed’

The Conservatives bucked predictions in Harlow in Essex where it managed to keep control of the council – although its majority fell from 11 to one, and Labour gained five seats.

The party also held on to Broxbourne Council in Hertfordshire – an authority it has run for its entire 52-year history – and Fareham in Hampshire, though in the latter the Liberal Democrats picked up four seats.

A Lib Dem source said they were “buoyed” by their results overnight, claiming it set them up to take seats off the Tories at the next election.

“This is just a taster of what is to come throughout Friday in the Blue Wall,” they added.

Reform UK is performing well, racking up an average vote share of between 14% and 15%, and pushing the Conservatives into third place in some areas, including Sunderland.

However, it isn’t fielding candidates everywhere – instead targeting Leave seats where its predecessors, the Brexit Party and UKIP, performed well – and has yet to win a seat or council for itself.

Politics

Hashdex amends S-1 for crypto index ETF, adds seven altcoins

Published

2 hours ago

March 17, 2025

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Hashdex amends S-1 for crypto index ETF, adds seven altcoins

Asset manager Hashdex has amended its S-1 regulatory filing for its cryptocurrency index exchange-traded fund (ETF) to include seven altcoins in addition to Bitcoin (BTC) and Ether (ETH), according to a March 14 filing.

The revision proposes adding seven specific altcoins to the index ETF — Solana (SOL), XRP (XRP), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI). As of March 17, the Hashdex Nasdaq Crypto Index US ETF holds only Bitcoin and Ether.

Previous versions of Hashdex’s S-1 suggested the possibility of adding other cryptocurrencies in the future but didn’t specify which ones.

According to the filing, the proposed altcoins additions “are decentralized peer-to-peer computer systems that rely on public key cryptography for security, and their values are primarily influenced by market supply and demand.”

The revised filing signals how ETF issuers are accelerating planned crypto product rollouts now that US President Donald Trump has instructed federal regulators to take a more lenient stance on digital asset regulation.

As part of the transition, the ETF plans to switch its reference index from the Nasdaq Crypto US Index — which only tracks BTC and ETH — to the more comprehensive Nasdaq Crypto Index, the filing said.

The asset manager did not specify when it plans to make the change. The US Securities and Exchange Commission (SEC) must sign off on the proposed changes before they can take effect.

Accelerating approvals

In December, the SEC gave the green light to both Hashdex and Franklin Templeton’s respective Bitcoin and Ether index ETFs.

Both ETFs were listed in February, initially drawing relatively modest inflows, data shows. They are the first US ETFs aiming to offer investors a one-stop-shop diversified crypto index.

Asset manager Grayscale has also applied to convert its Grayscale Digital Large Cap Fund to an ETF. Created in 2018, the fund holds a crypto index portfolio comprising BTC, ETH, SOL and XRP, among others.

Industry analysts say crypto index ETFs are the next big focus for issuers after ETFs holding BTC and ETH listed in January and July, respectively.

“The next logical step is index ETFs because indices are efficient for investors — just like how people buy the S&P 500 in an ETF. This will be the same in crypto,” Katalin Tischhauser, head of investment research at crypto bank Sygnum, told Cointelegraph in August.

In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records.

The filings, submitted by Cboe and other exchanges, addressed proposed rule changes concerning staking, options, in-kind redemptions and new types of altcoin funds.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

Politics

New BITCOIN Act would allow US reserve to exceed 1M: Law Decoded

Published

3 hours ago

March 17, 2025

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New BITCOIN Act would allow US reserve to exceed 1M: Law Decoded

The newly reintroduced Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2025 by Senator Cynthia Lummis would allow the United States to potentially hold over 1 million Bitcoin (BTC) in its crypto reserves.

The bill directs the government to buy 200,000 BTC annually over five years, to be paid for with existing funds within the Federal Reserve and the Treasury Department.

If signed into law, the act would allow the US to hold more than 1 million BTC as long as the assets are acquired through lawful means other than direct purchases, including criminal or civil forfeitures, gifts, or transfers from federal agencies.

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Democratic lawmaker urges Treasury to cease Trump’s Bitcoin reserve plans

US Representative Gerald Connolly, a Democrat from Michigan, called on the Treasury to cease its efforts to create a crypto reserve in the United States. The lawmaker said there were conflicts of interest with US President Donald Trump and argued that the reserve would not benefit Americans.

Connolly criticized the reserve in a letter addressed to Treasury Secretary Scott Bessent, arguing that there’s no “discernible benefit” to Americans and that the move would instead make Trump and his donors richer.

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Argentine lawyer requests Interpol red notice for LIBRA creator: Report

Argentine lawyer Gregorio Dalbon is seeking an Interpol Red Notice for Hayden Davis, the co-creator of the LIBRA token, which caused a political scandal in Argentina.

Dalbon submitted a request, seeking the Red Notice, to prosecutor Eduardo Taiano and judge María Servini, who are investigating the involvement of President Javier Milei in the memecoin project.

In a filing, the lawyer said there’s a procedural risk if Davis remains free. The lawyer argued that Davis could have access to funds that might allow him to go into hiding or flee to the US.

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America must back pro-stablecoin laws, reject CBDCs — US Rep. Emmer

In a House Financial Services Committee hearing, US Representative Tom Emmer said that central bank digital currencies (CBDCs) threaten American values. The lawmaker called on Congress to pass his CBDC Anti-Surveillance State Act to block future administrations from launching a CBDC without congressional approval.

Emmer said at the hearing that CBDC technology is “inherently un-American,” adding that allowing unelected bureaucrats to issue a CBDC could “upend the American way of life.”

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Texas lawmaker seeks to cap state’s proposed BTC purchases at $250 million

Ron Reynolds, a Democratic state representative in Texas, has proposed a cap for the state’s investment in Bitcoin or other cryptocurrencies.

The lawmaker proposed in a bill that the state’s comptroller should not be allowed to invest more than $250 million in crypto. The bill also directs Texas municipalities or counties to not invest more than $10 million in crypto.

The proposed bill follows the Texas Senate’s approval of legislation establishing a strategic Bitcoin reserve in the state.

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Politics

XRP’s role in US Digital Asset Stockpile raises questions on token utility — Does it belong?

Published

3 hours ago

March 17, 2025

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XRP’s role in US Digital Asset Stockpile raises questions on token utility — Does it belong?

Ripple’s XRP (XRP), the third-largest cryptocurrency by market cap, gained national recognition after President Donald Trump mentioned the “valuable cryptocurrency” alongside BTC, ETH, SOL, and ADA as part of a planned US strategic crypto reserve.

Trump’s executive order on March 6 established a new structure for the altcoins — the Digital Asset Stockpile, managed by the Treasury.

While the crypto community remains divided on whether XRP is truly as valuable as President Trump suggests, a closer look at the altcoin’s utility is warranted.

XRP’s potential role in banking

Launched in 2012 by Ripple Labs, the XRP Ledger (XRPL) was designed for interbank settlements. It initially offered three enterprise solutions: xRapid, xCurrent, and xVia, all later rebranded under the RippleNet umbrella. XCurrent is real-time messaging and settlement between banks, xVia is a payment interface allowing financial institutions to send payments through RippleNet, and xRapid, now part of On-Demand Liquidity (ODL), facilitates cross-border transactions.

Only ODL actually requires XRP; the other services allow banks to use RippleNet without ever holding the token. This means bank adoption of Ripple technology does not always drive XRP’s price.

Some of the world’s largest banks have used xCurrent and xVia, including American Express, Santander, Bank of America, and UBS. There is less data on the entities that use XRP-powered ODL service. Known adopters include SBI Remit, a major Japanese remittance provider, and Tranglo, a leading remittance company in Southeast Asia.

XRP’s role in Web3

XRP is also used as a gas token. However, unlike the Ethereum network, where fees go to validators, a small amount of XRP is burned as an anti-spam mechanism.

XRP’s role in Web3 is minimal. Unlike Ethereum, Ripple does not support complex smart contracts or DApps. It offers only basic Web3 functionality, such as a token issuance mechanism and native NFT support under the XLS-20 standard, introduced in 2022.

The XRPL Web3 ecosystem is small. Its modest DeFi sector holds $80 million in total value locked (TVL), according to DefiLlama. XRPL’s tokens have a combined market cap of $468 million, according to Xrpl.to. Most of them are DEX tokens (SOLO) and memes (XRPM), as well as wrapped BTC and stablecoins.

So far, XRPL’s Web3 sector remains niche and trails true smart contract platforms like Ethereum and Solana.

Crypto pundits split hairs on XRP’s role in a strategic reserve

Ripple Labs representatives have long advocated for equal treatment of cryptocurrencies, with CEO Brad Garlinghouse reiterating this on Jan. 27.

Garlinghouse said,

“We live in a multichain world, and I’ve advocated for a level-playing field instead of one token versus another. If a government digital asset reserve is created—I believe it should be representative of the industry, not just one token (whether it be BTC, XRP or anything else).”

However, not all cryptocurrencies serve the same purpose. Bitcoin’s primary role is to be a “geopolitically neutral asset like gold,” in the words of crypto analyst Willy Woo. XRP’s purpose remains less clear, but few in the crypto space would argue that it could qualify as independent money.

This is primarily due to one of Ripple’s most uncomfortable aspects—its permissioned nature. Unlike Bitcoin or Ethereum, Ripple does not rely on miners or staked tokens to secure the network. Instead, it uses a Unique Node List—a group of trusted validators responsible for approving transactions. While this optimizes speed and efficiency, it raises concerns about censorship, corruption, and security risks.

Bitcoin proponent and co-founder of Casa Jameson Lopp didn’t hold back when discussing XRP’s potential:

“There’s Bitcoin, then there’s Crypto, then there’s Ripple. Ripple has attacked Bitcoin at a level rivaled only by BSV’s lawsuits. Ripple explicitly wants to power CBDCs. They have always been focused on servicing banks. Few projects are as antithetical to Bitcoin.”

There’s no love lost between Bitcoiners and Ripple supporters, especially after Ripple co-founder Chris Larsen partnered with Greenpeace to fund an anti-Bitcoin campaign.

However, Lopp’s comparison to CBDCs holds some weight, given XRPL’s permissioned nature. It reflects a common view in the crypto community that XRP functions more like a banking tool than a truly independent cryptocurrency.

While the XRPL blockchain sees widespread use in banking, XRP’s utility remains a point of concern. It is underscored by the fact that approximately 55% of the 100 billion pre-mined coins are still held by Ripple Labs. This concentration raises concerns about potential market manipulation and the coin’s long-term stability.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.