General election: Sunak fires starting gun – as Starmer says it’s ‘time for change’
The race for Number 10 begins in earnest today following Rishi Sunak’s decision to call a snap summer general election in a high stakes move that could bring to an end his party’s 14 years in government.
The prime minister took the gamble of his political life when he announced that he will go to the country on 4 July – much sooner than had been expected and while the Tories are languishing behind Labour in the opinion polls.
Outlining his decision in the pouring rain outside of Downing Street, a sodden Mr Sunak said that “now is the moment for Britain to choose its future” as he claimed his party could be trusted to lead the country in a time of global instability.
In response, Labour leader Sir Keir Starmer told voters: “Together we can stop the chaos, we can turn the page, we can start to rebuild Britain.”
A July election is earlier than many in Westminster had expected, with a contest in October or November widely thought to have been more likely.
The move has surprised and even upset some within the Conservative ranks, with senior figures telling Sky News’ political editor Beth Rigby the decision is “madness” given Labour’s 20 point lead in the polls.
Rishi Sunak delivers a speech calling for a general election.
Please use Chrome browser for a more accessible video player
Sky News election announcement
Some Tory MPs publicly expressed their concerns, with backbencher Tracey Crouch posting on X: “I am feeling quite emotional about all this.
“I was anticipating an autumn departure from Parliament and still had important issues to raise on behalf of my constituents between now and then. I am sad that I won’t now get to do that.”
The election timing allows just two days for “wash-up”, when the government finalises non-contentious pieces of legislation before parliament is dissolved.
It means that some of the Conservative’s flagship plans, such as a ban on smoking, leasehold reforms and improvements to renters’ rights might be left to the next government.
Mr Sunak is said to have made the calculation that little would change between now and November.
Housing Secretary Michael Gove is said to have been among those who backed the gamble during emergency cabinet discussions, telling the prime minister: “Who dares wins. And you dared, and you’re going to win.”
The announcement came after the Office for National Statistics said inflation slowed to 2.3% in April, down from 3.2% in March.
In a sign of what the election will be fought on, the prime minister made the economy a key element of his pitch to the nation, saying the inflation figures are “proof that the plan and priorities I set out are working”.
Read more about the general election:
What happens now an election has been called?
Find your new constituency and how it’s changed
How boundary changes make Starmer’s job harder
The MPs who are standing down
He also highlighted Vladimir Putin’s invasion of Ukraine, the tensions in the Middle East relating to the Israel-Hamas conflict, the threat of China and migration “being weaponised by hostile states to threaten the integrity of our borders”.
“These uncertain times call for a clear plan and bold action to chart a course to a secure future,” he said.
Later, at a campaign rally that saw Sky News’ Darren McCaffery escorted out, Mr Sunak acknowledged he was the underdog but suggested Labour was acting like it had already won.
Prime Minister Rishi Sunak speaking at a General Election campaign event at ExCeL London. Pic: PA
“Labour want you to think that this election is over before it has even begun.
“But we are going to fight every day for our values and our vision and the British people are going to show Labour that they don’t take too kindly to being taken for granted.”
But Labour leader Sir Keir said: “If they get another five years they will feel entitled to carry on exactly as they are. Nothing will change.”
He promised a “new spirit of service”, putting the country before party interests.
“I am well aware of the cynicism people hold towards politicians at the moment, but I came into politics late, having served our country as leader of the Crown Prosecution Service, and I helped the Police Service in Northern Ireland to gain the consent of all communities.”
Pic: PA
Labour needs a swing of 12.5 percentage points just to win a majority of one – something even Sir Tony Blair did not achieve in his landslide victory of 1997.
But having transformed the party after its historic defeat in 2019, some pollsters believe Sir Keir could wipe out the Tories and be swept into power with as many as 400 seats.
If that happens it would be a remarkable turn of events compared to the last election, which saw the Conservatives under Boris Johnson win a thumping 80-seat majority.
That has since been slashed by a series of by-election losses, while repeated leadership elections and sleaze scandals have seen the Tories’ popularity plummet among voters.
Despite the ongoing market meltdown on US trade tariffs, executives at major cryptocurrency firms Messari and Sygnum are bullish on institutional Bitcoin adoption later in 2025.
Speaking on a panel at Paris Blockchain Week on April 8, Messari CEO Eric Turner and Sygnum Bank co-founder Thomas Eichenberger said they expect a significant shift in the banking sector’s involvement with crypto in the second half of the year.
According to the executives, the global banking push into Bitcoin (BTC) services has great potential to happen in the second half of 2025 as regulators embrace crypto, including stablecoins and crypto services by banks.
“I think we’re probably looking at a muted Q2, but I’m really excited for Q3 and Q4,” Messari’s Turner said during the panel discussion moderated by Cointelegraph CEO Yana Prikhodchenko, forecasting “really interesting” things coming to the crypto market in 2025.
Crypto adoption is not just about Trump
While some investors focus on the pro-crypto stance of US President Donald Trump, Turner emphasized that broader regulatory momentum is what matters most.
“When you look at the potential of having market structure regulation in the US, stablecoin regulation, and just the fact that across the board, not just President Trump himself, but the SEC and all these regulatory industries are really embracing crypto,” Turner said.
Paris Blockchain Week’s panel with Cointelegraph CEO Yana Prikhodchenko, Bancor co-founder Eyal Hertzog, Sygnum co-founder Thomas Eichenberger, Messari CEO Eric Turner, AWS fintech leader Alex Matsuo and Near chief operating officer Chris Donovan. Source: Cointelegraph
Sygnum co-founder Thomas Eichenberger said international banks with US branches are also poised to enter the market once the legal landscape becomes clearer:
“I think it’s a matter of fact that US banks are preparing to be able to offer crypto custody and at least crypto spot trading services anytime soon.”
“I think by then I would agree with you, Eric,” he continued, projecting a continued phase of market uncertainty until the US establishes a clear regulatory framework.
Related: Ripple acquires crypto-friendly prime broker Hidden Road for $1.25B
Banks are no longer afraid of Bitcoin regulators
With the establishment of clear crypto rules for banks in the US, there will be a rush for crypto services by large international banks that are incorporated outside of the US but have a US-based presence, Eichenberger said.
“Some of them may have had their strategic plans in their cupboard to offer crypto-related services, but have been afraid that at some point they will be gone after by any of the US regulatory authorities,” he said, adding:
“Now I think there’s no one to be afraid of anymore in terms of regulatory authorities worldwide. So I think many of the large international banks will launch this year.”
Magazine: Financial nihilism in crypto is over — It’s time to dream big again
Global trade tensions triggered by US President Donald Trump’s sweeping tariff measures may come to an end with a potential deal with China as investors remain concerned about escalation from both sides.
Trump’s April 2 announcement of reciprocal import tariffs sent shockwaves through global equity and crypto markets. The measures include a 10% baseline tariff on all imported goods, effective April 5, with higher levies — such as a 34% tariff on Chinese imports — set to begin on April 9.
However, the tariff negotiations may only be “posturing” for the US to reach an agreement with China, according to Raoul Pal, founder and CEO of Global Macro Investor.
“In the end, almost all the other tariff negotiations and rhetoric are all about getting China to agree a deal,” Pal wrote in an April 8 X post, adding:
“That is the big prize and both China and the US understand it and need it. Everything else is negotiation posturing. China needs a weaker $ and the US needs tariffs.”
Source: Raoul Pal
“Also, the US is trying to shut down China tariff arbitrage using other channels such as Mexico or Vietnam,” Pal said.
Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes
China retaliates with new tariffs
Considering China’s latest retaliatory measures, a resolution remains unlikely in the short term.
In response to US tariffs, China imposed a 34% tariff on all US imports effective April 10, media outlet Xinhua News reported on April 4. China’s foreign ministry also vowed to “fight till the end” against Trump’s tariffs, which it called “bullying” by the world’s largest economy.
China overtakes the US in global trade. Source: Econovis
China overtook the US in 2012 to become the world’s largest trading nation by the total value of exports and imports, surpassing $4 trillion in goods trade that year, according to The Guardian.
Crypto markets watch trade outcome closely
As the trade dispute continues to evolve, analysts say a potential agreement between the two global superpowers could serve as a key catalyst for recovery in digital asset markets.
Crypto markets have a 70% chance to bottom by June 2025 before recovering, Nansen analysts predicted.
Related: Crypto market bottom likely by June despite tariff fears: Finance Redefined
Investor appetite for risk assets such as Bitcoin will depend on the global tariff responses from other countries, according to Nicolai Sondergaard, a research analyst at Nansen.
“We have reached somewhat of a local bottom in regard to tariffs and the impact on prices,” the analyst said during Cointelegraph’s Chainreaction live show on X, adding:
“Trump came out guns blazing, and we’ve mostly seen the worst from the US side, so we’ll see if other countries are willing to drop some of the tariffs because it’s very likely the US will do the same.”
Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29
A Nigerian court has reportedly delayed the country’s tax evasion case against Binance until April 30 to give time for Nigeria’s tax authority to respond to a request from the crypto exchange.
Reuters reported on April 7 that a lawyer for Binance, Chukwuka Ikwuazom, asked a court the same day to invalidate an order allowing for court documents to be served to the company via email.
Binance doesn’t have an office in Nigeria and Ikwuazom claimed the Federal Inland Revenue Service (FIRS) didn’t get court permission to serve court documents to Binance outside the country.
“On the whole the order for the substituted service as granted by the court on February 11, 2025 on Binance who is … registered under the laws of Cayman Islands and resident in Cayman Islands is improper and should be set aside,” he said.
FIRS sued Binance in February, claiming the exchange owed $2 billion in back taxes and should be made to pay $79.5 billion for damages to the local economy as its its operations allegedly destabilized the country’s currency, the naira, which Binance denies.
It also reportedly alleged that Binance is liable to pay corporate income tax in Nigeria, as it has a “significant economic presence” there, with FIRS requesting a court order for the exchange to pay income taxes for 2022 and 2023, plus a 10% annual penalty on unpaid amounts along with a nearly a 27% interest rate on the unpaid taxes.
Nigeria’s legal history with Binance
In February 2024, Nigeria arrested and detained Binance executives Tigran Gambaryan and Nadeem Anjarwalla on tax fraud and money laundering charges. The country dropped the tax charges against both in June and the remaining charge against Gambaryan in October.
Tigran Gambaryan (right) was seen in a September video struggling to walk into a courtroom in the Nigerian capital of Abuja. Source: X
Anjarwalla managed to slip his guards and escape Nigerian custody to Kenya in March last year and is apparently still at large.
Related: Binance exec shares details about release from Nigerian detention
Gambaryan, a US citizen, returned home in October after reports suggested his health had deteriorated during his detainment with reported cases of pneumonia, malaria and a herniated spinal disc that may need surgery.
Binance stopped its naira currency deposits and withdrawals in March 2024, effectively leaving the Nigerian market.
Magazine: Trash collectors in Africa earn crypto to support families with ReFi
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway