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This general election campaign is set to be an epochal, history-making election whichever way it goes.

If Starmer wins an outright majority, it will be the largest ever uniform swing for a winning party, beyond what Tony Blair achieved in 1997. If Rishi Sunak manages to remain in Downing Street – well no PM has ever come back from being 20 points behind in the polls six months out from an election, let alone weeks.

So either way, July 4 will be a record-breaking battle for No.10.

It was, I understand, a “finely balanced” decision to call the election. The prime minister had been taking soundings from colleagues. He had called the civil service in last week to advise on timing options.

I hear from a couple of sources that Isaac Levido, Sunak’s campaign chief, had wanted to go in the autumn, in order to test the messages and see economic improvement bed in, but the PM decided to go now.

Follow the election campaign with live updates

One person who knows the PM explained it to me as this – the PM wants to project confidence and believes he has a plan for the country that aligns with voters. One No.10 source told me Michael Gove summed up it best in cabinet: “Who dares wins and you dare and you are going to win.”

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Why is this a ‘historic’ election?

For Labour, euphoria. For the Tories a show of strength

But to get a sense check as we kick off day one of the campaign, let me give you a taster of the mood in the different camps.

On the Labour side, euphoria; they get the election they have been calling for, at a moment when some around Starmer would quietly say to you that the only way is down in terms of polling. Months of trying to hold the lead turns to weeks. And the message is singular: “Change, that’s our election message.”

On the Tory side, Sunak’s allies explain it like this; the economy is back to normal and this is a “show of strength” to quote one. “He’s not afraid and is completely and utterly confident in his values and principles being aligned with the public and being able to prosecute that argument.”

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Sky News election announcement

The gambler: Why summer election is a big call for the PM
Starmer: Election is ‘moment country has been waiting for’

Choice or change

There is, I think, something else at play. Some 10 months of wage growth while inflation has been falling hasn’t reaped the dividends with voters that perhaps Team Sunak expected. People aren’t feeling the difference, and waiting a few months isn’t going to change that. So with good economic news now – on inflation and growth – the PM sets it up as a choice.

His MPs are spitting as they look down the barrel of election loss – whatever the gloss Mr Gove likes to put on it. I’m told that a sitting minister publicly asked at the meeting of backbench MPs on Wednesday night if they could submit a letter of no confidence in the PM. “It’s madness,” said one former cabinet minister on election timing, while another told me: “We are in deep trouble.”

As for the coming weeks, get used to these messages: Sunak on the choice at the next election and Starmer on the change.

Labour believe that the voters have had enough of the Conservatives, and this has been borne out in recent ballot box tests. Mr Sunak has made the gamble he can pull off in six weeks what he has failed to do 18 months into the job – win voters over.

Starmer win, or Sunak comeback of the century? Either way 4 July will be a record-breaking battle for No.10.

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SEC Chair calls tokenization an ‘innovation’ in sign of regulatory shift

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<div>SEC Chair calls tokenization an 'innovation' in sign of regulatory shift</div>

<div>SEC Chair calls tokenization an 'innovation' in sign of regulatory shift</div>

In a media interview, Chair Paul Atkins pledged to empower businesses to innovate through tokenization.

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Just 25% of public think Sir Keir Starmer will win next election – with welfare row partly to blame

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Just 25% of public think Sir Keir Starmer will win next election - with welfare row partly to blame

Only a quarter of British adults think Sir Keir Starmer will win the next general election, as the party’s climbdown over welfare cuts affects its standing with the public.

A fresh poll by Ipsos, shared with Sky News, also found 63% do not feel confident the government is running the country competently, similar to levels scored by previous Conservative administrations under Boris Johnson and Rishi Sunak in July 2022 and February 2023, respectively.

Politics latest: ‘A moment of intense peril’ for PM

The survey of 1,080 adults aged 18-75 across Great Britain was conducted online between 27 and 30 June 2025, when Labour began making the first of its concessions, suggesting the party’s turmoil over its own benefits overhaul is partly to blame.

The prime minister was forced into an embarrassing climbdown on Tuesday night over his plans to slash welfare spending, after it became apparent he was in danger of losing the vote owing to a rebellion among his own MPs.

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Govt makes last-minute concession on welfare bill

The bill that was put to MPs for a vote was so watered down that the most controversial element – to tighten the eligibility criteria for personal independence payments (PIP) – was put on hold, pending a review into the assessment process by minister Stephen Timms that is due to report back in the autumn.

The government was forced into a U-turn after Labour MPs signalled publicly and privately that the previous concession made at the weekend to protect existing claimants from the new rules would not be enough.

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While the bill passed its first parliamentary hurdle last night, with a majority of 75, 49 Labour MPs still voted against it – the largest rebellion in a prime minister’s first year in office since 47 MPs voted against Tony Blair’s Lone Parent benefit in 1997, according to Professor Phil Cowley from Queen Mary University.

It left MPs to vote on only one element of the original plan – the cut to Universal Credit (UC) sickness benefits for new claimants from £97 a week to £50 from 2026/7.

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Govt makes last-minute concession on welfare bill

An amendment brought by Labour MP Rachael Maskell, which aimed to prevent the bill progressing to the next stage, was defeated but 44 Labour MPs voted for it.

The incident has raised questions about Sir Keir’s authority just a year after the general election delivered him the first Labour landslide victory in decades.

Read more:
How did your MP vote on Labour’s welfare bill?
The PM faced down his party on welfare and lost

And on Wednesday, Downing Street insisted Rachel Reeves, the chancellor, was “not going anywhere” after her tearful appearance in the House of Commons during prime minister’s questions sparked speculation about her political future.

The Ipsos poll also found that two-thirds of British adults are not confident Labour has the right plans to change the way the benefits system works in the UK, including nearly half of 2024 Labour voters.

Keiran Pedley, director of UK Politics at Ipsos, said: “Labour rows over welfare reform haven’t just harmed the public’s view on whether they can make the right changes in that policy area, they are raising wider questions about their ability to govern too.

“The public is starting to doubt Labour’s ability to govern competently and seriously at the same levels they did with Boris Johnson and Rishi Sunak’s governments. Labour will hope that this government doesn’t end up going the same way.”

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Emotional Reeves a painful watch – and a reminder of tough decisions ahead

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Emotional Reeves a painful watch - and a reminder of tough decisions ahead

It is hard to think of a PMQs like it – it was a painful watch.

The prime minister battled on, his tone assured, even if his actual words were not always convincing.

But it was the chancellor next to him that attracted the most attention.

Rachel Reeves looked visibly upset.

Chancellor of the Exchequer Rachel Reeves (right) crying as Prime Minister Sir Keir Starmer speaks. Pic: Commons/UK Parliament/PA
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Chancellor of the Exchequer Rachel Reeves (right) crying as Prime Minister Sir Keir Starmer speaks. Pic: Commons/UK Parliament/PA

It is hard to know for sure right now what was going on behind the scenes, the reasons – predictable or otherwise – why she appeared to be emotional, but it was noticeable and it was difficult to watch.

Reeves looks visibly upset as Starmer defends welfare U-turn – politics latest

Her spokesperson says it was a personal matter that they will not be getting into.

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Even Kemi Badenoch, not usually the most nimble PMQs performer, singled her out. “She looks absolutely miserable,” she said.

Anyone wondering if Kemi Badenoch can kick a dog when it’s down has their answer today.

The Tory leader asked the PM if he could guarantee his chancellor’s future: he could not. “She has delivered, and we are grateful for it,” Sir Keir said, almost sounding like he was speaking in the past tense.

Pic PA
Image:
Rachel Reeves looked visibly upset behind Keir Starmer at PMQs. Pic PA

It is important to say: Rachel Reeves’s face during one PMQs session is not enough to tell us everything, or even anything, we need to know.

But given the government has just faced its most bruising week yet, it was hard not to speculate. The prime minister’s spokesperson has said since PMQs that the chancellor has not offered her resignation and is not going anywhere.

But Rachel Reeves has surely seen an omen of the impossible decisions ahead.

How will she plug the estimated £5.5bn hole left by the welfare climbdown in the nation’s finances? Will she need to tweak her iron clad fiscal rules? Will she come back for more tax rises? What message does all of this send to the markets?

If a picture tells us a thousand words, Rachel Reeves’s face will surely be blazoned on the front pages tomorrow as a warning that no U-turn goes unpunished.

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