Tories pledge £20m for 30 towns as Labour embarks on ‘power up’ bus tour

Published

12 months ago

June 1, 2024

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The Conservatives have pledged to give £20m to 30 towns across the country – a move the Labour Party has branded a “reckless, unfunded commitment”.

Rishi Sunak’s party said it would add the towns – many of which are based in the Midlands and north – to its existing long-term plan for towns, increasing the number that will receive financial support to more than 100.

The Tories said local people in each area would decide how the money would be spent, through new town boards composed of community leaders, businesspeople, local government and the local MP.

The prime minister said the “bold action” would “transform” 30 towns, as he claimed Labour’s record in government “shows they don’t care about towns – “neglecting their needs, allowing them to decline and focusing instead on cities.”

“Sir Keir Starmer has no plan to unlock opportunities in towns and would take us back to square one,” he said.

General election latest: Keir Starmer says Diane Abbott is ‘free’ to stand as Labour candidate

“Building on our strong track record of levelling up in Teesside and the Midlands, we will go further across the country to build a secure future for our children and grandchildren.”

Some of the towns proposed to be added to the scheme include Tamworth, Preston, Newcastle-under-Lyme, Corby, Halifax, Bognor Regis, Newtown, Flint, Perth and Newry.

Nearly all are being defended by Tory candidates in this election, with only five being most recently represented by Labour.

The 30 new towns come on top of Mr Sunak’s decision on the eve of Tory party conference to award £20m to 55 “overlooked” towns across the UK over a 10-year period.

A further 20 then formed part of the second tranche, which was announced at the March budget

The Tories said the cost of funding the additional 30 towns would be around £60m per year, which they said was “affordable” under plans to clamp down on tax avoidance.

But Labour argued the funding ringfenced to pay for the investment was the same as that being used to fund recent announcements to create a new tax free allowance for pensioners and the National Service Plan that would compel those over 18 to take part in either community or military training.

Deputy leader Angela Rayner will promote the party’s own “power-up agenda” with a 5,000-mile battle bus tour on Saturday, where she will be joined by Labour leader Sir Keir Starmer and shadow chancellor Rachel Reeves.

Labour has said its Take Back Control Act will devolve power from Westminster and give communities a new right to request more powers.

It has also put forward its own Green Prosperity Plan, which it says will create 650,000 jobs across the country – although it will no longer spend £28bn a year for the rest of the decade on the country’s green transition.

Ms Rayner said: “Just days ago, Rishi Sunak raided levelling-up cash to fund his teenage Dad’s Army.

“Today he’s back making yet another reckless unfunded spending commitment, sure to be broken as quickly as it was made.

“Everywhere you look, communities up and down the country are feeling the impact of 14 years of Tory decline: boarded-up shops, soaring bills and a widening wage gap with London.”

Liberal Democrat levelling-up, housing and communities spokesperson Helen Morgan said: “This isn’t fooling anyone after the Conservatives’ broken promises on ‘levelling up’ since 2019 have completely failed to deliver.

“Their ‘levelling-up’ agenda over the last few years has pitted councils against each other and left them begging for scraps, and rural areas often failed to benefit at all. We need to see proper funding for local councils alongside more powers for them to make investments they believe in.”

Politics

Scotland’s former first minister Humza Yousaf hits out at Starmer’s ‘dog whistle’ stance on immigration

Published

2 hours ago

May 17, 2025

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Scotland's former first minister Humza Yousaf hits out at Starmer's 'dog whistle' stance on immigration

Former Scottish first minister Humza Yousaf has attacked Sir Keir Starmer for his “dog whistle” stance on immigration after the prime minister said the UK risked becoming an “island of strangers”.

In a piece penned by Mr Yousaf for LBC, the former leader of the Scottish National Party (SNP) repeated claims the prime minister’s recent remarks on immigration were a “modern echo” of Enoch Powell’s infamous 1968 Rivers Of Blood speech.

The prime minister stirred controversy earlier this week when he argued Britain “risked becoming an island of strangers” if immigration levels were not cut.

After many MPs criticised his language, Sir Keir rejected the comparison to Powell, with his official spokesperson saying migrants have made a “massive contribution” to society but his point was that the Tories “lost control of the system”.

In the LBC piece published on Saturday, Mr Yousaf said: “Powell’s 1968 speech warned of immigration as an existential threat to ‘our blood and our culture’, stoking racial panic that led directly to decades of hostile migration policies.

“Starmer’s invocation of ‘strangers’ is a modern echo – a dog-whistle to voters who blame migrants for every social ill, from stretched public services to the cost-of-living crisis.

“It betrays a failure to understand, or deliberately mask the fact that Britain’s prosperity depends on migration, on openness not building walls.”

Sir Keir made the comments at a news conference in which measures were announced to curb net migration, including banning care homes from recruiting overseas, new English language requirements for visa holders and stricter rules on gaining British citizenship.

The package is aimed at reducing the number of people coming to the UK by up to 100,000 per year, though the government has not officially set a target.

The government is under pressure to tackle legal migration, as well as illegal immigration, amid Reform UK’s surge in the polls.

Mr Yousaf concluded his article saying the UK was “on the brink of possibly handing the keys of No 10 to Nigel Farage”.

Politics

Everstake defends non-custodial staking as SEC weighs industry input

Published

11 hours ago

May 17, 2025

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Everstake defends non-custodial staking as SEC weighs industry input

The US Securities and Exchange Commission (SEC) has held discussions with Everstake, one of the largest non-custodial staking providers globally, to explore clearer regulatory definitions around staking in blockchain networks.

The meeting, which also involved the SEC’s Crypto Task Force, comes at a time when over $193 billion in digital assets are staked across major proof-of-stake (PoS) networks.

However, despite the massive scale of participation, staking remains in a legal gray zone in the US as regulators wrestle with its classification under existing securities law.

The previous SEC administration also took enforcement actions against major players such as Kraken, Coinbase, and Consensys due to their staking services. The agency, under pro-crypto President Donald Trump, has recently dismissed these enforcement actions.

During the meeting, Everstake told the SEC that non-custodial staking should not be classified as a securities transaction. The company said that users maintain full control over their digital assets throughout the staking process and do not transfer ownership to a third party.

They argued that this makes staking a technical function, not an investment product.

“Our main assertion is that staking is not a financial instrument or security transaction, but rather a technical process, a base-layer protocol mechanism—akin to an oracle in a database—that maintains the integrity and functionality of decentralized networks,” Everstake founder Sergii Vasylchuk told Cointelegraph.

Everstake calls for regulatory clarity

In a letter submitted to the SEC’s Crypto Task Force on April 8, 2025, Everstake asked the agency to extend regulatory clarity to non-custodial staking and custodial and liquid staking models.

In the letter, which came in respond to Commissioner Hester Peirce’s call for input on regulatory treatment of blockchain services, Everstake argued that non-custodial staking should not be considered a securities offering.

It claimed that non-custodial staking, where users retain control of their tokens, does not involve the pooling of assets or the expectation of profits from managerial efforts.

In its model, Everstake said users delegate only validation rights while maintaining ownership of their digital assets. The staking rewards are algorithmically distributed by the blockchain network itself, and the firm merely provides technical infrastructure.

Non-custodial staking fails the Howey test

The letter also details why non-custodial staking fails each prong of the Howey test. Users do not make an investment of money in a common enterprise, do not expect profits from Everstake’s efforts, and are not dependent on the company’s management for financial returns.

Instead, any rewards come from network-level incentives and fluctuate with the market value of the underlying asset.

Everstake proposes specific criteria that should exempt non-custodial staking from securities classification. These include user asset control, absence of pooled funds, permissionless unstaking, and the provision of purely technical services.

It likens non-custodial staking to proof-of-work mining, which the SEC has previously ruled out as a securities transaction.

Margaret Rosenfeld, Everstake’s chief legal officer, also told Cointelegraph that “with non-custodial staking, there’s no handover of assets, no investment contract, and no third-party risk.” She added:

“Treating it as a securities offering undermines the decentralized model and risks chilling innovation in the blockchain sector.”

Nevertheless, the SEC has so far withheld a definitive stance. Rosenfeld said that the agency did not make any “specific commitments” on staking guidance. However, it continues to listen to industry stakeholders.

“The Task Force is actively engaging with a range of stakeholders—including those involved with non-custodial staking, ETFs, and broader blockchain infrastructure—to gather input.”

In an April 30 letter to the SEC, nearly 30 crypto advocate groups led by the lobby group the Crypto Council for Innovation (CCI) asked the agency for clear regulatory guidance on crypto staking and staking services.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express

Politics

New Zealand man arrested in $265M crypto scam tied to FBI probe

Published

13 hours ago

May 17, 2025

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New Zealand man arrested in 5M crypto scam tied to FBI probe

A man from Wellington, the capital city of New Zealand, has been arrested in connection with an FBI-led investigation into a global cryptocurrency fraud operation that allegedly stole $450 million New Zealand dollars ($265 million).

According to New Zealand Police, the man is one of 13 individuals charged after authorities executed search warrants across Auckland, Wellington, and California over the past three days.

The charges stem from allegations that members of an organized criminal group manipulated seven victims to obtain large amounts of cryptocurrency, which was then laundered through multiple platforms between March and August 2024.

The US Department of Justice has indicted the man under federal law, including charges of racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering, per the announcement.

New Zealand man arrested in $265M crypto scam tied to FBI probe — *Source: New Zealond Police*

Scammer used stolen funds to purchase luxury vehicles

Prosecutors allege the stolen funds were used to purchase $9 million worth of luxury vehicles and spent lavishly on high-end goods, including designer handbags, watches, and clothing, as well as services such as nightclub access, private security, and rentals in Los Angeles, Miami, and the Hamptons.

The accused appeared in Auckland District Court and was granted bail with interim name suppression. He is scheduled to reappear on July 3.

“We have worked closely with our law enforcement colleagues in the United States in support of their investigation,” the police stated. They added:

“Today’s search warrant and arrest reflects the importance of international partnerships where criminals are operating across borders.”

The investigation remains ongoing.

Crypto thefts surge to $360 million in April

Digital asset thefts skyrocketed in April 2025, with nearly $360 million stolen across 18 separate hacking incidents, according to data from blockchain security firm PeckShield.

The figure marks a staggering 990% jump from March when reported losses stood at just $33 million. The sharp rise was largely attributed to a single unauthorized Bitcoin transfer that accounted for the bulk of the month’s losses.

On April 28, blockchain analyst ZachXBT identified a suspicious $330 million BTC transaction. The incident was later confirmed as a social engineering attack that targeted an elderly US resident, resulting in one of the largest individual crypto thefts to date.

Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express