Labour denies Sir Keir Starmer promised peerages for MPs to step down to make space for his candidates

Published

12 months ago

June 3, 2024

admin

Labour has denied claims it is offering peerages to former Labour MPs so they stand down to make space for Sir Keir Starmer’s chosen candidates.

A number of left-wing Labour candidates, who were MPs until the election was called, told The Times they were told they would be elevated to the House of Lords if they gave up their seats.

But Yvette Cooper, Labour’s shadow home secretary, told Sky News’s Sunday Morning With Trevor Phillips: “No party can do that, it’s not the way the system works.”

She added that there is a “whole process” for an independent committee to vet nominations to the Lords so it is not possible for Sir Keir, or any party leader, to promise anybody a seat there.

The allegation came after Sir Keir was accused of trying to get rid of candidates to the left of the party.

Veteran MP Diane Abbott accused him of “culling” Labour left-wingers after two potential candidates, Faiza Shaheen and Lloyd Russell-Moyle, were blocked from standing.

Former leader Jeremy Corbyn told Sky News Sir Keir is “clearly intervening” in a “purge” of left-wing candidates.

But Sir Keir has denied that, saying he wants “the highest quality candidates”.

Whether Ms Abbott, the first female black MP, would be allowed to stand or not for the Labour Party has taken over the headlines in the first week of the election campaign.

Asked by Trevor Phillips if she expects Ms Abbott to be the Labour candidate for Hackney North and Stoke Newington, Ms Cooper said: “I assume so, yes.

“I’m very glad it’s been resolved for Diane. She continues to be a very important figure in the Labour Party.”

? Tap here to follow Politics at Jack at Sam’s wherever you get your podcasts ?

Ms Abbott was given the Labour whip back at the beginning of the week after a year-long investigation over a letter she wrote suggesting Jewish, Irish and Traveller people do not face racism.

Confusion reigned when she claimed she had been barred from standing for Labour in Hackney North and Stoke Newington, the seat she has held for 37 years.

More politics:
The ultimate guide to the general election
What is the pre-election period known as purdah?

Sir Keir said no decision had yet been taken and it was not up to him, but the party’s national executive committee.

Then on Friday, he said: “She is free to go forward as a Labour candidate.”

Ms Abbott said she would not be making a comment until she is officially endorsed by the party’s ruling National Executive Committee next week.

But she told Sky News that “the narrative does look positive”.

Labour sources said she will be the Labour candidate in her east London constituency and is expected to ratify the decision when it meets on Tuesday.

Politics

UK to require crypto firms to report every customer transaction

Published

4 hours ago

May 18, 2025

admin

UK to require crypto firms to report every customer transaction

United Kingdom crypto companies will need to collect and report data from every customer trade and transfer beginning Jan. 1, 2026 as part of a broader effort to improve crypto tax reporting, the UK government said.

Everything from the user’s full name, home address and tax identification number will need to be collected and reported for every transaction, including the cryptocurrency used and the amount moved, the UK Revenue and Customs department said in a May 14 statement.

Details of companies, trusts and charities transacting on crypto platforms will also need to be reported.

Failure to comply or inaccurate reporting may incur penalties of up to 300 British pounds ($398.4) per user. The UK Revenue and Customs department said it would inform companies on how to comply with the incoming measures in due course.

However, UK authorities are encouraging crypto firms to start collecting data now to ensure compliance readiness.

The new rule is part of the UK’s integration of the Organisation for Economic Development’s Cryptoasset Reporting Framework to improve transparency in crypto tax reporting.

The changes reflect the UK government’s aim to establish a more robust regulatory framework that supports industry growth while ensuring consumer protection.

UK Chancellor Rachel Reeves also introduced a draft bill in late April to bring crypto exchanges, custodians and broker-dealers within its regulatory reach to combat scams and fraud.

“Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability,” Reeves said at the time.

A study from the UK’s Financial Conduct Authority last November found that 12% of UK adults owned crypto in 2024 — a significant increase from the 4% reported in 2021.

UK’s approach contrasts with EU’s MiCA

The UK’s move to integrate the crypto rules into its existing financial framework contrasts with the European Union’s approach, which introduced the new Markets in Crypto-Assets Regulation framework last year.

According to the MiCA Crypto Alliance, one key difference is that the UK will allow foreign stablecoin issuers to operate in the UK without needing to register.

There will also be no cap on stablecoin volumes, unlike the EU’s approach, which may impose controls on stablecoin issuers to manage systemic risks.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Hong Kong police busts $15M laundering ring that used crypto, 500 bank accounts

Published

8 hours ago

May 18, 2025

admin

Hong Kong police busts M laundering ring that used crypto, 500 bank accounts

Hong Kong police arrested 12 people involved in a cross-border money laundering scheme that relied on crypto and over 500 stooge bank accounts to launder HK$118 million ($15 million), local news outlets reported.

The syndicate was dismantled on May 15, resulting in the arrest of nine men and three women in mainland China and Hong Kong.

The suspects allegedly recruited others to open bank accounts to receive proceeds from fraud cases, which were then converted into crypto at crypto exchange shops to launder the illicit funds, Hong Kong Commercial Daily reported on May 17.

The criminal organization rented a residential unit in the Hong Kong neighborhood of Mong Kok to plan and carry out its money laundering activities. Of the $15 million laundered, more than $1.2 million was linked to 58 reported fraud cases.

Caught in action

The bust followed police surveillance on May 15, when two recruits left the syndicate’s Mong Kok base — one visiting a bank, the other an ATM — before both went to convert the cash into crypto at a crypto exchange shop in the neighborhood of Tsim Sha Tsui.

Police arrested both individuals on the spot, seizing around HK$770,000 ($98,540) in cash before the funds could be laundered. The other 10 individuals, aged between 20 and 41, were arrested soon after.

Police seized approximately HK$1.05 million ($134,370) in cash, over 560 ATM cards, multiple mobile phones, bank documents and records related to crypto transactions.

Senior Inspector Tse Ka-lun of Hong Kong’s Commercial Crime Bureau claimed that the individuals often used bank accounts from their friends and family to launder the stolen funds.

Hong Kong reported a 12% year-on-year increase in fraud reports in 2024, with authorities making more than 10,000 fraud-related arrests. Of those arrests, around 73% involved individuals who held stooge bank accounts.

The crackdown comes as Hong Kong continues to roll out its crypto regulatory framework to support local innovation, protect consumers and establish itself as a crypto hub.

Hong Kong’s Securities and Futures Commission introduced new rules for crypto exchanges offering staking services in April. Two months earlier, the securities regulator rolled out a roadmap to improve market access, optimize compliance, expand product offerings, strengthen crypto infrastructure and foster relationships with industry players.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Keir Starmer says closer EU ties will be good for UK jobs, bills and borders ahead of key talks

Published

11 hours ago

May 17, 2025

admin

Keir Starmer says closer EU ties will be good for UK jobs, bills and borders ahead of key talks

Sir Keir Starmer has said closer ties with the EU will be good for the UK’s jobs, bills and borders ahead of a summit where he could announce a deal with the bloc.

The government is set to host EU leaders in London on Monday as part of its efforts to “reset” relations post-Brexit.

A deal granting the UK access to a major EU defence fund could be on the table, according to reports – but disagreements over a youth mobility scheme and fishing rights could prove to be a stumbling block.

The prime minister has appeared to signal a youth mobility deal could be possible, telling The Times that while freedom of movement is a “red line”, youth mobility does not come under this.

His comment comes after Kaja Kallas, the EU’s high representative for foreign affairs, said on Friday work on a defence deal was progressing but “we’re not there yet”.

Sir Keir met European Commission president Ursula von der Leyen later that day while at a summit in Albania.

If agreed, the deal will be the third in two weeks, following trade agreements with India and the US.

Sir Keir said: “First India, then the United States – in the last two weeks alone that’s jobs saved, faster growth and wages rising.

“More money in the pockets of British working people, achieved through striking deals not striking poses.

“Tomorrow, we take another step forward, with yet more benefits for the United Kingdom as the result of a strengthened partnership with the European Union.”

👉 Click here to follow Electoral Dysfunction wherever you get your podcasts 👈

Conservative leader Kemi Badenoch has said she is “worried” about what the PM might have negotiated.

Ms Badenoch – who has promised to rip up the deal with the EU if it breaches her red lines on Brexit – said: “Labour should have used this review of our EU trade deal to secure new wins for Britain, such as an EU-wide agreement on Brits using e-gates on the continent.

“Instead, it sounds like we’re giving away our fishing quotas, becoming a rule-taker from Brussels once again and getting free movement by the back door. This isn’t a reset, it’s a surrender.”