Rishi Sunak is “deeply patriotic”, a Cabinet colleague has told Sky News, as the controversy over the prime minister’s D-Day snub rumbles on in the run-up to the election.
Responding to ongoing criticism of the Tory leader, Work and Pensions Secretary Mel Stride said his boss had recognised he had made a mistake over his decision to leave the 80th anniversary events in Normandy early to carry out a TV interview and would be “feeling this very deeply”.
In the face of a backlash from rivals, veterans and some within his own party, Mr Sunak was forced to apologise for skipping an international ceremony attended by world leaders including US President Joe Biden to mark the allied landings.
Among those to wade into the row was Reform UK leader Nigel Farage who told Sky News that the debacle proved Mr Sunak was “not a patriotic leader of the Conservative Party”.
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PM apologises for D-Day departure
PM’s ‘patriotism is beyond doubt’
Mr Sunak is campaigning in Yorkshire without the usual media pack today after facing accusations of “dodging” reporters’ questions on Saturday amid the continuing D-Day furore.
Speaking to the Sunday Morning With Trevor Phillips show on Sky News, Mr Stride said: “I do know Rishi pretty well, in fact I consider him as something of a friend, and I know he is a deeply patriotic person who cares greatly about this country.
“I know he will be feeling this very deeply.”
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He added: “His commitment and his patriotism is in my opinion beyond doubt.
“Now that is not the same thing as saying a mistake was not made. He accepts that – he didn’t run away or resile from that situation.
“What he did is he stood up, he put his hands up, he accepted a mistake has been made and he unequivocally apologised.”
Image: Mel Stride was questioned by Trevor Phillips on Sky News
Mr Stride also dismissed the suggestion that Mr Sunak could hand over the leadership of the Tory Party before the 4 July poll.
He said Sunak would “absolutely” lead the party into the election and added: “There should be no question of anything other than that.”
But Conservative commentator Tim Montgomerie branded Mr Sunak’s early D-Day event departure as “the biggest gaffe I can remember in politics” and said morale in the party was at “rock bottom”.
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Meanwhile, Mr Farage has defended his claim that Mr Sunak’s early departure from commemoration events in France showed he did not understand “our culture”.
Pressed over whether he was trying to highlight Mr Sunak’s British-Asian background, Mr Farage highlighted the wartime contribution made by Commonwealth troops and suggested he was talking about the prime minister’s “class” and “privilege”.
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Farage: PM ‘not patriotic leader’ over D-Day
He told the BBC: “I know what your question is leading at – 40% of our contribution in World War One and World War Two came from the Commonwealth.
“He is utterly disconnected by class, by privilege from how the ordinary folk in this country feel. He revealed that, I think spectacularly, when he left Normandy early.
“And out there now there are millions and millions of people who were Conservative voters, traditional Conservative voters, not the Red-Wallers, who are now thinking ‘Do we go on supporting the Conservatives or do we support Reform?’
“And this is going to be, I think, the acid test of this election.”
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In his own interview with the BBC, Mr Stride argued Mr Farage’s remarks were “deeply regrettable”.
He said: “I think they are suggesting things – I’m not going to go any further than that because I didn’t want to stoke this whole thing up – but it just seems to me that that’s an ill-advised thing to have said.
“I feel very uncomfortable with that. We’ve had in our country, and it’s a source of great personal pride – as somebody who supported the prime minister, wanted him to be the leader of our party and our prime minister – that I’ve sat around a cabinet table that’s the most diverse in history.
“And I’m very proud of the fact that we have a British Asian who is right at the top of our government.”
On the same subject, Labour shadow justice secretary Shabana Mahmood told the BBC: “I think this is a classic Nigel Farage trick, lean just enough to signal a bit of a dog whistle and then lean straight back and sound perfectly reasonable and say something good about the contribution that Commonwealth soldiers, ethnic minorities made towards the war effort.”
Image: Shabana Mahmood
She added: “We can all see exactly what Nigel Farage is doing, he’s got form, it is completely unacceptable.
“This is a man that has a track record of seeking to divide communities who just wants to do it with a veneer of respectability whilst he’s at it.”
The US Nasdaq stock exchange is making SEC approval of its proposal to offer tokenized versions of stocks listed on the exchange a top priority, according to the exchange’s crypto chief.
“We’ll just move as fast as we can,” Nasdaq’s head of digital assets strategy, Matt Savarese, said during an interview with CNBC on Thursday, when asked whether the SEC could approve the proposal this year.
“I think what we have to really evaluate where the public comments come back in and then answer and respond to the SEC questions as they come through,” Savarese said. “We hope to kind of work with them as quickly as possible,” Savarese said.
Savarese says Nasdaq isn’t “upending the system”
The proposal, submitted by Nasdaq on Sept. 8, is requesting to allow investors to buy and sell stock tokens — digital representations of shares in publicly traded companies — on the exchange.
Savarese emphasized that Nasdaq is not trying to overhaul the way stocks are invested in when asked whether he expects other major exchanges to follow suit.
Nasdaq’s head of digital assets, Matt Savarese, spoke to CNBC on Thursday. Source: CNBC
“We’re not looking at upending the system; we want everyone to come along for that ride and bring tokenization more into the mainstream,” he said.
“We want to do it in that responsible investor-led way first, under the SEC rules themselves,” he added.
It was only in October that Robinhood CEO Vlad Tenev said that tokenization will “eventually eat the whole financial system.”
The crypto industry is divided on tokenized equities
Savarese emphasized that Nasdaq is aiming to be an innovator in the ecosystem, noting that the exchange was the first to transition markets from paper-based trading to electronic systems.
Tokenizing stocks has been one of the most significant talking points in the crypto industry this year.
On Sept. 3, Galaxy Digital CEO Mike Novogratz said the company became the first Nasdaq-listed company to tokenize its equity on a major blockchain following its launch on the Solana network.
The conversation around tokenized equities has also drawn skepticism from the crypto industry.
On Oct. 1, Rob Hadick, general partner at crypto venture firm Dragonfly, told Cointelegraph that tokenized equities will be a significant benefit to traditional markets, but may not be a boon to the crypto industry as others have predicted.
Hadick said that if tokenized stocks use layer-2 networks, it creates “leakage” as value and may not flow back to Ethereum or the broader crypto ecosystem as much as hoped.
Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC) and head of the SEC’s Crypto Task Force, reaffirmed the right to crypto self-custody and privacy in financial transactions.
“I’m a freedom maximalist,” Peirce told The Rollup podcast on Friday, while saying that self-custody of assets is a fundamental human right. She added:
“Why should I have to be forced to go through someone else to hold my assets? It baffles me that in this country, which is so premised on freedom, that would even be an issue — of course, people can hold their own assets.”
SEC commissioner Hester Peirce discusses the right to self-custody and financial privacy. Source: The Rollup
Peirce added that online financial privacy should be the standard. “It has become the presumption that if you want to keep your transactions private, you’re doing something wrong, but it should be exactly the opposite presumption,” she said.
Many large Bitcoin (BTC) whales and long-term holders are pivoting from self-custody to ETFs to reap the tax benefits and hassle-free management of owning crypto in an investment vehicle.
“We are witnessing the first decline in self-custodied Bitcoin in 15 years,” Dr. Martin Hiesboeck, the head of research at crypto exchange Uphold, said.
Hiesboeck attributed the shift to the SEC approving in-kind creations and redemptions for crypto ETFs in July, which allowed authorized holders to exchange crypto for ETF shares and vice versa without triggering a taxable event, unlike cash-settled ETFs.
“A move away from the self-custody mantra of ‘not your keys, not your coins’ is another nail in the coffin of the original crypto spirit,” Hiesboeck added.
Jeremy Corbyn has declined to say his Your Party co-founder Zarah Sultana is a friend as supporters of the new grouping gather in Liverpool.
Speaking to Sky News on the eve of the conference, Mr Corbyn acknowledged “stresses and strains” in the set-up of the party but said it had become “a lot better in the last few days and weeks and we’re going to get through this weekend”.
The former Labour leader has publicly clashed with Ms Sultana, the MP for Coventry South, over the launch and structure of the new party.
Asked if they were friends, Mr Corbyn said they were “colleagues in parliament, and we obviously communicate and so on”.
The pair appeared at separate events on the eve of the party’s inaugural gathering.
Ms Sultana had previously claimed she was being “sidelined” by a “sexist boys’ club” within the fledgling party.
Mr Corbyn said her comments were an “unfortunate choice of words” but added that he had been more involved in the organisation of the conference than she had.
Image: The co-founders have had a strained relationship since setting up the party. Pic: Your Party
The Islington North MP also said that Your Party was still waiting for Ms Sultana to transfer all of the funds she had raised from supporters.
“Obviously having money up front for a conference is a big help,” he said.
Ms Sultana has insisted she is transferring the donations in stages.
The weekend gathering in Liverpool will see supporters choose between four options for a permanent party name: Your Party, Our Party, Popular Alliance, For the Many.
The preferred choice of Ms Sultana – The Left – did not make the ballot.
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Similarly, the Coventry MP had said she favoured a co-leader approach, but members will only be able to pick between single leadership or collective leadership models.
Speaking at her own pre-conference rally, Ms Sultana blamed a “nameless, faceless bureaucrat” for restricting the choices.
The meeting also risked being disrupted by a series of member expulsions. One of those ejected, Lewis Nielsen, accused a “clique” of trying to “take over”.
Your Party sources said expulsions related to members of the Socialist Workers Party and that holding another national party membership was not allowed.
Ms Sultana blamed a “culture of paranoia at the top” and said she believed the same people who had been briefing against her were now also expelling members.
Mr Corbyn will open the conference on Saturday, while the results of the main decision-making votes will be announced on Sunday.