Labour launches manifesto as Sir Keir Starmer pledges to end political ‘pantomime’ and ‘rebuild Britain’

Published

11 months ago

June 13, 2024

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Sir Keir Starmer has promised to “end to the desperate era of gestures and gimmicks” with a “credible” long-term plan from Labour to “rebuild our country” – if they win the election on 4 July.

There were no surprises at the party’s manifesto launch in Manchester, with the leader sticking to the “five missions” for government he set out last year, rather than revealing new policies.

But Sir Keir made no apology for it, rejecting a question by Sky News’ political editor Beth Rigby, who asked whether it was a “Captain Caution” manifesto designed to protect Labour’s poll lead.

Politics live: Cameron admits PM faced ‘tough crowd’ at Sky News event

“I’m not going to do what Rishi Sunak [has done in the campaign], which is to offer things that he can’t deliver, because they’re unfunded,” he said. “People have had too much of that and fed up with that.

“This is a serious plan, carefully thought through. It is not about rabbits out of the hat, it’s not about pantomime, we’ve had enough of that. I’m running as a candidate to be prime minister, not a candidate to run the circus.”

The theme ran throughout his speech as he defended the lack of new policy, despite the looming general election.

Pointing to the seat where Nigel Farage is running to become an MP, he told the audience: “If you want politics as pantomime, I hear Clacton is nice this time of year.”

But, after a brief interruption from a protester – who Sir Keir told, “we gave up on being a party of protest five years ago, we want to be a party of power” – he spent much of his time focusing on Labour’s missions, namely:

• Kickstarting economic growth
• Making the country a clean energy “superpower”
• “Taking back our streets” by halving serious crime
• “Breaking down barriers to opportunity” with reforms to childcare and education
• Building an NHS “fit for the future”.

The Labour leader said the pledges “remain at the core” of his 131-page manifesto, adding: “If they are to offer hope and clarity through these times, if they are to show, despite the hard road, the light of the certain destination, then we must keep to that road, no matter the short term ebbs and flows of politics, even in a campaign.

“That is what mission-driven government means. A chance to stop us bobbing along until the next crisis blows us off course and instead make sure we can keep going through the storm.

“Stability over chaos. Long-term over short-term.”

Sir Keir reiterated his party’s “first steps” for government – again a plan Labour announced before the election was even called, but one he is determined to stick to.

They include a pledge to deliver “economic stability”, to cut NHS waiting lists with 40,000 more appointments a week, to crackdown on anti-social behaviour with more neighbourhood police and to recruit 6,500 new teachers.

These sit alongside promises of a new border security command to tackle small boat crossings in the Channel, and setting up the publicly-owned Great British Energy company.

“Labour’s first steps for change are a down payment on our long-term plan for the country – an immediate repair job on the damage that has been caused under 14 years of Conservative chaos and decline,” he said.

“We know we can’t wave a magic wand and pretend that everything will be fixed overnight… [but] they are the first steps towards our long-term plan.”

Other policies in the manifesto include “tough new spending rules to allow businesses to plan”, as well as a cap on corporation tax of 25% and promises of industry investment.

However, the party also commits to its “new deal for working people”, including better childcare, better pay, and help for people to get back into employment, with Sir Keir saying Labour was both “pro-business and pro-worker”.

They also promise to overhaul planning rules with a new 10-year infrastructure strategy for rail, road and to build 1.5 million homes, as well as reiterating plans to “shift power away from Westminster” by giving new responsibilities to regional mayors.

Sir Keir also doubled down on his pledge not to raise taxes on working people after much rumour around his plans for power.

“This is an issue of conviction,” he said. “I don’t believe it’s fair to raise taxes on working people when they’re already paying this month, particularly with a cost of living crisis.

“So let me spell it out. We will not raise income tax. We will not raise national insurance. We will not raise VAT. That is a manifesto commitment.”

Politics

Canada ‘got it wrong’ labeling stablecoins securities — NDAX exec

Published

1 hour ago

May 14, 2025

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<div>Canada 'got it wrong' labeling stablecoins securities — NDAX exec</div>

Tanim Rasul, chief operating officer at Canadian crypto exchange NDAX, said Canada “got it wrong” categorizing stablecoins as securities in 2022, and the country needs to realize that every other regulatory regime is looking at stablecoins as payment instruments.

Rasul made the remarks during a panel on May 13 at the Blockchain Futurist Conference in Toronto, pointing to Europe’s crypto regulatory framework as a model for Canada to consider:

“I’m sure the regulators are wondering if this was the right choice to approach stablecoins as a security. […] I would just say, look at MiCA, look at the way they’re approaching stablecoins. It’s a payment instrument. It should be regulated as such.”

The Canadian Securities Administrators (CSA) classified stablecoins as “securities and/or derivatives” in December 2022, following “recent events in the crypto market,” such as the dramatic collapse of crypto exchange FTX just a month before.

Canada, Cryptocurrency Exchange, Stablecoin — *Canadian Web3 Regulation panel at Blockchain Futurist Conference. Source: Cointelegraph*

The agency elaborated on stablecoin rules in February and October of 2023, placing such tokens under the umbrella of “value-referenced crypto assets.”

Canada’s stance on digital assets led many top crypto companies, including Binance, Bybit, OKX, and Paxos, to scale back operations in the local market. Crypto exchange Gemini also announced exit plans in September 2024.

The regulatory setback, however, hasn’t stopped Canada’s digital asset market from flourishing. According to Grand View Research, the local crypto industry posted revenue of $224 million in 2024, higher than in previous years. It is expected to grow at a compound annual growth rate of 18.6% until 2030, when it is forecast to reach $617.5 million in annual revenue.

Stablecoins have emerged as key crypto use case

Stablecoins, cryptocurrencies pegged to a fiat currency, have emerged as a key use case for digital assets. According to DefiLlama, the current market capitalization for all stablecoins is at $242.8 billion as of May 14, up 51.9% in the past 12 months.

Nation-states and economic blocs are increasingly working on stablecoin regulations to tackle the rising usage across the world. While the most used stablecoins are pegged to the US dollar, there is demand for stablecoins pegged to other fiat currencies.

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

Politics

CFTC commissioner will step down to become Blockchain Association CEO

Published

3 hours ago

May 14, 2025

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CFTC commissioner will step down to become Blockchain Association CEO

Summer Mersinger, one of four commissioners currently serving at the US financial regulatory body Commodity Futures Trading Commission (CFTC), will become the next CEO of the digital asset advocacy group the Blockchain Association (BA).

In a May 14 notice, the Blockchain Association said its current CEO, Kristin Smith, would step down for Mersinger on May 16, allowing an interim head of the group to work until the CFTC commissioner assumes the role on June 2. Though her term at the CFTC was expected to last until April 2028, the BA said Mersinger is set to leave the agency on May 30.

The departure of Mersinger, who has served in one of the CFTC’s Republican seats since 2022, opens the way for US President Donald Trump to nominate another member to the financial regulator. Rules require that no more than three commissioners belong to the same political party.

Like the Securities and Exchange Commission, the CFTC is one of the significant US financial regulators whose policies impact digital assets. Lawmakers in Congress are currently working to pass a market structure bill to clarify the roles each agency could take in overseeing and regulating crypto.

New leadership at the Blockchain Association had been expected since Smith announced her departure on April 1 to become the next president of the Solana Policy Institute. A spokesperson for the Blockchain Association had not responded to Cointelegraph’s request for comment at the time of publication.

Some of the biggest crypto firms in the US, including Coinbase, Ripple Labs and Chainlink Labs, are members of the Association. The organization “support[s] a future-forward, pro-innovation national policy and regulatory framework for the crypto economy,” according to its website.

Changing the leadership at a major US financial regulator

A nominee of former US President Joe Biden, Mersinger has called for standardized crypto-related policies and said the CFTC was the “ideal regulator for the cryptocurrency spot market.” Some expected she would lead the regulator following the election of Trump and the departure of then-CFTC Chair Rostin Behnam, but Commissioner Caroline Pham took on the role in an acting capacity in January.

Trump chose former commissioner Brian Quintenz to chair the CFTC in February, but his nomination has not moved through the Senate for a vote in roughly three months. Commissioner Christy Goldsmith Romero reportedly said she plans to leave the agency once Quintenz is confirmed, potentially giving Trump the chance to nominate three new commissioners to fill the five-seat panel.

Any CFTC commissioner picked by the president needs a majority vote in the Senate to be confirmed for a five-year term or to fill in for a resigning member.

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

Politics

Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

Published

7 hours ago

May 14, 2025

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Bitcoin more of a ‘diversifier’ than safe-haven asset: Report

Bitcoin’s fluctuating correlation with US equities is raising questions about its role as a global safe-haven asset during periods of financial stress.

Bitcoin (BTC) exhibited a strong negative correlation with the US stock market when analyzing the short-term, seven-day trailing correlation, according to new research from blockchain data provider RedStone Oracles, shared exclusively with Cointelegraph.

However, RedStone said that the 30-day indicator signals a “variable correlation” between Bitcoin price and the S&P 500 index, with the correlation coefficient ranging from -0.2 to 0.4.

This fluctuating correlation suggests that Bitcoin “doesn’t consistently function as a true hedge for equities” due to its lack of a strong negative correlation below -0.3, which is needed for “reliable counter movement during market stress,” the report said.

The research suggests that while Bitcoin may not be a dependable hedge against stock market declines, it offers value as a portfolio diversifier.

This fluctuating dynamic signals that Bitcoin often moves independently from other assets, potentially offering additional returns while other assets are struggling. Still, Bitcoin has yet to mirror the safe-haven dynamics of gold and government bonds, RedStone suggests.

Bitcoin needs to “mature” before decoupling from stock market

While Bitcoin is poised to grow into a safe-haven asset in the future, the world’s first cryptocurrency still needs to “mature” as a global asset, according to Marcin Kazmierczak, co-founder and chief operating officer at RedStone.

“Bitcoin still needs to mature before decoupling from stock markets,” Kazmierczak told Cointelegraph, adding:

“Increased institutional adoption will absolutely help — we’re already seeing this effect with corporate treasury investments reducing Bitcoin’s 30-day volatility and with BlackRock repetitively praising BTC as an asset in a portfolio.”

Meanwhile, Bitcoin will see growing recognition as a portfolio diversifier, with an annualized return of over 230% for the past five years, which “significantly outperformed” both stocks and traditional safe-haven assets, Kazmierczak said, adding that “even a small 1–5% Bitcoin allocation can meaningfully enhance a portfolio’s risk-adjusted returns.”

Meanwhile, Bitcoin’s declining volatility supports BTC’s growing maturity as a global financial asset. Bitcoin’s weekly volatility hit a 563-day low on April 30, a development that may signal more stable price action.

Bitcoin’s price volatility fell below the realized volatility of the S&P 500 and the Nasdaq 100, signaling that investors are increasingly treating Bitcoin as a long-term investment vehicle, Cointelegraph reported on May 13.