Rishi Sunak’s “soaring” personal wealth has come under fresh attack ahead of crucial inflation figures coming out tomorrow.
In what will be a key moment in the election campaign, the rate of inflation is expected to ease back to the Bank of England’s target of 2% for the first time since spring 2021.
The figures could provide a much needed boost for the embattled prime minister, whose key offering to voters is that the economy has “turned a corner” under his leadership and they should not risk change with Labour.
But the Labour Party says this claim is “rubbished” by data showing more than half of Brits think the cost of living crisis has become worse in the last month.
The party says that Mr Sunak’s wealth increased by £122m in the last year, while data from the Office for National Statistics (ONS) shows millions of people continue to struggle.
Darren Jones, shadow chief secretary to the treasury, told Sky News:“No wonder Rishi Sunak doesn’t have a clue what working people are going through. He is entirely insulated from the cost of living crisis and totally out of touch.
“Under the Tories, taxes on working people have risen to a 70-year high and this week Jeremy Hunt has confirmed that their manifesto is unfunded.
“We need a change, we need a government that understands working people, we need a Labour government.”
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Image: Darren Jones, shadow chief secretary to the treasury
ONS data released earlier this month showed 54% of people believed the cost of living has increased compared to one month ago – while just 3% of people believed it had decreased.
The biggest way people are feeling the pinch is at the supermarket – with 91% of respondents saying the price of their food shop has shot up.
The data also showed 45% of people’s rent or mortgage has increased in the last six months, while a third of people say they are unable to save anything in the year ahead.
This is despite the fact inflation is nearing normal levels, after reaching record highs in recent times and at one stage hitting a peak not seen for 40 years.
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With households still feeling the squeeze, all parties are facing pressure to do more to tackle the cost of living.
The Tories are promising tax cuts, with the prime minister on Tuesday night saying prioritising this was his “moral mission” now that inflation is back “under control”.
Meanwhile, Labour is vowing to cut energy bills through the creation of a publicly owned clean energy company, saying this could save families £300 a year.
Labour has sought to use Mr Sunak’s vast personal fortune as a dividing line during the election – saying he can’t relate to the pressures facing the rest of the country.
The personal wealth of Mr Sunak and his wife Akshata Murty rose by £122m last year, according to the Sunday Times Rich List.
The couple’s fortune was estimated at £651m in the latest list, published in May, up from £529m in 2023.
This means they are richer than the King, according to the annual list of the UK’s most wealthy people.
The bulk of the couples’ wealth derives from shares in Infosys, the IT company co-founded by Ms Murty’s father.
A Conservative spokesperson hit back at Labour’s attack by claiming the party was facing a £38bn black hole in their finances – a figure that Labour has disputed.
“Keir Starmer is desperately trying to hide the fact that the £38.5bn blackhole in Labour’s manifesto will cost households up and down the country £2094,” the spokesperson said.
He has also ramped up personal attacks against his rival Sir Keir Starmer in recent days – claiming yesterday that he lacks the “courage of his convictions”and so would find the job of prime minister “hard to do well”.
Pakistan has allocated 2,000 megawatts of surplus electricity exclusively for Bitcoin mining and artificial intelligence centers.
The move is part of a broader digital transformation plan spearheaded by the Pakistan Crypto Council and backed by the Ministry of Finance, according to a May 25 report by local news outlet 24NewsHD TV Channel.
In the first phase, the government plans to channel excess power into AI infrastructure and crypto mining operations. Finance Minister Muhammad Aurangzeb said the decision is expected to attract billions in foreign investment while generating high-tech employment across the country.
The initiative’s second phase will introduce access to renewable energy for mining operations, aiming to balance growth with environmental responsibility.
Pakistan unveils tax incentives to attract investors
Per the report, interest from international Bitcoin (BTC) miners and AI firms has already picked up. Officials confirmed that multiple foreign delegations have visited Pakistan in recent months to explore potential partnerships.
To further incentivize investment, the Ministry of Finance announced a package of tax incentives for AI centers and duty exemptions for Bitcoin miners.
Bilal Bin Saqib, CEO of Pakistan’s Crypto Council, reportedly welcomed the development, calling it a “turning point” for the country’s digital economy.
Saqib claimed that with clear regulations and a transparent framework, Pakistan could emerge as a significant player in the global crypto and AI sectors.
The meeting included lawmakers, the Bank of Pakistan’s governor, the chairman of Pakistan’s Securities and Exchange Commission (SECP), and the federal information technology secretary.
The Pakistan Digital Assets Authority (PDAA) will serve as a regulatory body to oversee licensing and regulating exchanges, custodians, wallets, tokenized platforms, stablecoins, and decentralized finance applications.
Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in ninth, mainly due to strong retail adoption and transactions at centralized services.
Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in 9th. Source: Chainalysis
Data from Statista also shows Pakistan’s crypto market is “experiencing rapid growth,” estimating the number of crypto users to amount to over 27 million by 2025, out of a population of 247 million.
A Manhattan crypto investor is facing serious charges after allegedly kidnapping and torturing an Italian man in a disturbing bid to extract access to digital assets.
John Woeltz, 37, was arraigned on Saturday in Manhattan criminal court following his arrest on Friday. He stands accused of holding a 28-year-old Italian man captive for weeks inside a luxury townhouse in Soho, reportedly rented for $30,000 per month.
According to police reports cited by The New York Times, the victim arrived in the US on May 6 and was allegedly abducted by Woeltz and an accomplice.
The attackers are said to have stolen the man’s passport and electronic devices before demanding the password to his Bitcoin (BTC) wallet. When he refused, the suspects allegedly subjected him to prolonged physical abuse.
The victim described being beaten, shocked with electricity, assaulted with a firearm and even dangled from the upper floors of the five-story building.
He also told police that Woeltz used a saw to cut his leg and forced him to smoke crack cocaine. Threats were also reportedly made against his family.
Photographic evidence found inside the property, including Polaroids, appears to support claims of sustained abuse. The victim managed to escape on Friday and alert authorities, leading to Woeltz’s arrest.
Woeltz was charged with four felony counts, including kidnapping for ransom, and entered a plea of not guilty. Judge Eric Schumacher ordered him to be held without bail. He is expected back in court on May 28.
A 24-year-old woman was also taken into custody on Friday in connection with the incident. However, she was seen walking freely in New York the next day, and no charges against her were found in the court’s online database.
Authorities have yet to clarify the relationship between the suspect and the victim or whether any cryptocurrency was ultimately stolen.
Executives and investors in the crypto industry are increasingly seeking personal security services as kidnapping and ransom cases surge, especially in France.
On May 18, Amsterdam-based private firm Infinite Risks International reported a rise in requests for bodyguards and long-term protection contracts from high-profile figures in the space.
This comes amid a recent surge in kidnappings and ransom attempts. David Balland, the co-founder of hardware wallet company Ledger, was kidnapped in January 2025 and held for ransom for several days before being rescued by French police.
In May 2024, the father of an unnamed crypto entrepreneur was freed from a ransom attempt after French law enforcement officials raided the location in a Paris suburb where the individual was being held hostage by organized criminals.
Sir Keir Starmer could decide to lift the two-child benefit cap in the autumn budget, amid further pressure from Nigel Farage to appeal to traditional Labour voters.
The Reform leader will use a speech this week to commit his party to scrapping the two-child cap, as well as reinstating winter fuel payments in full.
There are now mounting suggestions an easing of the controversial benefit restriction may be unveiled when the chancellor delivers the budget later this year.
According to The Observer, Sir Keir told cabinet ministers he wanted to axe the measure – and asked the Treasury to look for ways to fund the move.
The Financial Times reported it may be done by restoring the benefit to all pensioners, with the cash needed being clawed back from the wealthy through the tax system.
The payment was taken from more than 10 million pensioners this winter after it became means-tested, and its unpopularity was a big factor in Labour’s battering at recent elections.
Before Wednesday’s PMQs, the prime minister and chancellor had insisted there would be no U-turn.
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1:20
Will winter fuel U-turn happen?
Many Labour MPs have called for the government to do more to help the poorest in society, amid mounting concern over the impact of wider benefit reforms.
Former prime minister Gordon Brown this week told Sky News the two-child cap was “pretty discriminatory” and could be scrapped by raising money through a tax on the gambling industry.
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Brown questioned over winter fuel U-turn
Mr Farage, who believes Reform UK can win the next election, will this week accuse Sir Keir of being “out of touch with working people”.
In a speech first reported by The Sunday Telegraph, he is expected to say: “It’s going to be these very same working people that will vote Reform at the next election and kick Labour out of government.”