Bench Across Britain: Farming community calls for ‘more support’ and quashes subsidies ‘misperception’
The Cheshire Show is a world away from Westminster – but amid the agriculture machinery displays, the pony club races and pens with the best of British livestock, we have smuggled our unwieldy parliamentary bench to an industry at the mercy of changing weather and politics.
On the seat of power in a sheep pen in a far corner of the show, Ruth Howard, a ruminant nutritionist, laments the rising price of animal food. “Over the last two years in particular we’ve seen massive increases,” she says.
“I would say about two or three years ago our price for a compound feed would be about £200 a tonne. Last winter we saw them rocket to £400.
“Our motto is that we feed the animals that feed the nation, and we need support to be able to do that.
“The subsidies that are out there have helped soften the blow to the housewife in your shopping basket. Without that and without the support behind agriculture, the cost of living crisis will only get worse.”
Cow and sheep nutritionist Ruth Howard and sheep farmer Richard Gate
The agricultural budget is a common theme of conversation. Sheep farmer Richard Gate says: “Subsidies are given to us and there’s a misperception that it’s to the farmer and it is not. It is to help the farmers produce cheaper food for the general public.”
Responding to the launch of party manifestos, the National Farmers Union (NFU) has expressed concern that while the Conservative Party has committed to increasing the farming budget by £1bn over the course of the next parliament, the Labour Party is yet to give a clear commitment to a budget.
Rachel Hallos, vice president of the NFU, told Sky News: “That does concern us. We need to know what sort of budget is going to be allocated to farming.
“It’s as simple as that. I think the devil is in the detail and there doesn’t seem to be overly amounts of detail.”
National Farmers Union vice president Rachel Hallos
Labour do say in their manifesto that “food security is national security” and promise to “champion British farming”, with a target for half of all food purchased across the public sector to be sourced locally.
At the Cheshire Show, we meet dairy farmer Ray Brown who has recently spoken to both Prime Minister Rishi Sunak and Labour leader Sir Keir Starmer. He was impressed with their understanding of the issues.
Dairy farmer Ray Brown (centre) with colleagues
“We’re very, very reliant on imported food,” he said. “And we only need to look at the recent events around the world. It’s made us surely think about food security.”
He warns that some environmental schemes linked to government payments to farmers are forcing them to stop using good farming land.
Mr Brown says: “The main problem is the government thinking through the policies they’re bringing out, making sure that we can firstly feed everybody and bring environmental schemes out that make sense, use areas which we can’t grow food on, rather than letting land go, which is prime land for producing food.”
Andrew Dutton, from Cheshire Farm Machinery, says his sales are down this year due to the wet spring that has dulled crop and produce yields. He says farmers are lacking confidence to invest.
“We need more support for our farmers. We need to back British farming. We need to buy locally, buy British. The farmers need some confidence going forward that they’re going to receive the funding that they need.”
Andrew Dutton, Cheshire Farm Machinery
Held in Tatton, the Cheshire Show sits in a safe Conservative constituency once held by chancellor George Osborne. The red rosettes on the prize bulls are unlikely to be worn by winners in this constituency on election night, but there’s uncertainty.
Mr Dutton says: “I’m still on the bench really?”
He taps the green cushions on our House of Commons chair. “Personally, I voted Conservative my whole life. But no one’s offering what I want at the moment.”
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A passing woman in jodhpurs says “I’m voting Reform, and a lot of my friends are voting Reform”, but she decides not to take a seat to tell us more.
We do, however, manage to speak to two horsemen fresh from jousting, dressed as knights, in the main arena. Both come from rural, Conservative-held seats in the Midlands. Clutching an axe, Sam Conway from Knights of Nottingham says he traditionally votes Conservative but wants “clarity and honesty”.
He adds: “I don’t feel like I’ve had any of that so far. I don’t feel like anyone’s come out with some clear policies. We see a lot of political jousting.”
Sam Conway and Mark Lacey, jousters for the Knights of Nottingham
Sam’s fellow knight Mark Lacey leans forward on his broadsword and adds: “It’s just time for a change, and let’s see what happens. And I’m happy for it to change.
“I’ve lived in a blue area my whole life, but let’s have a change. Let’s see what somebody else does.”
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On our journey across Britain – to Cornwall, Gloucester, Luton, Southall, Kent, Leicester and now Cheshire – there is a lot of indecision. Shy Tories seem extremely shy while Labour voters question whether their vote will bring the changes they want.
The farming community certainly wants more assurances from Starmer, but it also feels like this area, which is not usually an election battleground for Labour, is open to some form of change. And if Labour can capture a seat like Tatton, it would be a killer blow to the heart of their rivals.
The new trade tariffs announced by US President Donald Trump may place added pressure on the Bitcoin mining ecosystem both domestically and globally, according to one industry executive.
While the US is home to Bitcoin (BTC) mining manufacturing firms such as Auradine, it’s still “not possible to make the whole supply chain, including materials, US-based,” Kristian Csepcsar, chief marketing officer at BTC mining tech provider Braiins, told Cointelegraph.
On April 2, Trump announced sweeping tariffs, imposing a 10% tariff on all countries that export to the US and introducing “reciprocal” levies targeting America’s key trading partners.
Community members have debated the potential effects of the tariffs on Bitcoin, with some saying their impact has been overstated, while others see them as a significant threat.
Tariffs compound existing mining challenges
Csepcsar said the mining industry is already experiencing tough times, pointing to key indicators like the BTC hashprice.
Hashprice — a measure of a miner’s daily revenue per unit of hash power spent to mine BTC blocks — has been on the decline since 2022 and dropped to all-time lows of $50 for the first time in 2024.
According to data from Bitbo, the BTC hashprice was still hovering around all-time low levels of $53 on March 30.
Bitcoin hashprice since late 2013. Source: Bitbo
“Hashprice is the key metric miners follow to understand their bottom line. It is how many dollars one terahash makes a day. A key profitability metric, and it is at all-time lows, ever,” Csepcsar said.
He added that mining equipment tariffs were already increasing under the Biden administration in 2024, and cited comments from Summer Meng, general manager at Chinese crypto mining supplier Bitmars.
Source: Summer Meng
“But they keep getting stricter under Trump,” Csepcsar added, referring to companies such as the China-based Bitmain — the world’s largest ASIC manufacturer — which is subject to the new tariffs.
Trump’s latest measures include a 34% additional tariff on top of an existing 20% levy for Chinese mining imports. In response, China reportedly imposed its own retaliatory tariffs on April 4.
BTC mining firms to “lose in the short term”
Csepcsar also noted that cutting-edge chips for crypto mining are currently massively produced in countries like Taiwan and South Korea, which were hit by new 32% and 25% tariffs, respectively.
“It will take a decade for the US to catch up with cutting-edge chip manufacturing. So again, companies, including American ones, lose in the short term,” he said.
Source: jmhorp
Csepcsar also observed that some countries in the Commonwealth of Independent States region, including Russia and Kazakhstan, have been beefing up mining efforts and could potentially overtake the US in hashrate dominance.
Related: Bitcoin mining using coal energy down 43% since 2011 — Report
“If we continue to see trade war, these regions with low tariffs and more favorable mining conditions can see a major boom,” Csepcsar warned.
As the newly announced tariffs potentially hurt Bitcoin mining both globally and in the US, it may become more difficult for Trump to keep his promise of making the US the global mining leader.
Trump’s stance on crypto has shifted multiple times over the years. As his administration embraces a more pro-crypto agenda, it remains to be seen how the latest economic policies will impact his long-term strategy for digital assets.
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Cryptocurrency exchange OKX is under renewed regulatory scrutiny in Europe after Maltese authorities issued a major fine for violations of Anti-Money Laundering (AML) laws.
Malta’s Financial Intelligence Analysis Unit (FIAU) fined Okcoin Europe — OKX’s Europe-based subsidiary — 1.1 million euros ($1.2 million) after detecting multiple AML failures on the platform in the past, the authority announced on April 3.
While admitting that OKX has significantly improved its AML policies in the past 18 months, the authority “could not ignore” its past compliance failures from 2023, “some of which were deemed to be serious and systematic,” the FIAU notice said.
OKX was among the first crypto exchanges to receive a license under Europe’s new Markets in Crypto-Assets (MiCA) regulation via its Malta hub in January 2025.
The news of the $1.2 million penalty in Malta came after Bloomberg in March reported that European Union regulators were probing OKX for laundering $100 million in funds from the Bybit hack.
Bybit CEO Ben Zhou previously claimed that OKX’s Web3 proxy allowed hackers to launder about $100 million, or 40,233 Ether (ETH), from the $1.5 billion hack that occurred in February.
This is a developing story, and further information will be added as it becomes available.
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Authorities in the US state of Massachusetts continue targeting unlawful cryptocurrency market practices, with a local court fining crypto financial services firm CLS Global.
A federal court in Boston on April 2 sentenced CLS Global on criminal charges related to fraudulent manipulation of crypto trading volume, according to an announcement from the Massachusetts US Attorney’s Office.
In addition to a $428,059 fine, the court prohibited CLS Global from offering services in the US for a probation period of three years.
CLS Global, a crypto market maker registered in the United Arab Emirates, in January pleaded guilty to one count of conspiracy to commit market manipulation and one count of wire fraud.
CLS agreed to manipulate the FBI’s “trap token” NexFundAI
The charges against CLS Global followed an undercover law enforcement operation involving NexFundAI, a token created by the FBI as part of a sting operation in May 2024.
CLS Global was among at least three firms that took the FBI’s bait and agreed to provide “market maker services” for NexFundAI, including a fraudulent scheme to attract investors to purchase the token.
In October 2024, the Securities and Exchange Commission announced fraud charges against CLS and its employee, Andrey Zhorzhes. The US securities regulator also filed complaints against two other NexFundAI manipulators, Hong Kong-linked ZM Quant Investment and Russia-linked Gotbit Consulting.
CLS Global’s profile
According to CLS Global CEO Filipp Veselov, the company was founded in 2017 to fill in a “huge gap in the market for high-quality market-making solutions and trading consulting.”
Prior to CLS, Veselov worked at the Russian cryptocurrency exchange platform Latoken, which is advertised as a “global digital asset exchange” and has about 370,000 followers on X.
The CLS team also includes chief revenue officer Pavel Singaevskii, who previously served as sales manager at Stex, a crypto platform that reportedly ceased operations without warning in 2023.
Source: CLS Global
According to CLS Global’s X page, the platform continues operating and has more than 110,000 followers at the time of publication.
How much wash trading is in crypto?
Wash trading is an illegal practice involving artificially inflating trading volume by repeatedly buying and selling the same asset, generating a misleading perception of demand.
According to a January 2025 report by the US blockchain analytics firm Chainalysis, the crypto market has at least $2.6 billion in estimated wash traded volumes, or just about 2% of total daily crypto trading volumes, as reported by CoinGecko.
Estimated wash trade volume in crypto. Source: Chainalysis
Related: Russian Gotbit founder strikes $23M plea deal with US prosecutors
Some studies indicate that wash trading makes up a bigger share of the crypto market.
In 2022, the US National Bureau of Economic Research reported that illegal wash trading may account for as much as 70% of average trading volumes on unregulated exchanges.
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