Sir Keir Starmer says there is ‘no evidence’ private schools will have to close due to Labour’s VAT plans
Sir Keir Starmer has said there is “no evidence” private schools will be forced to close due to Labour’s plans to impose VAT on them.
Speaking to Sky’s Sophy Ridge, the Labour leader defended his party’s education policy to use the money to support state schools.
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“I think they will adapt,” he said. “They’ve had lots of increases in costs over the last 14 years and they’ve accommodated it.
“There’s no evidence to show these schools will close. They don’t have to pass the cost on to parents.”
Labour leader Sir Keir Starmer with Sky’s Sophy Ridge on Thursday
Private schools are currently exempt from VAT – but the Labour Party has pledged to close the current loophole.
Sir Keir was grilled on the policy at the Sky News Leaders’ event in Grimsby.
It’s a difficult choice’
Addressing parents’ concerns, he added: “It’s a difficult choice. But they’re businesses in the end and they’re very successful in the round.
“I want them to thrive. But we need to make this choice, because in the end, if I want the teachers we need in our state secondary schools, I have to answer the question you would put to me, just how are you going to pay for that?
“You’re going to pay for that by getting rid of the tax breaks for private schools, and use it to invest in the teachers we need in our state secondaries.”
Sir Keir was also pressed on the recent backlash to the policy, which Ms Ridge suggested may be related to “many people in Westminster and in the media who either went to private school or send their children there”.
“I think there’s an element of that,” he replied.
Grammer school background
The Labour leader spoke to Sky News following the final TV debate between he and Prime Minister Rishi Sunak before voters go to the polls on 4 July.
A snap Sky News poll suggested the public viewed their performance at the event in Nottingham on Wednesday equally.
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Sunak and Starmer’s final face-off
Ms Ridge also quizzed the Labour leader on his own education. He attended a grammar school in Surrey, which became private while he was there.
Asked how he felt about the change, he said: “I don’t think I even appreciated it.
“If you ask all the people that were at school with me – we started off as state grammar school boys, paid for by the local authority – we ended up as state grammar school boys paid for by the local authority.”
He stressed the funding and support from the council remained the same.
“It’s obviously very different now, but it is very important to me that every child has those opportunities,” he added.
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The Labour leader says his first steps should he be in Downing Street on 5 July are 40,000 extra NHS appointments to reduce waiting lists, recruiting secondary school teachers, and setting up ‘Great British Energy’ to minimise energy bill rises.
NHS fit ‘for the future’
Specifically on the NHS, he said he aims to “change the very model of the NHS” to “make much greater use of AI” and ensure it is more preventative and community-based.
“Creating the NHS is one [moment] we celebrate every year,” he said.
“I want to make sure that in the 50, 60, 70 years people are celebrating the fact that an incoming Labour government in 2024 made sure the NHS was not something to just proudly look back on, but is actually built fit for the future.”
Asked for his general feelings as the election campaign comes to an end, he said: “We’ve been here for four-and-a-half years.
“I woke up with a smile on my face on 1 January, because I knew we’d have an election this year.
“We’re ready for this. We’ve got a positive offer to put to the country. So we’re campaigning with a smile and a spring in our step.”
After his rival Mr Sunak told a previous TV debate he eats too much Haribo during election campaigns, Sir Keir said coffee was his vice to get him through
“Coffee coupled with cheese sandwiches and tuna sandwiches in the back of that Labour bus,” he said.
Crypto investor sentiment has seen a significant recovery from global tariff concerns, but analysts warn that the market’s structural weaknesses may still result in downside momentum during periods of weekend illiquidity.
Risk appetite appeared to return among crypto investors this week after US President Donald Trump adopted a softer tone, saying that import tariffs on Chinese goods may “come down substantially.”
However, the improved investor sentiment “does not guarantee that Bitcoin will avoid volatility over the weekend,” analysts from Bitfinex exchange told Cointelegraph:
“Sentiment improvements reduce fragility, but they do not eliminate structural risks like thin weekend liquidity.”
“Historically, weekends remain vulnerable to sharp moves — especially when open interest is high and market depth is low,” the analysts said, adding that unexpected macroeconomic news can still increase volatility during low liquidity periods.
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Bitcoin (BTC) staged a near 11% recovery during the past week, but its rally has previously been limited by Sunday liquidity dynamics.
Bitcoin fell below $75,000 on Sunday, April 6, despite initially decoupling from the US stock market’s $3.5 trillion drop on April 4 after US Federal Reserve Chair Jerome Powell warned that Trump’s tariffs may affect the economy and raise inflation.
The correction was exacerbated by the lack of weekend liquidity and the fact that Bitcoin was the only large liquid asset available for de-risking, industry watchers told Cointelegraph.
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“While improved sentiment creates a more stable foundation, cryptocurrency markets are still susceptible to rapid movements during periods of reduced trading volume,” according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone blockchain oracle firm.
“The sentiment recovery provides some cushioning, but traders should remain cautious as weekend liquidity constraints can still amplify price movements regardless of the current market mood,” he told Cointelegraph.
Crypto investors may have “maxed out on tariff-related fears”
Cryptocurrency markets may have priced in the full extent of tariff-related concerns, according to Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen.
“It feels like we’ve maxed out on tariff-related fear,” she told Cointelegraph, adding:
“While many remain uncertain about where things are headed over the next month or so, it also seems like markets were just waiting for the slightest signal that we’re back in the game.”
“Whether the rally is sustainable depends on whether we can break through previous resistance levels, at least in isolation. It could have legs, as markets now seem to believe there’s a ‘Trump put’ under equities, the US dollar and US Treasurys,” Barthere added, warning of more potential volatility amid the upcoming negotiations.
Nansen previously predicted a 70% chance that crypto markets will bottom and start a recovery by June, but highlighted that the timing will depend on the outcome of tariff negotiations.
The tariff negotiations may only be “posturing” for the US to reach a trade agreement with China, which may be the “big prize” for Trump’s administration, according to Raoul Pal, founder and CEO of Global Macro Investor.
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Over $4 trillion worth of real estate could be tokenized on blockchain networks during the next decade, potentially offering investors greater access to property ownership opportunities, according to a new report.
The Deloitte Center for Financial Services predicts that over $4 trillion worth of real estate may be tokenized by 2035, up from less than $300 billion in 2024. The report, published April 24, estimates a compound annual growth rate (CAGR) of more than 27%.
The $4 trillion of tokenized property is predicted to stem from the benefits of blockchain-based assets, as well as a structural shift across real estate and property ownership.
“Real estate itself is undergoing transformation. Post-pandemic work-from-home trends, climate risk, and digitization have reshaped property fundamentals,” according to Chris Yin, co-founder of Plume Network, a blockchain built for real-world assets (RWAs).
“Office buildings are being repurposed into AI data centers, logistics hubs and energy-efficient residential communities,” Yin told Cointelegraph.
“Investors want targeted access to these modern use cases, and tokenization enables programmable, customizable exposure to such evolving asset profiles,” he said.
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The uncertainty triggered by US President Donald Trump’s import tariffs has boosted investor interest in the RWA tokenization sector, which involves minting financial products and tangible assets on a blockchain.
Both stablecoins and RWAs have attracted significant capital as safe-haven assets amid the global trade concerns, Juan Pellicer, senior research analyst at IntoTheBlock, told Cointelegraph.
The tariff concerns also led tokenized gold volume to surpass $1 billion in trading volume on April 10, its highest level since March 2023 when a US banking crisis saw the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank
Related: US banks are ‘free to begin supporting Bitcoin’ — Michael Saylor
Blockchain innovation could drive regulatory clarity
Growing RWA adoption may inspire a more welcoming stance from global regulators, Yin said.
“While regulation is a hurdle, regulation follows usage,” he explained, likening tokenization to Uber’s growth before widespread regulatory acceptance:
“Tokenization is similar — as demand increases, regulatory clarity will follow.”
He added that making tokenized products compliant with a wide range of international regulations is key to unlocking broader market access.
However, some industry watchers are skeptical about the benefits introduced by tokenized real estate.
“I don’t think tokenization should have its eyes directly set on real estate,” said Securitize chief operating officer Michael Sonnenshein at Paris Blockchain Week 2025.
“I’m sure there are all kinds of efficiencies that can be unlocked using blockchain technology to eliminate middlemen, escrow, and all kinds of things in real estate. But I think today, what the onchain economy is demanding are more liquid assets,” he added.
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United States Senator Cynthia Lummis suggests the crypto industry may be celebrating too soon over the US Federal Reserve softening its crypto guidance for banks.
“The Fed withdrawing crypto guidance is just noise, not real progress,” Lummis said in an April 25 X post. Lummis called the Fed’s April 24 announcement — withdrawing its 2022 supervisory letter that had discouraged banks from engaging with crypto and stablecoin activities — “just lip service.”
Lummis’ tone was different from the rest of the crypto industry
Lummis, a pro-crypto advocate known for introducing the Bitcoin (BTC) Strategic Reserve Bill in July 2024, pointed out several flaws in the Fed’s announcement, even as Strategy founder Michael Saylor and crypto entrepreneur Anthony Pompliano suggested it was a step forward for banks and crypto.
She argued that the Fed continues to “illegally flout the law on master accounts” and still relies on reputational risk in its bank supervision practices. It comes as the Federal Insurance Deposit Corporation (FDIC) is working on a rule to stop examiners from considering reputational risk when reviewing a bank’s operations, according to a recent Bloomberg report.
Lummis also highlighted the Fed’s policy statement in Section 9(13), which hasn’t been withdrawn, stating that Bitcoin and digital assets are considered “unsafe and unsound.”
She also reiterated many of the same staff behind Operation Chokepoint 2.0 are still involved in crypto policy today.
“We are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over.”
“I will continue to hold the Fed accountable until the digital asset industry gets more than a life jacket, Chair Powell — they need a fair shake,” Lummis said.
Related: If Trump fired Powell, what would happen to crypto?
Custodia Bank founder and CEO Caitlin Long seemed to share a similar view to Lummis.
“THANK YOU for seeing this for what it is,” Long said.
However, many crypto executives praised the Fed’s announcement as a positive development for the industry. Saylor said in an April 25 X post that the Fed’s move means that “banks are now free to begin supporting Bitcoin.”
Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, said the Fed’s decision “is a significant development, as it will simplify the path to institutional adoption.”
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