Becoming prime minister is a shock. Not so much the moment of being elected – any sensible democratic politician knows that opinion polls can be wrong and gets ready for all eventualities.
No incoming prime minister can ever be fully prepared for the demands of the job, placed on them from day one, when – among many other demands – they are taken aside to be briefed about their role in a nuclear war.
The process is particularly challenging in the UK because the change is so quick. There are no weeks of transition as in most other countries. Nobody else does it like us.
Image: Keir Starmer has no experience of government
As Tony Blair remarked to Alastair Campbell: “Imagine preparing for a new job by working flat out travelling the country for six weeks and then go a few nights without sleep.”
If this general election goes to usual form either Prime Minister Keir Starmer or Prime Minister Rishi Sunak will be installed in 10 Downing Street by lunchtime the day after the vote.
Neither of them will have had any sleep the night before, waiting for the declarations in their own constituencies into the small hours and then dealing with the fallout from the results elsewhere.
If he has stayed in touch with reality, Sunak would certainly be flabbergasted by victory, given the general expectation that he would lose.
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Re-election to the job of premier should hold no other surprises beyond trying to step around the elephant traps he has carefully dug for the next prime minister, assuming that it would not be him.
First-timer Starmer would face the challenge of taking on a job and lifestyle which only 56 people have ever experienced before.
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Becoming prime minister at an election with a change of governing party is even rarer. There have been 13 general elections in the last 50 years but only three handovers of power between Labour and the Conservatives.
Being a senior minister is not an adequate preparation for Number 10.
Gordon Brown was a hugely powerful chancellor of the exchequer for a decade who regarded himself as a co-prime minister, yet a few months after he took over the top job, a senior Brownite ruefully confessed to me: “We thought it was going to be like the Treasury only bigger. It isn’t. That was handling just one thing. As prime minister everything comes at you from all directions.”
Along with taking tea with Margaret Thatcher, the former finance minister also spent his honeymoon period dealing with terror attacks in London and Glasgow and unexpected summer flooding across England.
Unlike Harold Wilson, James Callaghan, Edward Heath, Thatcher, John Major, Theresa May, Boris Johnson, Liz Truss and Sunak, Starmer has never served in a government as a minister.
Image: Rishi Sunak campaigning
He shares this lack of experience with David Cameron and Blair, who had been in parliament for 14 years when he became prime minister and a shadow minister for 10.
Cameron had been an MP for nine years when elected prime minister, as would be the case for Starmer, who only became an MP in 2015.
Cameron already knew his way around government having worked as an aide in Conservative headquarters and for senior ministers.
Starmer likes to boast that he had a successful career as a lawyer before entering parliament. He believes that running the “big organisation” of the Crown Prosecution Service should be good preparation for the premiership.
Starmer also says he knows how to cope with a change of style because he switched from poacher as a defence barrister to gamekeeper as director of public prosecutions.
A prime minister who comes at a general election usually has to switch in a moment from all-out campaigning to managing a party, a government and a country.
Except for Cameron whose preparations benefitted from a hung parliament and five days of negotiations to set up the coalition with the Liberal Democrats.
At least general election-elected prime ministers start with a clean sheet of policies and with plenty of jobs to hand out.
Image: Tony Blair and Gordon Brown. Pic: PA
Blair admits “the disadvantage of a new government is lack of experience in governing” but he claims “it is also an advantage… we thought the unthinkable. We did the undoable.” His early gambits included shifting PMQs to one half-hour session a week and granting independence to the Bank of England.
This baptism of fire and new beginning perhaps explains why Thatcher, Blair and Cameron are the significant national leaders of recent years, who won re-election, rather than those who took over power by default of internal party machinations.
Sunak can never be a member but Starmer would have a chance to join this distinguished club, although he is circumscribed by the state of the economy and by the things which Tory campaigning has forced him to rule out.
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Incoming prime ministers depend heavily on the staff around them. Someone has to make preparations for government which could be only days away. A leader is occupied fighting an election campaign and must not be seen to be presumptuous or complacent about victory. Officials and even family members are slapped down if they slip saying “when” not “if” about winning.
Blair is credited with pulling off one of the most successful transitions thanks in large part to his team. His chief of staff Jonathan Powell and advisor David Miliband secretly drew up a plan in advance for the government’s first 100 days. Peter Mandelson and Alastair Campbell practically invented the arts of political spinning and media handling in this country. Anji Hunter and Sally Morgan had the delicate task of reaching out to the party and the outside world and managing the appointment of ministers and government advisors. Mistakes are sometimes made when handing out jobs, names may be mixed up, post-it notes dropped or mobile phones mislaid.
Starmer’s key decision in preparation for government was the controversial hiring of a widely respected senior civil servant as his chief of staff.
Image: Liz Truss. Pic: Reuters
He has made it clear that Sue Gray will take over as top dog from campaign director Morgan McSweeney from the moment of victory. Gray knows everyone in Whitehall after decades of working there. She is expected to oversee Olly Robbins replacing Simon Case as cabinet secretary. She will also have a decisive voice over the appointment of advisors and ministers.
In the past, shadow ministers have had more than a year for “access talks” about their plans with officials in relevant government departments. Sunak withheld permission for these to start until early this year and has now called a snap election, meaning Labour has had barely six months to prepare.
Some of those involved in getting MPs ready for government are worried they are not as ready as they should be. Starmer has shown that he can be ruthless and, if he does become prime minister, there are likely to be nasty shocks for some now assuming they will be ministers in government. Labour already have about 20 more “front bench” spokespeople than there are paid ministerial jobs in government.
In Blair’s case, Mandelson says the “real” and “important” reshuffle shake-out took place after a year in office.
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The head of government has other unavoidable duties. Blair had to cope with the death of Princess Diana within months of being elected. “Why me?” Truss asked of the death of Queen Elizabeth II just days into her premiership.
Before the state opening of parliament on 17 July, the next prime minister will have to represent the UK at NATO’s 75th anniversary summit in Washington between 9 and 11 July with Ukraine at the top of the agenda. A week later he will host the European Political Community at Blenheim Palace – this organisation came into existence after Brexit to improve relations between 50 European nations.
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Prime ministers make what come to be seen as unforced errors – such as Truss’s mini-budget, Cameron’s Brexit referendum and Blair’s invasion of Iraq. They also have to cope with unforeseen events beyond their control, such as the COVID-19 pandemic.
The shocks of the first few weeks as prime minister are likely to be dwarfed by the shocks in the years to come. However hard they have tried to prepare, whether or not they are ready, the job will soon find out a prime minister’s strengths and weaknesses.
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.
“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.
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.
“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.
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.
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.
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.
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