It is the first big moment of election night. The exit poll is the moment millions tune in for a first sniff of the eventual result of the general election.
And in Election 2024 this poll, with its impressive track record, sometimes down to a margin of only a few seats, will, once again, be a key part of broadcasters’ coverage – including here at Sky News – on Thursday night.
The current model was devised in 2005 by Professor John Curtice and statistician David Firth and it has been consistently reliable, bar 2015 when the seat numbers suggested a hung parliament and David Cameron scraped a thin majority.
But for the most part, its accuracy has been dependable. In 2010, it correctly predicted the exact number of seats for the Conservatives.
Commissioned by the broadcasters – Sky, BBC and ITV – the fieldwork is carried out by IPSOS UK who will have interviewers at 133 polling stations around the country this year.
People who have just voted will be asked to privately fill in a replica ballot paper and place it into a ballot box as they leave their local community centre, church hall or station.
Michael Clemence, from IPSOS UK, says this and the scale are part of what distinguishes the exit poll from the many surveys that have come before it.
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Image: Exit pollsters will be at 133 locations this year. Pic: Reuters
“We’re going to be doing over 17,000 interviews on the day. And also we’re dealing with people’s behaviour. So we’re not asking people how they intend to vote.
“We’re talking to electors who just voted. And I’m asking exactly what they just did. So you’ve cut out the error in prediction polling.”
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Researchers can only deploy to a fraction of the total constituencies in England, Scotland and Wales, so locations are chosen to best reflect the demographics of the country with an urban and rural spread.
However, many of the locations will be in marginal seats, where the swing between the main parties will be tracked.
The same polling stations are targeted year after year so the swing from the last election’s exit poll, along with other data at constituency level, can be analysed by those crunching the numbers.
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The data collected at the polling stations is sent back by interviewers to IPSOS UK at several stages throughout the day.
It’s processed there and sent via a secure data pipeline to the broadcasters’ statisticians and political scientists who are locked down in a secret location in the capital.
Phones confiscated in ‘the bunker’
“Our phones are taken away from us, there are security guards. So we don’t communicate with the outside world at all, we just talk to each other. So it’s a very strange feeling – as people are still going to the polls – already having a sense of what the result will be,” says Professor Will Jennings.
The Sky News election analyst and political scientist will be one of those inside that sealed and secret room on election day – and the key thing experts will be looking at is that change in voter behaviour.
“We’ll model the change in the vote at each of those polling stations, and we’ll try and look for patterns in that change and also particular characteristics of constituencies that might predict change and might predict what we’re seeing across the country,” says Professor Jennings.
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“We will throw a lot of different variables at the data during the day, whether it’s the percentage of the local constituency that we think voted leave in the referendum, the number of people in working class jobs, the number of people who own a car, for example, it could be anything,” adds Professor Jennings.
“And we’ll try just to look for patterns in that data to explain as much variation as possible so that we know that our estimates are as reliable as they can be.”
By 10pm their work is done – and the fruit of that data gathering and analysis – the first real glimpse of the electorate’s verdict – is being digested and picked apart.
The long-awaited Digital Asset Market Clarity Act, or CLARITY Act, is moving closer to law, with a Senate markup expected in January, says White House artificial intelligence and crypto czar David Sacks.
Sacks posted to X on Thursday that Senate Banking Committee Chair Tim Scott and Agriculture Committee Chair John Boozman had confirmed that the bipartisan crypto bill will be shaped up by the Senate next month.
”We are closer than ever to passing the landmark crypto market structure legislation that President Trump has called for. We look forward to finishing the job in January!”
The CLARITY Act would define crypto securities and commodities and clarify the roles of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and other financial regulators.
Backers of the bill say it will reduce regulatory uncertainty for crypto firms by establishing clearer compliance pathways and encourage innovation while strengthening investor protections.
Movement of the CLARITY Act has been slower than expected, with Senator Cynthia Lummis having predicted in September that the CLARITY Act would get to President Donald Trump’s desk for his signature before the end of 2025.
The delays have largely been attributed to the record 43-day US government shutdown across October and November. However, US regulators met with executives from Coinbase, Ripple, Circle and others during that time to ensure the momentum of the bill didn’t stall.
Sacks’ post had confirmed earlier reports that the Senate markup would be pushed into the new year.
The House passed the CLARITY Act in July, and the Senate markup will debate and potentially amend the bill before it’s sent to the full chamber for a vote.
Scott will have to tackle passing the bill with a supermajority of votes to avoid it being forever stalled and essentially abandoned.
If the Senate passes it with amendments, the bill will return to the House for final approval before reaching Trump’s desk.
Representatives of the Bitcoin Policy Institute (BPI), a nonprofit Bitcoin advocacy organization, warned that US lawmakers have not included a de minimis tax exemption for Bitcoin transactions below a certain threshold.
“De Minimis tax legislation may be limited to only stablecoins, leaving everyday Bitcoin transactions without an exemption,” Conner Brown, BPI’s head of strategy, said on X, adding that the decision to exclude Bitcoin (BTC) is a “severe mistake.”
In July, Wyoming Senator Cynthia Lummis introduced a bill proposing a de minimis tax exemption for crypto transactions of $300 or less, with a $5,000 annual limit on tax-free transactions and sales.
The bill proposal also included tax exemptions for digital assets used for charitable donations and tax deferment for crypto earned through mining proof-of-work (PoW) protocols or staking to secure blockchain networks.
Allowing a tax exemption for small Bitcoin transactions would increase its use as a medium of exchange rather than just as a store of value asset, allowing a new financial system built on a Bitcoin standard, BTC advocates say.
The discussion around de minimis tax exemptions has also raised questions about whether such relief should apply to stablecoins, which are designed to maintain a stable value.
“Why would you even need a De Minimis tax exemption for stablecoins,” Marty Bent, founder of media company Truth for The Commoner (TFTC), wrote on X. “They don’t change in value. This is nonsensical.”
Cointelegraph reached out to BPI about the proposed legislation, but had not received a response at time of publication.
Bitcoin is gaining value, but it isn’t being used as peer-to-peer electronic cash
The Bitcoin white paper, authored by its pseudonymous creator Satoshi Nakamoto in 2019, describes Bitcoin as a “peer-to-peer electronic cash system.”
However, relatively high transaction fees, average block times of about 10 minutes, and capital gains taxes on Bitcoin stifle BTC’s use as a payment method for goods and services.
The Bitcoin Lightning Network is a second-layer protocol designed for BTC payments, which works by locking a specific amount of BTC in a payment channel between two or more people.
Users connected through a payment channel can conduct multiple transactions offchain, with only the final net balance recorded on the Bitcoin ledger for settlement once the channel is closed.
This makes Bitcoin transactions faster and cheaper, as the users in the payment channel do not have to wait for new blocks to be mined or pay a network fee for each transaction between parties in the channel.
A US court is once again being asked to weigh in on maximal extractable value practices after a judge allowed new evidence to be added to a class-action lawsuit tied to a memecoin platform.
The judge granted a motion to amend and refile to include new evidence a class-action lawsuit against memecoin launch platform Pump.fun, the maximal extractable value (MEV) infrastructure company Jito Labs, the Solana Foundation, which is the nonprofit organization behind the Solana ecosystem, and others.
The motion said over 5,000 pieces of evidence in the form of internal chat logs were submitted by a “confidential informant” in September that were previously unavailable. The filing said:
“Plaintiffs assert that the logs contain contemporaneous discussions among Pump.fun, Solana Labs, Jito Labs, and others concerning the alleged scheme, and that they materially clarify the enterprise’s management, coordination, and communications.”
The first page of the motion to amend the case to include new evidence, which was granted. Source: Burwick Law
Maximal extractable value is a technique that involves reordering transactions within a block to maximize profit for MEV arbitrageurs and validators.
The plaintiffs allege that Pump.fun used MEV techniques to give insiders preferential access to new tokens at a low value, which were then pumped and dumped onto retail participants, who were used as exit liquidity by insiders.
Cointelegraph reached out to Burwick Law, the legal firm representing the plaintiffs, as well as Pump.fun, Jito Labs and the Solana Foundation, but did not receive any responses by the time of publication.
The allegations in the original lawsuit filing. Source: Burwick Law
The lawsuit could set a precedent for MEV cases in the United States, as the ethics of the practice continue to be debated within the crypto industry and legal bodies struggle to define proper regulations about the highly technical subject.
Anton and James Peraire-Bueno, the brothers accused of using a MEV trading bot to make millions of dollars in profit, went to trial in November in the US.
Prosecutors argued that the brothers tricked victims out of their funds, but defense attorneys said that they were executing a legitimate trading strategy and did not do anything illegal.
The jury struggled to reach a verdict in the case, and several jurors requested additional information to clarify the complexities surrounding the technical specifics of blockchain technology.
The case ended in a mistrial after the jury was deadlocked and failed to reach a verdict, highlighting the complexity of adjudicating legal disputes surrounding the application of nascent financial technology.