Harriet Harman joins Electoral Dysfunction podcast – and shares her views on the PM

Published

9 months ago

August 30, 2024

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Labour heavyweight Harriet Harman is joining Sky News’ Electoral Dysfunction podcast as a permanent member of the team.

The former acting leader of the party and mother of the House will now sit alongside Sky News’ political editor Beth Rigby and Conservative peer Ruth Davidson as the three women bringing the news – and their views – to the public every week.

In her first appearance as a host, Ms Harman told today’s podcast she was “absolutely thrilled” and “really excited” to become a regular fixture, adding: “I was so excited when Electoral Dysfunction started up, and I’ve been so pleased to see it go from strength to strength.

“So to find myself actually joining it, I feel I’m on the threshold of something absolutely amazing.”

Ms Harman became a Labour MP in 1982, having long campaigned for increasing the representation of women in the party – and the Commons.

She became a shadow minister two years later, and when Labour came to power in 1997, she held a raft of roles – including becoming the first-ever minister for women.

She stood down at this summer’s election, but will be joining the Lords as a Labour peer when parliament returns next week.

Sharing her insight into a tough week for Sir Keir Starmer – who warned of a “painful” budget to come in October due to the £22bn “black hole” in public finances – Ms Harman said she was going to “cut him some slack”.

She compared the current prime minister to one of his predecessors, telling the podcast: “I remember when Gordon Brown… was chancellor, he used to talk about prudence with a purpose – basically you’d be terribly prudent with the public finances, but here’s the purpose.

“And what Keir Starmer is doing is more of the prudence at the moment, rather than the purpose, because I think he’s trying to make sure that people don’t become over-optimistic about the speed of change that they’ll see in their actual lives.”

Ms Harman said she thought her party leader was “paranoid” about failing to deliver as a government, as that would “build resentment” among voters, and any “overpromising” from his side would just make things worse.

“So [in his speech this week] he was talking about the foundations of society being undermined, as well as the foundations of our economy. And I think he is very averse to the idea of overpromising.”

However, she was surprised at how “sanguine” newly elected MPs were about his position.

“I was wondering whether or not our new team of MPs, many of whom were elected for the first time in July, whether or not they were getting overanxious,” said Ms Harman.

“[But] they are like, ‘well, this is what we said on the doorstep – we said things were going to be hard and it would take a while, and we’re going to take just tough decisions to bring about stability’.

“So, they seem to think this is what they were expecting, and [what] their constituents were expecting.”

“Certainly it’s… on the other end of the spectrum from ‘razzmatazz’. But, you know, perhaps he’s got it right. Let’s see.”

Don’t forget, you can see Electoral Dysfunction live when it goes out on tour in September.

You can get your tickets by clicking here and the dates for the shows are below:

• London – Thursday 12th, Bloomsbury Theatre
• Salford – Monday 16th, Lowry Quays
• Liverpool – Sunday 22nd, St George’s Hall
• Glasgow – Thursday 26th, The Glee Club

Politics

UK to require crypto firms to report every customer transaction

Published

2 hours ago

May 18, 2025

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UK to require crypto firms to report every customer transaction

United Kingdom crypto companies will need to collect and report data from every customer trade and transfer beginning Jan. 1, 2026 as part of a broader effort to improve crypto tax reporting, the UK government said.

Everything from the user’s full name, home address and tax identification number will need to be collected and reported for every transaction, including the cryptocurrency used and the amount moved, the UK Revenue and Customs department said in a May 14 statement.

Details of companies, trusts and charities transacting on crypto platforms will also need to be reported.

Failure to comply or inaccurate reporting may incur penalties of up to 300 British pounds ($398.4) per user. The UK Revenue and Customs department said it would inform companies on how to comply with the incoming measures in due course.

However, UK authorities are encouraging crypto firms to start collecting data now to ensure compliance readiness.

The new rule is part of the UK’s integration of the Organisation for Economic Development’s Cryptoasset Reporting Framework to improve transparency in crypto tax reporting.

The changes reflect the UK government’s aim to establish a more robust regulatory framework that supports industry growth while ensuring consumer protection.

UK Chancellor Rachel Reeves also introduced a draft bill in late April to bring crypto exchanges, custodians and broker-dealers within its regulatory reach to combat scams and fraud.

“Today’s announcement sends a clear signal: Britain is open for business — but closed to fraud, abuse, and instability,” Reeves said at the time.

A study from the UK’s Financial Conduct Authority last November found that 12% of UK adults owned crypto in 2024 — a significant increase from the 4% reported in 2021.

UK’s approach contrasts with EU’s MiCA

The UK’s move to integrate the crypto rules into its existing financial framework contrasts with the European Union’s approach, which introduced the new Markets in Crypto-Assets Regulation framework last year.

According to the MiCA Crypto Alliance, one key difference is that the UK will allow foreign stablecoin issuers to operate in the UK without needing to register.

There will also be no cap on stablecoin volumes, unlike the EU’s approach, which may impose controls on stablecoin issuers to manage systemic risks.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Hong Kong police busts $15M laundering ring that used crypto, 500 bank accounts

Published

6 hours ago

May 18, 2025

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Hong Kong police busts M laundering ring that used crypto, 500 bank accounts

Hong Kong police arrested 12 people involved in a cross-border money laundering scheme that relied on crypto and over 500 stooge bank accounts to launder HK$118 million ($15 million), local news outlets reported.

The syndicate was dismantled on May 15, resulting in the arrest of nine men and three women in mainland China and Hong Kong.

The suspects allegedly recruited others to open bank accounts to receive proceeds from fraud cases, which were then converted into crypto at crypto exchange shops to launder the illicit funds, Hong Kong Commercial Daily reported on May 17.

The criminal organization rented a residential unit in the Hong Kong neighborhood of Mong Kok to plan and carry out its money laundering activities. Of the $15 million laundered, more than $1.2 million was linked to 58 reported fraud cases.

Caught in action

The bust followed police surveillance on May 15, when two recruits left the syndicate’s Mong Kok base — one visiting a bank, the other an ATM — before both went to convert the cash into crypto at a crypto exchange shop in the neighborhood of Tsim Sha Tsui.

Police arrested both individuals on the spot, seizing around HK$770,000 ($98,540) in cash before the funds could be laundered. The other 10 individuals, aged between 20 and 41, were arrested soon after.

Police seized approximately HK$1.05 million ($134,370) in cash, over 560 ATM cards, multiple mobile phones, bank documents and records related to crypto transactions.

Senior Inspector Tse Ka-lun of Hong Kong’s Commercial Crime Bureau claimed that the individuals often used bank accounts from their friends and family to launder the stolen funds.

Hong Kong reported a 12% year-on-year increase in fraud reports in 2024, with authorities making more than 10,000 fraud-related arrests. Of those arrests, around 73% involved individuals who held stooge bank accounts.

The crackdown comes as Hong Kong continues to roll out its crypto regulatory framework to support local innovation, protect consumers and establish itself as a crypto hub.

Hong Kong’s Securities and Futures Commission introduced new rules for crypto exchanges offering staking services in April. Two months earlier, the securities regulator rolled out a roadmap to improve market access, optimize compliance, expand product offerings, strengthen crypto infrastructure and foster relationships with industry players.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Politics

Keir Starmer says closer EU ties will be good for UK jobs, bills and borders ahead of key talks

Published

9 hours ago

May 17, 2025

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Keir Starmer says closer EU ties will be good for UK jobs, bills and borders ahead of key talks

Sir Keir Starmer has said closer ties with the EU will be good for the UK’s jobs, bills and borders ahead of a summit where he could announce a deal with the bloc.

The government is set to host EU leaders in London on Monday as part of its efforts to “reset” relations post-Brexit.

A deal granting the UK access to a major EU defence fund could be on the table, according to reports – but disagreements over a youth mobility scheme and fishing rights could prove to be a stumbling block.

The prime minister has appeared to signal a youth mobility deal could be possible, telling The Times that while freedom of movement is a “red line”, youth mobility does not come under this.

His comment comes after Kaja Kallas, the EU’s high representative for foreign affairs, said on Friday work on a defence deal was progressing but “we’re not there yet”.

Sir Keir met European Commission president Ursula von der Leyen later that day while at a summit in Albania.

If agreed, the deal will be the third in two weeks, following trade agreements with India and the US.

Sir Keir said: “First India, then the United States – in the last two weeks alone that’s jobs saved, faster growth and wages rising.

“More money in the pockets of British working people, achieved through striking deals not striking poses.

“Tomorrow, we take another step forward, with yet more benefits for the United Kingdom as the result of a strengthened partnership with the European Union.”

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Conservative leader Kemi Badenoch has said she is “worried” about what the PM might have negotiated.

Ms Badenoch – who has promised to rip up the deal with the EU if it breaches her red lines on Brexit – said: “Labour should have used this review of our EU trade deal to secure new wins for Britain, such as an EU-wide agreement on Brits using e-gates on the continent.

“Instead, it sounds like we’re giving away our fishing quotas, becoming a rule-taker from Brussels once again and getting free movement by the back door. This isn’t a reset, it’s a surrender.”