The health secretary has said NHS waiting lists need to be “millions lower” by the next general election in 2029.
Wes Streeting told Sky News’ Sunday Morning with Trevor Phillips he is willing to do whatever it takes to ensure waiting lists are brought down, including using the private sector.
He said the “NHS waiting list will need to be millions lower by the end of this parliament”.
Mr Streeting said he wants to end the “two-tier system” where those who can afford it go private “and those who can’t are being left behind”.
However, he said where there is spare capacity in the private sector the NHS should use that to get waiting lists down.
“Rebuilding that [the NHS] takes time,” he said.
“So in the meantime, I’m looking to pull every single lever I can to make sure that people get treated as fast as possible and as safely as possible.
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“And you can get those waiting lists down, get people back to health, back to work, or back to enjoying their lives in retirement.”
Mr Streeting said his centre-left principles mean he cannot leave “working class people waiting longer even where there is spare capacity in the private sector that we could use via the NHS to get those people treated faster”.
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Questioned on whether GPs will get the 11% pay rise they are asking for, after Labour gave other public sector workers their requested increases, Mr Streeting would not confirm they will.
Instead, he said he has been in negotiations with the British Medical Association (BMA) GP committee and met them “many times” since becoming health secretary.
However, he said said he did want to “set expectations in the wrong places” as he cited cutting the winter fuel allowance for pensioners not claiming pension credit.
“There are difficult balances to strike in the public finances,” he said.
An investigation into the state of the NHS, ordered by the government in July, has been undertaken by Lord Darzi, an eminent surgeon and former Labour health minister, and will be published on Thursday.
Shadow health secretary Victoria Atkins said she was concerned by Lord Darzi’s links to the Labour party as she said the NHS situation in Wales, which has been under Labour control for more than 100 years, is “lamentable”.
“This report, I fear, is cover for the Labour Party to raise our taxes in the budget in October and they are laying the groundwork for this,” she said.
“They weren’t straight with us about wind fuel payments. They’re not being straight with us about taxes. And we need to have a grown up conversation about the NHS, but this is not the way to go about it.”
China’s foreign ministry has hit back at what it called “unfounded” accusations of spying in Westminster, saying it has “no interest” in gathering intelligence on the UK.
Yesterday, the security service MI5 sent a warning to MPs and peers about two recruitment headhunters who are working for Chinese security services.
They are Amanda Qiu of BR-YR Executive Search and Shirly Shen of the Internship Union.
But speaking in response to a question by Asia correspondent Helen-Ann Smith, Chinese foreign ministry spokesperson Mao Ning replied: “China has repeatedly made clear its solemn position on this matter.
“We firmly oppose such unfounded allegations and the exaggerated portrayal and sensationalism that project one’s own biases onto others.
“Judgements based on erroneous information will only lead astray.
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Ms Mao added: “China never interferes in the internal affairs of other countries, nor does it have any interest in gathering so-called intelligence on the British parliament.”
Chinese spying accusations may signal thorny period ahead
It is China’s standard playbook to outright deny allegations of spying.
But given that it’s common knowledge countries spy on each other, and given the recent spate of allegations of this nature, it might feel a little far-fetched for China to stick so rigorously to the position that the UK is just making it all up.
Not so, says Mao Ning, the spokesperson for China’s Ministry of Foreign Affairs.
When I put it to her, she said that these allegations are, in fact, a “projection of one’s own biases on to others”, and that China doesn’t “have any interest in gathering so-called intelligence on the British parliament”.
That is almost certainly not true. China is commonly understood to run a highly sophisticated espionage operation.
But, in a way, the truth or untruth might be immaterial to the impact on the bilateral relationship.
While the UK government may seek to send strong signals amidst criticism that it’s being too soft, China really does not appreciate this type of laundry being aired in public.
It may well signal a thorny period ahead.
In a message seen by Sky News about parliamentary staff, MPs and peers were warned that the MI5 alert “highlights how the Chinese Ministry of State Security (MSS) is actively reaching out to individuals in our community”.
The message continued: “Their aim is to collect information and lay the groundwork for long-term relationships, using professional networking sites, recruitment agents and consultants acting on their behalf.”
Security minister Dan Jarvis later said in a statement to parliament that “China has a low threshold for what information is considered to be of value, and will gather individual pieces of information to build a wider picture”.
He added: “Let me speak plainly. This activity involves a covert and calculated attempt by a foreign power to interfere with our sovereign affairs in favour of its own interests, and this government will not tolerate it.”
The government made a statement in the House of Commons following the revelations, saying it would take all “necessary measures” to protect the UK.
Westminster employees were warned that two individuals were both known to be reaching out on LinkedIn to “conduct outreach at scale on behalf of MSS”.
This latest warning comes after the collapse of a prosecution of two people suspected of spying on behalf of China.
The previous spying allegations led to controversy over how the government under Labour responded to the Crown Prosecution Service’s requests for evidence.
Sir Keir Starmer sought to blame the previous Conservative government for the issues, which centred on whether China could be designated an “enemy” under First World War-era legislation.
Sir Keir has sought to keep relationships with Beijing somewhat warm, highlighting the value of China as a trading partner.
New Hampshire has approved the issuance of a $100 million municipal bond backed by Bitcoin, in what appears to be the first structure of its kind at the US state level.
Minutes from a Nov. 17 meeting of the New Hampshire Business Finance Authority (BFA), the state’s business financing agency, show the board planned “to consider approving a resolution authorizing up to $100,000,000 bonds for a project to acquire and hold digital currency.”
Minutes from the following day record that directors voted to “approve the preliminary official intent, with no reservation, to issue a taxable conduit revenue bond for WaveRose Depositor, LLC of up to $100,000,000.”
According to a Wednesday Crypto in America report, the bond is backed by Bitcoin (BTC) and would let companies borrow against overcollateralized BTC held by a private custodian. The state or taxpayers do not back the bond; instead, BFA approves and oversees a private deal, while Bitcoin — reportedly held in custody by BitGo — covers investors.
According to the report, asset manager Wave Digital Assets and bond specialist Rosemawr Management designed the bond to utilize Bitcoin as collateral under the same rules that govern municipal and corporate bonds. Wave co-founder Les Borsai said the goal is to “bridge traditional fixed income with digital assets” for institutional investors.
The New Hampshire State House in Concord. Source: Wikimedia
“We believe this structure shows how public and private sectors can collaborate to responsibly unlock the value of digital assets and digital asset reserves,” he added.
The borrower is expected to post approximately 160% of the bond’s value in Bitcoin as collateral, and if the price of BTC drops below roughly 130%, a liquidation would ensure that bondholders stay whole. According to BFA Executive Director James Key-Wallace, fees from the transaction will fund the local innovation and entrepreneurship program, the Bitcoin Economic Development Fund.
New Hampshire dives headfirst into crypto
The news follows New Hampshire becoming the first US state to allow its government to invest in cryptocurrencies in May after Governor Kelly Ayotte signed a bill allowing the municipality to “invest in cryptocurrency and precious metals.”
New Hampshire is also working on a bill to deregulate local cryptocurrency mining operations. In late October, a committee voted 4–2 to send the measure for further review in an interim study after it had been deadlocked in the State Senate twice.
The local administration is viewed as particularly welcoming to the cryptocurrency industry. In early February, Brendan Cochrane, an Anti-Money Laundering specialist at YK Law in New York City, argued that it could become an alternative for crypto companies relocating to the Bahamas.
The latest moves build on a longer history of crypto engagement. Back in 2015, New Hampshire was already working on a bill that would have allowed the state government to accept tax and fee payments in Bitcoin.
Global bank regulators are preparing to revisit their most stringent crypto rules after the United States and the United Kingdom refused to implement them, a move that threatens to unravel the long-standing consensus of the Basel Committee.
In an interview with the Financial Times, Erik Thedéen, the governor of the Swedish central bank and chair of the Basel Committee on Banking Supervision (BCBS), said they may need a “different approach” to the current 1,250% risk weighting for crypto exposures.
According to global law firm White & Case, the application of the 1,250% risk weight means that credit institutions must hold their own funds of at least equal value to the amount of the respective crypto-asset exposure.
Under the existing framework, crypto assets issued on a permissionless blockchain, which includes stablecoins such as USDt (USDT) and USDC (USDC), receive the same 1,250% risk weighting used for the riskiest venture investments.
However, Thedéen acknowledged that the rapid growth of regulated stablecoins has changed the policy landscape. “What has happened has been fairly dramatic,” Thedéen told the Financial Times, adding that there is a strong increase in stablecoins and that the amount of assets in the system calls for a new approach.
“We need to start analysing. But we need to be fairly quick on it,” Thedéen added, floating questions over stablecoin risks and if there was an argument that could approach the assets in “a different way.”
Explicit resistance from major economies
The resistance felt from major economies is now more explicit. According to the FT report, the US Federal Reserve does not plan to implement the Basel crypto rules as written, with policymakers calling the capital charges unrealistic.
The Bank of England also signaled that it will not apply the framework in its current form. At the same time, the European Union has only partially implemented the 2022 standard, excluding key provisions that cover permissionless blockchains.
Citing anonymous sources, Bloomberg previously reported that the Basel Committee is preparing to revise its 2022 guidance next year to be more favorable to banks participating in crypto markets.
The report said that many banks interpreted the framework as a deterrent to engaging with cryptocurrency or stablecoin services.
The talks reportedly intensified as regulated stablecoins gained traction in the US, supported by US President Donald Trump and the passage of the GENIUS Act, which formally authorized the use of these assets in payments.
Stablecoin boom requires rethink of rules
Thedéen echoed the concerns in the FT report, saying that the increase in stablecoin adoption requires fresh analysis and a potentially more lenient stance.
However, he also said that reaching an agreement may be difficult as regulators are divided on core assumptions about crypto’s risk profile and the role of bank-issued digital assets.
“Going further than that at this point in time is difficult, because I’m the chair and there are so many different views in this committee,” he said
The divergence in policies creates a competitive imbalance for global banks. If EU banks remain bound by these mandates while the US and the UK operate under more lenient frameworks, the playing field becomes significantly tilted.
This imbalance would influence which jurisdictions can build bank-issued stablecoin products, tokenized deposits or even crypto custody solutions.