Starmer ‘determined’ to make ‘tough decisions’ ahead of winter fuel payment vote

Published

1 year ago

September 8, 2024

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Sir Keir Starmer has said he is “determined” to make tough decisions ahead of a vote on whether to cut winter fuel payments for millions of pensioners.

MPs are set to vote on Tuesday on the decision to change the payment, designed to help the elderly with higher heating bills, so just those claiming pension credit are eligible.

During an official visit to Dublin on Saturday, Sir Keir refused to be drawn on whether he would punish any Labour MPs who vote against the government next week.

But he told broadcasters: “I was elected, and our government was elected with a clear mandate for change. We will only bring about that change if we stabilise our economy.

“We have looked at the books, there is £22 billion missing from the books and we have got to deal with that. I am not going to ignore it.

“We have got to take tough decisions. Targeting the winter fuel payments is a tough decision.”

He said that “safeguards” are in place for pensioners already on benefits – but added: “I am determined that we will take tough decisions because the change which is improved living standards, people feeling better off, better public services, dealing with crime and immigration and issues like that, that change will only happen if we fix the foundations now.”

Currently, everyone aged 66 and over receives the payment.

The proposed cut is expected to reduce the number receiving the benefit, worth up to £300 a year, by 10 million – from 11.4 million to 1.5 million.

The government says the move will save around £1.4bn this financial year.

Amid a backlash from opposition parties and campaign groups, ministers have been urging the 800,000 eligible pensioners who could receive pension credit to apply.

They have also said that maintaining the pensions triple lock, introduced by the Conservative-Lib Dem coalition, will outstrip the cut over the coming years.

The government had previously resisted a vote on winter fuel payments.

But, following pressure from other parties who oppose the cut, Commons leader Lucy Powell announced it would be debated and voted on 10 September.

The last time Labour MPs failed to follow the whip, seven of them were suspended from the parliamentary party.

The MPs, among them former shadow chancellor John McDonnell, had the Labour whip suspended for six months for supporting an amendment to the scrapping of the two-child benefit limit.

Politics

SEC ends Biden-era probe into tokenized equity platform Ondo Finance

Published

2 hours ago

December 8, 2025

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SEC ends Biden-era probe into tokenized equity platform Ondo Finance

The US Securities and Exchange Commission has officially dropped its investigation into the New York-based tokenization platform Ondo Finance, which it initiated in 2023.

Ondo Finance has received formal notice that a confidential, multi-year SEC investigation into the platform has been closed without any charges, the company announced on Monday.

“The probe examined whether Ondo’s tokenization of certain real-world assets complied with federal securities laws as well as whether the ONDO token was a security,” the statement said.

The SEC’s decision to end the investigation reflects a broader shift in the US policy regarding real-world asset (RWA) tokenization, bringing it on the authority’s formal agenda, Ondo noted.

A new chapter of tokenization in the US

According to a report by Crypto in America, the SEC initially opened the probe in October 2023 under former SEC Chair Gary Gensler, who was known for his stringent stance toward the crypto industry.

However, since Paul Atkins took over as SEC chair, the agency has closed a number of crypto-related cases involving major companies, including Coinbase, Ripple and Kraken.

“When the inquiry began in 2024, the US regulatory environment for digital assets was defined by caution, confusion, and occasionally overbroad enforcement actions,” Ondo Finance said in its blog post.

Against that backdrop, Ondo was “one of the only firms focused on tokenizing publicly listed equities at scale,” it said, adding: “Being early, and being successful, came with scrutiny.”

According to Ondo, the resolution of the SEC inquiry marks the end of one chapter for Ondo and the beginning of another, where tokenized securities become a “core part of the US capital markets.”

“The future of global finance, including U.S. capital markets, will be onchain and Ondo will help lead that transition,” Ondo said.

Most US tokenization platforms serve overseas markets

The news comes as most tokenization platforms offer tokenized equity products primarily to customers outside the US, including firms such as Kraken-owned Backed, the issuer of xStocks.

While these platforms tokenize major US-listed stocks and exchange-traded funds (ETFs), many of the offerings are aimed at clients located overseas, particularly in Europe.