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Sir Keir Starmer warned during the election campaign of the need for “tough decisions”, but carefully avoided setting out where the axe would fall. 

Now it’s clear who will be losing out – starting with most pensioners losing winter fuel payments worth up to £300 – unease is bubbling under the surface.

Politics live: Number 10 not ‘softening’ winter fuel payment cut

There is no doubt the government will win Tuesday’s vote as they have a huge majority of 174.

But the number of abstentions – or MPs who cannot face voting for it – especially if they number dozens, will test the prime minister’s authority and signal whether his backbenchers have the stomach for more of these cuts.

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Over the summer, Labour MPs have seen their inboxes fill up with pensioners and their families angry that those who rely on the payments fear they will face a cold winter in hardship.

The benefit will be restricted, Chancellor Rachel Reeves announced in July, to those who claim pension credit, and no longer given to the 10 million people aged over 66 who don’t.

More on Benefits

She told MPs at a meeting tonight that it was a difficult decision, and she “wasn’t immune to the arguments against it”, but that sticking to it was a question of economic credibility.

Government sources claimed she had won the argument that “‘no one likes it, but we have to do it”.

Pensioners, she said, could blame the Conservatives for leaving a financial black hole.

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Reeves defends fuel payment cuts

The problem is that 880,000 pensioners who are eligible for this top-up do not claim it, so they will lose out despite being the poorest – including some on just £13,000 a year.

The government has run a campaign aimed at increasing the uptake, but the payments will go straight away.

Campaigners – pensioners have vocal campaign groups on their side – also say the million or so people just above the threshold will also struggle.

Dozens of Labour MPs are weighing up whether they can vote for the measure, which will be a three-line whip. Some feel the £1.5bn saving will have a painful price.

MP for York Central Rachel Maskell, who told Sky News she would abstain, said the swift timing of the vote, and lack of assessment of its impact, has left many concerned – not just those on the left sceptical about Sir Keir’s leadership.

A House of Lords committee which scrutinises secondary legislation said it had been introduced without proper evidence of its impact.

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Streeting ‘not remotely happy’ about cutting winter fuel payments

A former member of the shadow cabinet, who will be reluctantly voting for the measure, told me he expected the chancellor to be forced to make changes in the run-up to the budget.

In an interview this weekend, Sir Keir stood firm, saying there would be no change in course – as well as further difficult decisions coming down the track.

He will head to Brighton in the morning in a big moment for an incoming Labour prime minister – addressing the Trades Union Congress (TUC) annual conference.

He will be braced for criticism, with major union leaders including Sharon Graham, general secretary of Unite, and head of the TUC, Paul Novak, piling the pressure on and saying he should U-turn.

Sir Keir knows the cut will get through parliament and has shown he can be ruthless, having withdrawn the party whip from MPs who voted to axe the two-child benefit cap.

But Labour MPs who back the measure through gritted teeth, and feel it’s had too high a price, will be harder to win over next time.

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Hong Kong to Roll Out New Licensing Requirements

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Hong Kong to Roll Out New Licensing Requirements

Hong Kong regulators will proceed with legislating licensing regimes for crypto dealers and custodians after wrapping up consultations, as part of a broader push to tighten oversight.

In a Wednesday announcement, the city’s Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) said that they had concluded consultations on proposed licensing regimes, which would require firms providing crypto dealings or custody services in Hong Kong to obtain licenses once the framework takes effect.

The move adds to the city’s expanding crypto licensing framework. Earlier in 2025, Hong Kong brought its Stablecoin Ordinance into force, opening a new licensing regime for stablecoin issuers.

Hong Kong already requires crypto trading platforms to be licensed. The current mandatory regime builds on earlier opt-in framework introduced in 2020, with 11 companies having received approval from the SFC to date.

Hong Kong, Cryptocurrency Exchange, Digital Asset
Hong Kong has rejected more applicants for its crypto exchange license than it approved. Source: SFC

Related: Crypto may enter insurers’ portfolios as Hong Kong reviews capital rules

Hong Kong’s broader crypto initiatives

Hong Kong has long expressed its ambitions to develop into a crypto hub. The city already functions as a financial hub with its business-friendly tax regimes and its reputation as a finance gateway between mainland China and global capital markets.

Beyond crypto licensing rules, Hong Kong has also tested tokenization initiatives. In Thursday’s announcement, regulators added that the pending introduction of licensing regimes for crypto dealers and custodians is part of the city’s effort to establish a comprehensive regulatory framework for digital assets alongside stablecoins and tokenization.

​Julia Leung, CEO of the SFC, said that the further development of Hong Kong’s crypto regulatory framework would help the city maintain its position in global digital asset market developments by “fostering a trusted, competitive and sustainable ecosystem.”

Related: Hong Kong launches CARF crypto tax consultation to combat evasion

New advisory and management consultation

The SFC also published a consultation paper on the same day, seeking public feedback on proposals to introduce licensing regimes for crypto advisory service providers and management service providers. 

The consultation links the proposed regimes to Hong Kong’s existing Anti‑Mone‑Laundering (AML) framework and Counter‑Terrorist Financing Ordinance, and sets out how advisory and management activities involving digital assets will be brought within the regulatory framework.

It also invites comments on matters such as licensing scope, regulatory powers, sanctions and appeal arrangements, which will be taken into account in finalizing the proposals.