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The prime minister has said it is “very important… that the rules are followed” after becoming embroiled in a row about a donor paying for his wife’s clothes.

The Conservatives are calling for an investigation into Sir Keir Starmer over a possible breach of parliamentary rules after he failed to declare his biggest personal donor, Lord Alli, paid for a personal shopper, clothes and alterations for Lady Victoria Starmer.

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Keir Starmer and Victoria Starmer.
Pic: PA
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Sir Keir Starmer and Lady Victoria Starmer have both had clothes paid for by Lord Alli. Pic: PA

A Number 10 spokesperson told Sky News it was an oversight that had been corrected after it “sought advice from the authorities on coming to office”.

But it raised further questions over whether Sir Keir and his wife needed to have clothes donated to them when the prime minister’s annual salary is around £160,000.

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This year alone, Sir Keir has received – and disclosed – nearly £19,000 worth of work clothes and several pairs of glasses from Lord Alli, the former chairman of online fashion retailer Asos, The Times reported.

In addition, the peer, whose personal wealth is estimated at £200m, spent £20,000 on accommodation for the now prime minister during the election and a similar sum on “private office” costs, which was also disclosed, the paper said.

MPs are required to register gifts and donations within 28 days of receiving them, but it is understood the donations for Lady Victoria’s clothes were submitted late.

Asked about the row while on a trip to Rome, the prime minister said: “It’s very important to me that the rules are followed. I’ve always said that. I said that before the election. I reinforced it after the election.

“And that’s why shortly after the election, my team reached out for advice on what declarations should be made so it’s in accordance with the rules.

“They then sought out for further advice more recently, as a result of which they’ve made the relevant declarations.”

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Sir Keir added: “For me, it’s really important that the rules are followed.

“That’s why I was very pleased my team reached out proactively, not once, but twice, because it is very important that we have transparency, very important that you and others can see the rules are being followed.”

In a letter to the parliamentary standards commissioner, the Tories highlighted how Lord Alli had hit the headlines over the summer for being given a security pass to Number 10, despite having no government role.

“It has now emerged that at the same time Sir Keir Starmer failed to declare a substantial gift of designer clothes, tailoring and a personal shopper bought for his wife by Lord Alli, both prior to the general election… and following it,” they wrote.

Lord Alli in 2014. Pic: Rex
Image:
Lord Alli pictured in 2014. Pic: Rex

Shadow science and technology secretary Andrew Griffith added: “It beggars belief that the prime minister thinks it’s acceptable that pensioners on £13,000 a year can afford to heat their home when he earns 12 times that but apparently can’t afford to clothe himself or his wife.

“While his top team want a taxpayer-funded clothes budget to look sharp, people across the country are forced to make tough choices in the face of Labour’s damaging decisions.

“Labour promised change but in ten short weeks all they’ve delivered is a change of clothes for themselves. Labour have made the political choice to put themselves and their Union paymasters before the most vulnerable.”

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Nasdaq crypto chief pledges to ‘move as fast as we can’ on tokenized stocks

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Nasdaq crypto chief pledges to ‘move as fast as we can’ on tokenized stocks

The US Nasdaq stock exchange is making SEC approval of its proposal to offer tokenized versions of stocks listed on the exchange a top priority, according to the exchange’s crypto chief.

“We’ll just move as fast as we can,” Nasdaq’s head of digital assets strategy, Matt Savarese, said during an interview with CNBC on Thursday, when asked whether the SEC could approve the proposal this year.

“I think what we have to really evaluate where the public comments come back in and then answer and respond to the SEC questions as they come through,” Savarese said. “We hope to kind of work with them as quickly as possible,” Savarese said.

Savarese says Nasdaq isn’t “upending the system”

The proposal, submitted by Nasdaq on Sept. 8, is requesting to allow investors to buy and sell stock tokens — digital representations of shares in publicly traded companies — on the exchange.

Savarese emphasized that Nasdaq is not trying to overhaul the way stocks are invested in when asked whether he expects other major exchanges to follow suit.

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Nasdaq’s head of digital assets, Matt Savarese, spoke to CNBC on Thursday. Source: CNBC

“We’re not looking at upending the system; we want everyone to come along for that ride and bring tokenization more into the mainstream,” he said.

“We want to do it in that responsible investor-led way first, under the SEC rules themselves,” he added.

It was only in October that Robinhood CEO Vlad Tenev said that tokenization will “eventually eat the whole financial system.”

The crypto industry is divided on tokenized equities

Savarese emphasized that Nasdaq is aiming to be an innovator in the ecosystem, noting that the exchange was the first to transition markets from paper-based trading to electronic systems.

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Tokenizing stocks has been one of the most significant talking points in the crypto industry this year.

On Sept. 3, Galaxy Digital CEO Mike Novogratz said the company became the first Nasdaq-listed company to tokenize its equity on a major blockchain following its launch on the Solana network.

The conversation around tokenized equities has also drawn skepticism from the crypto industry.

On Oct. 1, Rob Hadick, general partner at crypto venture firm Dragonfly, told Cointelegraph that tokenized equities will be a significant benefit to traditional markets, but may not be a boon to the crypto industry as others have predicted.

Hadick said that if tokenized stocks use layer-2 networks, it creates “leakage” as value and may not flow back to Ethereum or the broader crypto ecosystem as much as hoped.

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