For a PM who promised ‘change’, how much of what Sir Keir Starmer promised was rhetoric?

Published

6 months ago

September 26, 2024

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Sir Keir Starmer campaigned in the general election about being a politician who would do things differently and lead a government of service.

His was a message of change not just about how he would run the country, but also about how he would lead the government change. It was billed not just as a change of power from one party to another but as a change of culture too.

If the polls are anything to go by, that message has been blunted and his reputation tarnished in the early days of his government over the row around Sir Keir’s freebies. In the last parliament, Sir Keir claimed more freebies – £107,145 – than any other politician.

Politics latest: Tetchy PM hits back at donation questions

The handouts ranged from clothing (£16,200) to football freebies (more than £35,000), concert tickets, rugby matches and the races (£17,000).

He has also just declared £20,000 in accommodation during the election, borrowing a rich donor’s multi-million penthouse so his son could study for his GCSEs away from the media scrums around the Starmer’s family home in Kentish Town in London.

New polling put out by YouGov on Wednesday found that three out of four people thought donations of concert tickets and money for clothes to politicians should be banned.

Meanwhile, in the early days of the government, the PM’s personal popularity ratings have fallen sharply.

A fresh survey by Opinium reveals that the prime minister’s approval rating has dropped 45 points to -26 since he became the country’s leader. It now makes him – by a point – less popular than his predecessor Rishi Sunak.

There are undoubtedly a number of factors playing into Sir Keir’s drop in popularity – not least his decision to scrap the winter fuel allowance for pensioners.

But talk to colleagues around him, and the row over freebies has caused some consternation. At best, it has pulled the government off message and on to the back foot – at worst, it has become a personal problem for a prime minister who promised to do things differently, and now is having the charge levelled against him that he’s like those who went before, taking freebies from rich friends.

Sir Keir might find that uncomfortable, or vehemently disagree with it, but can he understand that while he is following all the rules, the perception, the optics of claiming all these freebies while asking people to take the pain of difficult choices is an issue for him and his government?

In our interview, it was evident that if the prime minister saw the tensions between his promises about how he would conduct politics and claiming sizeable freebies, he did not want to acknowledge that in an interview that was far tenser than I had anticipated and in which, at times, he seemed palpably angry.

The prime minister made the point that the claims were in the rules and that “behind some of those numbers, there is a human story”.

He explained how he has to now sit in corporate hospitality when he watches his beloved Arsenal with his son because of security reasons and does not want to cost the taxpayer more money by sitting in his usual seat in the stands.

And when it comes to the £20,000 accommodation he claimed in the election, the prime minister has a very clear answer: he did it to protect his son, who was studying for his GCSEs at the time and needed a peaceful place to study where he did not have to run the gauntlet of journalists hanging outside the house.

Many of you will think these are reasonable explanations, some of you will not.

But what is incontrovertible is the volume of freebies Sir Keir has claimed.

When I asked him about clothing, he said he would no longer accept donations. When I asked him about concert tickets – Taylor Swift, Adele, Coldplay – he indicated he might still go, saying it was a matter of judgement.

In short, the prime minister point-blank refused to engage in questions around the optics of his claims and how they might undermine his political messaging and personal reputation with the public.

Does it matter? One of the charges brought against Sir Keir during the election by political opponents was he was a politician who said one thing and did another.

The Conservatives campaigned hard on the notion that he would say no tax rises for working people and then put up taxes – we will see what he does in the budget.

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And there were those on his own side who lost trust in him after he campaigned on a left-wing agenda to become leader only to move away from that once he had won.

Whether he likes it or not, thinks it’s fair or not, will admit it or not, the row over freebies has raised questions about how much of that “change” was rhetoric and how much is real?

Politics

EU could fine Elon Musk’s X $1B over illicit content, disinformation

Published

4 hours ago

April 4, 2025

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EU could fine Elon Musk’s X B over illicit content, disinformation

European Union regulators are reportedly mulling a $1 billion fine against Elon Musk’s X, taking into account revenue from his other ventures, including Tesla and SpaceX, according to The New York Times.

EU regulators allege that X has violated the Digital Services Act and will use a section of the act to calculate a fine based on revenue that includes other companies Musk controls, according to an April 3 report by the newspaper, which cited four people with knowledge of the plan.

Under the Digital Services Act, which came into law in October 2022 to police social media companies and “prevent illegal and harmful activities online,” companies can be fined up to 6% of global revenue for violations.

A spokesman for the European Commission, the bloc’s executive branch, declined to comment on this case to The New York Times but did say it would “continue to enforce our laws fairly and without discrimination toward all companies operating in the EU.”

In a statement, X’s Global Government Affairs team said that if the reports about the EU’s plans are accurate, it “represents an unprecedented act of political censorship and an attack on free speech.”

“X has gone above and beyond to comply with the EU’s Digital Services Act, and we will use every option at our disposal to defend our business, keep our users safe, and protect freedom of speech in Europe,” X’s global government affairs team said.

European Union, Elon Musk — *Source:* *Global Government Affairs*

Along with the fine, the EU regulators could reportedly demand product changes at X, with the full scope of any penalties to be announced in the coming months.

Still, a settlement could be reached if the social media platform agrees to changes that satisfy regulators, according to the Times.

One of the officials who spoke to the Times also said that X is facing a second investigation alleging the platform’s approach to policing user-generated content has made it a hub of illegal hate speech and disinformation, which could result in more penalties.

X EU investigation ongoing since 2023

The EU investigation began in 2023. A preliminary ruling in July 2024 found X had violated the Digital Services Act by refusing to provide data to outside researchers, provide adequate transparency about advertisers, or verify the authenticity of users who have a verified account.

X responded to the ruling with hundreds of points of dispute, and Musk said at the time he was offered a deal, alleging that EU regulators told him if he secretly suppressed certain content, X would escape fines.

Thierry Breton, the former EU commissioner for internal market, said in a July 12 X post in 2024 that there was no secret deal and that X’s team had asked for the “Commission to explain the process for settlement and to clarify our concerns,” and its response was in line with “established regulatory procedures.”

Musk replied he was looking “forward to a very public battle in court so that the people of Europe can know the truth.”

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

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Coinbase Institutional files for XRP futures trading with CFTC

Published

4 hours ago

April 4, 2025

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Coinbase Institutional files for XRP futures trading with CFTC

US crypto exchange Coinbase has filed with the US Commodity Futures Trading Commission (CFTC) to launch futures contracts for Ripple’s XRP token.

“We’re excited to announce that Coinbase Derivatives has filed with the CFTC to self-certify XRP futures — bringing a regulated, capital-efficient way to gain exposure to one of the most liquid digital assets,” stated Coinbase Institutional on April 3.

The firm added that it anticipates the contract going live on April 21.

According to the certification filing, the XRP (XRP) futures contract will be a monthly cash-settled and margined contract trading under the symbol XRL.

The contract tracks XRP’s price and is settled in US dollars. Each contract represents 10,000 XRP, currently worth about $20,000 at $2 per token.

Contracts can be traded for the current month and two months ahead, and trading will be paused as a safety measure if spot XRP prices move more than 10% in an hour.

“The exchange has spoken with FCMs (Futures Commission Merchants) and market participants who support the decision to launch a XRP contract,” the firm stated.

Coinbase is not the first to launch XRP futures in the United States. In March, Chicago-based crypto exchange Bitnomial announced the launch of the “first-ever CFTC-regulated XRP futures in the US.”

XRP futures trading is available on many of the world’s leading centralized crypto exchanges, such as Binance, OKX, Bybit and BitMEX.

Funding rates remain negative

In late March, Cointelegraph reported that XRP derivatives’ funding rates had flipped negative as investor sentiment turned bearish.

Funding rates are periodic payments between traders in perpetual futures markets that help keep the futures price aligned with the spot price. Positive funding rates mean that long traders (buyers) pay short traders, while negative funding rates mean short traders (sellers) pay long traders.

When funding rates go negative, it means short traders are willing to pay a premium to maintain their positions, indicating strong conviction from bearish derivatives traders.

XRP funding rates remained negative on major derivatives exchanges as of April 4, according to CoinGlass.

Magazine: XRP win leaves Ripple a ‘bad actor’ with no crypto legal precedent set

Politics

Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Published

8 hours ago

April 4, 2025

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Binance co-founder Changpeng Zhao to advise Kyrgyzstan on blockchain tech

Former Binance CEO Changpeng “CZ” Zhao will begin advising the Kyrgyz Republic on blockchain and crypto-related regulation and tech after signing a memorandum of understanding with the country’s foreign investment agency.

“I officially and unofficially advise a few governments on their crypto regulatory frameworks and blockchain solutions for gov efficiency, expanding blockchain to more than trading,” the crypto entrepreneur said in an April 3 X post, adding that he finds this work “extremely meaningful.”

His comments came in response to an earlier X post from Kyrgyzstan President Sadyr Zhaparov announcing that Kyrgyzstan’s National Investment Agency (NIA) had signed a memorandum with CZ to provide technical expertise and consulting services for the Central Asian country.

The NIA is responsible for promoting foreign investments and assisting international companies in identifying business opportunities within the country.

“This cooperation marks an important step towards strengthening technological infrastructure, implementing innovative solutions, and preparing highly qualified specialists in blockchain technologies, virtual asset management, and cybersecurity,” Zhaparov said.

The Kyrgyzstan president added: “such initiatives are crucial for the sustainable growth of the economy and the security of virtual assets, ultimately generating new opportunities for businesses and society as a whole.”

Kyrgyzstan, which officially changed its name from the Republic of Kyrgyzstan to the Kyrgyz Republic in 1993, is a mountainous, land-locked country.

It is considered well-suited for crypto mining operations due to its abundant renewable energy resources, much of which is underutilized.

Over 30% of Kyrgyzstan’s total energy supply comes from hydroelectric power plants, but only 10% of the country’s potential hydropower has been developed, according to a report by the International Energy Agency.

CZ has met with several other state officials in Asia

Malaysia also recently tapped CZ for guidance on crypto-related matters, with Prime Minister Anwar Ibrahim meeting him personally in January.

CZ has also met with officials in the UAE and Bitcoin-stacking country Bhutan — however, it isn’t clear what those meetings entailed.

CZ’s latest pursuits come a little over six months after he was released from a four-month prison sentence in the US for violating several anti-money laundering laws.

Since being released, CZ has made investments in blockchain tech, artificial intelligence and biotechnology companies.

CZ also recently donated 1,000 BNB (BNB) — worth almost $600,000 — to support earthquake relief efforts in Thailand and Myanmar after the natural disaster in late April.

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