Pension credit claims soar as chancellor refuses to reverse winter fuel payment cut

Published

8 months ago

September 27, 2024

admin

Applications for pension credit hit nearly 75,000 in the eight weeks since the new chancellor announced the winter fuel payment for pensioners would be means-tested for the first time.

Figures released on Friday by the Department for Work and Pensions figures showed there were around 74,400 pension credit claims in the eight weeks since 29 July.

This is up from 29,500 claims in the eight weeks before the announcement.

Politics latest: SNP demands probe into Labour donations row

But in the seven days beginning on 16 September, the government received 11,800 claims – down from 13,400 the week before.

The new Labour government announced in July that only elderly people in receipt of benefits such as pension credit and universal credit would receive help worth up to £300 with their fuel bills over winter, whereas previously it was universal.

Labour has sought to justify its decision by saying it needs to stabilise the economy after the Tories left behind a £22bn financial “black hole”.

Ministers launched vast efforts to boost take-up of pension credit among eligible pensioners, with the Work and Pensions Secretary Liz Kendall saying “thousands” were missing out on the payment of an average of £3,900 per year.

The government has come under fire from all quarters for the cut, with Labour members at the party’s conference voting in favour of a motion calling for ministers to reverse their cut to the winter fuel allowance, in an embarrassing blow to the prime minister.

The motion was put forward by the trade union Unite, which has accused the government of embarking on “austerity mark two”.

Sharon Graham, the general secretary of Unite and outspoken critic of Sir Keir, moved the proposal by quoting Labour’s election-winning post-war manifesto, which she said was “one of hope”.

She added: “I do not understand how our new Labour government can cut the winter fuel allowance for pensioners and leave the super-rich untouched.

“This is not what people voted for. It is the wrong decision and needs to be reversed.”

But Ms Kendall defended the much-criticised cut to the benefit, claiming “this Labour government has done more to help the poorest pensioners in the last two months than the Tories did in 14 years”.

Chancellor Rachel Reeves has also held firm, insisting at the party conference that the policy would not be changed.

She told a fringe event on Tuesday that parliament had already voted on restricting winter fuel payments, and that “there was overwhelming support” for it.

SNP Westminster Leader Stephen Flynn said the prime minister “must finally listen to voters, admit he got it wrong, and U-turn on the Labour government’s damaging cuts to the Winter Fuel Payment for millions of pensioners”.

👉 Click here to follow Electoral Dysfunction wherever you get your podcasts 👈

But a Labour spokesperson said: “The Tories wrecked our economy and left a £22bn black hole in the public finances. They made commitments they couldn’t pay for, covered it up and ran away.

“The Labour Party was elected on our manifesto commitment to sound fiscal rules, economic growth is our primary mission and we will take the tough decisions now to rebuild Britain and make every part of the country better off.”

A government spokesperson said: “We are committed to supporting pensioners, with millions set to see their state pension rise by £1,700 this parliament through our commitment to the triple lock.

“Given the dire state of the public finances we have inherited, it’s right we target support to those who need it most.

“Over a million pensioners will still receive the winter fuel payment, and our drive to boost pension credit take-up has already seen a 152% increase in claims.

“Many others will also benefit from the £150 warm home discount to help with energy bills over winter while our extension of the household support fund will help with the cost of food, heating and bills.”

Politics

Pakistan allocates 2,000MW power for Bitcoin mining and AI centers

Published

7 hours ago

May 25, 2025

admin

Pakistan allocates 2,000MW power for Bitcoin mining and AI centers

Pakistan has allocated 2,000 megawatts of surplus electricity exclusively for Bitcoin mining and artificial intelligence centers.

The move is part of a broader digital transformation plan spearheaded by the Pakistan Crypto Council and backed by the Ministry of Finance, according to a May 25 report by local news outlet 24NewsHD TV Channel.

In the first phase, the government plans to channel excess power into AI infrastructure and crypto mining operations. Finance Minister Muhammad Aurangzeb said the decision is expected to attract billions in foreign investment while generating high-tech employment across the country.

The initiative’s second phase will introduce access to renewable energy for mining operations, aiming to balance growth with environmental responsibility.

Pakistan unveils tax incentives to attract investors

Per the report, interest from international Bitcoin (BTC) miners and AI firms has already picked up. Officials confirmed that multiple foreign delegations have visited Pakistan in recent months to explore potential partnerships.

To further incentivize investment, the Ministry of Finance announced a package of tax incentives for AI centers and duty exemptions for Bitcoin miners.

Bilal Bin Saqib, CEO of Pakistan’s Crypto Council, reportedly welcomed the development, calling it a “turning point” for the country’s digital economy.

Saqib claimed that with clear regulations and a transparent framework, Pakistan could emerge as a significant player in the global crypto and AI sectors.

Saqib first proposed using the country’s runoff energy to fuel Bitcoin mining at the Crypto Council’s inaugural meeting on March 21.

The meeting included lawmakers, the Bank of Pakistan’s governor, the chairman of Pakistan’s Securities and Exchange Commission (SECP), and the federal information technology secretary.

Pakistan creates Digital Asset Authority

On May 21, Pakistan’s Ministry of Finance endorsed the creation of a dedicated body to regulate blockchain-based financial infrastructure in the country.

The Pakistan Digital Assets Authority (PDAA) will serve as a regulatory body to oversee licensing and regulating exchanges, custodians, wallets, tokenized platforms, stablecoins, and decentralized finance applications.

The PDAA will also be tasked with tokenizing national assets and government debt, facilitating monetization of Pakistan’s surplus electricity through regulated Bitcoin mining, and helping startups build blockchain-based solutions at scale.

Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in ninth, mainly due to strong retail adoption and transactions at centralized services.

Data from Statista also shows Pakistan’s crypto market is “experiencing rapid growth,” estimating the number of crypto users to amount to over 27 million by 2025, out of a population of 247 million.

Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest, May 18 – 24

Politics

Crypto investor charged with kidnapping, torturing an Italian for passwords

Published

10 hours ago

May 25, 2025

admin

Crypto investor charged with kidnapping, torturing an Italian for passwords

A Manhattan crypto investor is facing serious charges after allegedly kidnapping and torturing an Italian man in a disturbing bid to extract access to digital assets.

John Woeltz, 37, was arraigned on Saturday in Manhattan criminal court following his arrest on Friday. He stands accused of holding a 28-year-old Italian man captive for weeks inside a luxury townhouse in Soho, reportedly rented for $30,000 per month.

According to police reports cited by The New York Times, the victim arrived in the US on May 6 and was allegedly abducted by Woeltz and an accomplice.

The attackers are said to have stolen the man’s passport and electronic devices before demanding the password to his Bitcoin (BTC) wallet. When he refused, the suspects allegedly subjected him to prolonged physical abuse.

Crypto victim beaten, electroshocked

The victim described being beaten, shocked with electricity, assaulted with a firearm and even dangled from the upper floors of the five-story building.

He also told police that Woeltz used a saw to cut his leg and forced him to smoke crack cocaine. Threats were also reportedly made against his family.

Photographic evidence found inside the property, including Polaroids, appears to support claims of sustained abuse. The victim managed to escape on Friday and alert authorities, leading to Woeltz’s arrest.

Woeltz was charged with four felony counts, including kidnapping for ransom, and entered a plea of not guilty. Judge Eric Schumacher ordered him to be held without bail. He is expected back in court on May 28.

A 24-year-old woman was also taken into custody on Friday in connection with the incident. However, she was seen walking freely in New York the next day, and no charges against her were found in the court’s online database.

Authorities have yet to clarify the relationship between the suspect and the victim or whether any cryptocurrency was ultimately stolen.

Crypto executives turn to bodyguards

Executives and investors in the crypto industry are increasingly seeking personal security services as kidnapping and ransom cases surge, especially in France.

On May 18, Amsterdam-based private firm Infinite Risks International reported a rise in requests for bodyguards and long-term protection contracts from high-profile figures in the space.

French authorities have responded by introducing enhanced protections for crypto entrepreneurs and their families, including security briefings and priority access to police assistance.

This comes amid a recent surge in kidnappings and ransom attempts. David Balland, the co-founder of hardware wallet company Ledger, was kidnapped in January 2025 and held for ransom for several days before being rescued by French police.

In May 2024, the father of an unnamed crypto entrepreneur was freed from a ransom attempt after French law enforcement officials raided the location in a Paris suburb where the individual was being held hostage by organized criminals.

Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express

Politics

PM could lift controversial benefit cap in budget – as Farage makes two big election promises

Published

14 hours ago

May 25, 2025

admin

PM could lift controversial benefit cap in budget - as Farage makes two big election promises

Sir Keir Starmer could decide to lift the two-child benefit cap in the autumn budget, amid further pressure from Nigel Farage to appeal to traditional Labour voters.

The Reform leader will use a speech this week to commit his party to scrapping the two-child cap, as well as reinstating winter fuel payments in full.

The prime minister – who took Westminster by surprise at PMQs by revealing his intention to row back on the winter fuel cut – has previously said he would like to lift the two-child cap if the government could afford it.

There are now mounting suggestions an easing of the controversial benefit restriction may be unveiled when the chancellor delivers the budget later this year.

According to The Observer, Sir Keir told cabinet ministers he wanted to axe the measure – and asked the Treasury to look for ways to fund the move.

It comes after the government delayed the release of its child poverty strategy, which is expected to recommend the divisive cap – introduced by former Tory chancellor George Osborne – is scrapped.

Ministers have already said any changes to winter fuel payments, triggered by mounting political pressure, would only be made when the government’s next fiscal event rolls round.

The Financial Times reported it may be done by restoring the benefit to all pensioners, with the cash needed being clawed back from the wealthy through the tax system.

The payment was taken from more than 10 million pensioners this winter after it became means-tested, and its unpopularity was a big factor in Labour’s battering at recent elections.

Before Wednesday’s PMQs, the prime minister and chancellor had insisted there would be no U-turn.

Many Labour MPs have called for the government to do more to help the poorest in society, amid mounting concern over the impact of wider benefit reforms.

Former prime minister Gordon Brown this week told Sky News the two-child cap was “pretty discriminatory” and could be scrapped by raising money through a tax on the gambling industry.

Mr Farage, who believes Reform UK can win the next election, will this week accuse Sir Keir of being “out of touch with working people”.

In a speech first reported by The Sunday Telegraph, he is expected to say: “It’s going to be these very same working people that will vote Reform at the next election and kick Labour out of government.”