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Britain’s new National Wealth Fund has struck a £1bn deal with two of Britain’s biggest high street lenders to retrofit thousands of homes to upgrade their energy-efficiency.

Sky News has learnt that the government-backed vehicle has agreed with Barclays and Lloyds Banking Group to provide partial guarantees on loans to housing associations across Britain.

An industry source said the deal, one of the first to be unveiled since the National Wealth Fund’s (NWF) creation, would be announced within days.

One banking insider said the partnership between the NWF and the two high street lenders would enable a substantial number of homes to be retrofitted.

It was, they added, an example of the public and private sectors working in tandem to deliver a worthwhile social outcome.

The scale of the loan guarantees provided by the state-controlled vehicle was unclear on Wednesday.

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A separate deal with the Housing Finance Corporation valued at about £150m is also expected to be announced alongside the broader agreement with Barclays and Lloyds.

The NWF is absorbing the UK Infrastructure Bank, under plans announced this week by Rachel Reeves, the chancellor.

The Treasury intends to inject £5.8bn into the National Wealth Fund, less than the £7.3bn that Labour pledged in its election manifesto.

Barclays and Lloyds both declined to comment, while the Treasury has been contacted for comment.

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Battle to convince MPs to back benefit cuts to more than three million households

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Battle to convince MPs to back benefit cuts to more than three million households

Plans for cuts to benefits which will impact more than three million households will be published today – as the government faces a battle to convince dozens of Labour MPs to back them.

Liz Kendall, the welfare secretary, has set out proposals to cut £5bn from the welfare budget – which she has said is “unsustainable” and “trapping people in welfare dependency”.

Disabled people claiming PIP, the personal independence payment which helps people – some of them working – with the increased costs of daily living, face having their awards reviewed from the end of next year.

An estimated 800,000 current and future PIP recipients will lose an average of £4,500 a year, according to a government assessment.

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Government’s battle over welfare reforms

The government also intends to freeze the health element of Universal Credit, claimed by more than two million people, at £97 a week during this parliament, and cut the rate to £50 for new claimants.

Under pressure from Labour MPs concerned particularly that changes to PIP will drive families into poverty, Ms Kendall will announce new protections in the bill today.

Sky News understands they include a 13-week transition period for those losing PIP; a higher rate of Universal Credit for people with the most serious conditions; and a commitment that disabled people who take a job will not immediately lose their benefits.

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Some 40 Labour MPs have signed a letter refusing to support the cuts; and dozens of others have concerns, including ministers.

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Benefits cuts explained

Ms Kendall is determined to press ahead, and has said the number of new PIP claimants has doubled since 2019 – at 34,000, up from 15,000.

Ministers say 90% of current claimants will not lose their benefits; and that many people will be better off – with the total welfare bill set to continue to rise over this parliament.

To keep the benefit, claimants must score a minimum of four points out of eight on one of the daily living criteria.

Ministers say claimants with the most serious conditions, who cannot work, will not face constant reassessments.

A £1bn programme is proposed, intended to give disabled people who can work tailored support to find jobs.

Some Labour MPs have angrily opposed the reforms – which will be voted on later this month.

Last night in a parliamentary debate, Labour MP for Poole Neil Duncan-Jordan disputed the Department for Work and Pensions (DWP) figures.

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He said: “We already know that PIP is an underclaimed benefit. The increase in claims is a symptom of declining public health and increased financial hardship disabled people are facing.

“We have the same proportion of people on working-age benefits as in 2015. This is not an economic necessity, it’s a political choice.”

Liz Kendall
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Liz Kendall

Rachael Maskell, Labour MP for York, called the proposals “devastating “. She said: “We must change direction and not proceed with these cuts.”

Disability groups say they fear an increase in suicides and mental health conditions.

The government’s own assessment forecast an extra 250,000 people could be pushed into poverty – including 50,000 children. It did not include the impact of people moving into work.

Ms Kendall was urged by MPs on the Commons Work and Pensions committee to delay the reforms, to carry out an impact assessment, but wrote back to the committee saying the reforms were too urgent to delay – and that MPs would be able to amend the legislation.

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New York authorities freeze $300K linked to crypto scammers

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New York authorities freeze 0K linked to crypto scammers

New York authorities freeze 0K linked to crypto scammers

Officials reported that scammers had used crypto to pay for fake digital asset investment ads on social media platforms, leading to more than $1 million in losses for victims.

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Crypto users vulnerable as Trump dismantles consumer watchdog

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Crypto users vulnerable as Trump dismantles consumer watchdog

Crypto users vulnerable as Trump dismantles consumer watchdog

The Trump administration, supported by major US crypto firms, has largely dismantled the Consumer Financial Protection Bureau, leaving consumers vulnerable.

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