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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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After six months of planning, Reform’s immigration policy is as clear as mud

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After six months of planning, Reform's immigration policy is as clear as mud

Reform’s plan was meant to be detailed. Instead, there’s more confusion.

The party had grown weary of the longstanding criticism that their tough talk on immigration did not come with a full proposal for what they would do to tackle small boats if they came to power.

So, after six months of planning, yesterday they attempted to put flesh on to the bones of their flagship policy.

Politics latest: Farage rows back on pledge to deport illegal migrant women and girls

At an expensive press conference in a vast airhanger in Oxford, the headline news was clear: Reform UK would deport anyone who comes here by small boat, arresting, detaining and then deporting up to 600,000 people in the first five years of governing.

They would leave international treaties and repeal the Human Rights Act to do it

But, one day later, that policy is clear as mud when it comes to who this would apply to.

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Nigel Farage launched an airport-style departures board to illustrate how many illegal migrants have arrived in the UK. Pic: PA
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Nigel Farage launched an airport-style departures board to illustrate how many illegal migrants have arrived in the UK. Pic: PA

I asked Farage at the time of the announcement whether this would apply to women and girls – an important question – as the basis for their extreme policy seemed to hinge on the safety of women and girls in the UK.

He was unequivocal: “Yes, women and children, everybody on arrival will be detained.

“And I’ve accepted already that how we deal with children is a much more complicated and difficult issue.”

But a day later, he appeared to row back on this stance at a press conference in Scotland, saying Reform is “not even discussing women and children at this stage”.

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He later clarified that if a single woman came by boat, then they could fall under the policy, but if “a woman comes with children, we will work out the best thing to do”.

A third clarification in the space of 24 hours on a flagship policy they worked on over six months seems like a pretty big gaffe, and it only feeds into the Labour criticism that these plans aren’t yet credible.

If they had hoped to pivot from rhetoric to rigour, this announcement showed serious pitfalls.

But party strategists probably will not be tearing out too much hair over this, with polling showing Reform UK still as the most trusted party on the issue of immigration overall.

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Crypto trader ups MEXC ‘bounty’ to $2.5M after in-person KYC request

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Crypto trader ups MEXC ‘bounty’ to .5M after in-person KYC request

Crypto trader ups MEXC ‘bounty’ to .5M after in-person KYC request

The “White Whale” increased his social media pressure campaign to $2.5 million after claiming that MEXC requested an in-person KYC verification in Malaysia.

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US appeals time served sentences for HashFlare Ponzi schemers

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US appeals time served sentences for HashFlare Ponzi schemers

US appeals time served sentences for HashFlare Ponzi schemers

Prosecutors appealed the sentences given to HashFlare founders Sergei Potapenko and Ivan Turõgin, after arguing the pair should get 10 years in prison.

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