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The war in Ukraine needs “concessions on both sides” if it is to come to an end, Nigel Farage has said.

The Reform UK leader suggested the invaded nation could gain “quite a lot from settling”, though he refused to say if this meant giving up territory to Russia in return.

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Mr Farage was speaking to Sky News after travelling back from America following his ally Donald Trump’s election victory.

Asked about the president-elect’s claims he could end the war in Ukraine “on day one”, Mr Farage said: “Well, the war is horrendous. There are nearly a million battle casualties. It’s like the battle of the Somme with drones.

“We have two options. We can keep feeding Ukraine, and that’s fine. And the war goes on for another year, two years, five years. The casualties mount. What Trump has said is he wants to attempt to broker a peace deal.”

The Clacton MP said that would require “concessions on both sides”, adding: ” I think Ukraine could actually gain quite a lot.”

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He would not be drawn on whether that could mean Ukraine giving up territory, but said that “any negotiation is going to involve things that the other side don’t like”.

He added: “I think that the appeal to Ukraine would be part of that negotiation would be that Ukraine would become a full part of NATO. Now, Putin would hate that… but that would have to be part of the deal.

“If there were territorial concessions, that’s all for the negotiations.”

Pressed on if he thinks Ukraine should be open to territorial concessions, he said: “I’m not playing your silly game. I think there should be peace talks.”

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He added that while former prime minister Boris Johnson, a staunch backer of Ukraine, wants “the war to go on forever… all wars end either in negotiation, with concessions or annihilation”.

Armed conflict in eastern Ukraine erupted in early 2014 following Russia’s annexation of Crimea, and escalated in February 2022 when Vladimir Putin ordered a full-scale invasion.

Mr Farage previously drew criticism for his views on the conflict during the UK’s general election campaign, when he said the West “provoked” Russia into the invasion with NATO’s and the EU’s expansion.

He ultimately won the seat for Clacton in Essex, but has since faced criticism for not spending enough time in his constituency.

Asked about this during his interview, Mr Farage said: “I’ve just exchanged contracts on the house that I’ll be living there in, is that good enough?”

He also questioned how much time Prime Minister Sir Keir Starmer spends in his constituency, or Lib Dem leader Ed Davey, saying things were different for party leaders than backbench MPs.

“I am representing Clacton, yes, but I’m also leading a national political party which is rapidly rising in the polls, which we have to build from the ground up,” he said.

“Today is Friday. Very often MPs are in constituencies on Friday. I’m in Wales, we’re having an inaugural Reform UK conference here. We’re looking to the Senedd elections.

“Tomorrow, I’ll be in Exeter. If you’re a national party leader, it’s different.”

After the interview, a source close to Mr Farage said: “Nigel has been to Clacton more than 10 times since being elected. He has kept his promise to have a property in the constituency, writes a weekly column for the Clacton Gazette (10 weeks in a row) and is having two further visits next week.”

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Chancellor’s Mansion House speech vows to rip up red tape – saying post-financial crash rules went ‘too far’

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Chancellor's Mansion House speech vows to rip up red tape - saying post-financial crash rules went 'too far'

Chancellor Rachel Reeves has criticised post-financial crash regulation, saying it has “gone too far” – setting a course for cutting red tape in her first speech to Britain’s most important gathering of financiers and business leaders.

Increased rules on lenders that followed the 2008 crisis have had “unintended consequences”, Ms Reeves will say in her Mansion House address to industry and the City of London’s lord mayor.

“The UK has been regulating for risk, but not regulating for growth,” she will say.

It cannot be taken for granted that the UK will remain a global financial centre, she is expected to add.

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It’s anticipated Ms Reeves will on Thursday announce “growth-focused remits” for financial regulators and next year publish the first strategy for financial services growth and competitiveness.

Rachel Reeves
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Rachel Reeves


Bank governor to point out ‘consequences’ of Brexit

Also at the Mansion House dinner the governor of the Bank of England Andrew Bailey will say the UK economy is bigger than we think because we’re not measuring it properly.

A new measure to be used by the Office for National Statistics (ONS) – which will include the value of data – will probably be “worth a per cent or two on GDP”. GDP is a key way of tracking economic growth and counts the value of everything produced.

Brexit has reduced the level of goods coming into the UK, Mr Bailey will also say, and the government must be alert to and welcome opportunities to rebuild relations.

Mr Bailey will caveat he takes no position on “Brexit per se” but does have to point out its consequences.

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Bailey: Inflation expected to rise

In what appears to be a reference to the debate around UK immigration policy, Mr Bailey will also say the UK’s ageing population means there are fewer workers, which should be included in the discussion.

The greying labour force “makes the productivity and investment issue all the more important”.

“I will also say this: when we think about broad policy on labour supply, the economic arguments must feature in the debate,” he’s due to add.

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The exact numbers of people at work are unknown in part due to fewer people answering the phone when the ONS call.

Mr Bailey described this as “a substantial problem”.

He will say: “I do struggle to explain when my fellow [central bank] governors ask me why the British are particularly bad at this. The Bank, alongside other users, including the Treasury, continue to engage with the ONS on efforts to tackle these problems and improve the quality of UK labour market data.”

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18 US states file lawsuit against SEC and Gary Gensler

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18 US states file lawsuit against SEC and Gary Gensler

President-elect Trump has vowed to fire SEC Chairman Gary Gensler and replace him with a more crypto-friendly SEC head. 

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Pennsylvania lawmaker introduces bill for ‘strategic Bitcoin reserve’

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Pennsylvania lawmaker introduces bill for ‘strategic Bitcoin reserve’

The proposed legislation would allow the State of Pennsylvania’s Treasurer to invest up to 10% of its funds in Bitcoin, suggesting a multibillion-dollar investment.

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