Sir Keir Starmer has declared it his “moral mission” to “turn the tide on the lost decade of young kids left as collateral damage”.

The government launches its 10-year youth plan today, which has pledged £500m to reviving youth services.

Culture Secretary Lisa Nandy has also warned that young people are now “the most isolated in generations” and face challenges that are “urgent and demand a major change in direction”.

But despite the strong language, the Conservatives have warned that “under Labour, the outlook for the next generation is increasingly bleak”.

Lisa Nandy is on Sky News from 7am – follow live

Launching the 10-year strategy, Sir Keir said: “As a dad and as prime minister, I believe it is our generation’s greatest responsibility to turn the tide on the lost decade of young kids left as collateral damage. It is our moral mission.

“Today, my government sets out a clear, ambitious and deliverable plan – investing in the next generation so that every child has the chance to see their talents take them as far as their ability can.”

What’s in the government’s strategy?

Under the plans, the government will seek to give 500,000 more young people across England access to a trusted adult outside their homes – who are assigned through a formal programme – and online resources about staying safe.

The prime minister said the plans will also “ensure” that those who choose to do apprenticeships rather than go to university “will have the same respect and opportunity as everyone else”.

The plan comes following a so-called “state of the nation” survey commissioned by Ms Nandy, which heard from more than 14,000 young people across England.

Launching the strategy, she said: “Young people have been crystal clear in speaking up in our consultation: they need support for their mental health, spaces to meet with people in their communities and real opportunities to thrive. We will give them what they want.”

Read more:
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Young people may lose benefits

But the Conservatives have criticised the government for scrapping the National Citizen Service (NCS), which ended in March this year.

Shadow culture secretary Nigel Huddlestone said “any renewed investment in youth services is of course welcome”, but said Labour’s “economic mismanagement and tax hikes are forcing businesses to close, shrinking opportunities while inflation continues to climb”.

The US Office of the Comptroller of the Currency has affirmed that national banks can intermediate cryptocurrency trades as riskless principals without holding the assets on their balance sheets, a move that brings traditional banks a step closer to offering regulated crypto brokerage services.

In an interpretive letter released on Tuesday, the regulator said banks may act as principals in a crypto trade with one customer while simultaneously entering an offsetting trade with another, a structure that mirrors riskless principal activity in traditional markets. 

“Several applicants have discussed how conducting riskless principal crypto-asset transactions would benefit their proposed bank’s customers and business, including by offering additional services in a growing market,” notes the document.

According to the OCC, the move would allow customers “to transact crypto-assets through a regulated bank, as compared to non-regulated or less regulated options.”

The letter also reiterates that banks must confirm the legal permissibility of any crypto activity and ensure it aligns with their chartered powers. Institutions are expected to maintain procedures for monitoring operational, compliance and market risks.

“The main risk in riskless principal transactions is counterparty credit risk (in particular, settlement risk),” reads the letter, adding that “managing counterparty credit risk is integral to the business of banking, and banks are experienced in managing this risk.”

The agency’s guidance cites 12 U.S.C. § 24, which permits national banks to conduct riskless principal transactions as part of the “business of banking.” The letter also draws a distinction between crypto assets that qualify as securities, noting that riskless principal transactions involving securities were already clearly permissible under existing law.

The OCC’s interpretive letter — a nonbinding guidance that outlines the agency’s view of which activities national banks may conduct under existing law — was issued a day after the head of the OCC, Jonathan Gould, said crypto firms seeking a federal bank charter should be treated the same as traditional financial institutions.

According to Gould, the banking system has the “capacity to evolve,” and there is “no justification for considering digital assets differently” than traditional banks, which have offered custody services “electronically for decades.”

Related: Trump’s national security strategy is silent on crypto, blockchain

From ‘Choke Point 2.0’ to pro-crypto policy

Under the Biden administration, some industry groups and lawmakers accused US regulators of pursuing an “Operation Choke Point 2.0” approach that increased supervisory pressure on banks and firms interacting with crypto.

Since President Trump took office in January after pledging to support the sector, the federal government has moved in the opposite direction, adopting a more permissive posture toward digital asset activity.

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