Labour is set to publish its plan to tackle migration next week – as the number of people who have crossed the Channel under Sir Keir Starmer is understood to have hit a new milestone.
In the early hours of this morning, Sky News understands two small boats were picked up in the Channel with dozens of migrants on board, taking the number of crossings since July to more than 20,000.
These are the first crossings since 16 November.
Before then, 19,988 crossings had been recorded since Labour won the election on 4 July.
The total for the year, not including last night, is 33,562, according to official figures.
Government minister Pat McFadden told Sky News’ Sunday Morning With Trevor Phillips the UK “will always need migration” but that has to be balanced with training the British workforce so “you’re not over reliant on immigration”.
He said Labour would not be setting net migration targets but will publish a plan this coming week to reduce both legal and illegal migration.
Pat McFadden said the government would not set migration targets
The UK’s net migration – the difference between people coming to live in and leaving the UK – for last year (the year up to June 2023) was revised up this week to 906,000, making it the new highest year on record.
The latest figures, in the year to June 2024, found net migration had fallen by 20% from the previous year to an estimated 728,000.
Mr McFadden said: “Numerical targets on migration have not had a happy history in recent years.
“You might remember David Cameron saying that he wanted to reduce it to the tens of thousands.”
He added: “Fear not, the document that we’re going to publish will talk about migration, both legal and illegal.
“We’ve set up a new, secure border command, which we said we would at the election.
“We have got a new returns agreement with Iraq. We’ve increased the number of returns. We’ve published our Welfare To Work paper.”
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Conservative shadow minister Victoria Atkins said leader Kemi Badenoch had acknowledged this week net migration was “too high” under the Tories.
But she told Trevor Phillips it was because of them the numbers had fallen by 20% this year.
Ms Atkins criticised Labour for failing to have a cap on immigration and admitted the Conservatives did not yet have a solid plan for a cap, but would be setting it out soon.
The European Securities and Markets Authority (ESMA) has warned that crypto will increasingly threaten traditional financial markets’ stability as the industry grows and becomes more entwined with traditional finance players.
“We cannot rule out that future sharp drops in crypto prices could have knock-on effects on our financial system,” ESMA’s executive director Natasha Cazenave said in an April 8 statement to the Economic and Monetary Affairs Committee.
Cazenave noted, however, that crypto currently only accounts for 1% of global financial assets and is not yet significant enough to cause major “spillover effects” into traditional financial markets.
She warned that interconnections between crypto and traditional markets are rapidly growing — particularly in the more crypto-friendly US — and called for closer monitoring.
“Crypto-assets markets evolve quickly, in an often unpredictable manner, and we need to keep a close eye on these developments,” Cazenave said, adding:
“Turmoil, even in small markets, can originate or catalyze broader stability issues in our financial system.”
Cazenave’s concerns ranged from spot crypto exchange-traded funds and stablecoin use to hacks, scams and scandals — highlighting the recent $1.4 billion Bybit exploit and FTX’s collapse in November 2022.
Today in the ECON Committee, the role of crypto assets in relation to financial market stability was discussed. The European Central Bank (ECB) and the European Securities and Markets Authority (ESMA) were present.
I raised a critical question about the digital euro.… pic.twitter.com/KST7FRBhFF
— Engin Eroglu (@EnginEroglu_FW) April 8, 2025
The European Union has already implemented several measures to safeguard against crypto risks, most notably the Markets in Crypto-Assets (MiCA) regulation that was rolled out last year.
While Cazenave said MiCA marked a “breakthrough” for crypto regulation, she added that there is “no such thing as a safe crypto-asset” and that more rules may need to be implemented to mitigate future risks.
Related: EU could fine Elon Musk’s X $1B over illicit content, disinformation
Her comments come as both crypto and the stock markets have experienced double-digit falls over the last few weeks as the Trump administration continues to follow through on its tariff plans.
Europe lags US in crypto adoption
While crypto adoption has accelerated in the US, Cazenave noted that over 95% of European banks remain on the sidelines, with no involvement in crypto-related activities.
However, retail participation is on the rise, with an estimated 10% to 20% of European investors having crypto exposure, which is in line with growing global interest, Cazenave said.
Most reports measuring US crypto adoption suggest that the range of adoption is between 15% and 28% of the population.
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Former NBA star Shaquille O’Neal has been granted final court approval to settle a class-action lawsuit for $11 million with Astrals non-fungible token (NFT) buyers.
Florida federal court judge Federico Moreno granted approval of the settlement between O’Neal and the class group led by Daniel Harper in an April 1 order made available on April 8.
The deal created a fund of up to $11 million for eligible class members and awarded $2.9 million in attorney fees and costs. All those who purchased Astrals NFTs from May 2022 to Jan. 15 and those who purchased the project’s native GLXY tokens up until mid-January are eligible.
“The fee sought by lead class counsel has been reviewed and approved as fair and reasonable by plaintiffs,” Moreno’s order read.
O’Neal was hit with the lawsuit in May 2023 over his founding and promotion of the Solana-based Astrals NFT project, which the suit claimed was an “offer and sale of unregistered securities.”
The class group said they bought Astrals NFTs and “suffered investment losses” due to O’Neal’s “conduct” in promoting the project.
In August, Judge Moreno recognized that the class suit had alleged that the former NBA player was a seller of the NFTs. O’Neal agreed to the settlement in November.
Screenshot from court order on final settlement. Source: Courtlistener
NFT sales slump
The Astrals NFT collection consisted of 10,000 unique 3D digital collectibles created in April 2022 by the artist Damien Guimoneau in a Solana-based project that promoted a virtual world where users could socialize and play with others, including the basketball star.
Related: NFT sales plunge 63% in Q1, but Pudgy Penguins, Doodles buck trend
There has been no activity or sales from the collection for the past two years, according to NFT marketplace OpenSea.
Overall, NFT sales are still in deep bear market territory, with just $27 million sold as of April 7, down from more than $2 billion per week at the end of 2021, according to CryptoSlam.
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