Sir Keir Starmer to unveil ‘plan for change’ – what is it and why now?
After five months in power, even the most loyal cabinet members would quietly admit it’s been a rocky run for Sir Keir Starmer and Labour.
The prime minister’s personal polling ratings have tumbled from a +7 in the post-election honeymoon to -29 now.
Many pensioners, business owners, entrepreneurs and farmers are angry, and between the Downing Street power struggles that became front page news, rows over freebies and the first cabinet resignation, it can at times be hard to pinpoint what this government is about and trying to achieve.
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Starmer won big in the summer but is struggling to punch through.
Thursday is a serious attempt to change that. Because this is when Sir Keir will give you, the voter, the nuts and bolts of what to expect in the first half of the ‘decade of renewal’ he has long talked about.
You will be getting a series of “mission milestones” from the prime minister to give you clear markers on which to measure this government and Whitehall – a sharp navigation tool for a government that has been somewhat buffeted by side winds since taking office.
From Thursday onwards the “plan for change” will be, as one person in the top team puts it, the Northern Star of Starmer’s first term in office.
What it looks like will be a checklist of what the government wants to achieve and when it comes to the next election day, you will be able to judge whether Labour have delivered or not.
Pic: PA
The pledges will be hung around the missions for government that Sir Keir set out in opposition in February 2023 which then formed the backbone of his manifesto.
In a nutshell, these five missions (a sixth, to tackle small boats was introduced in May 2024) were to turn the UK into the fastest growing economy in the G7, improve the NHS and cut NHS waiting lists, launch a new border security command to drive down small boat crossings, make Britain a clean energy power, safer streets and improve opportunities for all through improvements in childcare, schools and further education.
Turning missions into milestones
On Thursday, those missions will be turned into a set of milestones for this parliament.
The PM hopes it will help voters better understand what he wants to achieve to improve their lives, while giving us all a checklist to hold the government to account.
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Number 10 also wants these “measurable milestones” to galvanise delivery in Whitehall and force reform, be it through the use of artificial intelligence and tech, re-organisation, and efficiency savings.
I’m told there will be two elements to this.
The first part of what the PM will outline is about fixing the foundations – economic stability, secure borders and national security. Within that, the prime minister will make a clear commitment to reduce net migration and reduce small boat crossings.
The second part will be the mission milestones: For the NHS, there will be a pledge to carry out 92% of routine operations and appointments within 18 weeks by March 2029, a target that has not been hit for almost and decade and will require the current 6.7 million waiting list to be halved in the next five years.
Pledge for thousands more police officers
There will be a new promise for 13,000 police officers on the streets with every neighbourhood having a named, contactable police officer in their community, dealing with local issues.
There will be pledges too on early years education and recommitment that all electricity will come from renewables and nuclear by 2030.
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On the economy, the prime minister will pledge to improve living standards, as the more abstract mission to have the fastest growing economy in the G7 is made, to quote one government figure, “real for people around the kitchen table”.
Labour know all too well what happened to their US sister party the Democrats when they talked in broad terms about growth rather than telling voters what it really meant for their pocket, so you can expect the ‘growth commitment’ to be turned into some sort of disposable income target.
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Immigration: Starmer blames Tories
No migration mission milestone
As I understand it, there will not be a “mission milestone” on migration, which could well raise eyebrows on Thursday given that the prime minister explicitly added tackling small boats to his missions in the run-up to the election.
Five missions became six first steps in the general election campaign as Labour put tackling small boats on the same footing as the other long-term mission with a pledge to set up a new border command to drive down illegal crossings.
At the time, it was seen as an admission from the Labour opposition that they needed to give voters an offer on small boats and illegal migration. To not include it in the “milestones” on which Starmer is prepared to be measured by the public may well raise questions.
For its part, the prime minister’s team has been at pains to stress these new milestones are not an attempt at a reset, but rather a continuation of the mission-led government Sir Keir has been talking about for over 18 months, from opposition into power.
PM unbothered by critics
Insiders say the milestones are the “obvious next step” which Sir Keir and his team were always going to take and follow the processes that have characterised his ascent to the leadership and style of opposition: logical, methodical follow through of ideas he’s been working on.
Those who work with Sir Keir say he tends to be unbothered by the criticism and views it as the rough and tumble of getting on with it as he ploughs ahead with this plan.
But there is an acknowledgement in all of this that to have any hope of holding his fragile and shallow coalition of support together, then Starmer needs to take on, as one government figure put it, “the tsunami of cynicism”.
This cynicism has imbibed our politics in recent years on the back of broken promises around migration, NHS waiting lists, compounded by partygate and the Truss mini-budget that did for the Tories and for any residual trust in politics too, they said.
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Is Starmer the right leader to take on Farage?
Tackling Farage and Reform
Sir Keir’s election strategists Pat McFadden, who now runs the cabinet office at the heart of government, and Morgan McSweeney, who now runs Downing Street as the PM’s chief of staff, know that deliverables are their route to being able to answer the populist and insurgency politics driving the rise of Nigel Farage and Reform.
Former cabinet minister Harriet Harman pointed out in our Electoral Dysfunction podcast that if the story of the 2024 election was Reform eating into the Conservative vote, the battle of the next one will also be driven on whether Labour can hold off the party in strongholds such as Wales, Scotland and parts of the Red Wall where Reform came in second in dozens of seats.
If you look at council by-elections since the general election, argues Baroness Harman, Reform have gained 10 points, while Labour have lost 10 points and the Conservative party has stayed put.
Nigel Farage has made no secret of his desire to start taking votes off the new ‘establishment’, the Labour government.
Sir Keir is clearly alive to the threat, as just days after Donald Trump’s victory in the US election the prime minister said the economy and borders were his two top priorities in government.
These are the battlegrounds on which the Tories and Reform will try to fight them, with the former badly damaged on both and the latter now trying to take lumps out of Labour.
Risk in setting milestones
“There’s more at stake than losing the next election,” one senior Labour figure opined to me the other week. “People thinking we cannot fix problems is the real risk for all progressives. If people don’t believe politics can improve things it will only feed more into the politics of division and hate.”
There is also a risk in setting milestones. Too soft and they become meaningless, too ambitious without a concrete plan to deliver them, and you set yourself up to fail. “We have to prioritise and know the route map,’ explained one government figure. “We might not hit it,” they added, acknowledging the jeopardy.
What about Sunak’s targets?
You might remember Rishi Sunak’s five targets – halve inflation, grow the economy, reduce debt, cut waiting lists and stop the boats.
At the time of the general election campaign, we went through these line-by-line in the Sky News Battle for No 10 leadership interviews, and Mr Sunak had to tell a live audience that on NHS waiting lists, stopping small boats and falling debt, he had failed.
He promised the public “no tricks, no ambiguity” and owned those failures before being given the verdict at the ballot box a few weeks later.
When I asked Sir Keir in Rio at the G7 summit what the essence of his leadership was, he said: “I want working people to be better off. I want people to feel the impact of our policies in their pocket so that they can enjoy life in the way they want to, with themselves and their family.
“The basic security is that working people want a decent wage that provides for them in their family. Education allows their children to go as far as their talent will take them, a health service that’s there when they need it. But in a nutshell, it’s about making working people feel better off, and I am determined that that will remain my focus.”
Thursday’s milestones will be built around that central goal to make people better off, in their pockets, and in their lives – be it better schooling for their kids or better access to the local GP or hospital, or cleaner energy.
Tangible pledges on which the prime minister can be measured. It may not be a reset but, if Number 10 gets it right, it has the potential to be a fresh start for a prime minister who has failed to make his mark with the electorate since he won that election.
A man from Wellington, the capital city of New Zealand, has been arrested in connection with an FBI-led investigation into a global cryptocurrency fraud operation that allegedly stole $450 million New Zealand dollars ($265 million).
According to New Zealand Police, the man is one of 13 individuals charged after authorities executed search warrants across Auckland, Wellington, and California over the past three days.
The charges stem from allegations that members of an organized criminal group manipulated seven victims to obtain large amounts of cryptocurrency, which was then laundered through multiple platforms between March and August 2024.
The US Department of Justice has indicted the man under federal law, including charges of racketeering, conspiracy to commit wire fraud, and conspiracy to commit money laundering, per the announcement.
Related: Germany seizes $38M in crypto from Bybit hack-linked eXch exchange
Scammer used stolen funds to purchase luxury vehicles
Prosecutors allege the stolen funds were used to purchase $9 million worth of luxury vehicles and spent lavishly on high-end goods, including designer handbags, watches, and clothing, as well as services such as nightclub access, private security, and rentals in Los Angeles, Miami, and the Hamptons.
The accused appeared in Auckland District Court and was granted bail with interim name suppression. He is scheduled to reappear on July 3.
“We have worked closely with our law enforcement colleagues in the United States in support of their investigation,” the police stated. They added:
“Today’s search warrant and arrest reflects the importance of international partnerships where criminals are operating across borders.”
The investigation remains ongoing.
Related: Bybit hacker launders 100% of stolen $1.4B crypto in 10 days
Crypto thefts surge to $360 million in April
Digital asset thefts skyrocketed in April 2025, with nearly $360 million stolen across 18 separate hacking incidents, according to data from blockchain security firm PeckShield.
The figure marks a staggering 990% jump from March when reported losses stood at just $33 million. The sharp rise was largely attributed to a single unauthorized Bitcoin transfer that accounted for the bulk of the month’s losses.
On April 28, blockchain analyst ZachXBT identified a suspicious $330 million BTC transaction. The incident was later confirmed as a social engineering attack that targeted an elderly US resident, resulting in one of the largest individual crypto thefts to date.
Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens: Asia Express
Crypto entrepreneurs and their families in France will receive enhanced security measures amid a recent rise in crypto-related kidnappings in the country, Politico reported.
According to the May 16 report, the measures include priority access to police emergency lines, home security assessments, and safety briefings from French law enforcement to ensure best practices are being followed.
France’s Interior Minister Bruno Retailleau introduced the security measures as part of a broader effort to counter the recent wave of attacks.
“These repeated kidnappings of professionals in the crypto sector will be fought with specific tools, both immediate and short-term, to prevent, dissuade and hinder in order to protect the industry.”
Law enforcement officers will also undergo “anti-crypto asset laundering training,” Retailleau noted.
Retailleau met with several local leaders from the crypto industry to discuss the measures following three crypto-related kidnapping incidents in recent months.
Two kidnappings and a failed attempt in France this year
The latest incident occurred on May 13, when assailants attempted to abduct the daughter and grandson of Pierre Noizat, CEO of the French crypto platform Paymium. Fortunately, they managed to fend off the attack, which occurred in broad daylight.
The assailants tried to force the pair into a waiting van, but Noizat’s daughter managed to take one of the guns off an assailant and throw it away, local police said.
En plein Paris, un homme a été violenté par des individus cagoulés, habillés tout en noir. Ils tentaient de l’enlever. Un homme a surgi, extincteur à la main, pour les faire fuir. →https://t.co/P0qV6PR40v pic.twitter.com/9f4r2Gi7ho
— Le Figaro (@Le_Figaro) May 13, 2025
On May 3, Paris police freed the father of a crypto entrepreneur who was held for several days in connection with a 7 million euros ($7.8 million) kidnapping plot.
Related: SEC hacker sentenced to 14 months in prison
In January, the co-founder of crypto hardware wallet provider Ledger, David Balland, was abducted from his home in central France during the early hours of Jan. 21. He was held captive until a police operation on the night of Jan. 22 secured his release.
Retailleau said earlier this week that he believes the incidents were likely connected.
There have been over 150 crypto-related robbery or kidnapping incidents since 2014, with 23 of those incidents occurring in 2025 alone, according to a GitHub database maintained by Bitcoin cypherpunk Jameson Lopp.
Lopp noted many of these criminals typically identify future victims through social media posts, public conversations, meetups, and conferences.
He strongly advises against peer-to-peer trades — particularly with people you don’t trust — flaunting wealth on social media and wearing crypto-branded clothing.
Magazine: Binance Wallet ‘killing’ MetaMask and airdrops, Chinese RWA tokens
News broke on May 15 that Coinbase was the target of a $20 million extortion attempt after cybercriminals recruited overseas support agents to leak user data for social engineering scams.
While less than 1% of Coinbase’s active monthly users were reportedly affected, the expected remediation and reimbursement expenses range from $180 million to $400 million, as the exchange pledged to repay all phishing attack victims.
Despite the attack on the world’s third-largest cryptocurrency exchange, investor sentiment remains optimistic, with the Fear & Greed Index remaining firmly in the “Greed” zone above 69, according to CoinMarketCap data.
Adding to investor optimism, Coinbase saw over $1 billion worth of Bitcoin withdrawn on May 9, marking the highest net outflow recorded in 2025 so far, triggering analyst predictions of a supply-shock driven Bitcoin rally.
Coinbase faces $400 million bill after insider phishing attack
Coinbase was hit by a $20 million extortion attempt after cybercriminals recruited overseas support agents to leak user data, the company said on May 15.
Coinbase said a group of external actors bribed and coordinated with several customer support contractors to access internal systems and steal limited user account data.
“These insiders abused their access to customer support systems to steal the account data for a small subset of customers,” Coinbase said, adding that no passwords, private keys, funds or Coinbase Prime accounts were affected.
Less than 1% of Coinbase’s monthly transacting users’ data was affected by the attack, the company said.
After stealing the data, the attackers attempted to extort $20 million worth of Bitcoin (BTC) from Coinbase in exchange for not disclosing the breach. Coinbase refused the demand.
Instead, the company offered a $20 million reward for information leading to the arrest and conviction of those responsible for the scheme.
$1 billion Bitcoin exits Coinbase in a day as analysts warn of supply shock
Institutional demand for Bitcoin is growing, as Coinbase, the world’s third-largest cryptocurrency exchange, recorded its highest daily outflows of Bitcoin in 2025 on May 9.
On May 9, Coinbase saw 9,739 Bitcoin, worth more than $1 billion, withdrawn from the exchange, the highest net outflow recorded in 2025, according to Bitwise head of European research André Dragosch.
“Institutional appetite for Bitcoin is accelerating,” Dragosch added in a May 13 X post.
The outflow occurred as Bitcoin traded above $103,600 and just days after the White House announced a 90-day reduction in reciprocal tariffs between the US and China, easing market concerns and lifting broader investor sentiment.
The 90-day suspension of additional tariffs removed the risk of “sudden re-escalation,” which may help Bitcoin, altcoins and the wider stock market rally due to improved risk appetite, Nansen’s principal research analyst, Aurelie Barthere, told Cointelegraph.
DeFi lender Aave reaches $40 billion in value locked onchain
Aave, a decentralized finance (DeFi) protocol, has reached a new record of funds onchain, according to data from DefiLlama.
In an X post, Aave said it topped $40.3 billion in total value locked (TVL) on May 12. Onchain data reveals that Aave v3, the latest version of the protocol, has about $40 billion in TVL.
Aave is a DeFi lending protocol that lets users borrow cryptocurrency by depositing other types of cryptocurrency as collateral. Meanwhile, lenders earn yield from borrowers.
“With these milestones, Aave is proving its dominance in the Lending Space,” DeFi analyst Jonaso said in a May 12 X post. TVL represents the total value of cryptocurrency deposited into a protocol’s smart contracts.
SEC delays Solana ETF as decisions for Polkadot, XRP loom
The US Securities and Exchange Commission (SEC) pushed back its decision on a proposed spot Solana exchange-traded fund (ETF), with the cryptocurrency industry now looking to the deadlines for the Polkadot and XRP-based ETFs in June.
The SEC delayed its decision on listing Grayscale’s spot Solana (SOL) Trust ETF on the New York Stock Exchange (NYSE) to October 2025, according to a May 13 filing by the securities regulator.
The decision came the week after the SEC delayed its ruling on Canary Capital’s Litecoin (LTC) ETF, Bloomberg Intelligence analyst James Seyffart wrote in a May 5 X post.
Spot ETFs are key drivers of liquidity and institutional adoption for digital assets. For Bitcoin, the US spot Bitcoin ETFs accounted for an estimated 75% of new investment after launching, which helped BTC recapture the $50,000 mark in February 2024, a month after the ETFs debuted for trading.
While a Solana ETF may generate only a fraction of the inflows of Bitcoin ETFs, it could increase Solana’s institutional adoption in the long term by offering investors a “regulated investment vehicle” that may still attract billions of dollars in capital, Ryan Lee, chief analyst at Bitget Research, told Cointelegraph.
Starknet hits “Stage 1” decentralization, tops ZK-rollups for value locked
Ethereum layer-2 scaling platform Starknet has reached a decentralization milestone laid out by Ethereum co-founder Vitalik Buterin and is now the largest zero-knowledge rollup-based network by total value locked.
Starknet said in a news release shared with Cointelegraph that it has hit “Stage 1” decentralization, according to a framework Buterin laid out in 2022, which means the network operates with limited oversight or “training wheels.”
Starknet added that the framework was the “gold standard onchain tool for analyzing Ethereum scaling solutions,” and said it achieved the milestone through changes such as creating a security council and censorship-avoidance mechanisms.
While the system still allows intervention from a security council, it has implemented a fully functional validity proof system governed by smart contracts.
Starknet is now the only layer-2 ZK-rollup network to have reached Stage 1 and has grown to be the largest ZK-rollup blockchain with a total value locked of $629 million, just ahead of ZKsync’s $610 million, according to L2beat.
Starknet is the fifth-largest layer-2 network by value locked, with the top four all Optimistic rollup-based, having reached Stage 1 decentralization using fraud proofs.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
Solana-based memecoin Dogwifhat (WIF) rose over 43% as the week’s biggest gainer, followed by decentralized exchange Raydium’s (RAY) token, up nearly 19% over the past week.
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
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