Keir Starmer may not be the best storyteller but he will be ultimately judged on his government’s delivery
A film set location, a big budget production, an audience bussed in – the prime minister’s Plan for Change speech had all the hallmarks of big campaign moments past when Sir Keir Starmer used the event to launch his “first steps’ set of promises – from cutting NHS waiting lists and setting up a new border command to tackle small boats – and his election-winning manifesto.
Five months into government, on Thursday, he gathered his cabinet and crowd in Pinewood Studios to launch this six milestones for government.
But if it was meant to be a box office moment, it all felt a bit flat.
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The data behind Starmer’s plans
What’s in a Labour government?
Over the past 18 months, we’ve had three foundations, five missions, six first steps and now, on Thursday, six milestones, with a 42-page plan.
Speak to the prime minister at the edges of these events, and he can make a compelling case for his missions and the clarity he has for government.
But somehow it is getting lost in translation as the missions become the first steps, become milestones with three foundations to boot.
It can be hard to find a narrative in what this government is trying to do.
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Keir Starmer during his speech in Buckinghamshire.
Pic PA
Thursday was an attempt to change that with six measurable milestones now set up so you, Whitehall and the cabinet, are all crystal clear about where they are heading.
Some of them are a departure from manifesto pledges, others are not.
Some of them are genuinely ambitious, others less so.
The manifesto promise to have the fastest growing economy in the G7 is now an “aim” while the new milestone is to “raise living standards in every part of the United Kingdom, so working people have more money in their pockets” is a new target.
The idea is to make the pledge more “human” but the PM wouldn’t say how much he wanted to raise living standards – and household disposable income is already set to rise by the end of this parliament.
Then on opportunity for all, in the run-up to the election the government promised to recruit 6,500 more teachers to improve teaching in state secondaries.
Now the milestone they are asking to be measured on is a promise that 75% of five-year-olds are ready to learn in England when they start school against 67% today.
A programme lies on a chair during Starmer’s big speech.
Pic: Reuters
There is a new milestone to fast-track planning decisions on at least 150 major economic infrastructure projects.
There is a milestone to put a named bobby back on the beat in every neighbourhood, while the pledge to halve violence against women and girls has not been marked up as a milestone.
‘Hold the government’s feet to the fire’
Why are they doing it now and to what end?
At its heart this is an attempt to give voters clear targets on which they can, to quote Starmer himself, “hold the government’s feet to the fire”.
But it felt a bit like a rag bag of measures in which some past promises were pushed aside and others pumped up.
The 1.5 million housing target, the pledge to return to the NHS standard of 92% of patients being seen for elective treatment in 18 weeks, the commitment to green power by 2030 are all ambitious.
But things that are perhaps too risky or hard to meet have been dropped.
The migration question
One of the biggest omissions in the milestones was migration.
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Where’s immigration in PM’s milestones?
This surprised me, not least because the prime minister had said clearly that the economy and borders were his two main priorities in government and a clear concern for voters.
But instead of making it one of his milestone measures, for which the public can hold him accountable, the PM said securing borders was one of the “foundations” of his government.
There is no metric on which to measure him beyond net migration coming down from record levels of 800,000 plus in the past couple of years.
Perhaps he could have been more ambitious in setting a target to hit in terms of cutting legal migration or small boat crossings.
Perhaps he could have committed to a deportation figure – something that Harriet Harman suggested he might have done on our episode of Electoral Dysfunction this week.
But I suspect, in the end, Number 10 decided it was too risky to try to set targets.
Keir Starmer leaves after delivering a speech in Buckinghamshire setting out his government’s Plan for Change. Pic: PA
‘The tepid bath of managed decline’
But with a disaffected electorate, high levels of scepticism, and a Reform party playing into that anti-politics sentiment, Starmer knows he must galvanise his government to try to deliver tangibles before the next election, and this speech will perhaps be looked back on as one aimed as much at Whitehall as it was you, the voter.
He explicitly challenged the British state to deliver in this speech saying his Plan for Change was “the most ambitious plan for government in a generation” and would require a “change to the nature of governing itself” as he called on the state to become more dynamic, decisive, innovate, embracing of technology and artificial intelligence.
“Make no mistake, this plan will land on desks across Whitehall with the heavy thud of a gauntlet being thrown down, a demand given the urgency of our times,” he told his audience as he fired a warning shot to Whitehall.
“I do think there are too many people in Whitehall who are comfortable in the tepid bath of managed decline. Had forgotten, to paraphrase JFK, that you choose change not because it’s easy, but because it’s hard.”
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Starmer and his team know that without galvanising Whitehall and setting clear navigation through this mission and now measurable milestones, delivery will be hard.
The plan is for stock takes on the missions and milestones in order to hold mandarins accountable.
On the back of Starmer’s milestones speech will come another from cabinet minister Pat McFadden on civil service reform.
At the election, Starmer ran on a platform of promising change.
Five months later, eyeing a sharp fall in opinion poll ratings, he is offering a concrete plan for change.
For now voters seemed tuned out, with the pledges and targets being thrown at them failing to stick.
I don’t think Starmer or his team expect those polls to turn around any time soon.
But they are adamant that if they can fulfil promises to build more homes and better infrastructure, cut NHS waiting lists, lift living standards, and give people a sense of greater security on their streets, they can turn the tide on the tsunami of cynicism they face.
Starmer might not be the best storyteller, but in the end he’ll likely be judged not on the flourish or rhetoric, but on whether he can actually deliver.
US Senator Elizabeth Warren warned that if President Donald Trump eventually moves to fire Federal Reserve Chair Jerome Powell, it could undermine investor confidence in the integrity of US capital markets and trigger a financial crash.
During an appearance on CNBC, the Massachusetts Senator said the President does not have the legal authority to remove Powell from his position. Moreover, removing Powell would weaken the financial infrastructure of the US, Warren added:
“If Chairman Powell can be fired by the President of the United States, it will crash the markets. The infrastructure that keeps this stock market strong and, therefore, a big part of our economy strong, and a big part of the world economy strong, is the idea that the big pieces move independently of politics.”
“If interest rates in the United States are subject to a president who just wants to wave his magic wand, this doesn’t distinguish us from any other two-bit dictatorship,” Warren continued.
President Trump has repeatedly called for Powell’s termination, citing the chairman’s hesitancy to lower interest rates. Lower interest rates are usually considered a positive catalyst for risk-on asset prices, including cryptocurrencies, and could reverse the market downturn brought on by the trade war and current macroeconomic pressures.
Related: Fed’s Powell reasserts support for stablecoin legislation
Trump’s feud with the Federal Reserve chairman
Trump criticized Powell for not cutting interest rates and called for his termination again in an April 17 Truth Social post, which inflamed speculation that he would follow through on threats and find a way to remove the chairman.
Senator Rick Scott echoed Trump’s calls to remove Powell. “It’s time to clean house of everyone working at the Federal Reserve who isn’t on board with helping the American people and fighting for their best interests,” Scott wrote in an opinion piece published on Fox News.
The Trump administration has repeatedly stated that lowering interest rates is a top priority. Market analyst and investor Anthony Pompliano recently speculated that Trump deliberately crashed financial markets to force lower interest rates.
At the time, Pompliano cited a reduction in the yield of the 10-year US Treasury Bond to just 4%. The 10-year bond yield has climbed back up to 4.3% since then.
Magazine: Meebits and CryptoPunks are like Hot Wheels for adults: New MeebCo owner Sergito
Crypto investor sentiment took another significant hit this week after Mantra’s OM token collapsed by over 90% within hours on Sunday, April 13, triggering knee-jerk comparisons to previous black swan events such as the Terra-Luna collapse.
Elsewhere, Coinbase’s report for institutional investors added to concerns by highlighting that cryptocurrencies may be in a bear market until a recovery occurs in the third quarter of 2025.
Mantra OM token crash exposes “critical” liquidity issues in crypto
Mantra’s recent token collapse highlights an issue within the crypto industry of fluctuating weekend liquidity levels creating additional downside volatility, which may have exacerbated the token’s crash.
The Mantra (OM) token’s price collapsed by over 90% on Sunday, April 13, from roughly $6.30 to below $0.50, triggering market manipulation allegations among disillusioned investors, Cointelegraph reported.
While blockchain analysts are still piecing together the reasons behind the OM collapse, the event highlights some crucial issues for the crypto industry, according to Gracy Chen, CEO of the cryptocurrency exchange Bitget.
“The OM token crash exposed several critical issues that we are seeing not just in OM, but also as an industry,” Chen said during Cointelegraph’s Chainreaction daily X show, adding:
“When it’s a token that’s too concentrated, the wealth concentration and the very opaque governance, together with sudden exchange inflows and outflows, […] combined with the forced liquidation during very low liquidity hours in our industry, created the big drop off.”
Crypto in a bear market, rebound likely in Q3 — Coinbase
A monthly market review by publicly traded US-based crypto exchange Coinbase shows that while the crypto market has contracted, it appears to be gearing up for a better quarter.
According to Coinbase’s April 15 monthly outlook for institutional investors, the altcoin market cap shrank by 41% from its December 2024 highs of $1.6 trillion to $950 billion by mid-April. BTC Tools data shows that this metric touched a low of $906.9 billion on April 9 and stood at $976.9 billion at the time of writing.
Venture capital funding to crypto projects has reportedly decreased by 50%–60% from 2021–22. In the report, Coinbase’s global head of research, David Duong, highlighted that a new crypto winter may be upon us.
“Several converging signals may be pointing to the start of a new ‘crypto winter’ as some extreme negative sentiment has set in due to the onset of global tariffs and the potential for further escalations,” he said.
Manta founder details attempted Zoom hack by Lazarus that used very real “legit faces”
Manta Network co-founder Kenny Li said he was targeted by a sophisticated phishing attack on Zoom that used live recordings of familiar people in an attempt to lure him to download malware.
The meeting seemed real with the impersonated person’s camera on, but the lack of sound and a suspicious prompt to download a script raised red flags, Li said in an April 17 X post.
“I could see their legit faces. Everything looked very real. But I couldn’t hear them. It said my Zoom needs an update. But it asked me to download a script file. I immediately left.”
Li then asked the impersonator to verify themselves over a Telegram call, however, they didn’t comply and proceeded to erase all messages and block him soon after.
Li said the North Korean state-backed Lazarus Group was behind the attack.
The Manta Network co-founder managed to screenshot his conversation with the attacker before the messages were deleted, during which Li initially suggested moving the call over to Google Meet.
Speaking with Cointelegraph, Li said he believed the live shots used in the video call were taken from past recordings of real team members.
“It didn’t seem AI-generated. The quality looked like what a typical webcam quality looks like.”
AI tokens, memecoins dominate crypto narratives in Q1 2025: CoinGecko
The cryptocurrency market is still recycling old narratives, with few new trends yet to emerge and replace the leading themes in the first quarter of 2025.
Artificial intelligence tokens and memecoins were the dominant crypto narratives in the first quarter of 2025, accounting for 62.8% of investor interest, according to a quarterly research report by CoinGecko. AI tokens captured 35.7% of global investor interest, overtaking the 27.1% share of memecoins, which remained in second place.
Out of the top 20 crypto narratives of the quarter, six were memecoin categories while five were AI-related.
“Seems like we have yet to see another new narrative emerge and we are still following past quarters’ trends,” said Bobby Ong, the co-founder and chief operating officer of CoinGecko, in an April 17 X post. “I guess we are all tired from the same old trends repeating themselves.”
Crypto lending down 43% from 2021 highs, DeFi borrowing surges 959%
The crypto lending market’s size remains significantly down from its $64 billion high, but decentralized finance (DeFi) borrowing has made a more than 900% recovery from bear market lows.
Crypto lending enables borrowers to use their crypto holdings as collateral to obtain crypto or fiat loans, while lenders can use their holdings to generate interest.
The crypto lending market was down over 43%, from its all-time high of $64.4 billion in 2021 to $36.5 billion at the end of the fourth quarter of 2024, according to a Galaxy Digital research report published on April 14.
“The decline can be attributed to the decimation of lenders on the supply side and funds, individuals, and corporate entities on the demand side,” according to Zack Pokorny, research associate at Galaxy Digital.
The decline in the crypto lending market started in 2022 when centralized finance (CeFi) lenders Genesis, Celsius Network, BlockFi and Voyager filed for bankruptcy within two years as crypto valuations fell.
Their collective downfall led to an estimated 78% collapse in the size of the lending market, with CeFi lending losing 82% of its open borrows, according to the report.
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.
Decentralized exchange (DEX) Raydium’s (RAY) token rose over 26% as the week’s biggest gainer, followed by the AB blockchain (AB) utility token, up over 19% on the weekly chart.
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.
Tokenized stocks are on track to exceed $1 trillion in market capitalization in the coming years as adoption accelerates, two industry executives said at the TokenizeThis conference in New York.
The total addressable market for tokenized stocks — a type of tokenized real-world asset (RWA) — is difficult to project but is “definitely a bigger trillion-dollar market,” Arnab Naskar, STOKR’s CEO, said during an April 16 panel at the event.
In 2025, demand for the instruments has “exploded” from institutions ranging from Web3 wallets to neobanks to traditional financial services firms, according to Anna Wroblewska, Dinari’s Chief Business Officer.
“We’ve had an enormous influx of demand from a much broader scope of potential partners than you might even imagine […] it’s actually been really interesting,” Wroblewska said.
Related: Tokenization can transform US markets if Trump clears the way
Small but growing market share
As of April 18, tokenized stocks comprise around $350 million in cumulative market capitalization, according to data from RWA.xyz.
This represents only a sliver of the total RWA market, which is worth upward of $18 billion, the data shows.
But this could change as tokenized stocks capture a growing share of the US equities market, Wroblewska said. The US stock market has an aggregate value of more than $50 trillion, according to Siblis Research.
There is a “huge appetite for US public equities… even individual investors globally want exposure to US capital markets. Tokenization makes it fast and cheap,” Wroblewska said.
She added that tokenized US Treasury Bills are already in high demand for similar reasons. They currently comprise nearly $6 billion in total market cap, RWA.xyz data shows.
Meanwhile, Coinbase is considering making tokenized shares of its stock available on Base, its Ethereum layer-2 network.
Collectively, tokenized RWAs represent a $30 trillion market opportunity globally, Colin Butler, Movement Labs’ global head of institutional capital, told Cointelegraph in an August interview.
“Tokenization will become a mirror of the market. If the user experience is better, faster, and cheaper, people will default to tokenized assets,” Wroblewska said.
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