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Sir Keir Starmer has said it is not his “plan” to increase any more taxes before the next election – but he cannot categorically rule them out if “unforeseen circumstances” strike the government.

The prime minister told the BBC he did not “want to suggest we’re going to keep coming back for more because that isn’t the plan”.

However, he said the war in Ukraine and the COVID pandemic were examples of events “we can’t see now” that might necessitate further tax hikes.

Politics latest: PM meets with UK and Irish leaders

The prime minister’s words come after Rachel Reeves, his chancellor, initially ruled out further tax rises in a speech to business earlier this month – only to fail to repeat the pledge just days later.

Some of the tax rises announced in the October budget – including an increase in employers’ national insurance contributions and changes in inheritance tax for some farmers – have proved to be unpopular with the public, with the latter group staging protests to highlight their unhappiness with the measure.

Asked why he believed his popularity had dropped since the election, the prime minister said it was because he had taken “tough decisions” early on in his premiership.

“I just don’t want to do what politicians have done in the past which is to get in the warm bath of empty promises,” he told the BBC.

“I’m prepared to roll up my sleeves and tell people it’s tough – we’re going to do it but you’re going to be better off.”

He added: “You’ll have a better health service, you’ll have better houses, you’ll have better energy bills at the end of this and I’ll be judged, quite rightly, at the end of the parliamentary term whether I’ve delivered on what I said I would deliver on.”

In response, Mel Stride, the shadow chancellor, said: “Keir Starmer has already raised taxes to historic levels. Now he claims he wants to give business certainty but he can’t answer a very basic question – will he or won’t he raise more taxes.

“We can see clearly the impact of his and Rachel Reeves’ first budget already – yesterday the Bank of England reported that the majority of businesses planned to put up prices and reduce jobs while the CBI is cutting growth projections.

“It’s no wonder he’s been forced to drop his commitment to grow the economy.”

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Starmer reveals new ‘milestones’

On Thursday the prime minister gave a major speech in which he promised change with six new “milestones” he said would be reached by the end of this parliament – including raising living standards in every part of the UK, building 1.5m homes in England and fast-tracking planning decisions on at least 150 major infrastructure projects.

He said they would “drive forward” his party’s missions and allow the public to “hold our feet to the fire” – but he was challenged on why bringing down migration had failed to make the list.

The prime minister said in response: “It is our duty to do it [bring migration down]. And we will do it.”

Read more:
Can Labour turn things around?

Tory co-chair accuses Elon Musk of trying to ‘buy’ Reform UK

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UK has ‘acute’ housing crisis

Speaking to Sky News this morning, housing minister Matthew Pennycook said the UK needed to invest in training and apprenticeships for its “ageing construction workforce” to meet the prime minister’s milestone for housing and infrastructure.

For this, he said “some overseas workers will be required”.

“The previous government added construction to the shortage occupation list – it’s made a bit of a difference, but not enough,” he said.

Pressed on whether bringing more workers would be good for Labour’s plans to reduce migration, Mr Pennycook said it was the last government that made it easier for builders and tradespeople to get visas.

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Nasdaq crypto chief pledges to ‘move as fast as we can’ on tokenized stocks

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Nasdaq crypto chief pledges to ‘move as fast as we can’ on tokenized stocks

The US Nasdaq stock exchange is making SEC approval of its proposal to offer tokenized versions of stocks listed on the exchange a top priority, according to the exchange’s crypto chief.

“We’ll just move as fast as we can,” Nasdaq’s head of digital assets strategy, Matt Savarese, said during an interview with CNBC on Thursday, when asked whether the SEC could approve the proposal this year.

“I think what we have to really evaluate where the public comments come back in and then answer and respond to the SEC questions as they come through,” Savarese said. “We hope to kind of work with them as quickly as possible,” Savarese said.

Savarese says Nasdaq isn’t “upending the system”

The proposal, submitted by Nasdaq on Sept. 8, is requesting to allow investors to buy and sell stock tokens — digital representations of shares in publicly traded companies — on the exchange.

Savarese emphasized that Nasdaq is not trying to overhaul the way stocks are invested in when asked whether he expects other major exchanges to follow suit.

Nasdaq, SEC, United States
Nasdaq’s head of digital assets, Matt Savarese, spoke to CNBC on Thursday. Source: CNBC

“We’re not looking at upending the system; we want everyone to come along for that ride and bring tokenization more into the mainstream,” he said.

“We want to do it in that responsible investor-led way first, under the SEC rules themselves,” he added.

It was only in October that Robinhood CEO Vlad Tenev said that tokenization will “eventually eat the whole financial system.”

The crypto industry is divided on tokenized equities

Savarese emphasized that Nasdaq is aiming to be an innovator in the ecosystem, noting that the exchange was the first to transition markets from paper-based trading to electronic systems.

Related: DATs bring crypto’s insider trading problem to TradFi: Shane Molidor

Tokenizing stocks has been one of the most significant talking points in the crypto industry this year.

On Sept. 3, Galaxy Digital CEO Mike Novogratz said the company became the first Nasdaq-listed company to tokenize its equity on a major blockchain following its launch on the Solana network.

The conversation around tokenized equities has also drawn skepticism from the crypto industry.

On Oct. 1, Rob Hadick, general partner at crypto venture firm Dragonfly, told Cointelegraph that tokenized equities will be a significant benefit to traditional markets, but may not be a boon to the crypto industry as others have predicted.

Hadick said that if tokenized stocks use layer-2 networks, it creates “leakage” as value and may not flow back to Ethereum or the broader crypto ecosystem as much as hoped.

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice