Rachel Reeves says most Waspi women knew pension age was changing so compensation not needed
Chancellor Rachel Reeves has said most Waspi women knew the state pension age was changing so it was not “the best use of taxpayers’ money to pay an expensive compensation bill”.
The government revealed on Tuesday it would not be compensating millions of women born in the 1950s – called Waspi women – who say they were not given sufficient warning of the state pension age for women being lifted from 60 to 65.
It was due to be phased in over 10 years from 2010, but in 2011 was sped up to be reached by 2018, then rose to the age of 66 in 2020.
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Several leading Labour politicians, including Sir Keir Starmer, Rachel Reeves, Work and Pensions Secretary Liz Kendall and Deputy Prime Minister Angela Rayner, said they would get compensation for Waspi women (Women Against State Pension Inequality) before they were in government.
However, they have all now said compensation, which would have cost up to £10.5bn, will not be provided.
Liz Kendall announced on Tuesday Waspi women would not be compensated, despite previously supporting it. Pic: PA
Ms Reeves became the latest, as she said: “I understand that women affected by the changes to the state pension age will be disappointed by the decision but we looked in full at the ombudsman recommendations and they said 90% of women did know these changes were coming.
“As chancellor, I have to account for every penny of taxpayers’ money spent.
“Given the vast majority of people knew these changes were coming, I didn’t judge that it was the best use of taxpayers’ money to pay an expensive compensation bill for something most people knew was happening.”
Rachel Reeves posed with Waspi women in support of their campaign for compensation in 2020. Pic: Waspi/Facebook
Earlier this year, an investigation by the Parliamentary and Health Service Ombudsman (PHSO) found thousands of women may have been adversely impacted by failures to adequately inform people of the change.
The watchdog suggested women should receive compensation of between £1,000 and £2,950 – but the findings were not legally binding.
Following the government’s decision to not compensate the women, the ombudsman criticised the government.
Rebecca Hilsenrath, PHSO chief executive, told Times Radio: “It’s great that the government are saying that our intervention will lead to service improvements and it’s fair to say also that people who come to us, overwhelmingly, are motivated by wanting things to improve for other people.
“But what we don’t expect is for an acknowledgement to be made by a public body that it’s got it wrong but then refuse to make it right for those affected.”
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Waspi women said not providing compensation was a ‘bizarre’ move. Pic: PA
Angela Madden, chairwoman of the Waspi campaign group, said refusing to compensate those impacted was a “bizarre and totally unjustified move”.
She added: “An overwhelming majority of MPs back Waspi’s calls for fair compensation and all options remain on the table.
“Parliament must now seek an alternative mechanism to force this issue onto the order paper so justice can be done.”
Conservative Andrew Griffith, shadow business secretary, told Sky News it was “a big issue of betrayal” by the Labour government.
“I’m not sitting here saying we would necessarily have done something about it. That’s fair,” he said.
“But the point is this government has given everybody the impression that they would, and then they’ve come in, and now they’re saying they wouldn’t. That’s a big issue.
“I can understand people, particularly the Waspi women, feeling enormously let down by that.”
Despite the ongoing market meltdown on US trade tariffs, executives at major cryptocurrency firms Messari and Sygnum are bullish on institutional Bitcoin adoption later in 2025.
Speaking on a panel at Paris Blockchain Week on April 8, Messari CEO Eric Turner and Sygnum Bank co-founder Thomas Eichenberger said they expect a significant shift in the banking sector’s involvement with crypto in the second half of the year.
According to the executives, the global banking push into Bitcoin (BTC) services has great potential to happen in the second half of 2025 as regulators embrace crypto, including stablecoins and crypto services by banks.
“I think we’re probably looking at a muted Q2, but I’m really excited for Q3 and Q4,” Messari’s Turner said during the panel discussion moderated by Cointelegraph CEO Yana Prikhodchenko, forecasting “really interesting” things coming to the crypto market in 2025.
Crypto adoption is not just about Trump
While some investors focus on the pro-crypto stance of US President Donald Trump, Turner emphasized that broader regulatory momentum is what matters most.
“When you look at the potential of having market structure regulation in the US, stablecoin regulation, and just the fact that across the board, not just President Trump himself, but the SEC and all these regulatory industries are really embracing crypto,” Turner said.
Paris Blockchain Week’s panel with Cointelegraph CEO Yana Prikhodchenko, Bancor co-founder Eyal Hertzog, Sygnum co-founder Thomas Eichenberger, Messari CEO Eric Turner, AWS fintech leader Alex Matsuo and Near chief operating officer Chris Donovan. Source: Cointelegraph
Sygnum co-founder Thomas Eichenberger said international banks with US branches are also poised to enter the market once the legal landscape becomes clearer:
“I think it’s a matter of fact that US banks are preparing to be able to offer crypto custody and at least crypto spot trading services anytime soon.”
“I think by then I would agree with you, Eric,” he continued, projecting a continued phase of market uncertainty until the US establishes a clear regulatory framework.
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Banks are no longer afraid of Bitcoin regulators
With the establishment of clear crypto rules for banks in the US, there will be a rush for crypto services by large international banks that are incorporated outside of the US but have a US-based presence, Eichenberger said.
“Some of them may have had their strategic plans in their cupboard to offer crypto-related services, but have been afraid that at some point they will be gone after by any of the US regulatory authorities,” he said, adding:
“Now I think there’s no one to be afraid of anymore in terms of regulatory authorities worldwide. So I think many of the large international banks will launch this year.”
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Global trade tensions triggered by US President Donald Trump’s sweeping tariff measures may come to an end with a potential deal with China as investors remain concerned about escalation from both sides.
Trump’s April 2 announcement of reciprocal import tariffs sent shockwaves through global equity and crypto markets. The measures include a 10% baseline tariff on all imported goods, effective April 5, with higher levies — such as a 34% tariff on Chinese imports — set to begin on April 9.
However, the tariff negotiations may only be “posturing” for the US to reach an agreement with China, according to Raoul Pal, founder and CEO of Global Macro Investor.
“In the end, almost all the other tariff negotiations and rhetoric are all about getting China to agree a deal,” Pal wrote in an April 8 X post, adding:
“That is the big prize and both China and the US understand it and need it. Everything else is negotiation posturing. China needs a weaker $ and the US needs tariffs.”
Source: Raoul Pal
“Also, the US is trying to shut down China tariff arbitrage using other channels such as Mexico or Vietnam,” Pal said.
Related: Bitcoin price can hit $250K in 2025 if Fed shifts to QE: Arthur Hayes
China retaliates with new tariffs
Considering China’s latest retaliatory measures, a resolution remains unlikely in the short term.
In response to US tariffs, China imposed a 34% tariff on all US imports effective April 10, media outlet Xinhua News reported on April 4. China’s foreign ministry also vowed to “fight till the end” against Trump’s tariffs, which it called “bullying” by the world’s largest economy.
China overtakes the US in global trade. Source: Econovis
China overtook the US in 2012 to become the world’s largest trading nation by the total value of exports and imports, surpassing $4 trillion in goods trade that year, according to The Guardian.
Crypto markets watch trade outcome closely
As the trade dispute continues to evolve, analysts say a potential agreement between the two global superpowers could serve as a key catalyst for recovery in digital asset markets.
Crypto markets have a 70% chance to bottom by June 2025 before recovering, Nansen analysts predicted.
Related: Crypto market bottom likely by June despite tariff fears: Finance Redefined
Investor appetite for risk assets such as Bitcoin will depend on the global tariff responses from other countries, according to Nicolai Sondergaard, a research analyst at Nansen.
“We have reached somewhat of a local bottom in regard to tariffs and the impact on prices,” the analyst said during Cointelegraph’s Chainreaction live show on X, adding:
“Trump came out guns blazing, and we’ve mostly seen the worst from the US side, so we’ll see if other countries are willing to drop some of the tariffs because it’s very likely the US will do the same.”
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