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For centuries an odd tradition lay dormant in our democracy.

A number of nobleman have had the chance to sit in parliament, simply by birthright – 92 seats in the House of Lords are eligible to male heirs in specific families and 88 men have taken these seats and currently sit in the second chamber to vote on legislation.

It is not known exactly when this quirk in our parliamentary system started but Sir Keir Starmer‘s government is trying to end it.

The prime minister has said that the right to sit in the second chamber bestowed at birth is an “indefensible” principle and his government have started the process to end hereditary peers for good.

It will mean that those with hereditary peerages will have to be part of the process that gets them voted out of a job they had previously been entitled to for the rest of their life.

The last of the hereditaries

We meet the Earl of Devon who has one of the oldest hereditary peerages.

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He can trace his family title back to the Saxons, but the right to sit in the House of Lords came much later – he says granted in 1142 for supporting the first female sovereign, Empress Matilda.

He is the 38th Earl of Devon since then and the last to sit in the Lords as a hereditary.

Powderham Castle
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Powderham Castle in Devon

The Earl of Devon
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The Earl of Devon can trace his family back to the Saxons

His castle in Devon places him in touch with the community he represents – it is one of the main reasons he feels strongly that he adds value to parliament.

He argues he and his peers bring a certain life experience with them that the political appointees do not.

He says there is a greater regional representation within the UK and he has a deeper understanding of the historical constitutional workings of parliament that comes from passing knowledge from generation to generation.

“I certainly feel that the role that the hereditary peers play in the House of Lords is exemplary,” he says.

He greatly defends the idea of service that he and his peers strive for but he also says there is a social purpose and social value to the hereditary principle as the monarch is the epitome of it.

“I don’t think that Keir Starmer is a republican but it does beg the question of once the hereditaries go is the king next,” he says.

Baron Strathclyde
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Baron Strathclyde is one of the newer heriditaries

By contrast, Lord Strathclyde has one of the newest hereditary peerages.

He has not only participated fully as a member of the Lords but also served in previous Conservative governments in senior roles.

He believes this latest intervention by the government is a purely political move.

“I think the real reason why the government wants to get rid of them is because most of them are not members of the Labour Party,” he says.

“So it’s a smash and grab raid on the constitution. Get rid of your opponents and allow the prime minister to control who entered the House of Lords.

“I can guarantee you that once this bill is through and becomes law, there will be no further reform of the House of Lords no matter what ministers say.”

The Earl of Devon
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The Earl of Devon


It is true that over half of hereditary peers are Conservatives and astonishingly few are Labour – there are only four.

But removing the hereditaries doesn’t change the composition of the Lords all that much.

The Lords is 70% men, which would only drop 3% once these peers are removed, and the percentage of Conservative peers overall in the house only drops by 2% if all the hereditaries leave overnight.

Broader Reform

Reform has been talked about since the 1700s when there was an attempt to cap the size of the swollen chamber now at more than 800 members.

But despite successive governments promising reform, the House has only got larger.

Baroness Smith
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Baroness Smith

Hereditary peers have long maintained that once the government passes this first stage of reform they will be less motivated by other opportunities to modernise the second chamber.

In 1999, Blair culled the amount of hereditary peerages (having previously promised to get rid of them all).

While 650 departed, a deal was struck for 92 to remain with replacements when these peers died or retired and filled by a bizarre system of byelections, where the only eligible candidates were hereditary peers.

The current leader of the Lords, Baroness Smith, says the elections are a bizarre, almost shameful part of our democracy and compares them to the Dunny-on-the-Wold in Blackadder where there is only one eligible voter in the entire constituency.

While the government’s aim to abolish these peerages has finally stepped up a gear, it is also true that Labour has watered down promises on broader reform in the Lords.

Pre-election, it had floated the idea of abolishing the second chamber altogether.

In the manifesto the party modified that to instead reducing the scale of the Lords through a retirement age, but that was not in the King’s speech and no timeline for those objectives has been given by the government.

Baroness Smith insists these are still commitments and the government is currently looking at how to implement them, though it does seem to be moving at a much slower pace than this first stage of removing the hereditary peers who, it seems, will hang up their ancient robes for good at the end of this parliamentary session.

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Chancellor to hold tariff crisis talks with top City executives

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Chancellor to hold tariff crisis talks with top City executives

Rachel Reeves will seek to gauge the unfolding impact of President Donald Trump’s tariffs blitz on Wednesday when she holds talks with some of the City’s top executives.

Sky News has learnt the chancellor will hold talks with bosses from companies including Hargreaves Lansdown, Legal & General, Lloyds Banking Group and M&G amid ongoing volatility in global financial markets.

Insiders said the talks had been convened to help frame the Treasury’s financial services growth and competitiveness strategy.

However, they acknowledged that the fallout from US tariffs, while not directly affecting most City employers, would feature prominently on Wednesday’s agenda.

“The chancellor will use this meeting to show leadership, building on her statement to the House earlier today, and reiterating that the government will act decisively to take the right decisions in our national interest and protect working people,” a Treasury insider said.

Ms Reeves would stress a commitment to working with international partners to reduce barriers to trade, while pursuing the best possible bilateral deal with the US, they added.

Charlie Nunn, the Lloyds boss; Antonio Simoes of L&G; and Dan Olley, Hargreaves Lansdown’s chief, will all attend the talks.

More on Rachel Reeves

Read more:
Tariffs could disrupt medicine supplies to UK, warns health secretary

What China could do next as Trump’s tariff war ramps up

It will be the latest in a string of meetings the chancellor has held in recent weeks in a bid to boost economic growth.

Her budget last October sparked a furious backlash from the business community, while last month’s spring statement raised fresh fears about the possibility of further tax rises later this year.

None of the companies invited to Wednesday’s meeting would comment when approached by Sky News.

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Crypto execs expect global banking push into Bitcoin by end of 2025

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Crypto execs expect global banking push into Bitcoin by end of 2025

Crypto execs expect global banking push into Bitcoin by end of 2025

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.

Banks, Paris, Bitcoin Regulation, Policy

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.

Related: Ripple acquires crypto-friendly prime broker Hidden Road for $1.25B

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.”

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

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Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

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Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

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.”

Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

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.

Trump tariff negotiations are ‘all about’ China deal — Raoul Pal

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.”

Magazine: Bitcoin ATH sooner than expected? XRP may drop 40%, and more: Hodler’s Digest, March 23 – 29

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