Children in B&Bs beyond legal limit as homelessness crisis pushes councils to ‘breaking point’
A record number of children are living in B&Bs beyond the legal limit as England’s homelessness crisis pushes councils to breaking point.
MPs said there is a “dire need” for housing reform, with the lack of affordable homes forcing cash-strapped local authorities to haemorrhage their funds on temporary accommodation.
The “crisis situation” means there is less money in the pot to focus on homelessness prevention, the cross-party Public Accounts Committee (PAC) said.
Councils are instead having to prioritise short-term solutions which can include putting families in bed and breakfasts – the fastest rising temporary accommodation type over the past decade, a Sky News analysis of government data found.
Temporary accommodation is meant to be a short-term solution for people who are homeless while they wait for more suitable and long-term housing options.
But the rising number of homeless households in England, driven by a shortage of social or otherwise affordable housing to move on to, means that increasingly this fix is anything but temporary.
A recent Sky News investigation found that children in some parts of England are spending as long as five-and-a-half years on average in temporary accommodation.
Length of stay has increased significantly in many areas since 2021, with particularly long stays in London and the South East.
B&B use was the fastest rising temporary accommodation type over the past decade, rising fourfold from 4,400 households in 2014 to a record high of 18,400 by 2024, according to government figures.
The data shows 6,000 of these households included children, of which two in three had been living there for longer than the 6-week legal limit.
All of this is cripplingly expensive for councils. B&Bs, meant to be reserved for emergencies only, were the largest single spending category in council homelessness budgets in 2024, at £723.9m.
This is more than triple the amount spent in 2014, which was £218m adjusted for inflation.
Overall, temporary accommodation costs to local authorities have risen from more than £1.6bn in 2022-23 to around £2.1bn in 2023-24, the PAC said.
‘Crisis situation’
The PAC is calling for a clear strategy and stronger support for local authorities to address what it called “a crisis situation”.
Despite there being an overarching homelessness strategy for each of the devolved nations, England does not have one.
Committee chairman Sir Geoffrey Clifton-Brown said this had left local authorities “attempting to save a sinking ship with a little more than a leaky bucket”.
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MPs also urged the government to justify its Local Housing Allowance (LHA) rates, which calculate housing benefit for tenants renting from private landlords.
The committee said 45% of households in receipt of the benefit face a shortfall between what they receive from the government and what they are being asked to pay in rent, and the issue is “exacerbated by the lack of affordable housing”.
The government has pledged to build 1.5 million homes by the end of this parliament, but it has not set a target of how many of them will be classed as affordable.
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What are Labour’s housing plans?
Sir Geoffrey said: “My committee is deeply concerned by the number of people currently being housed in sub-standard, overpriced and at times, wholly inappropriate accommodation, sometimes a long way from their previous home.
“A lack of affordable housing, a focus on short-term solutions and no clear strategy to tackle this issue have left us with thousands of families in deeply troubling circumstances.”
He added: “Local authorities find themselves at breaking point as they haemorrhage funds to cover the rising costs of housing families in temporary accommodation.
“We are calling for an overarching strategy that addresses the need for better connectivity across government departments to tackle the root causes of this crisis.
“Without one, we fear this will remain an issue into which money is simply poured, without effectively tackling the blight of homelessness.”
Solana decentralized finance (DeFi) protocol Loopscale has temporarily halted its lending markets after suffering an approximately $5.8 million exploit.
On April 26, a hacker siphoned approximately 5.7 million USDC (USDC) and 1200 Solana (SOL) from the lending protocol after taking out a “series of undercollateralized loans”, Loopscale co-founder Mary Gooneratne said in an X post.
The exploit only impacted Loopscale’s USDC and SOL vaults and the losses represent around 12% of Loopscale’s total value locked (TVL), Gooneratne added.
Loopscale is “working to resume repayment functionality as soon as possible to mitigate unforeseen liquidations,” its said in an X post.
“Our team is fully mobilized to investigate, recover funds, and ensure users are protected,” Gooneratne said.
In the first quarter of 2025, hackers stole more than $1.6 billion worth of crypto from exchanges and on-chain smart contracts, blockchain security firm PeckShield said in an April report.
More than 90% of those losses are attributable to a $1.5 billion attack on ByBit, a centralized cryptocurrency exchange, by North Korean hacking outfit Lazarus Group.
Related: Crypto hacks top $1.6B in Q1 2025 — PeckShield
Unique DeFi lending model
Launched on April 10 after a six-month closed beta, Loopscale is a DeFi lending protocol designed to enhance capital efficiency by directly matching lenders and borrowers.
It also supports specialized lending markets, such as “structured credit, receivables financing, and undercollateralized lending,” Loopscale said in an April announcement shared with Cointelegraph.
Loopscale’s order book model distinguishes it from DeFi lending peers such as Aave that aggregate cryptocurrency deposits into liquidity pools.
Loopscale’s main USDC and SOL vaults yield APRs exceeding 5% and 10%, respectively. It also supports lending markets for tokens such as JitoSOL and BONK (BONK) and looping strategies for upwards of 40 different token pairs.
The DeFi protocol has approximately $40 million in TVL and has attracted upwards of 7,000 lenders, according to researcher OurNetwork.
Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22
United States Senator Jon Ossoff expressed support for impeaching President Donald Trump during an April 25 town hall, citing the President’s plan to host a private dinner for top Official Trump memecoin holders.
“I mean, I saw just 48 hours ago, he is granting audiences to people who buy his meme coin,” said Ossoff, a Democrat, according to a report by NBC News.
“When the sitting president of the United States is selling access for what are effectively payments directly to him. There is no question that that rises to the level of an impeachable offense.”
Senator Ossoff said he “strongly” supports impeachment proceedings during a town hall in the state of Georgia, where he is running for reelection to the Senate.
The Senator added that an impeachment is unlikely unless the Democratic Party gains control of Congress during the US midterm elections in 2026. Trump’s own Republican Party currently has a majority in both the House of Representatives and the Senate.
Related: US lawmaker says TRUMP coin could risk national security
Conflicts of interest
On April 23, the Official Trump (TRUMP) memecoin’s website announced plans for Trump to host an exclusive dinner at his Washington, DC golf club with the top 220 TRUMP holders.
The website subsequently posted a leaderboard tracking top TRUMP wallets and a link to register for the event. The TRUMP token’s price has gained more than 50% since the announcement, according to data from CoinMarketCap.
The specific guest list is unclear, but the memecoin’s website states that applicants must pass a background check, “can not be from a [Know Your Customer] watchlist country,” and cannot bring any additional guests.
On April 25, the team behind TRUMP denied social media rumors that TRUMP holders need at least $300,000 to participate in an upcoming dinner with the president.
“People have been incorrectly quoting #220 on the block explorer as the cutoff. That’s wrong because it includes things like locked tokens, exchanges, market makers, and those who are not participating. Instead, you should only be going off the leaderboard,” they wrote.
Legal experts told Cointelegraph that Trump’s cryptocurrency ventures, including the TRUMP memecoin and Trump-affiliated decentralized finance (DeFi) protocol World Liberty Financial, raise significant concerns about potential conflicts of interest.
“Within just a couple of days of him taking office, he’s signed a number of executive orders that are significantly going to affect the way that our crypto and digital assets industry works,” Charlyn Ho of law firm Rikka told Cointelegraph in February.
“So if he has a personal pecuniary benefit arising from his own policies, that’s a conflict of interest.”
Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions
Crypto investor sentiment has seen a significant recovery from global tariff concerns, but analysts warn that the market’s structural weaknesses may still result in downside momentum during periods of weekend illiquidity.
Risk appetite appeared to return among crypto investors this week after US President Donald Trump adopted a softer tone, saying that import tariffs on Chinese goods may “come down substantially.”
However, the improved investor sentiment “does not guarantee that Bitcoin will avoid volatility over the weekend,” analysts from Bitfinex exchange told Cointelegraph:
“Sentiment improvements reduce fragility, but they do not eliminate structural risks like thin weekend liquidity.”
“Historically, weekends remain vulnerable to sharp moves — especially when open interest is high and market depth is low,” the analysts said, adding that unexpected macroeconomic news can still increase volatility during low liquidity periods.
Related: Trump fought the bond market, the bond market won: Saifedean Ammous
Bitcoin (BTC) staged a near 11% recovery during the past week, but its rally has previously been limited by Sunday liquidity dynamics.
Bitcoin fell below $75,000 on Sunday, April 6, despite initially decoupling from the US stock market’s $3.5 trillion drop on April 4 after US Federal Reserve Chair Jerome Powell warned that Trump’s tariffs may affect the economy and raise inflation.
The correction was exacerbated by the lack of weekend liquidity and the fact that Bitcoin was the only large liquid asset available for de-risking, industry watchers told Cointelegraph.
Related: US banks are ‘free to begin supporting Bitcoin’ — Michael Saylor
“While improved sentiment creates a more stable foundation, cryptocurrency markets are still susceptible to rapid movements during periods of reduced trading volume,” according to Marcin Kazmierczak, co-founder and chief operating officer of RedStone blockchain oracle firm.
“The sentiment recovery provides some cushioning, but traders should remain cautious as weekend liquidity constraints can still amplify price movements regardless of the current market mood,” he told Cointelegraph.
Crypto investors may have “maxed out on tariff-related fears”
Cryptocurrency markets may have priced in the full extent of tariff-related concerns, according to Aurelie Barthere, principal research analyst at crypto intelligence platform Nansen.
“It feels like we’ve maxed out on tariff-related fear,” she told Cointelegraph, adding:
“While many remain uncertain about where things are headed over the next month or so, it also seems like markets were just waiting for the slightest signal that we’re back in the game.”
“Whether the rally is sustainable depends on whether we can break through previous resistance levels, at least in isolation. It could have legs, as markets now seem to believe there’s a ‘Trump put’ under equities, the US dollar and US Treasurys,” Barthere added, warning of more potential volatility amid the upcoming negotiations.
Nansen previously predicted a 70% chance that crypto markets will bottom and start a recovery by June, but highlighted that the timing will depend on the outcome of tariff negotiations.
The tariff negotiations may only be “posturing” for the US to reach a trade agreement with China, which may be the “big prize” for Trump’s administration, according to Raoul Pal, founder and CEO of Global Macro Investor.
Magazine: Bitcoin’s odds of June highs, SOL’s $485M outflows, and more: Hodler’s Digest, March 2 – 8
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