NHS ‘addicted to overspending’ and government ‘genuinely sorry’ for quango job losses, says Streeting

Published

2 days ago

March 16, 2025

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Wes Streeting said the NHS is “addicted to overspending”, as he confirmed he is seeking cuts within Integrated Care Boards (ICBs).

The health secretary told Sky’s Sunday Morning with Trevor Phillips that ICBs – which are responsible for planning local health services – have been tasked with finding 50% savings to boost efficiency.

Politics latest: Streeting denies Labour ‘changing into Tories’

It’s part of the government’s plans to slash bureaucracy in the health service – which Mr Streeting acknowledged on Sunday would cause anxiety among administrators facing job losses.

He said he was “genuinely sorry” for people worried about the future, but efficiency savings would divert money to the frontline of the NHS.

Confirming that Jim Mackey, head of the soon-to-be abolished NHS England, had written to ICBs asking them to halve their running costs, Mr Streeting said: “Financial plans to us would have involved an overspend between £5bn and £6bn before the new financial year is even begun.

“And I’m afraid this speaks to the culture that I identified before the general election, where the NHS is addicted to overspending, is addicted to running operating deficits with the assumption that someone will come along to bail them out, which local councils would never be able to do.”

Reports of the cuts have sparked concerns among health leaders.

Matthew Taylor, head of the NHS Confederation, said it will require “major changes” and make the task of delivering “long term transformation of the NHS much harder”.

Mr Streeting denied the cut was effectively a form of austerity, saying the government is going after a culture of “waste and inefficiency” which “isn’t just frustrating patients and taxpayers” but staff working for the NHS too.

“They can see layer upon layer upon layer of bureaucracy and accountability,” he said.

“That’s not the fault of the people working in the system. They are also victims of it.

“And that’s why we’re going hard at achieving those savings in order to redeploy money into frontline services, which benefit patients.”

The government also announced this week it would be scrapping NHS England, the world’s biggest quango, saying there is too much duplication with the work that the Department of Health and Social Care (DHSC) does.

Scrapping NHS England ‘beginning not the end’

Mr Streeting has since indicated he will look to scrap other health-related bodies, writing in The Sunday Telegraph that axing NHS England is “the beginning, not the end”.

Asked what other organisations could be for the chopping board, Mr Streeting said he did not want to “get ahead” of a review by Dr Penny Dash into the operational effectiveness of NHS regulators.

“What I will do is look at how we can reduce the number of regulators, reduce the number of regulations wherever possible… and try to reduce the amount of money we are spending,” he said.

The cabinet minister defended the language being used to describe the plans, after he described the NHS as being “bloated” by bureaucracy and Prime Minister Sir Keir Starmer called it “flabby”.

Streeting ‘genuinely sorry’ about job losses

Mr Streeting stressed he was “talking about the system, not the people who work in it” – adding that he was “genuinely sorry” about the job losses that will come down the line.

The government has not yet said how many jobs it expects to axe under the reforms.

Mr Streeting acknowledged lots of people will be anxious about their futures, adding: “I’m genuinely sorry about that, because I don’t want them to be in that position. But I’ve got to make the changes.”

The government’s plans have generally received support from opposition parties, though there have been calls for more details.

Shadow education secretary Laura Trott said reorganisation reforms introduced by the Tories in 2013 were “well-intentioned but didn’t work” and she agrees “in principle” with what Labour has put forward.

However she said the changes aren’t a “silver bullet” and could result in further costs and disruption so “we’ll need to see a very clear plan from the government for how that won’t affect waiting lists further”.

Meanwhile, the Liberal Democrats said the government must “take the same sense of urgency shown here to social care, and complete their review by the end of the year rather than continuing to kick the can down the road”.

Politics

83% of institutions plan to up crypto allocations in 2025: Coinbase

Published

2 hours ago

March 18, 2025

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83% of institutions plan to up crypto allocations in 2025: Coinbase

Institutional investors are increasingly bullish on cryptocurrency, with 83% saying they plan to up crypto allocations in 2025, according to a March 18 report by Coinbase and EY-Parthenon.

Already, nearly three-quarters of firms surveyed said they hold cryptocurrencies other than Bitcoin (BTC) and Ether (ETH), and a “significant majority” said they plan to boost crypto allocations to 5% or more of their portfolios, the report said.

They are motivated by the view that “cryptocurrencies represent the best opportunity to generate attractive risk-adjusted returns over the next three years,” according to the report.

Coinbase, the US’ largest crypto exchange, and EY-Parthenon, a consultancy, based the findings on interviews with more than 350 institutional investors in January.

Among institutional altcoin holdings, XRP (XRP) and Solana (SOL) are the most popular, the survey found.

Altcoin ETFs incoming

Altcoin holdings could rise even further if US regulators approve planned exchange-traded fund (ETF) listings this year.

Asset managers are awaiting a greenlight from the US Securities and Exchange Commission to list more than a dozen proposed altcoin ETFs.

Litecoin (LTC), SOL and XRP are seen as the most likely to see near-term approval, according to Bloomberg Intelligence.

On March 17, the Chicago Mercantile Exchange (CME) Group, the largest US derivatives exchange by volume, launched futures contracts tied to SOL, marking a significant step toward institutional adoption of the altcoin.

Stablecoins and DeFi take off

Meanwhile, stablecoins continue to see institutional uptake, with 84% of respondents either holding stablecoins or exploring doing so, the survey found.

According to the report, institutions are using “stablecoins for a variety of use cases beyond just facilitating crypto transactions, including generating yield (73%), foreign exchange (69%), internal cash management (68%), and external payments (63%).”

In December, investment bank Citi said stablecoin adoption will accelerate onchain activity, including in decentralized finance (DeFi).

The survey found that only 24% of institutional investors currently use DeFi platforms, but that figure is expected to grow to nearly 75% in the next two years.

“Institutions are attracted to DeFi for myriad reasons, citing derivatives, staking, and lending as the use cases they are most interested in, followed closely by access to altcoins, crossborder settlements, and yield farming,” the report said.

Magazine: Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame

Politics

Eliminating archaic payments systems with stablecoins

Published

3 hours ago

March 18, 2025

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Eliminating archaic payments systems with stablecoins

Opinion by: Simon McLoughlin, CEO at Uphold

2021 witnessed a fintech investment boom, with startups raising approximately $229 billion globally. Higher interest rates and tighter economic circumstances have since tempered that exuberance, but funds continue to pile into the sector. Indeed, the global fintech sector is expected to see a rebound in investment activity throughout 2025.

Why are investors continuing to bet big on this sector? The answer is simple. The current international finance system is in urgent need of modernization. Built for a pre-internet age, it relies on outdated processes, chains of intermediaries and a patchwork of non-standard regulations.

An aging and expensive system

Take SWIFT as a case in point. Founded in 1973, SWIFT remains the backbone of cross-border payments. SWIFT is nothing more than a messaging system that enables banks to communicate around transactions. It was never designed to manage funds or process transactions. As a result, a “make do and mend” approach has grown around international payments, characterized by a proliferation of intermediaries and local payment rails.

This antiquated, fragmented system creates significant friction in cross-border transactions, leading to delays, high costs and limited choice for individuals and businesses outside major economic blocs. Fees for international payments currently average 1.5% for businesses and all the way up to 6.3% for remittances. Payments can take up to several days to reach recipients.

This system hinders global commerce and exacerbates financial exclusion, particularly in the global south, where volatile local currencies and limited access to traditional banking services are common.

Many of these friction points could be resolved by stablecoins, making transferring money across borders as easy as sending an email. Indeed, the blockchain-based currency has the potential to revolutionize global finance.

Democratizing access to fiat currencies

For people in countries with volatile economies or unstable governments, stablecoins offer a safe haven for savings. Stablecoins pegged 1:1 to a fiat currency such as the US dollar provide consumers in these regions with a way to escape their national financial system with a trustworthy and transparent alternative that protects them from inflation and currency devaluation. This is particularly important in the global south, where economic instability can erode the value of hard-earned income and savings.

According to UBS, consumers in developing countries are also attracted to stablecoins due to the lower risk of government interference with the currency. The wealth management firm believes stablecoins are increasingly seen as “digital dollars” and used for everything from savings to transactions to remittances in these regions.

Empowering small businesses and freelancers

Stablecoins can significantly reduce the costs and complexities associated with international payments, enabling small businesses and freelancers to participate in the global marketplace on a more level playing field. This opens up new opportunities for entrepreneurship and economic growth in developing countries.

Recent: Dubai recognizes USDC, EURC as first stablecoins under token regime

In our current payment system, physical money does not cross borders — only information does. A payroll company looking to pay a freelancer in a third country cannot do so directly and must use systems like Stripe, which uses virtual bank accounts to get around the problem.

With stablecoins, payroll companies can pay in any currency to any currency, using crypto on- and off-ramps to facilitate the payment. The business pays in dollars, for example, which is on-ramped to Tether’s USDt (USDT) and sent to the freelancer’s digital wallet, where they can either keep it or off-ramp it to their local currency. Stablecoins will prove to be, and are, a vital tool in helping businesses access global talent and fill their skills gaps.

Facilitating financial inclusion

Through offering an alternative to traditional banking systems, stablecoins also provide financial services to the unbanked and underbanked populations. This can be particularly transformative in regions with limited access to traditional financial infrastructure or in countries like Argentina, where there is low confidence in the national monetary system.

According to the Bank for International Settlements, stablecoins can enable a wide range of payments and provide a gateway to other financial services, replicating the role of transaction accounts as a stepping stone to broader financial inclusion.

Given their ability to provide access to financial services anywhere with an internet connection, stablecoins are seeing explosive growth in emerging markets. Use cases are expanding rapidly across Africa, Latin America, and parts of developing Asia, where they are being used to hedge against inflation, for remittances and cross-border payments, and as a simpler alternative to US dollar banking. This growth trajectory can be expected to continue in the years ahead.

A shot in the arm for global business

Stablecoins are rapidly rising in popularity and already total more than $233 billion in market capitalization, while transaction volumes in 2024 reached $15.6 trillion, surpassing those of Visa. In an increasingly uncertain world, they offer a stable, low-cost and rapid means of transferring money across borders, helping to increase financial inclusion and smooth access to global talent for employers. Stablecoins are a digital-first financial tool for a digital-first world and are ideally suited to replacing the current archaic international payments system.

Opinion by: Simon McLoughlin, CEO at Uphold

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Politics

Coinbase stock may rally to $310 on Trump-led crypto policies

Published

7 hours ago

March 18, 2025

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Coinbase stock may rally to 0 on Trump-led crypto policies

Coinbase exchange’s stock price has received an optimistic price prediction from a Bernstein analyst, citing improving crypto regulatory clarity in the world’s largest economy.

Gautam Chhugani, an analyst at global asset management firm Bernstein, initiated coverage of Nasdaq-listed Coinbase (COIN) stock with an outperform rating and a price target of over $310.

The analyst expects improving mainstream cryptocurrency adoption, driven by US President Donald Trump’s administration, which intends to make crypto policy a national priority and make the US a global hub for blockchain innovation, according to a Bernstein research note seen by Tipranks.

If Coinbase shares manage to rise to $310, it would mean an over 64% rally from the current $188 mark, Google Finance data shows.

Coinbase stock may rally to $310 on Trump-led crypto policies — *COIN/USD, all-time chart. Source: Google* *Finance*

The bullish price prediction comes over a week after Trump hosted the first White House Crypto Summit on March 7, shortly before he signed an executive order that outlined a plan to create a Bitcoin reserve using cryptocurrency forfeited in government criminal cases, Cointelegraph reported.

Coinbase stock may surge on improving crypto regulatory clarity in the US

Coinbase is set to benefit from crypto’s “ascendancy to the US financial mainstream” amid improving regulations, mainly due to the firm offering a one-stop platform for numerous crypto activities, wrote the research note, adding:

“COIN is described as a crypto exchange, but it is actually what a universal Bank would look like in the world of blockchain-based financial services.”

“COIN offers an exchange, broker/dealer, institutional prime desk, stablecoin banking, crypto payments, custodian bank, software and blockchain ecosystem services, all combined into a full stack ‘Amazon’ of crypto financial services,” added the report.

Crypto regulation is heading in a positive direction, with some analysts seeing the US Bitcoin reserve plan as the first “real step” for Bitcoin’s integration into the global financial system.

“The US has taken its first real step toward integrating Bitcoin into the fabric of global finance, acknowledging its role as a foundational asset for a more stable and sound monetary system,” Joe Burnett, head of market research at Unchained, told Cointelegraph.

While Trump has previously highlighted his intentions to bolster crypto innovation in the US, issuing regulatory frameworks takes time and setting the “right regulatory tone” will be crucial for the administration, according to Anastasija Plotnikova, co-founder and CEO of Fideum — a regulatory and blockchain infrastructure firm focused on institutions.