People do feel like strangers in Britain – but it’s not just because of migration, polling finds

Published

7 hours ago

May 19, 2025

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Last week, Sir Keir Starmer voiced his worry Britain could become an “island of strangers” if immigration was not tackled.

Some claimed this was a controversial and dangerous stance – drawing parallels with Enoch Powell’s Rivers of Blood speech.

But research released today suggests close to half of those in Great Britain feel like “strangers” in their own country.

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The survey, carried out by pollsters at More In Common, asked 13,464 people in Great Britain for their feelings on the matter.

And what is even more surprising is that the survey was carried out over a month before Sir Keir‘s speech.

The research is only being released today, and it is understood that Downing Street had not seen it before the prime minister’s speech.

However it will likely be welcomed as a justification of a position aimed outside of Westminster.

Isolation linked to wealth

The prime minister’s concerns about Great Britain being an “island of strangers” was inextricably linked to rising immigration.

But the research out today shows the isolation felt by many is strongly linked to wealth – with the poorest in the country more likely to feel like strangers.

The cost of living was mentioned as a contributory factor by many of those asked.

And when it comes to ethnic breakdown of those saying they feel like strangers, Asian or Asian British people were more likely than either white or black British people to say they felt separate.

Amy, a teacher from Runcorn, told researchers that when “your money’s all going on your bills and the boring stuff like food and gas and leccy and petrol” there is nothing left “to do for ourselves”.

Who is Starmer targeting?

Those who criticised Sir Keir for his “strangers” speech tended to accuse the prime minister of appealing to supporters of Reform or the Conservatives.

Suspended Labour MP Zarah Sultana went as far as to claim the speech was a “foghorn to the far right”.

The analysis from More in Common found that people who supported Reform and the Conservatives last year are indeed much more likely to feel like strangers in the UK.

While Labour, Lib Dem and Green supporters are all less likely to feel like strangers, around a third of them do still agree with the statement that they “sometimes feel like a stranger in my own country”.

And the polling also found that Reform and Conservative voters are much more likely to think that multiculturalism threatens national identity, while supporters of the other three parties tend to largely believe multiculturalism is a benefit.

Across the board, supporters of all parties were more likely than not to think that everyone needs to do more to encourage integration between people of different ethnic backgrounds – and similarly a majority think it is everyone’s responsibility to do so.

Luke Tryl, the UK director of More in Common, said: “The prime minister’s warning that we risk becoming an ‘island of strangers’ resonates with millions who say they feel disconnected from those around them.

“But it would be a mistake to say that immigration and lack of integration are the sole causes of our fragmenting social fabric.”

John McDonnell, another former Labour MP, now suspended, told Sky News that having politicians “exploit” resentment fuelled by economic circumstance to shift “the blame onto migrants just exacerbates the problem”.

He said the government needs to “tackle the insecurity of people’s lives and you lay the foundations of a cohesive society”.

With Reform now leading in the polls and the collapse of support for Sir Keir since becoming prime minister, it is unsurprising that what he says seems to match up with what turquoise voters feel.

Work from home alone

The post-pandemic shift to working from home and spending more time alone has also been blamed for an increased feeling of isolation.

Ruqayyah, a support worker from Peterborough, said the shift to home offices had “destroyed our young generation”.

But there are many other reasons that people feel separate from the rest of their country.

Young people are less trusting of strangers, and there is also a deep discontent with the political system.

Many think the system is “rigged” in favour of the wealthy – although this belief is less common the higher the level of education someone has completed.

The tension that exploded during last year’s riots are also highlighted, and many people are worried about religious differences – a situation exacerbated by foreign conflicts like in the Middle East and between India and Pakistan.

The research was carried out alongside the campaign group Citizens UK and UCL.

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Matthew Bolton, executive director of Citizens UK, said: “We all saw what can happen last summer when anger and mistrust boil over and threaten the fabric of our society.

“The answers to this don’t lie in Whitehall.

“By listening to people closest to the ground about what causes division and what builds unity in their neighbourhood, we can build a blueprint for cohesion rooted in local leadership and community power.”

Politics

Australian court ruling could lead to $640M in Bitcoin tax refunds

Published

1 hour ago

May 19, 2025

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Australian court ruling could lead to 0M in Bitcoin tax refunds

A court decision in Australia could open the door to as much as $640 million in capital gains tax (CGT) refunds on Bitcoin transactions after a judge ruled that crypto should be treated as money rather than a taxable asset.

On May 19, the Australian Financial Review (AFR) reported that the decision arose within a criminal case involving federal police officer William Wheatley, who allegedly stole 81.6 Bitcoin (BTC) in 2019. At the time, the assets were worth roughly $492,000. At current market prices, the tokens are valued at more than $13 million.

In the case, Judge Michael O’Connell of Victoria ruled that Bitcoin qualifies as a form of money rather than property, likening the digital asset to Australian dollars rather than to shares, gold or foreign currency.

The interpretation could set a legal precedent, potentially placing Bitcoin transactions outside the scope of Australia’s current CGT regime.

New court ruling challenges Australian crypto tax laws

In an AFR interview, tax lawyer Adrian Cartland said the verdict “totally upends” the Australian Taxation Office’s (ATO) current position.

Since 2014, the ATO has classified crypto assets as CGT assets. This means that users must pay tax when selling or trading them. Under the ATO’s guidance, any disposal of Bitcoin, including selling it for fiat, exchanging it for another crypto or using it to purchase goods or services, constitutes a CGT event.

This framework has been the basis for taxing cryptocurrency transactions in Australia for over a decade. However, the recent ruling challenges the approach by suggesting that Bitcoin functions more like money than property. This potentially exempts it from CGT.

Tax refunds could reach $640 million

Cartland said it was held that Bitcoin is Australian money. “That is, it is not a CGT asset. Therefore, acquisitions and disposals of Bitcoin have no tax consequences,” the tax lawyer added.

If the ruling is upheld on the appeal, Cartland estimates that there could be potential tax refunds totalling 1 billion Australian dollars ($640 million).

However, while Cartland thinks there could be up to a billion in refunds, the ATO said there were no official figures that confirm the amount to be potentially refunded if the case changes how Bitcoin is taxed in Australia.

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Revolut eyes French license and $1.1B expansion amid EU growth

Published

2 hours ago

May 19, 2025

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Revolut eyes French license and .1B expansion amid EU growth

Revolut, a European neobank with crypto support, plans to invest more than 1 billion euro ($1.1 billion) in France and apply for a local banking license.

According to a May 19 Fortune report, Revolut representatives announced the initiative during the Choose France business summit hosted by President Emmanuel Macron in Paris. The London-based neobank also plans to set up its new European Union-serving headquarters in Paris, promising to invest 1 billion euro and hire at least 200 people within three years.

Revolut spokespeople also said that the firm is in the process of submitting an application to the French banking regulator Prudential Supervision and Resolution Authority. According to an anonymous source cited by Fortune, the regulator has been pushing the neobank to get a license to improve supervision due to its popularity in France.

Revolut currently employs about 300 people and serves five million customers in France. This makes the nation the neobank’s top European Union market.

Aiming for the stars

Revolut hopes to onboard 10 million users by the end of next year and then double that number by 2030. The firm already offers loans, trading and cryptocurrency support in its mobile-first banking platform.

The neobank has seen rapid growth ever since its founding in 2015. The company recently received a $45 billion valuation and reportedly served over 55 million customers as of late May.

Revolut’s 2024 annual report release shows that the firm’s 2024 revenue was 3.1 billion British pounds ($4 billion). A recent Financial News article also puts the company’s headcount at 10,133 employees as of Dec. 31, 2024.

An increasingly regulated institution

Revolut obtained its UK banking license in late July 2024, where 11 million of its customers are located. Now, the neobank is aggressively looking to obtain similar permits across other jurisdictions, with 10 applications underway.

Revolut received the Prepaid Payment Instruments license from India’s central bank earlier this month. This license allows the bank to offer multi-currency forex cards and cross-border remittance services in India.

EU-based Revolut customers now leverage its Lithuania operations. The firm received a banking license in Lithuania at the end of 2018, enabling it to serve customers across the European Economic Area better.

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Dubai regulator sets compliance deadline for updated crypto rules

Published

3 hours ago

May 19, 2025

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Dubai regulator sets compliance deadline for updated crypto rules

Dubai’s crypto regulator has given licensed digital asset companies until June 19 to comply with its updated activity-based Rulebooks to enhance market integrity and risk oversight.

On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) announced that it had released Version 2.0 of the Rulebooks.

The regulator said it had strengthened controls around margin trading and token distribution services, harmonised compliance requirements across all licensed activities and given clearer definitions for collateral wallet arrangements.

VARA’s team will engage with licensed entities and expects the companies to comply with the updated rules after a 30-day transition period.

“In line with global regulatory best practices, a 30-day transition period has been granted to all impacted virtual asset service providers [VASPs], with full compliance required by 19 June 2025,” VARA wrote.

VARA enhances supervisory mechanisms

VARA highlighted that it had enhanced supervisory mechanisms across several regulated activities. This includes advisory, broker-dealer, custody, exchange, lending and borrowing, virtual asset (VA) management and investment, and VA transfer and settlement services.

A VARA spokesperson told Cointelegraph that the updates will bring consistency across all activity-based rules defining core operational terms. The spokesperson gave examples of terms like “client assets,” “qualified custodians,” and “collateral requirements” as some of the terms more consistently defined in the update.

The update also aligned risk management and disclosure obligations, where activities overlap, in areas like brokerage, custody and exchange.

“The aim was to reduce ambiguity and help VASPs navigate cross-functional compliance more easily,” VARA told Cointelegraph.

Dubai regulator tightens leverage thresholds for margin trading

As for margin trading, the VARA spokesperson said they tightened leverage thresholds, mandated clearer collateralisation standards, and enhanced the monitoring obligations for VASPs offering this feature.

Margin trading allows traders to control large positions with smaller amounts of capital. It amplifies both gains and losses. Tightening the leverage traders use helps limit the risks of widespread liquidations in a market downturn.

The crypto regulator introduced a new section on token distribution that sets out licensing prerequisites, investor protections and marketing restrictions. The spokesperson emphasized the marketing restrictions, especially for “retail-facing offers.”

“It’s about aligning with global conduct expectations and closing observed regulatory gaps,” the VARA spokesperson said.