Reform UK chairman Zia Yusuf reverses decision to quit party
Reform UK chairman Zia Yusuf has reversed his decision to quit the party, saying “the mission is too important” and that he “cannot let people down”.
Instead, he said he will return in a new role, heading up an Elon Musk-inspired “UK DOGE” team.
In a statement, he said: “Over the last 24 hours I have received a huge number of lovely and heartfelt messages from people who have expressed their dismay at my resignation, urging me to reconsider.”
He added: “I know the mission is too important and I cannot let people down.
“So, I will be continuing my work with Reform, my commitment redoubled.”
Mr Yusuf said he would be returning in a new role, seemingly focusing on cuts and efficiency within government.
He said he would “fight for taxpayers”.
Only two days prior, Mr Yusuf dramatically handed in his resignation.
He claimed he no longer thought getting a Reform government elected was a “good use of my time” – but has now seemingly changed his mind.
Reform UK leader Nigel Farage welcomed the news of Mr Yusuf’s return.
He said: “I am delighted that Zia Yusuf will head up Reform UK’s DOGE department.”
Nigel Farage welcomed Zia Yusuf’s return. File pic: PA
Read more:
Why did Zia Yusuf resign as chairman of Reform UK?
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Mr Yusuf’s initial decision to quit came after he publicly distanced himself from the party’s new MP, Sarah Pochin, when she asked Sir Keir Starmer about banning the burka at Prime Minister’s Questions.
Reform said a ban was not party policy – and the chairman called it a “dumb” thing to ask.
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What is DOGE?
DOGE is a meme-coin inspired creation of Musk’s, standing for the Department of Government Efficiency.
It is the latest right-wing US import into British politics.
Before his public fallout with Donald Trump, the tech billionaire said his focus was saving taxpayers’ money by locating wasteful spending within government and cutting it.
Read more: How Elon Musk’s mission to cut government spending fell flat
However, opposition politicians questioned the impact of his efforts and how much he actually saved.
Musk initially had ambitions to slash government spending by $2trn (£1.5trn) – but this was dramatically reduced to $1trn (£750bn) and then to just $150bn (£111bn).
Institutional investors are maintaining confidence in digital assets despite a sharp market correction in October, with most planning to expand their exposure in the months ahead, according to new research.
Over 61% of institutions plan to increase their cryptocurrency investments, while 55% hold a bullish short-term outlook, Swiss crypto banking group Sygnum said in a report released on Tuesday. The survey covered 1,000 institutional investors globally.
Roughly 73% of surveyed institutions are investing in crypto due to expectations of higher future returns, despite the industry still recovering from the record $20 billion market crash at the beginning of October.
However, investor sentiment continues facing uncertainty due to delays in key market catalysts, including the Market Structure bill and the approval of more altcoin exchange-traded funds (ETFs).
Related: Crypto investors flee visibility for anonymity as privacy coins surge 80%
While this uncertainty may carry over into 2026, Sygnum’s lead crypto asset ecosystem researcher, Lucas Schweiger, predicts a maturing digital asset market, where institutions seek diversified exposure with long-term growth expectations.
“The story of 2025 is one of measured risk, pending regulatory decisions and powerful demand catalysts against a backdrop of fiscal and geopolitical pressures,” he said, adding:
“But investors are now better informed. Discipline has tempered exuberance, but not conviction, in the market’s long-term growth trajectory.”
Despite October’s correction, “powerful demand catalysts” and institutional participation remained at an all-time high, with the growing ETF applications signaling more institutional demand, added Schweiger.
At least 16 crypto ETF applications are currently awaiting approval, which were delayed by the ongoing US government shutdown, now in its 40th day.
Related: China’s budget AI bots smash ChatGPT in crypto trading face-off
Crypto staking ETFs may be the next institutional catalyst
Crypto staking ETFs may present the next fundamental catalyst for institutional cryptocurrency demand.
Over 80% of the surveyed institutions expressed interest in crypto ETFs beyond Bitcoin (BTC) and Ether (ETH), while 70% stated that they would start investing or increase their investments if these ETFs offered staking rewards.
Staking means locking your tokens into a proof-of-stake (PoS) blockchain network for a predetermined period to secure the network and earn passive income in exchange.
Meanwhile, investors are now anticipating the end of the government shutdown, which could bring “bulk approvals” for altcoin ETFs from the US Securities and Exchange Commission, catalyzing the “next wave of institutional flows,” according to Sygnum.
Magazine: Bitcoin to see ‘one more big thrust’ to $150K, ETH pressure builds
Politics
Rachel Reeves signals she will break tax pledges – and gives strongest indication she will lift two-child cap
Rachel Reeves has signalled she is going to break her manifesto tax pledges at the budget – and has given her strongest indication yet she will lift the two-child benefit cap.
The chancellor said the world has changed in the year since the last budget, when she reiterated Labour’s manifesto promise not to raise national insurance, VAT or income tax on “working people”.
“It would, of course, be possible to stick with the manifesto commitments, but that would require things like deep cuts in capital spending,” she told BBC 5Live.
“I have been very clear that we are looking at both taxes and spending,” she added.
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The chancellor also gave her strongest indication yet she will lift the two-child benefit cap at the budget on 26 November, saying it is not right a child is “penalised because they are in a bigger family”.
Ms Reeves blamed poor productivity and growth over the last few years on the previous government “always taking the easy option to cut investment in rail and road projects, in energy projects and digital infrastructure”.
She said she promised during the election campaign to “bring stability back to our economy”.
Ms Reeves, here with US Secretary of Commerce Howard Lutnick in London in September, blamed tariffs for poor growth. Pic: PA
‘I’ll always do what’s right for UK’
“What I can promise now is I will always do what I think is right for our country, not the easy choice, but the thing that I think is necessary,” she added.
The chancellor blamed the UK’s lack of growth under her tenure on global conflicts, trade and tariffs over the past year.
In a dig at Donald Trump, who has imposed wide-ranging tariffs on countries around the world, she said: “The tariffs. I don’t think anyone could have foreseen when this government was elected last year that we were going to see these big increases in global tariffs and barriers to trade.
“And I have to be chancellor in the world as it is not necessarily the world as I would like it to be. But I have to respond to those challenges, and that’s the responsible thing to do.”
Read more:
What tax rises and spending cuts will Reeves announce at budget?
Gordon Brown ‘confident’ of two-child benefit cap change
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‘Shameful’ that 4.5m children in poverty
‘Children should not be penalised’
The government has, so far, resisted lifting the two-child benefit cap, which means a family can only claim child benefits for the first two children.
But, it is a contentious subject within Labour, with seven of its MPs suspended two weeks after the election for voting to scrap it, while others are aware it will cost £2.8bn to do so.
Former Labour prime minister and chancellor Gordon Brown has been pushing for Ms Reeves, who says he is her hero, to lift it.
She said she saw Mr Brown at Remembrance Sunday, where they “had a good chat and we’ve emailed each other just today”, as she revealed they speak regularly.
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Labour’s child benefit cap dilemma
Ms Reeves added Mr Brown and Sir Tony Blair were big heroes of hers because they did so much to lift children out of poverty – the reason she went into politics.
Pushed on whether she would lift the cap, she said: “I don’t think that it’s right that a child is penalised because they are in a bigger family, through no fault of their own. So we will take action on child poverty.”
Mr Brown earlier told Sky News’ Mornings with Ridge and Frost he was “confident” of a two-child benefit cap change at the budget.
The latest YouGov polling found 59% of the public are in favour of keeping the cap in place, and only 26% thought it should be abolished.
Shadow chancellor Sir Mel Stride said: “Rachel Reeves has borrowed, spent and taxed like there’s no tomorrow – and she’s coming back for more because she doesn’t have a plan or the strength to stand up to Labour’s backbenchers, who are now calling the shots.
“My message is clear: if Rachel Reeves reduces government spending – including the welfare bill, she doesn’t need to raise taxes again. “
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