Sir Keir Starmer has said he was “heavily focused” on world affairs before he was forced to U-turn on his welfare bill after rebellion by MPs.
In a piece in The Sunday Times, Sir Keir said he was occupied with the G7 and NATO summits and the escalating tensions in the Middle East for much of the past two weeks.
His “full attention really bore down” on the welfare bill on Thursday, he added.
It comes after the government was forced to U-turn on plans to cut sickness and disability benefits after significant rebellion by Labour MPs earlier this week.
The government has since offered concessions ahead of a vote in the Commons on Tuesday, including exempting existing Personal Independence Payment claimants (PIP) from the stricter new criteria, while the universal credit health top-up will only be cut and frozen for new applications.
Image: Prime Minister Sir Keir Starmer. File pic: PA
Sir Keir defended the U-turn by saying: “Getting it right is more important than ploughing on with a package which doesn’t necessarily achieve the desired outcome.”
He said all the decisions were his and that “I take ownership of them”.
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There have been reports that rebel MPs blamed Sir Keir’s chief of staff Morgan McSweeney for the government’s approach.
Sir Keir said: “My rule of leadership is, when things go well you get the plaudits; when things don’t go well you carry the can.
“I take responsibility for all the decisions made by this government. I do not talk about staff and I’d much prefer it if everybody else didn’t.”
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Is Starmer at the mercy of his MPs?
Sir Keir said on Saturday that fixing the UK’s welfare system is a “moral imperative”.
Speaking at Welsh Labour’s annual conference in Llandudno, North Wales, Sir Keir said: “Everyone agrees that our welfare system is broken, failing people every day.
“Fixing it is a moral imperative, but we need to do it in a Labour way, conference, and we will.”
Cryptocurrency scammers have impersonated Australian police and exploited government infrastructure to pressure victims into handing over their digital assets, the Australian Federal Police (AFP) said Thursday.
The AFP said scammers used the local cybercrime reporting tool ReportCyber to submit reports about their targets. At a later time, they contact the victims posing as police and inviting them to check the report on government websites, lending credibility to the scammers.
In one case, the scammers warned the victim that they would be contacted by a representative from a crypto company, who would also provide information to prove their legitimacy. This second caller then attempted to persuade the target to transfer money from their platform wallet to a wallet of their choice.
“Thankfully the target became suspicious and hung up,“ the AFP said.
AFP Detective Superintendent Marie Andersson said the scammers falsely claimed that an individual had been arrested and the victim identified in an investigation involving a crypto breach. She noted that the scammers’ verification steps often resembled legitimate law-enforcement procedures, making the scheme “highly convincing” to some victims.
Andersson said this was part of a broader trend in scams becoming increasingly sophisticated. She encouraged “Australians to adopt necessary safety measures online” and warned that “if you’re contacted by someone about a ReportCyber report you didn’t lodge or authorise someone to make on your behalf, terminate the call and notify ReportCyber.
“Also bear in mind legitimate law enforcement officials will never request access to your cryptocurrency accounts, wallets, bank accounts, cryptocurrency wallet seed phrases, or any personal information relating to your financial accounts.”
In late October, the AFP announced that it had cracked a coded cryptocurrency wallet backup containing 9 million Australian dollars ($5.9 million) — suspected to be the proceeds of a crime.
In late August, Australia’s markets regulator was reported to be expanding its campaign against online scams, having taken down 14,000 since July 2023, with over 3,000 involving cryptocurrency.
In July, authorities in the Australian island state of Tasmania found that the top 15 users of crypto ATMs in the state were all victims of scams, with combined losses of $1.6 million.
Taiwan is preparing to issue a report on its Bitcoin holdings, signaling that officials are weighing whether the country should follow the United States in creating a national Bitcoin reserve.
Zhuo Rongtai, premier of the Republic of China (Taiwan), said the country is preparing a report to assess the total amount of Bitcoin (BTC) confiscated by domestic agencies.
The report will be issued before the end of the year, said Rongtai during a legislative general fiscal inquiry meeting with the Finance Committee on Tuesday.
When asked about the fate of the confiscated Bitcoin, legislator Ge Rujun proposed that Taiwan’s government “hold it unchanged” before deciding whether to liquidate the assets or include them in a strategic reserve, according to local media outlet Blocktempo.
Rongtai’s forthcoming report will also include a list of “pros and cons” for creating a strategic Bitcoin reserve, marking the first time Taiwanese officials have publicly considered BTC as a reserve asset.
The premier’s pledge to “study” Bitcoin for a strategic reserve asset and draft more Bitcoin-friendly regulations in the next six months is a “breakthrough” for the country, wrote Ko Ju-Chun, a lawmaker in Taiwan’s unicameral legislature, the Legislative Yuan, in a Tuesday X post.
Governmental interest in Bitcoin started rising after March 7, when US President Donald Trump signed an executive order outlining a plan to create a Strategic Bitcoin Reserve, initially using cryptocurrency forfeited in government criminal cases, Cointelegraph reported.
The Bitcoin reserve marked the “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,” said Joe Burnett, head of market research at Unchained, at the time.
Taiwan legislators are calling for a Bitcoin reserve as a hedge against global uncertainty
While Taiwan has yet to make an official move, lawmakers have previously called for the creation of a Bitcoin reserve.
In May, Ju-Chun called for the government to consider adding Bitcoin to its national reserve, citing Bitcoin’s potential to serve as a hedge amid global economic uncertainty, during a speech to the Taiwanese government at the National Conference on May 9.
Ko Ju-Chun advocated for the adoption of Bitcoin by the Taiwanese government before the Legislative Yuan. Source: Ko Ju-Chun
The lawmaker previously suggested a maximum allocation of 5% of Taiwan’s $50 billion reserve.
Taiwan has been exploring more crypto-friendly regulations to bolster institutional cryptocurrency adoption. In October 2024, the Financial Supervisory Commission (FSC) of Taiwan announced the launch of a trial for crypto custody services for financial institutions.
The crypto community is bracing for the launch of the first spot XRP exchange-traded fund (ETF) after Nasdaq certified the listing of Canary Capital’s XRP ETF.
The Nasdaq Stock Market exchange on Wednesday officially notified the US Securities and Exchange Commission that it has received the Form 8‑A filing for the Canary XRP ETF (XRPC).
“The official listing notice for XRPC has arrived from Nasdaq,” Bloomberg’s senior ETF analyst Eric Balchunas wrote on X, adding: “Looks like tomorrow is on for the launch.”
While ETF watchers expect Canary’s spot XRP (XRP) ETF to debut trading on Thursday, the SEC has yet to issue its final approval for trading to commence, leaving the debut uncertain heading into the market open.
The sixth single crypto asset ETF
Nate Geraci, president of NovaDius Wealth Management, took to X on Thursday to report that Canary had launched its website for the Canary XRP ETF, highlighting the likely soon-to-come trading launch.
“Canary Capital will be first to market,” Geraci said, adding that its XRP ETF would be the sixth single crypto asset in the ETF wrapper after Bitcoin (BTC), Ether (ETH), Solana (SOL), Litecoin (LTC) and Hedera (HBAR).
Source: Eric Balchunas
Other industry observers, including Crypto America’s Eleanor Terrett, shared optimism on X, noting that Nasdaq had “cleared XRPC for launch at market open” on Thursday, but some cautioned that the exchange’s letter was procedural and does not authorize trading.
“The Nasdaq letter itself does not say the ETF is effective — it only says Nasdaq approved the listing and joined the registrant’s request for SEC effectiveness,” one commentator wrote, adding that the certification is a “routine procedural letter, not confirmation that trading will start.”
With trading going live on Oct. 28, some ETF observers have suggested that these new crypto funds relied on “automatic effectiveness” provisions during the government shutdown.