Angela Rayner has resigned as deputy prime minister, housing secretary, and deputy leader of the Labour Party.
She wrote to her boss, Prime Minister Sir Keir Starmer, to tender her resignation.
Here is the letter in full – and what he said in response:
Dear Keir,
Thank you for the personal and public support you have shown me in recent days.
As you know, on Wednesday I referred myself to your independent adviser on ministerial standards, Sir Laurie Magnus, to conduct a thorough investigation into my personal financial circumstances after I became aware that it is likely I inadvertently paid the incorrect rate for stamp duty land tax (SDLT).
I have always taken my responsibilities as deputy prime minister, secretary of state for housing, communities and local government, as well as a member of parliament with the utmost seriousness.
I have long believed that people who serve the British public in government must always observe the highest standards, and while the independent adviser has concluded that I acted in good faith and with honesty and integrity throughout, I accept that I did not meet the highest standards in relation to my recent property purchase.
I deeply regret my decision to not seek additional specialist tax advice given both my position as housing secretary and my complex family arrangements.
I would like to take this opportunity to repeat that it was never my intention to do anything other than pay the right amount.
I must also consider the significant toll that the ongoing pressure of the media is taking on my family.
While I rightly expect proper scrutiny on me and my life, my family did not choose to have their private lives interrogated and exposed so publicly.
I have been clear throughout this process that my priority has, and always will be, protecting my children and the strain I am putting them under through staying in post has become unbearable.
Given the findings, and the impact on my family, I have therefore decided to resign as deputy prime minister and secretary of state for housing, communities and local government, as well as deputy leader of the Labour Party.
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Rayner admits she didn’t pay enough tax
For a teenage mum from a council estate in Stockport to serve as the highest level of government has been the honour of my life.
The challenges of government are nothing compared to the challenge of putting food on the table and getting a roof over our head when I brought up kids working as a home help. Too many people face the same across our country.
I’ve always known that politics changes lives because it changed mine.
The last Labour government gave me the tools I needed to build a better life for me and my young son, and that’s why I’ve been working relentlessly from day one in government to do the same for the next generation.
Every day I had in office, I worked to serve working class communities like the one that I grew up in, which are too often overlooked by those in power.
I am proud that in every decision I made, I did it for them.
I would never have become deputy prime minister if not for the decisions taken by the last Labour government, giving me a council house to support me, Sure Start to help raise my kids, and the security of a minimum wage – and I can only hope that the changes I made in government will have the same impact for young girls growing up on council estates like I did.
Image: Rayner and Sir Keir Starmer in London in 2021. Pic: PA
Through my Employment Rights Bill people across the country will receive the biggest uplift in workers’ rights in a generation. This landmark legislation will be game-changing for millions of people stuck in insecure and low-paid work, giving them the dignity and security they don’t just need but also deserve.
I am and will remain deeply proud of that legacy. I am so proud to have worked alongside the trade union movement, who have given me everything, to deliver that.
Our Renters’ Rights Bill will finally ban the oppressive rule of no-fault evictions and will reset the balance between renters and landlords through groundbreaking protection for renters. Everyone deserves to live in a safe and decent home, and I know this legislation will deliver that for millions of people across the country.
The Planning and Infrastructure Bill will also be instrumental in getting the homes so many people across this country need built, and I am so proud that at the spending review we announced the biggest investment in social and affordable housing in a generation with the overwhelming amount of this going to genuinely social rent homes.
And last week, I introduced the English Devolution Bill to Parliament. The largest single package of devolution from any Westminster government to local people across England. This landmark legislation will permanently change the balance of power, giving true control to those with skin in [the] game.
We delivered an elections strategy which will mean 16 and 17 year olds getting the vote for the first time, as well as ambitious plans to ensure the most marginalised communities are registered to vote.
We took steps to stabilise the broken foundations of local government and deliver the first genuinely fair funding review and the first multi-year settlement for a decade.
My department, through my excellent team of ministers, has also provided the largest ever in homelessness prevention services to local authorities, to get Britain back on track to ending homelessness for good.
We’ve worked relentlessly to bring an end to the building safety crisis and developed new measures to get peoples’ homes fixed quicker and hold rogue freeholders to account.
We’ve also worked to boost community cohesion, tackle hate crime, and reset the relationship with faith communities.
Image: The prime minister and his deputy during a visit to Birmingham in 2021. Pic: PA
I have been lucky to work alongside the most talented group of ministers who worked with dedication to deliver for working people.
I thank Matthew Pennycook, Jim McMahon, Alex Norris, Wajid Khan, and Sharon Taylor.
I too am grateful to my brilliant parliamentary team, Harpreet Uppal, Mark Ferguson, and Gen Kitchen.
For me, being in office is the chance to change the lives of the people I grew up alongside. I will do whatever I can to continue doing so.
Thank you for your leadership and for your friendship. I will continue to serve you, our country and the party and movement I love in the weeks, months and years ahead.
Yours sincerely,
Angela
Sir Keir Starmer’s handwritten letter to Angela Rayner in full:
Dear Angela
Thank you for informing me of your decision to resign from the government.
I am very sad that your time as deputy prime minister, secretary of state and deputy leader of the Labour party has ended this way.
As you know we acted in accordance with the strengthened system relating to ministerial conduct that we put in place on coming into government.
You were right to refer yourself to the independent adviser on ministerial standards and right to act on his conclusion.
Although I believe you have reached the right decision, it is a decision which I know is very painful for you.
You have given your all to making the Labour government a success and you have been a central part of our plan to make Britain fairer for working families.
Your work at MHCLG (the Ministry for Housing, Communities and Local Government) to help build the homes that Britain needs has been hugely important and your work to create more fairness in the workplace through the employment rights bill represents a very significant achievement that will change the lives of millions of people.
On a personal note, I am very sad to be losing you from the government.
You have been a trusted colleague and a true friend for many years.
I have nothing but admiration for you and huge respect for your achievement in politics.
I know that many people of all political persuasions admire that someone as talented as you is the living embodiment of social mobility.
Even though you won’t be part of the government, you will remain a major figure in our party. I know you will continue to fight for the causes you care so passionately about.
The US Nasdaq stock exchange is making SEC approval of its proposal to offer tokenized versions of stocks listed on the exchange a top priority, according to the exchange’s crypto chief.
“We’ll just move as fast as we can,” Nasdaq’s head of digital assets strategy, Matt Savarese, said during an interview with CNBC on Thursday, when asked whether the SEC could approve the proposal this year.
“I think what we have to really evaluate where the public comments come back in and then answer and respond to the SEC questions as they come through,” Savarese said. “We hope to kind of work with them as quickly as possible,” Savarese said.
Savarese says Nasdaq isn’t “upending the system”
The proposal, submitted by Nasdaq on Sept. 8, is requesting to allow investors to buy and sell stock tokens — digital representations of shares in publicly traded companies — on the exchange.
Savarese emphasized that Nasdaq is not trying to overhaul the way stocks are invested in when asked whether he expects other major exchanges to follow suit.
Nasdaq’s head of digital assets, Matt Savarese, spoke to CNBC on Thursday. Source: CNBC
“We’re not looking at upending the system; we want everyone to come along for that ride and bring tokenization more into the mainstream,” he said.
“We want to do it in that responsible investor-led way first, under the SEC rules themselves,” he added.
It was only in October that Robinhood CEO Vlad Tenev said that tokenization will “eventually eat the whole financial system.”
The crypto industry is divided on tokenized equities
Savarese emphasized that Nasdaq is aiming to be an innovator in the ecosystem, noting that the exchange was the first to transition markets from paper-based trading to electronic systems.
Tokenizing stocks has been one of the most significant talking points in the crypto industry this year.
On Sept. 3, Galaxy Digital CEO Mike Novogratz said the company became the first Nasdaq-listed company to tokenize its equity on a major blockchain following its launch on the Solana network.
The conversation around tokenized equities has also drawn skepticism from the crypto industry.
On Oct. 1, Rob Hadick, general partner at crypto venture firm Dragonfly, told Cointelegraph that tokenized equities will be a significant benefit to traditional markets, but may not be a boon to the crypto industry as others have predicted.
Hadick said that if tokenized stocks use layer-2 networks, it creates “leakage” as value and may not flow back to Ethereum or the broader crypto ecosystem as much as hoped.
Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC) and head of the SEC’s Crypto Task Force, reaffirmed the right to crypto self-custody and privacy in financial transactions.
“I’m a freedom maximalist,” Peirce told The Rollup podcast on Friday, while saying that self-custody of assets is a fundamental human right. She added:
“Why should I have to be forced to go through someone else to hold my assets? It baffles me that in this country, which is so premised on freedom, that would even be an issue — of course, people can hold their own assets.”
SEC commissioner Hester Peirce discusses the right to self-custody and financial privacy. Source: The Rollup
Peirce added that online financial privacy should be the standard. “It has become the presumption that if you want to keep your transactions private, you’re doing something wrong, but it should be exactly the opposite presumption,” she said.
Many large Bitcoin (BTC) whales and long-term holders are pivoting from self-custody to ETFs to reap the tax benefits and hassle-free management of owning crypto in an investment vehicle.
“We are witnessing the first decline in self-custodied Bitcoin in 15 years,” Dr. Martin Hiesboeck, the head of research at crypto exchange Uphold, said.
Hiesboeck attributed the shift to the SEC approving in-kind creations and redemptions for crypto ETFs in July, which allowed authorized holders to exchange crypto for ETF shares and vice versa without triggering a taxable event, unlike cash-settled ETFs.
“A move away from the self-custody mantra of ‘not your keys, not your coins’ is another nail in the coffin of the original crypto spirit,” Hiesboeck added.
Jeremy Corbyn has declined to say his Your Party co-founder Zarah Sultana is a friend as supporters of the new grouping gather in Liverpool.
Speaking to Sky News on the eve of the conference, Mr Corbyn acknowledged “stresses and strains” in the set-up of the party but said it had become “a lot better in the last few days and weeks and we’re going to get through this weekend”.
The former Labour leader has publicly clashed with Ms Sultana, the MP for Coventry South, over the launch and structure of the new party.
Asked if they were friends, Mr Corbyn said they were “colleagues in parliament, and we obviously communicate and so on”.
The pair appeared at separate events on the eve of the party’s inaugural gathering.
Ms Sultana had previously claimed she was being “sidelined” by a “sexist boys’ club” within the fledgling party.
Mr Corbyn said her comments were an “unfortunate choice of words” but added that he had been more involved in the organisation of the conference than she had.
Image: The co-founders have had a strained relationship since setting up the party. Pic: Your Party
The Islington North MP also said that Your Party was still waiting for Ms Sultana to transfer all of the funds she had raised from supporters.
“Obviously having money up front for a conference is a big help,” he said.
Ms Sultana has insisted she is transferring the donations in stages.
The weekend gathering in Liverpool will see supporters choose between four options for a permanent party name: Your Party, Our Party, Popular Alliance, For the Many.
The preferred choice of Ms Sultana – The Left – did not make the ballot.
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Similarly, the Coventry MP had said she favoured a co-leader approach, but members will only be able to pick between single leadership or collective leadership models.
Speaking at her own pre-conference rally, Ms Sultana blamed a “nameless, faceless bureaucrat” for restricting the choices.
The meeting also risked being disrupted by a series of member expulsions. One of those ejected, Lewis Nielsen, accused a “clique” of trying to “take over”.
Your Party sources said expulsions related to members of the Socialist Workers Party and that holding another national party membership was not allowed.
Ms Sultana blamed a “culture of paranoia at the top” and said she believed the same people who had been briefing against her were now also expelling members.
Mr Corbyn will open the conference on Saturday, while the results of the main decision-making votes will be announced on Sunday.