Conservative Party conferences of old were packed out events bustling with ministers, MPs, lobbyists and members.
Roll on just over a year after their biggest defeat ever, and the Tories’ gathering in Manchester, from 5-8 October, will be a more sober affair.
Despite their recent loss, last year’s conference was anything but subdued as it was turned into a hustings for their new leader to replace Rishi Sunak. Cue: a bit of a bun fight.
A month later, Kemi Badenoch was crowned leader. So this conference not only marks a year after that abysmal result but also nearly a year of Ms Badenoch in charge.
A series of policy announcements are expected throughout the conference, with the first today being an eye-catching vow to create an ICE-style “removals force” to tackle illegal immigration to the UK, which follows her pledge to leave the European Convention on Human Rights (ECHR).
“Stronger borders” is one of the two key themes of this conference, along with “stronger economy” – slogans set to feature on banners throughout the conference venue.
It is part of her bid to scrape back her party’s position in the polls as Nigel Farage’s continues to lead in the national polls.
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Image: Kemi Badenoch’s performance at PMQs has not always been complimented
Eleven former Conservative cabinet members, ministers and MPs had switched to Reform this year ahead of Mr Kruger. Ex-health minister Maria Caulfield defected after Mr Kruger.
Sub-optimal for Badenoch, but an issue she has brushed off, accusing them of “running away rather than solving problems”.
The threat of Reform, which has led the polls for weeks, dominated the Lib Dem and Labour conferences but, if PMQs is anything to go by, there is no guarantee Ms Badenoch will put Mr Farage’s party at the forefront of her two conference speeches.
Image: Ms Badenoch at a farm in September. Pic: PA
Rather than just the traditional leader’s speech at the end of the conference, Ms Badenoch will deliver an additional one today, in which she will set out the party’s broad new plan to tackle illegal migration.
Some 34,401 people have crossed the Channel in small boats so far this year, according to PA news agency analysis of Home Office figures, putting 2025 on course to break the record for most arrivals in a single year.
The traditional end-of-conference speech will still take place on Wednesday, as she seeks to grab headlines and cut through the electorate in a way she has failed to do so far.
Also overshadowing the party as they head to Manchester is the High Court ruling that a PPE company linked to Tory peer Baroness Michelle Mone must repay the government £122m for breaching a contract for medical gowns during COVID.
Ms Badenoch said Lady Mone had brought “embarrassment and shame to the party” and should have the “book thrown at her”.
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A £122m bill that may never be paid
The Tory leader has faced criticism over her leadership style, initially because she carried out very few media interviews.
But she has said this was because the party was close to bankruptcy when she took over.
“I basically inherited a distressed asset and my first job was to just make sure we didn’t go bust,” she told The Spectator this week.
“Most of my first three to six months were spent on that. I just couldn’t get out there much. The opportunity cost was perhaps not doing much media.”
But she has since failed to unify the party, which was illustrated by another disastrous result in the May 2025 local elections.
And the latest results from a bimonthly YouGov poll, which tracks her performance as Tory leader, show Conservative voters have their lowest opinion of her since she became leader, with 38% thinking she should remain as leader.
The highest number of Tory members (39%) now think she should stand down and let someone else take over – a rise of 10% since July.
So, this conference is an opportunity to get members – and MPs – behind her.
Image: Kemi Badenoch arriving at Conservative Party conference on Saturday. Pic: PA
One of those MPs who has been unsubtle about his ambition to replace her is shadow justice secretary Robert Jenrick, who lost out to Ms Badenoch in the leadership race.
Ms Badenoch has brushed off his attempts to outshine her, saying many of the views he offers so readily beyond his brief “are my thoughts repackaged”.
“I don’t mind that he says what he thinks,” she told The Spectator.
“The advantage of having a leadership contest is that you’ve kind of already said what you think.
“Repeating it, which is what Rob tends to do, is not new information.”
Image: Robert Jenrick challenged Kemi Badenoch for the Tory leadership. Pic: Robert Jenrick
Also, days before the conference starts, former Conservative prime minister Baroness Theresa May gave a rare public rebuke of Ms Badenoch after the Tory leader pledged to replace the UK’s world-leading Climate Change Act with a strategy for “cheap and reliable energy”.
Baroness May said she is “deeply disappointed by this retrograde step” and that to row back on the strategy to tackle climate change “would be a catastrophic mistake”.
The Tory conference could be a chance for Ms Badenoch to turn her fortunes around, but she will have to work at getting her MPs – and Tory members (those who are left) – behind her and the party she promised to “renew” and to “prepare over the course of the next few years for government”.
US bank SoFi Technologies has launched crypto trading services to its customers, as clearer rules have allowed the crypto market to court greater interest from traditional finance.
SoFi said on Tuesday that its crypto service will aim to offer dozens of cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), and started in a phased rollout on Monday, with more customers able to gain access in the coming weeks.
SoFi CEO Anthony Noto told CNBC’s Squawk Box on Tuesday that his bank is the first and only nationally chartered bank to launch crypto trading to consumers and was spurred to do so after the Office of the Comptroller of the Currency (OCC) eased its stance on how banks can engage with crypto in March.
“One of the holes we’ve had for the last two years was in cryptocurrency, the ability to buy, sell, and hold crypto. We were not allowed to do that as a bank. It was not permissible,” he said.
SoFi also plans to introduce SoFi USD, a stablecoin backed dollar-for-dollar by reserves, and integrate crypto into its lending and infrastructure services for borrowing and faster payments.
“We believe blockchain and cryptocurrencies are a super cycle technology just like AI, and it will be pervasive across all the financial system,” Noto said.
He added that stablecoins would fundamentally change payments, provided they have liquidity and don’t carry credit risk or duration risk.
SoFi CEO Anthony Noto speaking to CNBC on Tuesday. Source: YouTube
“I actually worry quite significantly about stablecoins from operators that are not banks. Where are the reserves sitting? Is there duration risk for those reserves? Is there credit risk for those reserves? Are those reserves bankruptcy remote?” he said.
“That’s three elements that you have to think about with whatever stablecoin you use. Just because it’s back dollar for dollar doesn’t mean those dollars will be there when you try to liquidate.”
Members back crypto shift
SoFi has over $41 billion in assets, according to financial metric platform Business Quant. The bank’s third-quarter results list its net revenue as $962 million and show a member base of 12.6 million people.
Noto said 60% of the bank’s members surveyed were interested in crypto investments and also revealed he has allocated 3% of his personal portfolio to crypto, mainly Bitcoin.
“We have exposure to it because I believe we’re investing in a technology not in a currency. The analogy I use with people is imagine if in 1990 you could have bought a piece of the World Wide Web through some coin called the World Wide Web coin.”
“It’s very similar to that. These are networks, communication networks used for payments and other applications,” Noto added.
Bitwise’s spot Chainlink exchange-traded fund (ETF) has appeared on the Depository Trust and Clearing Corporation’s registry, a usually positive sign that the fund is moving closer to launch.
The Bitwise Chainlink ETF was added to the DTCC’s “active” and “pre-launch” categories on Tuesday under the ticker CLNK. The listings don’t guarantee that the US Securities and Exchange Commission will approve the ETF, but they have historically been a good indicator that a product is set to be greenlit.
DTCC is a post-trade market infrastructure platform that clears, settles, and records transactions, serving as a central hub for markets to ensure trades in assets like stocks and ETFs are processed efficiently and securely.
Bitwise is yet to file a Form 8-A for its Chainlink product, one of the final documents that must be lodged before securities are offered on an exchange, and often means that a product’s launch is imminent.
Grayscale is another crypto asset manager that has a spot Chainlink ETF in the works. However, it may face more regulatory challenges than Bitwise’s as it seeks to incorporate staking.
Government shutdown slows ETF process
Dozens of spot crypto ETFs are currently awaiting SEC approval amid the US government shutdown, which is in its 42nd day but is expected to end sometime this week after the Senate passed a funding bill.
Crypto asset managers have filed ETFs to track increasingly speculative altcoins in the hopes of attracting investor attention, from Dogecoin (DOGE) and Solana (SOL) to Aptos (APT), Avalanche (AVAX) and Hedera (HBAR).
New SEC listing standards could see more approvals
Industry analysts are now expecting more spot crypto ETFs to be approved as the SEC created new generic listing standards that enable the approval of crypto investment products without them needing to be reviewed on a case-by-case basis.
The SEC’s new listing standards were released on Sept. 17, less than two weeks before the US government shutdown, leaving little time for the new rules to be put to use.
Since then, the government shutdown has forced the SEC to operate with limited capacity and funding.
Sir Keir Starmer is vowing to fight any challenge to his leadership rather than stand aside, amid claims of plotting by MPs being compared to TV’s The Traitors.
Number 10 is going on the attack ahead of a difficult budget this month, with fears it could prove so unpopular that Labour MPs may move against Sir Keir.
But Sky News political editor Beth Rigby reports the prime minister “has no intention of giving way”, with allies warning any challenge would lead to a “drawn-out leadership election, spook the markets, and create more chaos that further damages the Labour brand”.
One senior figure told Rigby any move against Sir Keir would be more likely to arrive after next May’s elections, rather than the budget.
They said many Labour MPs could probably get behind measures like tax rises for wealthier workers, pensioners and landlords, as well as scrapping the two-child benefit cap, if that’s what the chancellor announces on 26 November.
But there are a series of potentially damaging elections in May, including in London and for the Senedd in Wales, as Labour face a challenge from Reform UK on the right and parties like the Greens and Plaid Cymru on the left.
Rigby said there is a “settled view among some very senior figures in the party that Starmer lacks the charisma and communication skills to take on Nigel Farage and win over the public, particularly if or when he breaks a bunch of manifesto pledges”.
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The Number 10 operation to ward off a challenge comes after Sky News deputy political editor Sam Coates likened the febrile mood in the Labour high command to the TV hit The Traitors.
Speaking on the Politics At Sam And Anne’s podcast, he said: “A minister got in touch at the start of the weekend to say they believe that there’s some quite substantial plotting going on.
“They say there was at least one cabinet minister telling colleagues that Keir Starmer, and I quote, is finished.”
When Boris Johnson was facing mutiny from Conservative MPs, his allies launched “Operation Save Big Dog”.
When Margaret Thatcher was about to be ousted by her rebellious MPs in 1990, she declared: “I fight on, I fight to win.”
And Harold Wilson, constantly paranoid about plots, famously quipped in 1969: “I know what’s going on. I’m going on.”
Boris Johnson was ousted less than six months after “Operation Save Big Dog”, Margaret Thatcher resigned the following morning after saying “I fight on”, and Harold Wilson lost a general election to Edward Heath a year after vowing that he would go on.
Coates said the cabinet minister “absolutely and totally denies they are up to anything nefarious whatsoever”.
“I actually do think that this is all in the style of The Traitors, because I’m not sure that there is hard and fast evidence of plotting – there might be some hints from some quarters,” he added.
“But what seems to be completely logical is that if you’re a bit worried in Number 10, you’re trying to pitch roll and ward off people who are maybe thinking about the need to position themselves by starting to get out rumours of plots and hoping that the political system turns against them for disloyalty.”
Image: Who is plotting to unseat the PM? Pic: PA
Cloak-and-dagger
Reports emerged on Tuesday night in The Times, The Guardian, and from the BBC of a “bunker mode” in Number 10, “regime change”, and “plotting” to replace Sir Keir.
Responding to the reports, Health Secretary Wes Streeting denied he was seeking to oust the prime minister.
A spokesperson for Mr Streeting told Sky News: “These claims are categorically untrue.
“Wes’s focus has entirely been on cutting waiting lists for the first time in 15 years, recruiting 2,500 more GPs and rebuilding the NHS that saved his life.”
Image: It’s not me, insists Wes Streeting. Pic: Reuters
However, there is clearly a co-coordinated campaign by allies of the increasingly unpopular Sir Keir to try to prevent a leadership challenge by a cabinet minister or stalking horse.
Sir Keir’s biographer Tom Baldwin questioned the logic of those briefing from within the corridors of power.
“I’m at a loss to understand why anyone would think this sort of briefing will help Keir Starmer, the government, or even their own cause,” he said on social media. “Some people just can’t resist, I guess, but it’s all a bit nuts.”
What next?
It comes ahead of Prime Minister’s Questions this lunchtime, handing Tory leader Kemi Badenoch the chance to make it an awkward afternoon for Sir Keir.
The health secretary will start his day on Sky News’ Morning With Ridge And Frost and will then speak at an NHS providers’ conference.
Watch and follow live coverage across Sky News – including in the Politics Hub.