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Losing both the Kingswood and Wellingborough by-elections means the Conservatives have established a new record – the largest number of defeats it has suffered in a single parliament.

A net loss of nine seats is one more than the eight defeats in the mid-1990s as John Major led the party to one of its heaviest general election defeats.

The odds of Rishi Sunak repeating that have increased.

The defeat in Wellingborough is one of the worst in the Conservative Party‘s long history. Peter Bone’s majority of more than 18,000 votes swept aside, with Labour winning with a 6,000 majority of its own. The Conservative vote fell by 38 percentage points, more than enough to erase its 36% majority.

By-election results live: Labour secures double victory

Wellingborough rewrites the record books. The decline in vote share from the preceding general election – 37.6 points – is the largest since 1945 and shatters the previous record 32-point fall in Christchurch in 1993.

Wellingborough becomes the eighth-largest Conservative majority overturned since 1945.

Six of the top 10 by-elections in that list are contests held during the current parliament.

There was a 28.5-point swing away from the Conservatives, not quite beating the record 29.1-point swing to Labour in Dudley West established in 1994, but easily the largest this parliament.

Labour was understandably quick to celebrate these numbers, using the Con to Lab swing to suggest that if this had been a general election the Conservative party would be all but wiped out.

An exaggeration, but Labour’s almost 20-point increase in vote share ranks among the best, marginally smaller than the improvement shown in the Rutherglen & Hamilton West, Tamworth and Selby & Ainsty by-elections earlier in this parliament.

The party has six by-election net gains this parliament, the most Labour has ever made.

A significant fraction of the collapse in Conservative vote share is explained by the 13% of voters who supported Reform.

How many of these were Conservative defectors is difficult to say, but there is no doubting the importance of this performance in the context of an imminent general election.

National polls suggest Reform has the support of one in 10 voters, about the same number intending to vote for the Liberal Democrats. Given that, polling 13% in a constituency where a clear majority voted to leave the EU in 2016, is about a par result but not an indication that the party can win seats.

However, Reform is a real threat, the catalyst for far greater Conservative seat losses than would otherwise be the case.

In Kingswood there was a small 21-point drop in the Conservative vote, but there too that was not mirrored by Labour’s increase of 12 points.

The difference is again explained by the 10% of voters who supported Reform. Here, as with Mid Bedfordshire and Tamworth beforehand, the combined votes of the Conservative and Reform exceeded those cast for the Labour winner.

The far smaller 16.4-point swing to Labour is in line with the swing suggested by current national polls, rather than repeating the scale of the Wellingborough victory.

This won’t worry Labour, of course, with a general election now less than a year away, a swing of this scale would give Sir Keir Starmer a Commons majority of 110 seats.

In both seats there was a sharp fall in turnout, falling by 26 points in Wellingborough but one of 34 points in Kingswood.

It would be wrong to say this came as a result of holding by-elections in winter weather because it reflects the indifference generally shown by electors throughout this parliament.

With the Rochdale by-election just two weeks away (the first by-election to be held on 29 February since 1944) it is prudent not to extrapolate too much from these two results. Labour has disowned its candidate there, although his name remains on the ballot paper.

If, as seems likely, Labour loses the seat, the Conservatives will exploit that to the full. Whether they succeed in halting Labour’s progress towards the next general election remains to be seen.

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Jingye and Whitehall officials hold talks over British Steel future

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Jingye and Whitehall officials hold talks over British Steel future

The Chinese owner of British Steel has held fresh talks with government officials in a bid to break the impasse over ministers’ determination not to compensate it for seizing control of the company.

Sky News has learnt that executives from Jingye Group met senior civil servants from the Department for Business and Trade (DBT) late last week to discuss ways to resolve the standoff.

Whitehall sources said the talks had been cordial, but that no meaningful progress had been made towards a resolution.

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Jingye wants the government to agree to pay it hundreds of millions of pounds for taking control of British Steel in April – a move triggered by the Chinese group’s preparations for the permanent closure of its blast furnaces in Scunthorpe.

Such a move would have cost thousands of jobs and ended Britain’s centuries-old ability to produce virgin steel.

Jingye had been in talks for months to seek £1bn in state aid to facilitate the Scunthorpe plant’s transition to greener steelmaking, but was offered just half that sum by ministers.

More on British Steel

British Steel has not yet been formally nationalised, although that remains a probable outcome.

Jonathan Reynolds, the business secretary, has previously dismissed the idea of compensating Jingye, saying British Steel’s equity was essentially worthless.

Last month, he met his Chinese counterpart, where the issue of British Steel was discussed between the two governments in person for the first time.

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Inside the UK’s last blast furnaces

Jingye has hired the leading City law firm Linklaters to explore the recovery of hundreds of millions of pounds it invested in the Scunthorpe-based company before the government seized control of it.

News of last week’s meeting comes as British steelmakers face an anxious wait to learn whether their exports to the US face swingeing tariffs as part of US President Donald Trump’s trade war.

Sky News’s economics and data editor, Ed Conway, revealed this week that the UK would miss a White House-imposed deadline to agree a trade deal on steel and aluminium this week.

Read more from Sky News:
Is Britain going bankrupt?
Public finances in ‘relatively vulnerable position’, OBR warns

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Jingye declined to comment, while a spokesman for the Department for Business and Trade said: “We acted quickly to ensure the continued operations of the blast furnaces but recognise that securing British Steel’s long-term future requires private sector investment.

“We have not nationalised British Steel and are working closely with Jingye on options for the future, and we will continue work on determining the best long-term sustainable future for the site.”

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Ethereum corporate treasuries critical for the ecosystem: Joseph Lubin

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Ethereum corporate treasuries critical for the ecosystem: Joseph Lubin

Ethereum corporate treasuries critical for the ecosystem: Joseph Lubin

Ethereum co-founder Joseph Lubin said that corporate ETH treasuries are vital for driving ecosystem growth.

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South Korea plans to lift crypto venture business restrictions

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South Korea plans to lift crypto venture business restrictions

South Korea plans to lift crypto venture business restrictions

South Korea may lift restrictions on crypto firms, allowing them venture status and access to tax breaks, funding and regulatory benefits.

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