Frank Field, the former Labour MP and minister, has died at the age of 81.
A statement from his family said: “He will be mourned by admirers across politics but above all he will be greatly missed by those lucky enough to have enjoyed his laughter and friendship.”
Lord Field of Birkenhead was asked to “think the unthinkable” to reform welfare by Sir Tony Blair in 1997, but he only lasted a year in the role before clashes with other ministers – including Gordon Brown – saw him return to the backbenches.
Having left the Commons in 2019, Lord Field was later diagnosed with terminal cancer and briefly admitted to hospice care in 2021.
His health had continued to decline, and he swore his oath to the King last year in the House of Lords from a wheelchair.
Tributes poured in from across the political spectrum following his death.
Shadow health secretary Wes Streeting said the late MP was a “great parliamentarian, crusader for social justice and source of wise counsel”. while former home secretary Priti Patel praised his “unwavering moral compass, commitment to working cross-party and unshakable principles”.
Sir Lindsay Hoyle, the Commons speaker, said Lord Field was “neither cowed by the establishment or whips – which made his campaigns against hunger and food poverty, for climate change and the Church, even more effective”.
“Suffice to say, he was one of a kind and he will be sorely missed.”
Early life and becoming an MP
Image: Frank field in 1976, when he was a director of the Child Poverty Action Group
Lord Field was born on 16 July 1942.
He was first elected as the Labour MP for Birkenhead in Merseyside in 1979.
He grew up in London in a working class family, and was a supporter of the Conservative Party in his teenage years, but was thrown out after he opposed apartheid in South Africa.
Lord Field went on to join the Labour Party as a teenager.
After attending grammar school and Hull University, he returned to London and was a councillor in west London in the 1960s.
After losing his seat in 1968, he was director of the charity Child Poverty Action Group until 1979, when he entered parliament.
The Labour Party was in the political wilderness for his first years in parliament, and Margaret Thatcher maintained a firm grip on power. But oddly enough Lord Field still became a regular visitor to Downing Street.
Long before Sir Tony’s new dawn broke with his 1997 election win, the Labour MP was entering Number 10 as he and Mrs Thatcher struck up an unusual friendship.
Lord Field visited her in 1990 to tell her that she was finished and needed to stand down – and they stayed friends afterwards.
‘Think the unthinkable’
Image: Lord Field (back row, fourth from left) with a cabinet committee in 1997
By the time New Labour swept to power, Lord Field was known for his campaigning on welfare and helping the poorest in society.
His Christian faith led him down the path of believing that humans need to be saved from base instincts – and the government should help them do this.
This included believing that too generous a benefits system would no doubt trap people who saw it as a simpler and more lucrative alternative to the labour market.
Ultimately, the rows with the then chancellor Mr Brown – and social security secretary Harriet Harman – saw Lord Field leave the government in 1998.
Return to the backbenches
Despite losing his role in government, Lord Field continued to intervene and voice his opinions on how he believed the welfare system should work.
By the tail end of Labour’s time in office he was dissatisfied with the leadership of Mr Brown, who had succeeded Sir Tony as PM in 2007.
Come 2015, he nominated Jeremy Corbyn to be the party’s leader as he believed there needed to be a plurality of voices heard. But he was not a natural ally of the Corbyn regime when it did take over.
Lord Field was a supporter of Brexit, as he believed freedom of movement was having a negative impact on the UK’s Labour market, among other reasons.
He voted against Labour on pieces of Brexit legislation, and lost a vote of confidence in his Birkenhead constituency party in 2018.
He continued to support Brexit in the House of Commons, and in the 2019 election stood as an independent but lost to the Labour candidate.
Illness and death
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Baroness reads assisted dying statement for colleague
In 2021, Lord Field announced he was terminally ill and revealed he backed assisted dying.
He spent time in a hospice, and a speech in support of assisted dying was read out in the House of Lords on his behalf, having joined the upper chamber in 2020 as a crossbench peer.
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A growing demand for US dollar-tied crypto stablecoins could help push down the interest rate, says US Federal Reserve Governor Stephen Miran.
The Donald Trump-appointed Miran told the BCVC summit in New York on Friday that the dollar-pegged crypto tokens could be “putting downward pressure” on the neutral rate, or r-star, that doesn’t stimulate or impede the economy.
If the neutral rate drops, then the central bank would also react by dropping its interest rate, he said.
The total current market cap of all stablecoins sits at $310.7 million according to CoinGecko data, and Miran suggested that Fed research found the market could grow to up to $3 trillion in value in the next five years.
Stephen Miran speaking at a conference in New York on Friday. Source: BCVC
“My thesis is that stablecoins are already increasing demand for US Treasury bills and other dollar-denominated liquid assets by purchasers outside the United States and that this demand will continue growing,” Miran said.
“Stablecoins may become a multitrillion-dollar elephant in the room for central bankers.”
Organizations, including the International Monetary Fund, have warned that stablecoins pose a threat to traditional financial assets and services, as they could potentially compete for customers. US banking groups have also urged Congress to tighten oversight of stablecoins with yield, arguing they could attract would-be bank users.
During his speech, Miran praised the GENIUS Act for setting out clear guidelines and consumer protections, as he indicated that the regulatory framework will play a key role in spurring broader adoption of stablecoins.
“While I tend to view new regulations skeptically, I’m greatly encouraged by the GENIUS Act. This regulatory apparatus for stablecoins establishes a level of legitimacy and accountability congruent with holding traditional dollar assets,” he said, adding:
“For the purposes of monetary policy, the most important aspect of the GENIUS Act is that it requires U.S.-domiciled issuers to maintain reserves backed on at least a one-to-one basis in safe and liquid US dollar–denominated assets.”
The crypto market could soon see some much-needed relief after the US Senate reached an agreement on a three-part budget deal to end the government shutdown, Politico reports.
Pending legislation to fund the US government has more than enough support to pass the 60-vote threshold, Politico reported on Sunday, citing two people familiar with the matter.
It was Republican Senate Majority Leader John Thune’s 15th attempt to win Democratic support for a House-approved bill, putting the record 40-day government shutdown within reach of being lifted.
An official vote is still needed to finalize the agreement.
Ongoing uncertainty over when the US government would reopen has been a key factor holding back Bitcoin (BTC) and the broader crypto market from mounting a rebound.
Bitcoin initially rallied to a new high of $126,080 six days into the government shutdown on Oct. 6, but has since fallen over 17% to $104,370, CoinGecko data shows.
Bitcoin’s fall over the past month saw it drop by double-digit percentage points on Oct. 10 after US President Donald Trump’s announcement of 100% tariffs on China sent shockwaves throughout the markets.
Bitcoin’s change in price since Oct. 1. Source: CoinGecko
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