Islington North: Who could replace Jeremy Corbyn as Labour’s candidate in the general election?

Published

1 year ago

May 17, 2024

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Names have begun to emerge in what will likely be a tense and toxic contest to replace Jeremy Corbyn as the Labour Party’s candidate for Islington North at the next general election.

The party formally launched the process to select its candidate for the north London seat after months of uncertainty.

Paul Mason, the former Channel 4 journalist, has confirmed he will seek the Labour nomination for the safe seat, as has transport author Christian Wolmar.

Labour insiders also suggested Islington councillor Praful Nargund could throw his hat in the ring, along with fellow local councillor Sheila Chapman and London Assembly member Sem Moema.

Uma Kumaran, a former adviser to Sir Keir Starmer, is also rumoured to be considering running to be the Labour candidate.

Sources close to Sam Tarry, the current Labour MP for Ilford South who was deselected by local party members in October 2022, dismissed rumours he was considering running in the selection, pointing out that he once served as Mr Corbyn’s campaign manager.

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Another Labour insider said running in a contest potentially against Mr Corbyn was “a hard sell for most activists”.

“You will have a target painted on your back for the rest of your career,” they added.

Mr Corbyn was first elected to represent Islington North in 1983 and has won it at each of the last 10 elections.

Sir Keir effectively barred his predecessor from ever standing as a Labour candidate when he proposed a motion by the party’s ruling body, the National Executive Committee (NEC), which said Mr Corbyn “will not be endorsed by the NEC as a candidate on behalf of the Labour Party at the next general election”.

It cited the dismal defeat Mr Corbyn led Labour to as leader in the 2019 general election in arguing his candidacy should be blocked and said the party’s chances of securing a majority in the Commons would be “significantly diminished” if he was endorsed.

Mr Corbyn has been without the party whip – meaning he cannot sit as a Labour MP in the Commons – since 2020 following his response to a report into antisemitism within the party by the Equalities and Human Rights Commission, which Sir Keir and his allies felt downplayed the significance of the problem while he was leader.

Since the passing of the NEC motion, speculation has been rife as to what Mr Corbyn’s future could hold, including rumours he had considered running for London mayor, which he ultimately decided against – and that he could run against his former party as an independent candidate in Islington North, the seat he has represented for more than 40 years.

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Sky News understands that although Mr Corbyn could still technically apply to be the Labour candidate for the seat he currently holds, because of the NEC motion, his application would be immediately dismissed and would not be considered by the party’s selection committee.

That reality could prompt Mr Corbyn into formally declaring he will stand as an independent in Islington North – a move that is likely to result in him being suspended from the party he has been a member of for 50 years.

Applications to be selected to run for Labour in the seat opened on Wednesday, with candidates expected to be shortlisted next week.

The hustings will take place online, with Labour dismissing suggestions this is unusual. The result is expected to be announced on 1 June, according to reports.

Momentum, a grass-roots group set up in the wake of Mr Corbyn’s leadership election victory back in 2015, hit out at the decision to bar Mr Corbyn from standing – pointing to his support among local Labour members.

John McDonnell, who served as shadow chancellor while Mr Corbyn was leader, said on X, formerly known as Twitter: “The wishes of the Labour Party members of Islington North should be respected and they should be allowed to select the candidate of their voice and that includes Jeremy Corbyn, who has given his life to representing his community.”

Sky News has approached Mr Corbyn and the people named in this article for comment.

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Australian court ruling could lead to $640M in Bitcoin tax refunds

Published

4 hours ago

May 19, 2025

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Australian court ruling could lead to 0M in Bitcoin tax refunds

A court decision in Australia could open the door to as much as $640 million in capital gains tax (CGT) refunds on Bitcoin transactions after a judge ruled that crypto should be treated as money rather than a taxable asset.

On May 19, the Australian Financial Review (AFR) reported that the decision arose within a criminal case involving federal police officer William Wheatley, who allegedly stole 81.6 Bitcoin (BTC) in 2019. At the time, the assets were worth roughly $492,000. At current market prices, the tokens are valued at more than $13 million.

In the case, Judge Michael O’Connell of Victoria ruled that Bitcoin qualifies as a form of money rather than property, likening the digital asset to Australian dollars rather than to shares, gold or foreign currency.

The interpretation could set a legal precedent, potentially placing Bitcoin transactions outside the scope of Australia’s current CGT regime.

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In an AFR interview, tax lawyer Adrian Cartland said the verdict “totally upends” the Australian Taxation Office’s (ATO) current position.

Since 2014, the ATO has classified crypto assets as CGT assets. This means that users must pay tax when selling or trading them. Under the ATO’s guidance, any disposal of Bitcoin, including selling it for fiat, exchanging it for another crypto or using it to purchase goods or services, constitutes a CGT event.

This framework has been the basis for taxing cryptocurrency transactions in Australia for over a decade. However, the recent ruling challenges the approach by suggesting that Bitcoin functions more like money than property. This potentially exempts it from CGT.

Tax refunds could reach $640 million

Cartland said it was held that Bitcoin is Australian money. “That is, it is not a CGT asset. Therefore, acquisitions and disposals of Bitcoin have no tax consequences,” the tax lawyer added.

If the ruling is upheld on the appeal, Cartland estimates that there could be potential tax refunds totalling 1 billion Australian dollars ($640 million).

However, while Cartland thinks there could be up to a billion in refunds, the ATO said there were no official figures that confirm the amount to be potentially refunded if the case changes how Bitcoin is taxed in Australia.

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Revolut eyes French license and $1.1B expansion amid EU growth

Published

5 hours ago

May 19, 2025

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Revolut eyes French license and .1B expansion amid EU growth

Revolut, a European neobank with crypto support, plans to invest more than 1 billion euro ($1.1 billion) in France and apply for a local banking license.

According to a May 19 Fortune report, Revolut representatives announced the initiative during the Choose France business summit hosted by President Emmanuel Macron in Paris. The London-based neobank also plans to set up its new European Union-serving headquarters in Paris, promising to invest 1 billion euro and hire at least 200 people within three years.

Revolut spokespeople also said that the firm is in the process of submitting an application to the French banking regulator Prudential Supervision and Resolution Authority. According to an anonymous source cited by Fortune, the regulator has been pushing the neobank to get a license to improve supervision due to its popularity in France.

Revolut currently employs about 300 people and serves five million customers in France. This makes the nation the neobank’s top European Union market.

Aiming for the stars

Revolut hopes to onboard 10 million users by the end of next year and then double that number by 2030. The firm already offers loans, trading and cryptocurrency support in its mobile-first banking platform.

The neobank has seen rapid growth ever since its founding in 2015. The company recently received a $45 billion valuation and reportedly served over 55 million customers as of late May.

Revolut’s 2024 annual report release shows that the firm’s 2024 revenue was 3.1 billion British pounds ($4 billion). A recent Financial News article also puts the company’s headcount at 10,133 employees as of Dec. 31, 2024.

An increasingly regulated institution

Revolut obtained its UK banking license in late July 2024, where 11 million of its customers are located. Now, the neobank is aggressively looking to obtain similar permits across other jurisdictions, with 10 applications underway.

Revolut received the Prepaid Payment Instruments license from India’s central bank earlier this month. This license allows the bank to offer multi-currency forex cards and cross-border remittance services in India.

EU-based Revolut customers now leverage its Lithuania operations. The firm received a banking license in Lithuania at the end of 2018, enabling it to serve customers across the European Economic Area better.

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Dubai regulator sets compliance deadline for updated crypto rules

Published

6 hours ago

May 19, 2025

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Dubai regulator sets compliance deadline for updated crypto rules

Dubai’s crypto regulator has given licensed digital asset companies until June 19 to comply with its updated activity-based Rulebooks to enhance market integrity and risk oversight.

On May 19, Dubai’s Virtual Assets Regulatory Authority (VARA) announced that it had released Version 2.0 of the Rulebooks.

The regulator said it had strengthened controls around margin trading and token distribution services, harmonised compliance requirements across all licensed activities and given clearer definitions for collateral wallet arrangements.

VARA’s team will engage with licensed entities and expects the companies to comply with the updated rules after a 30-day transition period.

“In line with global regulatory best practices, a 30-day transition period has been granted to all impacted virtual asset service providers [VASPs], with full compliance required by 19 June 2025,” VARA wrote.

VARA enhances supervisory mechanisms

VARA highlighted that it had enhanced supervisory mechanisms across several regulated activities. This includes advisory, broker-dealer, custody, exchange, lending and borrowing, virtual asset (VA) management and investment, and VA transfer and settlement services.

A VARA spokesperson told Cointelegraph that the updates will bring consistency across all activity-based rules defining core operational terms. The spokesperson gave examples of terms like “client assets,” “qualified custodians,” and “collateral requirements” as some of the terms more consistently defined in the update.

The update also aligned risk management and disclosure obligations, where activities overlap, in areas like brokerage, custody and exchange.

“The aim was to reduce ambiguity and help VASPs navigate cross-functional compliance more easily,” VARA told Cointelegraph.

Dubai regulator tightens leverage thresholds for margin trading

As for margin trading, the VARA spokesperson said they tightened leverage thresholds, mandated clearer collateralisation standards, and enhanced the monitoring obligations for VASPs offering this feature.

Margin trading allows traders to control large positions with smaller amounts of capital. It amplifies both gains and losses. Tightening the leverage traders use helps limit the risks of widespread liquidations in a market downturn.

The crypto regulator introduced a new section on token distribution that sets out licensing prerequisites, investor protections and marketing restrictions. The spokesperson emphasized the marketing restrictions, especially for “retail-facing offers.”

“It’s about aligning with global conduct expectations and closing observed regulatory gaps,” the VARA spokesperson said.