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Sir Ed Davey has said legal migration is “too high” but refuses to accept his own policies would exacerbate the issue.

In an interview with Sky’s Sophy Ridge, the Liberal Democrat leader said rising immigration is “a massive broken promise” by the Conservatives and “one of the reasons why we’re seeing such disillusionment in politics”.

Watch the full interview with Sir Ed Davey on Politics Hub With Sophy Ridge tonight at 7pm

Election latest: Keep up with all the latest twists and turns in the run-up to polling day

However he rejected the claim that some of his own policies, such as closer ties with Europe and a new EU Youth mobility scheme, would increase immigration further.

Asked if he thinks legal migration is too high, Sir Ed said: “Yes, I do. And you’re right to say that since we left the EU, immigration has more than doubled, completely against what the Conservatives and the Brexiteers promised.”

Pressed on what he would do to fix the issue, he said his policy to raise the minimum wage of care workers would attract “people who are currently working in an Amazon warehouse or a supermarket” to the sector, reducing the reliance on foreign staff.

More on General Election 2024

“They (the Conservatives) refuse to pay people properly and so they’ve issued hundreds of thousands of health care visas, so they’ve increased legal immigration,” he said.

“I’ve shown you a way where we wouldn’t need to do that.”

Other Lib Dem policies include reversing the ban on care workers bringing their families to the UK and reversing the increase in income thresholds for family visas – measures announced by the Tories to cut net migration after it reached a record high last year.

The pro-Europe leader also wants to eventually re-join the Single Market and introduce a new youth mobility deal with the EU.

However he denied he was “promising everything” without being prepared to take difficult decisions.

In defence of the youth mobility scheme, he said young people “should be able to go across Europe to play, study and work”.

“Of course, that means some young EU citizens could come here, but that would be good for our universities. It would be good for our employment.”

Asked why he won’t just say he is relaxed about high immigration if he believes in people coming here, Sir Ed said: “I think it’s just been very high levels under the Conservatives… it’s more than doubled since we left the EU and that’s a massive broken promise. It’s one of the reasons why we’re seeing such disillusionment in politics.

“I think people who previously voted Conservative feel really let down…and they want to look for other parties who can beat the Conservatives and only the Liberal Democrats can in many parts of the country.”

Elsewhere in the interview, Sir Ed rejected an IFS analysis that said his manifesto would mean up to £20bn of cuts every year in unprotected departments.

He said the think tank is “right to say that the Conservatives have trashed our economy” but he hasn’t seen their analysis of his own party’s pledges.

“We are the only party putting forward a significant tax and spend programme,” he insisted.

Read More:
Manifesto checker: what are the man parties promising
Who are the Liberal Democrats and what are their policies

Sir Ed also opened up on why he has decided to speak so candidly about his experience caring for his late mother, who died when he was 15, and now his teenage son John, who is disabled.

This has been a central message of his election campaign, which has otherwise been defined by wacky election stunts to get through to voters.

Sir Ed said that he and his wife Emily felt he had a “duty” to talk about it once he become leader “because it’s not about us”.

“It’s about millions of families out there who are caring for their loved ones. Our life experience will chime with lots of other people and because I think care is a critical issue that should be in this election,” he said.

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FDIC acting chair says framework for stablecoin laws coming this month

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FDIC acting chair says framework for stablecoin laws coming this month

The US Federal Deposit Insurance Corporation will propose a framework for implementing US stablecoin laws later this month, according to its acting chair, Travis Hill.

“The FDIC has begun work to promulgate rules to implement the GENIUS Act; we expect to issue a proposed rule to establish our application framework later this month,” Hill said in prepared testimony to be delivered on Tuesday to the House Financial Services Committee.

He added the agency will also have a “proposed rule to implement the GENIUS Act’s prudential requirements for FDIC-supervised payment stablecoin issuers early next year.”

President Donald Trump signed the GENIUS Act in July, which created oversight and licensing regimes for multiple regulators, with the FDIC to police the stablecoin-issuing subsidiaries of the institutions it oversees.

The FDIC insures deposits in thousands of banks in the event that they fail, and under the GENIUS Act, it will also be tasked with making “capital requirements, liquidity standards, and reserve asset diversification standards” for stablecoin issuers, said Hill.

Travis Hill appearing before the Senate Banking Committee for his nomination hearing to be FDIC chair. Source: Senate Banking Committee

Federal agencies, such as the FDIC, publish their proposed rules for public feedback, and they then review and respond to the input, if necessary, before publishing a final version of the rules, a process that can take several months.

Related: Republicans urge action on market structure bill over debanking claims

The Treasury, which will also regulate some stablecoin issuers, including non-banks, began its implementation of the GENIUS Act in August and finished a second period of public comment on its implementation proposal last month.

FDIC is working on tokenized deposit guidelines

Hill said in his remarks that the FDIC has also considered recommendations published in July by the President’s Working Group on Digital Asset Markets.

“The report recommends clarifying or expanding permissible activities in which banks may engage, including the tokenization of assets and liabilities,” Hill said.

“We are also currently developing guidance to provide additional clarity with respect to the regulatory status of tokenized deposits,” he added.

Fed helping regulators with stablecoin rules

The Federal Reserve’s vice supervision chair, Michelle Bowman, will also testify on Tuesday that the central bank is “currently working with the other banking regulators to develop capital, liquidity, and diversification regulations for stablecoin issuers as required by the GENIUS Act.”