New gambling scandal risks punching electoral bruise for Tories

Published

1 year ago

June 20, 2024

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Politics, as with comedy, is so often about timing.

And you’d have thought the Conservative official in charge of social media may have sensed danger before putting out an advert on party channels featuring a roulette wheel and the accompanying caption: “If you bet on Labour, you can never win.”

That’s because within hours of the button being pushed on that post, it was confirmed that a second Tory candidate was being investigated for allegedly placing a bet on the timing of the general election shortly before it was publicly announced.

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Now, we also know that Laura Saunders – who is standing in Bristol North West – is married to the party’s director of campaigning, someone who you’d assume would have access to private information potentially about the election.

This matters legally because it is an offence to use inside information not available to others to gain an unfair advantage when placing a bet.

While not naming any individuals, the Gambling Commission says it is “investigating the possibility of offences concerning the date of the election”.

But the situation also matters politically for two reasons.

Firstly – to risk stating the obvious – we are two weeks away from polling day and the incumbent government is trailing badly in the polls.

At the very least, Rishi Sunak wants to be talking about the risks (as he sees it) of a Labour administration and certainly not dodgy-looking activity in his own ranks.

Minutes and column inches count for more in the final stretch of an election campaign, and this is another story that will suck up bandwidth and crowd out the messages the Tories want to get out there.

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Secondly, this story has the potential to do damage because it zeroes in on pre-existing political vulnerabilities present in the Tory party.

To be more specific, this risks being woven into toxic political behemoth of a topic often known as “Tory sleaze”.

So the thought process may go: “They were partying when the country was locked down, their mates were making money out of PPE in the pandemic, and now they even tried to cash in on the date of the general election.”

Yes, the party will correctly argue that in all these cases it was a small number of people allegedly breaking the rules.

But in the glare of the campaign, it might not matter, as – a bit like the D-Day story did with the accusation of an out of touch prime minister – this story risks punching an electoral bruise.

There’s one caveat to that though.

We in Westminster can sometimes overstate the degree to which stories like this do damage to one party, when the reality is they often serve to hurt all politicians in the minds of voters, regardless of their affiliation.

That may be offset by the inevitable party political emphasis that an election brings.

But given this campaign has been characterised by a sense of apathy and lack of faith in the broader political class, don’t be surprised if this latest scandal dents confidence in all would-be leaders.

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How Vietnam is using crypto to fix its FATF reputation

Published

3 hours ago

July 7, 2025

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How Vietnam is using crypto to fix its FATF reputation

Vietnam is leveraging crypto regulation to meet FATF standards, combat digital asset fraud and rebuild its international financial reputation.

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UAE Golden Visa is ‘being developed independently‘ — TON Foundation

Published

4 hours ago

July 7, 2025

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UAE Golden Visa is ‘being developed independently‘ — TON Foundation

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Building societies step up protest against Reeves’s cash ISA reforms

Published

9 hours ago

July 7, 2025

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Building societies step up protest against Reeves's cash ISA reforms

Building society chiefs will this week intensify their protests against the chancellor’s plans to cut cash ISA limits by warning that it will push up borrowing costs for homeowners and businesses.

Sky News has obtained the draft of a letter being circulated by the Building Societies Association (BSA) among its members which will demand that Rachel Reeves abandons a proposed move to slash savers’ annual cash ISA allowance from the existing £20,000 threshold.

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The draft letter, which is expected to be published this week, warns the chancellor that her decision would deter savers, disrupt Labour’s housebuilding ambitions and potentially present an obstacle to economic growth by triggering higher funding costs.

“Cash ISAs are a cornerstone of personal savings for millions across the UK, helping people from all walks of life to build financial resilience and achieve their savings goals,” the draft letter said.

“Beyond their personal benefits, Cash ISAs play a vital role in the broader economy.

“The funds deposited in these accounts support lending, helping to keep mortgages and loans affordable and accessible.

“Cutting Cash ISA limits would make this funding more scarce which would have the knock-on effect of making loans to households and businesses more expensive and harder to come by.

“This would undermine efforts to stimulate economic growth, including the government’s commitment to delivering 1.5 million new homes.

“Cutting the Cash ISA limit would send a discouraging message to savers, who are sensibly trying to plan for the future and undermine a product that has stood the test of time.”

The chancellor is reportedly preparing to announce a review of cash ISA limits as part of her Mansion House speech next week.

While individual building society bosses have come out publicly to express their opposition to the move, the BSA letter is likely to be viewed with concern by Treasury officials.

The Nationwide is by far Britain’s biggest building society, with the likes of the Coventry, Yorkshire and Skipton also ranking among the sector’s largest players.

In the draft letter, which is likely to be signed by dozens of building society bosses, the BSA said the chancellor’s proposals “would make the whole ISA regime more complex and make it harder for people to transfer money between cash and investments”.

“Restricting Cash ISAs won’t encourage people to invest, as it won’t suddenly change their appetite to take on risk,” it said.

“We know that barriers to investing are primarily behavioural, therefore building confidence and awareness are far more important.”

The BSA called on Ms Reeves to back “a long-term consumer awareness and information campaign to educate people about the benefits of investing, alongside maintaining strong support for saving”.

“We therefore urge you to affirm your support for Cash ISAs by maintaining the current £20,000 limit.

“Preserving this threshold will enable households to continue building financial security while supporting broader economic stability and growth.”

The BSA declined to comment on Monday on the leaked letter, although one source said the final version was subject to revision.

The Treasury has so far refused to comment on its plans.