Newly elected MPs are struggling to set up offices in their constituencies due to fears for their safety and spiralling rents, Sky News has learnt.
Several MPs who spoke to Sky News said they believed landlords were becoming increasingly reluctant to have them as tenants due to the perceived risks that came with the job – which one likened to the debanking row that engulfed Nigel Farage last year.
The combination of rising rents and increased security requirements has meant that some MPs have felt unable to have constituency offices on high streets and in buildings with shop windows, where they are visible and easily accessible to the public.
In some cases, they said they had received security advice recommending that they do not have very visible offices due to the need for enhanced protection.
One MP said they were currently subletting a shopfront for their constituency office while they looked for somewhere more suitable long-term because the safety was not up to standard.
“Because budgets for renting are so tight and landlords are so scared of controversy, MPs are now struggling to be in their communities,” they told Sky News.
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“There is a real conflict in that you want to appeal to your constituents, but the people who work for you and do casework are very mindful of some of the challenges of being in an open shop window and the threats that exist.
“Ultimately you can go and rent somewhere but it may not be appropriate for the work we are trying to do. The one compromise you can’t make is the safety and security of your people.”
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MPs’ safety has been a longstanding cause for concern, with fears heightening since the murders of Jo Cox and Sir David Amess in 2016 and 2021, respectively.
Last year, the issue was thrust into the spotlight after Sir Lindsay Hoyle, the Commons speaker, admitted that fears over the safety of MPs had been a factor in his decision-making in a contentious vote over the war in Gaza.
Jo Stevens, now the Welsh Secretary, had her constituency office in Cardiff vandalised following the vote, with the words “murderer” sprayed on the walls.
Image: The office of Mike Freer MP following an arson attack.
Pic: Mike Freer
And Mike Freer, the former Conservative MP for Finchley and Golders Green, stood down at the last election following an arson attack on his office in December 2023.
In October, the House of Commons agreed to set up the Speaker’s conference with a new committee chaired by Sir Lindsay to discuss the issue of MPs’ safety and the effectiveness of the response to the threats they face.
‘We are less visible when trust is already low’
A Labour MP said there was now a “nervousness” among landlords that MPs may prove to be risky clients and that there was concern potential damage to their buildings may not be covered by insurance.
They said the issues combined meant the nature of the job was now changing.
“People now want to be in big, closed-off office blocks rather than high street locations that people can pop into.
“It’s almost similar to the de-banking scandal,” they added, referring to how some banks have refused to open bank accounts for some holders that could be deemed to pose a risk to the bank’s reputation.
“Because of these security concerns, we’ve got a new generation of MPs who are far less visible at a time when there’s already not a lot of trust in politics and politicians, and we don’t know yet what the consequences will be,” the MP added.
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Mike Freer blames social media for threats
For the MPs who do want to rent an office on a high street – particularly in and around London – the rise in rents has made it “near impossible” to find one that offers value for money.
Budgets for renting out constituency offices are set by the Independent Parliamentary Standards Authority (IPSA), which also decides MPs’ pay.
For the financial year 2024-25, IPSA’s budget for entire office costs – extending beyond rent – was £36,500 for London, and £33,020 for non-London MPs.
One Labour MP in a new constituency in the capital said IPSA’s office finding service had struggled to find anything affordable in their area, forcing them to share a neighbouring MP’s office in the short term.
Paul Kohler, the Liberal Democrat MP for Wimbledon, told Sky News he was currently using a party campaign office while he looked for a more suitable one for constituency work.
“Clearly we want somewhere that is accessible to the public but the high street is not a cheap place to rent,” he said, adding: “The offices that are affordable aren’t suitable.”
On top of the office costs budget, IPSA has a separate budget for security costs.
For the financial year 2022-23, the most recent year for which data is available, the total amount spent on security assistance for MPs was £3.3m.
Sky News understands that IPSA has been made aware of a couple of incidents where landlords have withdrawn offers of rent after learning the prospective tenant is an MP.
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‘The abuse of MPs is normalised’
An IPSA spokesperson told Sky News: “We support MPs with finding suitable constituency offices, including offering advice on how to secure properties which fit within their budgets.
“Some of the things we encourage MPs to consider include looking at more affordable spaces away from the high street, opting to hire venues for engagement with constituents, considering serviced offices, renting or subletting from the local party.
“We review budgets every year and take into account economic indicators and market information, as well as available information on commercial rents. We then make recommendations for any adjustments to the budgets, which are considered by our board.”
A House of Commons spokesperson said: “The ability for MPs to perform their parliamentary duties safely, both on and off the estate, is fundamental to our democracy.
“The parliamentary security department, working closely with the police, offer all MPs a range of security measures for those with offices or surgeries in their constituencies – helping to ensure a safe working environment.
“We do not comment on individual MPs’ security arrangements or advice because we would not wish to compromise the safety of MPs, parliamentary staff or members of the public, but these are kept under continuous review.”
US bank SoFi Technologies has launched crypto trading services to its customers, as clearer rules have allowed the crypto market to court greater interest from traditional finance.
SoFi said on Tuesday that its crypto service will aim to offer dozens of cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), and started in a phased rollout on Monday, with more customers able to gain access in the coming weeks.
SoFi CEO Anthony Noto told CNBC’s Squawk Box on Tuesday that his bank is the first and only nationally chartered bank to launch crypto trading to consumers and was spurred to do so after the Office of the Comptroller of the Currency (OCC) eased its stance on how banks can engage with crypto in March.
“One of the holes we’ve had for the last two years was in cryptocurrency, the ability to buy, sell, and hold crypto. We were not allowed to do that as a bank. It was not permissible,” he said.
SoFi also plans to introduce SoFi USD, a stablecoin backed dollar-for-dollar by reserves, and integrate crypto into its lending and infrastructure services for borrowing and faster payments.
“We believe blockchain and cryptocurrencies are a super cycle technology just like AI, and it will be pervasive across all the financial system,” Noto said.
He added that stablecoins would fundamentally change payments, provided they have liquidity and don’t carry credit risk or duration risk.
SoFi CEO Anthony Noto speaking to CNBC on Tuesday. Source: YouTube
“I actually worry quite significantly about stablecoins from operators that are not banks. Where are the reserves sitting? Is there duration risk for those reserves? Is there credit risk for those reserves? Are those reserves bankruptcy remote?” he said.
“That’s three elements that you have to think about with whatever stablecoin you use. Just because it’s back dollar for dollar doesn’t mean those dollars will be there when you try to liquidate.”
Members back crypto shift
SoFi has over $41 billion in assets, according to financial metric platform Business Quant. The bank’s third-quarter results list its net revenue as $962 million and show a member base of 12.6 million people.
Noto said 60% of the bank’s members surveyed were interested in crypto investments and also revealed he has allocated 3% of his personal portfolio to crypto, mainly Bitcoin.
“We have exposure to it because I believe we’re investing in a technology not in a currency. The analogy I use with people is imagine if in 1990 you could have bought a piece of the World Wide Web through some coin called the World Wide Web coin.”
“It’s very similar to that. These are networks, communication networks used for payments and other applications,” Noto added.
Bitwise’s spot Chainlink exchange-traded fund (ETF) has appeared on the Depository Trust and Clearing Corporation’s registry, a usually positive sign that the fund is moving closer to launch.
The Bitwise Chainlink ETF was added to the DTCC’s “active” and “pre-launch” categories on Tuesday under the ticker CLNK. The listings don’t guarantee that the US Securities and Exchange Commission will approve the ETF, but they have historically been a good indicator that a product is set to be greenlit.
DTCC is a post-trade market infrastructure platform that clears, settles, and records transactions, serving as a central hub for markets to ensure trades in assets like stocks and ETFs are processed efficiently and securely.
Bitwise is yet to file a Form 8-A for its Chainlink product, one of the final documents that must be lodged before securities are offered on an exchange, and often means that a product’s launch is imminent.
Grayscale is another crypto asset manager that has a spot Chainlink ETF in the works. However, it may face more regulatory challenges than Bitwise’s as it seeks to incorporate staking.
Government shutdown slows ETF process
Dozens of spot crypto ETFs are currently awaiting SEC approval amid the US government shutdown, which is in its 42nd day but is expected to end sometime this week after the Senate passed a funding bill.
Crypto asset managers have filed ETFs to track increasingly speculative altcoins in the hopes of attracting investor attention, from Dogecoin (DOGE) and Solana (SOL) to Aptos (APT), Avalanche (AVAX) and Hedera (HBAR).
New SEC listing standards could see more approvals
Industry analysts are now expecting more spot crypto ETFs to be approved as the SEC created new generic listing standards that enable the approval of crypto investment products without them needing to be reviewed on a case-by-case basis.
The SEC’s new listing standards were released on Sept. 17, less than two weeks before the US government shutdown, leaving little time for the new rules to be put to use.
Since then, the government shutdown has forced the SEC to operate with limited capacity and funding.
Sir Keir Starmer is vowing to fight any challenge to his leadership rather than stand aside, amid claims of plotting by MPs being compared to TV’s The Traitors.
Number 10 is going on the attack ahead of a difficult budget this month, with fears it could prove so unpopular that Labour MPs may move against Sir Keir.
But Sky News political editor Beth Rigby reports the prime minister “has no intention of giving way”, with allies warning any challenge would lead to a “drawn-out leadership election, spook the markets, and create more chaos that further damages the Labour brand”.
One senior figure told Rigby any move against Sir Keir would be more likely to arrive after next May’s elections, rather than the budget.
They said many Labour MPs could probably get behind measures like tax rises for wealthier workers, pensioners and landlords, as well as scrapping the two-child benefit cap, if that’s what the chancellor announces on 26 November.
But there are a series of potentially damaging elections in May, including in London and for the Senedd in Wales, as Labour face a challenge from Reform UK on the right and parties like the Greens and Plaid Cymru on the left.
Rigby said there is a “settled view among some very senior figures in the party that Starmer lacks the charisma and communication skills to take on Nigel Farage and win over the public, particularly if or when he breaks a bunch of manifesto pledges”.
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The Number 10 operation to ward off a challenge comes after Sky News deputy political editor Sam Coates likened the febrile mood in the Labour high command to the TV hit The Traitors.
Speaking on the Politics At Sam And Anne’s podcast, he said: “A minister got in touch at the start of the weekend to say they believe that there’s some quite substantial plotting going on.
“They say there was at least one cabinet minister telling colleagues that Keir Starmer, and I quote, is finished.”
When Boris Johnson was facing mutiny from Conservative MPs, his allies launched “Operation Save Big Dog”.
When Margaret Thatcher was about to be ousted by her rebellious MPs in 1990, she declared: “I fight on, I fight to win.”
And Harold Wilson, constantly paranoid about plots, famously quipped in 1969: “I know what’s going on. I’m going on.”
Boris Johnson was ousted less than six months after “Operation Save Big Dog”, Margaret Thatcher resigned the following morning after saying “I fight on”, and Harold Wilson lost a general election to Edward Heath a year after vowing that he would go on.
Coates said the cabinet minister “absolutely and totally denies they are up to anything nefarious whatsoever”.
“I actually do think that this is all in the style of The Traitors, because I’m not sure that there is hard and fast evidence of plotting – there might be some hints from some quarters,” he added.
“But what seems to be completely logical is that if you’re a bit worried in Number 10, you’re trying to pitch roll and ward off people who are maybe thinking about the need to position themselves by starting to get out rumours of plots and hoping that the political system turns against them for disloyalty.”
Image: Who is plotting to unseat the PM? Pic: PA
Cloak-and-dagger
Reports emerged on Tuesday night in The Times, The Guardian, and from the BBC of a “bunker mode” in Number 10, “regime change”, and “plotting” to replace Sir Keir.
Responding to the reports, Health Secretary Wes Streeting denied he was seeking to oust the prime minister.
A spokesperson for Mr Streeting told Sky News: “These claims are categorically untrue.
“Wes’s focus has entirely been on cutting waiting lists for the first time in 15 years, recruiting 2,500 more GPs and rebuilding the NHS that saved his life.”
Image: It’s not me, insists Wes Streeting. Pic: Reuters
However, there is clearly a co-coordinated campaign by allies of the increasingly unpopular Sir Keir to try to prevent a leadership challenge by a cabinet minister or stalking horse.
Sir Keir’s biographer Tom Baldwin questioned the logic of those briefing from within the corridors of power.
“I’m at a loss to understand why anyone would think this sort of briefing will help Keir Starmer, the government, or even their own cause,” he said on social media. “Some people just can’t resist, I guess, but it’s all a bit nuts.”
What next?
It comes ahead of Prime Minister’s Questions this lunchtime, handing Tory leader Kemi Badenoch the chance to make it an awkward afternoon for Sir Keir.
The health secretary will start his day on Sky News’ Morning With Ridge And Frost and will then speak at an NHS providers’ conference.
Watch and follow live coverage across Sky News – including in the Politics Hub.