Missions, first steps and milestones: How Sir Keir Starmer’s priorities have changed since last year

Published

4 months ago

December 6, 2024

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Sir Keir Starmer’s promises to the British people have been evolving since he first outlined his “five missions” in February 2023.

In public, Downing Street denies any tensions between the missions, May’s “first steps” and today’s six “milestones” and three “foundations”.

In private, I’ve been told they have caused divisions, with the focus changing after the original architects left as Labour entered power.

But what really matters is how they have evolved. Here’s how they have changed and what that means.

Politics latest: Starmer knows he needs answer to Nigel Farage

The Plan for Change: Economy

Feb 2023 Mission: To secure the highest sustained growth in the G7 – with good jobs and productivity growth in every part of the country making everyone, not just a few, better off.

June 2024 First Step: Deliver economic stability with tough spending rules, so we can grow our economy and keep taxes, inflation and mortgages as low as possible.

Dec 2024 Milestone: Raising living standards in every part of the United Kingdom, so working people have more money in their pockets as we aim to deliver the highest sustained growth in the G7.

Analysis: The new big economic target – to raise living standards in this parliament – is already on track to be met, according to the government financial watchdog.

Some in government hope this will eclipse the existing target – to overtake the growth rate of all other G7 countries – that was promised in February 2023.

Sir Keir said today he was “doubling down” on the G7 target, despite economists doubting it could ever be achieved, with some sources suggesting it would disappear altogether.

But today it became an “aim”, not a pledge, and the PM hinted he knows it will not be achieved in this parliament by promising the living standards milestone first – do we effectively have a target that isn’t a target?

The Plan for Change: Environment

Feb 2023 Mission: Make Britain a clean energy superpower to cut bills, create jobs and deliver security with cheaper, zero-carbon electricity by 2030, accelerating to net zero.

June 2024 First Step: Set up Great British Energy, a publicly-owned clean power company, to cut bills for good and boost energy security, paid for by a windfall tax on oil and gas giants.

Dec 2024 Milestone: Securing home-grown energy, protecting bill payers and putting us on track to at least 95% clean power by 2030, while accelerating the UK to net zero.

Analysis: The 2023 zero-carbon electricity supply mission – and the Labour manifesto – made no mention that the party believes it will have achieved the target while still having up to 5% of electricity generation powered by fossil fuels.

However, Labour did say, including in its manifesto, that a strategic reserve of gas is needed as a last resort, and while the party did not put a figure on it, other bodies suggested the 95% target is consistent with being able to claim the UK has a zero-carbon supply.

The Plan for Change: Building

Feb 2023 Mission: Not mentioned.

June 2024 First Step: Not mentioned.

Dec 2024 Milestone: Rebuilding Britain with 1.5 million homes in England and fast-tracking planning decisions for at least 150 major economic infrastructure projects.

Analysis: This contains the big new target of the speech – the 150 decisions on major projects. Sir Keir Starmer is on the side of the builders and the makers. But will they happen? This is the big test of whether those in Whitehall have listened to the speech and will get out of their tepid bath.

The Plan for Change: Crime

Feb 2023 Mission: Take back our streets by halving serious violent crime and raising confidence in the police and criminal justice system to its highest levels.

June 2024 First Step: Clamp down on anti-social behaviour, with more neighbourhood police, paid for by ending wasteful contracts, tough new penalties for offenders, and a new network of youth hubs.

Dec 2024 Milestone: Putting police back on the beat with a named officer for every neighbourhood and 13,000 additional officers, police community support officers (PCSOs) and special constables in neighbourhood roles in England and Wales.

Analysis: The idea of a named officer is new and ambitious. The 13,000 target was in Labour’s manifesto and Yvette Cooper said the extra £100m next year would fund 1,200 new police officers.

Tories claim this means officers would be redeployed from other areas.

The Plan for Change: Education

Feb 2023 Mission: Break down barriers to opportunity by reforming our childcare and education systems, to make sure there is no class ceiling on the ambitions of young people in Britain.

June 2024 First Step: Recruit 6,500 new teachers in key subjects to set children up for life, work and the future, paid for by ending tax breaks for private schools.

Dec 2024 Milestone: Giving children the best start in life, with a record 75% of five-year-olds in England ready to learn when they start school.

Analysis: Labour is saying the proportion of children who are ready for school educationally and socially at five will rise from 67% to 75%.

Rolling out better early years provision is a government priority but the nursery sector has been left chronically underfunded. Tories point out there is less of a focus on schools.

The Plan for Change: Health

Feb 2023 Mission: Build an NHS fit for the future that is there when people need it; with fewer lives lost to the biggest killers; in a fairer Britain, where everyone lives well for longer.

June 2024 First Step: Cut NHS waiting times with 40,000 more appointments each week, during evenings and weekends, paid for by cracking down on tax avoidance and non-dom loopholes.

Dec 2024 Milestone: Ending hospital backlogs to meet the NHS standard of 92% of patients in England waiting no longer than 18 weeks for elective treatment.

Analysis: This is an ambitious, stretching target which has not been hit for almost a decade.

It will take focus and cash, and could come both at the expense of other services like A&E and divert away from Wes Streeting’s big reform plan to move treatments from hospitals to the community.

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The Plan for Change: Migration

Feb 2023 Mission: Not mentioned.

June 2024 First Step: Launch a new Border Security Command with hundreds of new specialist investigators and use counter-terror powers to smash criminal boat gangs.

Dec 2024 Milestone: Not mentioned as a milestone but is mentioned separately.

Analysis: Not one of the milestones, which has confused some, given its prominence in political debate.

Instead this issue – of secure borders – is one of three “foundations”, alongside economic stability and national security. But six milestones plus three foundations is a lot of priorities.

Politics

Mantra unveils $108M fund to back real-world asset tokenization, DeFi

Published

1 hour ago

April 7, 2025

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Mantra unveils 8M fund to back real-world asset tokenization, DeFi

The Mantra blockchain network has launched a $108,888,888 ecosystem fund aimed at accelerating the growth of startups focused on real-world asset (RWA) tokenization and decentralized finance (DeFi), amid rising demand for stable, asset-backed digital products.

Mantra, a layer-1 (L1) blockchain built for tokenized RWAs, launched the Mantra Ecosystem Fund (MEF) to accelerate the growth and adoption of projects and startups building on its network, according to an April 7 announcement shared with Cointelegraph.

Mantra said it will deploy the capital over the next four years among “high-potential blockchain projects” worldwide, with investment opportunities sourced through Mantra’s network of partners. The fund’s backers include a wide range of institutional partners including Laser Digital, Shorooq, Brevan Howard Digital, Valor Capital, Three Point Capital and Amber Group.

Mantra CEO John Patrick Mullin said the fund will operate an “open-arms policy, welcoming projects at any developmental stage globally with a particular focus on RWA’s and DeFi.” Mullin told Cointelegraph:

“The MEF thesis is to invest in top-tier teams building RWA and DeFi applications, as well as complimentary infrastructure, that will both directly and indirectly support the broader ecosystem.”

Mantra aims to become the underlying infrastructure layer for tokenized asset issues worldwide, Mullin said.

Mantra unveils $108M fund to back real-world asset tokenization, DeFi — *Source:* *Mantra*

The launch of the fund comes a month after Mantra became the first DeFi platform to obtain a virtual asset service provider (VASP) license under Dubai’s Virtual Assets Regulatory Authority (VARA).

Investor demand grows for RWAs

The timing of the fund’s launch aligns with growing institutional interest in RWAs, which are seen by some as a hedge against crypto market volatility and broader economic uncertainty.

Global fears and uncertainty around US President Donald Trump’s tariffs have impacted investor sentiment across markets.

Despite a broader market slump triggered by US tariff-related concerns, the value of tokenized RWAs recently surged to a record high. According to data from RWA.xyz, total RWA market capitalization reached more than $19.6 billion as of early April, up from $17 billion in early February.

Industry watchers previously told Cointelegraph that Bitcoin’s lack of upside momentum may drive RWAs to a $50 billion all-time high before the end of 2025.

The world’s largest asset manager, BlackRock, has also signaled support for the RWA space.

BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) saw an over three-fold increase in the three weeks leading up to March 26, from $615 million to $1.87 billion.

Magazine: Financial nihilism in crypto is over — It’s time to dream big again

Politics

Hong Kong introduces crypto staking rules, reaffirms Web3 commitment

Published

3 hours ago

April 7, 2025

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Hong Kong introduces crypto staking rules, reaffirms Web3 commitment

Hong Kong’s Securities and Futures Commission (SFC) has introduced new guidelines for crypto exchanges offering staking services.

In an April 7 announcement, the SFC announced new guidelines for crypto exchanges offering staking services and locally authorized funds exposed to digital assets involved in staking. The announcement follows recent remarks from Christina Choi, the SFC’s executive director of investment products, who said during a speech at the Hong Kong Web3 Festival:

“The SFC is committed to supporting Hong Kong’s Web3 journey.”

In its announcement, the regulator said it “recognizes the potential benefits of staking in enhancing the security of blockchain networks and allowing investors to earn yields.” Consequently, the latest guidance allows crypto exchanges to provide staking service offerings.

Chen Wu, co-founder and CEO of Hong Kong-based and SFC-licensed crypto exchange Ex.io, told Cointelegraph that the firm appreciates the regulator “allowing licensed platforms to offer staking services under clear and responsible guidelines.” She said:

“The SFC’s announcement signals that more doors are opening — not just for staking, but for a wider range of Web3 products to take shape under a regulated and trusted framework.”

“Hong Kong is positioning itself not just as a compliant market, but as a real hub for Web3 adoption, where users’ interests are protected without slowing down progress,” Wu added.

New rules for staking services

The new rules were communicated by the regulator in its latest circular sent to crypto exchanges under its jurisdiction. The SFC requires crypto exchanges to obtain written approval before offering staking services, retain control over staked virtual assets and not delegate custody to third parties.

Cryptocurrency exchanges engaged in staking must disclose all relevant risks and details concerning fees, minimum lock-up periods, unstaking processes, outage processes and custodial arrangements to their customers. Lastly, the providers must report on their staking activities to the SFC.

A similar circular was sent to SFC-regulated crypto fund operators, with the new rules being relevant to funds with more than 10% of their net asset value invested directly or indirectly in digital assets. Funds can only acquire virtual assets that are also directly available to the local public and rely on SFC-authorized platforms. Leveraged exposure is prohibited.

Funds can engage in staking if it is consistent with the fund’s objectives, while providing clear disclosure and robust controls. An investor notice and possibly shareholder approval may be required if staking implementation leads to material strategy or risk profile changes.

Hong Kong bets on Web3

During her recent speech, SFC’s Choi recognized that the Web3 space is still evolving and that “its full benefits will unfold in time, likely with twists and turns.” She cited the speculative industry of non-fungible tokens (NFTs) as a cautionary tale that justifies caution in the current regulatory approach:

“Therefore, rather than chasing every new spark, we believe in a pragmatic approach — strengthening the fundamentals and fostering a supportive ecosystem where Web3 can thrive in a sustainable manner.“

The official’s comments follow recent reports that cryptocurrency exchange Bybit announced the shutdown of its NFT marketplace as the market is running out of steam. The decision follows a similar decision by major NFT marketplace X2Y2 announced in late March.

The non-fungible token market is seeing a significant downturn. Daily NFT trading volume was over $18 million 364 days ago before Bybit’s announcements and stood at $5.34 million when the decision to shut down the platform was made public — a 70% fall.

When arguing why Web3 companies should choose Hong Kong as their headquarters, Choi pointed out that Hong Kong ranks third in the Global Financial Centres Index. Furthermore, local regulators have set clear guidelines for crypto industry firms, and Hong Kong provides easy access to Asian markets.

In her closing statements, Choi said, “We stand today at the crossroads where traditional finance and the digital economy are converging to drive promising outcomes for our financial markets.” She added:

“The zero-to-one breakthrough has been made, and its future success would very much depend on how we nurture this convergence, that is, how we go from one to 100.“

Her statements echo Hong Kong’s financial technology sector, which has seen 250% growth since 2022. The SFC recently introduced a new roadmap to position the city as a global cryptocurrency hub.

The “ASPIRe” roadmap hopes to future-proof the local virtual asset ecosystem. It involves 12 initiatives spread across five broad categories, which include providing market access, optimizing compliance and frameworks and improving blockchain efficiency.

Magazine: Korea to lift corporate crypto ban, beware crypto mining HDs: Asia Express

Politics

Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Published

18 hours ago

April 6, 2025

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Stablecoins are the best way to ensure US dollar dominance — Web3 CEO

Stablecoins are the single best tool for the United States government to maintain the US dollar’s hegemony in global financial markets, according to LayerZero Labs CEO and founder Bryan Pellegrino.

In an interview with Cointelegraph, the CEO of LayerZero Labs, which created the LayerZero interoperability protocol recently chosen by Wyoming to be the distribution partner for the Wyoming stablecoin, said that the cross-border accessibility of dollar-pegged tokens makes them an obvious choice to drive US dollar demand. Pellegrino added:

“Stablecoins for the US dollar are the single best tool — the last Trojan Horse or vampire attack on every single other currency in the world — whether it is Argentina, whether it is Venezuela, whether it is all of the countries that have massive inflation.”

The CEO said he expects support for stablecoins on both the federal and state levels to grow because of the obvious boost stablecoins give to the US dollar in foreign exchange markets and the financial moat stablecoin-driven demand will create around the US dollar’s global reserve currency status.

Dollar, US Government, Stablecoin — *Stablecoin market overview. Source:* *RWA.XYZ*

US government looks to stablecoins to protect US dollar

Pellegrino cited Tether’s emerging role as one of the largest buyers of US Treasury bills in the world as evidence of the demand for US debt instruments from stablecoin issuers.

Tether recently became the seventh-largest holder of US Treasuries, beating out Canada, Germany, Norway, Hong Kong, and Saudi Arabia.

Speaking at the White House Crypto Summit on March 7, US Treasury Secretary Scott Bessent said the Trump administration would leverage stablecoins to extend US dollar hegemony and indicated this would be a top priority for officials in 2025.

According to a 2023 report from Chainalysis, over 50% of all the digital asset value transferred to countries in the Latin American region, including Argentina, Brazil, Columbia, Mexico, and Venezuela was denominated in stablecoins.

The low transaction fees, relative stability, and near-instant settlement times for dollar-pegged stablecoins make these real-world tokenized assets ideal for remittances and stores of value for residents in developing countries suffering from high inflation and capital controls.

Magazine: Bitcoin payments are being undermined by centralized stablecoins