Conservative Party conferences of old were packed out events bustling with ministers, MPs, lobbyists and members.
Roll on just over a year after their biggest defeat ever, and the Tories’ gathering in Manchester, from 5-8 October, will be a more sober affair.
Despite their recent loss, last year’s conference was anything but subdued as it was turned into a hustings for their new leader to replace Rishi Sunak. Cue: a bit of a bun fight.
A month later, Kemi Badenoch was crowned leader. So this conference not only marks a year after that abysmal result but also nearly a year of Ms Badenoch in charge.
A series of policy announcements are expected throughout the conference, with the first today being an eye-catching vow to create an ICE-style “removals force” to tackle illegal immigration to the UK, which follows her pledge to leave the European Convention on Human Rights (ECHR).
“Stronger borders” is one of the two key themes of this conference, along with “stronger economy” – slogans set to feature on banners throughout the conference venue.
It is part of her bid to scrape back her party’s position in the polls as Nigel Farage’s continues to lead in the national polls.
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Image: Kemi Badenoch’s performance at PMQs has not always been complimented
Eleven former Conservative cabinet members, ministers and MPs had switched to Reform this year ahead of Mr Kruger. Ex-health minister Maria Caulfield defected after Mr Kruger.
Sub-optimal for Badenoch, but an issue she has brushed off, accusing them of “running away rather than solving problems”.
The threat of Reform, which has led the polls for weeks, dominated the Lib Dem and Labour conferences but, if PMQs is anything to go by, there is no guarantee Ms Badenoch will put Mr Farage’s party at the forefront of her two conference speeches.
Image: Ms Badenoch at a farm in September. Pic: PA
Rather than just the traditional leader’s speech at the end of the conference, Ms Badenoch will deliver an additional one today, in which she will set out the party’s broad new plan to tackle illegal migration.
Some 34,401 people have crossed the Channel in small boats so far this year, according to PA news agency analysis of Home Office figures, putting 2025 on course to break the record for most arrivals in a single year.
The traditional end-of-conference speech will still take place on Wednesday, as she seeks to grab headlines and cut through the electorate in a way she has failed to do so far.
Also overshadowing the party as they head to Manchester is the High Court ruling that a PPE company linked to Tory peer Baroness Michelle Mone must repay the government £122m for breaching a contract for medical gowns during COVID.
Ms Badenoch said Lady Mone had brought “embarrassment and shame to the party” and should have the “book thrown at her”.
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A £122m bill that may never be paid
The Tory leader has faced criticism over her leadership style, initially because she carried out very few media interviews.
But she has said this was because the party was close to bankruptcy when she took over.
“I basically inherited a distressed asset and my first job was to just make sure we didn’t go bust,” she told The Spectator this week.
“Most of my first three to six months were spent on that. I just couldn’t get out there much. The opportunity cost was perhaps not doing much media.”
But she has since failed to unify the party, which was illustrated by another disastrous result in the May 2025 local elections.
And the latest results from a bimonthly YouGov poll, which tracks her performance as Tory leader, show Conservative voters have their lowest opinion of her since she became leader, with 38% thinking she should remain as leader.
The highest number of Tory members (39%) now think she should stand down and let someone else take over – a rise of 10% since July.
So, this conference is an opportunity to get members – and MPs – behind her.
Image: Kemi Badenoch arriving at Conservative Party conference on Saturday. Pic: PA
One of those MPs who has been unsubtle about his ambition to replace her is shadow justice secretary Robert Jenrick, who lost out to Ms Badenoch in the leadership race.
Ms Badenoch has brushed off his attempts to outshine her, saying many of the views he offers so readily beyond his brief “are my thoughts repackaged”.
“I don’t mind that he says what he thinks,” she told The Spectator.
“The advantage of having a leadership contest is that you’ve kind of already said what you think.
“Repeating it, which is what Rob tends to do, is not new information.”
Image: Robert Jenrick challenged Kemi Badenoch for the Tory leadership. Pic: Robert Jenrick
Also, days before the conference starts, former Conservative prime minister Baroness Theresa May gave a rare public rebuke of Ms Badenoch after the Tory leader pledged to replace the UK’s world-leading Climate Change Act with a strategy for “cheap and reliable energy”.
Baroness May said she is “deeply disappointed by this retrograde step” and that to row back on the strategy to tackle climate change “would be a catastrophic mistake”.
The Tory conference could be a chance for Ms Badenoch to turn her fortunes around, but she will have to work at getting her MPs – and Tory members (those who are left) – behind her and the party she promised to “renew” and to “prepare over the course of the next few years for government”.
Crypto companies seeking a US federal bank charter should be treated no differently than other financial institutions, says Jonathan Gould, the head of the Office of the Comptroller of the Currency (OCC).
Gould told a blockchain conference on Monday that some new charter applicants in the digital or fintech spaces could be seen as offering novel activities for a national trust bank, but noted “custody and safekeeping services have been happening electronically for decades.”
“There is simply no justification for considering digital assets differently,” he added. “Additionally, it is important that we do not confine banks, including current national trust banks, to the technologies or businesses of the past.”
The OCC regulates national banks and has previously seen crypto companies as a risk to the banking system. Only two crypto banks are OCC-licensed: Anchorage Digital, which has held a charter since 2021, and Erebor, which got a preliminary banking charter in October.
Crypto “should have” a way to supervision
Gould said that the banking system has the “capacity to evolve from the telegraph to the blockchain.”
He added that the OCC had received 14 applications to start a new bank so far this year, “including some from entities engaged in novel or digital asset activities,” which was nearly equal to the number of similar applications that the OCC received over the last four years.
Comptroller of the Currency Jonathan Gould giving remarks at the 2025 Blockchain Association Policy Summit. Source: YouTube
“Chartering helps ensure that the banking system continues to keep pace with the evolution of finance and supports our modern economy,” he added. “That is why entities that engage in activities involving digital assets and other novel technologies should have a pathway to become federally supervised banks.”
Gould brushes off banks’ concerns
Gould noted that banks and financial trade groups had raised concerns about crypto companies getting banking charters and the OCC’s ability to oversee them.
“Such concerns risk reversing innovations that would better serve bank customers and support local economies,” he said. “The OCC has also had years of experience supervising a crypto-native national trust bank.”
Gould said the regulator was “hearing from existing national banks, on a near daily basis, about their own initiatives for exciting and innovative products and services.”
“All of this reinforces my confidence in the OCC’s ability to effectively supervise new entrants as well as new activities of existing banks in a fair and even-handed manner,” he added.
The US Commodity Futures Trading Commission has issued updated guidance for tokenized collateral in derivatives markets, paving the way for a pilot program to test how cryptocurrencies can be used as collateral in derivatives markets.
Collateral in derivatives markets serves as a security deposit, acting as a guarantee to ensure that a trader can cover any potential losses.
The digital asset pilot, announced by CFTC acting chairman Caroline Pham on Monday, will allow futures commission merchants (FCM) — a company that facilitates futures trades for clients — to accept Bitcoin (BTC), Ether (ETH) and Circle’s stablecoin USDC (USDC) for margin collateral.
Pham said in a statement that the pilot program also “establishes clear guardrails to protect customer assets and provides enhanced CFTC monitoring and reporting.”
As part of the pilot, participating FCMs will be subject to strict reporting criteria, which require weekly reports on total customer holdings and any significant issues that may affect the use of crypto as collateral.
The CFTC’s Market Participants Division, Division of Market Oversight, and Division of Clearing and Risk also issued updated guidance on the use of tokenized assets as collateral in the trading of futures and swaps.
The guidance covers tokenized real-world assets, including US Treasury’s money market funds, and topics such as eligible tokenized assets, legal enforceability, segregation and control arrangements.
Pham said in an X post on Monday that the “guidance provides regulatory clarity and opens the door for more digital assets to be added as collateral by exchanges and brokers, in addition to US Treasurys and money market funds.”
The Market Participants Division also issued a “no-action position” on specific requirements regarding the use of payment stablecoins as customer margin collateral and the holding of certain proprietary payment stablecoins in segregated customer accounts.
A CFTC Staff Advisory that restricted FCMs’ ability to accept crypto as customer collateral, Staff Advisory 20-34, was also withdrawn because it is “outdated and no longer relevant,” in part due to the GENIUS Act.
Crypto execs back CFTC move
Several crypto executives applauded the move by the CFTC.
Katherine Kirkpatrick Bos, the general counsel at blockchain company StarkWare, said the use of “tokenized collateral in the derivatives markets is MASSIVE.”
“Atomic settlement, transparency, automation, capital efficiency, savings. Feels abrupt but who recalls the tokenization summit in 2/24, a glimmer of hope in the darkness,” she said.
Coinbase chief legal officer Paul Grewal also supported the action, calling Staff Advisory 20-34 a “concrete ceiling on innovation.”
“It relied on outdated info, went well beyond the bounds of regulation and frustrated the goals of the PWG.”
Salman Banaei, the general counsel at layer-1 blockchain the Plume Network, said it was a “major move” by the CFTC, and another push toward wider adoption.
“This is a step toward the use of onchain infra to automate settlement for the biggest asset class in the world: OTC derivatives, swaps,” he added.
The day after Sir Keir Starmer said he wanted Angela Rayner back in the cabinet, she showed Labour MPs what they’ve been missing.
The former deputy prime minister delighted Labour backbenchers with a powerful Commons speech defending her workers’ rights legislation on Monday evening.
With the House of Lords locked in a battle of parliamentary “ping pong” with MPs, she told ministers: “Now is not the time to blink or buckle.”
Her very public intervention came amid claims that her next move has the Labour Party on tenterhooks and that she’s the favourite to succeed Sir Keir if she wants the job.
And her speech, delivered from notes and clearly meticulously prepared, appeared to send a message to Labour MPs: I’m here to make a comeback.
The government’s flagship Employment Rights Bill was championed by Ms Rayner when she was deputy PM, in the face of bitter opposition from the Conservatives.
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In a bid to end the deadlock with the Lords, ministers have backed down on unfair dismissal protection from day one, proposing a compromise of six months.
Backing the compromise, brokered with the TUC, Ms Rayner said: “I know ministers had faced difficult decisions and difficult discussions with the employers and worker representatives.
“But I strongly believe that the work that has been done has been necessary, and we should be able to move forward now.”
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Could Rayner come back?
Attacking the upper chamber for delaying the legislation, she said: “There is now no more time to waste.
“Vested interests worked with the Tories and the Lib Dems and, cheered on by Reform and backed by the Greens, to resist the manifesto on which we were elected.
“And now there can be no excuses. We have a mandate for a new deal for working people, and we must, and we will deliver it.
And she concluded: “It has been a battle to pass this bill, but progress is always a struggle that we fought for. Its passage will be a historic achievement for this Labour government.
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Angela Rayner’s resignation speech
“It will benefit working people now and into the future. Now is not the time to blink or buckle. Let’s not waste a minute more. It’s time to deliver.”
It was the sort of fighting talk and defiance of the government’s opponents that will have cheered up Labour MPs and boosted her hopes of a comeback and even a leadership bid.
It came as speculation over Sir Keir’s future grows more frenzied by the day, with claims that even some of his own supporters have begun the hunt for his successor.
The thinktank that ran his leadership campaign in 2020, Labour Together, is reported to be canvassing party members on candidates to replace him.
Image: Wes Streeting and Angela Rayner.
There was even a claim last week that allies of Wes Streeting were sounding out Labour MPs about a pact with Ms Rayner and a joint ticket for the leadership.
The health secretary dismissed that claim as a “silly season story”, while a Rayner ally said: “There’s no vacancy and there’s no pact”. They added that she will not “be played like a pawn”.
Mr Streeting did, however, start speculation himself when he said in his Labour conference speech: “We want her back. We need her back.”
Fuelling more speculation, Sir Keir went further than he had previously on Sunday, when he was asked in an Observer interview if he missed her and replied; “Yes, of course I do. I was really sad that we lost her.”
And asked if she would return to the cabinet, the prime minister said: “Yes. She’s hugely talented.”
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‘Angela Rayner, this achievement is yours.’
Sir Keir also described Ms Rayner, who left school at 16 without any qualifications, as “the best social mobility story this country has ever seen”.
But a swift return to the cabinet would be hugely controversial, because the PM’s ethic adviser, Sir Laurie Magner, ruled that she breached the ministerial code by underpaying stamp duty when she bought a flat.
But she has been linked to speculation about possible efforts to remove Sir Keir if – as predicted – Labour performs badly in the Scottish, Welsh and local elections next May.
Her supporters also claim she will eventually be cleared by HMRC over her stamp duty breach, clearing the way for her to come back.
And her latest speech – combative, defiant and yet loyal – will have boosted her hopes, and reminded Labour MPs what they’ve missed since she quit in September.