Amid serious concerns over the editorial mistakes made by the BBC, the downfall of its leaders has been greeted with undisguised glee by many on the right of British politics.
Former prime minister Liz Truss was quick off the mark to retweet gloating posts from Donald Trump and White House press secretary Karoline Leavitt with clapping emojis.
Ms Truss argued not just for the abolition of the licence fee, but for the end of nationalised broadcasting altogether.
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Her former cabinet colleague Suella Braverman has also called for the licence fee to be scrapped.
It’s an idea long advocated by Nadine Dorries during her time as culture secretary. The recent Reform convert is particularly pessimistic about the BBC’s future – telling me she believes its “core bias” has worsened in recent years.
“I’m afraid the resignation of Tim Davie will change nothing,” she said. “Under this Labour government overseeing the new appointment… it will probably get worse.”
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2:17
Why ‘Teflon Tim’ resigned from BBC
All three politicians were close allies of Boris Johnson, who has been instrumental this week in piling the pressure on the BBC.
He dramatically threatened in the Daily Mail to boycott the licence fee until Tim Davie explained what happened with the Trump Panorama documentary – or resigned.
Shadow culture secretary Nigel Huddleston told Sky News “we want them to be successful” – but he and his boss Kemi Badenoch are calling for wide-ranging editorial reforms to end what they describe as “institutional bias”.
Their list calls for changes to BBC Arabic, its coverage of the US and Middle East, and “basic matters of biology”, by which they mean its stories on trans issues.
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0:47
‘Catastrophic failure’ at BBC
The irony of demanding editorial changes from a supposedly independent organisation dealing with allegations of bias has been lost in the furore.
Similarly, Nigel Farage is calling for the government to appoint a new director-general from the private sector who has “a record of coming in and turning companies and cultures around”.
As part of its editorial independence, the appointment of the BBC’s next editor-in-chief is meant to be entirely down to its own independent board – and out of the hands of ministers.
The government’s own response to the scandal has therefore been relatively muted. In a statement, Culture Secretary Lisa Nandy thanked Mr Davie for his long service to public service broadcasting – and paid tribute to the BBC as “one of our most important national institutions”.
Image: Tim Davie and Deborah Turness. Pics: PA
Before the news of the resignations broke, she had been expressing her “complete confidence” in how the BBC’s leadership were dealing with the “serious allegations” described in the leaked memo from Michael Prescott, a former external adviser to the corporation’s editorial standards committee.
The departure of Mr Davie and the CEO of BBC News Deborah Turness just hours later seemed to be something of a shock.
A more detailed government response is sure to come when parliament returns from recess tomorrow.
The Culture Media and Sport Committee of MPs – which has played an active role in the scandal by writing to the BBC chairman and demanding answers – is due to receive its response today, which is expected to include an apology for the Panorama edits.
Its chair Dame Caroline Dinenage described Mr Davie’s resignation as “regrettable” but said that “restoring trust in the corporation must come first”.
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1:29
Ex-Panorama staffer: ‘Worst crime imaginable’
So far, the only British political leader prepared to mount an outspoken defence of the BBC is Sir Ed Davey.
The Liberal Democrat argues that seeing the White House take credit for Mr Davie’s downfall – and attacking the BBC – “should worry us all”.
He’s called on the PM and all British political leaders to stand united in “telling Trump to keep his hands off it”.
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4:13
What did the BBC do to anger Trump?
Given the diplomatic contortions Sir Keir Starmer has gone through to develop close relations with the current president, this seems entirely unlikely.
But for a prime minister already juggling an overflowing in-tray of problems, controversy over the national broadcaster as the government prepares to enter negotiations about renewing its charter for the next decade is another political tripwire in waiting.
Excitement in the crypto community is growing over the potential launch of XRP funds, as the US Senate advances a deal aimed at ending the longest-ever government shutdown.
The Senate reportedly reached a deal on a budget bill to end the government shutdown on Sunday, sending a bullish signal to numerous markets, including crypto.
The XRP (XRP) community is anticipating multiple XRP exchange-traded funds (ETFs) to launch shortly, with several already appearing on the Depository Trust and Clearing Corporation (DTCC) website ahead of a possible launch this month.
The price of XRP has rallied more than 12% on the bullish news over the past 24 hours, with the token trading at $2.56 at the time of publication, according to CoinGecko.
11 XRP products listed on DTCC
As of Monday, the DTCC website featured 11 XRP ETF products on its “active and pre-launch” listing, including those by 21Shares, ProShares, Bitwise, Canary Capital, Volatility Shares, REX-Osprey, CoinShares, Amplify and Franklin Templeton.
Although a DTCC listing does not equal actual launch and does not guarantee regulatory approval, it signals that the ETF infrastructure is ready to be traded on US markets.
The list of XRP products listed on the DTCC as of Monday. Source: DTCC
It’s worth noting that Grayscale’s XRP Trust (GXRP) has not yet appeared on the DTCC website, and the list also does not currently include an XRP fund from WisdomTree.
“Government shutdown ending = spot crypto ETF floodgates opening,” ETF expert Nate Geraci wrote in an X post on Sunday, adding: “In the meantime, could see first ‘33 Act spot xrp ETF launch this week.”
Bloomberg ETF analyst Eric Balchunas also posted on X on Sunday, noting that the “shutdown is over” and highlighting a subsequent uptick in US equity futures.
“The SEC had open litigation against Ripple for the past five years, up until three months ago. IMO, the launch of spot XRP ETFs represents the final nail in the coffin for the previous wave of anti-crypto regulators,” he wrote in an X post on Nov. 2.
He also highlighted a post from Canary Capital, which claimed last Friday that its XRP ETF is “coming soon,” speculating that the product could go live by the end of this week.
Acting Chair of the US Commodity Futures Trading Commission (CFTC) Caroline Pham is in talks with regulated US crypto exchanges to launch leveraged spot crypto products as early as next month.
In a Sunday X post, Pham confirmed that she is pushing to allow leveraged spot crypto trading in the US and that she is in talks with regulated US crypto exchanges to launch leveraged crypto spot products next month.
Pham also confirmed that she continued meeting with industry representatives despite the government shutdown. The regulator is also currently considering issuing guidance for leveraged spot crypto products.
The news comes after the CFTC launched an initiative in early August to enable the trading of “spot crypto asset contracts” on exchanges registered with the regulator. In an announcement at the time, Pham invited comment on the rules that governed “retail trading of commodities with leverage, margin, or financing.”
According to the Federal Register, the Commodity Exchange Act “provides that a retail commodity transaction entered into with a retail person which is executed on a leveraged or margined basis” is “subject to the Commission’s jurisdiction, unless the transaction results in actual delivery of the commodity within 28 days of the transaction.” Consequently, leveraged crypto spot positions would only be allowed if their duration were limited to 28 days or they would be illegal.
A US government shutdown occurs when Congress fails to pass an annual spending bill or a short-term continuing resolution, blocking much of the federal government’s spending. In such situations, non-essential services are paused, some workers are furloughed, and others work without pay.
The current shutdown started on Oct. 1. However, Sunday reports suggest that the shutdown is likely nearing its end as the Senate moves to consider a continuing resolution to fund the government.
The US Capitol, housing the US Congress. Source: Wikimedia
The report follows speculation about the impact of the government shutdown on progress in US crypto regulation. Early October reports noted that the SEC began its shutdown by announcing that it would “not engage in ongoing litigation,” except for emergency cases.
The United Kingdom’s central bank is moving toward stablecoin regulation by publishing a consultation paper proposing a regulatory framework for the asset class.
The Bank of England (BoE) on Monday released a proposed regulatory regime for sterling-denominated “systemic stablecoins,” or tokens it said are widely used in payments and therefore potentially pose risks to the UK financial stability.
Under the proposal, the central bank would require stablecoin issuers to back at least 40% of their liabilities with unremunerated deposits at the BoE, while allowing up to 60% in short-term UK government debt.
The consultation paper seeks feedback on the proposed regime until Feb. 10, 2026, with the BoE planning to finalize the regulations in the second half of the year.
Holding limits, backing and oversight
As part of the proposal, the central bank suggested capping individual stablecoin holdings at 20,000 British pounds ($26,300) per token, while allowing exemptions from the proposed 10,000 pound ($13,200) for retail businesses.
“We propose that issuers implement per-coin holding limits of 20,000 GBP for individuals and 10 million pounds for businesses,” the BoE stated, adding that businesses could qualify for exemptions if higher balances are needed in the course of normal operations.
Timeline for regulation on sterling-denominated stablecoins by the Bank of England. Source: BoE
Regarding stablecoin backing, the BoE suggested that issuers that are considered systemically important could be allowed to hold up to 95% of their backing assets in UK government debt securities as they scale.
“The percentage would be reduced to 60% once the stablecoin reaches a scale where this is appropriate to mitigate the risks posed by the stablecoin’s systemic importance without impeding the firm’s viability,” it added.
The BoE noted that His Majesty’s Treasury determines which stablecoin payment systems and service providers are deemed systemically important. Once designated, these systems would fall under the proposed regime and the BoE’s supervision.