PM buoyed by relaxation of COVID travel rules ahead of White House meeting
US President Joe Biden will welcome Boris Johnson to the White House later.
The prime minister will travel from the UN General Assembly in New York to Washington for the Oval Office meeting which would, in all likelihood, have happened well before now had it not been for the pandemic.
It has been just three months since the Prime Minister and the President last met at the G7 in Cornwall. But what a long tricky summer it has been since then.
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Kerry ‘confident’ of $100bn climate target
Trans-Atlantic relationships have been strained. The worth of NATO has been questioned by the chaotic US withdrawal from Afghanistan.
The pandemic endures, with global vaccination efforts faltering. And November’s high stakes Climate Change summit in Glasgow is ever closer with the risk of it falling short of the pledges made.
The prime minister will arrive in the West Wing of the White House with two unexpected boosts.
The news on Monday that the US will, in November, scrap the COVID-related travel ban for EU and UK travellers was as surprising as it was welcome.
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PM: Rich countries must ‘step-up’
And the hints by President Biden’s climate envoy to Sky News that America will commit to funds for developing countries, as called for by Mr Johnson, is a positive move.
“It will make a huge difference and I think it will send a massively powerful signal to the world that we in the industrialised west really do take it seriously,” Mr Johnson said.
With Mr Johnson and Mr Biden both in New York, their meeting could easily have been there too.
But holding it at the White House, in the Oval Office, carries much more weight.
The so-called special relationship looks that much more convincingly special with the Oval Office backdrop.
The last time a UK Prime Minister was hosted at the White House was in 2017
The optics of these monuments through the years are of course important, but it is the results that matter.
On climate, Mr Johnson may get something to take with him to the Glasgow conference he is hosting.
But on that all-important post Brexit US/UK trade deal, do not hold your breath.
Before the Oval Office meeting, there will be other key diplomatic moments to watch through the day too.
President Biden has numerous strained relationships to mend following the Afghanistan withdrawal and he is expected to hold talks with France’s President Macron amid the most extraordinary spat over the supply of nuclear powered submarines to Australia.
Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.
Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.
Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.
He added: “He will take Reform UK Scotland to a new level.”
During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.
The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.
“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.
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“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.
“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.
“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”
The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.
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Claims made against Nigel Farage
Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.
Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.
Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.
Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.
A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.
The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.
On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.
Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.
“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.
The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation.
If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.
Related: Bank of America backs 1%–4% crypto allocation, opens door to Bitcoin ETFs
EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns
The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.
“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”
“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.
Related: Grayscale Chainlink ETF draws $41M on debut, but not ‘blockbuster’
The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.
The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.
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