Interest rates are up, house prices are down, the small boats are still coming, and NHS doctors are striking.
Labour are still 20 points ahead of the Conservativesin the poll of polls.
As he contemplates his political future and the lack of progress on his five pledges, it is understandable that the prime minister might want a summer holiday break from the day job.
Rishi Sunak’s desire to get away can only have increased as he suffers personalised indignities.
Image: Greenpeace activists on the roof of Prime Minister Rishi Sunak’s house
Even the prime minister’s sartorial choices have come under attack with an arrows-point-to-defective-parts scrutiny of his made to measure suits.
“Sunak needs his suits to be nipped in – anything else would drown him,” the style editor of The Daily Telegraph concedes, “but the cropped proportions mean his trouser leg rides up to mid-calf.”
Crisis, what crisis?
Only a few miserable souls will begrudge the prime minister some time off, especially since we are told that he will be back at work, in Blighty, in only a few days.
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The modest length of his holiday will not take targets off his back. Prime ministers struggle to hit the right note with their holidays and usually get it wrong.
Is it too flashy? Too boring? Too foreign? Bad for the environment? And who is really paying for it?
These delicate questions explain why Number 10 spokespeople made the mistake of refusing to give details of where the Sunak family were heading.
It was an error because denial will only perk up interest.
Past form shows that newshounds were bound to sniff out the location anyway and would then pap photos more enthusiastically than if they had been served up with a photo opportunity.
David Cameron learnt this lesson the hard way after having his man boobs snapped on a Cornish beach.
Image: British Prime Minister David Cameron and his wife Samantha on holiday in Cornwall in 2015
From then on, Cameron holidays began with a posed picture, usually of the beshirted prime minister pointing at dead fish in a market.
It took less than 24 hours for Mr Sunak’s secret destination to be exposed.
The prime minister came clean in a rare extended radio phone-in which came across like a public request for permission to have a break afterwards. Sunak duly pleaded that this holiday is a “special trip”.
“We’re going to California, which is where I met my wife, so it’s very special to us,” he explained to listeners, “but the kids are very excited because I’m taking them to Disneyland”.
It later emerged that the Mickey Mouse visit may be as much for their father as for his daughters Krishna and Anoushka.
“They have sadly grown out of princesses,” the prime minister admitted – but “there’s a new, well not that new anymore, Star Wars bit of Disneyland which I’m very excited about”.
Image: British Prime Minister Rishi Sunak, his wife Akshata Murty and daughters Anoushka and Krishna
Not much to complain about so far. Lots of Brits take their families Disneyward, though most opt for the shorter-haul flights to Disneyworld in Florida rather than Disneyland in California.
Sunak has long advertised his softer side as a Star Wars geek. He collects merchandise from the franchise including a toy lightsabre, and called in the cameras to film his visit to the last blockbuster episode, accompanying his then “boss” Sajid Javid.
A California beach holiday is a lot grander than Cornwall or the walks in the Alps and Snowdonia favoured by Prime Minister Theresa May and her husband Philip.
The Sunaks are trying to muffle extravagance by flying “commercial” rather than indulging the prime minister’s predilection for private jets. That is canny of them – a “PJ” return trip for the family would cost around $300,000 (£235,000).
They’ll be more frugality because they’ll be no hotel or rental costs. The Sunaks will be staying in the $5m (£3.9m) penthouse apartment they already own on Ocean Boulevard in Santa Monica.
Though whether it will be big enough to accommodate the prime ministerial entourage, funded by the taxpayer, is another question.
According to Cherie Blair, her husband’s prime ministerial vacations required the presence of “three garden girls (the Downing Street secretaries) to do shifts because he has to have a 24-hour office, the comms people to take in secure lines to the White House and No 10, the detectives who come every day with the red boxes”.
Mr Sunak may get by with a smaller team since he is only expecting “daily updates from his private office”.
The Blairs did not have the wealth of Rishi Sunak and his wife Akshata Murthy.
Image: Prime Minister Tony Blair and his wife, Cherie, on holiday in Cumbria in 2002
Cherie admits the family were “house bandits” inviting themselves as guests in other people’s property.
Blair’s image was damaged by the hospitality he accepted from Sir Cliff Richard, the Bee Gee Maurice Gibb, the Bamford JCB dynasty and the Italian aristocrat Prince Girolamo Strozzi, among others.
Having pitched her tent on a campsite in Cornwall, the Labour MP Caroline Flint was surprised to see the then prime minister walking by.
That year, following the foot and mouth outbreak, the Blairs fitted in an unconvincing “holiday at home” away from the sun.
Margaret Thatcher used to impose on a friend as well. She spent several summer breaks away from Number 10 at the Swiss lakeside schloss of Lady Elenore Glover, the widow of a Tory MP.
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By all accounts she did not enjoy her leisure time and packed in as many official trips and visitors as she could.
The surprising exception was when she turned up in Cameron territory on a Cornish beach with a spaniel called Polo on a lead, and her husband Denis.
It was the day after she had surgery on her hand, and the purpose was to demonstrate that the Iron Lady still had an iron grip under the bandages.
John Major and Gordon Brown did not attract attention with their holidays because they did not amount to much.
Major watched cricket and bought a second home in Norfolk.
A glum looking Brown took off his red tie in Suffolk but rushed back to London at the first news of anything happening.
Image: Prime Minister Gordon Brown and his wife Sarah walk through Whitlingham Country Park in Trowse in 2008
Like much else during his premiership, Boris Johnson’s holiday diary was chaotic – including Perugia, Greece, Mustique and Margate.
It remains a mystery who picked up the tab for some of his luxury trips with Carrie.
He almost certainly did pay himself for their memorable budget trip to a remote Scottish cottage in 2020 with their new baby. That idyll was cut short when photographers took unauthorised pictures of the couple.
Prime Minister Sunak has not done himself any damage with this year’s family holiday.
He claims not to have had a proper one for four years. Efforts to get away last summer were certainly blighted by his leadership battle with Liz Truss and the death of the Queen.
He has not notched up any points as a man of the people either, with the well-heeled trip to California.
The choice confirms what the world already thought of the couple who met at the elite Stanford University, not far from Disneyland.
No score with the holiday can be seen as a win for this prime minister facing the live possibility that the next general election could free him “to spend more time with the family”, as ministers thrust out of office like to put it.
Otherwise, expressed in the cruder words to errant underlings of an old Sky News boss, “go on holiday permanently, mate!”.
New Hampshire has approved the issuance of a $100 million municipal bond backed by Bitcoin, in what appears to be the first structure of its kind at the US state level.
Minutes from a Nov. 17 meeting of the New Hampshire Business Finance Authority (BFA), the state’s business financing agency, show the board planned “to consider approving a resolution authorizing up to $100,000,000 bonds for a project to acquire and hold digital currency.”
Minutes from the following day record that directors voted to “approve the preliminary official intent, with no reservation, to issue a taxable conduit revenue bond for WaveRose Depositor, LLC of up to $100,000,000.”
According to a Wednesday Crypto in America report, the bond is backed by Bitcoin (BTC) and would let companies borrow against overcollateralized BTC held by a private custodian. The state or taxpayers do not back the bond; instead, BFA approves and oversees a private deal, while Bitcoin — reportedly held in custody by BitGo — covers investors.
According to the report, asset manager Wave Digital Assets and bond specialist Rosemawr Management designed the bond to utilize Bitcoin as collateral under the same rules that govern municipal and corporate bonds. Wave co-founder Les Borsai said the goal is to “bridge traditional fixed income with digital assets” for institutional investors.
The New Hampshire State House in Concord. Source: Wikimedia
“We believe this structure shows how public and private sectors can collaborate to responsibly unlock the value of digital assets and digital asset reserves,” he added.
The borrower is expected to post approximately 160% of the bond’s value in Bitcoin as collateral, and if the price of BTC drops below roughly 130%, a liquidation would ensure that bondholders stay whole. According to BFA Executive Director James Key-Wallace, fees from the transaction will fund the local innovation and entrepreneurship program, the Bitcoin Economic Development Fund.
New Hampshire dives headfirst into crypto
The news follows New Hampshire becoming the first US state to allow its government to invest in cryptocurrencies in May after Governor Kelly Ayotte signed a bill allowing the municipality to “invest in cryptocurrency and precious metals.”
New Hampshire is also working on a bill to deregulate local cryptocurrency mining operations. In late October, a committee voted 4–2 to send the measure for further review in an interim study after it had been deadlocked in the State Senate twice.
The local administration is viewed as particularly welcoming to the cryptocurrency industry. In early February, Brendan Cochrane, an Anti-Money Laundering specialist at YK Law in New York City, argued that it could become an alternative for crypto companies relocating to the Bahamas.
The latest moves build on a longer history of crypto engagement. Back in 2015, New Hampshire was already working on a bill that would have allowed the state government to accept tax and fee payments in Bitcoin.
Global bank regulators are preparing to revisit their most stringent crypto rules after the United States and the United Kingdom refused to implement them, a move that threatens to unravel the long-standing consensus of the Basel Committee.
In an interview with the Financial Times, Erik Thedéen, the governor of the Swedish central bank and chair of the Basel Committee on Banking Supervision (BCBS), said they may need a “different approach” to the current 1,250% risk weighting for crypto exposures.
According to global law firm White & Case, the application of the 1,250% risk weight means that credit institutions must hold their own funds of at least equal value to the amount of the respective crypto-asset exposure.
Under the existing framework, crypto assets issued on a permissionless blockchain, which includes stablecoins such as USDt (USDT) and USDC (USDC), receive the same 1,250% risk weighting used for the riskiest venture investments.
However, Thedéen acknowledged that the rapid growth of regulated stablecoins has changed the policy landscape. “What has happened has been fairly dramatic,” Thedéen told the Financial Times, adding that there is a strong increase in stablecoins and that the amount of assets in the system calls for a new approach.
“We need to start analysing. But we need to be fairly quick on it,” Thedéen added, floating questions over stablecoin risks and if there was an argument that could approach the assets in “a different way.”
Explicit resistance from major economies
The resistance felt from major economies is now more explicit. According to the FT report, the US Federal Reserve does not plan to implement the Basel crypto rules as written, with policymakers calling the capital charges unrealistic.
The Bank of England also signaled that it will not apply the framework in its current form. At the same time, the European Union has only partially implemented the 2022 standard, excluding key provisions that cover permissionless blockchains.
Citing anonymous sources, Bloomberg previously reported that the Basel Committee is preparing to revise its 2022 guidance next year to be more favorable to banks participating in crypto markets.
The report said that many banks interpreted the framework as a deterrent to engaging with cryptocurrency or stablecoin services.
The talks reportedly intensified as regulated stablecoins gained traction in the US, supported by US President Donald Trump and the passage of the GENIUS Act, which formally authorized the use of these assets in payments.
Stablecoin boom requires rethink of rules
Thedéen echoed the concerns in the FT report, saying that the increase in stablecoin adoption requires fresh analysis and a potentially more lenient stance.
However, he also said that reaching an agreement may be difficult as regulators are divided on core assumptions about crypto’s risk profile and the role of bank-issued digital assets.
“Going further than that at this point in time is difficult, because I’m the chair and there are so many different views in this committee,” he said
The divergence in policies creates a competitive imbalance for global banks. If EU banks remain bound by these mandates while the US and the UK operate under more lenient frameworks, the playing field becomes significantly tilted.
This imbalance would influence which jurisdictions can build bank-issued stablecoin products, tokenized deposits or even crypto custody solutions.
Ondo Global Markets, a US-based tokenization platform, has received regulatory approval to offer tokenized stocks to European investors.
Liechtenstein Financial Market Authority (FMA) has granted Ondo approval to launch its tokenized stocks and exchange-traded funds (ETFs) in the European Union and the broader European Economic Area (EEA), the company announced on Tuesday.
“With this milestone, more than 500 million investors in 30 European countries can soon access regulated exposure to US markets directly onchain,” Ondo said.
The news came a few weeks after Ondo partnered with Boerse Stuttgart Group’s digital asset arm BX Digital to enable the tokenized stock trading in Switzerland on Nov. 3.
Liechtenstein adopts MiCA despite not being EU member state
Liechtenstein’s approval positions Ondo to offer tokenized stocks and ETFs to retail investors across all 30 EEA countries, including all 27 EU nations plus Iceland, Liechtenstein and Norway.
The regulatory milestone positions Ondo to operate within a “unified, regulated European framework consistent with established investor-protection standards,” the company said.
Ondo did not specify the framework under which it secured approval to offer tokenized stocks in Europe, but highlighted Liechtenstein’s passporting regime, which extends across the EEA.
Following the expiry of the transitional regime on Dec. 31, 2025, crypto asset service providers (CASPs) must hold MiCA authorization from Liechtenstein’s FMA.
Cointelegraph approached Ondo and the FMA for comment regarding the nature of the approval but had not received a response at the time of publication.
The news arrives amid rising tensions within the EU over the extent of supervisory authority that member states should retain under MiCA. According to reports, EU officials are drafting plans to designate the European Securities and Markets Authority as the direct regulator for all CASPs across the bloc.