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!”.
Panama’s capital city will accept cryptocurrency payments for taxes and municipal fees, including bus tickets and permits, Panama City mayor Mayer Mizrachi announced on April 15, joining a growing list of jurisdictions globally that have voted to accept such payments.
Panama City will begin accepting Bitcoin (BTC), Ether (ETH), Circle’s USDC (USDC), and Tether’s USDt (USDT) stablecoin for payment once the crypto-to-fiat payment rails are established, Mizrachi posted on the X platform.
Mizrachi said previous administrations attempted to push through similar legislation but failed to overcome stipulations requiring the local government to accept funds denominated in US dollars.
In a translated statement, the Panama City mayor said that the local government partnered with a bank that will immediately convert any digital assets received into US dollars, allowing the municipality to accept crypto without introducing new legislation.
Panama City joins a growing list of global jurisdictions on the municipal and state level accepting cryptocurrency payments for taxes, exploring Bitcoin strategic reserves to protect public treasuries from inflation and passing pro-crypto policies to attract investment.
Several municipalities and territories around the globe already accept crypto for tax payments or are exploring various implementations of blockchain technology for government spending.
The US state of Colorado started accepting crypto payments for taxes in September 2022. Much like Panama City said it will do, Colorado immediately converts the crypto to fiat.
In December 2023, the city of Lugano, Switzerland, announced taxes and city fees could be paid in Bitcoin, which was one of the developments that earned it the reputation of being a globally recognized Bitcoin city.
The city council of Vancouver, Canada, passed a motion to become “Bitcoin-friendly city” in December 2024. As part of that motion, the Vancouver local government will explore integrating BTC into the financial system, including tax payments.
North Carolina lawmaker Neal Jackson introduced legislation titled “The North Carolina Digital Asset Freedom Act” on April 10. If passed, the bill will recognize cryptocurrencies as an official form of payment that can be used to pay taxes.
As digital assets gain mainstream adoption, establishing a legal framework for stablecoins is a “good idea,” said US Federal Reserve Chair Jerome Powell.
In an April 16 panel at the Economic Club of Chicago, Powell commented on the evolution of the cryptocurrency industry, which has delivered a consumer use case that “could have wide appeal” following a difficult “wave of failures and frauds,” he said.
Powell delivers remarks at the Economic Club of Chicago. Source: Bloomberg Television
During crypto’s difficult years, which culminated in 2022 and 2023 with several high-profile business failures, the Fed “worked with Congress to try to get a […] legal framework for stablecoins, which would have been a nice place to start,” said Powell. “We were not successful.”
“I think that the climate is changing and you’re moving into more mainstreaming of that whole sector, so Congress is again looking […] at a legal framework for stablecoins,” he said.
“Depending on what’s in it, that’s a good idea. We need that. There isn’t one now,” said Powell.
This isn’t the first time Powell acknowledged the need for stablecoin legislation. In June 2023, the Fed boss told the House Financial Services Committee that stablecoins were “a form of money” that requires “robust” federal oversight.
Washington’s formal embrace of cryptocurrency began earlier this year when Trump established the President’s Council of Advisers on Digital Assets, with Bo Hines as the executive director.
Hines told a digital asset summit in New York last month that a comprehensive stablecoin bill was a top priority for the current administration. After the Senate Banking Committee passed the GENIUS Act, a final stablecoin bill could arrive at the president’s desk “in the next two months,” said Hines.
Bo Hines (right) speaks of “imminent” stablecoin legislation at the Digital Asset Summit on March 18. Source: Cointelegraph
Stablecoins pegged to the US dollar are by far the most popular tokens used for remittances and cryptocurrency trading.
The combined value of all stablecoins is currently $227 billion, according to RWA.xyz. The dollar-pegged USDC (USDC) and USDt (USDT) account for more than 88% of the total market.
An appellate court has granted a joint request from Ripple Labs and the Securities and Exchange Commission (SEC) to pause an appeal in a 2020 SEC case against Ripple amid settlement negotiations.
In an April 16 filing in the US Court of Appeals for the Second Circuit, the court approved a joint SEC-Ripple motion to hold the appeal in abeyance — temporarily pausing the case — for 60 days. As part of the order, the SEC is expected to file a status report by June 15.
April 16 order approving a motion to hold an appeal in abeyance. Source: PACER
The SEC’s case against Ripple and its executives, filed in December 2020, was expected to begin winding down after Ripple CEO Brad Garlinghouse announced on March 19 that the commission would be dropping its appeal against the blockchain firm. A federal court found Ripple liable for $125 million in an August ruling, resulting in both the SEC and blockchain firm filing an appeal and cross-appeal, respectively.
However, once US President Donald Trump took office and leadership of the SEC moved from former chair Gary Gensler to acting chair Mark Uyeda, the commission began dropping multiple enforcement cases against crypto firms in a seeming political shift. Ripple pledged $5 million in XRP to Trump’s inauguration fund, and Garlinghouse and chief legal officer Stuart Alderoty attended events supporting the US president.
Despite support for the end of the case coming from both Ripple and the SEC, the August 2024 judgment and appellate cases leave some legal entanglements. Alderoty said in March that Ripple would drop its cross-appeal with the SEC and receive a roughly $75 million refund from the lower court judgment. It’s unclear what else may result from negotiations over a settlement in appellate court.
New leadership at SEC incoming
Acting chair Uyeda is expected to step down following the US Senate confirming Paul Atkins as SEC chair on April 9.
During his confirmation hearings, lawmakers questioned Atkins about his ties to crypto, which could create conflicts of interest in his role regulating the industry. In financial disclosures, Atkins stated he had millions of dollars in assets through stakes in crypto firms, including Securitize, Pontoro and Patomak.