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It will take around a decade to introduce the baccalaureate-style education programme announced by Rishi Sunak in his conference speech, Downing Street has admitted.

In his address to the Tory Party conference in Manchester, the prime minister announced the creation of a new school-leaver qualification called the “Advanced British Standard” in England to “bring together A-levels and T-levels into a new, single qualification”.

It will see students study English and maths to age 18 – an announcement that has previously been made public.

Mr Sunak said the new system will “finally deliver on the promise of parity of esteem between academic and technical education” because “all students will sit the Advanced British Standard”.

He also said it would help “raise the floor ensuring that our children leave school literate and numerate”.

However, education unions have warned that the plans are “pie in the sky” and “are likely to prove a pipe dream” due to teacher shortages.

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British Prime Minister Rishi Sunak speaks on stage at Britain's Conservative Party's annual conference in Manchester, Britain, October 4, 2023. REUTERS/Toby Melville

Asked how long it would take for the prime minister to bring in the new system, Mr Sunak’s press secretary said: “I believe it will take about 10 years for the advanced British standard to replace A-levels.

“This is a big change to the education system, we will have to work with education experts to work it through.”

Mr Sunak had previously trailed that he wanted pupils to study maths to 18, describing it as his “new mission”.

His spokesperson confirmed the policy will be limited to England as education is a devolved matter, but added: “If the devolved administrations want to use the same standard then they can, and that would be a good thing.”

Elsewhere in his speech, the prime minister announced that sixth-form students will study five subjects rather than three and that the number of taught hours for all post-16 students will rise to at least 1,475 over two years – an extra 195 hours for most students.

Mr Sunak also repeated his plans to crack down on what he called “rip off degrees”, saying he would stop universities from “enrolling students on courses that doing nothing for their life choices”.

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What you missed from Sunak’s speech

Turning his fire on Labour, Mr Sunak said the party had created an assumption that the “only route to success” was through university and that was “one of the great mistakes of the last 30 years”.

He pointed to Gillian Keegan, the education secretary, saying she is the first ever apprentice to fulfil that post.

Mr Sunak announced an initial investment of £600m over two years to lay the groundwork for delivering the Advanced British Standard – which will include funding for tax-free bonuses of up to £30,000 over the first five years of the careers of teachers in key shortage subjects.

A consultation on how to implement the qualification will open this autumn.

‘Completely out of touch with reality’

Geoff Barton, general secretary of the Association of School and College Leaders (ASCL), said that while the “principles of these proposals are good, the practicalities are daunting because of the severity of the teacher recruitment and retention crisis”.

“We’re not convinced that the prime minister’s plan for an early career bonus payment for teachers in key shortage subjects in schools and colleges will be anywhere near enough,” he added.

“Teacher shortages are widespread and very problematic in many subjects. This problem requires a much broader strategy to improve pay, conditions and education funding.

“Without this commitment, the prime minister’s plans for an Advanced British Standard are likely to prove a pipe dream.”

Paul Whiteman, general secretary of school leaders’ union the National Association of Head Teachers (NAHT), said the announcement “raises so many questions”, while Daniel Kebede, the general secretary of the National Education Union (NEU), said Mr Sunak was “completely out of touch with reality”.

“There is no magic wand to create English and maths teachers in sufficient numbers to educate 11 to 16-year-olds, let alone at A-level too,” he added.

The proposals were described as “ambitious” by the Institute for Fiscal Studies (IFS), which also warned that “policy churn” in recent years has had “its own costs, making it more difficult for schools, young people and employers to understand the value of qualifications and to navigate the system”.

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Millionaire former Tory donor defects to Reform

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Millionaire former Tory donor defects to Reform

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”.

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‘European SEC’ proposal sparks licensing concerns, institutional ambitions

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‘European SEC’ proposal sparks licensing concerns, institutional ambitions

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.

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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’

Global stock market value by country. Source: Visual Capitalist

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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