logo
Lammy tough talk undermined as trade envoy flies to Israel

Lammy tough talk undermined as trade envoy flies to Israel

Telegraph28-05-2025
The decision to cease trade talks over the Gaza offensive sparked a furious response from Israel's foreign ministry, which said: 'If, due to anti-Israel obsession and domestic political considerations, the British Government is willing to harm the British economy – that is its own prerogative.'
Lord Austin, who now sits as a non-affiliated peer in the House of Lords, has served as the UK's trade envoy since 2019. Earlier this year, he said he was 'delighted' to be reappointed by Sir Keir to represent the Labour Government.
'Hundreds of businesses and thousands of jobs in the UK depend on trade and investment with Israel, and I'll be doing everything I can to help our brilliant team at the UK's embassy in Tel Aviv strengthen the relationship between our two great countries,' he told the Jewish Chronicle.
'Economic growth is the Government's number one mission and I'm looking forward to playing my part in supporting this vital work.'
Lord Austin quit Labour over its anti-Semitism crisis in 2019, accusing Jeremy Corbyn, the then leader, of presiding over a 'culture of extremism'. He was appointed to his trade envoy role by Baroness May a few months later.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Fintech in 2025: The Current Landscape and Future Outlook: By Luigi Wewege
Fintech in 2025: The Current Landscape and Future Outlook: By Luigi Wewege

Finextra

time14 minutes ago

  • Finextra

Fintech in 2025: The Current Landscape and Future Outlook: By Luigi Wewege

As we approach the third quarter of 2025, fintech is no longer a disruptor on the margins, it has become a cornerstone of the global financial ecosystem. Recent figures from the World Economic Forum (WEF) highlight fintech's remarkable trajectory, with revenues surging by 21% year-over-year in 2024, significantly outpacing traditional banking's modest 6% growth. Profitability among public fintech companies has also markedly improved, with approximately 69% now generating profits, indicating the sector's shift toward sustained, scalable performance. Fintech Funding and Market Performance Global fintech funding remains robust, totaling $24 billion across nearly 2,600 deals in the first half of 2025, a 6% increase from the previous period, according to Innovate Finance. While markets in Asia and Europe thrive, the UK's fintech investment plateaued, suggesting regional variations in market dynamics. Notably, public markets reflect renewed investor confidence, exemplified by fintech giants like Coinbase entering the S&P 500 and eToro's successful IPO, raising over $600 million. Additionally, Barron's highlights SoFi's outstanding performance, with a 44% revenue increase and record loan originations, underscoring fintech's resilience and growth potential. Drivers of Fintech Growth The AI Revolution AI, particularly generative and agentic AI, is transforming fintech operations. From automating compliance processes and customer interactions to enhancing fraud detection, AI's integration into fintech operations is profound. India's fintech sector, leveraging AI to accelerate KYC processes and customer engagement, exemplifies this trend. Additionally, research into human-centered AI, prioritizing user experience alongside efficiency, is reshaping fintech's approach to innovation. Embedded Finance and Digital Infrastructure Embedded finance has become central to fintech's expansion, with financial services increasingly integrated invisibly into non-financial platforms. Real-time payments, automated invoicing, and B2B financial services are areas witnessing substantial growth. BCG's analysis confirms this shift, predicting significant expansion in fintech infrastructure and lending services, while consumer-focused fintech begins to saturate. Open Finance and Regulatory Evolution Open finance is rapidly gaining momentum globally, driven by new regulatory frameworks such as the EU's Financial Data Access (FIDA) and PSD3 updates. These changes extend data sharing to broader financial products beyond basic banking. However, tensions persist, notably in the US, where JPMorgan's proposed charges for data access via APIs raise significant concerns, potentially disrupting fintech innovation dependent on open data models. Crypto and Digital Assets Cryptocurrency and stablecoin adoption continue to grow, attracting substantial institutional investment. Fintech hubs such as Hong Kong have seen notable funding influxes, driven by increasing stablecoin licensing and investment enthusiasm. Yet, ongoing regulatory scrutiny underscores the complexity fintech faces in balancing innovation and compliance. Cybersecurity and Trust The fintech sector's growth brings heightened cybersecurity risks, demanding robust defensive strategies. Advances in blockchain-based zero-trust architectures and enhanced API security are becoming industry standards. Fintech companies emphasizing comprehensive cybersecurity frameworks will emerge as trusted, resilient leaders in the marketplace. The Road Ahead: Challenges and Opportunities As we enter Q3 2025, fintech stands at a pivotal juncture marked by accelerating innovation and escalating complexity. While scalability and profitability have significantly improved, regulatory challenges and market pressures remain substantial. In the immediate future, fintech is expected to undergo further consolidation through mergers and acquisitions, particularly targeting companies offering innovative financial infrastructure. The embedding of financial services in non-financial platforms will become standard, redefining customer journeys and creating new revenue streams. AI-driven automation and decision-making will increasingly permeate fintech services, elevating efficiency but requiring careful oversight to maintain trust. Simultaneously, regulatory frameworks will evolve, demanding fintech firms adapt to stringent standards without compromising innovation. Thoughts on What is Coming Looking toward the close of 2025 and beyond, fintech's future success hinges on navigating regulatory uncertainties, optimizing embedded financial services, harnessing AI responsibly, and prioritizing cybersecurity. Companies able to balance innovation with operational excellence and regulatory compliance will dominate the fintech landscape, shaping the financial services sector profoundly in the coming years. About the author: Luigi Wewege is President of Caye International Bank, awarded as one of the leading banks in the Caribbean and Central America. During his tenure at the bank, Luigi has been recognized for his turnaround efforts at Caye, growing it into the largest international bank in Belize by total deposit size. He is a regular speaker and contributor for several media publications. He is an accomplished multi-publication author, including The Digital Banking Revolution (now in its third edition). Wewege has co-authored economic research presented before the United States Congress and has been published in The Journal of Applied Finance & Banking. Outside of the bank, Luigi serves as an Instructor for the FinTech School in California and sits on multiple international advisory boards. Wewege earned an MBA in International Business from the MIB Trieste School of Management in Italy and a Bachelor's Degree in Business with honors from the University of Missouri-St. Louis with a triple major in Finance, International Business, and Management.

Inside Jeremy Corbyn's new party and the battle for leadership
Inside Jeremy Corbyn's new party and the battle for leadership

Sky News

time15 minutes ago

  • Sky News

Inside Jeremy Corbyn's new party and the battle for leadership

Zarah Sultana and Jeremy Corbyn may be the figureheads of a new left-wing party, but already there is a battle over leadership. The confusion behind the initial launch speaks to a wider debate happening behind closed doors as to who should steer the party - now and in the future. Already, in the true spirit of Mr Corbyn's politics, there is talk of an open leadership contest and grassroots participation. Some supporters of the new party - which is being temporarily called "Your Party" while a formal name is decided by members - believe that allowing a leadership contest to take place honours Mr Corbyn's commitment to open democracy. 5:51 They point out that under Mr Corbyn's leadership of the Labour Party, members famously backed plans to make it easier for local constituency parties to deselect sitting MPs - a concept he strongly believed in. His allies now say the former Labour leader, who is 76, is open to there being a leadership contest for the new party, possibly at its inaugural conference in the autumn, where names lesser known than himself can throw their hat into the ring. "Jeremy would rather die than not have an open leadership contest," one source familiar with the internal politics told Sky News. However, there have been suggestions that Ms Sultana appears to be less keen on the idea of a leadership contest, and that she is more committed to the co-leadership model than her political partner. Those who have been opposed to the co-leadership model believe it could give Ms Sultana an unfair advantage and exclude other potential candidates from standing in the future. 2:18 One source told Sky News they believed Mr Corbyn should lead the party for two years, to get it established, before others are allowed to stand as leader. They said Ms Sultana, who became an independent MP after she was suspended from Labour for opposing the two-child benefit cap, was "highly ambitious but completely untested as leader" and "had a lot of growing into the role to do". "It's not about her - it's about taking a democratic approach, which is what we're supposed to be doing," they said. "There are so many people who have done amazing things locally and they need to have a chance to emerge as leaders. "We are not only fishing from a pool of two people. "It needs to be an open contest. Nobody needs to be crowned." 1:22 While Mr Corbyn and Ms Sultana undoubtedly have the biggest profiles out of would-be leaders, advocates for a grassroots approach to the leadership point to the success some independent candidates have enjoyed at a local level - for example, 24-year-old British Palestinian Leah Mohammed, who came within 528 votes of unseating Health Secretary Wes Streeting in Ilford North. Fiona Lali of the Revolutionary Communist Party, who stood in last year's general election for the Stratford and Bow constituency, has also been mentioned in some circles as someone with potential leadership credentials. However, sources close to Mr Corbyn and Ms Sultana downplayed suggestions of any divide over the leadership model, pointing out that their joint statement acknowledged that members would "decide the party's direction" at the inaugural conference in the autumn, including the model of leadership and the policies that are needed to transform society. A spokesperson for Mr Corbyn told Sky News: "Jeremy will be working with Zarah, his independent colleagues, and people from trade unions and social movements up and down the country to make an autumn conference a reality. "This will be the moment where people come together to launch a new democratic party that belongs to the members."

X criticises Online Safety Act - and warns it's putting free speech in the UK at risk
X criticises Online Safety Act - and warns it's putting free speech in the UK at risk

Sky News

timean hour ago

  • Sky News

X criticises Online Safety Act - and warns it's putting free speech in the UK at risk

Why you can trust Sky News The Online Safety Act is putting free speech at risk and needs significant adjustments, Elon Musk's social network X has warned. New rules that came into force last week require platforms such as Facebook, YouTube, TikTok and X - as well as sites hosting pornography - to bring in measures to prove that someone using them is over the age of 18. The Online Safety Act requires sites to protect children and to remove illegal content, but critics have said that the rules have been implemented too broadly, resulting in the censorship of legal content. X has warned the act's laudable intentions were "at risk of being overshadowed by the breadth of its regulatory reach". It said: "When lawmakers approved these measures, they made a conscientious decision to increase censorship in the name of 'online safety'. "It is fair to ask if UK citizens were equally aware of the trade-off being made." 3:53 X claims the timetable for platforms to meet mandatory measures had been unnecessarily tight - and despite complying, sites still faced threats of enforcement and fines, "encouraging over-censorship". "A balanced approach is the only way to protect individual liberties, encourage innovation and safeguard children. It's safe to say that significant changes must take place to achieve these objectives in the UK," it said. A UK government spokesperson said it is "demonstrably false" that the Online Safety Act compromises free speech. "As well as legal duties to keep children safe, the very same law places clear and unequivocal duties on platforms to protect freedom of expression," they added. Users have complained about age checks that require personal data to be uploaded to access sites that show pornography, and 468,000 people have already signed a petition asking for the new law to be repealed. In response to the petition, the government said it had "no plans" to reverse the Online Safety Act. 5:23 Reform UK's leader Nigel Farage likened the new rules to "state suppression of genuine free speech" and said his party would ditch the regulations. Technology Secretary Peter Kyle said on Tuesday that those who wanted to overturn the act were "on the side of predators" - to which Mr Farage demanded an apology, calling Mr Kyle's comments "absolutely disgusting". Regulator Ofcom said on Thursday it had launched an investigation into how four companies - that collectively run 34 pornography sites - are complying with new age-check requirements. These companies - 8579 LLC, AVS Group Ltd, Kick Online Entertainment S.A. and Trendio Ltd - run dozens of sites, and collectively have more than nine million unique monthly UK visitors, the internet watchdog said. The regulator said it prioritised the companies based on the risk of harm posed by the services they operated and their user numbers. It adds to the 11 investigations already in progress into 4chan, as well as an unnamed online suicide forum, seven file-sharing services, and two adult websites.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store