Lawmaker pushes for GNC probe over Chinese ownership and military base access
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Spectator
an hour ago
- Spectator
Why Reeves should sell her bitcoin hoards
Deep fried prawn balls, chicken chow mein, crispy shredded beef and a Ponzi scheme could be about to win the Chancellor a decent chunk of her headroom back. As Rachel Reeves starts sketching out her autumn Budget, most of the focus has been on the tax hikes she'll need if she's serious about sticking to the 'ironclad' fiscal rules she recommitted to just last week. Economists reckon the wafer-thin £9.9 billion margin she left herself at the Spring Statement has already been wiped out and that she's now staring down a black hole of over £20 billion. So it was a relief to read this morning that the Treasury isn't relying solely on tax rises and has discovered a rather large stash of money down the back of the government sofa. According to The Telegraph, the government is developing a system to allow police forces and the National Crime Agency to sell more than £5 billion crypto assets seized in recent years We don't know the total amount of confiscated crypto the state is sitting on but one seizure in 2018 took in 61,000 bitcoin. If sold today, it would bring in some £5.4 billion – more than triple the culture budget and twenty times its value on the day the police got their hands on it. Jian Wen, who worked in a chinese takeaway, was convicted of laundering money – and her bitcoin seized – from a crypto scam carried out in China when she went from a life living in 'shabby Chinese restaurants' to putting cash offers on £24 million pound houses in Hampstead and villas in Tuscany. Victims of that Wen's ponzi scheme will be entitled to any proceeds of the sell off but experts are confident that enough of them will be untraceable that the Treasury can scoop up the rest and use it to start plugging the black hole. Of course, if Reeves does press 'sell', she will be accused of 'pulling a Gordon Brown', and selling the gold. Bitcoin is already up nearly 20 per cent this year and on current trajectories the Wen haul could be worth over £200 billion in 20 years. But she'd be wise to ignore those voices. Sure, crypto probably will rise. But given it has no fundamental value it might nosedive too. And the state simply can't afford to gamble on highly volatile assets when the public finances are in the mess they are in. So if this really is the plan, the Chancellor should act fast, take the money, and resist the temptation to hold. If all goes well she can treat herself to a Chinese.
Spectator
3 hours ago
- Spectator
Inside the Lords battle on foreign media ownership
After a two-year impasse, the future of the Daily Telegraph could be resolved shortly. A £500m deal has been struck for US firm Redbird Capital to take control of the Telegraph Media Group, with state-backed Abu Dhabi investment vehicle IMI among investors. But a fresh challenge has arisen in the House of Lords. Peers are threatening to block minister's efforts to change the law to give foreign companies a greater stake in British media outfits – up from the existing five per cent to 15 cent. This is a necessary legal change to allow the Telegraph sale to go ahead. A 'fatal motion' will be held in the Lords on Tuesday; if passed, it would kill the government's plans. It is a device seldom wielded by peers, having been last used in 2012. But opponents are growing increasingly confident that the 'fatal motion' could succeed. Two separate fronts have opened up in the Lords. The first is led by Liberal Democrat peer Lord Fox, who tabled the motion. Lib Dem whips are understood to be pulling out all the stops to maximise turnout, including facilitating the attendance of their older peers who do not vote regularly. Their argument is simple: the power of the free press should not be sold to overseas companies susceptible to foreign government influence. The hope is that a sufficient number of Tory and Crossbench peers will vote it down. The second front is led by the cross-party Inter Parliamentary Alliance on China (Ipac) and its supporters like Lord Alton. Their focus is more directly on the Telegraph sale. Sir Iain Duncan Smith has written to Lisa Nandy, the Culture Secretary, arguing that a Foreign State Intervention Notice (FSNI) be issued in this case. A legal opinion by Tom Cross KC details alleged links between Redbird Capital's chairman John Thornton and the Chinese state, including his advisory roles on Beijing's sovereign wealth fund. Sir Iain argues that this is compelling evidence for Nandy to 'adhere to your statutory duty and issue a FSIN without delay.' Both groups are seeking to influence their colleagues across the House. Given the government's lack of a majority, the hope is that a sufficient number of Tory and Crossbench peers will vote it down. Tory whips are expected to vote against the fatal motion, though their colleagues will not be whipped to follow suit. Lord Forsyth, the respected chair of the Association of Conservative Peers, is expected to vote for the motion; others will likely follow his lead. One opponent notes that the Conservatives voted for fatal motions that successfully halted government legislation when they were last in opposition before 2010. A separate 'motion of regret' has been put down by Baroness Stowell, the former Leader of the House. Some supporters of the fatal motion fear it could frustrate their efforts, with wavering peers potentially voting for Stowell's amendment rather than Fox's. The government will argue that a statutory instrument can close the loophole whereby multiple states can each own 15 per cent of any publication. But their critics will counter that this is insufficient and will not stop the Telegraph deal from going ahead.
Scottish Sun
20 hours ago
- Scottish Sun
Rare 50p coin sells for £110 after fierce bidding war – exact detail to look out for
Plus, we reveal more rare coins that could sell for £180 COINING IT Rare 50p coin sells for £110 after fierce bidding war – exact detail to look out for Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A RARE 50p coin has sold for £110 after a fierce bidding war - we reveal the exact details to spot. The 2009 Kew Gardens piece was sold to one lucky punter after fighting off offers from 12 other bidders. Sign up for Scottish Sun newsletter Sign up 1 The Kew Gardens 50p is a desirable coin for collectors There are around 210,000 of these coins in circulation, making it a very rare find. The front of this coin has an image of the late Queen Elizabeth II, with the engraver's initials, Ian Rank-Broadley, below. But what makes this coin special is the design on the reverse. The tails side features a leafy vine wrapped around a Chinese pagoda. It also has the date of the year it was made to commemorate the anniversary. Plus, you might be able to get more than £110 for the coin. Last month, one of these coins sold for £127.08 after 16 people tried to bid for it. That makes it a whopping 254 times its face value. And earlier this week, one of these coins sold for £120 on eBay after a bidding war, with 13 offers placed. But you might not always fetch such a high sum for the piece, with one seller on eBay flogging the same coin for £34 after 11 bids. Five 50ps that could earn you thousands The Kew Gardens piece is not the only rare coin that can be worth a pretty penny. The 2009 Blue Peter piece also recently sold for £180 after 21 bids. It was released in 2009 ahead of the London Olympic games in 2012. The coin features someone doing the high jump on one side, a design created by eight-year-old Florence Jackson from Bristol. The final design was chosen from over 17,000 entries as part of a Blue Peter competition. How to spot rare coins and banknotes Rare coins and notes hiding down the back of your sofa could sell for hundreds of pounds. If you are lucky enough to find a rare £10 note you might be able to sell it for multiple times its face value. You can spot rare notes by keeping an eye out for the serial numbers. These numbers can be found on the side with the Monarch's face, just under the value £10 in the corner of the note. Also, if you have a serial number on your note that is quite quirky, you could cash in thousands. For example, one seller bagged £3,600 after spotting a specific serial number relating to the year Jane Austen was born on one of their notes. You can check if your notes are worth anything on eBay, just tick "completed and sold items" and filter by the highest value. This will give you an idea of what people are willing to pay for some notes. But bear in mind that yours is only worth what someone else is willing to pay for it. This is also the case for coins, you can determine how rare your coin is by looking a the latest scarcity index.
