Crypto News: Labour’s first battle to get Britain building

Hi there, I'm Ailbhe Rea, an associate editor based in Westminster. Hope you enjoy today's Readout.

During the election campaign, Keir Starmer said he was "prepared to make enemies" if it meant getting Britain building. Is he about to make the first ones?

Tomorrow, two members of his government are due to meet with environmental groups to agree a plan to unblock planning projects that are currently prevented by anti-pollution rules. This would be a step towards delivering Labour's promise to build 1.5 million new homes during this Parliament.

Labour — in power for less than three weeks — is seeking to review so-called "nutrient neutrality" rules, despite having opposed Conservative efforts to scrap them while they were in opposition, I report today.

Steve Reed, the environment secretary Photographer: Chris Ratcliffe/Bloomberg

You might remember the blowback the last time the Tories tried to scrap the rules altogether, a change which ended up being blocked by Labour peers. Now the shoe is on the other foot, and the Labour government is trying to keep environmental groups onside while delivering the estimated 100,000 homes currently held back by the rules, dating back to the pre-Brexit era, which require developers to mitigate river pollution caused by new construction projects.

So far, the relationship between environmental groups and ministers is good, with the former genuinely hopeful it's possible to unburden the planning system without dialing down natural protections. But let's see how they react to the proposed plan — to allow river pollution to happen during building, and mitigate problems afterwards.

At stake is Labour's strategy of stimulating growth by building houses — as well as the health of the country's waterways.

Want this in your inbox each weekday? You can sign up here.

The stories you need to know about this evening

Harris hits the trail, under pressure to prove she can beat Trump.
Shell aims to sell Scottish wind sites in green energy reversal.
Wiz rejects Google's $23 billion offer, and seeks IPO instead.
Thames Water stake written off by Australian shareholder.

The Conservatives have announced the rules for appointing their next leader: a contest will begin tomorrow evening, and will last more than three months, with the new leader announced on Nov. 2. (You can read the details here.)

A longer contest leaves open the possibility of an outside candidate coming to the fore — like David Cameron, who came from behind to win a similarly long contest in 2005.

Kemi Badenoch, the current frontrunner to succeed Rishi Sunak. Photographer: Jason Alden/Bloomberg

But it comes with risks. Firstly, a new leader won't be in place in time for Rachel Reeves's first budget, leaving it to the interim team of Rishi Sunak and Jeremy Hunt to scrutinize the government. The Tories may as a result struggle to challenge Labour's framing of the economic inheritance they received from their predecessors, much as Labour struggled to counter David Cameron and George Osborne's narrative after the 2010 election.

The second risk is simpler. When you're in opposition, moments in the spotlight are few and far between. The election of a new leader is one such moment, and it's best not to squander it competing with the US election.

"As a leader, it takes honor, courage, and incredible integrity to take full responsibility for an organization tasked with one of the most challenging jobs in public service."

Joe Biden

President of the United Status

The president reacts to news the US Secret Service director is stepping down after taking responsibility for failures at the rally where Donald Trump was shot.

One key story, every weekday

Illustrations by Elliot Gray

The internet's biggest recreation zone for kids is fighting to keep predators away, and it's not always winning.

Read The Big Take.

Thanks for reading today's Readout. Let me know your thoughts, tips and feedback on X @PronouncedAlva or readout@bloomberg.net. You can follow Bloomberg UK on X.

The London Rush for getting briefed ahead of your morning calls with the latest UK business headlines, key data and market reaction
Money Distilled for John Stepek's daily newsletter on what market moves mean for your money
Opinion Today for a roundup of our most vital opinions on business, politics, economics, tech and more
Brussels Edition for a daily briefing on what matters most in the heart of the European Union