DeFi adoption internationally

<![CDATA[Decentralized Finance (DeFi) represents an emerging financial model that utilises distributed ledger technologies to provide functions like borrowing, investing, or trading digital assets, all without the need for conventional centralised intermediaries. Here is a quick update with what is occurring on the international stage.

United States

On 7 September, the Commodity & Futures Trading Commission (“CFTC”) issued (and settled) charges against three digital asset DeFi businesses based in the United States: Opyn Inc.; ZeroEx, Inc.; and Deridex, Inc. Deridex and Opyn are charged with “failing to register as a swap execution facility (SEF) or a designated contract market (DCM), failing to register as a futures commission merchant (FCM), and failing to adopt a customer identification program as part of a Bank Secrecy Act compliance program”. All three are charged with “illegally offering leveraged and margined retail commodity transactions in digital assets”.

The facts leading to the charges can be found at the CFTC’s website. The nomenclature (SEF, DCM, FCM, registered exchange) is that of the U.S. regulations. The (rough) equivalents in the UK are “trading venue” and “broker”: activities which require authorisation and registration under the Regulated Activities Order in the UK.

In summary, Deridex and Opyn offered platforms for retail customers to trade tokens (or derivatives of tokens). The CFTC found that:

these tokens were swap contracts which could only have been offered to retail customers on a “registered exchange”;
the platforms could only offer trading and processing of these tokens and derivatives (as they were swaps) if they were registered as a SEF; and
the business of deploying the smart contracts underlying the tokens (and the derivatives) was activity which could only be undertaken by a FCM.

This was not a unanimous decision of the CFTC Commissioners. One Commissioner expressed her concern that the CFTC’s enforcement actions are not the most suitable means of addressing DeFi technology and that the CFTC should engage with the public and other stakeholders through rulemaking and other tools (the “Policy Issue”). Also, she raised questions about the CFTC’s regulatory jurisdiction over DeFi protocols (the “Jurisdiction Issue”).

Dealing first with the Policy Issue: the majority ruling of the CFTC was that “unlawful transactions [do not] become lawful when facilitated by smart contracts”. As any adviser will tell their clients, the regulatory status of any token, protocol or smart contract will depend on what it says it does and what it actually does. The CFTC and the Securities Exchange Commission (“SEC”) may be taking a robust approach to the perimeter of its rules (i.e. what tokens, protocols and smart contracts fall within its regulatory mandate) as a matter of policy, however, the policy is being applied across the developed world to one extent or another. Financial markets infrastructures are adapting to being DeFi within the TradFi world and increasingly using TradFi nomenclature to describe the activities within DeFi. We should expect more of the same, and more established (often TradFi) participants to adopt DeFi as a result.

On the Jurisdiction Issue: there are two halves to this issue.

The first relates to the way in which the U.S. regulatory system is established. The CFTC has jurisdiction over “derivatives markets”, including commodity futures, options and swaps. The SEC has jurisdiction over the securities markets. If a product is a security, then the SEC, not the CFTC has jurisdiction. Conversely, if a product is a swap then the CFTC, not the SEC has jurisdiction. If a product is neither (or could be both) then either neither regulator has jurisdiction or the CFTC and SCE compete for jurisdiction. This does seem to be happening in the U.S.

The second related to the “engagement” point. It is understandable that regulators would take their “consumer harm” mandate seriously for matters where there was either an unambiguous risk of “consumer harm” or if consumers were concerned that they were at risk of “harm”. The difficult space for regulators to inhabit is the space where consumers feel that the risks of harm to them are outweighed by the benefits of increased choice and financial autonomy presented by DeFi. All regulators grapple with this issue. Often – particularly in the UK – the regulators sit on the side of caution. I express no personal views on this, save to say that at some point the adoption of DeFi will become sufficiently widespread that it will present a systemic risk.

It is worthwhile noting that IOSCO has just released – at the same time as the SEC decision – its policy recommendations for DeFi. While these recommendations will be the subject of another post, the principles conform to the SEC’s approach, namely that IOSCO’s recommendations have “been informed by a mapping of IOSCO Standards [on TradFi] to DeFi products, services, arrangements, and activities”.

France

While not new, it is worthwhile mentioning that the UK’s moves on “finfluencers” (and their role in marketing) have been mirrored in France.

In June this year, a law was passed in France defining “influencers” as “individuals or legal entities who, for a fee, mobilise their notoriety with their audiences” to promote goods or services online. I have written about the UK’s moves previously, and bemoaned the likely inability to enforce the FCA’s (well-meaning) rules. France has taken the approach that influencers within the EU and Switzerland must have liability insurance for their promotions and that influencers outside the EU and Switzerland must not promote the covered goods and services unless they have appointed a local agent/representative which carries insurance. A cynic would be reminded of the EU’s standard MO of “bringing everything onshore” and restricting access to its markets to anyone not under the direct jurisdiction of an EU regulatory body. My more upbeat view is that this deals, somewhat, with the problems I highlighted with the FCA’s approach.

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In Early – The Crypto Podcast: Episode 19 with Jonny Fry

<![CDATA[Blockchain litigation lead, Matt Green will be hosting our latest podcast series, ‘In Early – The Crypto Podcast’ – Listen to episode 19.

This week’s episode features Jonny Fry the Crypto AM Influencer of the year 2022. With a wealth of knowledge in this sector, Jonny runs Digital Bytes, which creates and distributes a weekly roundup of the biggest stories in the world of digital assets, complimented by his podcast Digital Bytes via his brand Team Blockchain.

Matt and Jonny speak about a huge array of topics, from his views own on regulation and the UK Parliament Treasury Committee’s proposition on treating crypto assets like gambling, the history of digital assets and money, the implementation of BritCoin, to how he came to found his media business off the back of years running and managing funds, how he chooses topics of interest, and what being an influencer means to him.

Listen to the podcast below and send your thoughts to matt.green@shoosmiths.co.uk.

 

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Higher base rate, lower development

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Activity levels in the residential development market remain lower than developers, lenders and other real estate professionals have become accustomed to over the last 15 years.

With 14 base rate rises implemented by the Bank of England (BoE) in the last 18 months – now at 5.25% – the UK is currently subject to the highest base interest rate since 2008.

It is recognised that raising the base rate is necessary to halt and lower high rates of inflation brought on by the COVID-19 pandemic, supply chain pressures, increased global economic costs and prices, alongside the war in Ukraine and resulting energy price crisis.

Despite the challenging consequences of the BoE’s repeated base rate increases, there is evidence that the approach is working. The rate of inflation in the UK has fallen since October 2022, with energy and food price growth also slowing. This is, however, leading to a tightening in the lending market and overall slowdown in residential development.

Property agents are reporting a fall in the sales of new homes, as well as sales and acquisitions of development sites. Savills recently reported that it expects the sales of new homes to drop by 50,000 annually due to market conditions and the planning system. This is coinciding with an increase in the time it takes developers to sell the majority of properties in a development, with buyers facing an average two-year fixed-rate mortgage of 6.50%.

Debt

The availability of accessible, and until recently, relatively cheap, debt has powered the residential development market over the last two decades. The majority of property development projects in the UK are often reliant on debt provided by a third party lender.

As an industry dependent on debt to operate, higher rates of interest have a direct and material impact on the cost of funding a development. When combined with higher material costs and a skilled labour shortage in the construction industry, successfully completing a project, as well as extracting profit from it, is becoming more challenging.

To compound matters, there are millions of pounds of existing loans in place that will be maturing in the next six-24 months. The large chunk of which will need to be refinanced at significantly higher interest rates. This is already evident in the residential mortgage market, but is more than likely to impact an increasing number of developers.

These pressures could risk developments not commencing or being suspended, and unfortunately, potential developer and contractor insolvencies.

As lawyers in the real estate finance market, we are increasingly being instructed on transactions that include pre-dispute factors, such as contractor insolvencies, re-negotiation of commercial terms, reduction in loan amount – due to falls in asset value – and financial covenant breaches. The real estate industry must recognise and prepare for these risks.

Outlook

The BoE’s next decision on the Bank Rate is due on 21 September. Financial markets are predicting an 80% chance of a 0.25 percentage-point rise, to 5.5%. The wider outlook is that further rises are likely, as the BoE aims to put further downward pressure on inflation.

Though some analysts are predicting that the base rate should level off or even decrease by the end of 2024, the BoE’s recent base rate announcement was accompanied by a commitment to ‘ensure that Bank Rate is sufficiently restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term, in line with its remit’.

Those operating in the real estate industry should anticipate that a return to the ultra-low interest rates seen in recent years is highly unlikely, at least in the short to medium term. Rather, the ‘new normal’ could likely be a base rate of around 2%.

Mortgage approvals in the UK did hit their highest levels in June since October 2022. This is in part due to slightly lower mortgage rates, as well as an increase in the typical mortgage term to between 31 and 35 years according to the RICS Economy and Property Market Update August 2023. It could also indicate that the market is slowly adjusting to higher rates.

Demand for rental properties also remains high, meaning the requirement for new homes is still the same. When financial conditions improve, housebuilders and property developers will be able to increase their activities knowing that the market appetite is high – a report from Centre for Cities found that Britain has 4.3m homes missing from supply.

Other parts of the real estate market are also showing their resiliency. For example, the strong levels of demand for student accommodation, coupled with a shortage of private sector rental properties, means purpose-built student accommodation projects are going to remain essential. Investment into the sector reached a record £7.8bn in 2022.

A drop in development sales could also see housing associations – with good access to funds – begin to acquire more sites, while providing developers with opportunities to partner on schemes as the sale market cools. There are also a growing number of examples of traditional housebuilders partnering on build to rent schemes, with 2022 seeing several forward funding agreements agreed, including in the single-family housing sector.

Ultimately, opportunities will arise and the UK’s real estate market will recover.

Businesses will remain invested and, with the assistance of professional advisors, continue exploring innovative ways to sustain the production of quality and profitable developments.

Simon Hart is a legal director specialising in banking law at Shoosmiths

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London Stock Exchange maps out digital assets platform

<![CDATA[In the following article (behind the Financial Times paywall), Philip Stafford and Lura Noonan discuss the London Stock Exchange plc’s (LSE) plans to build a system that will “improve the efficiency of buying, selling and holding traditional assets.”

It is not clear immediately where in the LSE’s infrastructure or offering this new system will sit. It is clear, though, that enterprises such as R3 Corda have built (and since launched) distributed ledger technology (DLT) – based post-trade and settlement infrastructure which have been re-purposed in other areas and organisations such as the European Central Bank have published reports from advisory groups on the use of DLT in securities post-trade processes.

The main difference between what I understand the LSE to be building and what R3 Corda built is that the LSE’s blockchain is permissionless. R3 Corda’s blockchain was permissioned (i.e. a participant had to be granted access and was not anonymous to other participants). The permissioned versus non-permissioned blockchain question is important given that a trading venue’s order book in the ordinary course should be anonymous, so it is reasonable to assume that the LSE would want the blockchain to remain anonymous. However, my question is how one squares the circle of the LSE needing to restrict access to the system only to “permissioned” members and participants without making the system “permissioned”.

Next steps will be interesting or perhaps not, and this project will progress as others have done (which is to say that they end up as solutions to problems the market does not have – yet or ever). That being said, the digital assets financial markets infrastructure space is a very interesting one at the moment. For example, ClearToken recently completed its first phase with successful industry proof of concept and moves towards authorisation – a project on which Shoosmiths is advising.

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The Human Rights Lawyers Association Lord Kerr Essay Competition Winner 2023: Is there a human right to live free from poverty? Should there be?

About the HRLA

The Human Rights Lawyers Association (HRLA) is a membership organisation which aims to promote the effective legal protection of human rights and fundamental freedoms in the UK and to further research, education and training in the area of human rights practice. The Young Lawyers’ Committee (YLC) is constituted by young lawyers, trainees, policy workers, paralegals, and law students with a keen interest in human rights law, who work together to provide essential training and resources for young people considering a career in human rights. This is done through the HRLA’s annual Judicial Review Mooting Competition, Careers Day and the Lord Kerr Essay Competition, which was set up by the HRLA to honour the legacy and human rights contribution of Lord Brian Francis Kerr, Baron Kerr of Tonaghmore, the former Supreme Court Justice, following a generous donation by his son, Patrick Kerr.

Competition winner

Alexis Boddy’s winning essay is below. You can also read the essays of the runners-up here.

2023 Winning Essay byAlexis Boddy

In a judgment by the House of Lords in 2003, Lord Hoffman discussed the importance of individual human rights in democratic societies. He stated that:

The exact limits of such rights are debatable and, although there is not much trace of economic rights in the 50-year-old Convention, I think it is well arguable that human rights include the right to a minimum standard of living, without which many of the other rights would be a mockery.[1]

It has been twenty years since this judgment and, currently, around 20% of the UK population is living in poverty. This means that they are ‘unable to meet their most basic needs for shelter, food, heat, light, clothing and hygiene from their own resources for themselves.’[2] Poverty and human rights are inextricably linked. Poverty is both the cause and the symptom of human rights abuses across the world and without strong, legislative action, this will only worsen. This essay considers the current legislative frameworks in the UK and looks at both the implied and overt right to live free from poverty. I will argue that the only way to address systemic inequality is for there to be an enshrined human right to live free from poverty.

Is there a human right to live free from poverty?

What is poverty?

As the UN stated in ‘Rethinking Poverty,’ ‘there are likely to be serious differences in the perceptions and motivations of those who define and measure poverty.’[3] In developed countries, there has been a shift away from thinking about poverty in absolute terms towards measuring it in relative terms, ‘stemming from the realization that the perception and experience of poverty have a social dimension.’[4] For the purposes of this essay, I will be restricting the definition of poverty to the UK. Data from the Department for Work and Pensions (DWP) shows that one in five people in the UK are in relative poverty (after housing costs are accounted for).[5] The Joseph Rowntree Foundation’s definition of poverty means:

not being able to heat your home, pay your rent, or buy the essentials for your children. It means waking up every day facing insecurity, uncertainty, and impossible decisions about money. It means facing marginalisation – and even discrimination – because of your financial circumstances. The constant stress it causes can lead to problems that deprive people of the chance to play a full part in society.[6]

With roughly 20% of the UK population currently experiencing such deprivation, do they have the right to legal recourse?

Is the human right to live free from poverty currently enshrined in law?

Taking the Joseph Rowntree definition of poverty, we can see that some elements may already be enshrined in the Human Rights Act and other pieces of legislation. If the right to live free from poverty currently exists in law, it may be helpful to split it into two manifestations: the implied recognition and the overt recognition.

The implied recognition of the right to live free from poverty can be seen in several areas of the Human Rights Act. Article 14, the prohibition of discrimination, means that the rights in the Convention should be ‘secured without discrimination on any ground such as sex, race, colour, language, religion, political or other opinion, national or social origin, association with a national minority, property, birth or other status.’[7] If we compare this to the Rowntree definition, particularly the part that references ‘facing marginalisation – and even discrimination – because of your financial circumstances,’[8] we can see that Article 14 implicitly offers protection to those living in poverty from discrimination. Likewise, other provisions, such as the right to freedom of expression, the right to respect for private and family life, could be curtailed by poverty. The protection afforded by Article 3, that no one shall be subjected to torture or to inhuman or degrading treatment or punishment, has come under some scrutiny in case law. For example in Limbuela, there was significant overlap with the JRF’s definition of poverty when looking at the state’s ‘breach of Article 3 ECHR for its failure to provide food and accommodation to asylum seekers who had no means of supporting themselves.’[9] Likewise, in EW, Hickinbottom J suggested that ‘in the ordinary course the [Article 3] threshold may be crossed if, as a result of a withdrawal of support…a person was obliged to sleep in the street, or was seriously hungry, or was unable to meet the most basic requirements of hygiene.’[10] Article 6, the right to a fair trial, could also be curtailed by poverty if the accused cannot afford the requisite legal representation and the government has withdrawn adequate recourse to funds.

As well as this, there are some specific duties that authorities are under, which would imply a protection from poverty. For example, ‘authorities in England are subject to a specific duty to provide accommodation for children in need’[11] and they also have a general duty ‘to safeguard and promote the welfare of children within their area who are in need; and so far as is consistent with that duty, to promote the upbringing of such children by their families.’[12] The Court of Appeal have stated that ‘where children are affected the state is subject to an obligation to relieve poverty if “necessary to allow family life to continue.”’[13] However, this is a limited obligation and does not guarantee the right to live free from poverty more generally.

Historically, there was some protection from poverty afforded through various statutes, tracing back to the Magna Carta, which prohibited ‘disproportionate fines and deprivation of the means of livelihood.’[14] There was also a duty to ‘relieve destitution flowing from the Poor Laws,’[15] which were modernised in various forms, including the Unemployment Assistance scheme in 1934, which cemented the duty to relieve destitution.[16] However, this duty was eroded at the end of the twentieth century, especially when it was qualified ‘through the exclusion of those on strike due to a trade dispute.’[17]

Indeed, there is no overt, absolute human right to live free from poverty currently enshrined in UK law. The Human Rights Act ‘generally excludes economic, social and cultural rights’[18] and the word ‘poverty’ is not mentioned in the Act. Furthermore, The Equality Act, while outlining the public sector duty regarding socio-economic duties, again does not explicitly cover or even mention the word ‘poverty’. This means that the ‘Commission cannot take anti-discrimination cases on poverty, as it can where discrimination is based on sex, race, disability, religion or belief, age or sexual orientation.’[19]

The International Covenant on Economic, Social and Cultural Rights (ICESCR), was adopted by the UN in 1966 and ensured certain rights, including the right to education, fair and just conditions of work, an adequate standard of living, the highest attainable standard of health and social security.[20] While the UK Government agreed to follow the ICESCR in 1976,[21] they have ‘consistently resisted UN pressure’ to incorporate it into law ‘contrary to a recommendation from the Joint Committee on Human Rights of the House of Lords and the House of Commons.’[22] Likewise, The European Charter of Fundamental Rights ‘brings together the most important personal freedoms and rights enjoyed by citizens of the EU into one legally binding document’[23] and ‘builds on the rights protected by the European Convention on Human Rights to create more comprehensive protection for economic, social and cultural rights.’[24] In 2007, the Government rejected proposals to incorporate the Charter into UK law. There is also the right to social assistance in Article 13 of the European Social Charter (ESC).[25] Again, this piece of legislation is not part of UK law and ‘carries limited weight’[26] in terms of domestic human rights.

It could be argued that there is a right to live free from poverty enshrined in the anti-slavery legislation in the UK. While there is overt recognition of the prohibition of slavery, in the Human Rights Act 1998 and the Modern Slavery Act 2015, this again contains very specific obligations rather than looking more holistically at poverty. Indeed, most of the Human Rights enshrined in UK law mean nothing if one in five people lack access to the most fundamental aspects of life and have clearly not been effective enough in preventing ‘the worst excesses of poverty.’[27]

Should there be a human right to live free from poverty?

It could be argued that it is currently possible to enforce rights through existing frameworks and the difficulties in defining poverty mean that any legislation would lack a universal application. Furthermore, any such legislative power would lack immediacy and would be impractical to enforce. Successive governments could simply rescind these protections under parliamentary sovereignty.

However, looking at the current political landscape and the ‘prioritisation of personal as opposed to state responsibility’[28] we can see that there should be a move towards an overarching right to live free from poverty. It is possible to define poverty in relative terms and a consensual formulation could be reached. The argument that it would be unenforceable is also specious as there are many different avenues to ensure enforceability. For example, it could be used as another element in ‘social security or immigration appeals and judicial reviews, or in actions to recover public debt, particularly where it takes the form of a negative duty to avoid imposing destitution’[29] By incorporating the ICESCR into UK law, there would be a permanence to the protection of socio-economic rights. If governments had to take measures to curtail these socio-economic rights then they would have to ‘demonstrate that they are temporary, necessary, proportionate and non-discriminatory, and that they do not remove minimum levels of protection.’[30]

Such a systemic shift would mean that any legislation would be seen through the lens of the prevention of poverty. It would set obligations for governments and other duty-bearers to abide by.

Echoing Lord Hoffmann, the previous Secretary-General of the UN, Kofi Annan said in a 2006 address that ‘if we are to be serious about human rights, we must demonstrate that we are serious about deprivation.’[31] Poverty is the root cause of most human rights abuses across the world, through trafficking and modern slavery and also a consequence of systemic inequality, through a lack of access to education.[32] As we saw in the JRF’s definition of poverty, it means ‘waking up every day facing insecurity, uncertainty, and impossible decisions about money…The constant stress it causes can lead to problems that deprive people of the chance to play a full part in society.’[33] It is therefore clear that there should be an unambiguous statutory right to live free from poverty.

The most definitive way to go about this would be to enshrine a more robust framework to ‘underpin the development of more effective social and legal protection against the worst forms of poverty.’[34] This could go some way towards challenging the root causes behind poverty and the systems that maintain systemic disparities. As Simpson (et al) argue, the welfare systems in the UK have ‘not been effective enough’[35] in providing assistance for those living in poverty. A statutory recognition of the human right to live free from poverty would provide both a legal and political accountability ‘framework: legal through judicial scrutiny on whether the duty was properly considered and implemented, and political in requiring scrutiny of government policies and draft legislation to ensure compatibility with the destitution duty.’[36]

The law has an important role to play in remedying ‘the symptoms of structural injustice that law itself has created.’[37] There are many ways in which enshrining the human right to live free from poverty could enhance the current system of socio-economic protections. By having a clear, unambiguous provision, there would be clarity on the role of the government, local authorities and other duty-bearers, as well as ‘setting a statutory benchmark to expand the legal interpretation of what it is reasonable to expect the state to provide.’[38] It would create a holistic system that is proactive rather than reactionary. By ‘raising the bar on the expectation of a minimum standard of living’[39] it would strengthen the assertion that the UK plays a ‘leading role in protecting and advancing human rights’[40] and create a strong basis for tackling poverty and the societal issues that stem from it.

 

Conclusion

We have seen that currently, the system of protections against poverty are implied and limited in scope. They are, therefore, not effective in assisting some of the most vulnerable members of UK society. The use in litigation of existing articles within the Human Rights Act for this purpose, including the right to a fair trial and the prohibition of torture, have been difficult and limited in scope. By enshrining an unambiguous right to live free from poverty, it would begin a journey towards socio-economic equality and would enable all people to play a full part in their society.

 

 

[1] Matthews v Ministry of Defence [2003] UKHL 4 (13 February 2003)

[2]  Simpson, Mark, McKeevery, Grainne, Fitzpatrick, Ciara, Legal Protection Against Destitution in the UK: The Case for a Right to a Subsistence Minimum, (2023) Modern Law Review, 86(2) 465-497

[3] United Nations, Rethinking Poverty, (UN), <https://www.un.org/esa/socdev/rwss/docs/2010/fullreport.pdf> Accessed on 30th April 2023

[4]  United Nations, Rethinking Poverty, (UN), <https://www.un.org/esa/socdev/rwss/docs/2010/fullreport.pdf> Accessed on 30th April 2023

[5] Poverty in the UK: statistics, House of Commons Library, <https://commonslibrary.parliament.uk/research-briefings/sn07096/> Accessed on 30th April 2023

[6] What Is Poverty? Joseph Rowntree Foundation, <https://www.jrf.org.uk/about-us/what-is-poverty> Accessed 30th April 2023

[7] Human Rights Act 1998, Article 14

[8]What Is Poverty? Joseph Rowntree Foundation, <https://www.jrf.org.uk/about-us/what-is-poverty> Accessed 30th April 2023

[9] Simpson, Mark, McKeevery, Grainne, Fitzpatrick, Ciara, Legal Protection Against Destitution in the UK: The Case for a Right to a Subsistence Minimum, (2023) Modern Law Review, 86(2) 465-497

[10]  Ibid

[11] Ibid

[12] The Children Act 1989, s 17 (1)

[13] Simpson, Mark, McKeevery, Grainne, Fitzpatrick, Ciara, Legal Protection Against Destitution in the UK: The Case for a Right to a Subsistence Minimum, (2023) Modern Law Review, 86(2) 465-497

[14] Ibid

[15] Ibid

[16] McKeever, Gráinne, Chapman, Alexandra, Fitzpatrick, Ciara, Simpson, Mark, Dignity through discretion: a review of discretionary support, schemes in the UK (2023), Journal of Social Security Law, 30(1), 13-35

[17] McKeever, Gráinne, Chapman, Alexandra, Fitzpatrick, Ciara, Simpson, Mark, Dignity through discretion: a review of discretionary support, schemes in the UK (2023), Journal of Social Security Law, 30(1), 13-35

[18] Killeen, Damian, Is poverty in the UK a denial of people’s human rights? Joseph Rowntree Foundation, <https://www.jrf.org.uk/report/poverty-uk-denial-peoples-human-rights> Accessed 30th April 2023

[19]Ibid

[20]International Covenant on Economic, Social and Cultural Rights (ICESCR) , UN, <https://www.equalityhumanrights.com/en/our-human-rights-work/monitoring-and-promoting-un-treaties/international-covenant-economic-social> Accessed 30th April 2023

[21]Ibid

[22]Killeen, Damian, Is poverty in the UK a denial of people’s human rights? Joseph Rowntree Foundation, <https://www.jrf.org.uk/report/poverty-uk-denial-peoples-human-rights> Accessed 30th April 2023

[23] Charter of Fundamental Rights, Citizens Information, <https://www.citizensinformation.ie/en/government_in_ireland/european_government/eu_law/charter_of_fundamental_rights.html#:~:text=The%20Charter%20of%20Fundamental%20Rights,with%20the%20Treaty%20of%20Lisbon.> Accessed 30th April 2023

[24]Killeen, Damian, Is poverty in the UK a denial of people’s human rights? Joseph Rowntree Foundation, <https://www.jrf.org.uk/report/poverty-uk-denial-peoples-human-rights> Accessed 30th April 2023

[25] Simpson, Mark, McKeevery, Grainne, Fitzpatrick, Ciara, Legal Protection Against Destitution in the UK: The Case for a Right to a Subsistence Minimum, (2023) Modern Law Review, 86(2) 465-497

[26] Ibid

[27]Ibid

[28] Ibid

[29] Ibid

[30] Equality and Human Rights Commission, Progress on Socio-Economic Rights in Great Britain, <https://www.equalityhumanrights.com/sites/default/files/progress-on-socio-economic-rights-in-great-britain.pdf> Accessed 1st May 2023

[31]Freedom from poverty is a human right and not a matter of compassion, say UN leaders, UN, (10 December 2006) <https://news.un.org/en/story/2006/12/202612#:~:text=Audio%20Hub-,Freedom%20from%20poverty%20is%20a%20human%20right%20and%20not,of%20compassion%2C%20say%20UN%20leaders> Accessed 30th April 2023

[32] About extreme poverty and human rights, Special Rapporteur on extreme poverty and human rights, <https://www.ohchr.org/en/special-procedures/sr-poverty/about-extreme-poverty-and-human-rights> Accessed 1st May 2023

[33] What Is Poverty? Joseph Rowntree Foundation, <https://www.jrf.org.uk/about-us/what-is-poverty> Accessed 30th April 2023

[34] Simpson, Mark, McKeevery, Grainne, Fitzpatrick, Ciara, Legal Protection Against Destitution in the UK: The Case for a Right to a Subsistence Minimum, (2023) Modern Law Review, 86(2) 465-497

[35] Ibid

[36]Ibid

[37]Ibid

[38]Ibid

[39]Ibid

[40] Department for Exiting the European Union (2017), ‘Legislating for the United Kingdom’s withdrawal from the European Union’ <https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/604516/Great_repeal_bill_white_paper_accessible.pdf Accessed 1st May 2023

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