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Boris Johnson will make a speech on Thursday on his plans to “level up and unite the country”, something the prime minister has previously described as “the central purpose of his premiership”.

In the Conservatives’ 2019 general election-winning manifesto, the party said its focus would be “levelling up every part of the UK” and the term has since become a key slogan for Mr Johnson’s government.

The term was a key tenet of the Queen’s Speech, the prime minister now has a ‘levelling up adviser’ and Chancellor Rishi Sunak has unveiled a £4.8bn ‘levelling up fund’.

People walk at High Street, amid the coronavirus disease (COVID-19) outbreak, in Windsor, Britain January 10, 2021.
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The regeneration of the high street is expected to form a key part of the PM’s speech on Thursday

In the party’s manifesto, the PM said it would involve investing in towns, cities and rural and coastal areas, using apprenticeships to balance out skills, giving areas more control over investment and creating new freeports.

Andy Street, the Conservative Mayor of the West Midlands – where the PM will be making his speech on Thursday – has said it should mean “a level playing field for the UK’s regions” in terms of opportunities.

And more recently, the term ‘levelling up’ was heavily referenced in the Hartlepool by-election in May – which saw a Tory MP elected for the first time in the current constituency’s history.

But what does the phrase really mean?

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Levelling up is ‘not just getting a shiny new high street’

Conservative MP Simon Fell, one of the many new party representatives elected in the 2019 snap general election, said placing more decision-making locally and investment in education is key to levelling up.

“I think we are seeing good progress on levelling up with towns deals, the Levelling Up Fund, high street bids, all that sort of stuff,” the MP for Barrow and Furness told Sky News.

“But what I am really interested in seeing is more local decision-making, pushing decisions back closer to people, and I am hoping that we will see with that some of what will deliver long-term levelling up.

“I look at my own patch, some of the real challenges we have are around education and health.

“So how we drive changes there, that we are not just getting a shiny new high street – I would happily take a shiny new high street – but actually giving young people the opportunities both in terms of the skills they can pick up and the education they receive, but also the health outcomes which are just lacking at the moment.”

Owner Isatu Funna from Dar Leone displays a "we're open" sign designed by artist Timothy Hunt, which has been created as part of the American Express Shop Small campaign and to help welcome people back to our high streets
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Conservative MP Sir John Redwood says investment in small business and enterprise is key to levelling up

‘Harnessing public and private sectors to create sustained progress’

Conservative MP Sir John Redwood says levelling up to him is investment in “training, education, support for small business and enterprise”.

“To me, the aim is very clear: it is primarily about more people going on worthwhile personal journeys so that we end up with many more people who are in worthwhile and well-paid work where they find more enjoyment and reward from it in every sense,” the MP for Wokingham told Sky News.

Mr Redwood added that the key to effective levelling up is “harnessing public and private sectors” to create “sustained progress for a community”.

“You are not going to get a sustained recovery or a noticeable levelling up if you just put one or two large public sector projects into a place,” he said.

“It has got to be much more comprehensive than that and a lot of the action is going to be private sector led. “

Prime Minister Boris Johnson and Chancellor of the Exchequer, Rishi Sunak during a visit to Teesport in Middlesbrough. Picture date: Thursday March 4, 2021.
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Chancellor Rishi Sunak announced eight new freeports in England in March.

‘Rebalancing the economy and bringing high-quality, well-paid jobs to the regions’

Conservative MP and former minister Simon Clarke says levelling up is about “creating jobs and opportunity and restoring pride in place”.

“My priority for the future is very clear – delivering more good jobs, growth and investment for the area I was brought up in,” the MP for Middlesbrough South and East Cleveland told Sky News.

Mr Clarke added: “Here on Teesside, our new freeport is already bringing the first high-quality, well-paid jobs to our region with huge investors such as GE Renewables choosing Teesside for their new manufacturing operations.

“The Towns Fund, the Future High Streets Fund and the Levelling Up Fund are all enabling our local authorities to deliver investment and kick-start shovel-ready projects to make the improvements that will unlock future investment in our towns and communities.

“The government is rebalancing the economy to give communities which have felt ignored and let down a greater share of investment and greater control over how these investments are made.”

The research is looking at the activation of white cells
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Giles Wilkes, senior fellow at the Institute for Government, said Boris Johnson sees R&D (research and development) as key to his levelling up promise

‘What the state should be doing is what the levelling up debate is all about’

Giles Wilkes, senior fellow at the Institute for Government and former special adviser to Theresa May, says the levelling up debate for Mr Johnson’s government is about two things – investment and research and development (R&D) spending.

On the latter, he said: “This is the idea that if you try to situate your brainy industries outside of these regions that normally benefit from it, the south east and so on, then you will be able to generate new clusters that will become the Seattles and Bostons of the future.

“All I can say about this is that it is extremely difficult.

“The agglomeration benefits of being around where the existing clever people are is incredibly powerful and there is a long list, perhaps 100 long, on Wikipedia of places that decided to call themselves Silicon something-or-other and failed – because there is only one Silicon Valley.”

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Crypto industry, trade unions clash over multi-trillion dollar retirement funds

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Crypto industry, trade unions clash over multi-trillion dollar retirement funds

A growing rift has emerged in Washington, D.C., between the cryptocurrency industry and labor unions as lawmakers debate whether to ease rules allowing cryptocurrencies in 401(k) retirement accounts.

The dispute centers on proposed market structure legislation that would allow retirement accounts to gain exposure to crypto, a move labor groups say could expose workers to speculative risk. In a letter sent on Wednesday to the US Senate Banking Committee, the American Federation of Teachers argued that cryptocurrencies are too volatile for pension and retirement savings, warning that workers could face significant losses.

The letter drew immediate pushback from crypto investors and industry figures. “The American Federation of Teachers has somehow developed the most logically incoherent, least educated take one could possibly author on the matter of crypto market structure regulation,” a crypto investor said on X. 

Retirement, Pensions
The AFT letter to Congress opposes regulatory changes that would allow 401(k) retirement accounts to hold alternative assets, including cryptocurrency. Source: CNBC

In response to the letter, Castle Island Ventures partner Sean Judge said the bill would improve oversight and reduce systemic risk, while enabling pension funds to access an asset class that has delivered strong long-term returns.

Consensys attorney Bill Hughes said the AFT’s opposition to the crypto market structure bill was politically motivated, accusing the group of acting as an extension of Democratic lawmakers.

Retirement, Pensions
Funds held in US retirement accounts by type of account plan. Source: ICI

Related: Atkins says SEC has ‘enough authority’ to drive crypto rules forward in 2026

Opposition to crypto in retirement and pension funds mounts

Proponents of allowing crypto in retirement portfolios, on the other hand, argue that it democratizes finance, while trade unions have voiced strong opposition to relaxing current regulations, claiming that crypto is too risky for traditional retirement plans.

“Unregulated, risky currencies and investments are not where we should put pensions and retirement savings. The wild, wild west is not what we need, whether it’s crypto, AI, or social media,” AFT president Randi Weingarten said on Thursday. 

The AFT represents 1.8 million teachers and educational professionals in the US and is one of the largest teachers’ unions in the country.

According to Better Markets, a nonprofit and nonpartisan advocacy organization, cryptocurrencies are too volatile for traditional retirement portfolios, and their high volatility can create time-horizon mismatches for pension investors seeking a predictable, low-volatility retirement plan.

Retirement, Pensions
Bitcoin and Ether volatility compared to other asset classes and stock indexes. Source: US Federal Reserve

In October, the American Federation of Labor and Congress of Industrial Organizations (AFL-CIO) also wrote to Congress opposing provisions within the crypto market structure regulatory bill.

The AFL-CIO, the largest federation of trade unions in the US, wrote that cryptocurrencies are volatile and pose a systemic risk to pension funds and the broader financial system.

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