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Let’s get the actual economic policy out of the way first. It shouldn’t take long.

There were three main bits of news from the Chancellor’s speech today.

The first is that the national living wage is likely to be raised above £11 an hour. This is, to be frank, not exactly a government decision.

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The level will be recommended by the Low Pay Commission in the coming weeks and, on the basis of wage growth recently, they’re likely to suggest an hourly rate of around £11.10 or a bit above.

All the chancellor is saying today is that he’ll approve their recommendation – which is precisely what everyone was expecting.

The second bit of news is that the chancellor wants to introduce further sanctions on those who are on benefits and show little inclination to look for work. Again, such sanctions already exist, but the chancellor wants to “look at the way the sanctions regime works”.

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The third new measure is a freeze on civil service hiring, akin to the one George Osborne brought in during the austerity years when he was chancellor.

This wasn’t pre-flagged but generated the most applause of the entire speech.

By now you probably get the idea. Once upon a time, Tory Party conference was an important moment for this country’s economic policy.

It was the forum where previous chancellors – most notably George Osborne – announced new measures that would change the direction of UK PLC.

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Our deputy political editior and economics editor pick apart the significance of the chancellor’s conference speech

Those days seem to be long over: in policy terms, day one of Conservative Party conference was, to borrow American jargon, a “nothingburger”.

Of course, the real story of this conference was what was happening offstage: the Liz Truss rally and the disclosure, leaked to Sky News shortly before the chancellor’s speech, that the prime minister has indeed cancelled the Birmingham to Manchester leg of HS2.

That brings us to the wider issue here.

The slogan for the conference is “Long Term Decisions for a Brighter Future”. The government’s problem is that the more it decides to reverse long-standing government policy, whether on HS2 or on net zero, the more capricious it looks.

For most businesses trying to decide whether to invest in this country, tax rates and subsidies are only a small part of the decision-making matrix. Far more important is a sense of stability – that government will stick to its long-term decisions.

Yet that’s precisely the opposite of the impression given by the Conservative Party here in Manchester.

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Montana’s Bitcoin reserve bill rejected by House lawmakers

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Montana’s Bitcoin reserve bill rejected by House lawmakers

Montana’s House of Representatives voted 41-59 against a bill that could have seen the US state establish a Bitcoin reserve.

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Starmer says ‘US is right’ about UK and Europe needing to take more responsibility for defence

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Starmer says 'US is right' about UK and Europe needing to take more responsibility for defence

Sir Keir Starmer has said the United States “is right” about the UK and Europe needing to take more responsibility for defence and security.

The prime minister, speaking at the Scottish Labour conference in Glasgow on Sunday, said he is clear Britain “will take a leading responsibility” in protecting the continent.

“Instability in Europe always washes up on our shores,” he said.

“And this is a generational moment. I’ve been saying for some time that we Europeans – including the United Kingdom – have to do more for our defence and security. The US is right about that.”

He added “we can’t cling to the comforts of the past” as it is “time to take responsibility for our security”.

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Donald Trump sparked an emergency meeting of European leaders this week after he said European NATO members should spend more on defence, while the US should spend less.

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Sir Keir has said he will set out a path for the UK to spend 2.5% of GDP on defence, up from the current 2.3%, but has not indicated when that will be.

It is believed he may announce the details when he visits Mr Trump in Washington DC on Thursday, bringing forward the announcement that was expected in the spring when a defence spending review is published.

The prime minister reiterated the UK will “play our role” if required in Ukraine following a peace agreement after he earlier this week said the UK would send troops to be part of a peacekeeping force.

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Sir Keir will meet Donald Trump in the White House on Thursday. Pic: AP

However, his comments caused a row with Germany and Italy who said it was premature to commit to boots on the ground, although France agreed with the UK.

Sir Keir said: “As we enter a new phase in this conflict, we must now deepen our solidarity even further.”

He added: “There can be no discussion about Ukraine without Ukraine.

“And the people of Ukraine must have long-term security.”

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This week has seen US officials meet their Russian counterparts in Saudi Arabia to discuss Ukraine – which has been met with indignation by Ukrainian President Volodymyr Zelenskyy as none of his team were invited.

No Europeans were invited either, sparking concern the US is pandering to Vladimir Putin.

Sir Keir has promised Mr Zelenskyy he will make the case for safeguarding Ukraine’s sovereignty when he meets with Mr Trump, who has called the Ukrainian president a dictator.

Mr Trump also said Sir Keir and French President Emmanuel Macron, who will visit the White House too this week, “haven’t done anything” to end the war.

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Starmer announces £200m for Grangemouth

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Starmer announces £200m for Grangemouth

The prime minister has announced £200m for Grangemouth ahead of the closure of Scotland’s last oil refinery.

Sir Keir Starmer, speaking at the Scottish Labour conference on Sunday, said the cash would come from the National Wealth Fund for an “investment in Scotland’s industrial future”.

Grangemouth oil refinery, on the banks of the Firth of Forth, is set to cease operation this summer and transition into an import terminal, making 400 workers redundant.

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Sir Keir said: “We will grasp the opportunities at Grangemouth, work alongside partners to develop viable proposals, team up with business to get new industries off the ground and to attract private investors into the partnership we need.

“We will allocate £200m from the National Wealth Fund for investment in Grangemouth.”

The money comes on top of a £100m “growth plan” already in place for the area.

Scotland’s first minister, the SNP’s John Swinney, welcomed the announcement and said it is “important that the Scottish and UK governments work together on securing the future for the workforce”.

A general view of the Grangemouth Oil Refinery, on the Firth of Forth, near Falkirk, Scotland. PRESS ASSOCIATION Photo. Picture date: Friday December 2, 2016. Photo credit should read: Jane Barlow/PA Wire
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The plant will become an import terminal. Pic: Jane Barlow/PA

Sir Keir said the new investment will be a partnership with the private sector, and he is expecting three times the amount the government is putting in to come from private investors.

The prime minister said he believes the transition to clean energy is a “golden opportunity for Britain, especially for Scotland”, and is essential for national security as it “gets Putin’s boots off our throat”.

However, he said oil and gas are also “vital for our security” so will be “part of the future of Scotland for decades to come”.

As well as the investment in Grangemouth’s future, Sir Keir said every person made redundant will get 18 months full pay and a skills and training offer “backed up with up to £10m”.

Any business in Grangemouth that takes on those workers will get National Insurance relief, he also said.

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Petroineos, which owns Grangemouth, announced last September it was to close Grangemouth by this summer because it was unable to compete with sites in Asia, Africa and the Middle East.

The refinery is understood to have been losing about £395,000 a day when it made the announcement and was on course to lose about £153m this year.

The company said the decision would “safeguard fuel supply for Scotland” by converting the site into a terminal able to import petrol, diesel, aviation fuel and kerosene into Scotland.

However, it said that would only need a workforce of fewer than 100 employees.

Petroineos announced its intention to close the plant in November 2023 but union leaders had hoped it could remain open for longer to provide time for a green alternative to be established there.

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