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The Scottish Green Party will join with rival MSPs to back a no confidence motion in First Minister Humza Yousaf next week, after the SNP kicked its coalition partners out of government.

Mr Yousaf announced his plan to cut ties with the Greens earlier on Thursday, following a bitter row over the SNP’s climbdown on climate targets.

And soon after, the Scottish Conservatives announced it would lodge a vote of no confidence in him, claiming the first minister had “failed” in his role and had “focused on the wrong priorities for Scotland”.

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Both Labour and the Liberal Democrats agreed to back the motion, with its success hanging on whether Green Party MSPs joined the attack to give SNP critics a majority in Holyrood.

But its co-leaders, Patrick Harvie and Lorna Slater, have now confirmed their party they will join forces to condemn Mr Yousaf’s leadership, with Green sources telling Sky News there was serious anger among the ousted party.

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If the vote passes, it will still be up to Mr Yousaf to decide on how to respond. However, it puts increasing pressure on his position if he fails to hold the confidence of the majority of the parliament.

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However, if a no confidence vote was passed on the government, the SNP government would have to resign and appoint a new first minister within 28 days or call an election.

Speaking at a press conference, Mr Harvie said: “Humza Yousaf becoming first minister was on the basis of a political cooperation which both parties members signed in good faith, which Humza Yousaf endorsed, and even two days ago was still endorsing.

“He’s now chosen to end that. That’s his decision and it can’t come without consequences.”

Both he and Ms Slater denied supporting the no confidence vote was “revenge”, but said the first minister’s decision “can’t come without consequences”.

Mr Harvie added: “This is about how we achieve the greatest political change for Scotland.

“Humza Yousef has decided to abandon the vehicle that was delivering that progressive change for Scotland. We think that’s a profound mistake.”

Scottish Green party co leaders Patrick Harvie and Lorna Slater look on as Cabinet Secretary for Wellbeing, Economy, Net Zero and Energy Mairi McAllan arrives to make a statement announcing a new package of climate action measures which she says we will deliver with partners to support Scotland's "just transition to net zero" alongside at the Scottish Parliament in Holyrood. The Scottish Government is ditching a climate change target committing it to reducing emissions by 75% by…
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Scottish Green party co-leaders Lorna Slater and Patrick Harvie were ousted from government on Thursday. Pic: PA

The power-sharing deal between the SNP and the Greens was made in 2021, after Nicola Sturgeon’s party came in just shy of an outright majority in the Holyrood election of the same year.

Both backers of Scottish independence, the deal between the parties – named after the first minister’s official residence in Edinburgh – brought the Greens into government for the first time anywhere in the UK, with both Ms Slater and Mr Harvie given ministerial posts.

But signs the agreement was running into difficulty came after the Scottish government scrapped its commitment to cut emissions by 75% by 2030.

The Greens were also dismayed at the pause of puberty blockers in the wake of the landmark Cass review of gender services for under-18s in England and Wales.

The party had been expected to hold a vote on the future of the agreement, but before they got a chance, Mr Yousaf summoned his cabinet and announced on Thursday that the deal had “served its purpose”.

The first minister said he hoped to pursue a “less formal” agreement with his former partners and heralded what he called a “new beginning” for the SNP, saying his decision showed “leadership”.

But with the Greens now ready to join those against the SNP, there is a possibility it could instead prompt an end to his premiership.

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Millionaire former Tory donor defects to Reform

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Millionaire former Tory donor defects to Reform

Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.

Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.

Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.

He added: “He will take Reform UK Scotland to a new level.”

During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.

The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.

“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.

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“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.

“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.

“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”

The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.

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Claims made against Nigel Farage

Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.

Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.

Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.

Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.

A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.

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‘European SEC’ proposal sparks licensing concerns, institutional ambitions

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‘European SEC’ proposal sparks licensing concerns, institutional ambitions

The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.

On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.

Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.

“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.

The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation. 

If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.

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EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns

The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.

“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”

“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.

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Global stock market value by country. Source: Visual Capitalist

The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.

The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.

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