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The race is on to find a new SNP leader and first minister of Scotland.

Humza Yousaf announced he was stepping down on Monday after little more than a year in the hot seat.

He intends to remain in the two posts until a successor is found.

Former deputy first minister John Swinney is the first to announce he intends to enter the race.

Ex-finance secretary Kate Forbes had been tipped to join him, but has since announced she does not intend to stand and will throw her support behind Mr Swinney.

Who is John Swinney?

Edinburgh-born Mr Swinney has spent a year on the backbenches after he stepped down as deputy first minister when Nicola Sturgeon resigned in 2023.

The 60-year-old first joined the SNP in 1979 at the age of 15. He became a prominent figure in the party’s youth wing before climbing the ranks to become the SNP’s national secretary at the age of 22.

Mr Swinney has been an MSP since the Scottish parliament’s inception in 1999, serving North Tayside, and previously representing the same constituency at Westminster in 1997.

Left to right. Deputy First Minister Nicola Sturgeon, MSP John Swinney and First Minister Alex Salmond during the last day of the 77th Scottish National Party annual conference at the Eden Court Theatre in Inverness.
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Nicola Sturgeon, John Swinney and Alex Salmond in 2011. Pic: PA

The Perthshire North MSP, who was also finance secretary under Alex Salmond’s government, is said by his supporters to have the experience needed to lead the country following Mr Yousaf’s departure.

He took over from Mr Salmond as SNP leader in 2000, but resigned in 2004 following poor European parliament election results.

Under Ms Sturgeon, he occupied several ministerial offices, including education secretary, COVID-19 recovery secretary and again in finance – taking over from Kate Forbes during her maternity leave.

During his time as Ms Sturgeon’s deputy, he cemented his reputation as a dogged defender of his boss, as well as an SNP stalwart.

Nicola Sturgeon MSP and John Swinney MSP during First Minster's Questions at the Scottish Parliament in Holyrood, Edinburgh. Picture date: Thursday January 11, 2024.
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John Swinney is a close ally of former first minister Nicola Sturgeon. Pic: PA

However, he faced two close no-confidence votes in Holyrood, first over the handling of school exams during the pandemic, and then his initial refusal to publish legal advice during the inquiry into the botched handling of harassment complaints against Mr Salmond.

He ruled himself out of the 2023 leadership race to replace Ms Sturgeon, citing that he had to put his young family first.

Within hours of Mr Yousaf’s resignation, several senior figures within the SNP voiced their support for Mr Swinney, including the party’s Westminster leader Stephen Flynn, education secretary Jenny Gilruth, and MPs Pete Wishart, Ian Blackford and Alyn Smith.

John Swinney speaks during a press conference at the Grassmarket Community Project in Edinburgh.
Pic:PA
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John Swinney announcing his leadership bid. Pic: PA

Announcing his intention to enter the SNP leadership race, Mr Swinney admitted that his party is “not as cohesive as it needs to be” to achieve its goal of Scottish independence.

He added: “I believe I have the experience, the skills, and I command the trust and the confidence of people across this country to bring the SNP back together again and get us focused on what we do best – uniting Scotland, delivering for the people and working to create the best future for our country.”

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John Swinney announcing his leadership bid. Pic: PA

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If elected, Mr Swinney said he wants Ms Forbes to “play a significant part” in his government.

He said: “She is an intelligent, creative, thoughtful person who has much to contribute to our national life. And if elected, I will make sure that Kate is able to make that contribution.”

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Read more:
What direction will party take?
Yousaf warns against toxic leadership contest

Nominations for SNP leader close at noon on Monday.

Prospective candidates will have to gain the support of 100 members from 20 different SNP branches to qualify for the contest.

Any potential ballot will then open at 12pm on Monday 13 May and will close at noon on Monday 27 May.

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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.

Read more:
Nigel Farage dismisses school racism claims as ‘banter in a playground’
Farage allegations are deeply shocking – but will they deter voters?

“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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Politics

‘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.

Related: Bank of America backs 1%–4% crypto allocation, opens door to Bitcoin ETFs

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.

Related: Grayscale Chainlink ETF draws $41M on debut, but not ‘blockbuster’

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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