SNP leadership race: John Swinney announces bid to succeed Humza Yousaf as Scotland’s first minister
John Swinney has announced his bid to take over from Humza Yousaf as SNP leader and Scotland’s first minister.
The Perthshire North MSP has spent a year on the backbenches after he stepped down as deputy first minister when Nicola Sturgeon resigned in 2023.
Announcing his intention to run for first minister during a visit to Grassmarket Community Project in Edinburgh on Thursday, he said: “I want to build on the work of the SNP government to create a modern, diverse, dynamic Scotland that will ensure opportunities for all of our citizens.
“I want to unite the SNP and unite Scotland for independence.”
Mr Swinney in Edinburgh on Thursday. Pic: PA
Mr Swinney accepted that the SNP is “not as cohesive as it needs to be” to achieve its goal of Indyref2.
He said: “That has to change. I could have stood back and hoped others would sort things out, but I care too much about the future of Scotland and the Scottish National Party to walk on by.”
Highlighting how he joined the SNP as a teenager and has served as a senior minister for 16 years, 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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‘I want to unite the SNP and Scotland’
The search is currently on to find a new leader for the SNP and Scotland following Mr Yousaf’s resignation on Monday.
Within hours of his 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.
Former finance secretary Kate Forbes is expected to give a statement later on Thursday. She is being tipped as a potential frontrunner to join the leadership race.
Mr Swinney said: “We have many talented people leading the work of the Scottish government. I want Kate Forbes to play a significant part in that team.
“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.
“And that will be part of a united team that draws together our whole party, which given my deep, deep devotion to the SNP, I think I am best placed to put together.”
John Swinney pictured following Humza Yousaf’s resignation. Pic: PA
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.
The politician, 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.
Under Ms Sturgeon, he occupied several ministerial offices, including education secretary, COVID-19 recovery secretary and again in finance – taking over from Ms 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.
However, he faced two close no-confidence votes in Holyrood, first over the handling of school exams during the pandemic, and his initial refusal to publish legal advice during the inquiry into the botched handling of harassment complaints against Mr Salmond.
Nicola Sturgeon and John Swinney during FMQs earlier this year. Pic: PA
The former SNP leader – who resigned from that post in 2004 following poor European parliament election results – ruled himself out of the 2023 leadership race to replace Ms Sturgeon, citing that he had to put his young family first.
But he said today: “One of the benefits of stepping back from frontline politics a year ago is that I’ve had the time and the opportunity to see our political situation from a different perspective than before.”
Mr Swinney said the SNP had achieved a “huge amount” for the people of Scotland, highlighting his pride in the Scottish child payment, free university tuition and the “massive expansion” of childcare.
He said SNP policies “lift children from poverty, give them a better start in life and enable them to go to university”.
He added: “Only the SNP stand with the majority of people who want their government to be in the moderate centre-left of Scottish politics.
“That is where I stand. And if elected by my party and by parliament, my goals as first minister will come straight from that centre-left tradition.
“The pursuit of economic growth and social justice. Economic growth not for its own sake, but to support the services and the society we all want to see.
“I will pursue priorities that will make Scotland the best our country can be as a modern, innovative, dynamic nation.”
Humza Yousaf announcing his resignation at Bute House. Pic: PA
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Humza Yousaf announcing his resignation
Mr Swinney said further action must be taken to raise more children out of poverty.
He also said the climate emergency is a “real and present threat to our society” and an approach to net zero must be designed that takes “people and businesses with us”.
Raising the topic of independence, he said: “I’ve believed all of my adult life that Scotland’s future is best served as an independent country. But I recognise that more people need to be convinced of that point before independence can be achieved.
“I want to focus my efforts on reaching out in Scotland with respect and courtesy to address the obstacles in the way of winning the case for independence – to persuade people that Scotland’s future is best served with the powers of independence.”
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Speaking to Sky News on Wednesday, Mr Yousaf said any suggestion of him being forced out of office to make way for Mr Swinney was “complete and utter rubbish”.
And Mr Swinney said today: “I am no caretaker. I am no interim leader.”
He added that he intends to lead the SNP beyond the next general election and the 2026 Scottish parliament election, stating: “So, my message is crisp and simple – I’m stepping forward to bring the SNP together to deliver economic growth and social justice, to deliver the very best future for everyone in a modern, dynamic, diverse Scotland.
“I want to unite the SNP and unite Scotland for independence. I invite everyone in the SNP and in our country who wants to join me in that journey to do so now.”
Nominations for SNP leader close at noon on Monday 6 May.
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.
The US Office of the Comptroller of the Currency has affirmed that national banks can intermediate cryptocurrency trades as riskless principals without holding the assets on their balance sheets, a move that brings traditional banks a step closer to offering regulated crypto brokerage services.
In an interpretive letter released on Tuesday, the regulator said banks may act as principals in a crypto trade with one customer while simultaneously entering an offsetting trade with another, a structure that mirrors riskless principal activity in traditional markets.
“Several applicants have discussed how conducting riskless principal crypto-asset transactions would benefit their proposed bank’s customers and business, including by offering additional services in a growing market,” notes the document.
According to the OCC, the move would allow customers “to transact crypto-assets through a regulated bank, as compared to non-regulated or less regulated options.”
The letter also reiterates that banks must confirm the legal permissibility of any crypto activity and ensure it aligns with their chartered powers. Institutions are expected to maintain procedures for monitoring operational, compliance and market risks.
“The main risk in riskless principal transactions is counterparty credit risk (in particular, settlement risk),” reads the letter, adding that “managing counterparty credit risk is integral to the business of banking, and banks are experienced in managing this risk.”
The agency’s guidance cites 12 U.S.C. § 24, which permits national banks to conduct riskless principal transactions as part of the “business of banking.” The letter also draws a distinction between crypto assets that qualify as securities, noting that riskless principal transactions involving securities were already clearly permissible under existing law.
The OCC’s interpretive letter — a nonbinding guidance that outlines the agency’s view of which activities national banks may conduct under existing law — was issued a day after the head of the OCC, Jonathan Gould, said crypto firms seeking a federal bank charter should be treated the same as traditional financial institutions.
According to Gould, the banking system has the “capacity to evolve,” and there is “no justification for considering digital assets differently” than traditional banks, which have offered custody services “electronically for decades.”
Related: Trump’s national security strategy is silent on crypto, blockchain
From ‘Choke Point 2.0’ to pro-crypto policy
Under the Biden administration, some industry groups and lawmakers accused US regulators of pursuing an “Operation Choke Point 2.0” approach that increased supervisory pressure on banks and firms interacting with crypto.
Since President Trump took office in January after pledging to support the sector, the federal government has moved in the opposite direction, adopting a more permissive posture toward digital asset activity.
Magazine: Quantum attacking Bitcoin would be a waste of time: Kevin O’Leary
CryptoUK, a UK-based cryptocurrency trade association, has announced that it will join The Digital Chamber, a US crypto policy advocacy group, potentially marking a significant cross-collaboration on digital asset regulation between the two countries.
In a Tuesday notice, CryptoUK said its team would fall under The Digital Chamber’s umbrella as part of a “unified, cross-border advocacy platform.” Both groups have worked in their respective countries to promote policies favoring the cryptocurrency and blockchain industry, starting with The Digital Chamber in 2014 and CryptoUK in 2018.
“CryptoUK has always aspired to ensure we are driven by policy-led issues, member collaboration, and regulatory engagement,” said Su Carpenter, CryptoUK’s executive director.
The partnership between the two advocacy groups comes as US lawmakers move forward on negotiations to pass a digital asset market structure bill, aiming to establish regulatory clarity for the industry. In the UK, policymakers announced plans to collaborate with their counterparts in the US to explore crypto laws and regulations.
Related: Digital Chamber seeks to guide crypto policy across US states
US-based crypto advocacy organizations, such as The Digital Chamber, have garnered support from former regulators and members of Congress as the Trump White House directs policies toward the industry. Among these groups are the Solana Policy Institute, the Blockchain Association, the Crypto Council for Innovation, and the American Innovation Project.
UK central bank moves forward on stablecoins
On Nov. 10, the Bank of England released a consultation paper to propose a framework for “sterling-denominated systemic stablecoins.” The move by the country’s central bank marked a step toward the UK seeming to play catch-up to the US, where the government passed a law regulating payment stablecoins in July.
Bank of England Deputy Governor Sarah Breeden signaled before the publication of the paper that the central bank’s actions were in response to the US advancing stablecoin policies, and it was “really important” to be synchronized on rules.
Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice
Kemi Badenoch has refused to say that the Conservatives are intending to win next May’s local elections, despite being repeatedly pushed on the issue.
Asked twice to define success for her party at the elections, the Tory leader merely said that she is “going to be fighting for every vote”.
Speaking to Sky News, she added: “Success is going to be people seeing the Conservative Party as the only party that is competent and credible enough to do the tough stuff that this country needs.”
The comments come as the Conservatives continue to trail in the polls.
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Watch Kemi Badenoch’s interview with Sky News in full
New data released by YouGov this morning has put the Tories in third place behind Reform and Labour, a space they have largely occupied throughout the year. The pollster’s weekly voting intention analysis put Ms Badenoch’s party on 18%, down one percentage point.
YouGov’s weekly voting intention poll has the Tories down one percent on last week, and just three above the Greens. Pic: YouGov
Ms Badenoch gave a speech on welfare costs in London on Tuesday, where she attacked the government’s plans to tackle child poverty. Afterwards, she sat down with Sky News political correspondent Sam Coates.
Asked about the local elections, she said: “There are going to be local elections all over the country, and there’s a conservative message that I want everyone to hear: Our country’s not working properly.
“There are fundamental things that need to change. We need to create jobs. Otherwise, we’re not going to have money for councils.”
She added: “We’ve seen new parties like Reform come in. They’re making a hash of things at council level. We need to make sure that people can see the benefits of voting Conservative.”
Ms Badenoch also refused to score her party’s performance out of 10. Pic: PA
When it was pointed out that she had not defined success as winning the local elections, Ms Badenoch said: “The country is going to decide. We’re going to put out an offer, and we’re going to fight for every vote.”
May will see local council elections, as well as votes for the Senedd in Wales and the Scottish Parliament. They are seen as a crucial moment for the Tory leader – and also for Prime Minister Sir Keir Starmer.
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‘Of course poverty bothers me’
Ms Badenoch also refused to score the party’s performance out of 10, as the year draws to a close, and she marks a little over 12 months as leader.
She told Sky News: “When I look at the historic defeats which Conservatives suffered last year, things are definitely better.”
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Challenged on the Tories’ position in the polls, Ms Badenoch said: “Of course, we have a mountain to climb.
“We lost more seats [in 2024] than we’ve ever done in our 200-year history. This was always going to be a long road ahead.”
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