Labour leader Sir Keir Starmer will vow on Friday to “get working within months to build clean power across the United Kingdom” if his party wins the general election.
At an event in Scotland – and joined by Scottish Labour leader Anas Sarwar – the prime ministerial hopeful will reiterate his plans for Great British Energy, first announced at the party’s conference in 2022.
Headquartered north of the border, the new, publicly owned company will generate homegrown green energy up and down the country, with the party claiming it will help to “turn the page” on the cost of living crisis by driving down bills.
But the Conservatives claimed it was a “vanity project” of former Labour leader – and now shadow energy security and net zero secretary – Ed Miliband, that will “leave taxpayers picking up the bill”.
Sir Keir will outline how initial investments will be made within weeks, including in wind and solar projects, and as the firm grows, it will look into floating offshore wind, hydrogen, and carbon capture and storage, in the hope of making Scotland “a world-leader in cutting edge technologies”.
The party said the pledge would be paid for through a windfall tax on oil and gas companies.
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Sir Keir will say: “Family financial security depends on energy security. The pain and misery of the cost of living crisis was directly caused by the Tories’ failure to make Britain resilient, leaving us at the mercy of fossil fuel markets controlled by dictators like Putin.
“It doesn’t have to be this way. Our clean power mission with Great British Energy will take back control of our destiny and invest in cheap, clean homegrown energy that we control.
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“We will turn the page on the cost of living crisis. The choice at this election is clear – higher bills and energy insecurity with the Conservatives, or lower bills and energy security with Labour.”
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Sir Keir Starmer first announced the policy in 2022
But Energy Security and Net Zero Secretary Claire Coutinho claimed the project was both unfunded and would “turn off the taps to North Sea oil and gas”, risking 2,000 jobs.
“By sticking to the Conservatives’ clear plan, energy bills are at the lowest point since 2022,” she added. “But we must go further.
“That’s why we are taking bold action to guarantee the future of the energy price cap, as we back new nuclear power and offshore wind, keeping bills low and ensuring families are not lumbered with the cost of reaching net zero.”
Image: Rishi Sunak and Claire Coutinho will argue the Tories are better placed to bring down energy bills. Pic: Reuters
The SNP’s Westminster leader, Stephen Flynn, had an even bleaker assessment of the plan, claiming it was “threatening to destroy 100,000 Scottish jobs and deter billions of pounds of investment”.
He added: “The fact is Starmer’s plans would take Scotland’s energy wealth and spend it on nuclear projects in England.
“In contrast, the SNP wants every penny to be spent in Scotland – reducing household bills, creating Scottish jobs, and securing our green energy future.
“It’s no wonder the Labour Party has given up campaigning in the North East and huge swathes of Scotland – because Starmer knows how deeply unpopular his damaging policies are.”
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Great British Energy got the backing of one campaign group, Britain Remade, who called it “hugely welcome”.
But its founder, Sam Richards, warned Labour “won’t be able to get spades in the ground as quickly as they need to – unlocking the benefits of cheap power and lower bills – unless they tackle head-on Britain’s outdated planning system”.
Environmental campaigners Friends of the Earth also called the plan “great news” but warned the Labour Party not to “rest on its laurels” when it came to reducing carbon pollution from transport and heating.
Elsewhere on the campaign trail on Friday, the Conservatives will be talking about tackling anti-social behaviour, unveiling plans to give fly-tippers points on their driving licenses, “kick out” anti-social tenants and roll out “hot spot” policing controls.
And the SNP will be making further demands on Labour, calling for them to hold an emergency budget straight after the election to “reverse Tory austerity cuts, boost NHS funding, and invest in economic growth”.
The US Nasdaq stock exchange is making SEC approval of its proposal to offer tokenized versions of stocks listed on the exchange a top priority, according to the exchange’s crypto chief.
“We’ll just move as fast as we can,” Nasdaq’s head of digital assets strategy, Matt Savarese, said during an interview with CNBC on Thursday, when asked whether the SEC could approve the proposal this year.
“I think what we have to really evaluate where the public comments come back in and then answer and respond to the SEC questions as they come through,” Savarese said. “We hope to kind of work with them as quickly as possible,” Savarese said.
Savarese says Nasdaq isn’t “upending the system”
The proposal, submitted by Nasdaq on Sept. 8, is requesting to allow investors to buy and sell stock tokens — digital representations of shares in publicly traded companies — on the exchange.
Savarese emphasized that Nasdaq is not trying to overhaul the way stocks are invested in when asked whether he expects other major exchanges to follow suit.
Nasdaq’s head of digital assets, Matt Savarese, spoke to CNBC on Thursday. Source: CNBC
“We’re not looking at upending the system; we want everyone to come along for that ride and bring tokenization more into the mainstream,” he said.
“We want to do it in that responsible investor-led way first, under the SEC rules themselves,” he added.
It was only in October that Robinhood CEO Vlad Tenev said that tokenization will “eventually eat the whole financial system.”
The crypto industry is divided on tokenized equities
Savarese emphasized that Nasdaq is aiming to be an innovator in the ecosystem, noting that the exchange was the first to transition markets from paper-based trading to electronic systems.
Tokenizing stocks has been one of the most significant talking points in the crypto industry this year.
On Sept. 3, Galaxy Digital CEO Mike Novogratz said the company became the first Nasdaq-listed company to tokenize its equity on a major blockchain following its launch on the Solana network.
The conversation around tokenized equities has also drawn skepticism from the crypto industry.
On Oct. 1, Rob Hadick, general partner at crypto venture firm Dragonfly, told Cointelegraph that tokenized equities will be a significant benefit to traditional markets, but may not be a boon to the crypto industry as others have predicted.
Hadick said that if tokenized stocks use layer-2 networks, it creates “leakage” as value and may not flow back to Ethereum or the broader crypto ecosystem as much as hoped.
Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC) and head of the SEC’s Crypto Task Force, reaffirmed the right to crypto self-custody and privacy in financial transactions.
“I’m a freedom maximalist,” Peirce told The Rollup podcast on Friday, while saying that self-custody of assets is a fundamental human right. She added:
“Why should I have to be forced to go through someone else to hold my assets? It baffles me that in this country, which is so premised on freedom, that would even be an issue — of course, people can hold their own assets.”
SEC commissioner Hester Peirce discusses the right to self-custody and financial privacy. Source: The Rollup
Peirce added that online financial privacy should be the standard. “It has become the presumption that if you want to keep your transactions private, you’re doing something wrong, but it should be exactly the opposite presumption,” she said.
Many large Bitcoin (BTC) whales and long-term holders are pivoting from self-custody to ETFs to reap the tax benefits and hassle-free management of owning crypto in an investment vehicle.
“We are witnessing the first decline in self-custodied Bitcoin in 15 years,” Dr. Martin Hiesboeck, the head of research at crypto exchange Uphold, said.
Hiesboeck attributed the shift to the SEC approving in-kind creations and redemptions for crypto ETFs in July, which allowed authorized holders to exchange crypto for ETF shares and vice versa without triggering a taxable event, unlike cash-settled ETFs.
“A move away from the self-custody mantra of ‘not your keys, not your coins’ is another nail in the coffin of the original crypto spirit,” Hiesboeck added.
Jeremy Corbyn has declined to say his Your Party co-founder Zarah Sultana is a friend as supporters of the new grouping gather in Liverpool.
Speaking to Sky News on the eve of the conference, Mr Corbyn acknowledged “stresses and strains” in the set-up of the party but said it had become “a lot better in the last few days and weeks and we’re going to get through this weekend”.
The former Labour leader has publicly clashed with Ms Sultana, the MP for Coventry South, over the launch and structure of the new party.
Asked if they were friends, Mr Corbyn said they were “colleagues in parliament, and we obviously communicate and so on”.
The pair appeared at separate events on the eve of the party’s inaugural gathering.
Ms Sultana had previously claimed she was being “sidelined” by a “sexist boys’ club” within the fledgling party.
Mr Corbyn said her comments were an “unfortunate choice of words” but added that he had been more involved in the organisation of the conference than she had.
Image: The co-founders have had a strained relationship since setting up the party. Pic: Your Party
The Islington North MP also said that Your Party was still waiting for Ms Sultana to transfer all of the funds she had raised from supporters.
“Obviously having money up front for a conference is a big help,” he said.
Ms Sultana has insisted she is transferring the donations in stages.
The weekend gathering in Liverpool will see supporters choose between four options for a permanent party name: Your Party, Our Party, Popular Alliance, For the Many.
The preferred choice of Ms Sultana – The Left – did not make the ballot.
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Similarly, the Coventry MP had said she favoured a co-leader approach, but members will only be able to pick between single leadership or collective leadership models.
Speaking at her own pre-conference rally, Ms Sultana blamed a “nameless, faceless bureaucrat” for restricting the choices.
The meeting also risked being disrupted by a series of member expulsions. One of those ejected, Lewis Nielsen, accused a “clique” of trying to “take over”.
Your Party sources said expulsions related to members of the Socialist Workers Party and that holding another national party membership was not allowed.
Ms Sultana blamed a “culture of paranoia at the top” and said she believed the same people who had been briefing against her were now also expelling members.
Mr Corbyn will open the conference on Saturday, while the results of the main decision-making votes will be announced on Sunday.