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Remember “securonomics”? It was the buzzword Rachel Reeves gave to her economic philosophy back before the election.

The idea was that in the late 2020s, the old ideas about the way we run the economy would or should give way to a new model.

For a long time, we ignored where something was made and by whom and just ordered it in from the cheapest source. For a long time, we ignored the security consequences of where we got our energy from. The upshot of these assumptions was that over time, we allowed our manufacturing base to become hollowed out, unable to compete with cheap imports from China. We allowed our energy system to become ever more dependent on cheap Russian gas.

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The whole point of securonomics was that it matters where something is made and who owns it. And not just that – that revitalising manufacturing and energy could help revitalise “left-behind” corners of the economy, places like the Midlands and the North East.

Back when she came up with the coinage, Joe Biden was in power and was pumping billions of dollars into the US economy via the Inflation Reduction Act – a scheme designed to encourage green tech investment. So securonomics looked a little like the British version of Bidenomics.

That’s the key point: the “security” part of “securonomics” was mostly about energy security and supply chain security rather than about defence.

More on Defence

But when Rachel Reeves became chancellor, it looked for a period as if securonomics was dead on arrival. Most glaringly, Labour dramatically trimmed back the ambition and scale of its green investment plans.

But roll on a year or so, and we all know what happened next.

A new era

The Democrats lost, Donald Trump won, came into office and swiftly triggered a chain reaction that panicked everyone in Europe into investing more in defence. Today, much of the focus among investors is not on net zero but on defence.

All of which is to say, securonomics might be about to resurface, but in a markedly different guise. In the spring statement, I expect the chancellor to bring back this buzzword, but this time, the emphasis will not be on green tech but on something else: the defence sector.

Expect to hear about weapons

This time around, the chancellor will say securonomics 2.0, which is to say government investment in the defence sector will also bring an economic windfall, as old naval ports like Plymouth and Portsmouth see regeneration. This time, the focus will not be on solar and wind but on submarines and weapons.

Whether this rendition of securonomics is any more successful than the last remains to be seen. For the chancellor hardly has an enormous amount of money left to invest. While this week’s event is billed as a mere forecast update, the reality, when you take a step back, is more serious.

Read more:
What do you need to know about the spring statement

The chancellor will have to acknowledge that, without remedial action, she would have broken her fiscal rules. She will have to confirm significant changes to policy to rebuild the “headroom” against these rules. These will stop short of tax rises. Instead, the spending envelope in future years will be trimmed (think 1.1% or so spending increases rather than 1.3% or 1.4%). Those welfare reforms announced last week will bring in a bit of extra cash. And thanks to an accounting quirk, the decision (announced a few weeks ago) to shift development spending into defence will also give her a bit more space against her rules.

The austerity question

But even these changes will raise further awkward questions: is this or is this not austerity? Certainly, for some departments, that spending cut will involve further significant sacrifices. Are those benefits gains really achievable, and at what cost? And, most ominously, what if the chancellor has to come back to parliament in another six months and admit she’s broken her rules all over again?

The return of securonomics might be the theme she wants to focus on in the coming months – but that, too, depends on having money to invest – and the UK’s fiscal position looks as tight as ever.

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University of Sussex fined record £585,000 by regulator in free speech case

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University of Sussex fined record £585,000 by regulator in free speech case

The University of Sussex has been fined £585,000 by the higher education regulator for failing to uphold freedom of speech. 

The Office for Students (OfS) criticised the university’s policy statement on transgender and non-binary equality, saying that it could lead staff and students to “self-censor”.

The policy has a requirement to “positively represent trans people” and asserts that “transphobic propaganda [would] not be tolerated”.

File photo dated 14/07/22 of Professor Kathleen Stock, Professor of Philosophy at the University of Sussex, after being made an OBE for services to higher education a investiture ceremony at Buckingham Palace, London. A mass protest is set to take place as Ms Stock who is a feminist delivers a speech at an Oxford Union event which has sparked anger among some student groups.
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Professor Kathleen Stock after being made an OBE for services to higher education. Pic: PA

The university said it will legally challenge the OfS’s decision and accused the regulator of pursuing a “politically motivated” inquiry against it that resulted in “egregious and concocted” findings.

The OfS launched its investigation after campus protests calling for the dismissal of Professor Kathleen Stock.

She left the university in 2021 after being accused of transphobia when she published a book questioning whether gender identity was more “socially significant” than biological sex.

The OfS said the University of Sussex’s policy had a “chilling effect” on Prof Stock’s views.

“Professor Stock said that she became more cautious in her expression of gender critical views as a result of the policy,” the OfS said in a statement.

“There were some views she did not feel able to express, and therefore teach, despite those views being lawful.”

Professor Sasha Roseneil, the vice chancellor at the university, said the OfS findings mean “it is now virtually impossible for universities to prevent abuse, harassment, or bullying on our campuses”.

“Under this ruling, we believe that universities would not be permitted to expect their staff and students to treat each other with civility and respect,” she said.

“The OfS is effectively decreeing libertarian free speech absolutism as the fundamental principle for UK universities. In our view, the OfS is perpetuating the culture wars.”

Prof Roseneil has claimed that the OfS did not interview anyone from the university in its three-and-a-half-year investigation and that the fine is “wholly disproportionate”.

“The behaviour of the OfS sets a dangerous precedent and constitutes serious regulatory overreach in service of a politically motivated inquiry,” she said.

She added that the investigation findings “leave universities unable to have policies to prevent abusive, bullying and harassing speech and that will perpetuate the culture wars”.

Modern architecture (1961) University of Sussex in Falmer, use of red brick and concrete
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The University of Sussex

The OfS was given the power in January to issue fines where freedom of speech was not upheld at a university.

The fine issued to the University of Sussex is the largest-ever issued by the regulator, with the institution saying it’s 15 times larger than any other sanction imposed.

Read more: Controversial free-speech law delayed ‘over anti-semitism fears’

Arif Ahmed, the director for freedom of speech and academic freedom at the OfS, said that the regulator’s probe “also found deficiencies in the University of Sussex’s decision-making process, with decisions about important free speech and equality matters taken by people without the authority to do so”.

“Those decisions may not have been in the best interests of students and staff,” he said.

“Substantial monetary penalties are appropriate for the scale of wrongdoing we have found.”

Bridget Phillipson, the education secretary, said that “free speech and academic freedom are non-negotiables in our universities”.

“If you go to university you must be prepared to have your views challenged, hear contrary opinions and be exposed to uncomfortable truths,” she said.

“We are giving the OfS stronger powers on freedom of speech so students and academics are not muzzled by the chilling effect demonstrated in this case.”

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Prince Harry ‘in shock’ as he quits Sentebale charity set up in honour of Princess Diana

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Prince Harry 'in shock' as he quits Sentebale charity set up in honour of Princess Diana

Prince Harry has said he is devastated and “in shock” to have to quit as patron of a charity he set up in honour of his mother.

Sentebale was established in 2006 to help children and young people in southern Africa, particularly those with HIV and Aids.

But the Duke of Sussex said he had been forced to step down amid a battle in the organisation between the chairwoman Dr Sophie Chandauka and the board of trustees.

He released a statement with his co-founder, Prince Seeiso of Lesotho, saying they had established the charity “in honour of our mothers”.

“With heavy hearts, we have resigned from our roles as patrons of the organisation until further notice, in support of and solidarity with the board of trustees who have had to do the same,” they said.

“It is devastating that the relationship between the charity’s trustees and the chair of the board broke down beyond repair, creating an untenable situation.”

Details of the row in the charity are unclear but it is reportedly over a decision to focus fundraising in Africa.

“What’s transpired is unthinkable,” the princes’ statement added.

“We are in shock that we have to do this, but we have a continued responsibility to Sentebale’s beneficiaries, so we will be sharing all of our concerns with the Charity Commission as to how this came about.”

Prince Harry and Sophie Chandauka in Florida last year. Pic: PA
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The Duke of Sussex and Sophie Chandauka in Florida last year. Pic: PA

In her own statement, Dr Chandauka said she would not be intimidated, adding: “For me, this is not a vanity project from which I can resign when I am called to account.”

She said she had reported the trustees to the Charity Commission and that a UK court had issued an injunction to stop them removing her.

“There are people in this world who behave as though they are above the law and mistreat people, and then play the victim card and use the very press they disdain to harm people who have the courage to challenge their conduct,” Dr Chandauka said.

She added that this was a “story of a woman who dared to blow the whistle about issues of poor governance, weak executive management, abuse of power, bullying, harassment, misogyny, misogynoir – and the cover-up that ensued”.

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A Charity Commission spokesperson said it is “aware of concerns about the governance of Sentebale”.

“We are assessing the issues to determine the appropriate regulatory steps,” a spokesperson for the commission said in a statement.

Prince Harry was inspired to start the charity after spending two months in Lesotho when he was on a gap year in 2004.

He was in the small African country – which has one of the world’s highest rates of HIV and Aids – as recently as last October.

The prince talked to young people around a campfire about the “massive difference” Sentebale was making. Last April, he was also pictured with Dr Chandauka at a charity polo match in Florida.

Five former trustees also released a statement that said resigning was “devastating” but the “result of our loss in trust and confidence in the chair of the board”.

They said they were forced to quit as they could not allow Sentebale to take on the “legal and financial burden” of a lawsuit brought by the chairwoman “to block us from voting her out after our request for her resignation was rejected”.

They added that the decision to resign was “not a choice willingly made, but rather something we felt forced into in order to look after the charity”.

Who is Dr Sophie Chandauka?

Born in Zimbabwe, Dr Sophie Chandauka is a corporate finance lawyer who is described as a campaigner for “diversity, equity and inclusion”.

She has had a 20-year executive career and in 2021 received an MBE for extraordinary contributions to diversity in business.

Dr Chandauka is the co-founder and executive chair of Nandi Life Sciences, an American biotechnology company which focuses on developing therapeutics for rare cancers and auto-immune diseases.

According to her profile on the Sentebale website, she has experience “leading strategy, legal and operations functions” and has held roles for companies in technology, retail and investment banking.

These have included Meta, the parent company of Facebook, Instagram and WhatsApp, and Morgan Stanley and Virgin Money.

She has served on several non-profit boards and is also the executive founder and chair of the Black British Business Awards.

Dr Chandauka previously served on the board at Sentebale from 2009 to 2015, before later returning to become the organisation’s chair in July 2023.

Educated in the UK, Canada and the US, Dr Chandauka is based in New York City.

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EuroMillions: UK’s biggest lottery jackpot of estimated £202m announced – with draw this week

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EuroMillions: UK's biggest lottery jackpot of estimated £202m announced - with draw this week

The UK’s biggest ever lottery jackpot could be won in Friday’s EuroMillions draw, organisers have said.

The jackpot is an estimated £202m and would be the largest ever prize, National Lottery operator Allwyn said.

Nobody won the £182m EuroMillions jackpot on Tuesday, meaning the top prize rolls over into Friday’s draw.

The potential winner would top the ranks of the biggest EuroMillions wins by UK players, including the anonymous UK ticket-holder who scooped the existing record jackpot of £195m in July 2022.

Just two months earlier, Joe and Jess Thwaite, from Gloucester, won a then record-breaking £184m with a Lucky Dip ticket for the draw.

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Andy Carter, senior winners’ adviser at Allwyn, said if one ticketholder takes home Friday’s prize, they “would be crowned The National Lottery’s biggest winner of all time”.

“This colossal amount of money would make any lucky ticket-holder richer than some of the UK’s biggest and richest names, such as Harry Styles, Adele and Harry Kane,” he added.

It would be the third UK EuroMillions jackpot this year, after one ticket-holder came forward for their £83m prize in January, and another scooped a £65m jackpot last month.

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