
Alexander Dennis puts Falkirk factory up for sale amid bailout talks
The Scottish Government confirmed earlier this week that it is looking at a rescue package it thinks could save jobs at Alexander Dennis – but said details were being kept under wraps due to 'commercial sensitivity'.
In June, the bus manufacturer first threatened to end its operations in Scotland by closing its sites in Larbert and Falkirk.
It is planning to centralise its operations in Scarborough, North Yorkshire.
READ MORE: SNP slam Labour as tuition fees hiked to £9535 in England and Wales
But The Daily Record is now reporting that Alexander Dennis has already put its 15-acre factory in Camelon up for sale – with the marketing agent describing it as "an excellent housing opportunity" for around 174 homes.
The firm insisted, however, the sale "does not represent a foregone conclusion".
In a statement, Deputy First Minister Kate Forbes (below) said: "We are working constructively with Alexander Dennis Ltd, the unions, the wider public transport sector and the UK Government on supporting and expanding the market for electric buses.
"This is all aimed at securing and creating jobs, helping to meet our climate targets and providing a sustainable future for the bus manufacturing industry, which plays an important role in the Scottish and UK economies."
(Image: Andrew Milligan)
Unite's regional secretary for Scotland Derek Thomson previously told a Holyrood committee that the closure of Alexander Dennis's Scottish operations would be "catastrophic" for the local area.
The threat of closure has already spilled into the Scottish economy, with Greenfold Systems Ltd, based in Dunfermline, Fife, closing because a major proportion of its operations were involved with the troubled bus firm.
A total of 81 jobs were lost after the "loss of a major contract", administrators said.
The threatened closure has become a major political issue, with Scottish Labour accusing the SNP of failing to do enough to support the firm.
Anas Sarwar has repeatedly criticised John Swinney of having done "nothing" to save jobs, pointing out that the [[SNP]] were ordering "buses from China, instead of from Scotland".
But it later emerged that in Labour-run Edinburgh, where the buses are municipally owned by the council, had not bought buses from Alexander Dennis in the last three years.
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Reuters
17 minutes ago
- Reuters
Europe's bond market losing Dutch pension fund buyers as retirement payouts shift
LONDON, Aug 7 (Reuters) - As if Europe's cash-hungry finance ministers didn't have enough to worry about. An overhaul of the Dutch pension system is depriving the euro zone's $10 trillion government bond market of a key buyer of its long-term debt, just as state funding needs surge. The Dutch private pension sector, the bloc's largest which oversees more than 1.7 trillion euros ($2 trillion) of assets, will move to a defined contribution system - as opposed to defined benefit - from next year. For governments looking to issue debt to fund their spending needs, it's a big change. Long-term debt has many advantages for governments because they are able to plan out their interest liabilities for longer. But under the new Dutch system, pension funds will have less need to buy bonds - and longer-dated bonds in particular - as they will no longer promise specific long-term benefits and will be able to take on more risk overall. Dutch pension funds are already stepping back from buying longer-dated bonds, according to a senior trader at BofA, just as Germany prepares to triple its borrowing. It's unclear how quickly funds will unwind their bond holdings and their hedges against risk, and how they will invest in future, adding to the uncertainty. "You're in a paradigm shift where you've had the largest-duration buyer in Europe disappear," said BofA's EMEA head of linear rates trading Kal El-Wahab. "They haven't been buying all year." "In a world where there's already a supply-demand imbalance going on, as sovereigns need to raise more cash than they ever have, losing one of the largest buyers of duration in Europe is very, very material." Longer-dated government bonds have been under pressure globally this year, prompting Japan and Britain to shorten the maturities of their issuance, as other key buyers have stepped back there too. But in the euro zone, pension fund reform "comes when Germany has to do more than it has ever done on the issuance front," said Barclays' head of euro rates strategy Rohan Khanna. The additional premium that benchmark borrower Germany pays for 30-year debt over shorter maturities has already risen this year. Traders say anticipation of the reform has been one driver. So far, the long end of the German yield curve has steepened roughly in line with other regions , , but the trend may have further to run. "The market's consensus is still for steepeners," said Credit Agricole CIB's head of European government bond trading Bruno Benchimol. BofA's El-Wahab expects the German 10/30-year yield curve, currently at around 50 basis points, could steepen another 20-25 basis points and lead other markets from here. Declining demand from Dutch pension funds is "something (governments) have to take into account when coming up with (funding) plans," said ABN AMRO rates strategist Jaap Teerhuis, who previously headed the Dutch Treasury's dealing room. Dutch banks estimate pension funds will eventually sell around 100 billion euros of government bond holdings. But their holdings aren't as long-dated and many of the long-dated bonds they bought have rolled down the curve over the years, BofA's El-Wahab noted. "It's not clear they're going to be selling long-dated bonds in order to do this transition ... The very seismic shift is just the absence of them on a forward-looking basis." The biggest source of uncertainty is how quickly funds will reduce those holdings and what role bonds will play in funds' post-transition portfolios, ABN's Teerhuis said. A plan from ABP, the country's largest pension fund, which manages 520 billion euros in assets, points to a gradual shift. It suggests ABP will shed around 25 billion euros of government bonds by 2030, but its exposure will remain unchanged in 2027 compared with 2023. Analysts said they expect even greater curve steepening in the swaps market. Pension funds have hedged their interest-rate risk by putting on long-dated swap trades to receive fixed-rate payments, but will now raise cash to close those trades, most likely by selling bonds. The next hurdle for markets is January 2026, when three of the five biggest funds plan to start switching to the new system, according to Barclays. But analysts aren't ruling out delays, which could stoke volatility at year-end. One of the three, PMT, has said it will assess in December and once again in January whether it's ready to transition. "We will know about the final 'go, no-go' very perilously close to the transition date," Khanna said.


Telegraph
17 minutes ago
- Telegraph
Don't call rural voters Nimbys, Labour MPs tell Starmer
Sir Keir Stamer has been told to stop calling rural voters 'Nimbys' by Labour MPs representing rural seats. The Rural Research Group, which represents seats the party won for the first time at last year's election, branded the term 'toxic' and said may alienate voters in the countryside. Sir Keir and risked a further drop in the 'goodwill' shown by rural voters that handed Labour a historic election win last year. Labour has already been accused of betraying those voters by limiting inheritance tax relief for family farms in last year's Budget. The Prime Minister has regularly used the phrase, which means 'not in my back yard', to describe those he believes are blocking new housing and infrastructure which Labour sees as crucial to boosting economic growth. He said previously: 'For too long, blockers have had the upper hand in legal challenges - using our court processes to frustrate growth. 'We're putting an end to this challenge culture by taking on the Nimbys and a broken system that has slowed down our progress as a nation.' Jenny Riddell-Carpenter, the Labour MP who chairs the Labour Rural Research Group, said many people 'despise' the term. Ms Riddell-Carpenter told The Mirror: 'The term Nimby isn't just toxic, it's politically pointless. We win nothing by labelling people 'anti development' or 'anti growth'.' The Rural Research Group - set up to champion rural issues - published their first report on Wednesday on the attitudes of their countryside constituents. Their survey of 1,412 people found 56 per cent 'firmly do not see themselves as Nimbys'. More than 60 per cent also agreed developments in their areas should go ahead 'as long as it is delivered thoughtfully, and with consideration for local needs and identity'. The group's intervention will be seen as evidence of growing concern amongst rural MPs about Labour's poll ratings. Research group caucuses are becoming more popular in parliament, reflecting how Conservative factions sought to wield power under previous administrations. The Prime Minister has been told to show more recognition for rural identity, which Rural Research Group said had 'for too long been misunderstood and overlooked by policymakers'. A Rural Research Group poll showed that 65 per cent of voters have little trust in politicians. The MPs said: 'This should serve as a clear warning sign to all parties: disillusionment in rural Britain runs deep, and restoring trust will require more than promises - it must be backed by visible, long-term local action rooted in authenticity.'


The Herald Scotland
30 minutes ago
- The Herald Scotland
Kate Forbes should be chair of Highlands and Islands Enterprise
First though, I should say there is absolutely no reason to doubt the primary reason for her departure. Standing again means another five years as an absentee parent. I have filled that role and know that there is really no way round it. Politics, particularly with serious responsibilities, is not a family-friendly occupation. Read More: Dingwall, for practical purposes, is as distant from Edinburgh as from London. Ms Forbes is surely right to criticise the modesty of creche facilities at Holyrood but the reality is that attentive parenthood and seven, or even six, days a week of heavy political duties do not really mix. A choice has to be made and I respect her for making the one she has. No matter who is taking such a decision, there are always other factors in play. If independence was round any foreseeable corner, would she stay? If the party dynamics were more congenial would it make a difference? These are all hypotheses which can be speculated upon but should not detract from straightforward acceptance of the reason given. Why am I sorry to see her go? There are two principal reasons. First, she is patently head and shoulders above those around her in terms of ability and, heaven knows, Scotland needs people of ability – regardless of party affiliation – to be involved in its devolved affairs, whether in government or opposition. The second runs a little deeper and more personal. There are very few at Holyrood who has any ingrained knowledge of, or care very much about, causes to which I have devoted a disproportionate part of my own political life – the land, the language and the people of our fragile periphery. Ms Forbes was a clear exception. To most of Scotland, never mind the wider world, these are arcane matters. There is no particular reason why Ecclefechan or Easterhouse should concern themselves with crofting or ferries or Gaelic or land reform or fishing or depopulation of places which could, with wiser interventions, be lively, flourishing communities. This is, quite reasonably, reflected in those they elect which in turn means that government as it relates to these complex, minority matters is in the hands of politicians with no particular interest or empathy. This void is eagerly filled by civil servants who share the same lack of qualifications. The result is insipid legislation and decision-making which displays no awareness of a bigger picture. Kate Forbes was very different in these respects and I would have been very pleased to see her elected two years ago as First Minister for the duration of this Parliament. Her competence and the ability to make a difference on matters she personally cares about would have been two welcome breaths of fresh air. The people who now sit around the Bute House table with her thought differently, from Swinney downwards, and rallied to the standard of Humza Yousaf. In other words, they did what they were told. This is the Sturgeon clone-ocracy continuing; cheer-leaders for all the wokery and Greenery that Ms Forbes stood against, from Highly Protected Marine Areas through Deposit Return Scheme to a convicted rapist in a women's prison and the madness that ensued. Much was made of Ms Forbes' religious affiliations as if the Free Church of Scotland was some outlandish cult which ate its young, rather than having its roots in radical resistance to the power and patronage of landlordism. The irony was that those who reviled her were themselves much more cultish and gender politics was their false god until that tide turned. McAllan, Gilruth, Constance and indeed Swinney…. When has any of them demonstrated capacity for an original thought or strain of resistance to whatever orthodoxy was prevailing at the time? In these respects, Ms Forbes was significantly different and she paid a political price. I doubt if she will look back with regret at being out of it. Anyway, I have a suggestion which, as ever, is intended to be helpful. I cannot help noticing that there is currently a vacancy for a chair of Highlands and Islands Enterprise. It is a three day week job based in Inverness. Personally, I would have absolutely no complaint if Ministers cut through the bogus quango appointment system and offered it to Ms Forbes. This would serve three purposes. First, it would give her a role to which her talents are well suited. Second, it would give that agency a strong voice in corridors of power, whoever happens to occupy them. Third, it would signal a return to days when people appointed to these jobs were expected to be free spirits, rather than servants of the Scottish Government. It is 60 years this month since the incoming Labour government fulfilled a manifesto commitment to establish the Highlands and Islands Development Board, HIE's predecessor, with wide-ranging social and economic powers. For decades, one of its qualities was that the people who led it, quite irrespective of party politics, were serious public figures, expected to be thorns in the side of governments. Under the dull, centralising mentality of SNP rule, all that has gone and HIE is, like all the other quangos, required to maintain a low profile on a shrunken budget. I doubt if Ms Forbes would settle for that which is exactly why I would recommend her appointment. I'm sure the incumbent could be persuaded to hang on for another few months. I have no insight into Ms Forbes intentions but suspect she would be happier in a role where she can make a real difference without the encumbrance of party politics. Better still indeed if, this time next year, it is a Labour-led government she can be a thorn in the side of while the remnants of the Sturgeon-Yousaf regimes contemplate five long years of opposition. Brian Wilson is a former Labour Party politician. He was MP for Cunninghame North from 1987 until 2005 and served as a Minister of State from 1997 to 2003.