Latest news with #IainMcNicol
The Guardian
14-05-2025
- Business
- The Guardian
Labour peer apologises for writing to Treasury to promote crypto firm he advised
A Labour peer and trade envoy for Keir Starmer has apologised for breaking the House of Lords code of conduct by writing to the Treasury to promote a cryptocurrency firm that was paying him. Iain McNicol, a former general secretary of the Labour party, was found to have breached the rules by offering a paid parliamentary service on behalf of Astra Protocol in June 2023. His actions were reported to the standards commissioner following the Guardian's months-long investigation into the House of Lords examining the commercial interests of peers. The reporting revealed that the Labour peer wrote to the Treasury while he was a paid adviser to Astra Protocol, saying the company had assembled an 'esteemed team of industry veterans and high-profile political advisers, with extensive experience in crypto'. In a late submission to a Treasury consultation, Lord McNicol wrote to officials that Astra Protocol's team was 'uniquely placed to provide meaningful insights into the challenges and opportunities that come with regulating DeFi [decentralised finance] and other crypto assets'. He cautioned in the letter against allowing regulation to 'stifle innovation'. His email and letter to the Treasury were released under freedom of information laws. At the time, McNicol was paid a monthly retainer by Astra Protocol, which had launched a token that subsequently plunged in value by more than 99%. He later sat on Starmer's frontbencher, from autumn 2023 to July 2024, and was made a trade envoy to Jordan, Kuwait and the occupied Palestinian territories by the prime minister in January this year. The Lords commissioner, Margaret Obi, in her findings wrote: 'I consider that by writing a letter to HM Treasury officials in his own name on behalf of Astra Protocol, Lord McNicol provided a paid parliamentary service to Astra Protocol. 'Although Lord McNicol stated he was not paid specifically for providing this submission to HM Treasury, he was paid a monthly retainer by Astra Protocol. I therefore consider that this retainer can reasonably be understood to cover the various tasks he undertook for the company at that time, including his submission to HM Treasury. I therefore find Lord McNicol breached paragraph 9(d) of the code of conduct.' This clause states members 'must not seek to profit from membership of the house by accepting or agreeing to accept payment or other incentive or reward in return for providing parliamentary advice or services'. The report said: 'Although the letter responded to the questions posed in HM Treasury's call for evidence, it was also used to promote the work of Astra Protocol. In the letter, Lord McNicol refers to Astra Protocol's 'unique offering'.' The commissioner said she did not find it to be a significant breach, because it was a single letter and did not make use of any special access or contacts gained by being a peer. But she added: 'Nevertheless, this was a clear example of providing a parliamentary service in return for payment. It is also not clear why the letter was sent specifically in Lord McNicol's name, instead of in the name of senior member of staff within the organisation, for example the CEO or chairman. I therefore consider remedial action to be appropriate and propose a letter of apology to the chair of the conduct committee.' In a letter to Lord Kakkar, chair of the Lords conduct committee, fully accepting the findings, McNicol said: 'I would like to offer my full and unreserved apology for breaching the code.' Two other peers are under investigation – Lord Evans and Lord Dannatt – following reporting by the Guardian. Both have denied wrongdoing. The complaint about McNicol was submitted to the commissioner by Tom Brake, the director of Unlock Democracy and a former deputy leader of the House of Commons, who had raised questions over whether McNicol's approach to Treasury officials fell foul of Lords rules. Peers are allowed to take on paid roles and must list them on a public register, but unlike MPs they do not have to declare how much they earn unless working for a foreign state.
Zawya
05-05-2025
- Business
- Zawya
Jordan: JEF, UK trade envoy discuss investment opportunities, growth indicators
AMMAN — The Jordan Economic Forum (JEF) has held a meeting with new UK Trade Envoy to Jordan Lord Iain McNicol to explore prospects for enhanced cooperation and investment. JEF Chairman Mazen Homoud, members of the board of directors, general assembly members, British Ambassador to Jordan Philip Hall and a representative from the UK Department for Business and Trade attended the meeting, according to a JEF statement. The meeting focused on expanding bilateral cooperation, particularly in economic research and identifying high-value investment opportunities, emphasising the importance of building strategic partnerships to stimulate economic growth. During the session, the forum presented a comprehensive overview of Jordan's Economic Modernisation Vision (EMV), which aims to stimulate growth and attract investment to create sustainable jobs, thereby reducing unemployment and supporting both economic and social stability. The forum also highlighted the 'strength and resilience' of Jordan's banking sector, noting its positive growth trajectory, which reflects 'strong' investor confidence. The sector plays a vital role in financing economic activities, especially investments that support sustainable development. Homoud welcomed the UK delegation and reaffirmed the forum's commitment to fostering strategic partnerships with international institutions aimed at positioning Jordan as a leading regional hub for investment. He expressed appreciation for the UK's 'consistent' economic support to Jordan, most notably exemplified by the 2016 London Conference, which marked a 'pivotal' moment in boosting economic cooperation between the two countries. He stressed that the current phase requires intensified cooperation in advancing economic research to produce practical solutions for development challenges and to meet the economic goals of both kingdoms. Homoud reiterated the forum's commitment to 'actively' connecting investors with real opportunities, pointing to Jordan's competitive investment environment, supported by advanced infrastructure and a business-friendly legal framework. He invited British investors to explore new projects in renewable energy, technology and education. For his part, Lord McNicol praised the economic reforms recently implemented by the Jordanian government, describing them as 'crucial' steps towards enhancing economic stability and growth. He expressed appreciation for the ongoing efforts to improve the business climate, affirming that Jordan holds significant potential to attract international investment. He noted the Jordan-UK Free Trade Agreement, which facilitates 'ambitious' bilateral trade cooperation, along with the free trade deals with the US, the European Union, countries of the Arab League and several others around the world, which offer valuable opportunities to Jordanian-based manufacturers and exporters. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
03-05-2025
- Business
- Jordan Times
JEF, UK trade envoy discuss investment opportunities, growth indicators
The Jordan Economic Forum holds a meeting with new UK Trade Envoy to Jordan Lord Iain McNicol to explore prospects for enhanced cooperation and investment (Photo Courtesy of Jordan Economic Forum) AMMAN — The Jordan Economic Forum (JEF) has held a meeting with new UK Trade Envoy to Jordan Lord Iain McNicol to explore prospects for enhanced cooperation and investment. JEF Chairman Mazen Homoud, members of the board of directors, general assembly members, British Ambassador to Jordan Philip Hall and a representative from the UK Department for Business and Trade attended the meeting, according to a JEF statement. The meeting focused on expanding bilateral cooperation, particularly in economic research and identifying high-value investment opportunities, emphasising the importance of building strategic partnerships to stimulate economic growth. During the session, the forum presented a comprehensive overview of Jordan's Economic Modernisation Vision (EMV), which aims to stimulate growth and attract investment to create sustainable jobs, thereby reducing unemployment and supporting both economic and social stability. The forum also highlighted the 'strength and resilience' of Jordan's banking sector, noting its positive growth trajectory, which reflects 'strong' investor confidence. The sector plays a vital role in financing economic activities, especially investments that support sustainable development. Homoud welcomed the UK delegation and reaffirmed the forum's commitment to fostering strategic partnerships with international institutions aimed at positioning Jordan as a leading regional hub for investment. He expressed appreciation for the UK's 'consistent' economic support to Jordan, most notably exemplified by the 2016 London Conference, which marked a 'pivotal' moment in boosting economic cooperation between the two countries. He stressed that the current phase requires intensified cooperation in advancing economic research to produce practical solutions for development challenges and to meet the economic goals of both kingdoms. Homoud reiterated the forum's commitment to 'actively' connecting investors with real opportunities, pointing to Jordan's competitive investment environment, supported by advanced infrastructure and a business-friendly legal framework. He invited British investors to explore new projects in renewable energy, technology and education. For his part, Lord McNicol praised the economic reforms recently implemented by the Jordanian government, describing them as 'crucial' steps towards enhancing economic stability and growth. He expressed appreciation for the ongoing efforts to improve the business climate, affirming that Jordan holds significant potential to attract international investment. He noted the Jordan-UK Free Trade Agreement, which facilitates 'ambitious' bilateral trade cooperation, along with the free trade deals with the US, the European Union, countries of the Arab League and several others around the world, which offer valuable opportunities to Jordanian-based manufacturers and exporters.
Arab News
03-05-2025
- Business
- Arab News
Jordan, UK explore deepening trade ties under partnership agreement
AMMAN: Jordan and the UK have reaffirmed their commitment to strengthening economic and trade cooperation under the framework of their 2021 bilateral partnership agreement, the Jordan News Agency reported. During talks in Amman on Saturday, Minister of Industry, Trade, and Supply Yarub Qudah met with British Trade Envoy to Jordan, Kuwait, and Palestine, Iain McNicol, to discuss progress made under the deal and explore further avenues of collaboration. Philip Hall, the British ambassador to Jordan, also attended the meeting. According to a statement from the Jordanian Ministry of Industry, the discussions touched on efforts to streamline rules of origin and the development of mechanisms to monitor the agreement's implementation; chief among them the launch of a Partnership Council and technical committees. Qudah highlighted several ongoing challenges, including the complexity of the rules of origin, and the comparatively high costs of compliance and export for Jordanian producers. He stressed the need to review the terms of the current agreement to ensure Jordanian products are granted preferential access to UK markets— particularly in light of the United Kingdom's Developing Countries Trading Scheme, which offers more favorable terms to other nations. McNicol affirmed Britain's 'keenness' to deepen trade ties with Jordan and expressed support for improving the Kingdom's investment environment. He also emphasized the UK's commitment to sustainable trade initiatives, including support for small and medium-sized enterprises, and stimulating British investment in Jordan's 'vital' productive sectors. Looking ahead, both sides agreed to accelerate preparations for the upcoming Jordanian-British Business Forum, which they said would provide a key platform to strengthen private-sector ties and explore new areas of economic cooperation.
Ammon
03-05-2025
- Business
- Ammon
Jordan, Britain discuss ways to enhance joint economic cooperation
Ammon News - Minister of Industry, Trade, and Supply, Yarub Qudah, discussed with the British Trade Envoy to Jordan, Kuwait, and Palestine, Lord Iain McNicol, ways to enhance joint economic and trade cooperation within the framework of the bilateral partnership agreement signed in to a ministry statement on Saturday, the two sides, in presence of British Ambassador to Jordan, Philip Hall, went over progress in implementing the agreement, in terms of streamlining rules of origin and developing the government structure to monitor its provisions by launching Partnership Council and its technical noted the need to address challenges related to the complexities of the rules of origin and the high costs of compliance and export, compared to the facilitations granted by the United Kingdom to competing countries under the Developing Countries Trading Scheme (DCTS) called for reviewing the current terms of the simplified rules of origin decision to ensure Jordanian products have "preferential" access to British his part, McNicol affirmed his country's "keenness" to expand economic cooperation with Jordan, underlining his country's support for developing the Kingdom's investment environment and enhancing trade exchange through sustainable initiatives, including support for small and medium-sized enterprises and stimulating British investment in Jordan's "vital" productive future action, both sides agreed on the importance of accelerating the pace of work to organize the upcoming Jordanian-British Business statement said the event would serve as a platform to strengthen bilateral partnerships in the two countries' private sectors and explore "new" cooperation opportunities. Petra
