Latest news with #Thatcher
Telegraph
2 days ago
- Automotive
- Telegraph
The rush to EVs is causing real damage
The market is always right. Historic luxury car marques are finding this to their cost as they delay overly ambitious electric vehicle (EV) plans, including Volvo last September and Jaguar Land Rover (JLR) this week, coincident with laying off 500 staff, or 1.5 per cent of their British workforce. The Land Rover customers are not putting in sufficient orders to justify rapid expansion, and for JLR, relative laggards in EV development, this is a second delay. And it's combined with generally bad market conditions: the UK's expensive energy, tax rises, expected rises in the cost of labour from employment legislation, it still being difficult to build or expand anything anywhere, restrictions on skilled worker visas and in export markets, Trump tariffs and their ripples across global supply chains. The JLR move also follows the relaxation of the UK zero emissions mandate (ZEV) targets in April. The scheme compels manufacturers to sell a rising ratio of their output as EVs or be heavily fined, a daft idea akin to taxing typewriter makers for not selling enough word processors. The changes allow suppliers to delay compliance to nearer 2030 when it is assumed demand will be higher; and it will likely be delayed again if it isn't. No government likes presiding over plant closures, even less so when their own policies are to blame. Which is the underlying issue. After the Thatcher revolution industrial policy was largely dead in Britain. We said goodbye to British Leyland and the militant union culture that accompanied decades of politicians 'picking losers' as national champions and repetitive bailouts, including eventually of UK plc by the IMF. However, it was put on life support by climate policies during the Blair/Brown years, creating low carbon markets that could only exist by extracting rent from the tax or bill payer in a hierarchy of plans, targets and controls. Then restored more widely in the 2010s by the Coalition Government, launching sector plans for strategic industries, including the automotive. State ownership might have been largely out, but state-direction was back, and the cosy low carbon-industrial complex emerged as an unhealthy expression of too close a relationship between business leaders and government. A template applied to the UK's pandemic response, yielding a host of procurement scandals, a useless app, and what essentially amounted to a ban on driving to most places, except perhaps Barnard Castle. Under Labour the sectors are now missions, and automotive sits within advanced manufacturing, with a nod towards low carbon (batteries), and artificial intelligence (self-drive). Also services, given most new cars are a finance deal on wheels sold as the dream of independence and an extension of your personality as much as a tool for getting from A to B. But in respect of organisation it's the same thing, talking shops and lobbying arms races to advantage your own firm's output. Manufacturers are then required to triangulate between the real market (anticipating what their customers want), political oversight (what politicians might say their customers should want), and as an afterthought supply (what they can actually build and still make a profit). So the Government will continue to produce EV targets and mandates, demand industry to dance to that tune, then change the record. The confusion will continue, and the costs of that certain uncertainty will be reflected in higher prices, lower demand, and a slower transition to newer vehicles, whether EVs or anything else. Car manufacturers may well be in the headlines again soon.
Straits Times
2 days ago
- Politics
- Straits Times
Made In Singapore: ‘Orchid diplomacy' has flowers named after Obama, Pope Francis and Jackie Chan
Find out what's new on ST website and app. Former British Prime Minister Margaret Thatcher is one of the many heads of state that Singapore has named an orchid after. SINGAPORE – 'Selected for vigour and the amount of growth it produces,' remarked then British Prime Minister Margaret Thatcher, as she posed for photos with an orchid named after her in the Singapore Botanic Gardens. It was 1985, and that was the explanation from Singapore's then commissioner of parks and recreation on why this orchid hybrid was chosen for the 'Iron Lady'. That antelope dendrobium – with petals resembling antelope horns, the result of breeding from a New Guinea orchid that is 'an outstanding species as a stud' – would thereafter be known as the Dendrobrium Margaret Thatcher. Mrs Thatcher is not alone. From Iran's former empress Farah Pahlavi to Myanmar's Nobel Peace Prize laureate Aung San Suu Kyi, there are over 280 orchid hybrids named after foreign dignitaries and key events – making Singapore's orchid diplomacy programme the most extensive of its kind in the world. This is the Republic's answer to national soft power initiatives like China's panda diplomacy, says local writer Koh Buck Song, who authored the 2024 book Singapore's Orchid Diplomacy. 'The practice is not totally unique, but what is unique is the scale and way it is practised in Singapore,' the branding expert tells The Straits Times. Indonesia has a similar practice, while the Netherlands and Japan incorporate tulips and cherry blossoms respectively into their foreign affairs. Top stories Swipe. Select. Stay informed. 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Mr Koh notes that a country's branding often revolves around abstract ideas and attributes – in short, soft power. 'Orchid diplomacy belongs in that category.' Still, not every foreign dignitary has an orchid hybrid named in his or her honour. For much of the practice's history, many of its recipients were not world leaders at all. The wifely roots of orchid diplomacy While the Singapore Botanic Gardens' orchid hybridisation programme dates back to 1928, the first VIP orchid was named after Lady Anne Black, wife of a former British colonial governor, in 1956. The Aranthera Anne Black, a crimson orchid with tendrilled petals, set a precedent that persisted for decades. The Aranthera Anne Black was the Republic's first VIP orchid. ST PHOTO: LIM YAOHUI In Singapore's post-independence years, when the state began holding orchid-naming ceremonies, many honourees were women – often the wives of visiting dignitaries. In 1978, The Straits Times reported that 36 orchid hybrids had been named after these wives. Over the years, this list has grown to include Imelda Marcos, wife of former Philippine president Ferdinand Marcos; Hazel Hawke, wife of former Australian prime minister Bob Hawke; and Khin Khin Win, wife of former president of Myanmar Thein Sein. This reflected the gender norms of the time, as gardening was seen as a woman's realm, while statecraft was a largely male-dominated affair. Naming orchids after the wives of foreign dignitaries was a common practice as part of Singapore's cultural and 'soft power' diplomacy. PHOTO: ST FILE Former Sri Lankan prime minister Sirimavo Bandaranaike and then Indian Prime Minister Indira Gandhi were the world's first and second female prime ministers. Both had orchids named in their honour during their visits to Singapore in 1968 and 1971 respectively. State visits meant that male dignitaries would mostly discuss diplomatic relations, while their wives posed for photographs with orchids. This practice began to shift by the 1980s. In 1981, then Crown Prince Akihito of Japan (who would later become Emperor) had a red orchid hybrid named after him – 11 years after a purple-white orchid was named after his wife, Princess Michiko. Dendrobium Michiko was named after Princess Michiko of Japan when she visited the Singapore Botanic Gardens in 1970. ST PHOTO: LIM YAOHUI In later years, joint naming would become commonplace. In 1999, Madam Lao An, wife of then Premier of China Zhu Rongji, picked out a dark red orchid to be named after both of them. Likewise, then US Vice-President Joe Biden and his wife Jill were honoured with a purple orchid in 2013 – a colour meant to symbolise American bipartisanship. Purple combines blue and red, the colours representing the Democratic and Republican parties. Dendrobium Joe and Jill Biden. PHOTO: NPARKS Today, orchid diplomacy is typically reserved for heads of state or government, or royalty, says Ms Ang Qing Yu, who heads a visits and functions team from the protocol directorate at the Ministry of Foreign Affairs (MFA). 'It's a symbol of (Singapore's) soft power, and I think it's really come a long way in terms of how we conduct diplomacy,' she adds. She has been involved in orchid diplomacy for two years. Whose orchids? The honour extends beyond elected officials and wives. At least 22 orchid hybrids are named after royals – from King Mswati III of Swaziland to Queen Mata'aho of Tonga to Queen Rania Al Abdullah of Jordan. At least 19 are named after celebrities, from movie stars Jackie Chan and Shah Rukh Khan to American tennis great Serena Williams to Italian fashion designer Frida Giannini. The youngest person to have an orchid namesake is Australian Bindi Irwin, daughter of the late celebrity-conservationist Steve Irwin. She was 14 at the time, in 2013. People are not the only recipients. Organisations like the World Trade Organisation and the Association of Southeast Asian Nations (Asean) also have orchids in their name. To celebrate the 50th anniversary of Asean in 2017, a golden apricot-coloured orchid, which traces its lineage to species native to several member countries, was named the Papilionanda Asean Golden Jubilee. The National Parks Board (NParks) declined to provide a full list of VIP orchid hybrids, and notes that not all orchid hybrids were created by its orchid hybridisation programme. MFA adds that it was not involved in orchid hybrids that were not named after foreign dignitaries. Ms Ang Qing Yu, who heads a visits and functions team from the protocol directorate at the Ministry of Foreign Affairs, often participates in the planning process for orchid gifting. ST PHOTO: LIM YAOHUI Floral faux pas Mr Harold Johnson, who co-authored a book on Singapore's national flower, the Vanda Miss Joaquim, told local Tamil news outlet Tabla in 2011 that while the practice is unique, the orchids are most likely forgotten by their recipients unless they are orchid growers themselves. 'Unfortunately, few of the VIP orchids make it to either the local or international market,' he had said at the time. 'Used judiciously, such naming is a great and unique act of friendship, but over-usage can lessen the honour.' When Ms Irwin had an orchid named after her in 2013, it drew a complaint from a reader of The Straits Times, asking: 'Are there rules to orchid naming?' Some orchid names are also better received than others. During a 2016 state dinner in the US, then Prime Minister Lee Hsien Loong made a jab at conspiracy theories about then President Barack Obama not being born in the United States, while presenting the Dendrobium Barack and Michelle Obama. 'This is a hybrid of breeds native to Singapore and Hawaii, where the President was born – most of us believe,' Mr Lee said, to laughter from dinner guests. In contrast, then British Prime Minister David Cameron's orchid became the subject of mockery by the British press in 2015 because of an innocuous oversight. The orchid's purplish hues resembled the colours of the rival UK Independence Party, rather than Mr Cameron's Conservative Party. 'David Cameron has an orchid named after him during a trip to Singapore which is 'Ukip purple' – although officials insist it is 'shades of blue',' quipped the Daily Telegraph. Planting seeds of diplomacy The stakes of orchid diplomacy – and the potential for faux pas – partly explain how the practice has changed over the years. While once foreign dignitaries simply selected their orchids either in person or through photos, the process now follows a different and complex set of protocols. When MFA learns of an upcoming visit – sometimes with only a few weeks' or days' notice – it consults the visiting country about naming preferences, colour taboos and special requests, says Ms Ang. The birth certificate for Dendrobium Andrzej and Agata Duda, the orchid hybrid named after the President of the Republic of Poland and his spouse, contains information such as the pollination date. PHOTO: NPARKS A 'birth certificate' must also be prepared, explaining the orchid's lineage and creation process. For Pope Francis' 2024 visit to Singapore , the months of planning involved some back and forth with the Vatican over orchids. There was a preference that it should be white, as it turned out. All of this culminated in President Tharman Shanmugaratnam presenting the pontiff with the Dendrobium His Holiness Pope Francis at Parliament House. It was the first time an orchid-naming ceremony was live-streamed to viewers across the globe. Pope Francis with President Tharman Shanmugaratnam at the pontiff's state address at the NUS University Cultural Centre on Sept 12, 2024. The orchid between the two leaders, the Dendrobium His Holiness Pope Francis, was earlier named in the pontiff's honour at a Parliament House event. PHOTO: ST FILE 'His face just lit up when he saw the orchid. That's a memory that will be with me for a long time,' says Ms Ang. Dendrobium His Holiness Pope Francis. PHOTO: NPARKS Orchid diplomacy is also linked to Singapore's approach to foreign policy, says Mr Koh. That so many 'seemingly small and insignificant' countries would have an orchid dedicated to their leaders ties into Singapore's active engagement in the Forum of Small States. Founded by Singapore in 1992, the Forum addresses shared concerns and amplifies the voices of small nations within the United Nations. Singapore's petal pushers Growing these botanical gifts is no simple task. Each orchid hybrid can take anywhere between two and five years to create, from initial breeding to ceremony-ready maturity. The process blends both scientific knowledge and artistic vision, says Mr Mark Choo, who has bred orchid hybrids for eight years as assistant curator of the National Orchid Garden, which is under NParks and the Singapore Botanic Gardens. For the Singapore Botanic Gardens, 2025 is a year of triple milestones: its 10th anniversary as a Unesco World Heritage Site; the National Orchid Garden's 30th birthday; and the 150th anniversary of the Singapore Herbarium and Library of Botany and Horticulture. Until July 27, visitors to the gardens can also catch the Singapore Garden Festival Orchid Show, which includes award-winning and heritage varieties, and is planned by NParks and Orchid Society of South East Asia. More than 650 orchids, from cool-weather varieties to tropical hybrids, will be on display. And none of these hybrids are born with a name or person in mind, says Mr Choo. 'We just keep creating, because there are failure rates at every point of the way, so we do need to have a high volume of hybrids that we make.' Failure can come from seed pods not germinating, overly wet or hot conditions, or contamination in the laboratory. Even when things go right, the resulting plant can lack robustness or bloom in colours that are just not vibrant enough. 'That is something we can't prevent or predict, so when that happens, we can't use those plants,' says Mr Choo, who is one of five to six staff members working on hybridisation. Mr Mark Choo has bred orchid hybrids for eight years as assistant curator of the National Orchid Garden. ST PHOTO: LIM YAOHUI At any given time, there are at least 50 hybrids in development – and two to three flowering specimens ready to be named. These must be robust, free-flowering, colourful and, ideally, distinctive in shape. For all its importance, breeding new hybrids for orchid diplomacy forms only a small subset of Mr Choo's work at the National Orchid Garden. 'I usually like to do my orchid breeding at the end of the day, when I feel more relaxed and no one's around any more,' he says. It is not as simple as taking pollen from one orchid and putting it in another – as pushing boundaries, in the form of vibrant blooms and distinctive shapes, calls for endless experimentation and reliance on institutional knowledge. 'Things that have never been done before, we push those kinds of boundaries,' he says. 'The possibilities of orchid breeding are quite endless.' The afterlife of VIP orchids With few exceptions, most VIP orchid hybrids do not stray far from their birthplace in the Republic. This means the rare occasions when they get to spread their roots abroad can deliver foreign relations highlights. The Dendrobium Kishida Fumio, named after the Japanese Prime Minister in 2022, found a new home in the Hiroshima Botanical Garden, where it blossomed in winter. 'It was freezing outside, but inside, the orchid was blooming,' says Mr Koh. 'The Japanese love hanami, and that was a Singaporean hanami.' Hanami refers to the Japanese custom of enjoying the transient beauty of flowers. Elaborate logistics are involved in making these floral voyages possible. 'It sounds nice and fun, but there's a lot of stress in making sure the orchids can cross borders,' says Mr Choo. He was part of the entourage transporting the Dendrobium Barack and Michelle Obama to the US capital in 2016. Mr Mark Choo says orchid hybrids are difficult to transport abroad. ST PHOTO: LIM YAOHUI Documentation must be secured to ensure the plants meet the phytosanitary requirements of the destination country, and to ensure inspections do not unintentionally destroy the plants. Arrangements also have to be made for NParks staff to hand-carry VIP orchids onto the plane, so the flowers are not tossed about in a freezing cargo hold. 'Because it couldn't fit in the overhead cargo, we had to buy a seat,' he recalls. The presidential orchids sat in a big box in economy class. While VIP orchids may get VIP treatment, it appears that they do not fly business class. After the blossoming Post-ceremony, orchids can typically live on – and be grown again for successive generations – for four to 10 years. Unlike their longer-lived wooded cousins, 'they lose vigour', says Mr Choo. To keep them around, the National Orchid Garden clones orchids. This is a time-consuming process that can take four to five years, while also allowing the hybrid to be stored in the laboratory, slowing down the ageing process and keeping them viable for a longer period of time. Some hybrids can also be recreated, if their breeding process is not overly complicated. 'We do our best to try and maintain stock, but some plants just can't be cloned any more,' says Mr Choo. Still, many of the hybrids mentioned in this story still exist in some form. Selected hybrids are displayed at the VIP Orchid Garden when they are in bloom – including the oldest among them, the Aranthera Anne Black. Inside the culture room, the plantlets grow in an environment with just the right temperature, lighting and humidity. ST PHOTO: LIM YAOHUI Why flower power? Orchid diplomacy is one part of Singapore's cultural diplomacy, but it is not the only one. All manner of celebrities and foreign dignitaries, from American singer Lady Gaga to French President Emmanuel Macron, have been spotted feasting on local hawker staples at Maxwell Food Centre and Lau Pa Sat – both common stops in state visits. And orchids are not even the country's only attempt at horticultural diplomacy. Former South African president Nelson Mandela has an orchid named after him, bearing the hues of the South African flag. But he is also one of many figures that Singapore has named a tree after as part of its Tree of Fame programme. The honourees include former emperor of Iran Reza Pahlavi, then Vice-Premier of China Deng Xiaoping and Errol Walton Barrow, former prime minister of Barbados. Unlike orchid naming at the time, this practice appears to have placed a greater focus on male leaders. It eventually died out by the late 1970s. The enduring power of orchids comes down to the same things that make other soft-power initiatives – like China's panda diplomacy and South Korea's K-wave – successful, says Mr Koh. There is a uniqueness to orchids, which Singapore has embraced by recognising the Vanda Miss Joaquim as its national flower in 1981, resulting in the flower becoming one of the Republic's most visible icons. Dr Yu Hao, head of the National University of Singapore's department of biological sciences, calls Singapore's orchid diplomacy a creative and effective example of turning botanic heritage and expertise into a tool for diplomatic engagement. 'It demonstrates how even relatively small countries can use soft power to foster international goodwill,' he says. While other sources like Taiwan and Thailand excel in mass production, Singapore stands out for how it blends advanced technology with diplomatic strategy, Dr Yu adds. His lab is pioneering orchid-breeding research using gene editing, and has created the world's first kilobase-scale gene-editing platform for orchids. The personal touch Orchid naming represents a special personal touch as a unique honour that is rarely experienced, even by the most worldly or wealthy of travellers. 'I can't imagine anything nicer than having an orchid named after yourself,' said Mrs Laura Bush, then First Lady of the United States, in 2002 during a state visit to Singapore when one was named in her honour. And during a state visit to Singapore in June 2025, Indonesian President Prabowo Subianto asked to name his orchid after his late mother 'for having raised maybe a difficult boy in his younger days, but finally he became president of Indonesia'. The result: Paraphalanthe Dora Sigar Soemitro. Once given, these orchids can have a 'multiplier effect', becoming a form of branding by diffusion that 'gains a life of its own' as part of botanical gardens and horticultural festivals across the globe, says Mr Koh. For orchid breeders like NParks' Mr Choo, the success of the initiative comes down to a simple thing: It is nice to make people happy with a thoughtful gift. 'And I don't think it's very easy to make heads of state happy,' he says. Book It/Singapore Garden Festival Orchid Show Where: National Orchid Garden, Singapore Botanic Gardens, 1 Cluny Road When: July 19 to 27; 8.30am to 7pm daily (last admission at 6pm) Admission: Free for Singapore residents; $15 for non-residents Info: Go to for more details. For a self-guided tour, take along this map:
Telegraph
3 days ago
- Business
- Telegraph
The 400,000 jobs Ed Miliband could destroy
The story of British manufacturing, particularly energy-intensive manufacturing, in recent times has been one of woe. The primary steel sector faces collapse. Jim Ratcliffe, the CEO of Ineos, has declared that the British chemical industry is coming to an end. The travails of industry have become a case study for different factions to blame their rivals. Left-wingers argue that deindustrialisation is the legacy of Margaret Thatcher's policies. Those on the Right, meanwhile, lay the blame at the reforms of Clement Attlee and his post-war successors, from nationalisation, the 1945 Distribution of Industry Act and the 1947 Town and Country Planning Act. While Britain's twentieth century was marked by policy mistakes, at the turn of the century, it had the fourth-largest manufacturing base in the world in terms of gross value added. We were a significant energy exporter and had stable and competitive electricity prices. Where did things go wrong? In 2000, we, alongside the rest of the Western world, made a faustian pact with the Chinese Communist Party, where we offloaded our low-value-added industrial production in exchange for cheap goods. It was not thought then that, by 2020, Chinese manufacturing would account for 35 per cent of global production, and dominate high-value added sectors like batteries, electric vehicles and drones. We also thought little about how Chinese overcapacity would put huge downward pressure on process industries like chemicals and steel. The other major factor has been the lack of a coherent energy policy. Over the past century, we have gradually increased our energy bills with various levies and carbon-related taxes, all to facilitate the rollout of intermittent renewables. While external shocks to gas prices in recent years brought the issue to the forefront, our industrial energy costs had become globally uncompetitive since 2008. The net zero strategy of decarbonising the power sector via levies has proved short-sighted. While electricity in 2023 accounted for 42 per cent of energy expenditure, it represented less than 20 per cent of calorific consumption, with the remainder primarily coming from methane (natural gas) and petroleum products. British electricity is over 400 per cent more expensive than gas. It is for this reason that wider efforts at electrification are failing. Installing heat pumps has been painfully slow, while the government's drive for electric vehicle adoption did not meet its targets in 2024. While gas and coal costs have been relatively stable, they have been hit by discretionary carbon costs. Prax Lindsey, the Hull-based refinery that recently entered receivership, had emission trading scheme (ETS) costs (accounting for free allowances) exceeding 100 per cent of its operating profit in 2023. The Prax Lindsey closure is just one example of the not-so-slow-motion collapse in Britain's energy-intensive industries. Since 2022, we have seen three ammonia plants shut down, two refineries close, and one of our remaining three olefin crackers abandoned. Wigan's Electric Fibre Glass, our largest fibre glass manufacturer, announced its closure. In metals, the blast furnace at Scunthorpe has effectively been nationalised, and Liberty Steel's plant in Rotherham has been idle for a year. The government is attempting to stave off the bleeding by increasing levy exemptions and making targeted bailouts. They are right to be worried. Home Secretary Yvette Cooper's constituency of Pontefract, Castleford, and Knottingley has three glass factories. The energy-intensive industries sector, outlined in my report for the Jobs Foundation, is a significant component of the economy outside of London. It has over 400,000 workers, a turnover of £170 billion, and a gross value added of nearly £40 billion. It provides relatively high-paid work in the areas it operates, and is critical to thousands of manufacturers further down the supply chain. If it falters further, there is no silver lining.
Powys County Times
4 days ago
- Business
- Powys County Times
Swinney accuses Reeves of ‘channelling Thatcher' with financial reforms
Chancellor Rachel Reeves has been accused of 'channelling' Margaret Thatcher with new financial reforms – with Scotland's First Minister saying her 'extraordinary' actions show the UK economy 'does not work for Scotland'. John Swinney hit out in the wake of Ms Reeves's Mansion House speech which contained a package of reforms aimed at attracting more investment to the UK. Ahead of Tuesday evening's keynote address, there had been speculation among observers that the Labour Chancellor would 'channel Margaret Thatcher' with a new era of deregulation. Ms Reeves said she would be 'rolling back regulation that has gone too far' with plans to cut red tape in the City and reform banking rules, including the ring-fencing the financial sector, the Chancellor insisted the changes are needed for the UK to stay competitive in a more uncertain global economy. She said she had 'placed financial services at the heart of the Government's growth mission, recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving'. However Mr Swinney said: 'The very idea that a Labour Chancellor thinks that channelling Margaret Thatcher is what our economy needs is extraordinary. 'It is the very last thing we need as we try to recover from Tory austerity.' He added that people 'right across Scotland' had 'suffered terribly' during Conservative Mrs Thatcher's time as prime minister from 1979 to 1990, and that 'communities were decimated and countless livelihoods were thrown on the scrapheap'. Going on to claim the country is 'still dealing' with the impact of Thatcherism, Mr Swinney said: 'The UK economy does not work for Scotland. 'Rather than come up with serious solutions to fix it, Labour are doubling down on the same agenda that has failed before. 'We do not need an effort to replicate Thatcher's agenda – we need bold action and investment to tackle the effects of Thatcher that are still with us. 'Labour could relax their fiscal rules or make the choice to ask higher earners to pay a little more to unlock investment, just as we have done in Scotland.' But the First Minister said the UK Government 'clearly lack the political courage' to do this. He added: 'Scotland was promised change by Labour – instead we have been given the same tired economic policies, and efforts to balance the books on the backs of the most vulnerable. 'We have learned that you cannot trust a word Labour say before an election – and that if Scotland is to create an economy that works for everyone, the only way we can do so is as an independent country.' A Labour spokesperson said: 'This Labour Government has delivered the biggest financial settlement for Scotland since devolution began. 'But as NHS waiting lists fall in England with Labour, one in six Scots are waiting for treatment and cancer waiting times are at their worst ever level under the SNP in Scotland. 'John Swinney is out of excuses for his party's failure over 18 years in office. Scotland can't risk a third decade of SNP mismanagement of public services. 'Labour is investing £8.3 billion in funding for GB Energy-Nuclear and GB Energy in Aberdeen, up to £750 million for a new supercomputer at Edinburgh University, £160 million over 10 years for investment zones in the north east of Scotland and in Glasgow City Region, and are investing £452 million over four years for City and Growth Deals across Scotland. 'While Swinney throws juvenile jibes, Labour is getting on with the job of delivering for Scots.'
North Wales Chronicle
4 days ago
- Business
- North Wales Chronicle
Swinney accuses Reeves of ‘channelling Thatcher' with financial reforms
John Swinney hit out in the wake of Ms Reeves's Mansion House speech which contained a package of reforms aimed at attracting more investment to the UK. Ahead of Tuesday evening's keynote address, there had been speculation among observers that the Labour Chancellor would 'channel Margaret Thatcher' with a new era of deregulation. Ms Reeves said she would be 'rolling back regulation that has gone too far' with plans to cut red tape in the City and reform banking rules, including the ring-fencing the financial sector, the Chancellor insisted the changes are needed for the UK to stay competitive in a more uncertain global economy. She said she had 'placed financial services at the heart of the Government's growth mission, recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving'. However Mr Swinney said: 'The very idea that a Labour Chancellor thinks that channelling Margaret Thatcher is what our economy needs is extraordinary. 'It is the very last thing we need as we try to recover from Tory austerity.' He added that people 'right across Scotland' had 'suffered terribly' during Conservative Mrs Thatcher's time as prime minister from 1979 to 1990, and that 'communities were decimated and countless livelihoods were thrown on the scrapheap'. Going on to claim the country is 'still dealing' with the impact of Thatcherism, Mr Swinney said: 'The UK economy does not work for Scotland. 'Rather than come up with serious solutions to fix it, Labour are doubling down on the same agenda that has failed before. 'We do not need an effort to replicate Thatcher's agenda – we need bold action and investment to tackle the effects of Thatcher that are still with us. 'Labour could relax their fiscal rules or make the choice to ask higher earners to pay a little more to unlock investment, just as we have done in Scotland.' But the First Minister said the UK Government 'clearly lack the political courage' to do this. He added: 'Scotland was promised change by Labour – instead we have been given the same tired economic policies, and efforts to balance the books on the backs of the most vulnerable. 'We have learned that you cannot trust a word Labour say before an election – and that if Scotland is to create an economy that works for everyone, the only way we can do so is as an independent country.'
