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The Herald Scotland
4 days ago
- Business
- The Herald Scotland
Darren Jones: ‘Scotland is at the heart of our Plan for Change'
By the Friday morning, I was in Scotland to get the reaction from business leaders, workers and economic experts on what the news meant for Scotland and how we could work together to implement some of the biggest pieces of public investment Scotland has ever seen. I wanted Scotland to be the first place I visited after the Spending Review because it is so central to the whole UK Government's Plan for Change. With an economy already worth £204 billion a year, Scotland is leading the way in renewable energy and low-carbon technologies, its defence sector is essential to keeping our country safe while supporting thousands of highly skilled jobs, and of course, Scottish food and drink exports are enjoyed the world over. Rachel Reeves delivering the spending review last weekThe power and potential of Scotland's economy is exactly why I wanted it to be at the heart of the Spending Review, right from the very start of the process. As Chief Secretary to the Treasury, it was my job to lead negotiations with each secretary of state for their department's budget. In the past, that process too often became a performative Whitehall dance, which saw the interests of government departments prioritised over the needs of communities across the country. I was determined that this time should be different, and so in partnership with our fantastic Secretary of State for Scotland, Ian Murray, we shook up the system and ensured every department considered how it could serve Scotland, and how Scotland could help deliver renewal for the whole UK. The results speak for themselves. Last Wednesday morning, before walking to the House of Commons chamber, I phoned Shona Robison, the Scottish Government Finance Secretary, to give her advance notice of the headline figure for Scotland: £9.1bn extra for Scottish public services. That is the biggest real-terms settlement for the Scottish Government in the history of devolution. I now hope the SNP will use that money to bring down NHS waiting lists, on which almost one in six Scots are stuck, although with the SNP having unveiled five failed NHS improvement plans in four years, this does not seem likely. We have delivered £750 million for a UK national supercomputer, based at the University of Edinburgh, bringing the next generation of artificial intelligence to Scotland. There is £200m in development funding for Project Acorn, to help realise the economic and environmental potential of carbon capture and storage. Green freeports on the Cromarty Firth and the Forth will create tens of thousands of new jobs in renewable energy, supporting the just transition. Communities across Scotland will feel the benefit of this UK Government investment, and none more so than those in the Glasgow City Region, which is why I was surprised to read the leader of Glasgow City Council suggesting that Scotland's biggest city had been sidelined. I have huge respect for Susan Aitken and Scotland's local government leaders, but nothing could be further from the truth. We are launching a Glasgow investment zone, focused on advanced manufacturing. It will generate at least £1.7bn of investment and create up to 18,000 jobs over 10 years, boosting the region's research and innovation economy. On defence, we will invest £250m in the naval base at Faslane, which supports thousands of jobs on the west coast and safeguards our national security. The Chancellor unveiled a new £250m package for FaslaneMeanwhile, communities across the wider region — including Drumchapel, Coatbridge, Greenock and Clydebank — will each get millions to bring their town centres up to scratch. I could continue to list the monetary value of UK Government investments for Glasgow and Scotland, but I know that when it comes to changing things, power can be just as important as pounds. Progress made in Greater Manchester and the West Midlands is proof that our big city regions can do more when they have greater control over funding and decisions in their areas. But in Scotland, the decision to devolve power from Holyrood and empower the city regions rests firmly with the Scottish Government. I know that Anas Sarwar and my colleagues in Scottish Labour have begun to set out plans for directly elected mayors, with powers over skills and transport, so they can turbocharge growth in their cities and regions. This is the kind of fresh thinking that cities such as Glasgow deserve. This is in contrast to years of the SNP centralising power in Holyrood and cutting funding to Scotland's councils. Their failure to empower Glasgow has had a direct impact on jobs and growth. From 2014 to 2022, the Greater Manchester economy grew by almost 50%. If the Glasgow City Region had achieved that same level of growth, it would be £7.7bn larger today. Labour put Scotland at the heart of this Spending Review and will deliver historic levels of UK Government spending into every part of the country. But more than a quarter of a century since the dawn of devolution, new ideas on empowering Scotland's cities and regions will help unlock the next generation of jobs and investment. As one of Scotland's two governments, the Labour UK Government stands ready to do our part. Darren Jones is the Labour MP for Bristol North West and the Chief Secretary to the Treasury.
Web Release
4 days ago
- Business
- Web Release
Global agrifood systems need urgent funding to support sustainable transformation and build climate resilience
Global agrifood systems require annual investments of $1.1 trillion over the next five years to transition to sustainable, resilient food production models that secure employment and align with the goals of the Paris Agreement. However, current annual investment is severely lacking, reaching only 5% of the required amount. Unlocking greater capital flows will thus require innovative financing mechanisms. Currently, most private investments in food systems are concentrated in Europe and North America. Those most in need of investment – Asia Pacific, Africa and Latin America – remain significantly underfunded. A new joint report by Bain & Company and the World Economic Forum highlights innovative financing models that could lower investment barriers and bring in a broad range of financial actors to help meet the funding gap. 'Food systems transformation is not just a climate imperative — it is a commercial opportunity. Financiers with exposure to the food sector have a vested interest to improve credit risk profiles of their customers. Investing in food systems also allows financiers to adhere to increasingly stringent portfolio sustainability regulations and to deliver on critical stakeholder commitments,' said Iwona Steclik, a partner at Bain & Company's Financial Services practice in EMEA. Common barriers to funding the food system transformation include uncertainty around the financial returns, fragmented nature of food production creating operational challenges, inconsistent impact reporting and limited coordination across the value chain. Hence, innovative mechanisms are needed to scale up finance for climate resilience in agriculture. Given the diversity of food systems and varying starting points of financial institutions, there is no one-size-fits-all solution. The report focuses on financing the transformation—primarily through lending—while acknowledging the importance of other instruments like insurance. The proposed financial models fall into three categories: direct farmer financing, lending via corporates, and multi-stakeholder platforms—each designed to lower investment barriers. Together, these models capture the breadth of innovation across markets, commodities, and de-risking strategies—highlighting the diverse pathways to transform food system finance. Initiatives such as Aceli Africa, Project Acorn, McCain's regenerative agriculture program, and the Innovative Finance for the Amazon, Cerrado and Chaco (IFACC) platform demonstrate how commercial, philanthropic, and government capital can be aligned for scalable impact, according to the report. 'A defining feature of all these models is the need for coordinated action across the entire value chain, including farmers, agrifood companies, retailers, financial institutions, data providers and governments. Each of these models employs de-risking strategies that span from traditional financing tools like guarantees to innovative approaches such as monetizing ecosystem outcomes,' said Derek Baraldi, Head of Sustainable at the World Economic Forum. 'Transforming food systems presents major investment opportunities for commercial capital to unlock new markets, boost revenues, and enhance portfolio resilience. However, scaling such investments requires a customized strategy aligned with an institution's strengths, portfolio, risk appetite, and sustainability goals', said Christian Graf, partner at Bain & Company and leader of the EMEA Sustainability & Responsibility Financial Services practice. To succeed, financiers should: (1) Set clear targets on food systems transformation investments and challenge teams to identify scalable, profitable models, tailored to portfolio and capabilities. (2) Build strategic partnerships across the food value chain (including catalytic capital providers, agrifood companies and/or farmers) to ensure shareholder returns and accelerate delivery at scale. (3) Design and adopt innovative financing mechanisms, supported by de-risking mechanisms (including demand signals). (4) Manage credit risk effectively to work with emerging datasets and strengthen climate impact data capabilities. (5) Secure active and sustained senior leadership support.
STV News
23-05-2025
- Business
- STV News
Swinney and Starmer discuss Grangemouth, migration, and economy at meeting
John Swinney met with the Prime Minister to discuss the future of Grangemouth, migration, the economy, and more on Friday. Swinney travelled to London to attend a meeting of the Council of Nations and Regions – a unique forum of devolved government leaders and English mayors. Starmer was expected to discuss recent international trade deals with India, the United States, and Europe. Leaders also received a briefing on national security. The First Minister also met with Starmer one-on-one to talk about specific issues relating to Scotland. Following the meeting, a spokesperson for the Scottish Government said the pair discussed migration, the economy, the future of Grangemouth, and more. 'The First Minister held talks with the Prime Minister where they discussed key issues, including tackling child poverty, migration and growing the economy, not least by investing in Grangemouth, carbon capture and Project Acorn,' the spokesperson said. 'Discussions on international relations included trade deals, Ukraine and Gaza, including the need to end conflict and ensure humanitarian assistance. 'The First Minister also met the First Minister of Wales and the First Minister and deputy First Minister of Northern Ireland to discuss areas of common concern.' Swinney previously said he would also use the meeting to urge Starmer to take formal action to reverse the UK Labour Government's controversial winter fuel payment cuts. Ahead of the meeting on Thursday, Swinney said the first action of the UK Government must be to 'accept the cut to the Winter Fuel Payment was wrong and announce a restoration so all pensioners get a payment'. His statement comes days after Starmer indicated at Prime Minister's Questions that he wants more pensioners across the UK to be eligible for winter fuel payments following what he called improvements to the economy. Scottish leaders have called these indications 'empty', and Swinney said he would be pushing for Starmer to make the u-turn more concrete. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
The National
01-05-2025
- Business
- The National
Grangemouth's fate was sealed when Scotland didn't back independence
The ultimate failure of our Yes campaign to convince 50%+1 of the voters that Scotland could not only survive but prosper as an independent nation resulted in the continuation, to this day, of the so-called United Kingdom. Up until a few days ago there were six major oil refineries in the UK. Phillips 66, Humber Refinery, South Killingholme – 221,000 barrels per day; Prax, Lindsey Oil Refinery, North Killingholme – 111,300 barrels per day; Petroineos, Grangemouth refinery –150,000 barrels per day; Essar Energy plc, Stanlow refinery – 190,000 barrels per day. Valero Energy Corp, Pembroke refinery – 270,000 barrels per day; ExxonMobil, Fawley refinery – 270,000 barrels per day. In total, that's an overall refining capacity of over 1.2 million barrels per day. The five other UK refineries will apparently be able to fill the shortfall from the loss of Grangemouth. From a UK perspective there are enough refineries ready, willing and able to meet demand. Incidentally, in 1976 there were 17 oil refineries in the UK. By 2000 there were 12. Those politicians and campaigners who demand that we 'just stop oil', or use a lot less of it, might like to reflect long and hard on the loss of thousands of skilled jobs we have just witnessed. Those who decreed on our behalf that there should be more no petrol or diesel-powered cars by 2030 need to learn that actions may have consequences. Ironically many electric cars are produced in China, which is still commissioning new coal-fired power stations at the rate of about one a week. The UK Government is moving heaven and earth – and a massive amount of Japanese coal – to keep the UK's only blast furnaces in Scunthorpe alive. It looks upon Grangemouth as only one of six refineries. In their eyes it is expendable. Both the UK and Scottish governments often drag out the prospect of new work at Grangemouth in the shape of Project Acorn despite the fact that it will take many years for that particular acorn to grow and replace even a small fraction of the jobs lost today. Perhaps it should be renamed Project Carrot. Brian Lawson Paisley The obsession with net zero is driving Britain into economic decline, social division, and strategic weakness. What began as a vague environmental target has morphed into an ideological crusade, detached from reality and blind to the damage it is causing. Rural communities are being penalised for simply trying to live and work. Farmers face restrictions, motorists are vilified, and perfectly functional energy sources are being scrapped in favour of unreliable, expensive alternatives. Meanwhile, countries like China and India continue to increase emissions – unapologetically –while we cripple our economy in a futile display of moral posturing. Net zero is not just bad policy; it is a luxury belief of the political elite. Ordinary people are paying the price through higher bills, limited travel, and job losses in traditional industries. Yet politicians and activists refuse to admit what's obvious – Britain cannot save the world by impoverishing itself. We need a serious energy policy, one based on affordability, security, and common sense, not fantasy targets and international virtue signalling. Fossil fuels still have a role to play. So does nuclear power. So does a proper debate, free from hysteria and censorship. Protecting the environment matters. But destroying our way of life in the name of net zero is not the answer. It's time for Britain to put its own people first and bring this reckless agenda to an end. Councillor Alastair Redman Independent Councillor for Kintyre and the Islands Islay, Argyll and Bute I AM chief executive of Muscular Dystrophy UK, the leading charity for more than 110,000 people in the UK living with one of more than 60 muscle wasting and weakening conditions. As such, I urge the Scottish Government and NHS health boards to make givinostat, a new life-changing treatment for Duchenne muscular dystrophy available to all eligible boys and young men in Scotland. People with progressive and degenerative muscle wasting and weakening conditions such as Duchenne don't have time to waste. Accessing treatments as early as possible can make a significant difference in their quality of life. After meeting families campaigning for access to givinostat this week, Health Secretary Neil Gray made a commitment to support the rollout of the treatment as quickly as possible. While this is welcomed, it is crucial that this is made an urgent priority. Despite an Early Access Programme (EAP) being open for eligible patients, while we await the recommendation of the Scottish Medicines Consortium (SMC), we are not aware of any Health Board in Scotland giving the treatment to boys with Duchenne. I urge health boards to prioritise the additional resources needed, including pharmacy, phlebotomy, and nursing support. Attention from the Scottish media has helped to shine a light on the issue. We must now ensure all those who might benefit from givinostat can access it, wherever they live. If anyone is affected by this situation, please reach out to our helpline for support, 0800 652 6352. Andy Fletcher Muscular Dystrophy UK
The National
28-04-2025
- Business
- The National
Top trade unionist blasts Labour's GB Energy 'betrayal'
The state-owned company, which invests in green energy firms, has so far failed to bring down bills, despite Labour's election promises. GMB general secretary Gary Smith told the Daily Record that the Government had 'overpromised' with GB Energy and that people felt 'disappointed'. He also accused Labour of 'shutting down Aberdeen' in a fiery broadside against their plans to end new oil and gas exploitation in the North Sea. Smith said: 'The risk is they are going to open a shiny new office with a dozen civil servants in Aberdeen on a high street full of charity shops because they are closing the city down.' He added: 'There is a disappointment and a growing sense of betrayal around Great British Energy.' (Image: Jeff J Mitchell/Getty) The top trade unionist, whose organisation funds the Labour Party, described the UK Government's energy policy as 'bonkers'. Smith said: 'Cutting off investment into oil and gas is bonkers. We could be getting investment into oil and gas that will allow us to create jobs. 'Just switching off investment in the North Sea is absolute madness. It's bad for national security, it's bad for jobs and the truth is it's catastrophic for the environment because we are importing oil and gas, which is far more carbon intensive than producing it ourselves.' He said of net zero: 'We don't disagree with the destination. We realise that climate change is a huge threat. We want to build a low carbon future, but you do not do that by closing down Aberdeen, by shutting off domestic oil and gas production.' READ MORE: Nicola Sturgeon confronted by media over views on Supreme Court sex ruling He also hit out at Keir Starmer's 'cruel' benefits cuts, adding: 'We have got members who get support in their work and they are literally terrified about what is coming around the corner. 'I worry that the way we are going to deal with disability benefits is actually going to be very damaging for society and very damaging for the individuals.' Smith said: 'There have been mis-steps by the Labour Government. They are not great at communicating the stuff they do right and well. I am not sure that people fully understand their mission and story." He added: 'They've got to accept that they've made a whole number of mistakes which has been to their detriment.' (Image: PA) SNP MSP Kevin Stewart (above) said: 'Labour promised that GB Energy would create 1,000 new jobs in the North-East. So far it has created none and the chair has admitted that it will take at least 20 years to create these roles. 'We were also told that GB Energy was going to help bring down energy bills by £300 but instead bills have gone in the opposite direction, soaring by nearly £300 since Labour came to power. 'Just this week the UK Labour Government gave the go-ahead to a carbon capture project in England whilst it continues to dither in giving backing to Project Acorn in Aberdeenshire. 'Scotland has the natural resources and skilled workforce required to be a renewables superpower but is continually treated as an afterthought by successive UK governments. We have the energy, we just need the power.' A UK Government spokesperson said: 'The government is delivering the next generation of good jobs for North Sea workers, including in carbon capture, hydrogen and offshore wind. 'We have already taken rapid steps to deliver a fair and orderly transition, with the biggest ever investment in offshore wind and two first of a kind carbon capture and storage clusters. 'This comes alongside Great British Energy, headquartered in Aberdeen, which has already announced a £300m investment into British supply chains, unlocking significant investment and helping to create thousands of skilled jobs.'
