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    Nicola Sturgeon agrees to TV special as ex-SNP leader to be grilled on ‘striking revelations’ in new book

    Nicola Sturgeon agrees to TV special as ex-SNP leader to be grilled on ‘striking revelations’ in new book

    Donald Trump diary reveals exact time he will arrive in Scotland

    Donald Trump diary reveals exact time he will arrive in Scotland

    Scots ‘forced to wait years’ for hernia operations as NHS struggles to meet demand

    Scots ‘forced to wait years’ for hernia operations as NHS struggles to meet demand

    System must work to protect public as report finds chances missed with Southport killer

    System must work to protect public as report finds chances missed with Southport killer

    NHS in Scotland ‘stuck in analogue age’ as health boards shell out millions on pagers

    NHS in Scotland ‘stuck in analogue age’ as health boards shell out millions on pagers

    Scottish Labour MP to vote against welfare reforms despite Keir Starmer climbdown

    Scottish Labour MP to vote against welfare reforms despite Keir Starmer climbdown

    Buy British buses to save 400 Scottish jobs at Alexander Dennis, says MP

    Buy British buses to save 400 Scottish jobs at Alexander Dennis, says MP

    Scots fear crime is rising in their local area as SNP Government accused of ‘hollowing out’ police

    Scots fear crime is rising in their local area as SNP Government accused of ‘hollowing out’ police

    Senior member of Anas Sarwar’s shadow cabinet ‘opposed’ to Labour welfare cuts bill

    Senior member of Anas Sarwar’s shadow cabinet ‘opposed’ to Labour welfare cuts bill

    How the Scottish MPs voted in the assisted dying debate

    How the Scottish MPs voted in the assisted dying debate

    Former Labour MP calls for party to ditch ‘rigged’ voting system

    Former Labour MP calls for party to ditch ‘rigged’ voting system

    Labour’s £14bn ‘fixation’ with new nuclear power ‘won’t cut bills or help climate’

    Labour’s £14bn ‘fixation’ with new nuclear power ‘won’t cut bills or help climate’

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      Salesforce boss Marc Benioff joins Weev.

      What is a virtual office and why you need one in Central London – Your Company Formations Ltd

      What is a virtual office and why you need one in Central London – Your Company Formations Ltd

      Inflation rises again to new 40-year high

      Inflation rises again to new 40-year high

      Bank of England hikes interest rates to 1.25%

      Bank of England hikes interest rates to 1.25%

      Hiring activity in Scotland slows amid steep decline in staff availability

      Hiring activity in Scotland slows amid steep decline in staff availability

      Scottish retail footfall growth ‘worst in UK compared to pre-pandemic’

      Scottish retail footfall growth ‘worst in UK compared to pre-pandemic’

    • Sports
      Prince William’s firm five-word statement to Chloe Kelly about Euros goal uncovered by lip reader

      Prince William’s firm five-word statement to Chloe Kelly about Euros goal uncovered by lip reader

      Kieran Tierney genius exposes ‘sloppy’ Ajax as Celtic earn rival acclaim despite Como Cup hammering

      Kieran Tierney genius exposes ‘sloppy’ Ajax as Celtic earn rival acclaim despite Como Cup hammering

      Andrej Bacanin makes Celtic transfer intentions clear amid Rangers claim as direct link with Lennon Miller emerges

      Andrej Bacanin makes Celtic transfer intentions clear amid Rangers claim as direct link with Lennon Miller emerges

      Rangers strongest XI for Panathinaikos as Thelo Aasgaard injury blow opens door for Euro history-maker

      Rangers strongest XI for Panathinaikos as Thelo Aasgaard injury blow opens door for Euro history-maker

      Celtic could ‘renew interest’ in Evan Ferguson as transfer hijack follows Yamada hint and Ambrosino U turn

      Celtic could ‘renew interest’ in Evan Ferguson as transfer hijack follows Yamada hint and Ambrosino U turn

      Exact cost of Rangers injury crisis revealed as payments to crocked stars double that of Celtic

      Exact cost of Rangers injury crisis revealed as payments to crocked stars double that of Celtic

      Conor Coady in Diogo Jota tribute as old Wolves pal celebrates an ‘incredible person’

      Conor Coady in Diogo Jota tribute as old Wolves pal celebrates an ‘incredible person’

      Brendan Rodgers described me as huge Celtic coup after 24 clubs wanted me – now I have retired aged just 28

      Brendan Rodgers described me as huge Celtic coup after 24 clubs wanted me – now I have retired aged just 28

      Ange Postecoglou to LAFC has direct Celtic link as MLS heavy hitters plot ambitious manager move

      Ange Postecoglou to LAFC has direct Celtic link as MLS heavy hitters plot ambitious manager move

      The Rangers transfers Russell Martin needs revealed as AEK set Dessers deadline and Shankland a no-brainer

      The Rangers transfers Russell Martin needs revealed as AEK set Dessers deadline and Shankland a no-brainer

      Celtic on brink of four new signings as Benjamin Nygren lands staggering transfer claim and Balikwisha stays cool

      Celtic on brink of four new signings as Benjamin Nygren lands staggering transfer claim and Balikwisha stays cool

      I see cracks in Celtic with transfer fears over four starters so maybe this Rangers claim is a myth – Hugh Keevins

      I see cracks in Celtic with transfer fears over four starters so maybe this Rangers claim is a myth – Hugh Keevins

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        Lego Game Boy unveiled with pre-orders now live – but some point out ‘disappointing’ flaw

        Lego Game Boy unveiled with pre-orders now live – but some point out ‘disappointing’ flaw

        Panasonic dishes out £100 takeaway vouchers and 15% off ‘first class’ OLED TVs

        Panasonic dishes out £100 takeaway vouchers and 15% off ‘first class’ OLED TVs

        ‘Classy’ smartwatch that ‘performs as well as expensive brands’ now £50 in Amazon Prime deal

        ‘Classy’ smartwatch that ‘performs as well as expensive brands’ now £50 in Amazon Prime deal

        Argos offers free QLED TVs with one simple deal – how to get yours today

        Argos offers free QLED TVs with one simple deal – how to get yours today

        Everyone to get mobile phone alert as sirens sound for 10 seconds

        Everyone to get mobile phone alert as sirens sound for 10 seconds

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        ‘I used old-fashioned method to lose 4stone after microwave incident’

        ‘I used old-fashioned method to lose 4stone after microwave incident’

        Donald Trump medical condition diagnosed as US President suffers swollen legs

        Donald Trump medical condition diagnosed as US President suffers swollen legs

        Clinical microbiologist issues warning over hidden ‘droppings’ in bed sheets

        Clinical microbiologist issues warning over hidden ‘droppings’ in bed sheets

        Scientists just found a sugar switch that ‘protects your brain from Alzheimer’s’

        Scientists just found a sugar switch that ‘protects your brain from Alzheimer’s’

        Brain dead pregnant woman’s family issue update after baby cut from her body

        Brain dead pregnant woman’s family issue update after baby cut from her body

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        Tesco shoppers ‘run’ to stores for ‘gorgeous’ £29.50 cardigan

        Tesco shoppers ‘run’ to stores for ‘gorgeous’ £29.50 cardigan

        Former DWP employee urges all parents to claim Child Benefit to boost State Pension payments

        Former DWP employee urges all parents to claim Child Benefit to boost State Pension payments

        DWP boss defends welfare reform changes after PIP plans put on hold

        DWP boss defends welfare reform changes after PIP plans put on hold

        People on highest PIP could see payments rise to nearly £800 each month from next April

        People on highest PIP could see payments rise to nearly £800 each month from next April

        Home Bargains’ ‘soft’ £30 coat looks ‘just like’ £175 Dryrobe version

        Home Bargains’ ‘soft’ £30 coat looks ‘just like’ £175 Dryrobe version

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        Fury as Welsh Government rejects recommended 4.8% pay rise for teachers

        Fury as Welsh Government rejects recommended 4.8% pay rise for teachers

        Vocational skills to be offered at new secondary school in Swansea

        Vocational skills to be offered at new secondary school in Swansea

        Lecturer struck off after falling asleep, playing on his phone and describing students as ‘d*** heads’

        Lecturer struck off after falling asleep, playing on his phone and describing students as ‘d*** heads’

        Teacher who drank alcohol in ‘mini-rave’ lesson and swore at pupils is struck off

        Teacher who drank alcohol in ‘mini-rave’ lesson and swore at pupils is struck off

        Pupil referral unit that takes children kicked out of school gets flawless Estyn report

        Pupil referral unit that takes children kicked out of school gets flawless Estyn report

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        Nicola Sturgeon agrees to TV special as ex-SNP leader to be grilled on ‘striking revelations’ in new book

        Nicola Sturgeon agrees to TV special as ex-SNP leader to be grilled on ‘striking revelations’ in new book

        Donald Trump diary reveals exact time he will arrive in Scotland

        Donald Trump diary reveals exact time he will arrive in Scotland

        Scots ‘forced to wait years’ for hernia operations as NHS struggles to meet demand

        Scots ‘forced to wait years’ for hernia operations as NHS struggles to meet demand

        System must work to protect public as report finds chances missed with Southport killer

        System must work to protect public as report finds chances missed with Southport killer

        NHS in Scotland ‘stuck in analogue age’ as health boards shell out millions on pagers

        NHS in Scotland ‘stuck in analogue age’ as health boards shell out millions on pagers

        Scottish Labour MP to vote against welfare reforms despite Keir Starmer climbdown

        Scottish Labour MP to vote against welfare reforms despite Keir Starmer climbdown

        Buy British buses to save 400 Scottish jobs at Alexander Dennis, says MP

        Buy British buses to save 400 Scottish jobs at Alexander Dennis, says MP

        Scots fear crime is rising in their local area as SNP Government accused of ‘hollowing out’ police

        Scots fear crime is rising in their local area as SNP Government accused of ‘hollowing out’ police

        Senior member of Anas Sarwar’s shadow cabinet ‘opposed’ to Labour welfare cuts bill

        Senior member of Anas Sarwar’s shadow cabinet ‘opposed’ to Labour welfare cuts bill

        How the Scottish MPs voted in the assisted dying debate

        How the Scottish MPs voted in the assisted dying debate

        Former Labour MP calls for party to ditch ‘rigged’ voting system

        Former Labour MP calls for party to ditch ‘rigged’ voting system

        Labour’s £14bn ‘fixation’ with new nuclear power ‘won’t cut bills or help climate’

        Labour’s £14bn ‘fixation’ with new nuclear power ‘won’t cut bills or help climate’

        Trending Tags

        • Business

          Salesforce boss Marc Benioff joins Weev.

          What is a virtual office and why you need one in Central London – Your Company Formations Ltd

          What is a virtual office and why you need one in Central London – Your Company Formations Ltd

          Inflation rises again to new 40-year high

          Inflation rises again to new 40-year high

          Bank of England hikes interest rates to 1.25%

          Bank of England hikes interest rates to 1.25%

          Hiring activity in Scotland slows amid steep decline in staff availability

          Hiring activity in Scotland slows amid steep decline in staff availability

          Scottish retail footfall growth ‘worst in UK compared to pre-pandemic’

          Scottish retail footfall growth ‘worst in UK compared to pre-pandemic’

        • Sports
          Prince William’s firm five-word statement to Chloe Kelly about Euros goal uncovered by lip reader

          Prince William’s firm five-word statement to Chloe Kelly about Euros goal uncovered by lip reader

          Kieran Tierney genius exposes ‘sloppy’ Ajax as Celtic earn rival acclaim despite Como Cup hammering

          Kieran Tierney genius exposes ‘sloppy’ Ajax as Celtic earn rival acclaim despite Como Cup hammering

          Andrej Bacanin makes Celtic transfer intentions clear amid Rangers claim as direct link with Lennon Miller emerges

          Andrej Bacanin makes Celtic transfer intentions clear amid Rangers claim as direct link with Lennon Miller emerges

          Rangers strongest XI for Panathinaikos as Thelo Aasgaard injury blow opens door for Euro history-maker

          Rangers strongest XI for Panathinaikos as Thelo Aasgaard injury blow opens door for Euro history-maker

          Celtic could ‘renew interest’ in Evan Ferguson as transfer hijack follows Yamada hint and Ambrosino U turn

          Celtic could ‘renew interest’ in Evan Ferguson as transfer hijack follows Yamada hint and Ambrosino U turn

          Exact cost of Rangers injury crisis revealed as payments to crocked stars double that of Celtic

          Exact cost of Rangers injury crisis revealed as payments to crocked stars double that of Celtic

          Conor Coady in Diogo Jota tribute as old Wolves pal celebrates an ‘incredible person’

          Conor Coady in Diogo Jota tribute as old Wolves pal celebrates an ‘incredible person’

          Brendan Rodgers described me as huge Celtic coup after 24 clubs wanted me – now I have retired aged just 28

          Brendan Rodgers described me as huge Celtic coup after 24 clubs wanted me – now I have retired aged just 28

          Ange Postecoglou to LAFC has direct Celtic link as MLS heavy hitters plot ambitious manager move

          Ange Postecoglou to LAFC has direct Celtic link as MLS heavy hitters plot ambitious manager move

          The Rangers transfers Russell Martin needs revealed as AEK set Dessers deadline and Shankland a no-brainer

          The Rangers transfers Russell Martin needs revealed as AEK set Dessers deadline and Shankland a no-brainer

          Celtic on brink of four new signings as Benjamin Nygren lands staggering transfer claim and Balikwisha stays cool

          Celtic on brink of four new signings as Benjamin Nygren lands staggering transfer claim and Balikwisha stays cool

          I see cracks in Celtic with transfer fears over four starters so maybe this Rangers claim is a myth – Hugh Keevins

          I see cracks in Celtic with transfer fears over four starters so maybe this Rangers claim is a myth – Hugh Keevins

          Trending Tags

          • Technology
            Lego Game Boy unveiled with pre-orders now live – but some point out ‘disappointing’ flaw

            Lego Game Boy unveiled with pre-orders now live – but some point out ‘disappointing’ flaw

            Panasonic dishes out £100 takeaway vouchers and 15% off ‘first class’ OLED TVs

            Panasonic dishes out £100 takeaway vouchers and 15% off ‘first class’ OLED TVs

            ‘Classy’ smartwatch that ‘performs as well as expensive brands’ now £50 in Amazon Prime deal

            ‘Classy’ smartwatch that ‘performs as well as expensive brands’ now £50 in Amazon Prime deal

            Argos offers free QLED TVs with one simple deal – how to get yours today

            Argos offers free QLED TVs with one simple deal – how to get yours today

            Everyone to get mobile phone alert as sirens sound for 10 seconds

            Everyone to get mobile phone alert as sirens sound for 10 seconds

          • Health
            ‘I used old-fashioned method to lose 4stone after microwave incident’

            ‘I used old-fashioned method to lose 4stone after microwave incident’

            Donald Trump medical condition diagnosed as US President suffers swollen legs

            Donald Trump medical condition diagnosed as US President suffers swollen legs

            Clinical microbiologist issues warning over hidden ‘droppings’ in bed sheets

            Clinical microbiologist issues warning over hidden ‘droppings’ in bed sheets

            Scientists just found a sugar switch that ‘protects your brain from Alzheimer’s’

            Scientists just found a sugar switch that ‘protects your brain from Alzheimer’s’

            Brain dead pregnant woman’s family issue update after baby cut from her body

            Brain dead pregnant woman’s family issue update after baby cut from her body

          • Entertainment
            Tesco shoppers ‘run’ to stores for ‘gorgeous’ £29.50 cardigan

            Tesco shoppers ‘run’ to stores for ‘gorgeous’ £29.50 cardigan

            Former DWP employee urges all parents to claim Child Benefit to boost State Pension payments

            Former DWP employee urges all parents to claim Child Benefit to boost State Pension payments

            DWP boss defends welfare reform changes after PIP plans put on hold

            DWP boss defends welfare reform changes after PIP plans put on hold

            People on highest PIP could see payments rise to nearly £800 each month from next April

            People on highest PIP could see payments rise to nearly £800 each month from next April

            Home Bargains’ ‘soft’ £30 coat looks ‘just like’ £175 Dryrobe version

            Home Bargains’ ‘soft’ £30 coat looks ‘just like’ £175 Dryrobe version

          • Life Style
          • Travel
          • Education
            Fury as Welsh Government rejects recommended 4.8% pay rise for teachers

            Fury as Welsh Government rejects recommended 4.8% pay rise for teachers

            Vocational skills to be offered at new secondary school in Swansea

            Vocational skills to be offered at new secondary school in Swansea

            Lecturer struck off after falling asleep, playing on his phone and describing students as ‘d*** heads’

            Lecturer struck off after falling asleep, playing on his phone and describing students as ‘d*** heads’

            Teacher who drank alcohol in ‘mini-rave’ lesson and swore at pupils is struck off

            Teacher who drank alcohol in ‘mini-rave’ lesson and swore at pupils is struck off

            Pupil referral unit that takes children kicked out of school gets flawless Estyn report

            Pupil referral unit that takes children kicked out of school gets flawless Estyn report

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          Why the new government is staying silent about the City – it won’t get tough on the UK’s financial sector anytime soon

          by BP Author
          July 16, 2024
          in World
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          Rachel Reeves’ first speech as the UK chancellor highlighted the financial constraints the new Labour government faces. With taxes already at a 70-year high in relation to national income, she repeated the pledge of no increases in national insurance, income tax or VAT.

          A parallel pledge to stand by present fiscal rules, requiring public debt to be falling within five years, leaves Reeves looking for ways to target taxes.

          The government also aims to expand its non-tax revenues by rebuilding a stock of state-owned assets, including a national wealth fund and a new green electricity provider, Great British Energy.

          Labour’s approach is to treat public spending as a catalyst for private enterprise – providing the infrastructure, skills and technological development that can spur the private sector to produce and invest more. Its industrial strategy is founded on the idea that £1 of public investment, wisely targeted, can attract £3 of private investment.

          This is in line with economic research suggesting that chronically low public investment explains much of the UK’s relatively slow productivity and output growth, and that public investment in green technology would be especially effective at reviving these.

          For the past 50 years, governments of all parties have tended to take the opposite approach – associating public investment with economic stagnation, and anticipating stronger private-sector performance once state-owned assets were privatised.

          Labour’s change of course concedes that the UK’s financial markets, even when deregulated and encouraged to expand, have failed to mobilise the necessary investment – leaving wide “funding gaps” for smaller innovation-based firms, especially in disadvantaged regions.

          Labour has good reasons to be firmer with financial institutions. Its loss of office in 2010 followed a global financial crisis triggered by reckless banks and insurers, whose bailout at the public expense undermined the government’s previously successful budget balancing and public debt repayment.

          The need to absorb these losses from the City of London, then let it keep the subsequent return to profit, forced the Treasury into a decade of austerity that left it financially overstretched when COVID struck.

          Yet Labour’s pre-election plan hailed the UK financial sector as an “engine of growth”, describing it as “one of Britain’s greatest success stories” and promising to assist its growth and innovation. It’s a far cry from the party’s stance half a century ago, when it flirted with a state takeover of banks and pension funds as the solution to a previous decade of stagnation.

          Finance’s peculiar pedestal

          Governments’ fear of imposing more tax or regulation on the City of London, even after its costly 2007-8 implosion, is rooted in the financial sector’s extraordinary contribution to the UK economy.

          Finance and related professional services contribute more than 8% of gross domestic product (GDP) and 10% of tax revenue, and support 2.2 million jobs (7% of the total), according to analysis of official data by its main lobby group.

          Its £63 billion trade surplus contrasts with, and helps to offset, the deficit on manufactured goods trade. And the financial surplus it generates, by attracting inflows of money from across the globe, is vital for financing the chronic deficit on the UK’s current account, caused by paying out more than it receives for current transactions with the rest of the world.

          But this may not be the whole story of finance’s contribution to the national income and government finances. In the wake of the financial crisis, experts including the Bank of England’s chief economist and chief financial regulator suggested the financial sector’s appetite for risky lending and short-term profit could hinder productive enterprise as much as it helps.

          They also recognised that conventional measurements, especially treating the gap between lenders’ and borrowers’ interest rates as “value added”, might greatly overstate the sector’s contribution to the economy.

          In doing so, they joined a long line of researchers arguing that the City diverts funds from productive investment into speculation that promotes asset bubbles and house-price inflation.

          The financial sector’s post-crisis rebound owes much to the lowering of interest rates from 2008-22 and quantitative easing. This additional source of ultra-cheap funds let banks preserve their “bonus culture”, and widened inequality as the holders of financial assets like stocks and bonds saw their prices rise.




          Read more:
          Why central banks are too powerful and have created our inflation crisis – by the banking expert who pioneered quantitative easing


          UK financial companies also profit from an elaborate network of tax havens, denting the tax-raising powers of the UK and many other governments.

          The Conservatives had already taken steps to make pension funds invest more in innovative small firms, and set up a state-owned British Business Bank to provide funding where commercial banks would not. Past governments have also used windfall taxes to recoup public money from the banks, and polling suggests there is now widespread support for imposing another on banks’ excess profits.

          aerial view of Grand Cayman Island

          Tax havens like the Cayman Islands starve the Treasury of revenues from the financial sector.
          Richard Whitcombe/Shutterstock

          But Labour’s scope to steer resources back to the “real” economy, away from the financial sector, is limited by lingering doubts about the sector’s underlying health. Banks have strengthened their balance sheets since 2008 and now pass much stricter stress tests. But this partly reflects a shift of lending towards less-regulated “shadow banks”, which are not banks at all but other bodies that have the ability to offer credit.

          Now, new threats to global financial stability are looming, including rapid private credit growth among companies and underestimated climate risks.

          The fear of another systemic slide – on the scale that left Labour’s previous prime minister, Gordon Brown, with “no money” and more recently sank Liz Truss – means the government is unlikely to give financial institutions the tougher treatment some would recommend.



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