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LONDON, Nov 22 (Reuters) - Britain’s opposition Labour Party will on Monday heap pressure on finance minister Rishi Sunak to address rising unemployment, cut wasteful spending and spread prosperity, setting out an alternative rescue plan for the coronavirus-stricken economy.best hyip monitor

Sunak is preparing to announce the government’s spending plans for the next year alongside increased long-term infrastructure investment designed to meet an election promise to address decades-old regional imbalances.

But his speech on Wednesday is likely to be overshadowed by official forecasts showing soaring national debt levels caused by a coronavirus pandemic that has forced large sectors of the economy and millions of jobs onto taxpayer-funded life-support.

On Monday, Labour’s would-be finance minister Anneliese Dodds will use a Reuters Newsmaker event to call for 30 billion pounds of capital spending, retraining schemes to tackle unemployment, and a clear strategy to help businesses plan.

“Labour would make responsible choices to protect our key workers, secure the economy and recover jobs in every part of the country,” Dodds will say, according to advance extracts of her speech.

Dodds, a 42-year-old Scottish former academic, is a key part of new Labour leader Keir Starmer’s bid to rebrand the party after five years and two election defeats under the hard-left leadership of Jeremy Corbyn and the big-spending promises of his firebrand finance spokesman John McDonnell.

In her speech, she will accuse Sunak and Prime Minister Boris Johnson of acting too slowly to save jobs and failing to appreciate the value of taxpayers’ money, pointing to a highly critical watchdog review of procurement during the pandemic.

Even though Britain is four years away from an election, Labour is seeking to tap into anger at the government’s handling of public finances throughout the crisis and to persuade voters that Labour can be trusted on the economy.

Dodds’ opposite number Sunak saw his popularity soar when he was spending heavily to prop up the economy, but questions are growing over how wisely that money has been used and how it will be repaid.

“The chancellor’s irresponsible choices and unacceptable delays are damaging the economy,” Dodds will say. “That’s why we’re in the grip of a jobs crisis – and it’s got Rishi Sunak’s name all over it.” (Reporting by William James; Editing by Hugh Lawson)best hyip monitor

Business Backing of £12.5 million for a laser technology business has marked the launch today of the new Scottish National Investment Bank.

Monday, 23rd November 2020, 7:00 am

The bank, which the Scottish Government is providing £2 billion to over the next ten years, aims to provide “patient capital” to businesses and stimulate significant private sector investment.

Glasgow-based M Squared Lasers, which is involved in pioneering areas such as quantum computing, has become the first business to secure support from the bank to accelerate its growth.

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First Minister Nicola Sturgeon said it was “a great example of the ambitious and innovative companies we have here in Scotland that will be key to our economic recovery and future prosperity”.

“The launch of the bank is one of the most significant developments in the lifetime of this parliament, with the potential for it to transform, grow and decarbonise Scotland’s economy,” she said.

The bank’s chair Willie Watt said the launch was a key milestone which will enable it to start making “mission-led, strategic, patient investments in businesses and projects that can deliver benefits for the people of Scotland”.

“We are particularly pleased that our first investment is in M Squared which is at the cutting edge of innovation and is a recognised world-leader in its field. It is our firm belief that the bank will make many more investments that deliver positive mission impacts in the years and decades to come.”

Investments made by the bank will have to meet criteria which help the move to a net-zero emissions, high-tech economy.

The bank will be led by chief executive Eilidh Mactaggart, a former managing director of MetLife Investment Management who has held senior roles at Commonwealth Bank of Australia and ABN Amro Bank.

The bank’s non-executive directors are Tracey Ashworth-Davies, Carolyn Jameson, Peter Knott, Jason McGibbon, Nicholas Moon, Candida Morley, Dr Jacqueline Redmond and Sir Jonathan Taylor.

Former Tesco Bank chief executive Benny Higgins was strategic advisor for the creation of the bank and said it had been a “privilege to be part of an outstanding effort to make this a reality”.

“We could not have predicted that the current pandemic renders the need for mission-led investment even more vital to create a robust, resilient wellbeing economy in Scotland.”

M Squared focuses on the development of new technologies that take advantage of the behaviour of atomic-scale physics, including quantum sensors for measuring gravity and acceleration, quantum clocks and quantum computers.

It is involved in a project to develop the UK’s first quantum accelerometer for navigation. Unlike GPS, the system does not rely on satellite signals which can be affected by tall buildings or could be deliberately jammed or switched off.

Dr Graeme Malcolm, chief executive and founder of M Squared, said: “Scotland has a real opportunity to actively tackle climate change and benefit from the coming quantum revolution.

“We are delighted that the Scottish National Investment Bank has invested in M Squared as its very first business – our shared commitments to society and the environment makes this an ideal partnership that will enable accelerated growth and progress in frontier technologies.”best hyip monitor

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Scotland's new investment bank has opened for business with a mission to foster innovation and help meet climate change targets.

The Scottish National Investment Bank (SNIB) will be backed by £2bn of Scottish government funding over the next decade.

Officials have announced the bank's first investment - a Glasgow-based laser technology firm called M Squared.

MSPs unanimously passed plans for the bank in January.

First Minister Nicola Sturgeon described the bank as "one of the most significant developments in the lifetime of this parliament".

In its first decade, it will invest in businesses and projects that help Scotland meet its 2045 net zero target, tackle inequality and foster innovation in the country's businesses.

SNIB chairman Willie Watt said he hoped the bank would eventually become a national, non-political institution.

He said: "I want it to become a trusted institution that is seen as being owned by the whole of Scotland.

"A non-political, cornerstone institution in the investment landscape in Scotland.

"I want it to have a list of really good investments against each of those three missions so we can look back and say that we actually invested against these missions."

Funding will be provided in multiple forms, according to Mr Watt, including through loans and equity purchases.

The idea is well established in other countries, and it's not new to Scotland. Enterprise agencies have been lending and investing in growth companies for many years.

The SNIB is different and important now because it steps up scale and ambition for what can be achieved.

It does so when there is less negativity about the role of the state in trying to "pick winners", and a growing appreciation that such investments can bring big dividends for the economy, society and technology.

The "moonshot" language used by Boris Johnson about Covid-19 testing reflects a belief that the state can set strategic goals and draw together the resources to achieve them, as the USA did with its 1969 moon landing. His former chief adviser, Dominic Cummings, is a passionate advocate of America's way of supporting technology firms with government action.

And the power of government procurement and support for private medical research through the pandemic is leading others to review the way they think about the other big global challenge, of tackling climate change.

Whether the SNIB works depends on the quality of its foresight and decision-making, not only in getting returns but in drawing in private sector partners. It requires scale, and plans so far are not huge.

The trickiest bit can be getting the right level of autonomy - an arm's length from government interference, and denying ministers the easy option of bailouts when important employers are in financial distress.

Only two days before the SNIB was launched, a Scottish government policy paper was calling for it to bail out defaulting companies: "We should consider scrapping interest charges on Covid-19 related loans, or converting these loans to equity, managed by public policy banks such as the Scottish National Investment Bank".

There are positive examples, including Scottish Water. But the Scottish government portfolio of Ferguson shipyard, BiFab fabrication yards and Prestwick Airport so far does little to reassure taxpayers that their money is being put behind winning investments.

Profit targets for the bank will be set in the coming months but the chairman said he does not expect money to be flowing back into the bank for the first few years.best hyip monitor

image copyrightScottish government image captionScottish National Investment Bank CEO Eilidh Mactaggart, First Minister Nicola Sturgeon, and bank chairman Willie Watt launched the national bank

Ms Sturgeon said: "The Scottish National Investment Bank will help to tackle some of the biggest challenges we face now and in the years to come, delivering economic, social and environmental returns.

"It is hitting the ground running with its first major investment in M Squared - a great example of the ambitious and innovative companies we have here in Scotland that will be key to our economic recovery and future prosperity.

"The launch of the bank is one of the most significant developments in the lifetime of this parliament, with the potential for it to transform, grow and decarbonise Scotland's economy."

image captionM Squared is based in Glasgow and specialises in quantum technology

Dr Graeme Malcolm, the founder of M Squared, said: "Science and advanced technologies have a major role to play in Scotland's future economic prosperity.

"By increasing investment in research and development with a mission-based approach, Scotland has a real opportunity to actively tackle climate change and benefit from the coming quantum revolution.

"We are delighted that the Scottish National Investment Bank has invested in M Squared as its very first business - our shared commitments to society and the environment makes this an ideal partnership that will enable accelerated growth and progress in frontier technologies."