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width="" widths="[object Object]" class="Column__ColumnWrapper-sc-aun2rh-0 iLVKdB column-container"><div data-identifier="author-wrapper" class="defaultstyled__StyledAuthorWrapper-sc-1iqmr2l-1 eBqQzS"><div data-identifier="author-block" type="article/AuthorBio" id="f0fiw6gAMDNR316" class="defaultstyled__StyledAuthorBlock-sc-1iqmr2l-0 JJvYy"><a href="/topics/Author/chris-blackhurst/" style="flex:0 1 auto;margin-top:2px" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><figure><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="96" height="96" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/https%3A%2F%2Fs3.amazonaws.com%2Farc-authors%2Fthenational%2Fc745e7d6-6ec0-4f9c-a671-6731f258ef23.png?smart=true&auth=e6770e0277701ab5dcdd16b5258ee2025f126c9450e3c2cff08ffd3a4d80c06c&width=96&height=96"/><img type="image" alt="Chris Blackhurst" data-chromatic="ignore" loading="eager" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/https%3A%2F%2Fs3.amazonaws.com%2Farc-authors%2Fthenational%2Fc745e7d6-6ec0-4f9c-a671-6731f258ef23.png?smart=true&auth=e6770e0277701ab5dcdd16b5258ee2025f126c9450e3c2cff08ffd3a4d80c06c&width=70&height=70" width="70" height="70"/></picture></figure></a><div data-identifier="author-data" class="defaultstyled__StyledAuthorDetails-sc-1iqmr2l-2 bpbPaP"><a href="/topics/Author/chris-blackhurst/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><h1 class="defaultstyled__StyledAuthorName-sc-1iqmr2l-3 leCMb b-authorbyline" color="#004E79">Chris Blackhurst</h1></a><div data-identifier="author-role" class="defaultstyled__StyledAuthorLocation-sc-1iqmr2l-4 defaultstyled__StyledAuthorRole-sc-1iqmr2l-7 gESHVY duwlMw b-allSize16">Contributor</div></div></div><div data-identifier="author-bio" class="defaultstyled__StyledAuthorBio-sc-1iqmr2l-5 gYyzFV b-p padding-lg-top margin-lg-top">Chris Blackhurst is an award-winning writer, commentator and broadcaster, based in London. He is a former editor of The Independent, city editor of the Evening Standard, Westminster correspondent for The Independent and deputy head of the Sunday Times Insight team. He writes mostly on business, politics, media. He says he will never retire. To adapt Dr Johnson on London: "If someone tires of journalism, they tire of life."</div><div class="defaultstyled__StyledSocialLinks-sc-1iqmr2l-8 bfQpDv padding-lg-top" data-identifier="author-socials">Follow on <a href="https://twitter.com/c_blackhurst" target="_blank" aria-label="Follow on twitter" class="Link__Anchor-sc-1fg1e8z-0 UfNXw defaultstyled__StyledLink-sc-1iqmr2l-9 cLxIo margin-xxs-left margin-xxs-right"><svg xmlns="http://www.w3.org/2000/svg" width="16" height="16" viewBox="0 0 16 16" fill="none" stroke="currentColor"><g clip-path="url(#clip0_3421_24762)"><path d="M9.52373 6.77462L15.4811 -0.00671387H14.0699L8.89493 5.88022L4.7648 -0.00671387H0L6.24693 8.89622L0 16.0066H1.4112L6.87253 9.78849L11.2352 16.0066H16M1.92053 1.03542H4.08853L14.0688 15.0157H11.9003" fill="black"></path></g><defs><clipPath id="clip0_3421_24762"><rect width="16" height="16.0134" fill="white" transform="translate(0 -0.00671387)"></rect></clipPath></defs></svg></a></div></div></div></div></div><div data-identifier="grid-container" class="Grid__GridWrapper-sc-1uf4rv8-0 sCdeK grid-container grid-container--container"><div data-identifier="column-12" width="" widths="[object Object]" class="Column__ColumnWrapper-sc-aun2rh-0 iLVKdB column-container"><hr class="defaultstyled__StyledDivider-sc-a279n6-0 ecZjET" data-identifier="divider" size="20" type="organisms/Divider"/></div></div><div data-identifier="heading-element" class="defaultstyled__StyledHeadingWrapper-sc-11xalxo-1 hPcLVO" type="organisms/Heading"><div data-identifier="grid-container" class="Grid__GridWrapper-sc-1uf4rv8-0 sCdeK grid-container grid-container--container"><div data-identifier="column-12" width="" widths="[object Object]" class="Column__ColumnWrapper-sc-aun2rh-0 iLVKdB column-container"><div class="defaultstyled__StyledHeadingElement-sc-11xalxo-2 dGlVoy heading-container" font-family="Inter" font-weight="700" type="border"><p color="var(--global-grey-3)" class="Link__Anchor-sc-1fg1e8z-0 fQEMAs margin-xs-right b-sectionGreyLabel">Articles</p></div></div></div></div><div data-identifier="story-feed" id="f0fT1G3Xvsc6190" class="defaultstyled__StyledStoryFeedWrapper-sc-1ju3ptt-1 kdnhnk undefined" type="organisms/StoryFeed"><div data-identifier="grid-container" class="Grid__GridWrapper-sc-1uf4rv8-0 sCdeK grid-container grid-container--container"><div data-identifier="column-12" width="" widths="[object Object]" class="Column__ColumnWrapper-sc-aun2rh-0 iLVKdB column-container"><div data-identifier="grid-container" class="Grid__GridWrapper-sc-1uf4rv8-0 sCdeK grid-container defaultstyled__StyledGrid-sc-1ju3ptt-2 dTqfTT grid-container--container"><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/2024/11/19/britain-rearms-for-the-next-round-of-global-semiconductor-supremacy/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/L4ZS3ERFBFFBXNCKQXJ4TL5BDY.jpg?focal=1820%2C855&auth=aa572a2eee790f1a35061860ddf07c8f3098836da428bf9d834ea54ab2f9f04f&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/L4ZS3ERFBFFBXNCKQXJ4TL5BDY.jpg?focal=1820%2C855&auth=aa572a2eee790f1a35061860ddf07c8f3098836da428bf9d834ea54ab2f9f04f&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/L4ZS3ERFBFFBXNCKQXJ4TL5BDY.jpg?focal=1820%2C855&auth=aa572a2eee790f1a35061860ddf07c8f3098836da428bf9d834ea54ab2f9f04f&width=385&height=216"/><img data-chromatic="ignore" alt="Workers at a semiconductor silicon wafer foundry in South Wales, UK, which is now owned by a US investment firm. Alamy" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/L4ZS3ERFBFFBXNCKQXJ4TL5BDY.jpg?focal=1820%2C855&auth=aa572a2eee790f1a35061860ddf07c8f3098836da428bf9d834ea54ab2f9f04f&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/2024/11/19/britain-rearms-for-the-next-round-of-global-semiconductor-supremacy/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">Britain rearms for the next round of global semiconductor supremacy</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">UK Prime Minister must leverage research expertise and private-sector backing to make Britain a leading hub for chip manufacturing</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">November 19, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/comment/2024/11/13/britain-forgets-how-to-be-inspiring-as-labour-offers-a-pipeline-of-nothing/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/BO6FUHSJUVQGXZCPHM5KBYMQ3E.jpg?smart=true&auth=64e2c56fd7fae21cd3d38133814a5be3a651ee2ff153bb50c35d2139416915e5&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/BO6FUHSJUVQGXZCPHM5KBYMQ3E.jpg?smart=true&auth=64e2c56fd7fae21cd3d38133814a5be3a651ee2ff153bb50c35d2139416915e5&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/BO6FUHSJUVQGXZCPHM5KBYMQ3E.jpg?smart=true&auth=64e2c56fd7fae21cd3d38133814a5be3a651ee2ff153bb50c35d2139416915e5&width=385&height=216"/><img data-chromatic="ignore" alt="Chancellor Rachel Reeves, pictured on Remembrance Sunday in central London. Her recent budget was no more than a patching-up financial statement. AFP" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/BO6FUHSJUVQGXZCPHM5KBYMQ3E.jpg?smart=true&auth=64e2c56fd7fae21cd3d38133814a5be3a651ee2ff153bb50c35d2139416915e5&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/comment/2024/11/13/britain-forgets-how-to-be-inspiring-as-labour-offers-a-pipeline-of-nothing/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">Britain forgets how to be inspiring as Labour offers a pipeline of nothing</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">Chancellor Rachel Reeves has failed to grasp importance of thinking big when it comes to infrastructure</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">November 12, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/comment/2024/11/06/dana-white-enters-political-limelight-as-trump-puts-trust-in-media-outsiders/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/MRAQSAFIGU3GK5BXFOQDWQ5DFY.jpg?smart=true&auth=03ef741c435427cbd7c5ed9efc955f05e2ba4db1972b3bbc86bc5f52c1ca47cc&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/MRAQSAFIGU3GK5BXFOQDWQ5DFY.jpg?smart=true&auth=03ef741c435427cbd7c5ed9efc955f05e2ba4db1972b3bbc86bc5f52c1ca47cc&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/MRAQSAFIGU3GK5BXFOQDWQ5DFY.jpg?smart=true&auth=03ef741c435427cbd7c5ed9efc955f05e2ba4db1972b3bbc86bc5f52c1ca47cc&width=385&height=216"/><img data-chromatic="ignore" alt="A delighted Dana White watches on as Donald Trump speaks at an election night event in Palm Beach, Florida on Wednesday. AP" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/MRAQSAFIGU3GK5BXFOQDWQ5DFY.jpg?smart=true&auth=03ef741c435427cbd7c5ed9efc955f05e2ba4db1972b3bbc86bc5f52c1ca47cc&width=400&height=225" width="400" height="225"/></picture></a></figure><span class="defaultstyled__StyledCardIcon-sc-1dedoj7-6 fHVZex"><svg viewBox="0 0 21 24" width="24" height="24" fill="#fff" stroke-width="1.33333" version="1.1" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" xml:space="preserve"><polygon points="5 3 19 12 5 21 5 3"></polygon></svg></span></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/comment/2024/11/06/dana-white-enters-political-limelight-as-trump-puts-trust-in-media-outsiders/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">Dana White enters political limelight</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">UFC boss enjoyed rapid rise from Bostonian boxer to billionaire promoter, popular with non-college educated white males</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">November 06, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/2024/11/05/uk-farmers-could-launch-french-style-revolt-over-new-inheritance-tax-raid/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/TXDLXC5S2BJSMEBRH4HJIZNDIE.jpg?smart=true&auth=ad27e5e2912e97180df2843bfa0afc2fb383c3c6e6869534d8d80ee58840ca54&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/TXDLXC5S2BJSMEBRH4HJIZNDIE.jpg?smart=true&auth=ad27e5e2912e97180df2843bfa0afc2fb383c3c6e6869534d8d80ee58840ca54&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/TXDLXC5S2BJSMEBRH4HJIZNDIE.jpg?smart=true&auth=ad27e5e2912e97180df2843bfa0afc2fb383c3c6e6869534d8d80ee58840ca54&width=385&height=216"/><img data-chromatic="ignore" alt="Farmers drive tractors past parliament during a demonstration against UK food policy earlier this year. AFP" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/TXDLXC5S2BJSMEBRH4HJIZNDIE.jpg?smart=true&auth=ad27e5e2912e97180df2843bfa0afc2fb383c3c6e6869534d8d80ee58840ca54&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/2024/11/05/uk-farmers-could-launch-french-style-revolt-over-new-inheritance-tax-raid/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">UK farmers could launch French-style revolt over new inheritance tax raid</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">Cash-poor but asset-rich families fear they will lose out in measures designed to target large estates</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">November 05, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/comment/2024/10/30/rachel-reeves-budget-clobbers-the-very-people-she-needs-to-invest-in-britain/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EPLHULFYCZVZMYYLW5XOFLNJJU.jpg?smart=true&auth=6158f1c6a8945ba446a2ed5593cac87740d71b649bb3fe23a38e166367431a0c&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EPLHULFYCZVZMYYLW5XOFLNJJU.jpg?smart=true&auth=6158f1c6a8945ba446a2ed5593cac87740d71b649bb3fe23a38e166367431a0c&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EPLHULFYCZVZMYYLW5XOFLNJJU.jpg?smart=true&auth=6158f1c6a8945ba446a2ed5593cac87740d71b649bb3fe23a38e166367431a0c&width=385&height=216"/><img data-chromatic="ignore" alt="Britain's Chancellor Rachel Reeves presenting this year's budget statement in the House of Commons. UK Parliament" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EPLHULFYCZVZMYYLW5XOFLNJJU.jpg?smart=true&auth=6158f1c6a8945ba446a2ed5593cac87740d71b649bb3fe23a38e166367431a0c&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/comment/2024/10/30/rachel-reeves-budget-clobbers-the-very-people-she-needs-to-invest-in-britain/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">Reeves's budget clobbers the people she needs to invest in Britain</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">The Chancellor wants people to put their money into the UK, but will punish them each time they put their hands in their pockets</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">October 30, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/2024/10/22/uks-energy-ambition-misses-nuclear-solution-to-digital-future/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/642Q2WI6SAWEGUR4KO27OLA3KA.jpg?smart=true&auth=ce40d88137e49eebeb971911eda1dfa91553ed3f7c9f605ed9364f9030345f73&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/642Q2WI6SAWEGUR4KO27OLA3KA.jpg?smart=true&auth=ce40d88137e49eebeb971911eda1dfa91553ed3f7c9f605ed9364f9030345f73&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/642Q2WI6SAWEGUR4KO27OLA3KA.jpg?smart=true&auth=ce40d88137e49eebeb971911eda1dfa91553ed3f7c9f605ed9364f9030345f73&width=385&height=216"/><img data-chromatic="ignore" alt="Great British Energy will be spending £8.3bn on projects in renewables, in offshore wind, hydrogen power, tidal power, carbon capture and nuclear power. PA" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/642Q2WI6SAWEGUR4KO27OLA3KA.jpg?smart=true&auth=ce40d88137e49eebeb971911eda1dfa91553ed3f7c9f605ed9364f9030345f73&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/2024/10/22/uks-energy-ambition-misses-nuclear-solution-to-digital-future/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">UK's energy ambition misses nuclear solution to digital future</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">Keir Starmer should be working to ensure nuclear is a major part of the solution to Britain’s future power plans</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">October 22, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/comment/2024/10/19/uk-rues-its-political-failures-as-the-sphere-goes-to-abu-dhabi/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/OGOT55ROES6EV3FY3VODTNJL34.jpg?smart=true&auth=b22d0f41de4a3dc310477dd486b84c7112fd819b118224774721f076701a1680&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/OGOT55ROES6EV3FY3VODTNJL34.jpg?smart=true&auth=b22d0f41de4a3dc310477dd486b84c7112fd819b118224774721f076701a1680&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/OGOT55ROES6EV3FY3VODTNJL34.jpg?smart=true&auth=b22d0f41de4a3dc310477dd486b84c7112fd819b118224774721f076701a1680&width=385&height=216"/><img data-chromatic="ignore" alt="The MSG Sphere July 4th fireworks show in 2023, in Las Vegas. AP" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/OGOT55ROES6EV3FY3VODTNJL34.jpg?smart=true&auth=b22d0f41de4a3dc310477dd486b84c7112fd819b118224774721f076701a1680&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/comment/2024/10/19/uk-rues-its-political-failures-as-the-sphere-goes-to-abu-dhabi/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">UK rues its political failures as the Sphere goes to Abu Dhabi</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">Founder Dolan wasn’t prepared to allow his iconic ball arena to become a political football.</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">October 19, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/2024/10/15/defence-stocks-lined-up-to-offer-lifeline-to-esg-as-investors-fade-away/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/FSYYJKT65FBNJGOTNWSM6YXK5M.jpg?smart=true&auth=8d163c12de8b69cd1830d8ec439bafb25357a7bf43f126b627efbab5170b2d21&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/FSYYJKT65FBNJGOTNWSM6YXK5M.jpg?smart=true&auth=8d163c12de8b69cd1830d8ec439bafb25357a7bf43f126b627efbab5170b2d21&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/FSYYJKT65FBNJGOTNWSM6YXK5M.jpg?smart=true&auth=8d163c12de8b69cd1830d8ec439bafb25357a7bf43f126b627efbab5170b2d21&width=385&height=216"/><img data-chromatic="ignore" alt="Investors have used the war in Ukraine to justify buying shares in weapons manufacturers that were once taboo. Getty Images" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/FSYYJKT65FBNJGOTNWSM6YXK5M.jpg?smart=true&auth=8d163c12de8b69cd1830d8ec439bafb25357a7bf43f126b627efbab5170b2d21&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/2024/10/15/defence-stocks-lined-up-to-offer-lifeline-to-esg-as-investors-fade-away/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">Defence stocks lined up to offer lifeline to ESG as investors fade away</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">Investment category based on ethical concerns has been buffeted by retreats like that of BP from net-zero goals</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">October 15, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/comment/2024/10/09/looming-tax-rises-threatens-uks-30bn-investment-summit/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/4CFLPMGTD6ZH5MDQS272H7BZDQ.jpg?smart=true&auth=74136b7886626942c2b5657a63bafa3c4073b9787570e52a7bf2344f22fc2f00&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/4CFLPMGTD6ZH5MDQS272H7BZDQ.jpg?smart=true&auth=74136b7886626942c2b5657a63bafa3c4073b9787570e52a7bf2344f22fc2f00&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/4CFLPMGTD6ZH5MDQS272H7BZDQ.jpg?smart=true&auth=74136b7886626942c2b5657a63bafa3c4073b9787570e52a7bf2344f22fc2f00&width=385&height=216"/><img data-chromatic="ignore" alt="UK Prime Minister Keir Starmer with Chancellor Rachel Reeves. Dinner at St Paul's Cathedral is on the menu at the investment summit. PA/AP" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/4CFLPMGTD6ZH5MDQS272H7BZDQ.jpg?smart=true&auth=74136b7886626942c2b5657a63bafa3c4073b9787570e52a7bf2344f22fc2f00&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/comment/2024/10/09/looming-tax-rises-threatens-uks-30bn-investment-summit/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">Looming tax rises threatens UK's £30bn investment summit </h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">Labour clobbering companies with higher taxes will not be a good look for Keir Starmer at the UK's mini-Davos</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">October 09, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/2024/10/01/uk-in-crosshairs-of-net-zero-targets-with-an-electric-dilemma-to-solve/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/UWFIWF3CZAXRTPUDTAEAXZ43GM.jpg?smart=true&auth=0cee8351c7b0c5fa9889f9d9f4995a8a3e0b9c8967ce9120b714a0d08925416b&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/UWFIWF3CZAXRTPUDTAEAXZ43GM.jpg?smart=true&auth=0cee8351c7b0c5fa9889f9d9f4995a8a3e0b9c8967ce9120b714a0d08925416b&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/UWFIWF3CZAXRTPUDTAEAXZ43GM.jpg?smart=true&auth=0cee8351c7b0c5fa9889f9d9f4995a8a3e0b9c8967ce9120b714a0d08925416b&width=385&height=216"/><img data-chromatic="ignore" alt="With Britain committed to net zero emissions by 2050, Port Talbot stood out as a blot on the horizon. Reuters" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/UWFIWF3CZAXRTPUDTAEAXZ43GM.jpg?smart=true&auth=0cee8351c7b0c5fa9889f9d9f4995a8a3e0b9c8967ce9120b714a0d08925416b&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/2024/10/01/uk-in-crosshairs-of-net-zero-targets-with-an-electric-dilemma-to-solve/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">UK in crosshairs of net zero targets with an electric dilemma to solve</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">Move towards net zero could start to be viewed as a cost rather than a positive step forward</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">October 01, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/2024/09/24/titanic-shipbuilder-harland-wolffs-troubled-waters-put-uk-government-in-a-quandary/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/BA2FAM6CV4U5JNYC6JKIARWG6Q.jpg?focal=3313%2C552&auth=69f6317dbfa25547953d18eb29e888034ced328877d5a6843cc06f21940cab2f&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/BA2FAM6CV4U5JNYC6JKIARWG6Q.jpg?focal=3313%2C552&auth=69f6317dbfa25547953d18eb29e888034ced328877d5a6843cc06f21940cab2f&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/BA2FAM6CV4U5JNYC6JKIARWG6Q.jpg?focal=3313%2C552&auth=69f6317dbfa25547953d18eb29e888034ced328877d5a6843cc06f21940cab2f&width=385&height=216"/><img data-chromatic="ignore" alt="The towering Samson and Goliath cranes at Harland & Wolff shipyard, a hallmark of the Belfast skyline. AFP" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/BA2FAM6CV4U5JNYC6JKIARWG6Q.jpg?focal=3313%2C552&auth=69f6317dbfa25547953d18eb29e888034ced328877d5a6843cc06f21940cab2f&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/2024/09/24/titanic-shipbuilder-harland-wolffs-troubled-waters-put-uk-government-in-a-quandary/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">British government in a quandary over the sinking ship of Harland & Wolff</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">Keir Starmer's team must decide if they are to step in with a loan to keep the Belfast shipyard afloat </p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">September 24, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/2024/09/20/boris-johnson-caught-in-trap-between-chasing-money-and-keeping-political-flame-lit/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EXYBG3GDTVA5JNOHR6L64MMJ74.jpg?smart=true&auth=f605a9108688867ee8feca68227b972fb3e6c266daaf4523ad31eb869121ed6a&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EXYBG3GDTVA5JNOHR6L64MMJ74.jpg?smart=true&auth=f605a9108688867ee8feca68227b972fb3e6c266daaf4523ad31eb869121ed6a&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EXYBG3GDTVA5JNOHR6L64MMJ74.jpg?smart=true&auth=f605a9108688867ee8feca68227b972fb3e6c266daaf4523ad31eb869121ed6a&width=385&height=216"/><img data-chromatic="ignore" alt="Boris Johnson has gone into business with a uranium energy executive and a woman he appointed to the House of Lords. AFP" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/EXYBG3GDTVA5JNOHR6L64MMJ74.jpg?smart=true&auth=f605a9108688867ee8feca68227b972fb3e6c266daaf4523ad31eb869121ed6a&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/2024/09/20/boris-johnson-caught-in-trap-between-chasing-money-and-keeping-political-flame-lit/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">Boris Johnson caught between chasing money and politics</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">Britain's party political conference season is well under way but ex-prime minister is far from the fray</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">September 20, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/2024/09/10/the-spectator-fulfils-its-promise-sold-as-one-of-a-kind-trophy-asset/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/2N2GEMEVTOL2ZXLGTOBNFBLUPI.jpg?smart=true&auth=06d229952a540b27f5c3dfa05652c964e92074b006d69c2185f4c2d2b409f168&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/2N2GEMEVTOL2ZXLGTOBNFBLUPI.jpg?smart=true&auth=06d229952a540b27f5c3dfa05652c964e92074b006d69c2185f4c2d2b409f168&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/2N2GEMEVTOL2ZXLGTOBNFBLUPI.jpg?smart=true&auth=06d229952a540b27f5c3dfa05652c964e92074b006d69c2185f4c2d2b409f168&width=385&height=216"/><img data-chromatic="ignore" alt="The Spectator now has a more tech-savvy readership. Bloomberg" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/2N2GEMEVTOL2ZXLGTOBNFBLUPI.jpg?smart=true&auth=06d229952a540b27f5c3dfa05652c964e92074b006d69c2185f4c2d2b409f168&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/2024/09/10/the-spectator-fulfils-its-promise-sold-as-one-of-a-kind-trophy-asset/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">The Spectator fulfils its promise, sold as one-of-a-kind trophy asset</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">A digital future means the capacity exists for all manner of spin-offs under the magazine's historic banner</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">September 10, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/comment/2024/09/03/keir-starmers-tax-rises-and-drumroll-makes-relocation-a-temptation-for-executives/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/PLJQDNNVQJC5XXS3LHF3Y7OZMQ.jpg?smart=true&auth=6644939467a8973f907a67ebece791727d1c61d4ca06594046f23a93502d47bb&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/PLJQDNNVQJC5XXS3LHF3Y7OZMQ.jpg?smart=true&auth=6644939467a8973f907a67ebece791727d1c61d4ca06594046f23a93502d47bb&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/PLJQDNNVQJC5XXS3LHF3Y7OZMQ.jpg?smart=true&auth=6644939467a8973f907a67ebece791727d1c61d4ca06594046f23a93502d47bb&width=385&height=216"/><img data-chromatic="ignore" alt="Britain's business community is braced for what is coming. Bloomberg" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/PLJQDNNVQJC5XXS3LHF3Y7OZMQ.jpg?smart=true&auth=6644939467a8973f907a67ebece791727d1c61d4ca06594046f23a93502d47bb&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/comment/2024/09/03/keir-starmers-tax-rises-and-drumroll-makes-relocation-a-temptation-for-executives/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">Keir Starmer's tax rises and drumroll makes relocation a temptation for executives</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">Trust won before Labour's general election victory has all but perished</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">September 03, 2024</span></div></div></div></div><div data-identifier="column-12" width="" widths="[object Object]" class="defaultstyled__StyledColumn-sc-1ju3ptt-0 kVgeYd Column__ColumnWrapper-sc-aun2rh-0 elJWQN column-container"><div class="defaultstyled__StyledMediaCard-sc-1dedoj7-2 kZjzZm defaultstyled__StyledMediaCard-sc-1ju3ptt-4 cAMVIN" data-identifier="story-feed-item" id=""><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 kMkokN container-wrapper order-1 " display="block" style="position:relative;height:max-content"><figure><a href="/opinion/comment/2024/08/27/who-is-waheed-alli-the-labour-donor-at-the-centre-of-keir-starmers-cronyism-controversy/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw"><picture class="indexstyled__StyledPicture-sc-zcpzxj-0 kRFVyk"><source width="267" height="150.1875" media="(min-width: 1024px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/WYQNRZ77ERGCNLI6KHEDCL2DBY.jpg?focal=1348%2C178&auth=19b8a758c8a4f02a5c3f9cd0ee68f7900a1df76459c5a5e58af941a1e1748d51&width=267&height=150"/><source width="499" height="280.6875" media="(min-width: 768px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/WYQNRZ77ERGCNLI6KHEDCL2DBY.jpg?focal=1348%2C178&auth=19b8a758c8a4f02a5c3f9cd0ee68f7900a1df76459c5a5e58af941a1e1748d51&width=499&height=280"/><source width="385" height="216.5625" media="(min-width: 350px)" srcSet="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/WYQNRZ77ERGCNLI6KHEDCL2DBY.jpg?focal=1348%2C178&auth=19b8a758c8a4f02a5c3f9cd0ee68f7900a1df76459c5a5e58af941a1e1748d51&width=385&height=216"/><img data-chromatic="ignore" alt="Waheed Alli's links to the UK's youth subculture endeared him to Labour's inner circle for decades. Getty Images" loading="auto" fetchpriority="auto" src="https://thenational-the-national-prod.cdn.arcpublishing.com/resizer/v2/WYQNRZ77ERGCNLI6KHEDCL2DBY.jpg?focal=1348%2C178&auth=19b8a758c8a4f02a5c3f9cd0ee68f7900a1df76459c5a5e58af941a1e1748d51&width=400&height=225" width="400" height="225"/></picture></a></figure></div><div class="defaultstyled__StyledCardDetails-sc-1dedoj7-1 erznAs order-0"><a href="/opinion/comment/2024/08/27/who-is-waheed-alli-the-labour-donor-at-the-centre-of-keir-starmers-cronyism-controversy/" class="Link__Anchor-sc-1fg1e8z-0 UfNXw order-0"><h6 class="defaultstyled__StyledHeadline-sc-1dedoj7-8 iODYnG b-authorFeedHeadline order-0" font-family="Playfair Display" font-weight="800">Who is Waheed Alli, the Labour donor in Starmer cronyism row?</h6></a><p color="var(--global-grey-8)" font-family="Inter" font-weight="400" class="defaultstyled__StyledHeadline-sc-1dedoj7-8 fkHtFW margin-xs-top b-standfirst order-0">TV executive and life peer held no formal job in government but was given unrestricted access</p><div data-identifier="container-wrapper" class="Container__StyledContainer-sc-14lnmxl-0 pBpqE container-wrapper margin-xs-bottom order-0"><span color="var(--global-grey)" font-weight="400" class="defaultstyled__StyledDate-sc-1dedoj7-4 gMOWzz b-opiniondate">August 27, 2024</span></div></div></div></div></div><button data-identifier="story-feed-loadmore" class="indexstyled__StyledButton-sc-147vw7d-0 kPvRjh defaultstyled__StyledButton-sc-1ju3ptt-3 eRCuFo margin-md-top margin-md-bottom padding-md-left padding-md-right padding-xxs-bottom padding-xxs-top"><div class="LoadingIndicator__SpinnerRing-sc-1w1pfqw-1 eImSxP margin-xxs-right"></div>More Articles</button></div></div></div><hr class="defaultstyled__StyledDivider-sc-a279n6-0 ecZjET" data-identifier="divider" size="20" type="organisms/Divider"/><div data-identifier="grid-container" class="Grid__GridWrapper-sc-1uf4rv8-0 sCdeK grid-container default__StyledGrid-sc-pccokt-0 fiZHln grid-container--container" role="main"><div data-identifier="column-12-9-9" width="" widths="[object Object]" class="default__StyledColumn-sc-pccokt-1 ckTwjO Column__ColumnWrapper-sc-aun2rh-0 cNkiRZ column-container"></div><div data-identifier="column-12-3-3" width="" widths="[object Object]" class="Column__ColumnWrapper-sc-aun2rh-0 czFyRt column-container"></div></div><div data-fusion-lazy-id="f0fwM2jKRkax1yQ"></div><div data-identifier="alerts-container"></div><div class="Toastify"></div><div id="tnn-portal"></div></div><script id="fusion-metadata" type="application/javascript">window.Fusion=window.Fusion||{};Fusion.arcSite="the-national";Fusion.contextPath="/pf";Fusion.deployment="848";Fusion.globalContent={"authors":[{"_id":"Chris Blackhurst","type":"author","source":{"source_id":"sna.tn.author.chris-blackhurst","source_type":"Author"},"name":"Chris Blackhurst","firstName":"Chris","lastName":"Blackhurst","byline":"Chris Blackhurst","image":{"url":"https://s3.amazonaws.com/arc-authors/thenational/c745e7d6-6ec0-4f9c-a671-6731f258ef23.png","type":"image","auth":{"1":"e6770e0277701ab5dcdd16b5258ee2025f126c9450e3c2cff08ffd3a4d80c06c","thumbnail_version":1}},"bio":"Chris Blackhurst is a former editor of The Independent, based in London","role":"Contributor","books":[],"podcasts":[],"education":[],"awards":[],"last_updated_date":"2024-07-23T13:31:34.624Z","longBio":"Chris Blackhurst is an award-winning writer, commentator and broadcaster, based in London. 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He might like to dwell on the fact his government has got off to a sluggish start, how it’s being heavily criticised."},{"_id":"7QEJRE7POFCADFLK7YOSICQ6SQ","additional_properties":{"_id":1731953854588},"type":"text","content":"Part of his problem, as he keeps saying, is lack of cash. 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Specifically, he suggests not focusing on silicon chips, the industry standard, but compound semiconductors. “Devices based on these materials, which include silicon carbide and gallium nitride, are increasingly replacing or supplementing silicon in a range of applications, because of their low power consumption and other advantages – and the UK already has competitive strengths in this part of the industry.”"},{"_id":"C4TNN3YCZZGXRBDQQAQMB5QY5A","additional_properties":{"_id":1731953854594},"type":"text","content":"What’s missing is an open access foundry which could “play the same sort of role for firms that design or make compound semiconductors as silicon-based foundries play in Europe, the US and Asia”. The government should partner with industry to construct such a plant – on a greenfield site, or adjacent to an existing fabrication facility – to rejuvenate the industry and bring Britain quickly up to speed."},{"content_elements":[{"_id":"3VHBBNIIJNBQBPX57NKD4HTZRU","additional_properties":{},"type":"text","content":"The UK is already a player, with a strong global reputation, in university-based semiconductor research and design"}],"subtype_label":"pullquote","citation":{"type":"text","content":""},"subtype":"pullquote","_id":"GZZIXPINNRBY3GNM2MOO7BXYQA","additional_properties":{"_id":"ES4ZNNSXARGX7FTALQAGAA5JIM"},"type":"quote"},{"_id":"UDRTAFLUDFCLZLVXS2RQG2ISEU","additional_properties":{"_id":1731953854595},"type":"text","content":"The UK is already a player, with a strong global reputation, in university-based semiconductor research and design. It’s turning those prototypes into mass production, which is lacking and sees others step smartly in and forge ahead. “A UK-based foundry would make it more likely that the output of academic research would be commercialised in the UK rather than overseas.”"},{"_id":"7UDPWUNQEBC6TIPYTOI4M2GETA","additional_properties":{"_id":1731953854596},"type":"text","content":"There are suitable sites aplenty, not least at Plymouth where Plessey manufactures compound semiconductor display technology, or Newport, which has an under-utilised building, known as Fab 10."},{"_id":"E6V5HAIBOVDIXN5NRSOS7O3V2U","additional_properties":{"_id":1731953854597},"type":"text","content":"The bill, say industry experts, would be £500 million-£800 million ($630 million-$1 billion). That may seem steep for an administration which in its supposedly landmark Budget namechecked a primary school in Hartlepool destined for rebuilding (seriously). But consider: TSMC, the <a href=\"https://www.thenationalnews.com/tags/taiwan/\" target=\"_blank\">Taiwanese</a> company, will receive up to $6.6 billion from the US government for its planned <i>third</i> fabrication plant in Arizona."},{"subtype":"flourish_visualisation","_id":"SPI4ADOTDNAEXAFPLLZIL7FH7M","additional_properties":{"_id":"ZH3A3EQ6V5E6NAL2K4FNSXOURU"},"embed":{"id":"cbtwz4929ud5834g","config":{"visualizationNumber":"20357950"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/flourish-composer/?_website=the-national&outputType=composer_powerup&k=cbtwz4929ud5834g#SEARCH"},"type":"custom_embed"},{"_id":"BASUTG5POVDR3NDEQXU376WX2A","additional_properties":{"_id":1731953854599},"type":"text","content":"It doesn’t have to come entirely from the public purse. A public-private arrangement, with a consortium of semiconductor firms and private investors financing two thirds of the project, with the rest coming from the state, would work. The funding could be routed through the new <a href=\"https://www.thenationalnews.com/news/uk/2024/10/14/uk-sets-up-national-wealth-fund-to-turn-investment-into-growth/\" target=\"_blank\">National Wealth Fund</a>."},{"_id":"HKICLH7VB5FPVB6FUG4XKF7P7Q","additional_properties":{"_id":1731953854600},"type":"text","content":"For that amount, the UK would obtain a foundry capable of servicing a wide spectrum of customers from the Ministry of Defence and its suppliers to net-zero manufacturers, including those of electric cars and wind turbines, and current and future communication systems."},{"_id":"U6ZNTRBAUNF57CT2YQC36N7FTA","additional_properties":{"_id":1731953854601},"type":"text","content":"This is what ought to make Starmer sit up and take notice. The world number one in semiconductors is <a href=\"https://www.thenationalnews.com/business/markets/2024/11/02/nvidia-to-replace-intel-in-blue-chip-dow-jones-index-as-wall-street-rallies-to-close-higher/\" target=\"_blank\">Nvidia</a>, with a market cap of $3.64 trillion and 29,600 employees. But in the jargon, Nvidia is ‘fabless’, it does not make them, it contracts out production. Next in the ranking is TSMC, which does, at its own foundries."},{"_id":"TTXOULEHDNCWRPCYHCZNIHI62A","additional_properties":{"_id":1731953854602},"type":"text","content":"TSMC is worth $839 billion and has 73,090 staff. It’s the only foundry firm in the top 12 semiconductor companies – the Dutch NXP ($57 billion, 34,200 people), Germany’s Infineon ($38 billion, 58,600 staff) and the French Italian STMicroelectronics ($23 billion and 51,323) occupy the bottom three places. Those three are all IDMs or integrated device manufacturers, so they plan and produce their semiconductors. There is no one to rival TSMC inside that elite dozen and no one in Europe. A British foundry specialist would be pushing at an open door."},{"_id":"BNHIOJKO6NCARPTDJ4IZZ5MWQA","additional_properties":{"_id":1731953854603},"type":"text","content":"Owens’ report echoes a study last year from the Centre for Policy Studies or CPS. Its author, Gerard B Lyons, said: “The UK has a nascent semiconductor sector, but it is not a major player in traditional silicon chips. And, given the direction of travel, it should not try to become one. The UK does, however, have internationally recognised strengths in other more competitive parts of the sector. These include world-leading chip design companies, such as Arm, and early-stage R&D and basic IP. For the UK, it should be about playing to these existing strengths and having the right policy environment in place so it is well positioned to capitalise on the next generation of semiconductor technology. It is about doubling down and looking forward.”"},{"_id":"GTWE2XQMC5G2TPBCA42M7I4IRM","additional_properties":{"_id":1731953854604},"type":"text","content":"That’s two of the most influential think tanks, Policy Exchange and CPS. They’re on the right side of politics, so for once <a href=\"https://www.thenationalnews.com/opinion/2024/08/20/keir-starmers-fragile-honeymoon-threatened-as-labour-bows-to-unions-pay-demands/\" target=\"_blank\">Starmer’s natural critics would be applauding</a>. It's a good news story about Britain’s industrial future and economic potential."},{"_id":"JDPZJ3UA3NDIJJJQBUS7KAXIUE","additional_properties":{"_id":1732023520757},"type":"text","content":"Amid all the other requests piling up in his in-tray, this one really is a no-brainer."}],"subheadlines":{"basic":"UK Prime Minister must leverage research expertise and private-sector backing to make Britain a leading hub for chip 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style=\"float:left;padding-top:5px;padding-right:10px\"><img height=\"100%\" src=\"https://www.thenationalnews.com/resizer/H9u8ypBjDHSuLshlqK17COi1JyA=/arc-photo-thenational/eu-central-1-prod/public/GUML5KUEVFGU5AXBHTKXFR7CBA.jpg\" width=\"120\" /></div>"},{"_id":"ZWR242Q7JBEXJJR6DNBYLOACWU","additional_properties":{"_id":1731423415321},"type":"text","content":"Anyone looking for something imaginative and exciting when Rachel Reeves addresses the City on Thursday need not bother. The recent <a href=\"https://www.thenationalnews.com/tags/uk-budget/\" target=\"_blank\">UK budget</a> was a patching-up financial statement, raising relatively small amounts of revenue from here, to spend on urgent needs there. In terms of long-term economic vision, there was nothing."},{"_id":"RCFC3SROIRC67FNEVFO54VKB2A","additional_properties":{"_id":1731423415322},"type":"text","content":"Particularly lacking were large-scale infrastructure developments. France has les grands projets; in Britain there is a plan to spend £100 million on the creation of a tunnel to protect bats on the new,<a href=\"https://www.thenationalnews.com/opinion/uk/2023/02/14/hs2-is-such-a-failure-even-people-of-the-north-dont-want-it/\" target=\"_blank\"> much-reduced HS2 rail line</a>. At Mansion House to mark the installation of a new lord mayor of London, Ms Reeves will change the rules on investing pensions but not say much about the purpose of her shake-up."},{"_id":"V2OIEOUB5FHZ3OAPOO7RO7U3MA","additional_properties":{"_id":1731423017445},"type":"text","content":"The bat controversy is a tad unfair but it says much about the paucity of plans for substantial building schemes that the bats have attracted more comment and coverage since Reeves’ address than any other construction proposal."},{"_id":"ZGQXC4MFNRAQBAALLRZUP6QSJY","additional_properties":{"_id":1731423415323},"type":"text","content":"Put simply, Britain has stopped doing. While that is bad enough for a country once renowned for ambition, design and innovation, it fails to realise two things: major projects are an excellent, proven way of galvanising the economy, providing jobs across the supply chain as well as long-term improvement; and the UK is in grave danger of slipping behind the facilities provided by its peers, and in an increasingly competitive market for international investment such a backward step is deeply troubling."},{"_id":"RFCVK2CDMZBKLDWYGUZRJ5CIAA","additional_properties":{"_id":1731423415324},"type":"text","content":"Britain led the world with its railways. Not any more. <a href=\"https://www.thenationalnews.com/tags/heathrow/\" target=\"_blank\">Heathrow</a> was the globe’s leading airport. No longer. The nation’s motorway network is reduced to using computer technology to reduce traffic speed to keep vehicles flowing. There is only one major road from West to East across the North of England, home to a swathe of manufacturing industry. As for the East coast, from London to Scotland, there is no continuous fast motorway. Instead, in places it is a two-lane carriageway, interspersed with roundabouts."},{"owner":{"id":"thenational"},"address":{"locality":"Tilbury","country_name":"GBR","region":"England"},"auth":{"1":"446fd417d3fe7fa799403c0aeed2f4e1e6da798c1c4b5867cba0522563ecec5c"},"caption":"Former British Prime Minister Boris Johnson understood the need to 'level up' Britain's peripheral regions. 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No power plants either. Little in the way of creating."},{"_id":"BE2PTXFZOFBVJGLFRAPPIYW77U","additional_properties":{"_id":1731423415327},"type":"text","content":"Nothing inspiring is in the pipeline. To think, it was not that long ago that Margaret Thatcher was agreeing with Francois Mitterrand to build a tunnel under the English Channel. A Conservative prime minister was prepared to share with a socialist president. That took courage on her part but so determined was she, so convinced of the benefits, that she went ahead."},{"_id":"5U27XFY7KNEDLOWPTREYDJHXTM","additional_properties":{"_id":1731423415328},"type":"text","content":"<a href=\"https://www.thenationalnews.com/tags/boris-johnson/\" target=\"_blank\">Boris Johnson</a> also got it. At various times, he envisaged a bridge or tunnel from Scotland to Northern Ireland, an airport on an artificial island in the Thames Estuary, a second fixed link to France. His problem was that while he talked the talk he had no means of execution. Still, he managed to aspire and to lift."},{"content_elements":[{"_id":"WNDGA7DAZRAQ7PVTWCYUOLMIIA","additional_properties":{},"type":"text","content":"It was not that long ago that Margaret Thatcher was agreeing with Francois Mitterrand to build a tunnel under the English Channel"}],"subtype_label":"pullquote","citation":{"type":"text","content":""},"subtype":"pullquote","_id":"RRDLW4R435CP7HQQCO65R7YAFU","additional_properties":{"_id":"3GIEKPW7I5BE7HQQW4DREX6DB4"},"type":"quote"},{"_id":"WGDBZ2XJ35BTXDERGN7IX6Z5OA","additional_properties":{"_id":1731423415330},"type":"text","content":"Johnson was the first politician to speak of ‘levelling up’, ending the perennial, socially and economically ruinous North-South divide. The detail and the cost typically did not detain him. Again, though, he made people believe that a problem hitherto thought to be unsolvable could be resolved."},{"_id":"OCEAGNE42RC3TP7SX6SXFXM4BY","additional_properties":{"_id":1731423415331},"type":"text","content":"His wasn’t just a signal to Britain, it was a message to the world. Today, <a href=\"https://www.thenationalnews.com/tags/keir-starmer/\" target=\"_blank\">Keir Starmer</a> likes to say ‘we’re open for business’ without apparently realising that other nations are also ‘open’ and they’re busy, constantly boosting their offering."},{"owner":{"id":"thenational"},"copyright":"AFP or licensors","address":{"locality":"Paris","country_name":"FRA"},"auth":{"1":"8cc4e9bf7af347bce57fee042d830545d8879b55e7ad01845d792d33eb3008a8"},"caption":"Britain's Prime Minister Keir Starmer has failed to raise spending on infrastructure projects. 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First, there is a genuine lack of cash. Decades of neglect mean that the bill to correct existing weaknesses is considerable. Schools are crumbling, hospitals are not equipped to cope, transport is creaking, energy security is flawed, there is a desperate shortage of affordable quality housing stock. Just putting that right demands many billions. Meanwhile, the appetite of the<a href=\"https://www.thenationalnews.com/opinion/uk/2022/11/22/crumbling-national-health-service-is-elephant-in-the-uk-waiting-room/\" target=\"_blank\"> NHS and welfare state is never sated</a>."},{"_id":"CRTGQAHWJ5E5TJD2YYAPG6NAHQ","additional_properties":{"_id":1731423415334},"type":"text","content":"That’s before attention turns to additions and improvements, extras if you will, that bear reasonable comparison to those in France and elsewhere. Here, we’ve allowed ourselves to become terrified."},{"_id":"AFTAF2M6D5E4HOW6AB2BPVJJFE","additional_properties":{"_id":1731423415335},"type":"text","content":"There’s a reluctance in government to explore shared private-public funding, which leads to the total outlay, and the risk, being borne by the taxpayer."},{"_id":"TG33MHBQANGW3CQR2QEI3B2EAQ","additional_properties":{"_id":1731423415336},"type":"text","content":"This engenders an ultra-cautious approach that slows and, ironically, only adds to the final spend. HS2 is a case in point. Originally conceived as a super-quick train service connecting London with Birmingham and the North-West, akin to France’s TGV, it’s taken decades and is still nowhere near being built. More and more consultants were hired, planning permissions were blocked or took forever to gain approval, estimates as to the level of public investment required and the time taken to completion kept on climbing. This fuelled rows that only added to the delays."},{"owner":{"id":"thenational"},"copyright":"PA Wire/PA Images","address":{"locality":"Addlestone"},"auth":{"1":"5c92dd74b3733d612accd4d8c996b08e6a65557a9435ab35fd12d4ca80a634d5"},"caption":"Traffic queues up on the M25 near in Surrey, one of Britain's busiest stretches of road. 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Yet the controversy and stalling rumbles on. Safeguarding the bats is one of 8,276 separate ‘consents’ required from public bodies, even for this truncated scheme to go ahead. At one stage, when it was heading to the cities of Manchester, Liverpool and Leeds, HS2’s estimated cost was extending beyond £130 billion. That’s come down as the project has been cutback, but it’s still put at £66 billion. Most of that will go on legal and planning expenses, poor forecasting and inflation – as the timeframe has lengthened so it’s been hit by a worldwide rise in the cost of materials such as concrete and steel."},{"_id":"QLJ23EBOBZDEJNSQSI72BSTXIM","additional_properties":{"_id":1731423415339},"type":"text","content":"An insight into the fear that grips decision-making came this week with new <a href=\"https://www.thenationalnews.com/tags/conservative-leadership/\" target=\"_blank\">Conservative Party leader</a> Kemi Badenoch’s evidence to the Post Office Horizon inquiry (now – incredibly, but perhaps not – in its fourth year). Compensation rightfully due for the sub-postmasters caught up in the scandal was held back, said Badenoch, previously trade secretary, by civil servants refusing to say anything blunt in a document. This was because they were scared in case the memo was ever made public and they were accused of being too direct. 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To adapt Dr Johnson on London: \"If someone tires of journalism, they tire of life.\"","bio":"Chris Blackhurst is a former editor of The Independent, based in London","source":{"source_type":"Author","source_id":"sna.tn.author.chris-blackhurst"},"linkedin":"chris-blackhurst-36411080","type":"author","firstName":"Chris","twitter":"c_blackhurst","books":[],"podcasts":[],"personal_website":"https://chrisblackhurst.media/","awards":[],"name":"Chris Blackhurst","_id":"Chris Blackhurst","last_updated_date":"2024-07-23T13:31:34.624Z","bio_page":"/topics/Author/chris-blackhurst/","byline":"Chris Blackhurst","slug":"chris-blackhurst","status":true,"ansImage":{"type":"image","url":"https://s3.amazonaws.com/arc-authors/thenational/c745e7d6-6ec0-4f9c-a671-6731f258ef23.png","auth":{"1":"e6770e0277701ab5dcdd16b5258ee2025f126c9450e3c2cff08ffd3a4d80c06c"}}}},"type":"author","version":"0.5.8","url":"/topics/Author/chris-blackhurst/","slug":"chris-blackhurst"}]},"subtype":"opinion","first_publish_date":"2024-11-12T15:26:27.268Z","additional_properties":{"is_published":true,"publish_date":"2024-11-13T08:21:45.563Z","has_published_copy":true},"last_updated_date":"2024-11-13T08:22:19.827Z","publishing":{"scheduled_operations":{"unpublish_edition":[],"publish_edition":[]}},"owner":{"sponsored":false,"id":"thenational"},"address":{},"workflow":{"status_code":4},"label":{"promo_label":{"display":true,"text":"Comment"},"claim_your_clicks":{"display":true,"text":"UK Bureau","url":""}},"promo_items":{"basic":{"owner":{"id":"thenational"},"address":{"locality":"London","country_name":"GBR"},"auth":{"1":"64e2c56fd7fae21cd3d38133814a5be3a651ee2ff153bb50c35d2139416915e5"},"caption":"Chancellor Rachel Reeves, pictured on Remembrance Sunday in central London. Her recent budget was no more than a patching-up financial statement. AFP","source":{"system":"arc i/o","name":"AFP","edit_url":"","source_type":"wires","source_id":"AFP_36LY9Q2","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","distributor":{"mode":"reference","reference_id":"02754c36-3b18-4995-9c75-a136660699ae"},"version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/BO6FUHSJUVQGXZCPHM5KBYMQ3E.jpg","licensable":false,"credits":{"affiliation":[{"name":"AFP","type":"author"}],"by":[{"name":"TOBY MELVILLE","type":"author"}]},"subtitle":"BRITAIN-MILITARY-WAR-HISTORY-ROYALS","width":5048,"_id":"BO6FUHSJUVQGXZCPHM5KBYMQ3E","additional_properties":{"fullSizeResizeUrl":"/resizer/kRbYx6XOJ41ZVxXbgk9jJ4tIpvE=/arc-photo-thenational/eu-central-1-prod/public/BO6FUHSJUVQGXZCPHM5KBYMQ3E.jpg","iptc_source":"AFP","iptc_job_identifier":"","keywords":["british royal family","ceremony","horizontal","politics","remembrance 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nothing"},"websites":{"the-national":{"website_url":"/opinion/comment/2024/11/13/britain-forgets-how-to-be-inspiring-as-labour-offers-a-pipeline-of-nothing/","website_section":{"path":"/opinion/comment","parent":{"default":"/opinion"},"_website":"the-national","parent_id":"/opinion","name":"Comment","description":"#00b0b9","_id":"/opinion/comment","additional_properties":{"original":{"parent":{"mobile-uae-edition":"/opinion","footer":"/opinion","Gulf-edition":null,"MiddleEastandAfricaEdition-edition":null,"Middleeastandnorthafrica-edition":null,"US-edition":null,"default":"/opinion","us-edition":null,"Header":"/opinion","International-edition":null,"JSON-Feed-Sections":"/opinion","Footer":"/opinion","international-edition":null,"UK-edition":null,"MENA-edition":null,"mobile-international-edition":"/opinion","International":null,"APP-navigation":"/opinion"},"social":{"twitter":null,"rss":null,"facebook":null,"instagram":null},"site_topper":{"site_logo_image":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/ZZOUBFEIHVBLTOJZHGG33LPR3U.jpg"},"useparentheader":"true","usesmallmobileheadersize":"false","site":{"pagebuilder_path_for_native_apps":null,"site_url":"https://www.thenationalnews.com/opinion/comment/","site_keywords":null,"site_about":null,"site_description":"#00b0b9","site_title":"","site_tagline":""},"navigation":{"nav_title":"Comment"},"_admin":{"alias_ids":["/opinion/comment"]},"inactive":false,"node_type":"section","_website":"the-national","name":"Comment","_id":"/opinion/comment","ancestors":{"mobile-uae-edition":["/opinion"],"footer":["/","/opinion"],"Gulf-edition":[],"MiddleEastandAfricaEdition-edition":[],"Middleeastandnorthafrica-edition":[],"US-edition":[],"default":["/opinion"],"us-edition":[],"Header":["/opinion"],"International-edition":[],"JSON-Feed-Sections":["/opinion"],"Footer":["/opinion"],"international-edition":[],"UK-edition":[],"MENA-edition":[],"mobile-international-edition":["/opinion"],"International":[],"APP-navigation":["/opinion","/"]},"order":{"default":2001,"mobile-uae-edition":2001,"Header":2001,"footer":2001,"JSON-Feed-Sections":2001,"Footer":2001,"mobile-international-edition":2001,"APP-navigation":2001}}},"_website_section_id":"the-national./opinion/comment","type":"section","version":"0.6.0"}}},"created_date":"2024-11-12T13:42:02.499Z","publish_date":"2024-11-13T08:22:19.639Z","_id":"NJOCBLQBGRHDRGX75WD2D6NBFA","website":"the-national","website_url":"/opinion/comment/2024/11/13/britain-forgets-how-to-be-inspiring-as-labour-offers-a-pipeline-of-nothing/"},{"content_elements":[{"_id":"MPUVJXACJBHWNLQLXXVKYLB6MA","additional_properties":{"_id":1730907349974},"type":"text","content":"<b>Latest updates: Follow our full coverage on the </b><a href=\"https://www.thenationalnews.com/news/us/2024/11/06/us-election-results-2024-live-donald-trump-won/\"><b>US election</b></a>"},{"_id":"DX75CSOSFBGRJCFTCPNTCXGHMI","additional_properties":{"_id":"YTC6JHQJBZGTZEZZHNSHIWL6IE"},"type":"raw_html","content":"<div class=\"app-hidden\" style=\"float:left;padding-top:5px;padding-right:10px\"><a href=https://www.thenationalnews.com/world/us-elections/><img height=\"120\" src=https://thenational-the-national-staging.web.arc-cdn.net/resizer/v2/DRVU7FZ42ZAZBBPO3KKEKT24L4.png?smart=true&auth=47aee9afa386612552d513f6a391bd903fe11d86bdabd181bbf40de6f4d477cd&width=120&height=120 width=\"120\" loading=\"auto\" alt=\"US election\"/></a></div>"},{"_id":"MPUVJXACJBHWNLQLXXVKYLB6MA","additional_properties":{"_id":1730907349974},"type":"text","content":"Other American politicians want to woo <i>The New York Times</i>, Donald Trump chooses X. They wish to claim CBS News, he plumps for <a href=\"https://www.thenationalnews.com/arts-culture/2022/02/01/how-did-joe-rogan-spotifys-100-million-podcast-man-become-so-controversial/\" target=\"_blank\">Joe Rogan</a>. They have pop stars and Hollywood legends on the campaign trail, he’s endorsed by <a href=\"https://www.thenationalnews.com/tags/elon-musk/\" target=\"_blank\">Elon Musk</a> and Dana White."},{"_id":"DOK7YLRWUJEMFDWK27SUGMSUKY","additional_properties":{"_id":1730907349976},"type":"text","content":"There will be plenty of people around the world who witnessed Trump’s Florida victory speech and his name-checking, and recognised Musk. The world’s richest man, owner of X, the person behind Tesla and the spectacular docking of that space rocket, Musk needs little introduction. But with White, the bald-headed guy Trump handed the microphone to, they would have been scratching their heads."},{"_id":"E4Q7IEBAK5FVXEALUXCKRK3WHQ","additional_properties":{"_id":1730907349977},"type":"text","content":"That’s probably because they’re not male and under 30. They will know who White is, all right."},{"_id":"AOMHVRRTR5FIRDY4LTCIPAWFHE","additional_properties":{"_id":1730907349978},"type":"text","content":"They will revere him, as they do Rogan, and his enormously popular shock-jock podcast, and Musk."},{"_id":"EJHQYKE27VG6DJ7Z45JVC3UIUY","additional_properties":{"_id":1730907349979},"type":"text","content":"For the uninitiated, White, 55, is the boss of <a href=\"https://www.thenationalnews.com/tags/ufc/\" target=\"_blank\">UFC</a> or Ultimate Fighting Championship. Based in Las Vegas, UFC is the biggest, most successful promoter of MMA or mixed martial arts, having held more than 700 events, many of them sell-outs accompanied by lucrative TV rights. Its contests are held over eight weight divisions for men and three for women. As well as UFC, White owns Power Slap, another fighting operator. He’s comfortably a billionaire."},{"owner":{"id":"thenational"},"address":{"locality":"WEST PALM BEACH","country_name":"USA"},"auth":{"1":"116357bf1f05afc5e5f324e98f8daff3af049fb4b28e3aeb86288d34e82ffbd5"},"caption":"'This is what happens when the machine comes after you,' Dana White told the West Palm Beach Convention Centre as the election results rolled in. EPA","source":{"system":"arc i/o","name":"European Pressphoto Agency","edit_url":"","source_type":"wires","source_id":"11704697","additional_properties":{"editor":"photo center"}},"taxonomy":{},"type":"image","distributor":{"mode":"reference","reference_id":"25982da8-9b4b-41a0-b1e3-572e78a2052c"},"version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/STVAVD5ATKB4UTFUNZ2FMIKRZU.jpg","licensable":false,"credits":{"affiliation":[{"name":"EPA","type":"author"}],"by":[{"name":"CRISTOBAL HERRERA-ULASHKEVICH","type":"author"}]},"subtitle":"US PRESIDENTIAL ELECTIONS 2024","width":3000,"_id":"STVAVD5ATKB4UTFUNZ2FMIKRZU","additional_properties":{"fullSizeResizeUrl":"/resizer/s5x-hFIV0FFr9QqOo32Q-RJKnWE=/arc-photo-thenational/eu-central-1-prod/public/STVAVD5ATKB4UTFUNZ2FMIKRZU.jpg","iptc_source":"EPA","iptc_job_identifier":"","keywords":["flag"],"proxyUrl":"/resizer/s5x-hFIV0FFr9QqOo32Q-RJKnWE=/arc-photo-thenational/eu-central-1-prod/public/STVAVD5ATKB4UTFUNZ2FMIKRZU.jpg","takenOn":"2024-11-06T00:00:00Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/STVAVD5ATKB4UTFUNZ2FMIKRZU.jpg","published":true,"resizeUrl":"/resizer/s5x-hFIV0FFr9QqOo32Q-RJKnWE=/arc-photo-thenational/eu-central-1-prod/public/STVAVD5ATKB4UTFUNZ2FMIKRZU.jpg","expiration_date":"2024-12-06T09:01:15Z","thumbnailResizeUrl":"/resizer/J_nchEJmfm-YyoM_8ZiZ19P7Amw=/300x0/arc-photo-thenational/eu-central-1-prod/public/STVAVD5ATKB4UTFUNZ2FMIKRZU.jpg","version":2,"countryId":227,"originalName":"11704697","mime_type":"image/jpeg","restricted":false,"galleries":[],"_id":"YAXU22PVYZEOVLIHR5BSEEXWAE","iptc_title":""},"created_date":"2024-11-06T09:02:59Z","last_updated_date":"2024-11-06T16:30:11Z","slug":"us-presidential-elections-2024","height":2016},{"_id":"46E7MTHW7FEELOZ55IFO2DET5Q","additional_properties":{"_id":1730907349981},"type":"text","content":"Along with the other leading members of the Trump inner circle, people may question what White is doing in big-time politics but that misses the point. He’s there because he admires Trump, theirs is a mutual friendship, he’s hugely successful and he’s different. It’s that last which marks him out: White enables Trump to reach a sector of society that other politicians can’t, connecting with the non-college educated white male."},{"_id":"GSZ62D3WZVGULEGUOE2L4BVVSY","additional_properties":{"_id":1730907349982},"type":"text","content":"It’s not exclusive, of course – prep students follow UFC as well but White and Trump understand a political maxim, which is that everyone, regardless of their background, education, profession has only one vote. This time, with White’s help, Trump was able to tap into this vast reservoir of men who follow UFC – and yes, Rogan – who admire the genius of Musk, and get them out, supporting him in huge numbers."},{"content_elements":[{"_id":"A5WQ6SN5UFHQPMMQUTM54DKQP4","additional_properties":{},"type":"text","content":"White enables Trump to reach a sector of society that other politicians can’t"}],"subtype_label":"pullquote","citation":{"type":"text","content":""},"subtype":"pullquote","_id":"A5I3TR6L65D6ZN2CSXLDDS7MZA","additional_properties":{"_id":"MJFJB4V73NDSHOU7DWM5XP7TDY"},"type":"quote"},{"_id":"MRM6WIW4ABABTH4ID3ER2BOHJ4","additional_properties":{"_id":1730907349984},"type":"text","content":"The liberal establishment may have looked on in horror as White hogged the limelight. There he was, making a 'victory' sign with his fingers and proclaiming: “This is what happens when the machine comes after you, what you’ve seen over the last several years, this is what it looks like.” White went on to pay tribute to others, their identities again lost on the uninitiated, but they’re YouTubers and podcast stars. “I want to thank some people real quick. I want to thank the Nelk Boys, Adin Ross, Theo Von, Bussin’ With The Boys, and last but not least, the mighty and powerful Joe Rogan.”"},{"_id":"3AMDUVMYVNE5ZDQYAJSE24PP3I","additional_properties":{"_id":1730907349985},"type":"text","content":"No mention of the great newspapers or networks there. <a href=\"https://www.thenationalnews.com/opinion/uk/2024/04/02/sell-in-may-before-trumps-big-comeback-day/\" target=\"_blank\">Yet this is the person MAGA believers</a> are now clamouring to be made Press Secretary in the Trump 2.0 administration."},{"_id":"OHTGEDMJMVBL3GAWRTGZV5D2JA","additional_properties":{"_id":1730907349986},"type":"text","content":"Trump invited him to speak; to many, he was impolite and combative. White won’t care a jot. That is not his style. He’s used to being beyond the pale, to being, like Trump, an outsider."},{"_id":"7MJYAMTCQ5ET3DMXIZQSGE4SQE","additional_properties":{"_id":1730907349987},"type":"text","content":"White is an Irish American, raised with his sister, Kelly, by their mother, a nurse, in Massachusetts, then Las Vegas. He went to the local Bishop Gorman High School, but as he puts it, “got kicked out of Gorman twice”."},{"_id":"ABZM6GJLKRFL3ND7AHIM6TLQ3I","additional_properties":{"_id":1730907349988},"type":"text","content":"His upbringing was not entirely surrounded by Las Vegas glitz and brashness. He spent his summers in genteel Maine with his grandparents and went to school there for his final year."},{"_id":"AIMU7BWNKFH4PK2UWKDE4CSHZE","additional_properties":{"_id":1730907349989},"type":"text","content":"He started college twice but left each time. He made ends meet by doing casual work, as an asphalter, a bouncer and as a bellboy at the Boston Harbour Hotel. He was also boxing. The young White opened his own gym and intended to go into the ring professionally himself."},{"_id":"OCBVWULICVAPPESLAJDYWQXUXA","additional_properties":{"_id":1730907349990},"type":"text","content":"Seeing the damage being hit repeatedly could do to the brain, however, he thought otherwise, preferring to concentrate on becoming a coach."},{"owner":{"id":"thenational"},"copyright":"Copyright 2023 The Associated Press. All rights reserved.","address":{"locality":"Boston","country_name":"USA","region":"MA"},"auth":{"1":"9603b33ae314e7279d012fae3f18f55089723836e5c6a059cacf541a9f3b6ea9"},"caption":"Joe Rogan hosts a hugely popular shock-jock podcast. AP","source":{"system":"arc i/o","name":"Associated Press","edit_url":"","source_type":"wires","source_id":"5fdfd769b6a5416ba2a3864920b8ffc1","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","distributor":{"mode":"reference","reference_id":"5fdb52b6-6efa-4fe1-9ad5-1ba818e8eae8"},"version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/YYQM6QNTOQS7EHAWYYANVG7SII.jpg","licensable":false,"credits":{"affiliation":[{"name":"AP","type":"author"}],"by":[{"name":"Gregory Payan","type":"author"}]},"subtitle":"Election 2024-Trump","width":2500,"_id":"YYQM6QNTOQS7EHAWYYANVG7SII","additional_properties":{"fullSizeResizeUrl":"/resizer/khrFVRQ0bnc2g0mEYwPVznNE9sg=/arc-photo-thenational/eu-central-1-prod/public/YYQM6QNTOQS7EHAWYYANVG7SII.jpg","iptc_source":"Associated Press","iptc_job_identifier":"NY111","keywords":["Domestic News","Sports","Mixed martial arts"],"proxyUrl":"/resizer/khrFVRQ0bnc2g0mEYwPVznNE9sg=/arc-photo-thenational/eu-central-1-prod/public/YYQM6QNTOQS7EHAWYYANVG7SII.jpg","restriction_date":"2024-11-08T13:32:08.233939","takenOn":"2023-08-18T20:25:45Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/YYQM6QNTOQS7EHAWYYANVG7SII.jpg","published":true,"resizeUrl":"/resizer/khrFVRQ0bnc2g0mEYwPVznNE9sg=/arc-photo-thenational/eu-central-1-prod/public/YYQM6QNTOQS7EHAWYYANVG7SII.jpg","thumbnailResizeUrl":"/resizer/-4Jflu0TvLUO45E5H-iCIds7MBM=/300x0/arc-photo-thenational/eu-central-1-prod/public/YYQM6QNTOQS7EHAWYYANVG7SII.jpg","version":4,"countryId":227,"usage_instructions":"This content is intended for editorial use only. For other uses, additional clearances may be required.","originalName":"5fdfd769b6a5416ba2a3864920b8ffc1","mime_type":"image/jpeg","restricted":true,"galleries":[],"_id":"5AQECJ4GGVEZPO5VWJKGE6JT2A","iptc_title":"STF"},"created_date":"2024-10-25T13:56:26Z","last_updated_date":"2024-11-08T13:59:51Z","slug":"election-2024-trump","height":1667,"status":"usable"},{"_id":"5HUW2WLIHFF7NJM5SLQ4WUQ4TY","additional_properties":{"_id":1730907349992},"type":"text","content":"Just as Trump had to deal in his early, real estate developer years in New York with the mob and their associates, so White was not immune. In his case, it was the notorious gangster, Whitey Bulger. The feared Las Vegas organised crime lord demanded White, who was living in Boston, return to Nevada and pay $2,500. It was a lot of money in the early 1990s – the equivalent of $25,000 today. “They said, ‘You owe us the money tomorrow by one o’clock.’ I literally hung up the phone, picked up the phone and called Delta and bought a ticket to Vegas.”"},{"_id":"PIWGDVHXORFFHEDTZV23H3FUZQ","additional_properties":{"_id":1730907349993},"type":"text","content":"Back in Las Vegas, White continued to operate as a boxing trainer, but moved into jiu-jitsu and then became manager for martial arts fighters."},{"_id":"FZEIVGCLCJGYRID57AWJQ4T7FU","additional_properties":{"_id":1730907349994},"type":"text","content":"That led him to UFC. When the promotion company came up for sale, he turned to his childhood friend, Lorenzo Fertitta, a casino chief. Together with Lorenzo’s brother, Frank, they bought UFC and White was made president."},{"_id":"3TKMOWGRGRBAPGHIXO3GBNUEDA","additional_properties":{"_id":1730907349995},"type":"text","content":"UFC was more or less on its knees and the ferocious style of fighting had been turned away from holding events at numerous conservative venues. Trump, via his Trump Taj Mahal casino and hotel in Atlantic City, took a typically different view and agreed to UFC’s request. This was the beginning of their friendship."},{"_id":"3ATTRZENJRFKPFMRVG54GZO22A","additional_properties":{"_id":1730907349996},"type":"text","content":"<a href=\"https://www.thenationalnews.com/opinion/comment/the-rise-of-ufc-in-a-world-tapped-out-by-covid-19-1.1158746\" target=\"_blank\">As UFC grew and entered the mainstream</a> (doing a deal with ESPN in 2019 and merging with professional wrestling company WWE to form a new concern, TKO Group, in 2023) White branched out. He returned to boxing, promoting the Floyd Mayweather Jr v Conor McGregor bout and added organising pro surfing and skateboarding to his portfolio."},{"_id":"NAMX23PT4JHQDP37PCJKQNDTX4","additional_properties":{"_id":1730910798179},"type":"text","content":"When the pandemic struck he created Fight Island to allow the <a href=\"https://www.thenationalnews.com/sport/other-sport/ufc-confirms-abu-dhabi-will-host-historic-fight-island-1.1031264\" target=\"_blank\">UFC’s international athletes to compete</a> from Abu Dhabi. The Fight Island series deal has been extended and he has describe his UAE relationship as \"brilliant\". Fight Island events have been scheduled as marquee pay-per-view events."},{"_id":"QEJHI7Z6VBEMRKCK4U6YDJMGGM","additional_properties":{"_id":1730907349997},"type":"text","content":"He lives in Las Vegas on a plot created from the demolition of three mansions, with his wife Ann, whom he met while still at school, their two sons and a daughter. He suffers from an inner ear disorder which he likens to “vertigo but on steroids”."},{"_id":"HFL7XMANGNCQLG6DCNBVNOQI5E","additional_properties":{"_id":1730907349998},"type":"text","content":"White, unsurprisingly, loves rock guitar and is a keen fan of the Red Hot Chili Peppers and Rage Against the Machine. He’s also a martial arts nut, collecting Japanese katana swords. He’s a gambler, too, playing high-stakes blackjack for $75,000 a hand. But he’s not so reckless. He’s calculating, usually quitting when he’s $150,000 ahead – a tactic that makes him unpopular with the Las Vegas casinos."},{"_id":"XADM5UJUNFE3PK5DNBSX5THPEI","additional_properties":{"_id":1730907349999},"type":"text","content":"His first appearance at Trump’s side was at the Republican National Convention in Cleveland, Ohio in 2016, when he endorsed him as the presidential nominee. “No arenas wanted us. This guy reached out and he’s always been a friend to me”."},{"_id":"QYW7OD4WPVBCNHKTIMIJILZY3A","additional_properties":{"_id":1730907350000},"type":"text","content":"He subsequently became a donor and behind-the-scenes campaign lieutenant. 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Rachel Reeves presumably believed she was being smart when announcing in her Budget that after 2026, heirs will pay tax when farms are passed on."},{"_id":"4KNXGVWMFBFY3G5KSCCDGA77UQ","additional_properties":{"_id":1730799585103},"type":"text","content":"As far as the left is concerned the move to charge inheritance tax ticked their loathing boxes. Farmers are perceived as wealthy, they own land. Their farmhouses are often large and comfortable. They profit from supplying food. Theirs is a cosy existence in the fields, they don’t have to go out and look for work like the majority of folk. They can afford it."},{"_id":"BKI7ERLTSNDF5KBH4RJ3LE3S2M","additional_properties":{"_id":1730799585104},"type":"text","content":"It’s a similar set of criteria that saw the Chancellor target another privileged group when she <a href=\"https://www.thenationalnews.com/opinion/uk/2024/06/06/uks-gilded-private-schools-should-go-back-to-basics-after-labour-tax-raid/\" target=\"_blank\">imposed VAT on private school fees</a>. Likewise the non-dom tax regime, which Reeves also scrapped in last week’s <a href=\"https://www.thenationalnews.com/tags/uk-budget/\" target=\"_blank\">Budget</a>."},{"_id":"6R6T5SNHEBEQLIEOPVMT2KOR6Y","additional_properties":{"_id":1730799585105},"type":"text","content":"But in going after farmers, she has made a huge mistake. Pursuing fee-paying parents and well-off foreigners has consequences: some pupils will transfer to the state system, adding to its burden; <a href=\"https://www.thenationalnews.com/opinion/uk/2022/04/28/reform-of-the-uks-non-dom-status-is-a-taxing-subject-for-opposition-parties/\" target=\"_blank\">and non-doms are also employers and investors</a>. However, they do not command popular, emotional support, they’re not able to galvanise the same and they don’t possess an already formidable lobbying organisation, not like the farmers."},{"_id":"I5DUQVC7YNB75OIFAZYVZ4PH2E","additional_properties":{"_id":1730799585106},"type":"text","content":"Suddenly, as if from nowhere, the countryside is in revolt. Let them, say Labour’s urbanite supporters. Whether they’re still saying that when tractors are blockading Parliament Square and central London, and motorways are reduced to a crawl behind flocks of sheep, is another matter."},{"_id":"3JSAY5YZ4FD3RJKVLRRCCIZK5U","additional_properties":{"_id":1730799585107},"type":"text","content":"A newly re-energised National Farmers’ Union is in full cry, labelling the policy \"disastrous\". Reeves said that, from April 2026, farms and other business property that has been passed on to heirs tax-free will be subject to inheritance tax. Inheritors will have to pay 20 per cent of their value above £1m, half the headline inheritance tax rate of 40 per cent."},{"owner":{"id":"thenational"},"copyright":"PA Wire/PA Images","address":{"locality":"Chadlington"},"auth":{"1":"988352dda2b89900522d1e1743b40127b0583ec6a14303de690549503e1a709d"},"caption":"Jeremy Clarkson, a farm owner and one of Britain's best-known broadcasters, has criticised the move to tax farmers. 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That’s a disputed figure – some say it will be larger. Even supposing it is 2,000, that is enough to cause economic and social disaster, not to mention to provoke nationwide mayhem."},{"_id":"5WGFGCTAUJAORATPERJZQFEJQM","additional_properties":{"_id":1730799585110},"type":"text","content":"That’s because the farmers have no cushion. The current farmer dies, and bang, their children, assuming it is them, must find what is by anyone’s standards a considerable sum of money. For example, one quoted farmer is Andrew Smith, 56, on Bodmin Moor, in Cornwall. For more than 100 years, his family have run a cattle farm."},{"_id":"XSB5LXRAW5BBJAB7BVVNODRIPA","additional_properties":{"_id":1730799585111},"type":"text","content":"Today, he works with his three sons. They produce on average 2,000 sheep and 30 to 40 cows a year. By his reckoning, they make \"no profit\" and \"just pay the bills\". He’s expecting his sons to take over when he dies. But based on the Reeves formula, if the land is worth £5m they will have to pay £800,000."},{"_id":"KVIEGTSDEBFOLKYHMYG3PEQJ7Q","additional_properties":{"_id":1730799585112},"type":"text","content":"What that means in effect is that, to raise the levy, the sons must sell a sizeable chunk of the farm. That will mark the end of the Smith farm, as it will no longer be viable. The land could easily be bought by a corporate farm that has no interest in preserving the local ways or protecting the environment, and is not part of the deeply embedded surrounding community. 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The pages of newspapers and journals across the political spectrum and TV news bulletins are filling with tales of despair. Farmers always make for good copy and pictures. Jeremy Clarkson, the ex-Top Gear presenter turned Cotswolds farmer, is in his element."},{"content_elements":[{"_id":"VEHLJRFB7RENXKIRGKRQEL7AMU","additional_properties":{},"type":"text","content":"It’s naïve economics that signals a void at the heart of this government."}],"subtype_label":"pullquote","citation":{"type":"text","content":""},"subtype":"pullquote","_id":"3HAYEKG25RE23BUZ2VKFM55TJM","additional_properties":{"_id":"OZOBFTEILFB5PPFQFMYN5WMIPI"},"type":"quote"},{"_id":"7ISLXFQTABDYPH6TYKZVVE65AE","additional_properties":{"_id":1730799585116},"type":"text","content":"What she and her colleagues display is a fundamental lack of appreciation or understanding of the rural economy. They look at barbed wire fences, locked gates and \"Keep Off\" signs and remember Karl Marx’s famous dictum that all property is theft and their political hackles rise."},{"_id":"EQ7HKGH3YBHCTDKYYFAFGZAOEI","additional_properties":{"_id":1730799585117},"type":"text","content":"They don’t realise that asset-rich can be accompanied by cash-poor. In their eyes, too, they see people who sit at the beginning of a supply line that ends up in <a href=\"https://www.thenationalnews.com/world/uk-news/2023/01/12/tesco-ms-sainsburys-uk-supermarkets-braced-for-post-christmas-price-war-escalation/\" target=\"_blank\">Tesco or Marks & Spencer</a> and assume the farmers must be enjoying similarly healthy profits – cash gained from providing consumers with their daily necessities, from selling milk, bread, vegetables and meat. They see what they view as exploitation and not fulfilling a national service."},{"_id":"JN7AMEYUO5CURO5LOAI4Z22S4E","additional_properties":{"_id":1730799585118},"type":"text","content":"It takes no account of the complex processes involved, and the costs and risks. It’s naive economics that signals a void at the heart of this government. Not only do the farmers rightly feel betrayed by Reeves’ boss, <a href=\"https://www.thenationalnews.com/tags/keir-starmer/\" target=\"_blank\">Keir Starmer</a>, who previously declared his commitment to farmers, but it shows an absence of thought, of vision. This a step that smacks of pettiness, of point-scoring rather than serious revenue-raising."},{"_id":"PGRRZSBUGFD4PNJQPLA54DK2PI","additional_properties":{"_id":1730799585120},"type":"text","content":"As with VAT on school charges and the abolition of non-doms, it suggests <a href=\"https://www.thenationalnews.com/tags/labour-party/\" target=\"_blank\">Labour</a> abhor those it believes to be wealthy. While independent schools and non-doms will come and go as issues, the targetting of farmers will run and run. It is a boon for the Conservative party and its historic shire county power base."},{"_id":"G5UMU45NK5CYTB3AC6DNR37ZCQ","additional_properties":{"_id":1730799585121},"type":"text","content":"There were the Tories, on their knees. Now, they have a focal point to rally around, something that will engender widespread acclaim."},{"owner":{"sponsored":false,"id":"thenational"},"address":{},"syndication":{},"auth":{"1":"458428eaf198f5b6caf54b8a8fa985bd11b2f885ded27262f08d7b421bc9a071"},"caption":"Blenheim Palace is the home of one of the UK's biggest landowners. 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That seemed a lot, but then it transpired that £25 billion of that total was derived from increases to employers’ national insurance, or NI. The ordinary person could breathe easily."},{"_id":"UL73TA63SZGBXABX4NIJDMQDAM","additional_properties":{"_id":1730306626135},"type":"text","content":"This was one of the themes in her statement. Hit the rich, with changes to NI, tweaks to capital gains and inheritance taxes, VAT on private schools, an end to non-doms, higher taxes on profits earned by carried interest, a favourite of the private equity community, and increased stamp duty on second homes. Benefit the less well-off with measures such as rises in the National Living Wage, removing the freeze on income tax thresholds, and boosting the state pension. To ram home her priorities, she was even lopping 1p off the cost of a pint of draught beer. Cheers all round ma’am, especially from the packed benches behind her and doubtless in the nation’s pubs."},{"_id":"RQMFW4YEF5GU5J6HZAYFWXCRE4","additional_properties":{"_id":1730306626136},"type":"text","content":"Her other messages centred on responsible economic management and growth. On the first, she did a good job of balancing the books, with the OBR on call when required. But, on the latter, Reeves was hazy."},{"_id":"Q2YOXNSLSJAIHG3H2A433VQIQU","additional_properties":{"_id":1730306626137},"type":"text","content":"Perhaps understandably so, since growth relies on confidence, on certainty. It is dependent on those very people she had spent most of an hour and 20 minutes clobbering still dipping into their pockets and believing in her and her party’s vision, and investing."},{"_id":"E2RKRM4FJJAQXN4NR2USFAZISE","additional_properties":{"_id":1730306626139},"type":"text","content":"Repeatedly, she used the word “choice”. She made it all right and it was very much for the ordinary working person and against the wealthy. But what she was missing was that the country’s richest are also those very same bosses and investors she is so intent on punishing."},{"subtype":"jwplayer","_id":"QWT5SQU5ZFEDHM7B2PRHFW7IIU","additional_properties":{"_id":"AMJP4MJD4RDFLHP27GZPXWNCPE"},"embed":{"id":"2o5ahhhn0qapnzmm","config":{"embed_html":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe src=\"https://cdn.jwplayer.com/players/IPLqZmqe-HxkhlA9A.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoId":"IPLqZmqe","videoData":{"duration":102,"image":"https://cdn.jwplayer.com/v2/media/IPLqZmqe/poster.jpg?width=720","display_date":"2024-10-30T16:32:40.000Z","sources":[{"file":"https://cdn.jwplayer.com/videos/IPLqZmqe-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":366008,"filesize":4666612,"label":"180p","type":"video/mp4","height":180}],"credits":{"by":[]},"subtype":"jwplayer","headlines":{"basic":"Rachel Reeves delivers first Labour budget in 14 years"},"_id":"IPLqZmqe","canonical_url":"https://www.thenationalnews.com/video/IPLqZmqe/","promo_items":{"lead_art":{"subtype":"jwplayer","_id":"IPLqZmqeArT","embed":{"id":"IPLqZmqeDaTaEmBeD","config":{"videoId":"IPLqZmqe","embed_markup":"<div style=\"position:relative;overflow:hidden;padding-bottom:56.25%\"><iframe title=\"Rachel Reeves delivers first Labour budget in 14 years\" src=\"https://cdn.jwplayer.com/players/IPLqZmqe-undefined.html\" width=\"100%\" height=\"100%\" style=\"position:absolute\" allowfullscreen></iframe></div>","videoData":{"duration":102,"image":"https://cdn.jwplayer.com/v2/media/IPLqZmqe/poster.jpg?width=480","images":[{"src":"https://cdn.jwplayer.com/v2/media/IPLqZmqe/poster.jpg?width=320","width":320,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/IPLqZmqe/poster.jpg?width=480","width":480,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/IPLqZmqe/poster.jpg?width=640","width":640,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/IPLqZmqe/poster.jpg?width=720","width":720,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/IPLqZmqe/poster.jpg?width=1280","width":1280,"type":"image/jpeg"},{"src":"https://cdn.jwplayer.com/v2/media/IPLqZmqe/poster.jpg?width=1920","width":1920,"type":"image/jpeg"}],"sources":[{"file":"https://cdn.jwplayer.com/videos/IPLqZmqe-xv27PA1r.mp4","framerate":25,"width":320,"bitrate":366008,"filesize":4666612,"label":"180p","type":"video/mp4","height":180}],"description":"The National reports on British Chancellors budget announcement.","mediaid":"IPLqZmqe","title":"Rachel Reeves delivers first Labour budget in 14 years","pubdate":1730305960}}},"type":"custom_embed"},"basic":{"width":480,"type":"image","url":"https://cdn.jwplayer.com/v2/media/IPLqZmqe/poster.jpg?width=480"}},"type":"video","subheadline":{"basic":"The National reports on British Chancellors budget announcement."}},"playerId":"Kn3ncmVY"},"url":""},"type":"custom_embed"},{"_id":"ML6OHOTD3FHNLFENDJWDEF3HKU","additional_properties":{"_id":1730311243916},"type":"text","content":"Labour wants their money. Reeves referred to Prime Minister Keir Starmer’s recent Investment Summit which apparently raised £63 billion for UK ventures in pledges from multinational chieftains across different sectors. How much of that tally is genuinely new and how much would have been announced anyway is not clear, but it is a large figure and way ahead of the Rishi Sunak equivalent in 2023 of £29.5 billion."},{"_id":"QYZLBLV7EFDLTGATWEOEOJPUOA","additional_properties":{"_id":1730306626141},"type":"text","content":"No sooner, though, does Labour grab that extra cash than it turns round and whacks those investing, slapping companies with higher NI and increased minimum wages for the lowest-paid staff. Their leaders, too, must fork out personally more money for schooling, owning second homes and so on. They may have a family business and dream, one day, of selling to private equity. If those investing happen to be non-doms, claiming preferential tax status, they are not going to be for much longer."},{"level":2,"_id":"5SSMMTU2AZCWFFWVXXZL3QQVWM","additional_properties":{"_id":1730306626142},"type":"header","content":"<b>Wealth creation</b>"},{"subtype":"flourish_visualisation","_id":"YLUOS4F3WNCRDD5NJT4BSZCHXQ","additional_properties":{"_id":"WZW6Z3ENOBBBZJVRNAMPZRUIEA"},"embed":{"id":"6hsjgkadyjt93qd","config":{"visualizationNumber":"18409018"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/flourish-composer/?_website=the-national&outputType=composer_powerup&k=6hsjgkadyjt93qd#SEARCH"},"type":"custom_embed"},{"_id":"XJ6JZHNBGVBVFK2LSEB65OHMXI","additional_properties":{"_id":1730311243920},"type":"text","content":"It's as if Reeves, an economist by training as she reminded us, has not made the connection between wealth and wealth creation."},{"_id":"QFWWRTLXXZDSJJEWCBR33Y622A","additional_properties":{"_id":1730306626145},"type":"text","content":"Britain desperately needs entrepreneurs, innovators, wizards in tech, software, AI, bioscience, healthcare, renewables, financial services and all the other fast-developing sectors, to put their faith in the country, in its government, and to set up and provide new jobs. It wants foreigners with ideas and purpose to back Britain. But those selfsame folk may also want to claim non-dom treatment; they might wish to send their children to the most famous schools; they could want boltholes in the countryside. Yes, says Reeves, we have hurt you there, but believe us when we also say we want you."},{"_id":"ROEY3ZXSRRB6VDPAGORYMK6HW4","additional_properties":{"_id":1730306626146},"type":"text","content":"To which the riposte is: “Really?” Because not only has Labour set out its stall in this budget but it is difficult to see how this is going to change over future years. There is ideology at work here, and it belongs to a party in hock to the trade unions. We can expect more of the same from Reeves and Co."},{"level":2,"_id":"WKHJYXCLS5DPLCKECJ57IP7SFA","additional_properties":{"_id":1730306626147},"type":"header","content":"<b>Time will tell</b>"},{"owner":{"id":"thenational"},"copyright":"PA","address":{"locality":"LONDON","country_name":"GBR"},"auth":{"1":"b23d6822f3ed75e0f2f1d2b8644f6993b94c3c348a6994513da8e80d12268271"},"caption":"Keir Starmer with former Labour prime ministers Tony Blair and Gordon Brown. 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For other uses, additional clearances may be required.","originalName":"0c3d57e88d5a4e11ae4b459ef3af97c7","mime_type":"image/jpeg","restricted":false,"galleries":[],"_id":"UZ5PXPBO5RCANJCGVB7N4M2E7I","iptc_title":"POOL"},"created_date":"2024-07-05T05:11:17Z","last_updated_date":"2024-07-19T05:12:17Z","slug":"britain-election-starmer","height":2402,"status":"usable"},{"_id":"C5TC65XDPJC7BDIADNUMMKIVPE","additional_properties":{"_id":1730306626149},"type":"text","content":"This a very different Labour from the one that also enjoyed a landslide and went on to rule under Tony Blair then Gordon Brown from 1997 to 2010. Blair’s embracing of non-doms and his ally Peter Mandelson’s declaration that New Labour, as it was then, was “intensely relaxed about people getting filthy rich” seem far away."},{"_id":"VNGTW2IPTZG4HHYXH5H7FSNNGE","additional_properties":{"_id":1730306626150},"type":"text","content":"The world flocked to Britain. The City was the planet’s top financial centre, London was the capital of Europe, the UK was a magnet for international businesses and overseas investment. They brought funding and employment."},{"_id":"3TRQQL5VT5D4JCJ7GNCNQ6J6TQ","additional_properties":{"_id":1730306626151},"type":"text","content":"When he was Mayor of London, Boris Johnson liked to begin speeches by listing the types relocating to his patch. Oligarchs, Arabs, Chinese, Indians, the French, he would say, adding that if London was in France he would be heading the fourth-biggest city, so many French had chosen to settle here."},{"_id":"RIP25TRAP5GHVLPS54F4EYEWK4","additional_properties":{"_id":1730306626152},"type":"text","content":"Then came Brexit and the botched aftermath – inexplicably at Johnson’s doing, followed by Ukraine which put paid to Russians, and increasingly protectionist regimes in China and India. Now this."},{"_id":"J7MI5JNN3RFYBJ347TGK6NUB24","additional_properties":{"_id":1730306626153},"type":"text","content":"The phrase often trotted out by politicians such as Reeves and Starmer is that “Britain is very much open for business”. There is another saying, that is much older: cutting your nose off to spite your face. 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The new company was launched last week amid fanfare. The unveiling took place in Aberdeen, home of the UK’s <a href=\"https://www.thenationalnews.com/tags/oil/\" target=\"_blank\">oil</a> and <a href=\"https://www.thenationalnews.com/tags/gas/\" target=\"_blank\">gas </a>industry for the past six decades."},{"_id":"FCHUPLZEHVFDLFRNX73RYMUQTU","additional_properties":{"_id":1729533101341},"type":"text","content":"GBE’s mission is to eradicate <a href=\"https://www.thenationalnews.com/tags/uk-government/\" target=\"_blank\">Britain’s </a>reliance on oil and gas, so Labour was being deeply insensitive and provocative with its choice of location. Not a bit of it, said the party’s spin doctors. This is about the future, but it will draw upon the expertise of those who have made their living from the past, <a href=\"https://www.thenationalnews.com/news/uk/2024/09/14/north-sea-output-to-halve-by-2030-under-labour-tax-proposals-report-says/\" target=\"_blank\">from exploiting the North Sea</a>, so GBE will have its headquarters in the Scottish city."},{"_id":"NBLWOQQMRVDAXOFKKWYHTSHQMY","additional_properties":{"_id":1729529224101},"type":"text","content":"GBE will be spending £8.3 billion on projects in <a href=\"https://www.thenationalnews.com/tags/renewable-energy/\" target=\"_blank\">renewables</a>, in offshore wind, hydrogen power, tidal power, carbon capture and nuclear power. That sounds a lot but the original intention was for £28 billion. Then Labour won the <a href=\"https://www.thenationalnews.com/tags/uk-general-election-2024/\" target=\"_blank\">election</a> and Starmer and his Chancellor, Rachel Reeves, discovered <a href=\"https://www.thenationalnews.com/news/uk/2024/08/27/keir-starmer-delivers-bleak-winter-forecast-before-things-improve-in-britain/\" target=\"_blank\">a £22 billion black hole in the national accounts</a> which urgently needs filling. Their hands are tied. That, at least is the script."},{"_id":"M66UADKNSZEMPIQ6IA4255JJUU","additional_properties":{"_id":1729529224102},"type":"text","content":"In the context of Britain’s energy needs, £8.3 billion is pitifully small. Indeed, Jürgen Maier, GBE’s first chairman, is keen to keep his company’s spending off the public balance sheet, which will allow it to borrow more over the long term."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2019 Pool","address":{"locality":"Munich","country_name":"DEU","region":"Bavaria"},"syndication":{},"auth":{"1":"02ead57df0b7bc1325874bba50e340e8d9fd0995cdd8d6baf06ee297e7cd2537"},"caption":"Jürgen Maier, left, is GBE's first chairman. 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Similarly, Vattenfall, owned by the Swedish government, is another major wind farm operator."},{"_id":"4LR4NEU7PNA4NPLCMAAJXWW7GA","additional_properties":{"_id":1729529224105},"type":"text","content":"What is striking is that the<a href=\"https://www.thenationalnews.com/business/energy/2024/10/09/global-goal-of-tripling-renewable-energy-capacity-by-2030-to-fall-short-despite-solar-boost/\" target=\"_blank\"> emphasis is on wind and waves</a>. Nuclear features but the lack of enthusiasm is discernible. That may well be because this is about <a href=\"https://www.thenationalnews.com/opinion/comment/2024/10/15/can-investors-take-keir-starmers-uk-seriously/\" target=\"_blank\">Labour making a splash</a> and there is already a similar operation, devoted to nuclear, called Great British Nuclear, or GBN, founded by Jeremy Hunt in 2023. Hunt, who was at that stage the Tory chancellor, said he wanted GBN to help supply a quarter of the UK’s electricity by 2050."},{"_id":"FLIRKKBNUJBQDNL4YVUTPT76ZM","additional_properties":{"_id":1729529224106},"type":"text","content":"We’re told that GBE and GBN will work closely together. Really, though, blink and you would miss it. Such is the nature of British politics that <a href=\"https://www.thenationalnews.com/news/uk/2024/10/11/britain-brings-green-focus-to-investment-summit-as-it-seeks-net-zero-funds/\" target=\"_blank\">Labour wants to claim measures for itself</a>. GBN was someone else’s idea. They will deny it, but you can sense the downgrading."},{"owner":{},"copyright":"© 2024 PA Media, All Rights Reserved","address":{"locality":"Kirkcaldy"},"auth":{"1":"2e4fb6aaee98007c0c8ddb502563e8b8a3c1d749316aa18ca7939916f055338d"},"caption":"GB Energy will be based in Aberdeen, home of the country's oil industry. PA","source":{"system":"Press Association","name":"Press Association","source_type":"wires","source_id":"https://content-media.pamedia.io/image-wire/picture/2024/10/16/01JAAZC2HKF8T29JK12DHBHW97.jpg","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","distributor":{"mode":"reference","reference_id":"a137407a-bb36-412e-9685-093ce338780f"},"version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/34WKE3SRWX5WEO7CGRXUXR3FNI.jpg","licensable":false,"credits":{"affiliation":[{"name":"Jane Barlow/PA Wire","type":"author"}],"by":[{"org":"Press Association","name":"Jane Barlow","type":"author"}]},"subtitle":"Skills passport","width":3440,"_id":"34WKE3SRWX5WEO7CGRXUXR3FNI","additional_properties":{"fullSizeResizeUrl":"/resizer/R4c_dos2DrFu37mt_kK_kZCkoL8=/arc-photo-thenational/eu-central-1-prod/public/34WKE3SRWX5WEO7CGRXUXR3FNI.jpg","iptc_source":"PA","iptc_job_identifier":"pa-new/ENERGY Scotland 16325356.JPG","proxyUrl":"/resizer/R4c_dos2DrFu37mt_kK_kZCkoL8=/arc-photo-thenational/eu-central-1-prod/public/34WKE3SRWX5WEO7CGRXUXR3FNI.jpg","takenOn":"2024-10-17T03:38:45Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/34WKE3SRWX5WEO7CGRXUXR3FNI.jpg","published":true,"resizeUrl":"/resizer/R4c_dos2DrFu37mt_kK_kZCkoL8=/arc-photo-thenational/eu-central-1-prod/public/34WKE3SRWX5WEO7CGRXUXR3FNI.jpg","expiration_date":"2024-11-15T15:36:04Z","thumbnailResizeUrl":"/resizer/dF-uV8spfzkakQL85oOI0miXbhw=/300x0/arc-photo-thenational/eu-central-1-prod/public/34WKE3SRWX5WEO7CGRXUXR3FNI.jpg","version":1,"usage_instructions":"Skills passport##, PA2024","originalName":"cbfad12f-e82e-48ff-964b-e16764bc4bda","mime_type":"application/octet-stream","restricted":false,"galleries":[],"_id":"Y4TLXJM5UBBVFN3HDQD7QB67LA"},"created_date":"2024-10-16T15:36:07Z","last_updated_date":"2024-10-22T13:21:40Z","slug":"skills-passport","height":2176},{"_id":"4LR4NEU7PNA4NPLCMAAJXWW7GA","additional_properties":{"_id":1729529224108},"type":"text","content":"There is another reason why nuclear does not command the same excitement. The clue is in that date provided by Hunt. Nuclear, when compared with the other renewable sources, requires long-term ambition, not to mention lots of money."},{"_id":"RNR7EX34SFB6RE7C7E36KSVGEQ","additional_properties":{"_id":1729529224109},"type":"text","content":"The British coastline and hillsides are dotted with wind turbines that have sprung up in recent years. By contrast, the country’s last nuclear power station, Sizewell B, was completed in 1995. There is talk of several Small Modular Reactors or SMRs being developed and coming on-stream sooner, but given the record with nuclear, there are few grounds for optimism."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"Crown Copyright","address":{"street_address":"10 Downing Street","locality":"London","country_name":"GBR","region":"Greater London"},"syndication":{},"auth":{"1":"569b91143e33c0ea9d6a35b230b6c237dff64152a753bbdf2abaa7924fae5ce7"},"caption":"Former prime minister Boris Johnson inspects a model of a Rolls Royce SMR Nuclear Power plant in 2022.","source":{"system":"photo center","edit_url":"","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/ZJRWB7LVCBGH3BLYW2FGJR4RKY.jpg","licensable":false,"credits":{"affiliation":[{"name":"Simon Dawson / No10 Downing Street","type":"author"}],"by":[{"name":"Simon Dawson / No10 Downing Street","type":"author","byline":"Simon Dawson / No10 Downing Street"}]},"subtitle":"Prime Minister Boris Johnson holds Nuclear Roundtable Meeting","width":6156,"creditIPTC":"Simon Dawson / No10 Downing Street","country_name":"United Kingdom","_id":"ZJRWB7LVCBGH3BLYW2FGJR4RKY","additional_properties":{"fullSizeResizeUrl":"/resizer/0q7v-XXsSZGuATBdC94Hh4I9orA=/arc-photo-thenational/eu-central-1-prod/public/ZJRWB7LVCBGH3BLYW2FGJR4RKY.jpg","iptc_source":"No10 Downing Street","iptc_job_identifier":"N10-3382-0024","keywords":["#politics","boris","energy","fuel","minister","no10","nuclear","prime","ukraine"],"proxyUrl":"/resizer/0q7v-XXsSZGuATBdC94Hh4I9orA=/arc-photo-thenational/eu-central-1-prod/public/ZJRWB7LVCBGH3BLYW2FGJR4RKY.jpg","takenOn":"2022-03-21T12:29:21Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/ZJRWB7LVCBGH3BLYW2FGJR4RKY.jpg","published":true,"resizeUrl":"/resizer/0q7v-XXsSZGuATBdC94Hh4I9orA=/arc-photo-thenational/eu-central-1-prod/public/ZJRWB7LVCBGH3BLYW2FGJR4RKY.jpg","ingestionMethod":"manual","thumbnailResizeUrl":"/resizer/06ewwXgEvkIY96UZH6RfJ3TD1Ik=/300x0/arc-photo-thenational/eu-central-1-prod/public/ZJRWB7LVCBGH3BLYW2FGJR4RKY.jpg","version":0,"countryId":226,"usage_instructions":"This image is for Editorial use purposes only. The Image can not be used for advertising or commercial use. The Image can not be altered in any form.","originalName":"51952304543_2ff9e36d6e_o.jpg","mime_type":"image/jpeg","restricted":false,"template_id":241,"galleries":[],"_id":"6LNTSIHT6VHR5NEQRQSD35GWCM"},"created_date":"2022-04-06T08:30:39Z","last_updated_date":"2022-04-06T08:30:39Z","slug":"Prime Minister Boris Johnson holds Nuclear Roundtable Meeting","height":4106,"image_type":"photograph"},{"_id":"QRWPS6QU5VGSNFBTLLM2S2YRLI","additional_properties":{"_id":1729529224111},"type":"text","content":"This, from the nation that built the world’s first commercial nuclear power station at Calder Hall in Cumbria, in 1955. Since then, the story of the UK and nuclear has been one of missteps. Compare this journey with that of France: it operates 56 reactors compared with Britain’s nine. Around 70 per cent of France’s electricity was generated by nuclear power in 2023."},{"_id":"24DMRBAPGFC7RIEO3JENXOQ4GQ","additional_properties":{"_id":1729529769160},"type":"text","content":"France is a net exporter of nuclear energy, earning €3 billion a year from it. It has energy security, whereas Britain, as was so evident after Russia invaded Ukraine and pipelines were blocked, is reliant on others."},{"_id":"BYO7FBMEO5D5JHVXCOPPINPD7A","additional_properties":{"_id":1729529224115},"type":"text","content":"France \"gets\" nuclear: when a plant is constructed it gets a cheap source of energy, and one that is increasingly safe, too. It was only in 2023, when Hunt unveiled GBN, that nuclear was reclassified by the UK government as a \"green\" energy alongside renewables such as wind and hydropower."},{"level":2,"_id":"QT37CT5GLNGVJFZTYI63RDWPLA","additional_properties":{"_id":1729529224112},"type":"header","content":"<b>Nuclear Britain</b>"},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2024 Getty Images","address":{"locality":"Sizewell","country_name":"GBR"},"syndication":{},"auth":{"1":"7a9876d4091c159635c821af00c351950de1fe4c1e0602e18020b4e788e59935"},"caption":"Between 2006 and 2022 there was no new investment in nuclear power in the UK. Getty Images","source":{"system":"photo center","edit_url":"","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/WZCBTK7XZ5AEBGDLLSZTIMN5OI.jpg","licensable":false,"credits":{"affiliation":[{"name":"Getty Images","type":"author"}],"by":[{"name":"Leon Neal","type":"author","byline":"Leon Neal"}]},"subtitle":"UK energy","width":8092,"creditIPTC":"Getty Images","country_name":"United Kingdom","_id":"WZCBTK7XZ5AEBGDLLSZTIMN5OI","additional_properties":{"fullSizeResizeUrl":"/resizer/h-hp-lCcDf27D12J2RVpSUm648U=/arc-photo-thenational/eu-central-1-prod/public/WZCBTK7XZ5AEBGDLLSZTIMN5OI.jpg","iptc_source":"Getty Images Europe","iptc_job_identifier":"776162649","proxyUrl":"/resizer/h-hp-lCcDf27D12J2RVpSUm648U=/arc-photo-thenational/eu-central-1-prod/public/WZCBTK7XZ5AEBGDLLSZTIMN5OI.jpg","takenOn":"2024-06-19T00:00:00Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/WZCBTK7XZ5AEBGDLLSZTIMN5OI.jpg","published":true,"resizeUrl":"/resizer/h-hp-lCcDf27D12J2RVpSUm648U=/arc-photo-thenational/eu-central-1-prod/public/WZCBTK7XZ5AEBGDLLSZTIMN5OI.jpg","ingestionMethod":"manual","thumbnailResizeUrl":"/resizer/E8d0wTvwwMR_kZDBAg3y7WBmrlA=/300x0/arc-photo-thenational/eu-central-1-prod/public/WZCBTK7XZ5AEBGDLLSZTIMN5OI.jpg","version":1,"countryId":226,"usage_instructions":"Not Released (NR) ","originalName":"GettyImages-2158256498.jpg","mime_type":"image/jpeg","restricted":false,"template_id":241,"galleries":[],"_id":"5T4F26EXNFD73AJ372X5YA63WM","iptc_title":"Staff"},"created_date":"2024-10-21T16:21:36Z","last_updated_date":"2024-10-22T13:21:40Z","slug":"2158256498","height":5395,"image_type":"photograph"},{"_id":"HXCCFX2UBBFZJGBPQBC5X5CNCA","additional_properties":{"_id":1729529224114},"type":"text","content":"Until then it was viewed with suspicion, if not loathing, by politicians, the media and Nimby campaigners. The figures do not lie: between 2006 and 2022 there was no new investment in nuclear power in the UK."},{"_id":"K7V24WHXLVGVZATOBL4UMLBVXE","additional_properties":{"_id":1729529224117},"type":"text","content":"The two new large nuclear stations, Sizewell C and Hinkley Point C, have become associated with delays and setbacks. Sizewell C was meant to be a joint venture between the French company EDF and China General Nuclear Power Group. However, fears over poor relations with China, and security, forced out the latter. EDF is also downsizing its involvement, leaving a large investment gap."},{"_id":"ENBWENWK75BM3BCTVHNDQ3LAEM","additional_properties":{"_id":1729529224118},"type":"text","content":"Concerns about rising costs have led EDF, which is also developing Hinkley Point C, to seek loan guarantees from the government. This for a power station that was meant to be finished in 2017 but now won’t come on-stream until 2029 at the earliest."},{"_id":"5SCG6TMGHNDVTHMS2F6KBPTVRM","additional_properties":{"_id":1729529224119},"type":"text","content":"If GBE and GBN are to have any hope of success their first priority should be to get these two projects well on the way towards completion. The fillip that would provide to the UK’s beleaguered nuclear industry would be immense."},{"_id":"NGAQPUDOJFDJVGRLX7TVAMVUSY","additional_properties":{"_id":1729529224120},"type":"text","content":"This should be Labour’s aim: to put past woes behind it and recognise nuclear as a vital energy source of the future, and one that can deliver the necessary scale at the right price. There are some encouraging signs. Two new sites have been bought by the state for large plants, at Wylfa in North Wales and Oldbury-on-Severn in Gloucestershire. Shamefully, this is the first time the government has purchased land for new nuclear projects since the 1960s."},{"level":2,"_id":"2PU2ED5JXZARFGEBCBXQAIL6JY","additional_properties":{"_id":1729529224121},"type":"header","content":"<b>Too windy</b>"},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"© 2024 Bloomberg Finance LP","address":{"locality":"Biggleswade"},"syndication":{},"auth":{"1":"e72d8d9711cb4c022687fb02a497046be9f75e7d55b92e90ae546b8462de8baf"},"caption":"On windy days, some wind farms must shut down. 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so long ago, <a href=\"https://www.thenationalnews.com/newsletters/view-from-london/\" target=\"_blank\">London</a> could genuinely lay claim to lead the world."},{"_id":"7K727IJWGNAJDBHUTTNUUSFNSY","additional_properties":{"_id":1729348376284},"type":"text","content":"It was top for global finance, ahead of New York (admittedly, it was a close-run contest with Wall Street but the City was number one)."},{"_id":"IJIYNTNPU5CK7MO664IYJCIDI4","additional_properties":{"_id":1729348376285},"type":"text","content":"Where London went, others followed. Its music constantly pushed the boundaries; Britpop was everywhere. As the undisputed capital of the EU and with that, Europe, it was a forever buzzing, dynamic, urgent powerhouse of commerce and creativity."},{"content_elements":[{"_id":"A5TJQO254RFQFCWR2U26SX7JBE","additional_properties":{},"type":"text","content":"Abu Dhabi is forward-thinking whereas London appears to be heading backwards"}],"subtype_label":"pullquote","citation":{"type":"text","content":""},"subtype":"pullquote","_id":"XOGI6RIAYBBI7BK4YA2BKHKMPY","additional_properties":{"_id":"BWVRYFXQFVG4XIAPRAPYQD6JPY"},"type":"quote"},{"_id":"YSZIQLSWGVG2HE2MT7A5I6IIYE","additional_properties":{"_id":1729348376287},"type":"text","content":"Everyone, be they a business or person, craved to be in London. Or at least that how it seemed. It was special. Just to walk around the centre was to breathe in the magic."},{"_id":"QIIPDUAMXBGZTKTMCGTF774OFE","additional_properties":{"_id":1729348376288},"type":"text","content":"The high point was the Olympic Games Opening Ceremony in 2012. Then, everything wonderful about Britain and London, in terms of achievement, history, pageant, charm and humour, came together in one vibrant, spectacular display."},{"copyright":"2024 Getty Images","syndication":{},"auth":{"1":"df5178e0013c3a926d0c0fcba99e176537816fb820e66a7b3c37a3f8109c3c13"},"caption":"The 17,600-seat, 366ft-tall, 516ft-wide music and entertainment venue is the largest spherical structure on Earth.","source":{"system":"photo center","edit_url":"","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","geo":{},"licensable":false,"credits":{"affiliation":[{"name":"Getty Images via AFP","type":"author"}],"by":[{"name":"ETHAN MILLER","type":"author","byline":"ETHAN MILLER"}]},"creditIPTC":"Getty Images via AFP","country_name":"United States","additional_properties":{"fullSizeResizeUrl":"/resizer/ikQTuC_ObETL5ElEWOl7LyQ-dBk=/arc-photo-thenational/eu-central-1-prod/public/OUKEAWJA6NF3VJUXCPTZFXKGPY.jpg","iptc_source":"GETTY IMAGES NORTH AMERICA","keywords":["2024","29","architecture","arts culture and entertainment","cityscape","face","gettyimagerank2","horizontal","human interest","june","las vegas","led light","light","nevada","photography","sphere","sphere at the venetian resort","usa"],"proxyUrl":"/resizer/ikQTuC_ObETL5ElEWOl7LyQ-dBk=/arc-photo-thenational/eu-central-1-prod/public/OUKEAWJA6NF3VJUXCPTZFXKGPY.jpg","takenOn":"2024-06-28T23:00:00Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/OUKEAWJA6NF3VJUXCPTZFXKGPY.jpg","published":true,"resizeUrl":"/resizer/ikQTuC_ObETL5ElEWOl7LyQ-dBk=/arc-photo-thenational/eu-central-1-prod/public/OUKEAWJA6NF3VJUXCPTZFXKGPY.jpg","ingestionMethod":"manual","thumbnailResizeUrl":"/resizer/QRIIBdv_NvAbT4GPoFcKRe8AdzE=/300x0/arc-photo-thenational/eu-central-1-prod/public/OUKEAWJA6NF3VJUXCPTZFXKGPY.jpg","version":3,"countryId":227,"originalName":"AFP__20240705__2159867941__v2__HighRes__SphereLightsUpLasVegasSkyline.jpg","mime_type":"image/jpeg","restricted":true,"template_id":241,"galleries":[],"_id":"YAZ6UOYE75GEHBYZEXFWUKVFVA","iptc_title":"CONTRIBUTOR"},"last_updated_date":"2024-10-19T11:31:14Z","slug":"US-SPHERE-LIGHTS-UP-LAS-VEGAS-SKYLINE","height":3765,"image_type":"photograph","owner":{"sponsored":false,"id":"thenational"},"address":{"locality":"Las Vegas","country_name":"USA","region":"Nevada"},"version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/OUKEAWJA6NF3VJUXCPTZFXKGPY.jpg","subtitle":"ONE TIME USE ONLY","width":5571,"_id":"OUKEAWJA6NF3VJUXCPTZFXKGPY","created_date":"2024-10-15T17:38:58Z"},{"_id":"RXXEUJFC5ZFBLG4GW52LR2CDNY","additional_properties":{"_id":1729348376290},"type":"text","content":"Since then, something has undoubtedly slipped. It’s largely intangible but there are some hard facts. New York has regained its hegemony in banking. Post-Brexit, Berlin, arguably, has grabbed London’s EU pole position. Post-Brexit, too, London has become a more difficult place for young people from the EU to study and work."},{"_id":"GKFM2GTBQVDCBPDTZ7YMALJEBY","additional_properties":{"_id":1729348376291},"type":"text","content":"In music, London’s once world-beating reputation for live performances has suffered, as the Mayor, Sadiq Khan, has clamped down on late night venues."},{"_id":"SCNWWMKC7ZAFBMP5KK42QG4IME","additional_properties":{"_id":1729348376292},"type":"text","content":"Sad to report then, but all too typical, that Mr Khan had the opportunity to restore some of that lost lustre and blew it."},{"_id":"LX4GSEWHV5E2LM6GLMVUF7IZUA","additional_properties":{"_id":1729348376293},"type":"text","content":"The British city had been earmarked for the second giant <a href=\"https://www.thenationalnews.com/arts-culture/music-stage/2024/10/15/sphere-abu-dhabi-las-vegas/\" target=\"_blank\">Sphere</a> entertainment complex after Las Vegas. The 300ft-high glowing orb-like structure set new standards when it opened last year, combining the latest sound and light technology and high-resolution LED to deliver a wholly immersive, awe-inspiring experience."},{"_id":"B4OC6DPHXZBE7D7YOYNMKEDOUE","additional_properties":{"_id":1729348376294},"type":"text","content":"It features an Exosphere with a 580,000-square-foot display, the largest LED screen in the world. Performers and <a href=\"https://www.thenationalnews.com/arts-culture/music-stage/2024/10/15/ive-been-to-sphere-las-vegas-heres-why-it-will-be-an-incredible-addition-to-abu-dhabi/\" target=\"_blank\">audiences</a> said they were knocked sideways by what they’d witnessed."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2023 Kevin Mazur","address":{"street_address":"Sphere","locality":"Las Vegas","country_name":"USA","region":"Nevada"},"syndication":{},"auth":{"1":"a73209eedca55681790b4ebaf7bfe25dbea8ca190e6e260f386d5b6147925870"},"caption":"U2:UV Achtung Baby Live at the Sphere in September 2023, in Las Vegas. 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Having declared his delight that London had been selected by James Dolan, creator of the original Sphere and executive chairman of Madison Square Garden and owner of the New York Knicks basketball team and New York Rangers ice hockey team, Mr Khan has backtracked."},{"owner":{"id":"thenational"},"copyright":"AFP or licensors","address":{"locality":"Las Vegas","country_name":"USA","region":"Nevada"},"auth":{"1":"4cd9c76b9e40d45302907d2d850e6e85247333bdfdf308c7e88de086c6d71935"},"caption":"The Madison Square Garden Sphere entertainment arena is lit up as a basketball to celebrate the 2023 NBA Summer League in Las Vegas. 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It’s true the Sphere would be seen from all over London but where’s the real harm in that? Other cities have illuminated iconic buildings and monuments, why not London? Mr Khan’s short-sightedness makes you want to get hold of him and demand if he’s ever seen the Manhattan skyline at night? That’s polluting all right, but it’s also impressive and instantly recognisable."},{"_id":"SYS4TEDOD5AIRM4WP4YVK7YWTQ","additional_properties":{"_id":1729348376301},"type":"text","content":"Michael Gove, jumped in when he was Environment Secretary, to try to right the wrong but to no avail: Mr Dolan said he wasn’t prepared to allow his iconic ball to become a political football. He was probably correct: there would have been a back and forth dispute between central and local government, lost in the middle of which was his Sphere."},{"_id":"72OW7YQ7GVD3JIH4XS3POXOMXE","additional_properties":{"_id":1729348376302},"type":"text","content":"Central government, now with Keir Starmer at the helm, has had a torrid summer. Mr Starmer has been fighting fires, some of his own creation. The Sphere probably fell by the wayside."},{"_id":"J5PVRW2KY5DLPHRCT6N56CUC7U","additional_properties":{"_id":1729348376303},"type":"text","content":"Too late. Either London wanted it or it didn’t. The Mayor said not, so Mr Dolan has taken his spellbinding creation elsewhere, to the UAE and Abu Dhabi."},{"_id":"3CUG2G6ZMZEFPOIRGSR5VHWNI4","additional_properties":{"_id":1729348376304},"type":"text","content":"London’s undoubted loss is Abu Dhabi’s gain. It can’t be a coincidence that the UAE is fast gaining a world reputation for getting things done, for being a ready and willing partner for those with vision and money to invest. It’s already home to numerous landmark towers and developments. Abu Dhabi was chosen to partner the Louvre and Guggenheim. Now, it’s getting the next Sphere."},{"_id":"DW4KU6VD3FAUVJMLBRVRB3YNME","additional_properties":{"_id":1729348376305},"type":"text","content":"Abu Dhabi is forward-thinking whereas London appears to be heading backwards. Another prestige project has received the go-ahead, the expansion of the grounds for the Wimbledon tennis championships. On its face that would seem to be a signal that London can move with the times, that Nimbyism is not bound to prevail. But the Wimbledon approval only came after years of protest and fighting, which did not augur well for Mr Dolan and his Sphere."},{"owner":{"sponsored":false,"id":"thenational"},"address":{},"syndication":{},"auth":{"1":"bb10ab00b7f08b80f73020a21bb0e841b60e2165db0ed642f7aebd8c56267e07"},"caption":"Abu Dhabi will be the second location for the Sphere after Las Vegas. 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The new series of <i>Industry</i>, the BBC’s highly watchable City drama, contains an excoriating analysis of everything that is wrong with ESG. Anyone watching will be left in no doubt that, according to this well-researched show, the hold those three initials held over the financial world is well and truly over."},{"_id":"CT7VJM4FLNE6VFIAGMPTJF3PYU","additional_properties":{"_id":1728992988786},"type":"text","content":"The grip of Environmental, Social and Governance (ESG) has weakened in the real world, too. Less entertaining confirmation, but just as dramatic, was the decision of BP to pull back on net-zero targets. Not so long ago, the British oil major was known as “Beyond Petroleum’ for its <a href=\"https://www.thenationalnews.com/opinion/2024/10/01/uk-in-crosshairs-of-net-zero-targets-with-an-electric-dilemma-to-solve/\" target=\"_blank\">pursuit of green standards</a>. Not any more."},{"_id":"JSVBUCQHPVA23A3VR4JGID76HI","additional_properties":{"_id":1728992988787},"type":"text","content":"Far from abandoning curbs on fossil fuel production, BP is now targeting new investments in the Middle East and Mexico. Further evidence of the retreat of ESG came with reaction to the BP announcement. Once, where there would have been shock among environmental campaigners, there was little surprise."},{"_id":"KMRTB7YHQFGCZHWT4HSU5Z64TU","additional_properties":{"_id":1728992988788},"type":"text","content":"For some time, the investment community has been pushing in one direction, which is the trumping of profit over protection of the planet. The fiduciary duty of directors has seen the requirement to generate returns become the imperative. In the face of global inflation, supply chain issues, cost-of-living crisis and post-pandemic blues – not to mention wars – the climate threat is one on a spectrum of risk. The mood at <a href=\"https://www.thenationalnews.com/climate/2024/07/25/baku-cop29-climate-talks/\" target=\"_blank\">next month’s COP climate change talks</a> in Baku, Azerbaijan is likely to be much darker than last year."},{"content_elements":[{"_id":"CNKR2P3AT5CXRNKTNMLH3BEGBQ","additional_properties":{},"type":"text","content":"For some time, the investment community has been pushing in one direction, which is the trumping of profit over protection of the planet"}],"subtype_label":"pullquote","citation":{"type":"text","content":""},"subtype":"pullquote","_id":"VAEX74EWAJDOTNPQ6VBD77EQL4","additional_properties":{"_id":"MMO2Q6EV4ZHJNG7XA3TTZT6WOE"},"type":"quote"},{"_id":"CYES7XZ2HRAHPNKJNXMKYD66RI","additional_properties":{"_id":1728992988789},"type":"text","content":"The loosening of ESG is heralding something of a shake-up in investing and fund appraising. There is a sense of those charged with making money from equities having got the bit between their teeth and being determined not to stop."},{"_id":"CM372GBXVJC5HEZB5X44QFS6F4","additional_properties":{"_id":1728992988790},"type":"text","content":"What’s in their sights is defence stocks. For years, no self-respecting portfolio manager would dare add a weapons manufacturer to the line-up, there was not a chance of military hardware and ordnance passing muster with the ESG police. To do so would invite protest – they would think of those brave souls who walked past demonstrators at arms fairs and shudder."},{"_id":"I6GIL57JYNBZPKQ6B3J6G33OCU","additional_properties":{"_id":1728992988792},"type":"text","content":"Companies that enjoyed audiences with world leaders, that would be feted by defence ministries, became used to a very different reaction where the markets were concerned. They were locked out, unable to attract the most blue-chip pension funds to their share registers. They were regarded as vice stocks, unethical, down with the likes of tobacco and gambling."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2021 Getty Images","address":{"locality":"London","country_name":"GBR","region":"England"},"syndication":{},"auth":{"1":"8379c9f160f7eabcd820e91069a25566ca8d9500a422d42254ce9ce4153e37a5"},"caption":"BP has softened its net-zero targets after pushback by investors over current ESG rules. 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The media and elected, image-savvy politicians, they thought carefully before accepting an invitation to attend a dinner or a session at <a href=\"https://www.thenationalnews.com/world/europe/2024/01/14/davos-2024-how-a-small-swiss-town-became-a-powerhouse-for-economic-change/\" target=\"_blank\">Davos</a> with the head of a military supplier. Of course, the weapons firms lobbied hard but progress was slow. In polite company, to say you worked for a defence contractor would normally be prefaced by a shame-faced apology."},{"_id":"4K66FUXQQVH53NCIPCNVVGB24A","additional_properties":{"_id":1728992988794},"type":"text","content":"What changed was Ukraine.<a href=\"https://www.thenationalnews.com/opinion/uk/2022/03/09/investors-are-playing-a-crucial-frontline-role-in-russia-ukraine-war/\" target=\"_blank\"> Russia’s invasion suddenly made it acceptable</a> and within the parameters of ESG to discuss the supply of missiles, tanks and security systems to the beleaguered, smaller country. Moral outrage at Ukraine’s plight replaced misgivings about the trade."},{"_id":"TGNZLVQZPVC4VFQ3DBOPADDJSE","additional_properties":{"_id":1728993547878},"type":"text","content":"For many in the West, including those on the left, it was a black and white issue: Ukraine must be helped. As the conflict has dragged on and some have called for <a href=\"https://www.thenationalnews.com/tags/ukraine/\" target=\"_blank\">Ukraine</a> to sue for peace, that view has prevailed. Seemingly, within ESG, it’s OK to supply products of death to the oppressed defender."},{"_id":"63AEWUIEIBBQZPPWO4QIKD7HAE","additional_properties":{"_id":1728992988796},"type":"text","content":"With that shift and acceptance that military hardware is all right really, has come a broadening out: if it’s allowable to arm Ukraine is it not permissible to hold shares in the producers? If Ukraine is, then, surely, so must other conflicts be similarly tolerated?"},{"_id":"NVY25CP3KRGCTJKWGCVCXTTILA","additional_properties":{"_id":1728992988797},"type":"text","content":"To reinforce that case, shares of defence makers have risen – they remain a bright spot on the market indices. 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The daily sight of flattened buildings, dead and injured civilians, and displaced residents has exacted a toll in global financial centres. Whatever the ins and outs of the hostilities, the result has been a re-examination of the embracing of shares in those companies that assist in the arming of Israel."},{"_id":"L4KM4ROAL5FLLAIW4WEL7JAHS4","additional_properties":{"_id":1728992988801},"type":"text","content":"Some would like to have it both ways: approving the equipping of Ukraine while disavowing shipments to Israel. 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style=\"float:left;padding-top:5px;padding-right:10px\"><img height=\"100%\" src=\"https://www.thenationalnews.com/resizer/H9u8ypBjDHSuLshlqK17COi1JyA=/arc-photo-thenational/eu-central-1-prod/public/GUML5KUEVFGU5AXBHTKXFR7CBA.jpg\" width=\"120\" /></div>"},{"_id":"ZMVGPCY2OVHJVIXSTDL2R5RZWI","additional_properties":{"_id":1728386236095},"type":"text","content":"Get ready for the sort of celebration that Britain does well. There will be a drinks reception at Lancaster House, near Buckingham Palace, followed by a session at the Guildhall in the City, then dinner inside St Paul’s Cathedral."},{"_id":"6HT356IO3FBG3D57NAISWIX4PU","additional_properties":{"_id":1728386236096},"type":"text","content":"Those at least are the<a href=\"https://www.thenationalnews.com/news/uk/2024/07/07/after-the-landslide-comes-the-hard-work-can-labour-revive-britain/\" target=\"_blank\"> outline plans</a>, which are subject to change, for next week’s event, billed as <a href=\"https://www.thenationalnews.com/business/2024/10/09/dial-back-the-doom-uks-international-investment-summit-strikes-change-of-tone/\" target=\"_blank\">the Investment Summit 2024</a>, designed to “showcase the <a href=\"https://www.thenationalnews.com/opinion/2024/08/20/keir-starmers-fragile-honeymoon-threatened-as-labour-bows-to-unions-pay-demands/\" target=\"_blank\">best of Britain</a>”."},{"_id":"5QFDG55XPZCWDKMZOP2NG3VR3E","additional_properties":{"_id":1728386236097},"type":"text","content":"Among those lining up to be impressed are David Solomon, chief executive of Goldman Sachs, Eric Schmidt, former chief executive of <a href=\"https://www.thenationalnews.com/tags/google/\" target=\"_blank\">Google</a>, Larry Fink from BlackRock and, in a sign of the times, Helge Lund, chairman of Wegovy creator <a href=\"https://www.thenationalnews.com/health/2024/05/22/ozempic-maker-urges-uae-users-to-switch-to-wegovy-for-weight-loss/\" target=\"_blank\">Novo Nordisk</a>, as well as other multinational chief executives and leaders from the UK’s leading companies."},{"_id":"Z2PTRN3UA5DU3CF3VK4BBJFZQQ","additional_properties":{"_id":1728386236098},"type":"text","content":"It is being organised by Varun Chandra, the Prime Minister’s special adviser on business and investment, and former managing partner of corporate intelligence firm Hakluyt."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"Credit: ZUMA Press, Inc. / Alamy Stock Photo","address":{},"syndication":{},"auth":{"1":"bab54c6e68640ec8b0804f949a84ff96e6970023b07c5ed7b2550e9addeae0ee"},"caption":"Varun Chandra, the Prime Minister’s special adviser on business and investment, has arranged the summit. 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It was always Mr Starmer’s intention that within <a href=\"https://www.thenationalnews.com/tags/uk-general-election-2024/\" target=\"_blank\">100 days of taking office</a> he and his colleagues would present a different, go-ahead, inclusive Britain, one that was open for business and ideas and, of course, hard cash."},{"_id":"6OMTVTSXBBBY5NIVT3FUMX7O44","additional_properties":{"_id":1728386236100},"type":"text","content":"Doubtless, the event will be so heavily orchestrated and spun as to be heralded a success. Companies that were unveiling projects in the <a href=\"https://www.thenationalnews.com/tags/uk/\" target=\"_blank\">UK </a>anyway have been encouraged to store them up and announce them over the two days, giving the jamboree a positive glow."},{"_id":"7GYAM4GF3FG6JE7DJQZFRUS5VU","additional_properties":{"_id":1728386236101},"type":"text","content":"Britain will be viewed in isolation, so comparisons with other countries that might also be benefiting from overseas direct investment, possibly in larger amounts, will be discouraged. This will be about Britain alone, and how brilliant it is."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"© 2024 Bloomberg Finance LP","address":{"locality":"Chester"},"auth":{"1":"e417d6527dc17634a24bdc1c88b364a2ecaa2c4bbb40ddaadedf0add6d9bd9d2"},"caption":"Keir Starmer speaks to workers in Chester. The Investment Summit is designed to 'showcase the best of Britain'. 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No matter that there was an almost identical get-together, <a href=\"https://www.thenationalnews.com/world/uk-news/2023/11/26/rishi-sunak-unveils-295bn-investment-boost-for-uk-industries/\" target=\"_blank\">held by the Conservative regime</a> last November at Hampton Court. Then, as with this one, there was much flag-waving and jingoism, accompanied by promises of business support."},{"_id":"U5UQ5FEBLFFE3LPNIO4327K54M","additional_properties":{"_id":1728391207169},"type":"text","content":"To put it in context, the outcome would be peculiar indeed if an economy the size of Britain’s did not attract substantial foreign investment. It is also relatively lightly-regulated, with a legal system that works, world-class universities and a common language that is universally used and understood."},{"_id":"ZL3EFW4OVNDORHFY4527K5R26U","additional_properties":{"_id":1728386236104},"type":"text","content":"It has also had successive governments that are desperate to reinvigorate areas of the nation, that would like nothing more than to reintroduce manufacturing in some form, and with it the creation of mass numbers of jobs, in regions that have suffered neglect and post-industrial decline. There are major subsidies on offer – more so, now the UK has left the EU, to the right takers."},{"_id":"KT4S6K24ARBOXJOROVKX25OHGI","additional_properties":{"_id":1728386236105},"type":"text","content":"In that sense, what is there not to like? The showcase should generate the feel-good mood that Mr Starmer seeks."},{"level":2,"_id":"RVVGLHQPYNDVXNYVUEWIIG6RK4","additional_properties":{"_id":1728386236106},"type":"header","content":"<b>Wary business leaders</b>"},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2015 Getty Images","address":{"locality":"Berlin","country_name":"DEU"},"auth":{"1":"95fae5deb96c04b6dfb9c5fa5818257e8af9253fffba121fa44021c77e405e8c"},"caption":"Former chief executive of Google Eric Schmidt is scheduled to attend the London summit. 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For a start, this “mini-Davos”, as it has also been called, has been arranged in a hurry. When <a href=\"https://www.thenationalnews.com/tags/rishi-sunak/\" target=\"_blank\">Rishi Sunak</a> called the general election he sprang a surprise. The result was soon followed by the summer holidays, then the party conference season. Meanwhile, the clock was ticking on those first 100 days."},{"_id":"RXWFG2U5SVCHLO2HEK2DWYPQVI","additional_properties":{"_id":1728386236108},"type":"text","content":"It might have made more sense to delay, to plan it better, but that was not an option. It would have been more sensible for another reason. No sooner did Mr Starmer take office than, together with Rachel Reeves, the Chancellor, he claimed to have found a \"£22 billion hole” in the nation’s purse."},{"_id":"2PNBPLLAG5GRRKESFMXK4PYOXI","additional_properties":{"_id":1728386236109},"type":"text","content":"The Tories dispute this heavily. Nevertheless, a date has been set for Ms Reeves’ first budget, on 30 October, in which she will aim to plug the gap, probably by implementing tax increases on the wealthy and on business."},{"_id":"ST7ILNA4SZB2FCPJMQEVAXYJWU","additional_properties":{"_id":1728386236110},"type":"text","content":"So, far from being commerce’s pal, just two weeks after the delegates have packed their bags and headed for their private jets, Labour will be clobbering companies with higher taxes. That is not a good look, and one Starmer and co may struggle to bat away."},{"_id":"H65P3P6GERD4LOS7JR6QJGSIZQ","additional_properties":{"_id":1728386236111},"type":"text","content":"The summit also lands soon after a party conference at which Labour did not distinguish itself with how it treated the attending captains of industry. There were complaints galore about its “Business Day”, alleging it was overpriced and ill-conceived. Business leaders are still grumbling about that, when they are supposed to put on their finest and hotfoot it to Lancaster House and the rest to receive another dose of charm from Mr Starmer and his ministers."},{"level":2,"_id":"ZAL2MJTC5REDVNGKQF4FR4LSYA","additional_properties":{"_id":1728386236112},"type":"header","content":"<b>£29.5bn is the minimum</b>"},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2023 Getty Images","address":{"street_address":"Hampton Court Palace","locality":"London","country_name":"GBR","region":"England"},"syndication":{},"auth":{"1":"5ab584b5818a85115b8960d478cf28e2ac828748a7abf499432f83c853948ac0"},"caption":"Last year's event at Hampton Court secured £29.5 billion of investment promises. 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That was supposed to be earmarked for Benjamin Wegg-Prosser, a senior party stalwart and longtime Peter Mandelson ally, but he is said to have withdrawn from the running because of the impact on his business interests."},{"_id":"CK5TEGEWBNCJVPBI3A3DHTGWDU","additional_properties":{"_id":1728386236114},"type":"text","content":"Repeated attacks on Britain’s ability to develop tech innovation from Elon Musk have not helped either. Nor is the draining in business confidence against a backdrop of likely increased UK taxation and continuing Middle East conflagration."},{"_id":"7KQT3PDMGFEIXPQED5YN2TE2DU","additional_properties":{"_id":1728386236115},"type":"text","content":"Both the CBI and Institute of Directors last week issued downbeat UK growth forecasts. These came on top of a report from the task force led by Sir Nigel Wilson, ex-boss of Legal & General, predicting the UK requires £1 trillion in new investment over the next decade if economic targets are to be met."},{"_id":"RRLACD3Q3ZA2PPKA6WD4DOGF2E","additional_properties":{"_id":1728386236116},"type":"text","content":"An impression of a Bank of England at odds with itself, led by a governor, Andrew Bailey, who last week forecast “aggressive” rate reductions but a chief economist, Huw Pill, who only a day later downplayed the cutting, did not instil optimism."},{"_id":"ZAL2MJTC5REDVNGKQF4FR4LSYA","additional_properties":{"_id":1728386236117},"type":"text","content":"What those attendees would like to hear is news of closer ties with the EU, more free trade deals, increased movement of skilled labour from abroad, investment in developing skills, cheaper and more secure wholesale energy, and a massive injection of public capital into a creaking infrastructure. It is possible that Mr Starmer may yet spring a surprise. Certainly, he will be determined to ensure that the investment tally from last year’s Hampton Court assembly is exceeded. Then, Mr Sunak hailed a figure of £29.5 billion."},{"_id":"BXO7WR77QNBS5OJTVQLSMWKXO4","additional_properties":{"_id":1728386236118},"type":"text","content":"The target on Monday will be that figure plus. Anything less will be disastrous. 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The switch of <a href=\"https://www.thenationalnews.com/tags/energy/\" target=\"_blank\">furnaces </a>should cut the site’s carbon emissions by around 85 per cent, equivalent to the annual emissions of two million homes."},{"_id":"SJJTBUBRZ5BI5FOM35CPHXRYZE","additional_properties":{"_id":1727776615793},"type":"text","content":"Production of a tonne of steel at the Port Talbot blast furnace emits two tonnes of carbon dioxide, making the plant Britain’s biggest single source of <a href=\"https://www.thenationalnews.com/business/energy/2024/09/23/the-policy-contradiction-facing-britains-energy-sector/\" target=\"_blank\">emissions</a>. With the new electric equipment, that 2,000kg figure plummets to between 150kg and 200kg."},{"_id":"V7VC3R53G5HQXKJ6ZYN3KDD3MY","additional_properties":{"_id":1727776615794},"type":"text","content":"In a Britain committed to reaching <a href=\"https://www.thenationalnews.com/tags/sustainability/\" target=\"_blank\">net zero emissions</a> by 2050, Port Talbot stood out as a blot on the eco-compliant horizon. Something had to give."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2024 Getty Images","address":{"locality":"Port Talbot","country_name":"GBR","region":"Wales"},"syndication":{},"auth":{"1":"7e329a9f7ddfe55574ce49fce8ea1d21bccabc41cec0a29278557634903cfab3"},"caption":"The Port Talbot factory where Tata plans to replace blast furnaces with a modern electric arc furnace. 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This part of South Wales may be a black spot where a greener economy is concerned, but it’s also a bleak centre for employment prospects. Those going will struggle to secure jobs locally."},{"_id":"IOHOEA7MLBCSXKBEN2GIB5SCOE","additional_properties":{"_id":1727776615797},"type":"text","content":"It’s a deal, though, that on its face points to a more<a href=\"https://www.thenationalnews.com/business/aviation/2024/07/22/fossil-fuel-phaseout-too-late-to-meet-aviation-industrys-net-zero-goals/\" target=\"_blank\"> environmentally conscious Britain</a>, one that is taking its climate goals and responsibilities seriously, and is determined to reach net zero. Dig deeper, however, and it’s not so clear cut."},{"_id":"UJOIN7UCDFDYLH5UCOUNKXRIK4","additional_properties":{"_id":1727776615798},"type":"text","content":"Building the new electric arc furnace will take four to five years minimum. In that period, with the blast furnaces (the latest, plus one that shut earlier this year) scrapped, the country will have to import more steel from overseas. The emissions saving takes no account of the emissions in the countries the UK buys its imports from. Neither does it include the emissions associated with the transport of the steel from overseas by ship to the UK."},{"_id":"ARKSD4K5J5A77EQXVQZT6V6K7A","additional_properties":{"_id":1727776615799},"type":"text","content":"It would have made sense for the blast furnace to continue production while the new electric furnace was being built alongside. This was an option supported by the trade unions and even by green campaigners who regarded the total switching off and the consequent immediate job losses as too extreme and damaging to the local community."},{"level":2,"_id":"4ZWOEIETYBEFBL2EUWUUKD4MP4","additional_properties":{"_id":1727780318413},"type":"header","content":"<b>Costing net zero</b>"},{"subtype":"flourish_visualisation","_id":"DWKLF6MVG5GUPFL2VRRS3XQCPQ","additional_properties":{"_id":"TTYR47ZMGJFJBP2Z3ALV67XPQU"},"embed":{"id":"arbbek72yz2bqmeo","config":{"visualizationNumber":"19528237"},"url":"https://thenational-the-national-prod.cdn.arcpublishing.com/flourish-composer/?_website=the-national&outputType=composer_powerup&k=arbbek72yz2bqmeo#SEARCH"},"type":"custom_embed"},{"_id":"IRBVOFQ7AZFF7LUVE37VOI7RFM","additional_properties":{"_id":1727780318415},"type":"text","content":"The eco supporters were mindful that the move towards net zero could come to be viewed as a cost and a burden and something that threatened jobs, not only at Port Talbot, when they wanted it to be embraced and viewed as a positive step towards a green future."},{"_id":"3WUUNAYGBBC57BRIMMSVE7GABA","additional_properties":{"_id":1727776615801},"type":"text","content":"Ministers stuck to the line that this would be a “just transition” and that with careful planning, job losses could be minimised and replacement job opportunities maximised. It remains to be seen how much of this is empty rhetoric and how many redundant steelworkers will really find meaningful new employment."},{"_id":"DWUJJQ3YZNDPZJ35JEXQZ4BWS4","additional_properties":{"_id":1727780318417},"type":"text","content":"Certainly, it would go against the more recent experience of that area of South Wales, where manufacturing and engineering have declined, seemingly inexorably."},{"_id":"N4JH742VJZCI5LENB4SCISV6SI","additional_properties":{"_id":1727776615802},"type":"text","content":"The reality is that Tata had the UK government over a barrel. The economic case for investing in Britain, in an industry that consumes a substantial amount of electricity, is poor. The new electric furnace may be cleaner but in producing steel, it swallows electricity."},{"_id":"TZJ3IHRLQBFAXBN2QL2LG6FKUI","additional_properties":{"_id":1727776615803},"type":"text","content":"Currently, UK wholesale electricity prices are far higher than those in similar countries such as France and Spain. In the second quarter of 2024, the average price of a megawatt hour was £66.95 in the UK versus £27.89 in Spain and £26.68 in France."},{"level":2,"_id":"BNZZVFHJ7BEETIR5EUX5DKPULA","additional_properties":{"_id":1727780318420},"type":"header","content":"<b>National embarrassment</b>"},{"owner":{"id":"thenational"},"address":{"locality":"Mid-Sea"},"auth":{"1":"c829139377080ae81afe9e13b925f38ca5c3f321de535df5d73ccc0a4a7b7f04"},"caption":"It is surely a source of national embarrassment that our electricity should be so expensive to make. Reuters","source":{"system":"arc i/o","name":"Reuters","edit_url":"","source_type":"wires","source_id":"RC2KT2A3271V","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","distributor":{"mode":"reference","reference_id":"3ed62f16-2933-4b17-8e8d-0f2517612afa"},"version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/EH3M2C7QX5XXPO3MJEZA64CBZI.jpg","licensable":false,"credits":{"affiliation":[{"name":"REUTERS","type":"author"}],"by":[{"name":"Staff","type":"author"}]},"subtitle":"FILE PHOTO: Aerial view of the Gullfaks C oil platform, North Sea","width":2827,"_id":"EH3M2C7QX5XXPO3MJEZA64CBZI","additional_properties":{"fullSizeResizeUrl":"/resizer/FBpj6-kEdrwktO9v-2fzYOSTc4A=/arc-photo-thenational/eu-central-1-prod/public/EH3M2C7QX5XXPO3MJEZA64CBZI.jpg","iptc_source":"Reuters","iptc_job_identifier":"","keywords":[""],"proxyUrl":"/resizer/FBpj6-kEdrwktO9v-2fzYOSTc4A=/arc-photo-thenational/eu-central-1-prod/public/EH3M2C7QX5XXPO3MJEZA64CBZI.jpg","takenOn":"2023-08-23T08:26:40Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/EH3M2C7QX5XXPO3MJEZA64CBZI.jpg","published":true,"resizeUrl":"/resizer/FBpj6-kEdrwktO9v-2fzYOSTc4A=/arc-photo-thenational/eu-central-1-prod/public/EH3M2C7QX5XXPO3MJEZA64CBZI.jpg","thumbnailResizeUrl":"/resizer/Rg9IVsOwKdaZP2lG4BCJdroLhLA=/300x0/arc-photo-thenational/eu-central-1-prod/public/EH3M2C7QX5XXPO3MJEZA64CBZI.jpg","version":3,"usage_instructions":"NARCH/NARCH30","originalName":"RC2KT2A3271V","mime_type":"image/jpeg","restricted":false,"galleries":[],"_id":"GBDMQMKFLVGCBGUXMYKT77BWTA"},"created_date":"2024-05-20T07:36:01Z","last_updated_date":"2024-06-19T07:36:56Z","slug":"BRITAIN-ENERGY/NORTHSEA-TAXES","height":1761},{"_id":"DTCHMIXY7ZEP7O4RPLP4ULLM3Q","additional_properties":{"_id":1727780318422},"type":"text","content":"Faced with that differential, a company that uses large loads of electricity in its processes is hardly likely to choose to invest in Britain. No wonder Tata needed persuading with hard cash to keep making any steel, let alone from a new green facility. Possibly, too, the company was mindful of the union protests that would have followed and affected its other UK interests had it pulled out entirely."},{"_id":"5ADOVCXG2RA5VIN6ORMQW23V6E","additional_properties":{"_id":1727776615805},"type":"text","content":"Nevertheless, it is surely a source of national embarrassment that our electricity should be so expensive to make. It’s a reflection of years of a lack of a cohesive energy strategy, of administrations chopping and changing, and ultimately relying too heavily on the exploitation of fossil fuels from the North Sea and from imports."},{"_id":"JSHI2UMAQZEVDHCTYXMHOS7OPA","additional_properties":{"_id":1727776615804},"type":"text","content":"We can go green and come up with viable green projects, but we cannot mask an underlying truth: our wholesale energy is too expensive. Even if the new operation produces vastly reduced emissions, it is likely to require power and at present, the British price makes investment in the cleaner alternative unviable – unless the government throws in a hefty sweetener."},{"_id":"EGSCJXXNVRFCTFZFY7UHT7EZOI","additional_properties":{"_id":1727776615807},"type":"text","content":"This is what requires our urgent attention. The problem is it’s long-term, something that is anathema to British politicians, whatever their persuasion, and it requires enormous investment when the government purse is virtually empty."},{"_id":"4BBAYZJPCVFWHKBEPJUQKUW2WU","additional_properties":{"_id":1727776615808},"type":"text","content":"Much easier then, to apply a sticking plaster, as in the case of Port Talbot. While it deals with the surface of the wound, unfortunately it is masking a more serious issue."}],"subheadlines":{"basic":"Move towards net zero could start to be viewed as a cost rather than a positive step 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Go there, and it is impossible to miss Harland & Wolff or H&W. Its two giant yellow cranes, known as ‘Samson’ and ‘Goliath’ dominate the skyline. They’re testament to a firm, known the world over, that produced 1,700 ships in its proud history. Once the biggest employer in Belfast with a 30,000 strong workforce, H&W was a leading player in an industry in which Britain once excelled."},{"_id":"UGQMN7M2BFC47EOVW2SP7P4MGE","additional_properties":{"_id":1727176467096},"type":"text","content":"Not any more. Just as <a href=\"https://www.thenationalnews.com/business/in-pictures-britains-shipbuilding-legacy-1.283221\" target=\"_blank\">British shipbuilding</a> has slumped into decline, so is H&W a shadow of its former self."},{"_id":"2MLHX4C7XZA5VGJR5XOJB4XCX4","additional_properties":{"_id":1727176467097},"type":"text","content":"While the giant yards of China, <a href=\"https://www.thenationalnews.com/business/worlds-biggest-shipbuilder-to-split-into-four-companies-1.199138\" target=\"_blank\">South Korea</a>, Italy and Japan have powered on, H&W has seemingly staggered from one crisis to another. Compared to its domestic rivals, it is at least still standing, as one by one British shipbuilders went to the wall. Nevertheless, H&W is only just about surviving, such that the feeling is this is the final throw – fail and the game really is up."},{"_id":"6IJXZEMMUREC5KBK5VACUHYYAE","additional_properties":{"_id":1727176467098},"type":"text","content":"The yard’s recent history is one of being private, nationalised, private again in 1989, each switch marked by the passing of another financial low point and coloured by struggle. That’s how it’s been: with H&W in the news again, but for all the wrong reasons."},{"owner":{"id":"thenational"},"copyright":"Pelagic Research Services","address":{},"auth":{"1":"9335099f3918f56c20e7bafd407137591ed9bc91c7fd38db43f0406b4deabb43"},"caption":"The Titan submersible on the floor of the Atlantic, after an ill-fated mission to visit the sunken Titanic, built by H&W. 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For other uses, additional clearances may be required.","originalName":"42d8b25bfe4842bb8ce6bcdb1e23ffd3","mime_type":"image/jpeg","restricted":true,"galleries":[],"_id":"4JCM6JYVINEAZJV2PVR5OPTG7U","iptc_title":"HONS"},"created_date":"2024-09-17T16:56:06Z","last_updated_date":"2024-10-01T16:56:55Z","slug":"titanic-tourist-sub","height":2123,"status":"usable"},{"_id":"JXL44FWW5JF7RN5IUAIIRSPGLE","additional_properties":{"_id":1727176467099},"type":"text","content":"With one exception. That was in 2019, when an Aim-listed company called InfraStrata bought H&W out of administration and amid fanfare, announced a return of the shipyard to its glory days, reawakening British shipbuilding and taking on related side projects."},{"_id":"CNT6RNVAF5BFRD5AE2KM5XWODY","additional_properties":{"_id":1727176467100},"type":"text","content":"This was delivered with passionate zeal. Belfast and government ministers and officials, relieved they would no longer have to come to H&W’s rescue, had cause for celebration. John Wood, the chief executive of InfraStrata, set out exciting plans to revitalise H&W, becoming a builder once again of ships and of energy infrastructure projects."},{"_id":"ZLGU2KWS4BFKTKM3DUEBT2YZ34","additional_properties":{"_id":1727176467101},"type":"text","content":"For the first time in decades, there was talk of adding to the employees, who had fallen to a few hundred in number. The shipyard, which had not completed a vessel since 2003, would be producing them again; the old place would be humming once more. Big ships and energy projects, being worked on side by side, it all seemed too good to be true. Sadly, so it proved."},{"_id":"QJDXB5QFUJBUDD6BZUU2GAFDLY","additional_properties":{"_id":1727176467102},"type":"text","content":"The ambitious InfraStrata went on a shopping spree, buying the defeated Appledore shipyard in 2020. Renamed H&W Appledore, the Devon business would focus on building and repairing smaller vessels. A year later, InfraStrata added two more yards, specialising in prefabricating oil-and-gas drilling structures, and the company was renamed Harland & Wolff Holdings."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2004 Getty Images","address":{"locality":"Belfast","country_name":"GBR"},"auth":{"1":"aab4f74873f3282dcfcd4d40c743a4e231662692a9a69935438cbb47af0b756d"},"caption":"The Titanic in dry dock in the heydays of Harland & Wolff's Belfast shipyard in 1912. Getty Images","source":{"system":"photo center","edit_url":"","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/BNPYX5ESORBMVJJDTM2CFJKWAM.jpg","licensable":false,"credits":{"affiliation":[{"name":"Getty Images","type":"author"}],"by":[{"name":"Topical Press Agency","type":"author","byline":"Topical Press Agency"}]},"subtitle":"Titanic In Dry Dock","width":4114,"_id":"BNPYX5ESORBMVJJDTM2CFJKWAM","additional_properties":{"fullSizeResizeUrl":"/resizer/wieS3B7J3F-fZ69YA-OltOzZO2Y=/arc-photo-thenational/eu-central-1-prod/public/BNPYX5ESORBMVJJDTM2CFJKWAM.jpg","iptc_source":"Hulton Archive","iptc_job_identifier":"104112342,155460563,547565005,89","keywords":["diry 15619 dock liner ship vessel water transport transport ship"],"proxyUrl":"/resizer/wieS3B7J3F-fZ69YA-OltOzZO2Y=/arc-photo-thenational/eu-central-1-prod/public/BNPYX5ESORBMVJJDTM2CFJKWAM.jpg","takenOn":"1912-02-01T00:00:00Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/BNPYX5ESORBMVJJDTM2CFJKWAM.jpg","published":true,"resizeUrl":"/resizer/wieS3B7J3F-fZ69YA-OltOzZO2Y=/arc-photo-thenational/eu-central-1-prod/public/BNPYX5ESORBMVJJDTM2CFJKWAM.jpg","ingestionMethod":"manual","thumbnailResizeUrl":"/resizer/6BzsrMABpcheV_9GkRjDkhLTB6Q=/300x0/arc-photo-thenational/eu-central-1-prod/public/BNPYX5ESORBMVJJDTM2CFJKWAM.jpg","version":1,"countryId":226,"usage_instructions":"Not Released (NR) ","originalName":"GettyImages-51539538.jpg","mime_type":"image/jpeg","restricted":false,"template_id":241,"galleries":[],"_id":"ZEAYFRMTGRBBRNWHC2PR5OOYO4","iptc_title":"Stringer"},"created_date":"2024-09-24T11:33:55Z","last_updated_date":"2024-09-24T11:41:27Z","slug":"51539538","height":3036,"image_type":"photograph"},{"_id":"JR3JKAMF4FBS3IS36LJBJSJWSE","additional_properties":{"_id":1727176467103},"type":"text","content":"Things genuinely appeared to be looking up when in 2023, the main Belfast site built its first new ship in two decades, a barge for a waste management company. It was hardly a giant cruise liner or a battleship but nor was it to be sniffed at – it was a symbolic first and H&W had an order for 22 more barges."},{"_id":"PKFKDHMWWZBZVBBTPVHNMJOCHE","additional_properties":{"_id":1727176467104},"type":"text","content":"Further reason for optimism came with the news that H&W was to become the main subcontractor in a £1.6 billion ($2.14 billion) deal to build three new supply ships for the Royal Navy."},{"_id":"GCAIMED3Y5GF5GF3ZBXORJY6YQ","additional_properties":{"_id":1727176467105},"type":"text","content":"H&W was part of Team Resolute, the winning consortium. No matter that the lead in the group was Navantia of Spain. Yes, the ships would primarily be built in its yards in Cadiz, but H&W was guaranteed about half the contract from building sections of the hulls in Belfast and Appledore. The stitching together of the various parts, from the Navantia and H&W yards, would also take place in Belfast."},{"_id":"522PR7Z63VDDLMNEQ3YPXWZ374","additional_properties":{"_id":1727176467106},"type":"text","content":"Unfortunately, H&W did not have sufficient other orders and in the absence of cash flow from the British naval contract which has yet to get going, the group has gone into administration. Insolvency experts Teneo have been instructed to sell the various components."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2018 Getty Images","address":{"locality":"Belfast","country_name":"GBR","region":"Northern Ireland"},"auth":{"1":"8cc8983b538c0d88c6eb8367566d6b86f2d7a9dce46394b37c50a645e212e54f"},"caption":"The famous Harland & Wolff cranes loom through fog in Belfast. Getty Images","source":{"system":"photo center","edit_url":"","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/2SYJNLJIOJBGDLD2P6N4QRCCLU.jpg","licensable":false,"credits":{"affiliation":[{"name":"Getty Images","type":"author"}],"by":[{"name":"Charles McQuillan","type":"author","byline":"Charles McQuillan"}]},"subtitle":"Heavy Fog Blankets Belfast","width":5310,"_id":"2SYJNLJIOJBGDLD2P6N4QRCCLU","additional_properties":{"fullSizeResizeUrl":"/resizer/nTDcLcCmkk2Bm_auh5ZoTfGK5gg=/arc-photo-thenational/eu-central-1-prod/public/2SYJNLJIOJBGDLD2P6N4QRCCLU.jpg","iptc_source":"Getty Images Europe","iptc_job_identifier":"775101601","proxyUrl":"/resizer/nTDcLcCmkk2Bm_auh5ZoTfGK5gg=/arc-photo-thenational/eu-central-1-prod/public/2SYJNLJIOJBGDLD2P6N4QRCCLU.jpg","takenOn":"2018-01-11T00:00:00Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/2SYJNLJIOJBGDLD2P6N4QRCCLU.jpg","published":true,"resizeUrl":"/resizer/nTDcLcCmkk2Bm_auh5ZoTfGK5gg=/arc-photo-thenational/eu-central-1-prod/public/2SYJNLJIOJBGDLD2P6N4QRCCLU.jpg","ingestionMethod":"manual","thumbnailResizeUrl":"/resizer/54CVi_U1rLQH80ow2xmYeVMqQeM=/300x0/arc-photo-thenational/eu-central-1-prod/public/2SYJNLJIOJBGDLD2P6N4QRCCLU.jpg","version":1,"countryId":226,"usage_instructions":"Not Released (NR) ","originalName":"GettyImages-903747434.jpg","mime_type":"image/jpeg","restricted":false,"template_id":241,"galleries":[],"_id":"4AJSKKN6NBF2DHTJHHTPJ25KVQ","iptc_title":"Stringer"},"created_date":"2024-09-24T11:33:56Z","last_updated_date":"2024-09-24T11:41:27Z","slug":"903747434","height":3243,"image_type":"photograph"},{"_id":"SFA72S5QZZGV7DLFZHJK4W4WY4","additional_properties":{"_id":1727176467107},"type":"text","content":"This is creating an early test for the new Labour government and its Business Secretary Jonathan Reynolds and his Defence colleague John Healey. Historically, some nations have subsidised their shipbuilding capability. This has not been the traditional British approach – hence falling behind and reduced to watching as rival countries forge ahead."},{"_id":"HFBHXTKRPJH7NEJIID6EWIUPTI","additional_properties":{"_id":1727176467108},"type":"text","content":"There has, though, always been a convention that warships must be built in Britain. It’s a moot point as to whether a supply vessel is classed as a ‘warship’. Ben Wallace, the former Tory defence secretary, said it was. That would mean they would have to be built here, with Reynolds and Healey bailing out H&W."},{"_id":"3U2MUHFTSFGBPETF6P7YKKPR7E","additional_properties":{"_id":1727176467109},"type":"text","content":"It has become apparent, however, that the whole Team Resolute concept is difficult to execute and some defence experts question if it would be easier and cheaper for Navantia to take over the whole lot and construct the ships in their entirety in Spain. Support for this approach has been growing within Whitehall and Spain."},{"_id":"WEAHW3VE6NA6PINSOP3ODJGKQM","additional_properties":{"_id":1727176467110},"type":"text","content":"By now, H&W was hoping to have received a £200 million UK state loan that would enable it to operate until the money came in from the supply ships and other contracts. Negotiations have dragged on, possibly they were deliberately slowed by officials. Two months ago, the incoming Labour government turned down the H&W application."},{"owner":{"id":"thenational"},"address":{"locality":"Liverpool","country_name":"GBR"},"auth":{"1":"130e1f0a3cec21efa32d301c07ed8fcef4f82e5d57bb5d5d7fa339659a2ed8de"},"caption":"Britain's Business Secretary Jonathan Reynolds speaks on stage at the Britain's Labour Party's annual conference in Liverpool. 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If they were serious about providing support for Belfast and Appledore, they would have agreed to the loan."},{"_id":"YUOFMBOJ7BCLVGEZQ42FUPI3JE","additional_properties":{"_id":1727176467112},"type":"text","content":"What’s happened since, though, is that H&W has called in the administrator. Now the ministers must face the issue of denying an icon of working-class Belfast, of industrial Britain, life support. That’s a tall order for Labour politicians. Equally, they would have to justify the lifeline by being seen to follow a Tory predecessor, something they would be reluctant to do."},{"_id":"GYMVQJPFLJGUVE24ORTCQOZ3HI","additional_properties":{"_id":1727176467113},"type":"text","content":"There is an alternative, that Babcock, which runs the naval yards at Devonport and Rosyth, and failed in an attempt to join Team Resolute, comes in for the H&W portion of the naval order and saves the jobs at Belfast and Devon."},{"_id":"GSQGYWMIQNC7VPODTTQKEPQAAM","additional_properties":{"_id":1727176467114},"type":"text","content":"There is no guarantee of that occurring – it might well be wishful thinking. Even if Babcock did step forward, Navantia would still have to be persuaded, which might cause more awkwardness for the UK government."},{"_id":"KC43Z4PDNVE2RNV4TCVLIKMKS4","additional_properties":{"_id":1727176467115},"type":"text","content":"Reynolds and Healey can be forgiven for thinking back three months and how much easier life was in opposition."}],"subheadlines":{"basic":"Keir Starmer's team must decide if they are to step in with a loan to keep the Belfast shipyard afloat 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Mostly she has talked about technology issues. She mentioned <a href=\"https://www.thenationalnews.com/business/energy/2024/09/08/is-the-world-on-track-to-meet-its-renewable-energy-goals/\" target=\"_blank\">climate change</a> only once, in her maiden speech, in which she also thanked Johnson for “putting a great deal of trust in me”."},{"_id":"MZDCJWAMV5EVTOP76DMWVV72JE","additional_properties":{"_id":1725968620333},"type":"text","content":"Roles in <a href=\"https://www.thenationalnews.com/tags/renewable-energy/\" target=\"_blank\">environment </a>and climate do not figure on Baroness Owen’s CV. Now, though, Charlotte and her ex-boss are firmly back in the headlines and she has a senior role in his company that appears to be centred on the warming planet."},{"_id":"PZGCHLL6DNHTJGZ4E373DOFJEY","additional_properties":{"_id":1725968620334},"type":"text","content":"After a lull, we’re back on characteristic Johnsonian ground. He reassured the Advisory Committee on Business Appointments (Acoba), which oversees ex-ministerial appointments, that he “did not meet with, nor did you make any decisions specific to Better Earth during your time in office”."},{"level":2,"_id":"7RVET2FK35DGJLEZ7HMB4XOQ3Y","additional_properties":{"_id":1725977597936},"type":"header","content":"<b>Links to Adnani</b>"},{"copyright":"Credit: ZUMA Press, Inc. / Alamy Stock Photo","syndication":{},"auth":{"1":"d36290e30304a77da2f2ad7037359ff588b752e65cf4b210ecc00a34f93bb19c"},"caption":"Amir Adnani has a network of businesses in the British Virgin Islands listed under his name. Alamy","source":{"system":"photo center","edit_url":"","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":["66e02dbd5f3ece25986031ab"]},"type":"image","geo":{},"licensable":false,"credits":{"affiliation":[{"name":"Alamy Stock Photo","type":"author"}],"by":[]},"creditIPTC":"Alamy Stock Photo","additional_properties":{"fullSizeResizeUrl":"/resizer/3zEsDPVkXkzX9tZ5anpj1o_F7Nc=/arc-photo-thenational/eu-central-1-prod/public/QH2NHAPNE5BA7BRIN57PNDKC74.jpg","iptc_source":"www.alamy.com","iptc_job_identifier":"P8TY87","keywords":["180712_freedomfest_cahn_60","20180712_zaf_ce6_012","com","jpg","zcontractphotographer","zs2ap","zselect","zumapress","zwire"],"proxyUrl":"/resizer/3zEsDPVkXkzX9tZ5anpj1o_F7Nc=/arc-photo-thenational/eu-central-1-prod/public/QH2NHAPNE5BA7BRIN57PNDKC74.jpg","takenOn":"2018-07-11T21:00:00Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/QH2NHAPNE5BA7BRIN57PNDKC74.jpg","published":true,"resizeUrl":"/resizer/3zEsDPVkXkzX9tZ5anpj1o_F7Nc=/arc-photo-thenational/eu-central-1-prod/public/QH2NHAPNE5BA7BRIN57PNDKC74.jpg","ingestionMethod":"manual","thumbnailResizeUrl":"/resizer/SMRDr1ZH-RxqhoWpiRU4ZKOXXO8=/300x0/arc-photo-thenational/eu-central-1-prod/public/QH2NHAPNE5BA7BRIN57PNDKC74.jpg","version":4,"originalName":"P8TY87.jpg","mime_type":"image/jpeg","restricted":true,"template_id":241,"galleries":[],"_id":"SSJ3QBWPUZCRLNIBNJTGRUMZZQ"},"last_updated_date":"2024-09-25T17:32:26Z","slug":"P8TY87","height":3280,"image_type":"photograph","owner":{"sponsored":false,"id":"thenational"},"address":{},"focal_point":{"x":1419,"y":23},"version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/QH2NHAPNE5BA7BRIN57PNDKC74.jpg","subtitle":"ONE TIME USE ONLY","width":3564,"_id":"QH2NHAPNE5BA7BRIN57PNDKC74","created_date":"2024-09-10T12:24:02Z"},{"_id":"ZKKFLTSYGBB75DIRJPE42MUXWE","additional_properties":{"_id":1725968620335},"type":"text","content":"Since then it’s been discovered that Mr Johnson met Scott Melbye, the executive vice president of Uranium Energy Corp, Adnani’s company, in the House of Commons in May 2022 when he was still prime minister. Mr Adnani posted on social media that Mr Johnson and Mr Melbye spoke about “<a href=\"https://www.thenationalnews.com/tags/nuclear-energy/\" target=\"_blank\">nuclear </a>power and <a href=\"https://www.thenationalnews.com/news/2024/08/29/un-iran-has-further-increased-stockpile-of-uranium-enriched-to-near-weapons-grade-levels/\" target=\"_blank\">uranium</a>”. The meeting was not recorded in the prime minister’s official diary."},{"_id":"SLUA2DX5AFD4DEMUVXA2CY6UEY","additional_properties":{"_id":1725977597939},"type":"text","content":"Some clue as to the nature of the discussion might be provided by the fact that days before leaving office, Mr Johnson signed off an extra £700m investment in the new <a href=\"https://www.thenationalnews.com/business/energy/2024/01/11/uk-planning-biggest-nuclear-power-expansion-in-seven-decades/\" target=\"_blank\">Sizewell C nuclear power station</a>, saying the UK needed to “Go Nuclear, go large!”."},{"_id":"53WPGX2KQFG4HNHQBKSY43YWIU","additional_properties":{"_id":1725968620337},"type":"text","content":"Critics, such as Caroline Lucas, the then Green MP and former party leader, were quick to pounce, denouncing the Sizewell C expansion as “massively costly, achingly slow and carries huge unnecessary risks”."},{"_id":"WOWMVM4YCVFNVHWOJUMFBVHOJI","additional_properties":{"_id":1725968620338},"type":"text","content":"Uranium is the base of the enriched uranium required to fuel nuclear reactors. Sizewell’s growth would be welcome to uranium suppliers."},{"_id":"PIVVL4MJBVGNBMF5RGM62AIXFU","additional_properties":{"_id":1725968620339},"type":"text","content":"Sure enough, Mr Adnani from Uranium Energy Corp, hailed the announcement. He seems to have had advance notice of it, posting on Twitter before it was made: “Boris Johnson plans to sign off on new £30bn nuclear plant in his final week in power! #uranium.”"},{"_id":"GHDZQA2FDJCVFIFEQVHM4QOHII","additional_properties":{"_id":1725968620340},"type":"text","content":"Mr Adnani is close to Mr Bannon, and has appeared twice on his War Room podcast. He told Mr Trump’s ex-confidante his aim was to obtain “full spectrum energy dominance”."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2018 Getty Images","address":{"locality":"Prague","country_name":"CZE"},"auth":{"1":"584619b026ecfbc068b53dfb121d43cdb7e24e8f9bdc031a61b51b27286180b7"},"caption":"Adnani is close to Steve Bannon (pictured), an ex-confidant of Donald Trump. Getty Images","source":{"system":"photo center","edit_url":"","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":["66e02dbd5f3ece25986031ab"]},"type":"image","version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/Y2EYESVS45AFTDWE66ZULCXIDA.jpg","licensable":false,"credits":{"affiliation":[{"name":"Getty Images","type":"author"}],"by":[{"name":"Sean Gallup","type":"author","byline":"Sean Gallup"}]},"subtitle":"Steve Bannon And Lanny Davis Hold Debate In Prague","width":4869,"_id":"Y2EYESVS45AFTDWE66ZULCXIDA","additional_properties":{"fullSizeResizeUrl":"/resizer/D6i_ql98gW7-Tp8T2aTV1vYnPEU=/arc-photo-thenational/eu-central-1-prod/public/Y2EYESVS45AFTDWE66ZULCXIDA.jpg","iptc_source":"Getty Images Europe","iptc_job_identifier":"775167506","keywords":["politics","prague"],"proxyUrl":"/resizer/D6i_ql98gW7-Tp8T2aTV1vYnPEU=/arc-photo-thenational/eu-central-1-prod/public/Y2EYESVS45AFTDWE66ZULCXIDA.jpg","takenOn":"2018-05-22T00:00:00Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/Y2EYESVS45AFTDWE66ZULCXIDA.jpg","published":true,"resizeUrl":"/resizer/D6i_ql98gW7-Tp8T2aTV1vYnPEU=/arc-photo-thenational/eu-central-1-prod/public/Y2EYESVS45AFTDWE66ZULCXIDA.jpg","ingestionMethod":"manual","thumbnailResizeUrl":"/resizer/tH-zthPE39fMuyZUye9GJUY8AR4=/300x0/arc-photo-thenational/eu-central-1-prod/public/Y2EYESVS45AFTDWE66ZULCXIDA.jpg","version":2,"countryId":58,"usage_instructions":"Not Released (NR) ","originalName":"GettyImages-961387916.jpg","mime_type":"image/jpeg","restricted":false,"template_id":241,"galleries":[],"_id":"P4ZPWNEDCJDITLCV7DC2III6GA","iptc_title":"Staff"},"created_date":"2024-09-10T12:24:02Z","last_updated_date":"2024-09-19T16:14:13Z","slug":"961387916","height":3289,"image_type":"photograph"},{"level":2,"_id":"WMA2OUSSCFGQ5NABGUHDQRLYLQ","additional_properties":{"_id":1725977597945},"type":"header","content":"<b>Better Earth's team</b>"},{"_id":"YTCRUGX4KRBXHIJ4IH243KMKIY","additional_properties":{"_id":1725968620341},"type":"text","content":"So, what is Better Earth? Its office is in a serviced building in Sevenoaks in Kent, and it portrays itself as an “energy transition company”. The firm’s work-in-progress website says it will “work directly with national governments and regions that are seeking both inward and/or to reduce their emissions ahead of 2030”."},{"_id":"YOM77AW235AG5II2OESO7SINSY","additional_properties":{"_id":1725968620342},"type":"text","content":"Better Earth counts two other Conservative lights on its senior team: Chris Skidmore, the minister who resigned over Rishi Sunak’s oil and gas plan; and Nigel Adams, a close ally of Mr Johnson and a former minister without portfolio. Mr Adams is registered as the company’s CEO."},{"_id":"GHW3F34FJVGORGKCMVY6UOK7EY","additional_properties":{"_id":1725968620343},"type":"text","content":"According to Companies House, Better Earth has a single share, which is owned by Emissions Reduction Corp in Carson City, Nevada. That entity was previously called Carbon Royalty Corporation, registered in Delaware – home to many US companies that wish to remain opaque – and counted Mr Adnani and Nicole Shanahan as directors."},{"_id":"WU74QRUK2NDINJVFQXH4IAEGX4","additional_properties":{"_id":1725977597949},"type":"text","content":"Ms Shanahan was Robert F Kennedy Jr’s running mate in the current presidential race until he dropped out and endorsed Mr Trump."},{"level":2,"_id":"MENAUY5A75EGNAXJCGPUSKG2GE","additional_properties":{"_id":1725977597950},"type":"header","content":"<b>Political embers</b>"},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"Crown Copyright","address":{"street_address":"10 Downing Street","locality":"London","country_name":"GBR","region":"Greater London"},"auth":{"1":"dad23b699eaa46460ded1801f10203bc19a2fc8c1b3775a0896b6bb5da52b987"},"caption":"Boris Johnson in Downing Street after resigning as prime minister. 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The Image can not be used for advertising or commercial use. The Image can not be altered in any form.","originalName":"52200581166_c17ae33308_o.jpg","mime_type":"image/jpeg","restricted":false,"template_id":241,"galleries":[],"_id":"2YT4PY66QRDW7PS2VKT3CZPFKQ"},"created_date":"2024-09-10T12:25:33Z","last_updated_date":"2024-09-19T16:14:14Z","slug":"Prime Minister Boris Johnson resignation","height":3451,"image_type":"photograph"},{"_id":"SGQVL6IVUVHDPBWR2HPANVOLXY","additional_properties":{"_id":1725977597952},"type":"text","content":"Other former PMs might think twice before heading down such a path. Not Mr Johnson. It’s not as if he needs the money: since leaving office, he has been earning a small fortune on the speakers’ circuit, mainly in the US and Asia, where he is feted."},{"_id":"346XQBVFRNCYHKJPQPLSALWIRA","additional_properties":{"_id":1725968620345},"type":"text","content":"He has joined the TV channel GB News as a commentator and programme maker, covering the US presidential election and next UK general election. That, together with his column for the Mail, nets him a sizeable sum from media work."},{"_id":"YAU2PM5UIVAINABWS2MFNMHVZE","additional_properties":{"_id":1725968620346},"type":"text","content":"Then there is his memoir, Unleashed, which is due to be published next month. It has earned him a reported £500,000 advance and is bound to be a bestseller that will earn him £4m according to some estimates. He can already claim to be the bestselling prime minister-turned-author of the century, with his 10 previous books having sold 600,000 copies."},{"_id":"PUT347RWXBBS3LMBFI4ZUZWI7Y","additional_properties":{"_id":1725968620347},"type":"text","content":"His 11th book was due to be a much-delayed account of William Shakespeare’s life, for which he received an advance of £80,000 in 2015. No publication date has appeared for the Shakespeare volume, which will be superseded by Unleashed."},{"_id":"5TPQC4PTRFFH7APCTIDL3AQS6Y","additional_properties":{"_id":1725968620348},"type":"text","content":"Mr Johnson lived briefly in Camberwell, South London, in a town house he bought in July 2019 with his then-girlfriend and now wife, Carrie Symonds. Today, home for Mr and Mrs Johnson and their three young children is Brightwell Manor, a £3.8m moated mansion in the Oxfordshire countryside."},{"_id":"OX6ZARS3CVB3TGJWTAILMAN4UY","additional_properties":{"_id":1725968620349},"type":"text","content":"He is said to be enjoying, for just about the first time in his life, having serious money without the constraints of public office. That may be the reason for Better Earth and his association with Mr Adnani: that he would like more."},{"_id":"NLHKCMSNOVH5HJZ6LFEU5OQFQA","additional_properties":{"_id":1725968620350},"type":"text","content":"The irony is that while speculation persists about his life and business activities, Mr Johnson is missed by his fellow Tories. The terrible election defeat, followed by a lacklustre leadership contest, have only served to reinforce his popularity among some Tory activists. As with many Republicans and Mr Trump, they disregard his peccadilloes, preferring to focus on his ability to galvanise and lead the party to election victory."},{"_id":"JGN3B3OFZFDOPNEZUNNZQ34X5M","additional_properties":{"_id":1725968620351},"type":"text","content":"While his critics fume and investigate, Mr Johnson continues on his own sweet way. 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The world’s oldest weekly magazine has attracted a price tag of more than £100 million ($130 million) or a multiple of more than 30 times its 2022 earnings, making it one of the most expensive <a href=\"https://www.thenationalnews.com/tags/uk/\" target=\"_blank\">UK </a>media deals."},{"_id":"D2UZ6Q67M5BINFNKBHNYTK3ZFE","additional_properties":{"_id":1725983400053},"type":"text","content":"At first sight it seems like madness, but the sale was astutely handled, deliberately held in no hurry and designed to draw out bidders. The title was kept separate from its <i>Telegraph </i>sister. 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holidays are over, the schools and universities are heading back, Parliament is once again in session. The world, as many in <a href=\"https://www.thenationalnews.com/tags/economy/\" target=\"_blank\">corporate </a>Britain know it, has resumed."},{"_id":"G3R26VEHTRC6TLXHNDXW6VW4Q4","additional_properties":{"_id":1725364585229},"type":"text","content":"Normally, at this time of year, there is a spring in the step, as people return to their desks re-energised and ready to go. But the mood among the C-suites and ExCo’s is sombre. There is talk of mutiny in the air, not of launching a coup but of disembarking the ship entirely, of relocating."},{"_id":"DWPQXUIUNVAUPFRNFS5BGPMGKI","additional_properties":{"_id":1725364585230},"type":"text","content":"The number who follow up their words and actually decamp to <a href=\"https://www.thenationalnews.com/tags/dubai/\" target=\"_blank\">Dubai</a>, <a href=\"https://www.thenationalnews.com/tags/abu-dhabi/\" target=\"_blank\">Abu Dhabi</a>, Singapore and elsewhere, of course remains to be seen. Certainly, though, at the moment there is a level of dissatisfaction in the UK’s boardrooms with central <a href=\"https://www.thenationalnews.com/tags/uk-government/\" target=\"_blank\">government </a>that has not been seen in a while."},{"_id":"DTRI5HLXLNHH3JWHBFKEEWDPRE","additional_properties":{"_id":1725364585231},"type":"text","content":"That can’t be true. After all, we had the indecisiveness of Theresa May, followed by the gung-ho craziness of <a href=\"https://www.thenationalnews.com/tags/boris-johnson/\" target=\"_blank\">Boris Johnson</a>, then Liz Truss, enough said, followed by the emptiness of <a href=\"https://www.thenationalnews.com/tags/rishi-sunak/\" target=\"_blank\">Rishi Sunak</a>. Businesses like certainty and those latter years offered none of that."},{"_id":"4EBKAMWYLNFEHOWN3IW73GXTSY","additional_properties":{"_id":1725364585232},"type":"text","content":"Accompanying the turmoil, too, was Brexit and not only were the City and the biggest corporates opposed to leaving <a href=\"https://www.thenationalnews.com/tags/european-union/\" target=\"_blank\">the EU</a> and still are, but they’ve since had to get used to a new, pernickety way of doing things. Meanwhile, the much-vaunted substitute mega trade deals with the US and India, they’ve yet to materialise."},{"owner":{"sponsored":false,"id":"thenational"},"address":{"country_name":"ARE"},"syndication":{},"auth":{"1":"36abd923abeb6bb6c3510f871f48a724cca8d82ed2b59d6fc1818c1a77024e0a"},"caption":"Don't be surprised if relocation to places such as Dubai becomes a consideration for company executives. Getty Images / iStockphoto","source":{"system":"photo center","edit_url":"","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/I3Y7YFPH7REW7NOUMK3IHXE4LI.jpg","geo":{},"licensable":false,"credits":{"affiliation":[{"name":"Getty Images/iStockphoto","type":"author"}],"by":[{"name":"typhoonski","type":"author","byline":"typhoonski"}]},"subtitle":"Am Mamzar beach in Dubai","width":5616,"creditIPTC":"Getty Images/iStockphoto","country_name":"United Arab Emirates","_id":"I3Y7YFPH7REW7NOUMK3IHXE4LI","additional_properties":{"fullSizeResizeUrl":"/resizer/4r-UukY017Yts-calU4FwkXw-ZE=/arc-photo-thenational/eu-central-1-prod/public/I3Y7YFPH7REW7NOUMK3IHXE4LI.jpg","iptc_source":"iStockphoto","keywords":["al mamzar","bay","gulf","outdoor","recreation","resort","skyline","tropical"],"proxyUrl":"/resizer/4r-UukY017Yts-calU4FwkXw-ZE=/arc-photo-thenational/eu-central-1-prod/public/I3Y7YFPH7REW7NOUMK3IHXE4LI.jpg","takenOn":"2016-11-28T00:00:00Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/I3Y7YFPH7REW7NOUMK3IHXE4LI.jpg","published":true,"resizeUrl":"/resizer/4r-UukY017Yts-calU4FwkXw-ZE=/arc-photo-thenational/eu-central-1-prod/public/I3Y7YFPH7REW7NOUMK3IHXE4LI.jpg","ingestionMethod":"manual","thumbnailResizeUrl":"/resizer/G6g1BDcw1FVBE663VoLjma7e5J0=/300x0/arc-photo-thenational/eu-central-1-prod/public/I3Y7YFPH7REW7NOUMK3IHXE4LI.jpg","version":3,"countryId":225,"usage_instructions":"Not Released (NR) ","originalName":"GettyImages-671640498.jpg","mime_type":"image/jpeg","restricted":true,"template_id":241,"galleries":[],"_id":"ZT7ISVRACRFSVJEQRAD4YL2P7A","iptc_title":"Contributor"},"created_date":"2024-06-04T07:55:01Z","last_updated_date":"2024-09-03T12:53:05Z","slug":"671640498","height":3744,"image_type":"photograph"},{"level":2,"_id":"RJJYMLKGDJG6TDEA4ZABRXJEQQ","additional_properties":{"_id":1725364585234},"type":"header","content":"<b>Relief deflated by taxes</b>"},{"_id":"NDN3GBK5L5CBZMQRYA7KWT5424","additional_properties":{"_id":1725364585235},"type":"text","content":"So, it cannot be right that only three months after bidding farewell to 14 years of Tory rule and welcoming Keir Starmer and his colleagues, business feels so deflated, and worse, angry."},{"_id":"UIWLKRX2OVHPBPNDK4N4HTW3VE","additional_properties":{"_id":1725364585236},"type":"text","content":"The first reaction to Labour’s victory in July was one of relief. Not only was there an end to the Tory roller-coaster but the thumping majority meant that Britain could look forward to the same government for many years to come. Order and civility had been restored."},{"_id":"7WWJXWXGBZDZJBT2UQG5HJSNBQ","additional_properties":{"_id":1725364585237},"type":"text","content":"As businesses looked to Europe, US and other parts of the world, that provided an additional boost. Germany and France were being torn apart by right-wing unrest and elections; the US seemed to be permanently teetering on the brink of civil war; for once, China had problems. Suddenly, dear old Blighty did not seem such a bad place to be."},{"_id":"7537ETLB4BEV5KQGDCPJ37CBOU","additional_properties":{"_id":1725364585238},"type":"text","content":"No sooner did the celebrations cease, however, than Starmer and his team embarked on a campaign of negativity. Undue caution might be a better way of putting it, but the mood they injected was downbeat. They’d inherited a mess; they said it over and again. That could only mean one thing: brace yourselves for tax increases."},{"owner":{"id":"thenational"},"copyright":"© 2024 Bloomberg Finance LP","address":{"locality":"New York","region":"NY"},"auth":{"1":"eb49192fad240468d71c216ade703eb517f8a2e0ab0b8e5df11306eb81409531"},"caption":"US investor Cathie Wood said: 'In the US, we are big advocates of tax incentives for innovation – encouraging founders to take risks.' Bloomberg","source":{"system":"arc i/o","name":"Bloomberg","source_type":"wires","source_id":"415681119","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","distributor":{"mode":"reference","reference_id":"6a743db7-077b-4166-8be9-ef69428a48ea"},"version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/XK7G7Q5HDLI2OGFY43EJK2PC2I.jpg","licensable":false,"credits":{"affiliation":[{"name":"Bloomberg","type":"author"}],"by":[{"org":"Bloomberg","name":"Jeenah Moon","type":"author"}]},"subtitle":"Wall Street Revives Big-To-Small Trade On Fed Bets","width":4900,"_id":"XK7G7Q5HDLI2OGFY43EJK2PC2I","additional_properties":{"fullSizeResizeUrl":"/resizer/NTY_p1dVq-J_u4GyUnUeJxIO2mE=/arc-photo-thenational/eu-central-1-prod/public/XK7G7Q5HDLI2OGFY43EJK2PC2I.jpg","iptc_source":"Bloomberg","iptc_job_identifier":"776194941","keywords":["US","U.S.A.","Americas","U.S.","USA","Exteriors","Stands","Building","Buildings","american","americas","building","buildings","business news","exteriors","markets","nasdaq","new york city","north american","nyse","stands","stocks, securities","u.s.","u.s. stock market","u.s.a.","united states of america","us","usa"],"proxyUrl":"/resizer/NTY_p1dVq-J_u4GyUnUeJxIO2mE=/arc-photo-thenational/eu-central-1-prod/public/XK7G7Q5HDLI2OGFY43EJK2PC2I.jpg","restriction_date":"2024-09-10T13:32:00.315186","takenOn":"2024-08-27T17:48:55Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/XK7G7Q5HDLI2OGFY43EJK2PC2I.jpg","published":true,"resizeUrl":"/resizer/NTY_p1dVq-J_u4GyUnUeJxIO2mE=/arc-photo-thenational/eu-central-1-prod/public/XK7G7Q5HDLI2OGFY43EJK2PC2I.jpg","thumbnailResizeUrl":"/resizer/Ar7V42WThv_LMBQEY4sSPEfPeCQ=/300x0/arc-photo-thenational/eu-central-1-prod/public/XK7G7Q5HDLI2OGFY43EJK2PC2I.jpg","version":3,"usage_instructions":"editorial","originalName":"415681119","mime_type":"application/octet-stream","restricted":true,"galleries":[],"_id":"ZO4YSYURRFHCVH6WCJTZQZXD7I"},"created_date":"2024-08-27T19:26:55Z","last_updated_date":"2024-09-10T19:26:07Z","slug":"FED RATE CUTS","height":3268},{"level":2,"_id":"JI7TFPZ34JCVXNG6DNJITSXREU","additional_properties":{"_id":1725364585240},"type":"header","content":"<b>Tempting New York</b>"},{"_id":"BL2HHB4ZHNEFJGQG2O52HUNM2I","additional_properties":{"_id":1725364585241},"type":"text","content":"Business was quick to get the message. This being Labour it was unlikely those rises would come at the expense of ordinary folk; no, the target would be those who, in Labour’s eyes, could afford to pay. Capital Gains Tax, Inheritance Tax – burdens on the wealthiest – are mooted as the probable targets for Rachel Reeves, the new Chancellor."},{"_id":"JGHRXCTZ6ZFEHDZVCXG5AMIJ44","additional_properties":{"_id":1725366734560},"type":"text","content":"Perhaps in a bid to address the growing fears, Ms Reeve on Tuesday promised her budget would give businesses certainty over the coming years. “It is vital also that the tax system supports growth, and that’s why today I can confirm that at the budget the government will be outlining a tax road map for business, to offer the certainty that encourages investment and gives business the confidence to grow, including our commitment to cap corporation tax at 25 per cent for the duration of this Parliament, and to retain full expensing.”"},{"_id":"4ME37VIMQBDJFCBY54GNZKGX4A","additional_properties":{"_id":1725364585242},"type":"text","content":"But there are other hostile milestones already announced. The imposition of VAT on private school fees from January has served to contribute to the despond in business, home of that richest, executive-level fragment firmly in Labour’s crosshairs. It was petty and ideological, and it hurt."},{"_id":"ZFYG52SUGFGPLKAAS62IWLDJKU","additional_properties":{"_id":1725364585243},"type":"text","content":"The business community is braced for what is coming. As if to rub it in, Angela Rayner, Labour’s Deputy Leader, who carries great influence within the party and Cabinet, is making plain her desire for a rewriting of employee rights. They will be heavily skewed towards the unions, lowering the bar for strike votes."},{"_id":"NSZQKLPFBBB4ZLNSYC7ACRFJYE","additional_properties":{"_id":1725364585244},"type":"text","content":"The sense that Labour is in thrall to the unions has been compounded by a series of public sector pay awards. Here is a regime that sold itself on economic responsibility, ascending to power and handing out wage rises without any explanation as to how they’re to be afforded – which only makes business more suspicious that it will end up being the provider, via higher taxes."},{"_id":"Q4HGZ74XPZFVRKEV7R65OMBDZM","additional_properties":{"_id":1725364585245},"type":"text","content":"Lack of activity in the City does not help. Flotations heading to New York and other businesses moving their registered offices overseas have added to the gloom."},{"_id":"V42RI6ENAJHPXCMISMYHK4DLPU","additional_properties":{"_id":1725364585246},"type":"text","content":"At the weekend, superstar US investor Cathie Wood summed up for many and struck home when she said: “Your educational system is exemplary and yet I think what happens is that your capital markets are not deep enough – or incentivised enough. In the US, we are big advocates of tax incentives for innovation – encouraging founders to take risks.”"},{"owner":{"id":"thenational"},"copyright":"live","address":{"locality":"London"},"auth":{"1":"74136b7886626942c2b5657a63bafa3c4073b9787570e52a7bf2344f22fc2f00"},"caption":"Starmer and Reeves are throwing away the trust built during a months-long charm offensive to woo the City. AP","source":{"system":"arc i/o","name":"Associated Press","source_type":"wires","source_id":"bf4a8e84fef04712be163e6746c92364","additional_properties":{"editor":"photo center"}},"taxonomy":{"associated_tasks":[]},"type":"image","distributor":{"mode":"reference","reference_id":"5fdb52b6-6efa-4fe1-9ad5-1ba818e8eae8"},"version":"0.10.9","url":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/4CFLPMGTD6ZH5MDQS272H7BZDQ.jpg","licensable":false,"credits":{"affiliation":[{"name":"AP","type":"author"}],"by":[{"name":"Stefan Rousseau","type":"author"}]},"subtitle":"Britain Economy","width":3500,"_id":"4CFLPMGTD6ZH5MDQS272H7BZDQ","additional_properties":{"fullSizeResizeUrl":"/resizer/Ww3oeff_2ojWHK3qtAlf2C7sR1A=/arc-photo-thenational/eu-central-1-prod/public/4CFLPMGTD6ZH5MDQS272H7BZDQ.jpg","iptc_source":"Associated Press","iptc_job_identifier":"lbl837","keywords":["International News","Business",""],"proxyUrl":"/resizer/Ww3oeff_2ojWHK3qtAlf2C7sR1A=/arc-photo-thenational/eu-central-1-prod/public/4CFLPMGTD6ZH5MDQS272H7BZDQ.jpg","restriction_date":"2024-03-21T13:32:54.996668","takenOn":"2024-03-07T12:01:48Z","originalUrl":"https://cloudfront-eu-central-1.images.arcpublishing.com/thenational/4CFLPMGTD6ZH5MDQS272H7BZDQ.jpg","published":true,"resizeUrl":"/resizer/Ww3oeff_2ojWHK3qtAlf2C7sR1A=/arc-photo-thenational/eu-central-1-prod/public/4CFLPMGTD6ZH5MDQS272H7BZDQ.jpg","thumbnailResizeUrl":"/resizer/BNkvYQY2JDC8OOw8Y7tq-01pekg=/300x0/arc-photo-thenational/eu-central-1-prod/public/4CFLPMGTD6ZH5MDQS272H7BZDQ.jpg","version":3,"usage_instructions":"This content is intended for editorial use only. For other uses, additional clearances may be required.","originalName":"bf4a8e84fef04712be163e6746c92364","mime_type":"application/octet-stream","restricted":true,"galleries":[],"_id":"PSVUNRNACZAQRDXQ5XX3GXUFLU","iptc_title":"SUB"},"created_date":"2024-03-07T14:31:05Z","last_updated_date":"2024-03-21T14:31:56Z","slug":"britain-economy","height":2333,"status":"usable"},{"level":2,"_id":"DVVCMBXDEBAJ7LU44ZEQCJVRLY","additional_properties":{"_id":1725364585248},"type":"header","content":"<b>Starmer's licence</b>"},{"_id":"JSGPWOA5VJBV7PQKRWSIBWLJEM","additional_properties":{"_id":1725364585249},"type":"text","content":"Interest rates are falling but that is not down to Starmer. The City craves him to supply good news but there does not appear to be any. Rather, all the discussion is of cutbacks in much-needed infrastructure investment and in departmental budgets."},{"_id":"UJBJVSNIJRBKTL3RJCD4TVBM3U","additional_properties":{"_id":1725364585250},"type":"text","content":"The EU would like to resurrect the Erasmus scholarship programme – something business welcomes. What does Starmer do? Only kibosh it and say he will come up with an alternative."},{"_id":"XWKSO36W4JHEJJRXZUWN7XTJZY","additional_properties":{"_id":1725364585251},"type":"text","content":"Business is desperate for closer trade ties with the EU. Again, Starmer would prefer to focus away from the bloc and promote those trade deals. But so far, they have not occurred. The Tories could not get them over the line and there is no indication that Labour will succeed where they failed."},{"_id":"TTCSAJE3QVAUTPTZIHWQ3M63PI","additional_properties":{"_id":1725364585252},"type":"text","content":"Some of this would not matter so much if Starmer and Reeves had not spent months on a charm offensive, wooing the City and business, holding countless coffees, breakfasts, lunches, dinners to sell the message that an incoming Labour administration would be on their side."},{"_id":"BFHEKWQBJRDKTOKFGFOX57RYOI","additional_properties":{"_id":1725364585253},"type":"text","content":"They pleaded not to be thought of as the same old Labour; this time they would be different and they would be going out of their way to meet business’s wishes."},{"_id":"BBOP4WQFEZGXHLIHLV72THXF6U","additional_properties":{"_id":1725364585254},"type":"text","content":"That hard won trust has all but perished. A strategy of blaming the Tories for everything and trying to say it’s not our fault, while hitting business, is firmly under way."},{"_id":"DVVCMBXDEBAJ7LU44ZEQCJVRLY","additional_properties":{"_id":1725364585255},"type":"text","content":"Faced with that, don’t be surprised if relocation is not the hot topic. 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style=\"float:left;padding-top:5px;padding-right:10px\"><img height=\"100%\" src=\"https://www.thenationalnews.com/resizer/H9u8ypBjDHSuLshlqK17COi1JyA=/arc-photo-thenational/eu-central-1-prod/public/GUML5KUEVFGU5AXBHTKXFR7CBA.jpg\" width=\"120\" /></div>"},{"_id":"UYAUCZOBBFDQ7CBCOSY6NHSKH4","additional_properties":{"_id":1724761768490},"type":"text","content":"The first reaction to the report that Waheed Alli was given a pass to No 10 by the new Labour <a href=\"https://www.thenationalnews.com/tags/uk-government/\" target=\"_blank\">government</a> was not one of surprise."},{"_id":"YMIC6JMUOBFIJFL26BIMSOUMT4","additional_properties":{"_id":1724759084962},"type":"text","content":"It is hard to think of anyone else who has been such a mainstay around the senior <a href=\"https://www.thenationalnews.com/tags/labour-party/\" target=\"_blank\">Labour </a>hierarchy these past three decades than the wealthy TV entrepreneur."},{"_id":"NJNS2GWM55BBFAY7OOZ3UNKAQY","additional_properties":{"_id":1724759084963},"type":"text","content":"Lord Alli seems to have <a href=\"https://www.thenationalnews.com/news/uk/2024/08/26/starmer-to-set-out-governments-task-in-the-wake-of-far-right-riots/\" target=\"_blank\">an “in” with the party bosses</a>, regardless of who they are, that others do not possess. Now 59, he was made a peer by Tony Blair as long ago as 1998."},{"_id":"XC65S5F35VATLOWDRXKKM4YRYI","additional_properties":{"_id":1724759084964},"type":"text","content":"What endeared him to the <a href=\"https://www.thenationalnews.com/opinion/comment/2024/08/07/keir-starmer-must-bring-far-right-agitators-to-heel-over-race-riots/\" target=\"_blank\">Labour inner circle </a>were his links to the youth subculture. Alli was born in Croydon, south London, to Indo-Caribbean parents, to a Hindu mother and Muslim father. He’s a rare example of someone from a humble background (she was a nurse and his estranged father, a mechanic), an Asian, to have made it in two notoriously tough sectors."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2024 Getty Images","address":{"locality":"London","country_name":"GBR","region":"England"},"auth":{"1":"bb17c79466c232249cb8554347ac6f81ca032c8af8f10bf42c2c81d9972bdd60"},"caption":"Lord Alli is thought to have taken on the role of image adviser to Keir Starmer, pictured with his wife Victoria. 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He left state school at 16, after O-levels. He found work as a junior researcher on a financial magazine. He spent a few years preparing monthly reports, then joined Save and Prosper, part of Robert Fleming. Then he returned to financial publishing, before going back to the City proper as an investment banker."},{"_id":"4LSUNWBWEBFQZATTUTPHQS5L24","additional_properties":{"_id":1724759084966},"type":"text","content":"This made him wealthy. With his partner, the TV producer Charlie Parsons, and Bob Geldof, Alli co-founded Planet 24 and made hit, ground-breaking shows<i> The Word</i>, <i>Survivor</i> and <i>Big Breakfast</i>. When Carlton TV bought Planet 24 for £15 million in 1999, Alli and Parsons cleverly retained the rights to <i>Survivor</i>."},{"_id":"A5URMJV74JAW3G2VX4WDCP2F4M","additional_properties":{"_id":1724759084967},"type":"text","content":"A string of TV ventures followed, including owning the rights to Enid Blyton and Agatha Christie, backing Rupert Murdoch’s daughter Elisabeth with her Shine company and Paul O’Grady’s Olga Television."},{"_id":"XHMBEXNQFRBP5KKUXMZSJXBGVA","additional_properties":{"_id":1724759084968},"type":"text","content":"Today, Alli’s Silvergate Media holds the rights to Beatrix Potter and Octonauts. He tried and failed to buy Virgin Radio and he promoted Koovs, the troubled Indian equivalent of online fashion retailer, Asos."},{"_id":"P6RTIFPBKJHPRG5ZX2WYHAWYVY","additional_properties":{"_id":1724759084969},"type":"text","content":"Alli has another claim to rarity. He’s a longtime Labour supporter, joining at the behest of his friend and neighbour, Emily Thornberry. That marks him down in Labour eyes as someone worth cultivating, for there are few City and media success stories who are publicly allied to the party."},{"owner":{"sponsored":false,"id":"thenational"},"copyright":"2017 Getty Images","address":{"locality":"Dublin","country_name":"IRL"},"syndication":{},"auth":{"1":"98bdb542584594a5b1c564f75e5ffa8fa47572bcffdf95a63b141874661d2ecf"},"caption":"Bob Geldof was a co-founder with Waheed Alli of TV production company Planet 24. 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The Tories attracted more heavy hitters from commerce. They still do."},{"_id":"4IPIJ7RPINHDFJMYRS7WWIX6D4","additional_properties":{"_id":1724759084970},"type":"text","content":"Alli was not only Labour but he was “cool”. A snappy, colourful dresser and naturally gregarious, he was synonymous with TV programmes that reached out to youth. In 1998 he was the youngest, and first openly gay, member of the House of Lords."},{"level":2,"_id":"CF7FP66L4JD3VDOX72A2ROMIBA","additional_properties":{"_id":1724759084971},"type":"header","content":"<b>Mixing with stars</b>"},{"_id":"PU3SDOV5MRDCXLNB6FEBRQKSCQ","additional_properties":{"_id":1724761768505},"type":"text","content":"It should not be underestimated how politicians, even those who hold themselves out as being connected to the zeitgeist, “down with the kids” and on top of the latest trends, aren’t really. They’re serious and nerdy, and very often they’ve led academically studious, sheltered lives."},{"_id":"HGBIJSJXVNAGRJUDO4VTK4H3AU","additional_properties":{"_id":1724759084972},"type":"text","content":"The non-university-educated Alli introduced them to a subculture where they feared to tread – youth or more popularly, “yoof”. Even Blair and the likes of Peter Mandelson, for all their pretensions at being up with current fashion, looked fuddy duddy alongside Alli."},{"_id":"UVVQKTTBR5DNTJ7JRHJKFHSYLM","additional_properties":{"_id":1724759084973},"type":"text","content":"It’s also a difficult age group for political electioneers to crack. Smooth-talking, confident Londoner Alli provided that elusive connection."},{"_id":"TN43RGRMN5CLZK4Y2575HHO76M","additional_properties":{"_id":1724759084974},"type":"text","content":"He had money as well, and was fond of holding lavish parties, mixing politicos with TV stars and business figures. An invitation to one of his bashes was considered a hot ticket."},{"copyright":"Copyright (c) 1995 Shutterstock. No use without permission.","syndication":{},"auth":{"1":"eabb4eef6d693f3d6a64d8c27093f2de5ef8706cada661718f7d941ae5ae9fd4"},"caption":"Alli's Planet 24 made hit, ground-breaking TV including The Word. 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He never deserted the party, even during tough times, active on the Labour benches in the Lords and playing a key role in fund-raising. Once <a href=\"https://www.thenationalnews.com/tags/keir-starmer/\" target=\"_blank\">Keir Starmer</a> became leader and ousted the left, Alli stepped up. 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