Myth of Scottish exceptionalism is why mediocrity reigns supreme
Myopia of this sort is common and hardly confined to Scotland, even if we suffer it acutely. Sometimes, however, one gains the sense that Scotland remains a land whose spirit animal is Private Frazer. 'We're doomed', for sure but — and this is important — we are more surely doomed than folk elsewhere who may be doomed themselves. What's more, we deserve it.
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Times
7 minutes ago
- Times
Britain is missing its chance to divert investment from America
The uncertainty around the US economy created by President Trump's trade war and his domestic agenda should be a golden opportunity for the UK to attract more international capital. John Flint, the outgoing chief executive of Britain's National Wealth Fund, which has been capitalised with £28 billion to help accelerate private investment into the UK's clean energy and growth industries, told MPs last week: 'The world has got very strange in the last few months. The UK looks good right now on a relative or comparative basis. 'There is a government with a big majority, institutions that work, respect for the rule of law … The biggest consumer of capital internationally [America] is on a different track right now. We have a window and a moment where we can appear to be different.' However, the view among some powerful Wall Street investors is that while more opportunities for investing outside the US would be welcome, the UK government hasn't given them any good reason to deploy their capital. As one Wall Street executive told me: 'I think the UK has really significant challenges. It's not leading in enough places to attract capital. It doesn't have the innovation engine going and it has other structural challenges still lingering: inflation, very sluggish growth, very high social spend. 'They've got an entitlements problem, just like we have an entitlements problem. But we have a more innovative, dynamic economy. I don't see a real plan. And they're chasing away capital, not attracting capital.' Flint, who is due to leave his role in August, told MPs that the UK does not yet have a list of investable projects ready to present to prospective investors. When asked how long it would take to create the list, he said: 'I cannot give you an answer, because it depends on so many different factors. Planning is one of them, which I know the government are reforming.' Meanwhile, the government has no apparent plan to stop the decline in UK-listed growth companies. Overseas takeovers of UK-listed companies have accelerated, while those companies have not been replaced with new listings. Worryingly, it was revealed last week that Sir Pascal Soriot, chief executive of AstraZeneca, Britain's most valuable public company, would like to move its stock market listing to the United States. The government's series of U-turns and the rebellion within the Labour Party over welfare reforms have not helped improve the UK's image to global investors, instead raising questions about the government's ability to manage spending. The uproar on Wall Street over Trump's 'liberation day' tariffs in April raised hopes elsewhere that Europe could reverse the increase in global inflows to the US since the pandemic. The US received 41 per cent of global gross capital inflows in 2022-23, the highest share of any country and nearly double its pre-pandemic share of 23 per cent, according to the US Council of Economic Advisers. So far this year, outflows from US equity funds have more than doubled to nearly $87 billion, while more than $100 billion has flowed into European equity funds — up threefold on the same period last year, analysis from LSEG's Lipper Fund research database showed. However, Wall Street is warning that the minor reallocation of capital from the US at the start of the year could be coming to an end as the early impact of Trump's tariffs is less severe than feared. Stuart Kaiser, Citi's head of US equity trading strategy, said: 'There was a period of probably six out of nine weeks where you saw net selling of US ETFs [exchange-traded funds] and long-term mutual funds. So I think the initial shock of the tariff headlines did hurt consumer sentiment and did hurt investor sentiment, but it does also feel like those investors are kind of re-engaging back in.' The UK cannot only rely on America's problems alone to attract more investment. Policymakers need to come up with a catalyst to entice more investment away from the US. Louisa Clarence-Smith is US Business Editor of The Times
Times
an hour ago
- Times
Macron state visit: King and Queen welcome French president — watch live
President Macron and his wife Brigitte have arrived at Westminster Abbey as part of their state visit to the UK. The pair were flanked by security guards as they were met at the entrance gates by representatives from the Anglican church. The French president is viewing the Tomb of the Unknown Warrior, whose body was brought from France to be buried at the Abbey in 1920. Macron laid a wreath next to the tomb and a prayer was read out remembering all those who have given their lives for their country in wars. After enjoying a private lunch in the castle's state dining room, the King and Queen escorted their guests into the green drawing room of Windsor Castle. Among the items laid out for President Macron and his wife, Brigitte, was a bottle of Louis XIII Cognac in a Baccarat Crystal decanter, as served to King George VI and Queen Elizabeth during the July 1938 state visit, and later to Queen Elizabeth II in April 1957. 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The Macrons received the warmest and most tactile of welcomes from the royal family, who swapped kisses and affectionate pats on the arm as they greeted one another on the royal dais in Windsor. The King kissed Brigitte Macron on the hand, while President Macron kissed the Queen's hand. At one point Camilla appeared to imitate riding a horse, which made Mrs Macron laugh. Camilla kissed her step son Prince William and his wife the Princess of Wales on the cheek. The King and Queen have arrived at a dias on Datchet Road, Windsor, where they await the arrival of President Macron and his wife Brigitte. 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Kate was wearing an outfit from French fashion house Christian Dior and a hat by Jess Collett. Her earrings belonged to Diana, Princess of Wales, and the pearl necklace was from the late Queen's collection. The Christian Dior jacket is the 30 Montaigne Rose Des Vents Bar Jacket and a piece from the 2024 collection. It was reimagined by Maria Grazia Chiuri, who was inspired by the original first created in 1947 by Christian Dior himself. President Macron and his wife, Brigitte, have arrived in the UK for the first French state visit since 2008 and the first by the head of a European Union country since Brexit. At the start of the three-day tour, the Macrons were greeted at RAF Northolt by the Prince and Princess of Wales. They will travel to Windsor where they will join the King and Queen for a carriage procession through the streets.
The Independent
an hour ago
- The Independent
Emmanuel Macron kisses Princess Kate's hand as he arrives in UK for state visit
Watch as Emmanuel Macron kisses Princess Kate's hand after arriving in the UK for his three-day state visit. Landing at RAF Northolt, the French president and his wife Bridgette kicked off their visit on Tuesday (8 July) where they were greeted by the future king and queen. Mr Macron warmly shook Prince William 's hand, holding it firmly as they chatted, before taking Princess Kate's hand and planting a kiss on it. William and Kate then accompanied the couple to Windsor in a 14-mile car journey, where King Charles and Queen Camilla were waiting for the full ceremonial welcome.
