John Cumming, client manager, looks at the top stories for the week ahead.
In many ways, this coming week feels like the final line of a chapter we’ve been reading for a while. This time next week, Donald Trump will be sworn back into office in the White House, meaning all bets will be off when it comes to accepted economic, diplomatic and international political norms.
Political norms are being upset at home too, with Reform UK continuing to disrupt Scotland’s political scene as voters eye a parliamentary election at Holyrood next year. The FT reports that Nigel Farage’s strategy in Scotland has a focus on energy policy, criticising the current pursuit of net zero and its failure to lower energy bills.
The UK economy seems to be heading into its own phase of turmoil again, with the cost of borrowing getting close to a 16-year high, putting pressure on the Labour government to increase taxes or cut spending. The chancellor’s growth-pursuing trip to China has received a mixed response back home, with many questioning whether £600m of Chinese investment over five years is worth the associated security risks.
The prime minister also has his mind on growth, looking to artificial intelligence as a way to increase economic activity and improve living standards. Published today, Keir Starmer’s ‘AI Opportunities Action Plan’ is backed by major technology companies and seeks to make Britain a world leader in the use of AI.
In brief - Scotland's economy and business
An exclusive in The Scotsman this morning has Ineos chairman Sir Jim Ratcliffebemoaning the deindustrialisation of Britain, due to high energy prices and carbon taxes, following the closure of the synthetic ethanol plant at Grangemouth. Ineos has called on the UK government to rethink its energy policy and develop an approach “that provides globally competitive pricing of natural gas and hydrogen” as the country works to achieve net zero.
The Herald has reported on calls from campaigners for the Scottish Housing Regulator to be scrapped after its chief executive, Michael Cameron, said that the ongoing housing emergency was “beyond [its] scope”. Scottish local authorities apparently breached the law more than 19,000 times over the past six years when they failed to provide adequate emergency accommodation for people facing homelessness.
The long-awaited ferry, MV Glen Sannox, officially enters service this morning. STV News notes that the original contract price for the Glen Sannox and its sister ferry, the Glen Rosa, was £97m, but the final bill was in excess of £400m, with the ship delivered six-and-a-half years late.
Another piece in The Scotsman this morning highlights the financial challenges facing Scotland’s colleges. It reports that three institutions received loans from the Scottish Funding Council to ensure their ongoing “sustainability”. The support provided to UHI Moray, UHI Shetland and UHI North, West and Hebrides totalled over £8.3m.
OpinioNation - columns of interest
Writing for The Scotsman, Maksym Vishchyk and Jeremy Pizzi, legal advisors to Global Rights Compliance, argue that abandoning Ukraine would create a precedent for states taking territory by force, undermining the international legal principles which help to prevent such action. They argue that reducing aid for Ukraine would embolden aggressors, destabilise global security, and increase the likelihood of future wars.
Yesterday’s edition of The FT View discussed China’s growing dominance in the global green energy market, with estimates suggesting that 60% of all renewable energy capacity installed over the next five years will come from China. This poses two big risks for Western businesses and governments as a result of their inability to compete with China’s price advantage, and the security risk which could emerge as a result of Chinese technology being embedded within critical infrastructure and electric vehicles. The FT’s editorial board advocates for “cautious cooperation” with Beijing to meet our net zero ambitions.
In a piece for The Times, Tom Calver challenges the assertion that January is the most miserable month of the year. He cites research which tracked levels of happiness, sadness and stress between 2022 and 2024. This showed that while people are most content in June and July, January ranks number seven in the list of happiest months, with February and March ranking bottom. Calver also notes that humans are fairly resilient to external factors, with day-to-day issues like our bank balance having a more direct impact on our mood.
The week ahead - fill your diary with key events
Monday
- AI: The prime minister will unveil the government’s AI opportunities action plan
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House of Commons
- Home office ministers take questions from MPs
- Defence committee statement on its AI report
- General debate on hospice and palliative care led by Lib Dem MP Paul Kohler
- MPs to vote on request to replace Julie Minns with Mike Reader as a member of the energy security and net zero committee
- House of Lords
- Peers to debate national insurance contributions in the charity sector
- US: President Biden to deliver his final foreign policy speech before leaving office
Tuesday
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House of Commons:
- MPs to question foreign office ministers
- Leader of the house, Lucy Powell, to be questioned by the standards committee on MPs outside interests
- Holyrood
- Ministerial statement on the winter heating payment
- Scottish Government debate on the culture sector
- MSPs on the health committee to hear evidence from disability charities on assisted dying legislation
- Korea: Yoon Suk Yeol impeachment trial to begin
- Espionage: National archives to release previously confidential MI5 files from between 1929 and 1975
- Pope Francis: first papal autobiography, Hope, to go on sale
Wednesday
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House of Commons:
- PMQs
- Northern Ireland questions
- MPs to debate the private school VAT bill
- Ed Miliband to appear before the energy security and net zero committee
- Holyrood:
- Scottish secretary Ian Murray to appear before the economy and fair work committee discussing city region and regional growth deals
- Kate Forbes and Shona Robison to take questions from MSPs in the chamber
- Kenny Gibson to lead a members’ debate on compensation for the WASPI women
- Peers to discuss foreign donations to UK political parties
- House of Lords
- Court: Hearing at the Court of Session in Edinburgh on whether the decision to scrap the universal winter fuel payment was unlawful
- White House: President Biden to deliver his farewell address from the oval office
Thursday
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Scottish Parliament
- FMQs
- Net zero, energy and transport questions
- Tim Eagle to lead a debate on access to health and social care in rural Scotland
- Economy: Monthly GDP estimate
- Scottish business: Weighted Scotland estimates published following the latest Business Insights and Conditions Survey, with data on turnover, workforce, prices, trade and business resilience
- Covid: Former health secretary Matt Hancock to give evidence at the UK covid inquiry
- France: Possible no-confidence vote in the French government
Friday
- Stats: UK retail sales figures published
- Russia: Putin to meet with Iranian president Masoud Pezeshkian in Moscow
Saturday
- Palestine: National protest due to take place in London
- Germany: opening celebrations in Chemnitz for the European Capital of Culture 2025
Sunday
- Trump: President-elect to address supporters at a rally on the eve of his inauguration