Britain celebrates (Japanese) state investment

It seems like everyone is investing in British infrastructure except for the British government

Duncan Wheldon at the TUC points out something:

David Cameron has arranged for a state-backed lender to step into the breach and help finance infrastructure projects, including wind farms, in the UK to the tune of ‘billions of pounds’.

The state-backed lender is the Japanese Bank for International Cooperation.

Given that the UK’s own Green Investment Bank is currently limited to £3bn it is perfectly possible that the UK’s green industries will recieve more funding form the Japanese state than the British one. This strikes me as an odd development.

None of this is new, of course. Foreign investment banks have been buying up British industry for years. As I wrote at Left Foot Forward, the China Investment Corporation now owns 9 per cent of Thames Water, and Abu Dhabi owns another 10 per cent:

With Thames Water now almost a fifth owned by foreign governments, and vast amounts of foreign state ownership in other public infrastructure companies from trains (Arriva) to postal services (DHL) and energy (EDF), the government will have an increasingly hard line justifying its long-held belief that private companies are inherently more efficient than state-owned ones.

Indeed, with the opening of the London-Frankfurt line in 2015, Deutsche Bahn will be operating on British soil under its own name for the first time.

Britain is finally getting a start on investing in our own infrastructure, rather than waiting for others to do it for us. As Joe Manning wrote yesterday, London boroughs aren't waiting for central government to get started, pooling their resources to get a better return for their money and improve the city with one move. It makes sense:

Pension funds have long time horizons. This means that they are well placed to invest in the infrastructure that is crucial to economic growth but will not realise immediate returns, such as new transport connections. In fact, there is a near perfect match between pension funds' appetite for long term assets and the need for long term financing of infrastructure.

Or we could do nothing. That seems like a popular plan.

A French wind turbine. Ours are Japanese. Credit: AFP

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

Photo: Getty
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Which CLPs are nominating who in the 2016 Labour leadership contest?

The race now moves onto supporting nominations from constituency Labour parties: who will emerge the strongest?

Jeremy Corbyn, the sitting Labour leader, has been challenged by Owen Smith, the MP for Pontypridd. Now that both are on the ballot, constituency Labour parties (CLPs) can give supporting nominations. Although they have no direct consequence on the race, they provide an early indication of how the candidates are doing in the country at large. While CLP meetings are suspended for the duration of the contest, they can meet to plan campaign sessions, prepare for by-elections, and to issue supporting nominations. 

Scottish local parties are organised around Holyrood constituencies, not Westminster constituencies. Some Westminster parties are amalgamated - where they have nominated as a bloc, we have counted them as their seperate constituencies, with the exception of Northern Ireland, where Labour does not stand candidates. To avoid confusion, constitutencies with dual language names are listed in square [] brackets. If the constituency party nominated in last year's leadership race, that preference is indicated in italics.  In addition, we have listed the endorsements of trade unions and other affliates alongside the candidates' names.

Jeremy Corbyn (8)

Clwyd West (did not nominate in 2015)

Folkestone & Hythe (nominated Andy Burnham in 2015)

Lancaster & Fleetwood (nominated Andy Burnham in 2015)

Liverpool West Derby (nominated Andy Burnham in 2015)

Leeds North West (nominated Jeremy Corbyn in 2015)

Milton Keynes North (did not nominate in 2015)

Milton Keynes South (did not nominate in 2015)

Reigate (nominated Yvette Cooper in 2015)

Owen Smith (2)

Richmond Park (nominated Jeremy Corbyn in 2015)

Westminster North (nominated Yvette Coooper in 2015)