Opinionomics: Cream of the commentators

The best of the blogs and op-eds from this morning and last night

1. Will there be a British Business Bank? (BBC)

Following the leak of Vince Cable's letter to the Chancellor, and the Treasury acknowledging that he was overruled, Robert Peston asks, "what is the state of play on the government's ambition to correct the perceived lack of credit for small and medium-sized businesses?"

2. Recalculating Romney’s Four Percent Gimmick (The Cato Institute)

Christopher Preble takes a look, from a hard-libertarian angle, at Mitt Romney's promise to spend 4 per cent of GDP on the military.

3. Can Matter succeed? (Reuters)

Felix Salmond looks at innovative new journalism startup Matter, and debates whether or not it has a chance.

4. Knights, damsels, and tax-advantaged debt buybacks (FT alphaville)

Lisa Pollack explains exactly what the dodgy tax deal that sparked Barclay's wrist-slapping from HMRC involved, saying, "It’s as if the Knights dressed up as Damsels and rescued themselves."

5. Scale models (Free Exchange)

The Economist explains the importance of transport costs and returns to scale in looking at where future economic activity is likely to end up.

Vince Cable arrives for a cabinet meeting. Credit: Getty Images

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

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Lord Sainsbury pulls funding from Progress and other political causes

The longstanding Labour donor will no longer fund party political causes. 

Centrist Labour MPs face a funding gap for their ideas after the longstanding Labour donor Lord Sainsbury announced he will stop financing party political causes.

Sainsbury, who served as a New Labour minister and also donated to the Liberal Democrats, is instead concentrating on charitable causes. 

Lord Sainsbury funded the centrist organisation Progress, dubbed the “original Blairite pressure group”, which was founded in mid Nineties and provided the intellectual underpinnings of New Labour.

The former supermarket boss is understood to still fund Policy Network, an international thinktank headed by New Labour veteran Peter Mandelson.

He has also funded the Remain campaign group Britain Stronger in Europe. The latter reinvented itself as Open Britain after the Leave vote, and has campaigned for a softer Brexit. Its supporters include former Lib Dem leader Nick Clegg and Labour's Chuka Umunna, and it now relies on grassroots funding.

Sainsbury said he wished to “hand the baton on to a new generation of donors” who supported progressive politics. 

Progress director Richard Angell said: “Progress is extremely grateful to Lord Sainsbury for the funding he has provided for over two decades. We always knew it would not last forever.”

The organisation has raised a third of its funding target from other donors, but is now appealing for financial support from Labour supporters. Its aims include “stopping a hard-left take over” of the Labour party and “renewing the ideas of the centre-left”. 

Julia Rampen is the digital news editor of the New Statesman (previously editor of The Staggers, The New Statesman's online rolling politics blog). She has also been deputy editor at Mirror Money Online and has worked as a financial journalist for several trade magazines. 

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