Johnson should repay north of England voters with private investment – repor
February 15, 2021, 12:18 pm

Johnson should repay north of England voters with private investment – repor

The report cites Nissan’s investment in manufacturing in Sunderland as an example of successful regeneration.

Research argues ministers should create economic ‘big bang’ for area that turned Tory in last election

The prime minister should repay voters in the north of England who lent the Conservatives their vote at the last election by unleashing billions of pounds of private investment, according to a report.

It argues that ministers should aim to harness the “restless radicalism” from those who voted for Brexit in 2016 and the Conservatives in 2019 by creating an economic “big bang”, along the lines of the Thatcherite deregulation of the City in the 1980s which reinforced London’s position as a global financial centre.

The report from the influential rightwing Centre for Policy Studies thinktank is produced with the Northern Research group, a group of Conservative MPs who represent northern England, the Scottish borders and north Wales.

It says the transformation of the north of England from an industrial powerhouse to an area that includes huge deprivation and one of the least productive economies in Europe has led to voters tired of being neglected and ignored. Prescribing a “deluge of private sector investment” in the north, both from Britain and overseas, would match the special treatment awarded to the south-east for generations.

Citing Nissan’s investment in manufacturing in Sunderland as an example of one of the UK’s most successful examples of regeneration, the report’s authors argue that a formula of colossal private investment supported and enabled by government is the solution for replicating it.

Recommendations to make the north “one of the most investable places on the planet” include cash incentives for major investors and creating a new northern infrastructure bond aimed at global investors. An example given is encouraging investment into new giga-factories, which would help make northern England the “natural home for the Green Industrial Revolution”, the report argues.

All projects funded through the new national infrastructure bank, which is to be based in the north, should prioritise private sector investment, the paper, which is partly funded by Lloyds Banking Group, says.

The report also advocates slashing red tape to allow automatic approval for planning applications that create more than 100 permanent new jobs in the north and a fast-track process for investors planning to put £20m into the local economy, or whose investment will create more than 250 jobs.

The report, co-authored by Jake Berry MP, a former northern powerhouse minister and Nick King, a former adviser to Sajid Javid, calls for a new northern growth board to advise and help steer investment.

Berry, the chair of the Northern Research Group, said the prime minister needed to recognise that the millions of northern voters who broke tradition to vote for the Conservatives at the last election were not just voting for Brexit, but to “voice the systemic disadvantages felt in many communities that were tired of being neglected in favour of London and the south-east”.

“The measures we have put forward will help the prime minister and this government to ‘level up’ the economy and help make the north build back better as one of the most investable places in modern times”, he said.

The paper points out that public investment is heavily tilted towards regions which are already thriving. King, a research fellow at the Centre for Policy Studies, said the government had already taken steps to invest in infrastructure but that only the private sector could bring the scale of investment and dynamism that the north needed.

“There is a huge amount of domestic and global capital ready to be invested. Our recommendations are designed to make the north of England one of the most investable places on the planet and to unleash this capital through a northern ‘big bang’,” he said.

source: Reuters

Levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.