As it happened: Thursday's politics

Here's a round-up of today's top stories in politics:

• Theresa May tells business leaders and politicians at the World Economic Forum in Davos that the UK will be a "world leader" on trade
• The head of the International Monetary Fund warns the UK there is still likely to be "pain" ahead as Theresa May prepares to trigger Brexit
• Scotland's Brexit minister says there is "great frustration" over the UK's handling of Brexit 
• Sinn Féin is threatening to pull out of the Joint Ministerial Council over concerns about negotiations for the UK to leave the EU

• Ministers in Wales need to be given confidence their views on Brexit are making a difference, the finance secretary says
• A Conservative-run council wants to raise its tax by 15% in the next financial year, blaming government cuts and increased demand for social care.  

Labour has announced it has chosen its candidate to stand in the Copeland by-election - which was called after Labour MP Jamie Reed announced his resignation.

Councillor Gillian Troughton will stand in the seat - which has been held by Labour since 1935.

Meanwhile Politics Home is reporting that Labour is planning to hold both the Copeland and Stoke-on-Trent Central by-elections on the same day next month, "likely" to be 23 February.

Both contests, in seats currently held by Labour MPs, will be seen as a test of Jeremy Corbyn's leadership. 

BBCCopyright: BBC

Martin McGuinness, former IRA leader turned peacemaker, has confirmed he will not stand in the Northern Ireland Assembly election.

He quit as deputy first minister in a row over a botched green energy scheme, sparking an election on 2 March. 

He had been in the post since entering NI's power-sharing assembly in 2007 with ex-political enemy Ian Paisley. 

 Mr McGuinness, 66, has been ill for a number of weeks and said this was a factor in his decision. 

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PACopyright: PA

Seumas Milne, one of Jeremy Corbyn's closest advisers, will not be returning to the Guardian where he was a columnist and associate editor, the newspaper's staff were told by email.

Editor-in-chief Katharine Viner wrote: 

Quote Message: I'm writing to let you know that, following a period of unpaid leave from Guardian News & Media, Seumas Milne has decided to continue in his role as the Labour Party's strategy and communications director, and is leaving the staff of the Guardian. I would like to thank Seumas for his brilliant Guardian journalism, and we hope he'll write for us again in the future."

I'm writing to let you know that, following a period of unpaid leave from Guardian News & Media, Seumas Milne has decided to continue in his role as the Labour Party's strategy and communications director, and is leaving the staff of the Guardian. I would like to thank Seumas for his brilliant Guardian journalism, and we hope he'll write for us again in the future."

UK's loss might be Ireland's gain, says ambassador Daniel Mulhall.

During her speech to the World Economic Forum in Davos, UK Prime Minister Theresa May said she was pleased that Britain had already started discussions on future trade ties with Australia, New Zealand and India.

She added that countries including China, Brazil, and the Gulf States have already expressed their interest in striking trade deals with the UK.