Author: admin

  • PRESS RELEASE : Romford builder banned for Covid loan abuse agrees to repay money he should never have claimed [April 2025]

    PRESS RELEASE : Romford builder banned for Covid loan abuse agrees to repay money he should never have claimed [April 2025]

    The press release issued by the Insolvency Service on 29 April 2025.

    Construction director previously disqualified as a director signs compensation agreement.

    • Ioan Marcu overstated his company’s turnover to receive £50,000 in Bounce Back Loan funds when he was only entitled to little more than £11,000
    • Marcu was handed a decade-long director ban for his misconduct following Insolvency Service investigations
    • The 38-year-old has now signed a formal document in which he agrees to repay the money he secured

    A builder who was disqualified as a company director for Covid loan abuse has now agreed to repay all the money the company was not entitled to claim.

    Ioan Marcu inflated his Imbusi Ltd company’s turnover to receive a £50,000 Bounce Back Loan in 2020, the maximum allowed under the scheme.

    Marcu was disqualified as a director for 10 years in January 2025 following Insolvency Service investigations.

    The 38-year-old, of Lindfield Road, Romford, has now signed an agreement committing him to repay more than £38,000 – the total amount the company should never have received.

    Ann Oliver, Chief Investigator at the Insolvency Service, said:

    Ioan Marcu significantly overstated his company’s turnover in order to receive the maximum amount of money businesses were entitled to under the Bounce Back Loan Scheme.

    This was clearly an inaccurate declaration which has resulted in him being banned as a director until the start of 2035.

    Marcu has now signed a compensation undertaking which legally requires him to pay back all the public money the company should never have received in the first place.

    Imbusi was incorporated in August 2014 with Marcu as its sole director.

    Marcu applied to the bank for the £50,000 Bounce Back Loan in July 2020, claiming Imbusi’s turnover was £280,000 – an over-estimate of more than £230,000.

    Insolvency Service analysis of Imbusi’s accounts revealed the company was only entitled to a loan of £11,451.

    The Secretary of State for Business and Trade accepted a compensation undertaking from Marcu on Thursday 24 April, in which he has agreed to repay £38,549 in monthly instalments.

    His disqualification undertaking prevents him from being involved in the promotion, formation or management of a company, without the permission of the court.

    Imbusi went into liquidation in July 2022 with liabilities of more than £63,000.

    Further information

    • Ioan Marcu is of Lindfield Road, Romford. His date of birth is 6 January 1987
  • PRESS RELEASE : Joint statement on the Withdrawal Agreement Joint Committee [April 2025]

    PRESS RELEASE : Joint statement on the Withdrawal Agreement Joint Committee [April 2025]

    The press release issued by the Cabinet Office on 29 April 2025.

    Joint statement by the co-chairs of the Withdrawal Agreement Joint Committee, Minister for the Cabinet Office, the Rt Hon Nick Thomas-Symonds MP and the European Commissioner Maroš Šefčovič, 29 April 2025 :

    The United Kingdom (UK) and European Union (EU) today held a meeting of the Withdrawal Agreement Joint Committee in London. The Joint Committee co-chairs took note of the state of play of the implementation of the Withdrawal Agreement since the last meeting on 16 May 2024, renewing the EU and UK’s shared commitment to the full, timely, and faithful implementation of the Agreement in all its parts.

    The co-chairs reiterated that citizens’ rights are a key joint priority. In that spirit, the co-chairs warmly welcomed the legislative step taken by the UK Government relating to legal clarity for EU citizens with status under the EU Settlement Scheme and look forward to its practical application. They highlighted the importance of ensuring a smooth transition for citizens from temporary to permanent residence over the course of the next two years. The co-chairs agreed to further strengthen their ongoing cooperation on all citizens’ rights issues to ensure that all citizens who are beneficiaries of the Withdrawal Agreement can fully enjoy their rights now and in the future.

    The co-chairs recalled the importance they attach to the full, timely, and faithful implementation of the Windsor Framework for the benefit of people and businesses in Northern Ireland, while continuing to avoid a hard border on the island of Ireland and ensuring the protection of the EU Single Market, to which Northern Ireland has a unique access, and the integrity of the UK’s Internal Market.

    They noted the considerable work undertaken to date in the implementation of the Windsor Framework, having delivered benefits across areas, including on agri-foods, trade, VAT and excise, and engagement with stakeholders. They recalled specifically that, since the last Withdrawal Agreement Joint Committee, the arrangements for human medicines had started applying effective from 1 January 2025. At the meeting today, they also completed important work on safeguards allowing new customs facilitations on parcels and freight to take effect on 1 May 2025.

    They reiterated their unwavering commitment to stepping up the work for the full delivery of safeguards underpinning the facilitations, in particular in the agri-food area.

    The co-chairs welcomed the Joint Committee newly adopted decisions on the implementation of the Windsor Framework. Finally, they adopted the Withdrawal Agreement Joint Committee Annual Report for the year 2024.

    The co-chairs agreed to continue working in a spirit of mutual trust and remain in very close contact to achieve full delivery of the Withdrawal Agreement and to strengthen bilateral relations in view of the UK-EU Summit on 19 May 2025.

  • NEWS STORY : UK Urges Guinea to Uphold Human Rights and Democratic Commitments

    NEWS STORY : UK Urges Guinea to Uphold Human Rights and Democratic Commitments

    STORY

    At the United Nations Human Rights Council, the United Kingdom has called on Guinea to honour its commitment to hold presidential elections by the end of 2025 and to implement reforms that uphold human rights and democratic principles.​ Delivering the UK’s statement during Guinea’s Universal Periodic Review (UPR), Eleanor Sanders, the UK’s Ambassador for Human Rights to the UN, acknowledged Guinea’s efforts to protect human rights and welcomed steps taken towards restoring constitutional order. However, she emphasised the necessity for Guinea to take urgent action to address corruption within the judiciary and public administration, ensuring adherence to international standards.​

    Highlighting concerns over freedom of expression, Sanders urged the Guinean government to decriminalise peaceful demonstrations and lift the ban on mainstream private media. Such measures, she noted, would strengthen legal protections for journalists, the media, and civil society.​

    The UK presented three key recommendations for Guinea:​

    – Ensure that the electoral processes in 2025 are credible, including the constitutional referendum in September and subsequent local, legislative, and presidential elections.​

    – Promote freedom of expression by decriminalising defamation, lifting bans on private media channels, and permitting peaceful public demonstrations.​

    – Take immediate steps to combat corruption in the judiciary and public administration, upholding due process in line with international standards.​

    The UK’s statement underscores its stated commitment to supporting Guinea in its journey towards democratic governance and the protection of human rights.

  • PRESS RELEASE : Universal Periodic Review 49 – UK Statement on Guinea [April 2025]

    PRESS RELEASE : Universal Periodic Review 49 – UK Statement on Guinea [April 2025]

    The press release issued by the Foreign Office on 29 April 2025.

    Statement by the UK’s Ambassador for Human Rights to the UN, Eleanor Sanders, at Guinea’s Universal Periodic Review at the Human Rights Council in Geneva.

    Thank you, Madame Vice President.

    We thank the Guinean delegation for setting out its efforts to protect human rights. And we welcome the steps taken to return to constitutional order. Presidential elections must be held by the end of 2025, as committed to by President Doumbouya.

    Guinea must also take urgent action to tackle corruption in the judiciary and public administration, ensuring that international standards are upheld.

    Freedom of expression and media freedom are vital. We urge the Government to decriminalise peaceful demonstration and lift the ban on mainstream private media. This will, in turn, strengthen legal protection for journalists, the media and civil society.

    Steps should also be taken to tackle all forms of discrimination and inequality including against minority groups.

    We recommend that Guinea:

    Ensure electoral processes in 2025 are credible, including during September’s referendum on the constitution; and local, legislative and presidential elections

    Promote freedom of expression by decriminalising defamation, lifting the ban on private media channels and allowing peaceful public demonstrations.

    Take urgent action to tackle corruption in the judiciary and public administration, upholding due process in line with international standards.

    Thank you.

  • PRESS RELEASE : New appointments to Financial Conduct Authority board announced [April 2025]

    PRESS RELEASE : New appointments to Financial Conduct Authority board announced [April 2025]

    The press release issued by HM Treasury on 29 April 2025.

    The Chancellor of the Exchequer Rachel Reeves has today confirmed that Julia Black, Anita Kimber, John Ball and Stéphane Malrait have been appointed as Non–Executive Directors to the Board of the Financial Conduct Authority (FCA). The Chancellor also confirms a one-year extension of Richard Lloyd’s second term as a Non-Executive Director on the FCA Board.

    Julia Black and Anita Kimber will commence their terms on 12 May 2025, John Ball on 27 May 2025, whilst Stéphane Malrait will join later in the year on 20 October 2025. They will each serve an initial three-year term. Richard Lloyd’s second term has been extended and will now conclude on 31 March 2026.

    Julia Black is a former External Member of the Prudential Regulation Committee. Julia is a highly accomplished academic in the field of law and financial regulation and has advised policy makers, consumer bodies, and regulators on issues of regulatory strategy and design in the UK and internationally.

    Anita Kimber is a former Partner at EY who has also led large practices at PwC and IBM. Anita is experienced in leading transformation programmes across technology, data and analytics combined with customer insight and user experience focused teams. Anita’s experience is closely aligned with regulatory compliance for banks and other financial services institutions, including a secondment and a permanent appointment at Nationwide Building Society.

    John Ball is a former Global MD, Pensions Practice for Willis Towers Watson where he enjoyed a near 40 year career. He has extensive change management experience and broader board experience across several WTW subsidiary boards and committees. The FCA Board will benefit from John’s deep pensions expertise.

    Stéphane Malrait is a former Managing Director and Global Head of market structure and innovation for Financial Markets at ING Bank. Stéphane has operated in large, complex organisations internationally, including in the US, France, and the UK. He will bring experience of governance across different entities including non-executive board experience with industry associations and fintech companies.

    Richard Lloyd is a distinguished member of the Financial Conduct Authority (FCA) Board, bringing a wealth of experience from his extensive career in consumer rights and public policy. He previously held significant roles, including serving as the Executive Director of Which?, where he championed consumer interests and advocated for fairer markets. Notably, Richard served effectively as the interim Chair of the FCA Board from June 2022 until February 2023, demonstrating strong leadership and a steadfast commitment to the organisation’s objectives.

    Chancellor of the Exchequer, Rachel Reeves, said:

    The FCA have been crucial in supporting the government’s efforts to reform regulation in order to better support growth and I am pleased to announce the appointments of Julia Black, Anita Kimber, John Ball and Stéphane Malrait to the FCA Board and the extension of Richard Lloyd for an additional year.

    All five individuals bring extensive financial services experience to the Board and will help the FCA go further and faster to deliver on this government’s Plan for Change.

    Chair of the FCA Board Ashely Alder, said:

    I’m delighted to welcome Julia, Anita, John and Stéphane to the FCA board. Together, they bring a wealth of experience and insight across the financial services sector. I look forward to working with them as we deliver our ambitious new 5-year strategy.

    I’d also like to congratulate Richard Lloyd on the extension of his second term, which ensures we continue to benefit from his invaluable counsel in the months ahead.

    About the Financial Conduct Authority

    The Financial Conduct Authority (FCA) is the conduct regulator for the UK’s financial services firms and markets. It is responsible for the conduct of around 42,000 businesses and sets the specific prudential standards for roughly 17,000 firms.

    It has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers. Its secondary objective is to facilitate the international competitiveness of the UK economy, and its growth in the medium to long-term.

    About the appointment process

    Julia Black, Anita Kimber, John Ball and Stéphane Malrait have been appointed by the Chancellor following a fair and open recruitment process run by HM Treasury. All appointments are subject to vetting and security clearances currently in progress.

    The Treasury is committed to appointing a diverse range of people to public appointments, including at the Financial Conduct Authority. The Treasury continues to take active steps to attract the broadest range of suitable applicants for posts.

    Appointments to the FCA Board are regulated by the Office of the Commissioner for Public Appointments. Julia Black, Anita Kimber, John Ball and Stéphane Malrait have not engaged in any political activity in the last five years.

  • PRESS RELEASE : Putin’s latest announcement for a temporary ceasefire rings hollow while Russia’s brutality continues – UK statement at the UN Security Council [April 2025]

    PRESS RELEASE : Putin’s latest announcement for a temporary ceasefire rings hollow while Russia’s brutality continues – UK statement at the UN Security Council [April 2025]

    The press release issued by the Foreign Office on 29 April 2025.

    Statement by Lord Collins of Highbury, Minister for Africa and the UN, at the UN Security Council meeting on Ukraine.

    Since Russia’s invasion over three years ago, this Council has met many times to discuss the death, destruction and misery Russia unleashed on Ukrainians.

    It has displaced over three and a half million people within the country, and almost seven million have sought refuge abroad leaving over a third of the population in dire need of humanitarian help.

    And its consequences have been felt far beyond Ukraine too, sending food and energy prices soaring which has hit the most vulnerable around the world the hardest.

    We welcome the US’s efforts to end this war, yet it is impossible not to reflect on the sheer scale of the crisis – including the shocking attack on Kryvyi Rih in which 20 people were killed earlier this month.

    Nine children lost their lives that day, and the UN reported that this was the largest number of children killed in a single strike since the start of the invasion.

    Civilian casualties have increased by 50% since February and over 10,000 missiles and drones have been fired into Ukraine since the start of the war.

    Such brutality has, sadly, continued – from the revolting strike in Sumy on Palm Sunday to the missiles raining upon Kharkiv and Kyiv, we do not need more evidence to prove that Putin is not serious about peace.

    Putin’s latest announcement for a temporary ceasefire, yet again, rings hollow.

    We need only look to the 30-hour pause in fighting over Easter as an example, during which there was no indication that a ceasefire on the frontline was observed.

    President, I think we can all see through this pretence.

    Russia must declare a ceasefire now.

    Not in a day, not in a week. Ukraine stands ready to go the whole way – a durable and full ceasefire – right now.

    So why wait? Why only for 72 hours?

    If Putin were truly serious, he would agree today to an immediate, full and unconditional ceasefire, just as Ukraine has done – not simply announce a short pause from May 8th.

    But Putin chooses not to.

    Compare that to Ukraine, which agreed to the US ceasefire proposal over 40 days ago.

    Make no mistake – the United Kingdom’s commitment to peace is clear.

    As is the United Kingdom’s commitment to stand by Ukraine in the face of Russian aggression.

    Together, with our allies and partners, we must continue to work with Ukraine and speak up with one voice in Ukraine’s support.

    Because that remains the best way of achieving a just and sustainable end to Putin’s selfish war.

  • NEWS STORY : UK Urges Renewed Commitment to Two-State Solution at UN Security Council​

    NEWS STORY : UK Urges Renewed Commitment to Two-State Solution at UN Security Council​

    STORY

    The United Kingdom has called for a reinvigorated international effort to achieve a two-state solution between Israel and Palestine, emphasising the urgent need for a ceasefire in Gaza and the restoration of humanitarian aid. Speaking at the United Nations Security Council, Lord Collins of Highbury, Minister for Africa and the UN, condemned the ongoing humanitarian crisis in Gaza, highlighting that Israeli restrictions have led to severe shortages of food and medical supplies. He noted that the World Food Programme’s announcement of depleted food stocks underscores the dire situation faced by Palestinian civilians, including over a million children.​

    Lord Collins expressed outrage over recent attacks on humanitarian workers and facilities, including the killing of Palestinian Red Crescent staff and a strike on a UN compound on 19 March, which Israel acknowledged was caused by its forces. He urged Israel to conduct full and transparent investigations into these incidents and to reinstate effective measures to prevent such tragedies.​ Reaffirming the UK’s commitment to a two-state solution, Lord Collins stressed the importance of building on the upcoming June conference co-hosted by France and Saudi Arabia. He advocated for the development of credible security and governance plans acceptable to both Israelis and Palestinians, emphasising that Hamas must no longer govern Gaza or pose a threat to Israel. He also highlighted the need to strengthen the Palestinian Authority’s capabilities as central to the future state.​

    In closing, Lord Collins called for seizing the opportunity to build lasting peace across the region, noting progress in Lebanon and Syria, and urging all parties to avoid destabilising actions and adhere to international obligations. The UK’s statement underscores its position that lasting peace and security can only be achieved through a two-state solution, with both Israel and Palestine coexisting peacefully within internationally recognised borders.

  • PRESS RELEASE : We must reinvest in efforts to achieve a two-state solution – UK statement at the UN Security Council [April 2025]

    PRESS RELEASE : We must reinvest in efforts to achieve a two-state solution – UK statement at the UN Security Council [April 2025]

    The press release issued by the Foreign Office on 29 April 2025.

    Statement by Lord Collins of Highbury, Minister for Africa and the UN, at the UN Security Council meeting on the Middle East.

    The human cost on October 7th was horrific. And since that day, the hostages have endured unimaginable cruelty, and Palestinians have faced relentless death and destruction.

    We welcome President Abbas’s call for the hostages to be released, and we echo that call. We also need a return to the ceasefire to end the terrible bloodshed.

    We are deeply concerned by the World Food Programme’s announcement on Friday that its food stocks in Gaza have run out.

    It is unacceptable that Israel has blocked humanitarian support from entering Gaza for nearly two months, meaning that Palestinian civilians, including one million children, are facing starvation, disease and death.

    UN and other workers must be able to deliver life-saving assistance safely, and in line with humanitarian principles.

    We are outraged by recent attacks, including the killing of Palestinian Red Crescent workers and the hit on a UN compound on 19th March. Israel has admitted that this was caused by one of their tanks, despite the compound being known to the IDF as a UN humanitarian facility.

    This is inexcusable.

    We urge Israel to ensure accurate public statements on such grave incidents. It must conduct full and transparent investigations into these incidents, hold those responsible to account and reinstate an effective deconfliction system to prevent such tragedies.

    President, the UK believes that lasting peace and security can only be achieved through a two-state solution.

    And we thank France and Saudi Arabia for their leadership in preparing for the conference in June. We should build on the Arab plan for Gaza’s future and develop credible security and governance plans acceptable to both Israelis and Palestinians. Hamas must no longer govern Gaza or pose a threat to Israel and we should build the capability of the Palestinian Authority, which will be central to a future State.

    Finally, we must seize the opportunity to build lasting peace across the region. There has been important progress in Lebanon, where the government has committed to crucial reforms, and in Syria, with moves towards an inclusive political transition.

    The United Kingdom will continue to support the Lebanese and Syrian people to build on this momentum and we urge all parties to avoid destabilising actions and abide by their international obligations.

    President, a better future in the Middle East is possible.

    To realise it, we must return to a ceasefire in Gaza, reinvest in efforts to achieve a two-state solution and pursue wider normalisation of relationships for the benefit of Palestinians, Israelis, and all those living in the region. I thank you.

  • NEWS STORY : Twelve Arrested in MHRA’s Largest Crackdown on Organised Medicines Trafficking

    NEWS STORY : Twelve Arrested in MHRA’s Largest Crackdown on Organised Medicines Trafficking

    STORY

    In a significant operation on 29 April 2025, twelve individuals were arrested during dawn raids across the West Midlands and Northwest England. This marks the Medicines and Healthcare products Regulatory Agency’s (MHRA) most extensive investigation into organised medicines trafficking to date.​

    The suspects face allegations including participation in an organised crime group, conspiracy to sell or supply controlled drugs and unlicensed medicines, and money laundering. They are currently being held for questioning at various police stations in the regions.​

    The coordinated raids, part of ‘Operation Subaru’, involved approximately 150 officers and targeted 22 residential and commercial properties across Greater Manchester, Staffordshire, Merseyside, and the West Midlands. The operation led to the seizure of hundreds of thousands of doses of medicines—such as opioid painkillers and anti-anxiety drugs—alongside £100,000 in cash, luxury watches, and suspected criminal assets held in cryptocurrency. Additionally, the MHRA secured restraint orders for over £3.5 million in assets believed to be connected to criminal activities.​

    Andy Morling, head of the MHRA’s Criminal Enforcement Unit, stated:​

    “Operation Subaru is the largest investigation we’ve ever undertaken and demonstrates the MHRA’s commitment to protecting the public by dismantling the organised international criminal networks that cause so much harm.”​

  • Rachel Reeves – 2025 Speech at the Innovate Finance Global Summit

    Rachel Reeves – 2025 Speech at the Innovate Finance Global Summit

    The speech made by Rachel Reeves, the Chancellor of the Exchequer, at the Innovate Finance Global Summit held on 29 April 2025.

    Thank you Janine, and good afternoon everyone.

    It’s a pleasure to be here today to mark the 11th year of UK FinTech Week …

    … brought together once again by Innovate Finance…

    …who continue to champion tirelessly our FinTech sector.

    As Chancellor, I’ve always said it’s my job to back the builders…

    … back the wealth creators…

    …and the job creators.

    So my job is to back all of you in this room.

    After all, it’s thanks to your work that the UK is a world leader in FinTech.

    When I was working at the Bank of England 20 years ago…

    …FinTech was in its infancy…

    …an offshoot of financial services…

    …and there was certainly no such thing as FinTech week.

    But times have changed, the industry has changed.

    Last year, the UK’s FinTech sector attracted $3.6 billion of investment – more than any other country bar the US.

    Almost half of Europe’s FinTech unicorns are based here in Britain…

    …and roughly a third of all UK unicorns are FinTechs – a higher share than anywhere else.

    Companies like Allica Bank and Zilch, who were both recently named among the fastest growing companies in Europe by the Financial Times …

    …Or Zopa, for whom 2024 marked another year of extraordinary economic growth.

    Last week when I was in Washington for the IMF Spring Meetings…

    … I spoke to industry, legislators, and policymakers…

    …as well as US firms already operating here in the UK.

    I set out our strengths as an open trading nation with trade links around the world…

    …and as a nation that can provide political and financial stability and certainty to businesses…

    …in an uncertain world.

    The UK has a long history of breaking new ground in Financial Services.

    We were the first country to develop uniform Open Banking standards…

    …and we were one of the first countries to establish a system for near-instant digital payments with the Faster payments system in 2008.

    In my Mansion House speech last year, I published the National Payments Vision…

    … setting out the government’s ambition for seamless account-to-account payments…

    …and demonstrating our commitment to a regulatory environment that cares about managing the burden we put on businesses.

    Something that we will build in with the consolidation of the Payment Systems Regulator into the FCA.

    The UK is Europe’s leading hub for investment…

    …raising more equity capital than the next three European exchanges combined last year.

    I am committed to building on these strong foundations…

    …with an ambitious programme of reforms.

    Last September I chose to extend the UK’s generous venture capital schemes…

    … the Enterprise Investment Scheme and the Venture Capital Trust scheme…

    …which – alongside the Seed Enterprise Investment Scheme – offer generous tax reliefs…

    …in return for investing in British business.

    And we will soon publish the final Pension Investment Review, ahead of the introduction of the Pension Schemes Bill…

    …where we will legislate to unlock up to £80 billion of investment into companies like yours…

    start-up, scale-up, and fast growing businesses.

    …delivering a major consolidation of the Defined Contribution market and the Local Government Pension Scheme…

    …so that pension funds have sufficient scale to invest in growing industries like FinTech.

    I am determined to make sure that the UK remains one of the best places in the world for FinTechs to start-up, scale-up and to list…

    …benefitting from our stable and liquid markets.

    Last July, the FCA implemented a fundamental rewrite of the UK’s Listing Rules, the biggest reforms in a generation.

    These new rules now put the UK in line – or in many cases ahead – of other global markets in giving companies the flexibility to pursue their growth ambitions…

    …backing their aspiration…

    …and allowing them to raise large amounts of capital more easily.

    And for those companies who want to remain private for longer, we are developing the new Private Intermittent Securities and Capital Exchange System – or PISCES…

    …which we will legislate for next month.

    This is a brand new type of stock exchange for trading private company shares…

    …supporting private companies to scale and grow…

    …and providing a steppingstone to IPO.

    Finally, we’ve reformed the rules to allow greater investment research to be produced on UK listed companies…

    …and reducing the burdens imposed on public companies through the UK’s Corporate Governance Code.

    I want the UK to be a place where you can take risks…

    …innovate and experiment…

    …and find new ways to deliver for your customers.

    When I met with senior leaders from across the FinTech sector last month…

    …you told me about the importance of getting the balance of regulation right…

    …especially on digital assets.

    I agree.

    While the UK will always be committed to high international standards…

    …I am determined that our regulatory framework supports economic growth.

    That’s why I’m delighted that we are today publishing draft legislation for the UK’s comprehensive regulatory regime for cryptoassets…

    …engaging with all of you to ensure that the final legislation – planned for later this year – delivers for government and most importantly for the industry…

    …and makes the UK a great place for digital asset companies to invest and innovate.

    For the UK to be a world-leader in digital assets…

    …international cooperation is vital.

    Which is why I discussed continued U.S. and UK engagement with Secretary Bessent last week…

    …including further dialogue at the upcoming UK-U.S. Financial Regulatory Working Group in June…

    …to support the use and responsible growth of digital assets…

    …maintaining the deep historic relationship between the world’s two largest financial centres through this period of significant technological change.

    Regulation must support business, not hold it back.

    Our regulators were among the first to embrace and develop sandboxes…

    …including the Digital Securities Sandbox, where I’m delighted that we already have a broad range of firms all looking at different proposals for tokenising our financial markets.

    Last November, I announced that this government will issue a Digital Gilt Instrument…

    …an entirely new debt instrument…

    …using distributed ledger technology…

    this will enable us to experience first-hand the benefits of digital technologies in debt issuance.

    And I know that there is appetite to go further.

    Last week, Secretary Bessent and I also discussed how our officials could explore opportunities to support industry to innovate cross-border…

    …in line with proposals put forward by US Securities and Exchange Commissioner Hester Peirce about a transatlantic sandbox for digital securities…

    …potentially allowing greater digital collaboration between capital markets in New York and London.

    I’ve talked about what we’ve already done, and some ideas for the future.

    Financial services is one of the key growth-driving sectors in the UK’s modern industrial strategy…

    ….with FinTech as a priority growth opportunity…

    …and I look forward to publishing the Financial Services Growth and Competitiveness Strategy at my upcoming Mansion House address…

    …which I can today confirm will take place on the 15th July.

    At Mansion House last year I set out my vision on economic growth…

    …and the new approach required to build sustainable growth…

    …on a platform of stability.

    At Mansion House this year I’ll talk about how we can go further and faster in realising that growth.

    By publishing the Financial Services Growth and Competitiveness Strategy…

    …I will set out our strategy for the rest of this parliament and beyond…

    …building on our strengths in areas including capital markets, insurance and asset management…

    … supporting firms to innovate by ensuring they can access and develop the talent they need…

    …and promoting the UK as a great place to do business globally.

    Backing the builders in FinTech means improving outcomes for businesses and consumers…

    …revolutionising how we invest and trade…

    And driving growth and prosperity, here in the UK.

    It’s incredible how far Fintech has come in the past decade…

    And I’m enormously optimistic about the future.

    From the huge growth of the sector that has already taken place…

    …to the passion, drive and commitment I see from all of you to make FinTech a huge UK success story…

    …it is clear that our job in government is to back you, back the builders, back the change makers all the way.

    And I am ready to do just that.

    Thank you very much.