Category: Press Releases

PRESS RELEASE : Prince William Unveils Kenya’s Roam And Mukuru Clean Stoves As Finalists For Earthshot Prize [November 2022]
The press release issued by the Foreign Office on 4 November 2022.
- British High Commissioner Jane Marriott praises Roam and Mukuru Clean Stoves for their innovative solutions to help repair and regenerate the planet – another example of Kenya’s pioneering commitment to green, clean energy.
- The UK-Kenya Climate partnership has driven investment in clean air projects, including helping Roam secure £6.6m worth of investment.
- The Prince and Princess of Wales will attend the awards in Boston on December 2 to honour the Finalists and celebrate the five 2022 Earthshot Prize Winners.
November 4, 2022 — Today, Prince William and The Earthshot Prize revealed that Roam and Mukuru Clean Stoves, both Kenyan companies, have been selected as Finalists for the second Earthshot Prize. Together, the Finalists are an accomplished group of entrepreneurs and innovators spearheading fifteen groundbreaking solutions to the biggest environmental challenges our planet faces.

The fifteen Finalists will be in the running to receive a £1 million award at the second-annual Earthshot Prize awards ceremony. The Prize takes inspiration from President John F. Kennedy’s ‘Moonshot,’ which united millions of people around an organising goal to put man on the moon and catalysed the development of new technology in the 1960s.

Prince William said:

The innovators, leaders, and visionaries that make up our 2022 Earthshot Finalists prove there are many reasons to be optimistic about the future of our planet. They are directing their time, energy, and talent towards bold solutions with the power to not only solve our planet’s greatest environmental challenges, but to create healthier, more prosperous, and more sustainable communities for generations to come.

I am so excited to celebrate these fifteen Finalists and see the five Winners of The Earthshot Prize announced in Boston – the hometown of President John F. Kennedy, who shared The Earthshot Prize’s belief that seemingly impossible goals are within reach if we only harness the limitless power of innovation, human ingenuity, and urgent optimism.

The UK-Kenya Climate partnership has driven investment in clean air projects, including helping Roam secure £6.6m worth of investment to expand their operation.

British High Commissioner to Kenya, Jane Marriott, said:

As Kenya continues to be a pioneer of green, clean energy, it comes as no surprise that Prince William and The Earthshot Prize are honouring Roam and Mukuru Clean Stoves – two of Kenya’s most innovative companies – bringing the total to three Earthshot finalists in two years. Both are an example of Kenya’s renewed commitment to clean air, and inspiring positive climate action. Both organisations empower women to lead – and make a living by making a difference. The UK is proud to have supported Roam to secure investment to grow their innovative operation. We look forward to taking the UK-Kenya Climate Partnership further at COP27 in Egypt.

Mukuru Clean Stoves is a female-led start-up providing cleaner-burning stoves to women in Kenya to reduce unhealthy indoor pollution and provide a safer way to cook. Today, 200,000 people in Kenya use Mukuru Clean Stoves, saving $10 million in fuel costs, saving lives, and saving time. Mukuru is empowering women to make a living by making a difference.

Charlot Magayi, founder of Mukuru Clean Stoves, said:

Mukuru Clean Stoves began as a solution to a problem that I had felt personally in my own life. Today, we have an opportunity to transform the lives of millions, with cheaper, safer and more sustainable cookstoves and fuels. It is a privilege to be recognised by The Earthshot Prize as we embark on the next step in our journey.

Roam is an organisation building lower emission vehicles, making clean transportation accessible and affordable for urban cities on the African continent. . The company builds motorcycles and buses tailored to the market with affordability and reliability at the forefront. 40% of Roam’s employees are female, and estimate that by switching from petrol to electricity, drivers can cut running costs by 75%.

Filip Lovstrom, Chief Executive Officer and Co-Founder of Roam, said:

In Kenya, motorcycle taxis so called Boda Boda’s are the best way to get around and many rely on them for a living. However, they are also among the highest CO2 emitting vehicles on the market. The company builds motorcycles and buses tailored to the market with affordability and reliability at the forefront. We want to help the environment, and drivers’ pockets. We are honoured to be recognised alongside so many other brilliant solutions.

This is Kenya’s third Earthshot finalist in two years. In 2021, Kenyan company Sanergy was a finalist in the ‘Build a Waste-Free World’ category. They were already the largest waste recycling factory in Eastern Central Africa and they now serve three more cities in Kenya. A successful new investment round will allow international expansion. The Earthshot Prize Global Alliance Members, Deloitte and Arup have supported with training, advice and project design.
November 4, 2022
PRESS RELEASE : Creative businesses across the UK receive funding boost and government backing to spur future growth [November 2022]
The press release issued by the Department for Digital, Culture, Media and Sport on 4 November 2022.
- £950,000 sector-wide careers programme to help more young people from underrepresented backgrounds break into creative industries
- Seventeen of UK’s leading start-up creative studios awarded grants of up to £25,000 to develop the next generation of video games
Creative businesses with the potential to become booming businesses in six English regions are to benefit from a new £17.5 million funding pot to help expand their operations, attract additional investment and create jobs.

It comes on the day a £950,00 careers programme for the sector is launched in England and some of the UK’s brightest creative entrepreneurs are told they will be backed by the government to develop the next generation of global smash-hit video games.

The creative industries are one of the major UK economic success stories in recent years. They have grown at twice the rate of the wider economy since 2010 – generating approximately £115.9 billion for the economy and providing more than two million jobs.

Data from the Association for UK Interactive Entertainment (Ukie) estimates the value of the UK consumer games market reached a record £7.16 billion in 2021.

Today’s plans will build on this stellar success and make sure the next generation of creative talent succeeds, companies continue to scale-up and those that need support have access to it.

Creative Industries Minister Julia Lopez said:

From product design and video games to music and film, the creative industries are a stellar UK success story.

Today’s plans will help get more creative businesses off the ground so they can spread jobs and wealth and help more people, including those from underrepresented backgrounds, break into these world-class sectors.

Create Growth Programme

Companies in six regions will receive support through the Create Growth Programme to help get themselves investment ready. The regions are Greater Manchester; the West of England and Cornwall and the Isles of Scilly; Norfolk, Suffolk and Cambridgeshire; Leicestershire, Derbyshire and Lincolnshire; Kent, Essex and East and West Sussex; and the North East of England.

Each of the six regions have been awarded £1.275 million in grant funding from the Department for Digital, Culture, Media and Sport (DCMS) to develop a targeted programme of business support. Regions will also benefit from a number of investor building activities such as networking and pitching events to attract investment and exchange ideas.

Businesses across the six regions will also be able to apply to a new £7 million investment fund to fuel their expansion. Companies applying for finance will need to demonstrate their potential to grow rapidly and become sustainable through private investment. The investment fund and investor building activities will be delivered by the UK’s innovation agency, Innovate UK.

Creative Careers Programme

To develop the next generation of talent, the Government has chosen ScreenSkills, the screen industry’s skills body, to lead the delivery of a £950,000 Creative Careers Programme. This programme, targeted in 53 priority areas across the country including Barking and Dagenham, Wolverhampton, Rotherham, Slough and Swindon, will help young people from underrepresented backgrounds break into the creative industries.

The programme will provide specialist guidance to 11 to 18-year-olds on careers and help pay for industry-led digital and in-person events, lesson plans, a dedicated careers website with careers information and resources, and training for careers advisors. This will help ensure more young people from a diverse range of backgrounds can take advantage of the fantastic careers opportunities in these sectors.

UK Games Fund

Also announced today are seventeen start-up video games studios which have been given grants of up to £25,000 to realise their ideas for innovative new projects as part of the UK Games Fund. The cash injection is for firms across the country with great ideas but lacking in development funding.

The fund, which was established in 2015, has received increased government funding of more than £8 million for 2022 to 2025. It aims to help high-potential companies raise new funding, spur economic growth and create new jobs.

Games spanning formats from virtual reality to mobile and themes from space exploration to eco-education, with developers based across the country – from Cardiff to Paisley and Brighton to Yorkshire – will benefit from the scheme’s latest funding round.
November 4, 2022
PRESS RELEASE : The UK Kept 1.5 degrees Alive, A New COP26 Presidency Report Show [November 2022]
The press release issued by the Cabinet Office on 4 November 2022.
- UK government launches COP26 Presidency outcomes document, celebrating the successes of the Glasgow summit and the UK’s COP Presidency year
- The report details the progress made to tackle emissions, mobilise finance and help those impacted by climate change and calls for further action ahead of COP27 in Egypt next week
- The launch will take place at Lancaster House with COP26 President Alok Sharma and Prime Minister Rishi Sunak
COP26 President Alok Sharma will today [Friday 4 November] launch the UK’s COP26 Presidency Outcomes Document, as he joins the Prime Minister to host around 80 global business CEOs for an event at Lancaster House.

The new report, which comes as the UK prepares to hand over to Egypt next week, highlights progress made over the three years since the UK took on the Presidency of the COP. It also acknowledges that more needs to be done at COP27 and beyond to implement the commitments made at COP26.

Under the UK’s stewardship and during a global pandemic, COP26 brought together nearly 200 countries to forge the historic Glasgow Climate Pact. The Glasgow Climate Pact remains the blueprint for accelerating climate action this critical decade to keep 1.5°C in reach.

The report details key achievements across the UK Presidency’s four overarching goals of mitigation, adaptation, loss and damage, and finance and collaboration. Highlights include:
– Keeping 1.5 degrees alive: Over 90% of the world’s GDP, up from 30% when the UK took on the COP Presidency, is now covered by net zero commitments. More than 153 countries have now put forward new 2030 climate plans, known as nationally determined contributions.
- Increasing funding and launching UN work for dealing with climate impacts: record levels of finance to help countries adapt to the effects of climate change have been pledged to the Adaptation Fund and the Least Developed Country Fund under the UK Presidency. In addition at COP26, countries agreed to double 2019 levels of adaptation finance by 2025, the first quantified adaptation finance target.
- Accelerating unprecedented low-carbon transitions of industries such as transport and energy, with commitments covering power, coal, methane, fossil fuel financing, forests and land, transport and sectors, including the first ever agreement to coal phase down in a UN climate decision.
- Finalising the Paris Rulebook after 6 years of negotiations, which sets out the instructions and products needed to fully implement the Paris Agreement on climate change. These guidelines build confidence and transparency as countries deliver on their commitments to meet the goals of the Paris Agreement.
This progress has been achieved against the backdrop of an incredibly challenging geopolitical context, driven by Putin’s illegal invasion of Ukraine which has demonstrated the integral link between climate change, energy security and the vulnerability caused by our dependence on fossil fuels.

The UK’s Presidency has continued to drive action throughout this, working with countries, civil society organisations, and local communities to ensure that the commitments made in Glasgow are delivered to keep 1.5 alive.

Alok Sharma, COP26 President, said:

“The last three years have been a unique privilege and I have been inspired by the urgency and the ambition I have heard around the world.

“The decade ahead can be one where we pull back from the precipice of climate catastrophe and unlock a just and sustainable path to prosperity for billions of people around the world.

“To do this we must fully deliver on the promises made at COP26 and in the Glasgow Climate Pact.”

Mr Sharma will host members of the UN-backed international campaign Race to Zero at Lancaster House to consider how global business take forward the legacy of the COP26 UK Presidency and deliver on the Glasgow Climate Pact, in his final engagement as COP President before COP27.

Before the reception at Lancaster House, the COP President will join His Majesty The King and the Prime Minister at Buckingham Palace to mark the end of the UK’s COP26 Presidency and the beginning of Egypt’s Presidency of COP27.
November 4, 2022
PRESS RELEASE : Home Secretary visits migrant processing facilities in Kent [November 2022]

The press release issued by the Home Office on 3 November 2022.

The Home Secretary visited the Western Jet Foil and Manston sites in Kent today (3 November) to see the progress being made to ease the pressures on our immigration system and support people on-site, while thanking staff for their continued hard work.

Suella Braverman went to Western Jet Foil to speak to officers following the shocking incident there this weekend.

At Manston, she saw the momentous efforts underway to ease pressures on site and process individuals into alternative accommodation, alongside the immediate support being provided, particularly to vulnerable people.

Over 1,000 people have been moved off site within the last five days, helping return Manston onto a more sustainable footing.

She also confirmed steps being taken today to immediately improve the situation on the ground. These include bolstering the 24/7 medical facilities already on site, extra bedding and improved catering facilities, as well as providing more activities to support migrant welfare, including for children.

The Home Secretary and operational colleagues agreed that the vital work to safeguard individuals and provide alternative accommodation and support as quickly as possible remains their priority, making sure that people are treated with dignity, care and compassion throughout the process.

In Dover, the Home Secretary observed the expert techniques used by operational teams to intercept, identify and process those arriving via small boats.

She spoke with Border Force officers, military, and other personnel on the ground and thanked them for their dedicated work, under difficult circumstances, to protect UK borders and save lives. The Home Secretary also reiterated her gratitude and thoughts to all those affected by the distressing incident on Sunday.

Home Secretary Suella Braverman said:

I have met with our expert teams who work tirelessly to save lives and protect the UK’s borders. I wanted to see first-hand how we’re working to reduce the number of people in Manston, support people there, and thank staff for all their efforts.

I am incredibly proud of the skill and dedication shown to tackle this challenging situation here on a daily basis.

This is a complex and difficult situation, which we need to tackle on all fronts and look at innovative solutions. To break the business model of the people smugglers, we need to ensure that the illegal migration route across the Channel is ultimately rendered unviable.

November 3, 2022
PRESS RELEASE : UK government bans services enabling the transport of Russian oil [November 2022]
The press release issued by HM Treasury on 3 November 2022.
- Legislation laid today (3rd November) introduces a ban on UK ships and services facilitating the maritime transport of Russian crude oil from 5th December 2022
- This legislation will also pave the way for a cap on the price of seaborne Russian crude oil
- This follows commitment made by G7 Finance ministers in September
New legislation introduced today (3rd November) will prevent countries from using the UK’s services to transport Russian oil unless it is purchased at or below the Oil Price Cap set by the Price Cap Coalition of the G7 and Australia.

The move follows the decision made by the G7 Finance ministers in September who committed to the price cap as a way of undermining Putin’s ability to fund his war in Ukraine through inflated global oil prices, while ensuring that third countries can continue to secure affordable oil. The UK and its coalition partners will not make use of the cap, as they have introduced an import ban on Russian oil.

The ban on services, including insurance, brokerage and shipping, will be coupled with a General Licence, expected shortly, that lays the basis for an Oil Price Cap exception that will allow third countries to continue accessing services only if purchasing Russian oil at or below the cap. The level of the price cap will be set by the coalition in due course.

Insurance is one of the key services that enables the movement of oil by sea, particularly protection and indemnity (P&I) insurance which relates to third-party liability claims – the UK is a global leader in the provision of P&I cover, writing 60% of global cover.

Today’s legislation on crude oil will come into force on 5th December with further measures on refined oil products coming into force on the 5th February, to align with EU timelines for a parallel measure. To enforce the scheme the Treasury has set up a new team, based in the Office of Financial Sanctions Implementation. This team will set up the licensing and enforcement system for the Oil Price Cap; engage with industry to ensure readiness for the cap; and monitor the level and impact of the cap on an ongoing basis.

Chancellor of the Exchequer Jeremy Hunt said:

“We continue to stand by Ukraine in the face of Putin’s barbaric and illegal invasion. We’ve banned the import of Russian oil into the UK and are making good progress on phasing it out completely. This new measure continues to turn the screws on Putin’s war machine, making it even tougher for him to profiteer from his illegal war.”
November 3, 2022
PRESS RELEASE : UK-Malaysia joint statement at Joint Committee [November 2022]

The press release issued by the Department for International Trade on 3 November 2022.

On Thursday 3 November 2022, the UK and Malaysia convened the second Joint Committee on Trade and Investment Cooperation in London. The first Joint Committee meeting was hosted virtually by Malaysia in 2020.

His Majesty’s Trade Commissioner for Asia Pacific, Natalie Black CBE, co-chaired the meeting alongside Deputy Secretary General (International Trade) for the Ministry of International Trade and Industry (MITI) Malaysia, Mr Hairil Yahri Yaacob.

In recognition of the importance of the trading relationship, the meeting also formalised the intent to elevate the Joint Committee to a Ministerial led Joint Economic Trade Committee (JETCO). The new JETCO will help to promote and enhance trade, investment and economic cooperation linkages, including addressing trade barriers affecting business between the two countries. The first meeting of the UK-Malaysia JETCO is expected to be held in autumn next year.

At the meeting of the Joint Committee, the UK congratulated Malaysia on its ratification of CPTPP. The UK provided an update on their accession status and Malaysia presented on the benefits of CPTPP when it enters into force for Malaysia on November 29, 2022. The CPTPP will increase the potential for further trade between the UK and Malaysia, contributing to the shared prosperity of both countries through the creation of new opportunities for businesses and investors.

The meeting also brought together six working group co-leads to report on the progress of their bilateral cooperation in agreed priority areas. In addition, there were presentations from the UK on teacher training and on Malaysian sustainable palm oil initiatives.

November 3, 2022
PRESS RELEASE : The costs of conflict are self-evident on sustainable peace [November 2022]

The press release issued by the Foreign Office on 3 November 2022.

Statement by Ambassador Barbara Woodward at the Security Council open debate on integrating effective resilience-building in peace operations for sustainable peace.

Thank you, President. And I thank, as others have done, the Secretary-General and our very distinguished and thought-provoking briefers this morning.

Excellency, the United Kingdom is grateful to Ghana for your longstanding role in tackling armed conflict, and your significant contributions to UN peacekeeping. Ghana’s leadership has resulted in a safer world for many. We deeply value our close partnership.

At the outset, I also want to congratulate the African Union and African colleagues on the promising step towards lasting peace in Ethiopia following the agreement announced yesterday, and we offer our continued support.

President, as we have heard, conflicts are becoming increasingly complex.

For UN Peace Operations to operate effectively in this environment, they need to adapt and better coordinate with wider UN and non-UN peacebuilding work.

Specifically, I’d like to underline three points:

Firstly, peace operations need the capabilities to understand conflict drivers and feed that analysis into the wider UN strategy and approach. The UK is proud to support UN Peace and Development Advisers, whose expertise could be used in Mission settings to support greater strategic and operational join-up across the UN’s work.

Secondly, we need to incentivise and deliver a more integrated UN system to enable a more holistic approach as others have also said this morning. Integration scorecards piloted in Haiti, Somalia and Sudan, with UK funding, have made progress, but we need to scale this up. The Council can also drive this commitment; in the mandates it sets, and by encouraging the full use of the UN’s strategic planning and operating frameworks, and instruments such as the Global Focal Point for the Rule of Law.

Thirdly, co-ordinated investment in peace is crucial. The Peacebuilding Fund, which the UK continues to support, is a key tool for bringing together different parts of the UN system. But it also needs strong leadership in Missions that encourages the wider UN Development system to step up investment in peace, and promotes partnerships with regional and international financial institutions. Both the Council and the Peacebuilding Commission can help drive this.

Colleagues, the costs of conflict are self-evident.

Investing in prevention is essential, as is strengthening women’s roles in conflict prevention and resolution for lasting peace and security. The UK is also proud to support the African Union’s Network of African Women in Conflict Prevention.

President, a system-wide approach to sustaining peace is critical.

The UK remains thankful to Ghana for this debate today, and remains committed to realising the promise of the 2016 “twin resolutions”.

Thank you.

November 3, 2022
PRESS RELEASE : OSCE group of friends on safety of journalists – Joint statement to the OSCE [November 2022]

The press release issued by the Foreign Office on 3 November 2022.

Lithuanian Ambassador Vaidotas Verba delivers a Group of Friends statement in response to the report by the OSCE Representative on Freedom of the Media.

This statement is delivered on behalf of the Group of Friends on Safety of Journalists, which consists of the following member States: Austria, Canada, Denmark, Estonia, Finland, France, Germany, Greece, Latvia, Lithuania, Montenegro, the Netherlands, Norway, Sweden, the United Kingdom, and the United States. We thank the Representative for her report and the Office of the Representative on Freedom of the Media (RFoM) for good cooperation in the past year.

We fully support the autonomous mandate of the Representative and Ms Ribeiro in her execution of that mandate. We appreciate her clear stance regarding Russia’s unprovoked and unjustified aggression against Ukraine. We also support her attention to the rest of our region – no country is immune to shortcomings. This is clearly demonstrated by the interventions in a total of 53 OSCE participating States reported by the RFoM so far this year.

As participating States, we have reaffirmed that freedom of expression and media freedom are cornerstones of our common security. The RFoM is a vital instrument for the promotion of this fundamental principle, and we encourage all States to make good use of the toolbox created within the Representative’s mandate.

Mr. Chair,

2022 truly has been a dark year for the safety of journalists in our region. Russia’s aggression against Ukraine has put a spotlight on the importance of the protection of journalists and media actors in conflict and war. Despite enormous risks, they strive to provide unbiased, trustworthy, and fact-based information from zones of conflict. We urgently call on the Russian Federation to immediately end its attacks on independent media at home and abroad and to respect the rights of journalists and media actors in accordance with international human rights law, international humanitarian law and OSCE commitments.

The 2nd of November marks the International Day to End Impunity for Crimes against Journalists. While killings are the most extreme form of media censorship, journalists are also subjected to countless other threats – ranging from kidnapping, torture, and other physical attacks to harassment, particularly in the digital sphere. Furthermore, journalists also face intimidation from public authorities and political leaders in their own and other countries, such as illegitimate state surveillance, the use of SLAPPS or the denial of visa to travel for work.

Threats of violence and attacks against journalists create a climate of fear for media actors, impeding the free circulation of information, opinions, and ideas for all. The disproportionate targeting of women journalists and other women media actors through structural sexual and gender-based violence, harassment and abuse is of deep concern and runs the risk of silencing women’s voices.

All OSCE participating States have committed to protect journalists. Proper investigation and prosecution of perpetrators should go hand in hand with the positive obligations for participating States to promote a safe and enabling environment for independent media.

Threats against media freedom, safety of journalists and freedom of expression is part of the backsliding of democracy that we are witnessing around the world. The right to freedom of expression and opinion, including the ability to access to reliable information are corner stones of a democratic society. There is indeed no security without media freedom.

Dear Representative Ribeiro,

We congratulate you, past Representatives and all your colleagues in the Office of the RFoM with the 25th anniversary. You can trust in the continued support of all participating States in the OSCE Group of Friends on Safety of Journalists.

I thank you.

November 3, 2022
PRESS RELEASE : Construction begins on new Single Living Accommodation at Imjin Barracks [November 2022]

The press release issued by the Ministry of Defence on 3 November 2022.

Due for completion in Summer 2023, the £13m project at Imjin Barracks, procured by the Defence Infrastructure Organisation (DIO) on behalf of the British Army, will deliver 69 new single ensuite bedrooms, with re-designed living and kitchen/diner facilities that will enhance the communal living experience for soldiers.

The Imjin project is the first of a new wave of carbon net-zero constructions that will see major improvements to the standard of Single Living Accommodation (SLA) provided to Service people. The buildings are designed to enhance and support the needs of the military personnel that call them home.

Director Basing and Infrastructure, Major General Richard Clements CBE was joined by Rob Vining from DIO and members of the project’s appointed contractor, REDS10, and technical service provider, Arcadis, to mark the beginning of construction of a new Single Living Accommodation (SLA) block at Imjin Barracks, Gloucester.

Major General Richard Clements CBE, Director Basing & Infrastructure said:

To be present at the start of construction activity at Imjin Barracks is a moment to be celebrated. Imjin is the first site to benefit under the Army’s Single Living Accommodation Programme which will invest £1.2bn and deliver 8,500 SLA bedspaces over the next 10 years. This is in addition to the 8,000 SLA bedspaces being delivered by the Defence Estate Optimisation, Army Programme. Investing in accommodation and the lived experience for our Service personnel is an immediate priority. We have listened to our soldiers and taken on board feedback to ensure a better lived experience for our people.

The SLA Programme will prioritise the modernisation of under-invested, core sites that are to be retained across the Army estate. It will focus on removing the last of the multi-occupancy rooms whilst continuing to renew the oldest accommodation on the estate, raising the average Single Living Accommodation condition from ‘fair’ to ‘good’.

Rob Vining, DIO, Deputy Head of Major Programmes and Projects (Army) said:

I’m extremely proud to be able to mark this key milestone with the British Army, REDS10 and our technical service provider, Arcadis, as we break ground on the first of many new modern, carbon net-zero Single Living Accommodation blocks.

Not only will the new blocks mean a massive improvement in the lived experience for our Service personnel, they also continue to demonstrate Defence’s commitment to carbon net-zero by 2050.

I have been so impressed with the work my DIO colleagues and our Industry Partners have done so far and look forward to being here when we handover to the Army in Summer 2023.

The block will be built by the appointed contractor Reds10 using modern methods of construction (MMC). This means 90% of the work can be completed off site for substantially faster delivery. The accommodation is designed to achieve very low energy usage intensity. The building will have solar panels, air source heat pumps for heating and hot water and a SMART building management system that learns how the building is used through a multitude of sensor data, ensuring that the building runs as efficiently as possible.

Paul Ruddick, Chairman REDS10 added:

It’s marvellous to be part of another project working with DIO and the British Army on improving the lived experience of our Armed Forces personnel. The triple-storey building at Imjin Barracks will not only harness MMC for faster delivery but also for a lower carbon, more energy efficient and higher quality product. Perhaps most crucially though, the design and construction are being driven by how the space will be used by Service personnel.

November 3, 2022
PRESS RELEASE : Bank Rate increased to 3% [November 2022]

The press release issued by the Bank of England on 3 November 2022.

Monetary Policy Summary, November 2022

The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 2 November 2022, the MPC voted by a majority of 7-2 to increase Bank Rate by 0.75 percentage points, to 3%. One member preferred to increase Bank Rate by 0.5 percentage points, to 2.75%, and one member preferred to increase Bank Rate by 0.25 percentage points, to 2.5%.

As set out in the accompanying November Monetary Policy Report, the MPC’s updated projections for activity and inflation describe a very challenging outlook for the UK economy.

Since the MPC’s previous forecast, there have been significant developments in fiscal policy. Uncertainty around the outlook for UK retail energy prices has fallen to some extent following further government interventions. For the current November forecast, and consistent with the Government’s announcements on 17 October, the MPC’s working assumption is that some fiscal support continues beyond the current six-month period of the Energy Price Guarantee (EPG), generating a stylised path for household energy prices over the next two years. Such support would mechanically limit further increases in the energy component of CPI inflation significantly, and reduce its volatility. However, in boosting aggregate private demand relative to the August projections, the support could augment inflationary pressures in non-energy goods and services.

Other fiscal measures announced up to and including 17 October also support demand relative to the August projection. The MPC’s forecast does not incorporate any further measures that may be announced in the Autumn Statement scheduled for 17 November.

There have been large moves in UK asset prices since the August Report. These partly reflect global developments, although UK-specific factors have played a very significant role during this period. The MPC’s projections are conditioned on the path of Bank Rate implied by financial markets in the seven working days leading up to 25 October. That path rose to a peak of around 5¼% in 2023 Q3, before falling back. Overall, the path is around 2¼ percentage points higher over the next three years than in the August projection. The higher market yield curve has pushed new mortgage rates up sharply. Financial conditions have tightened materially, pushing down on activity over the forecast period.

GDP is expected to decline by around ¾% during 2022 H2, in part reflecting the squeeze on real incomes from higher global energy and tradable goods prices. The fall in activity around the end of this year is expected to be less marked than in August, however, reflecting support from the EPG. The labour market remains tight, although there are signs that labour demand has begun to ease.

CPI inflation was 10.1% in September and is projected to pick up to around 11% in 2022 Q4, lower than was expected in August, reflecting the impact of the EPG. Services CPI inflation has risen. Nominal annual private sector regular pay growth rose to 6.2% in the three months to August, 0.6 percentage points higher than expected in the August Report.

In the MPC’s November central projection that is conditioned on the elevated path of market interest rates, GDP is projected to continue to fall throughout 2023 and 2024 H1, as high energy prices and materially tighter financial conditions weigh on spending. Four-quarter GDP growth picks up to around ¾% by the end of the projection. Although there is judged to be a significant margin of excess demand currently, continued weakness in spending is likely to lead to an increasing amount of economic slack emerging from the first half of next year, including a rising jobless rate. The LFS unemployment rate is expected to rise to just under 6½% by the end of the forecast period and aggregate slack increases to 3% of potential GDP.

In the MPC’s central projection, CPI inflation starts to fall back from early next year as previous increases in energy prices drop out of the annual comparison. Domestic inflationary pressures remain strong in coming quarters and then subside. CPI inflation is projected to fall sharply to some way below the 2% target in two years’ time, and further below the target in three years’ time.

In projections conditioned on the alternative assumption of constant interest rates at 3%, activity is stronger than in the MPC’s forecast conditioned on market rates, although GDP is still expected to be falling at the end of 2023. CPI inflation is projected to be a little above the target at the end of the second year. However, it falls more than a percentage point below the target at the end of the third year.

The risks around both sets of inflation projections are judged to be skewed to the upside in the medium term, however, in part reflecting the possibility of more persistence in wage and price setting.

The MPC’s remit is clear that the inflation target applies at all times, reflecting the primacy of price stability in the UK monetary policy framework. The framework recognises that there will be occasions when inflation will depart from the target as a result of shocks and disturbances. The economy has been subject to a succession of very large shocks. Monetary policy will ensure that, as the adjustment to these shocks continues, CPI inflation will return to the 2% target sustainably in the medium term. Monetary policy is also acting to ensure that longer-term inflation expectations are anchored at the 2% target.

The labour market remains tight and there have been continuing signs of firmer inflation in domestic prices and wages that could indicate greater persistence. Currently announced fiscal policy, including the MPC’s working assumption about continued fiscal support for household energy prices, will also support demand, relative to the Committee’s projections in August. The Committee will take account of any additional information in the Government’s Autumn Statement at its December meeting and in its next forecast in February.

In view of these considerations, the Committee has voted to increase Bank Rate by 0.75 percentage points, to 3%, at this meeting.

The majority of the Committee judges that, should the economy evolve broadly in line with the latest Monetary Policy Report projections, further increases in Bank Rate may be required for a sustainable return of inflation to target, albeit to a peak lower than priced into financial markets.

There are, however, considerable uncertainties around the outlook. The Committee continues to judge that, if the outlook suggests more persistent inflationary pressures, it will respond forcefully, as necessary.

The MPC will take the actions necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit. The Committee will, as always, consider and decide the appropriate level of Bank Rate at each meeting.

November 3, 2022