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Category: Press Releases

  • PRESS RELEASE : Record wage boost for nearly 3 million workers next year [November 2023]

    PRESS RELEASE : Record wage boost for nearly 3 million workers next year [November 2023]

    The press release issued by HM Treasury on 21 November 2023.

    Biggest ever increase to the National Living Wage, worth over £1,800 a year for a full-time worker, fulfils manifesto pledge to end low pay.

    • Biggest ever increase to the National Living Wage, worth over £1,800 a year for a full-time worker, fulfils manifesto pledge to end low pay.
    • Since 2010 the National Living Wage will have doubled in cash terms from around £10,500 to nearly £21,000 a year for a full-time worker.
    • For the first time, 21-year-olds on the National Living Wage will always earn two-thirds of average earnings.

    The Chancellor will deliver a pay rise of more than £1,800 a year for a full-time worker, as he confirms that the National Living Wage will increase by over a pound an hour from April.

    The almost 10% pay boost, from £10.42 to £11.44 an hour, is the biggest cash increase in the National Living Wage in more than a decade and fulfils the government’s manifesto pledge to end low pay for those on the National Living Wage.

    Eligibility for the National Living Wage will also be extended by reducing the age threshold to 21-year-olds for the first time.  A 21-year-old will get a 12.4% increase, from £10.18 this year to £11.44 next year, worth almost £2,300 a year for a full-time worker.

    National Minimum wage rates for younger workers will also increase. 18-20-year-olds will also get a wage boost to £8.60 per hour – a £1.11 hourly pay bump.

    The Department for Business and Trade estimate 2.7 million workers will directly benefit from the 2024 National Living Wage increase.

    Chancellor of the Exchequer Jeremy Hunt said:

    Next April all full-time workers on the National Living Wage will get a pay rise of over £1,800 a year. That will end low pay in this country, delivering on our manifesto promise.

    The National Living Wage has helped halve the number of people on low pay since 2010, making sure work always pays.

    The minimum hourly wage for an apprentice is boosted next year, with an 18-year-old apprentice in an industry like construction seeing their minimum hourly pay increase by over 20%, going from £5.28 to £6.40 an hour.

    The National Living Wage was introduced in 2016 and currently sets the minimum hourly pay a person over the age of 23 earns when working. The new rate will now apply to 21- and 22-year-olds, and means that the government has met its ambitious target of lifting the National Living Wage to two-thirds of median earnings by 2024, ending low hourly pay for those on the National Living Wage.

    Since 2010, the proportion of workers on low hourly pay has more than halved from 21.3% to 8.9%, supported by increases to the National Living Wage. Personal tax thresholds have been doubled, meaning a working person can now earn £1,000 a month tax-free for the first time.

    Getting more people into work and ensuring work pays is a priority for the government. The Chancellor will set out further measures in tomorrow’s Autumn Statement.

    Notes to editors

    • The OECD defines low pay as those earning less than two-thirds of average earnings.
    • The National Minimum Wage rate for those aged 22+ was £5.80 from 1 October 2009 to 31st September 2010 . A worker working full-time would have received around £10,500 a year gross, whereas it will be almost £21,500 for a NLW worker from April 2024.
  • PRESS RELEASE : Launch of the British Art Market Federation’s new economic report [November 2023]

    PRESS RELEASE : Launch of the British Art Market Federation’s new economic report [November 2023]

    The press release issued by the Department for Culture, Media and Sport on 21 November 2023.

    Lord Parkinson speech from the launch of the British Art Market Federation’s new economic report: ‘The British Art Market in 2023’.

    Good morning. I am delighted to be with you today for the launch of the latest economic survey of the UK art market by Dr. Clare McAndrew.

    Thank you to Anthony Browne for inviting me to join you and to say a few words.

    Anthony regularly comes to brief the Secretary of State, our officials, and me on the state of the art market, and the challenges facing it — As well he should as the issue is an asset of huge national importance.

    There’s the economic impact, of course — providing direct employment to tens of thousands of highly-skilled people, and supporting almost as many jobs again in the ancillary businesses which provide the specialist skills it draws on.

    There’s the fiscal contribution of some £1.5 billion, and the great benefit to the Exchequer of being a global hub for the international trade — with billions of pounds’ worth of works of art being imported and exported across our borders each year.

    There’s the soft power of being the marketplace for some of the world’s most important artworks, antiques, and antiquities – and sharing the UK’s extraordinary creativity with ever larger audiences around the world.

    There’s the magnetic effect it has for our visitor economy — something on fine display last month, as we marked 20 years of Frieze London, which the Prime Minister was proud to celebrate with a reception at 10 Downing Street.

    The art market sustains and inspires so many wonderful exhibitions, art fairs, and other vibrant events which create additional spending and employment and attract tourists, both around the country and around the world.

    Visitors to London during Frieze Week were spoiled for choice this year — with world-class exhibitions including Sarah Lucas at Tate Britain, Marina Abramović at the Royal Academy, Claudette Johnson at the Courtauld, and Frans Hals at the National Gallery — and that’s only mentioning a handful in Zone One.

    That reflects the wider, and integral role the UK art market plays in our cultural life.

    Our commercial galleries and dealers play a vital role in nurturing the careers of the UK’s visual artists. That’s why London has the greatest concentration of artists of any city anywhere in the world – and why so many other towns and cities across the country are similarly fizzing with artistic talent.

    And I am very grateful for the expertise of the many art market professionals who advise my Department on cultural property matters.
    So today is a chance for me to say thank you for the part you all contribute to that global success story.

    And it is, of course, a moment to ensure we are doing everything we can to maintain it.

    Today, we have the second largest art market in the world – behind only the United States, and larger than the rest of Europe put together.

    But the global market is increasingly competitive – and that position is not ours by rights.

    Dr. McAndrew’s report has charted the extraordinary resilience of the UK art market as it bounces back from the bleak months of the pandemic.

    It has been able to draw on its great wealth of expertise and dynamism to overcome the challenges of COVID-19 – and those will be invaluable resources to draw on as it faces the challenges of the future.

    But Government must play its part too. That is why I am glad to join you today – and glad to have ongoing relationship we do with the British Art Market Federation reassure you that we recognise what a great asset we have in the UK art market, and that we stand behind the sector as it works to retain its international competitive edge – and to remain a great British success story long into the future.

    I know, from my conversations with Anthony and others, that leaving the European Union has brought new processes, not all of them favourable.

    But having sovereign control of our borders has also brought the opportunity to innovate; to review and refine our customs rules.

    We have already revoked the EU Regulation which will require import licences and importer statements for many cultural goods when it comes into effect in 2025, so that it will not apply to imports into Great Britain.

    Our ambition is to have the world’s most effective border – and I am grateful to all those who have already made time to engage with our officials on the development of the new Single Trade Window.

    That will provide a gateway between businesses and our border processes and systems – including, in time,  export licences which I am glad to say are in the process of being digitised by our colleagues at the Arts Council.

    This will allow people to meet their import, export and transit obligations by submitting information once, and in one place.

    We are also reviewing Temporary Admission to reduce administrative burdens and simplify the rules – further evidence, I hope you will agree, that the Government is listening to the UK art market.

    We know that you make frequent use of the Temporary Admission procedure, and are grateful for the constructive approach taken by the British Art Market Federation and art market practitioners in their responses to the recent public consultation.

    We are considering what you have told us carefully and plan further engagement, including with the art market, in the New Year. So please do keep talking to us about it.

    So I hope you will see that the Government is watching not just with pride at what we have at present, but a determination to preserve it – and with appreciation for all the evidence you bring to us which helps us in our conversations across government.

    Chief among that, of course, is Dr. McAndrew’s annual report – an invaluable source of information, So I’m delighted to be here today and looking forward to hearing the evidence within it.

    Thanks for having me.

  • PRESS RELEASE : Veterans services stepped up as Veterans UK brand set to be phased out [November 2023]

    PRESS RELEASE : Veterans services stepped up as Veterans UK brand set to be phased out [November 2023]

    The press release issued by the Cabinet Office on 21 November 2023.

    Veterans services in the UK are to receive a fresh start as the government today accepted the majority of recommendations from the Independent Review of UK Government Welfare Services for Veterans.

    • Veterans’ welfare services to be refreshed following Veterans’ Welfare Review, including improved Veterans’ Gateway.
    • Government will confirm that it accepts most of the recommendations from the independent review.
    • Veterans UK brand to be retired, with services and responsibilities across government clarified.

    Veterans services in the UK are to receive a fresh start as the government today accepted the majority of recommendations from the Independent Review of UK Government Welfare Services for Veterans.

    The Veterans UK brand will be retired next year, as part of a move to better communicate the variety of services which the MOD provides for veterans and the wider Armed Forces Community. The move will clarify the services on offer and the MOD will establish and communicate an appropriate replacement in due course.

    It is a government priority to ensure that every veteran knows where to turn to access government support if they need it.

    To help this, the Veterans’ Gateway will be improved, with user research already being undertaken, including involving veterans to help better target services.

    To further clarify the roles and responsibilities across government and underlining the Office for Veterans’ Affairs central role in coordinating veterans’ support, the word ‘Veterans’ is being removed from the MOD Ministerial title ‘Minister for Defence People Veterans and Service Families’.

    The Minister for Veterans’ Affairs gave an update to the House of Commons today on progress of the Veterans’ Welfare Review, which marks a fresh start for veterans’ support services.

    Minister for Veterans’ Affairs Johnny Mercer said:

    We are making huge strides with veterans’ care in this country but it is important that veterans know where to turn when accessing some of the services on offer.

    That’s why we commissioned this independent review and today we’re accepting many of the recommendations they have made.

    These changes will help veterans services become more effective, efficient and clear – ultimately benefiting veterans across the UK.

    As the Veterans UK brand is retired, the Ministry of Defence will consider a more appropriate way to present the service they provide to the Armed Forces and veteran communities, to ensure individuals clearly understand what the MOD do to support them and how to access those services when they need them.

    Minister for Defence People and Families Andrew Murrison, said:

    This jointly commissioned independent review builds on the hard work already being undertaken by a lot of people who genuinely care about providing high quality services for our Armed Forces Community.

    The recommendations in this review will help ensure we are taking that hard work in the right direction for our Armed Forces Community, who deserve the best services.

    The Veterans Advisory and Pensions Committees, will be modernised to better support veterans welfare. Work is already under way following the Royal Assent of the MOD sponsored Private Members Bill in support of this work and in conjunction with the welfare review, government will work to clarify the role of VAPCs in a way that can better serve the Armed Forces Community.

    The Welfare Services Review considered the role, scope and breadth of UK Government welfare provision for veterans, including those administered by the Ministry of Defence.

    Support which was looked at included services such as the Veterans Welfare Service, the Defence Transition Service, which supports military personnel as they move into civilian life, is also part of the review. Other services which were part of the review included the Integrated Personal Commissioning for Veterans, the Northern Ireland Veterans Support Office, the Veterans’ Gateway, the Veterans Advisory Pensions Committees and the Ilford Park Polish Home.

    The government has accepted the principles behind most of the recommendations made by the Independent Review of UK Government Welfare Services for Veterans.

    The OVA has also recently launched a consultation to build its understanding of veterans, assess the effectiveness of current policies, including welfare services available, and shape future strategies.

  • PRESS RELEASE : £122million to breathe new life into Scottish towns and cities [November 2023]

    PRESS RELEASE : £122million to breathe new life into Scottish towns and cities [November 2023]

    The press release issued by the Department for Levelling Up, Housing and Communities on 21 November 2023.

    Six projects are awarded grants from round three of the UK Government’s Levelling Up Fund to support major regeneration and transport projects.

    Six major regeneration and transport projects across Scotland are set to receive almost £122 million from the third round of the UK Government’s Levelling Up Fund – a multi-billion-pound initiative improving lives for local people.

    The UK Government has today announced a total of £1 billion to support 55 projects across Great Britain from the Levelling Up Fund. Proposals for Moray, North and South Ayrshire, South Lanarkshire, Glasgow, Dumfries and Galloway and the Scottish borders have each been awarded a share of the flagship fund, which will see upgrades to their town centres, high streets and local transport.

    Scotland will receive the second highest award given to any single project in this round – a significant £37.4 million to create new commercial buildings, better cycling and walking routes and more electric vehicle charge points across North and South Ayrshire.

    Levelling Up Secretary Michael Gove said:

    “Levelling up means delivering local people’s priorities and bringing transformational change in communities that have, for too long, been overlooked and undervalued. Today we are backing 55 projects across the UK with £1 billion to create new jobs and opportunities, power economic growth, and revitalise local areas. This funding sits alongside our wider initiatives to spread growth, through devolving more money and power out of Westminster to towns and cities, putting in place bespoke interventions to places that need it most, and our long-term plan for towns.”

    Other projects being funded:

    • In a joint bid across the South of Scotland, over £22.8 million will renovate historic buildings in Annan and Peebles and improve cycling and walking routes along the Clydesdale Way.
    • A fund of £13.7 million will also be invested to improve transport connectivity in Dumfries and Galloway, including new EV charging for cars, electric buses, improvements to walking and cycling routes, and new transport hubs in five towns in the region.
    • In Moray, over £18.2 million will transform the town centre of Elgin into an attractive urban hub where high-productivity businesses can thrive.
    • Glasgow City Council will receive almost £15 million to invest in Drumchapel town centre, improving connectivity into and around the town to improve retail opportunities and boost the local economy.
    • And in South Lanarkshire, £14.6 million will regenerate the Shawfield National Business District to prepare the site for future development, as well as the nearby Polmadie Burn so the Glasgow Riverside Innovation District Campus can be relocated there, boosting employment and education for the community.

    Scottish Secretary Alister Jack said:

    “It’s fantastic news that these six locally developed projects in north, central and southern Scotland have been given the go-ahead. Sharing £122 million UK Government funding, they will transform communities through improvements such as better, greener transport infrastructure and connectivity, regeneration of buildings and land and creation of education, business and employment opportunities.

    “Our levelling up commitment to communities across Scotland so far stands at almost £2.7 billion. We are focused on working with local partners to deliver the change that the country needs to put the UK on the right path for the future.”

    These new investments build on the £343 million already awarded to Scotland in previous funding rounds, bringing Scotland’s total Levelling Up Fund to £465 million.

    Projects already underway include the restoration of Edinburgh’s iconic Granton gasholder, a £16 million investment from the first round of the Levelling Up Fund. The historic structure, which is at the heart of wider plans to regenerate the whole waterfront area into a thriving coastal town, will become a useable centrepiece for the community.

    Construction work to improve sustainability and tourism in Inverness is also kicking off along the River Ness, with the support of £20 million from the Levelling Up Fund. The three projects will create a new Castle Energy Centre in Castle Street, refurbish and preserve the Victorian grandstand in Northern Meeting Park and improve sporting and events infrastructure at Bught Park’s grandstand.

    Growing the economy and making the long-term decisions to deliver the change the country needs is a priority for the Prime Minister.

    Earlier this year the UK Government announced two Green Freeports in Scotland, in the Cromarty Firth and the Firth of Forth, and two Investment Zones in Glasgow and the North East.

    Today the Chancellor has confirmed the Investment Zones programme in England will be extended from five to 10 years. Alongside this, the window to claim Freeport tax reliefs in England will be extended from five to ten years until September 2031.

    The UK Government will work with the Scottish government with the intention of delivering the same extension to Investment Zones and Freeports in Scotland.

  • PRESS RELEASE : Landmark sci-tech deal with the Republic of Korea to boost cooperation in critical technologies such as AI and semiconductors [November 2023]

    PRESS RELEASE : Landmark sci-tech deal with the Republic of Korea to boost cooperation in critical technologies such as AI and semiconductors [November 2023]

    The press release issued by the Department for Science, Innovation and Technology on 21 November 2023.

    Landmark commitments on AI, semiconductors, space and more form a key part of new UK-Republic of Korea Accord.

    • Landmark commitments on AI, semiconductors, space and more form a key part of new UK-Republic of Korea Accord
    • global science and tech leaders to work even closer together to harness the power of new technologies and industries to boost jobs and growth, as the two countries prepare to co-host the next AI Safety Summit
    • strong UK-Republic of Korea sci-tech links to be celebrated at the Royal Society in London, and bolstered with up to £4.5 million in new funding to boost research links between the two countries

    The UK’s partnership with fellow science leader, the Republic of Korea, will be pushed to new heights with a series of science and tech deals to be signed by Secretary of State Michelle Donelan, Minister of Trade, Industry and Energy Bang Moon-kyu, and Minister of Science and ICT Lee Jong Ho, at the Royal Society tomorrow (Wednesday 22 November).

    These have been agreed as part of a new landmark Accord between the two countries, that is being announced this week as part of President Yoon Suk Yeol’s State Visit to the UK, which begins today. As two of the world’s most innovative economies, the UK and the Republic of Korea are natural partners, with both countries placing in the top five of the Global Innovation Index.

    The two countries will work closer together than ever before to harness the potential of critical technologies like AI, quantum and semiconductors to create jobs and unlock economic growth, alongside a new £4.5 million fund to create joint research and innovation partnerships. This builds on the recent international progress on safe, responsible AI development achieved at the AI Safety Summit, the next edition of which will be co-hosted by the Republic of Korea and the UK next year.

    New commitments to collaborate in space, and on digital tech, as well as an over-arching agreement on science and technology, will open up new opportunities for trade, innovation and investment in both countries – ultimately helping to grow the economy, one of the Prime Minister’s five priorities.

    President Yoon, the Duchess of Edinburgh and the Science and Tech Secretary will attend the event marking the sci-tech deals’ signing, and hear from some of the brightest minds working on science and tech projects in the UK and the Republic of Korea, before Secretary of State Donelan formally signs the sci-tech agreements which form part of the new bilateral Accord. The UK and the Republic of Korea share a close relationship, and the Accord also deepens ties on defence, trade and investment.

    Science, Innovation and Technology Secretary Michelle Donelan said:

    “The Republic of Korea is a tech powerhouse, and a vital partner to the UK.

    “We share the same values and face the same challenges: from creating future jobs and industries fit for the AI age, to bringing the power of science to bear on climate change and supporting ageing populations. As part of the new Accord between our two countries, this raft of agreements will future-proof our relationship for decades to come: a partnership that is already bearing fruit as we work closely together on the next AI Safety Summit.”

    The science and technology agreements being signed as part of the UK-Republic of Korea bilateral Accord are:

    • A commitment to accelerate cooperation on the development of safe, responsible AI grounded in the UK and Republic of Korea’s shared democratic values, building on the commitments made at the world-first AI Safety Summit and Republic of Korea’s plans to co-host the next AI Safety Summit with the UK
    • A new Framework for Semiconductor Cooperation to enhance our collaboration on skills, R&D, supply chain resilience and trade, and deepen industry links
    • A broad new Digital Partnership, boosting joint work in priority areas such as data, telecoms, AI and digital competition
    • A new Memorandum of Understanding on space cooperation, bringing our space industries closer together and paving the way to joint space endeavours
    • A new Implementation Arrangement, which updates and reboots a Science & Tech cooperation agreement from 1985, to modernise the two countries’ science and tech partnerships for the 21st century
    • A new dialogue on quantum, which will include talent exchanges
    • A commitment to closer cooperation on engineering biology

    As well as hosting tomorrow’s celebration of the UK and the Republic of Korea’s deep science and tech links, the Royal Society and the National Research Foundation of Korea are investing up to £4.5 million into the new UK-ROK International Collaboration Awards for emerging UK and Korean research leaders to develop collaborative partnerships. This is supported by the International Science Partnerships Fund, the UK’s global fund for research and innovation. Innovate UK will also invest over £8 million from the next financial year into innovation programmes with the Republic of Korea, driving the development and commercialisation of critical technologies, including for the first time – semiconductors.

    The commitment to work together on AI follows the groundbreaking AI Safety Summit hosted by the UK at Bletchley Park, at which the Republic of Korea was one of 28 countries to agree ambitious commitments to work together on safe and responsible frontier AI development. The Republic of Korea and the UK will co-host the next AI Safety Summit in 2024.

    Also on Wednesday, a new Memorandum of Understanding (MoU) signed between Innovate UK and the Korea Institute for Advancement of Technology will unlock closer collaboration between both countries’ industries and researchers in key areas such as semiconductors, which are essential to so many parts of modern life, from phones and computers, to cars and hospital equipment.

    The commitment to closer ties on engineering biology will be bolstered by the establishment of a joint synthetic biology research centre. The centre will be shared by SynbiCITE, the UK’s Innovation and Knowledge Centre for synthetic biology, hosted at Imperial College London, and its South Korean equivalent the Korea Research Institute of Bioscience and Biotechnology (KRIBB), supported by Korea Advanced Institute of Science and Technology (KAIST), South Korea’s leading science and technology university.

    Not only this, an agreement between the Milner Therapeutics Institute (MTI) at the University of Cambridge and the Korea Research Institute of Bioscience and Biotechnology (KRIBB) is being announced. This agreement paves the way for Cambridge to host KRIBB’s first European outpost, demonstrating the strength of UK engineering biology and life sciences. It brings together experts in cell and gene therapy, organoid screening and AI-enabled drug discovery, with joint projects eligible for funding from both countries.

    Early discussions have also begun on a Cooperation Agreement to enhance the Republic of Korea’s cooperation in the Square Kilometre Array Observatory (SKAO), the multi-billion-pound international project to build the world’s largest radio telescope. The UK hosts the headquarters of the Observatory and is contributing £270 million towards the project, which will transform our understanding of the Universe and physics. Having the Republic of Korea on board will open up opportunities to create even stronger links with the global science community.

    This is the latest in a series of bilateral international science deals the UK has signed recently, which include partnerships with Israel, India, Switzerland and South Africa, as well as recent international digital deals such as the UK-Japan Digital Partnership.

    These bilateral agreements, alongside Horizon association, demonstrate the UK’s global ambitions to deepen collaboration with leading lights in science right across the globe. The government is determined to open up the broadest range of opportunities, for the brightest British minds to unlock breakthroughs with colleagues, the world over.

  • PRESS RELEASE : British-Arab Economic Summit 2023 – Lord Ahmad’s keynote speech [November 2023]

    PRESS RELEASE : British-Arab Economic Summit 2023 – Lord Ahmad’s keynote speech [November 2023]

    The press release issued by the Foreign Office on 21 November 2023.

    Minister for the Middle East, Lord Tariq Ahmad, gave a speech at the British-Arab Economic Summit in London.

    Good morning, and to all our guests who are joining us from across the Gulf, from across the Middle East and North Africa, on behalf of the British government, Ahlan wa Sahlan, you are most welcome here.

    And as my dear colleague and friend, Baroness Symons did, may I also congratulate you. You do a tremendous amount of work. Liz is often lobbying me on the importance of this organisation, and I assure you that being here today is testament also, to how across government, across parties, indeed as a country, we regard the importance of these kind of meetings in strengthening our relationship.

    I also congratulate the Secretary General and actually congratulate the organisers because you not only have one Ahmad on stage, but when you look across the stage I believe we have 3 today, including the Secretary General of the Arab League. So there’s great organisational capacity and capability put in by the team.

    As we join here this morning in the spirit of friendship, in the spirit of collaboration, it would be remiss of me, indeed for any of us, not to begin on reflecting on what is happening right now across Israel and Gaza and indeed sadly in the West Bank as well.

    The intensity of what’s happening is reflected on the level of engagement. I myself have just returned from Bahrain where the Manama Dialogue was taking place. In recognising the important role Bahrain play in that respect, the Dialogue itself – and the Secretary General who is here, he and I were actually on the same panel – was dominated by events in the Middle East. Equally, after that I immediately fast footed over to Doha. And there are important talks taking place and I was able to engage directly with the Qatari Foreign Minister and leadership team there. And I, again acknowledge and recognise the crucial role Qatar are playing at this important time.

    In bridging that particular gap, we need to move forward. Suffering in Gaza is going on for far too long. No one – unless you are directly impacted – can comprehend the pain and suffering. I visited Israel and the Occupied Palestinian Territories 10 or 11 days ago, and I saw directly the challenges which were being faced by people in the West Bank and Gaza. It’s really hard to comprehend the innocent Palestinian lives that are being lost. The women. The children.

    Liz, you talked about how grateful we are, but also we recognise the strength of the ambassadorial representation to the United Kingdom. We really do get the cream of the crop, if I can put it that way. And looking across I can see 3 of my great friends, the ambassadors of Egypt, Jordan and Kuwait sitting there and I’m sure there’s others here as well.

    Thank you for all you are doing, because it is important at this time that our conversations are frank and candid where we have different perspectives. But recognise that ultimately the goal we all want to see is peace in the Middle East.

    And let me be very clear – and make it very personal, and I speak as a Muslim, if I may: any act of terror by anyone, anywhere, including those committed by Hamas, are against every sense of our common humanity, against every sense of the faith I follow, indeed, of any faith or belief around the world. But equally, we should now really focus and ensure that what’s happening with the suffering of the people of Gaza is put to an end.

    And on this, if I may particularly commend my dear friend, Manar Abbas, who plays an incredible role as Ambassador of Jordan for the work that Jordan is doing. I also recognise through the Ambassador of Egypt – and again thank you Sherif for all you do – the role that Egypt is currently playing in providing that glimmer of hope currently through the Rafah crossing.

    And I make no excuses or apologies for focusing my initial comments on those particular events, because Your Excellencies, Your Royal Highnesses, friends, if we do not address that central, pivotal issue, we will not see progress and we will be back here again.

    In my time currently serving as the Minister of State for Middle East and North Africa, every day, every ounce of my effort, everything that we’re seeking to do is to be focussed on trying to shift that dialogue. Peace is not impossible. It’s the difficult pathway ahead, but you know what? We should never give up hope.

    We should pray and work every sinew of our efforts, everything we have in whatever role in business, in NGOs, in diplomacy, in politics, whoever we are, wherever we are, to do our bit to actually try and deliver that vision for a lasting, sustainable peace.

    Ladies and gentlemen, your excellencies, hard as it is to remove oneself from those particular issues, we also recognise, importantly, that our discussions here today will centre on so many important issues like artificial intelligence. Indeed, the Prime Minister only a few weeks ago hosted an important international conference in that respect. It was the former Foreign Secretary who brought it to the United Nations as an issue.

    But that’s not where we are alone. From trade to health, from security to finance. We are working together to tackle the challenges we face. One particular one that I focussed on already, but also the numerous challenges of climate, which we all face together, but also importantly with all of you. It is the people that matter of unlocking the immense potential and opportunities that lie ahead.

    As I reflected on what I was going to say this morning, just last week, for example, I hosted the UK Algeria Strategic Dialogue alongside my dear friend, Foreign Minister Attaf, where we focussed on opportunities to increase our burgeoning trade relationship. Our trade relationship, and I’m just using this as one example, because it’s fresh in my mind from last week, has grown by 24% since 2022 with Algeria. Currently at £3 billion, but with ambitious plans to do more. Companies such as AstraZeneca, Unilever, GSK, Petrofac are already well established in Algeria and many are expanding their operations.

    And this is why this series of structured dialogue, looking at all aspects of our relationships, is important. We’ve just celebrated the 70th anniversary of the Kuwaiti Investment Office. We’ve had royal visits in. We’ve had strategic dialogues with Kuwait as well. And I’m thankful to you, Bader, for the immense effort you’ve been putting in since your arrival. Many of you will remember his predecessor. But one thing is very important – that the energy of the new Ambassador has been reflective of the strength of our bilateral relationship as well.

    But equally, we have had other structural dialogues with Bahrain recently and Tunisia, where we focussed on areas such as climate, education, transport and much more as well. And as I alluded earlier, both myself and the Secretary General were just at the Manama Dialogue, where important conversations took place on all of these particular issues and more. And it was reflective of the strength and indeed the depth of the intent. As we see this morning on how important people regard these important organisations, but also the convening of such meetings.

    Just focusing on global health, the UK has a proud record of working with the Arab world and across the MENA region to strengthen systems in developing countries, drive innovations in care, develop new vaccines. On food security, today, our Prime Minister is hosting a global summit just a short distance from here. Indeed, I’ll be speaking at that bit later on alongside our friends from the United Arab Emirates and Somalia. Galvanising action to end hunger.

    And a year ago, the United Kingdom launched a partnership with Saudi Arabia, with the King Salman Relief to tackle food insecurity in Somalia. We’re already seeing results with 130,000 vulnerable people being supported directly. And we are signing not just in terms of trade relationships, but development relationships with our partners across the Middle East and North Africa. Because together, the sum of the whole, we can deliver so much more.

    Of course, this is also when we look at the issues of COP28, which have been mentioned. And congratulations to Egypt. They took on the chair from us and this exchange of baton is important. And going on to the UAE, we work with the Arab world directly because we have to accelerate green growth. And we are working with countries across the piece to strengthen areas such as renewable energy and green industry, including we’re now seeing in Amman I believe, electric buses on the road as well.

    And finally, just on the UK-GCC trade agreement, again at the Manama Dialogue, I met with the Secretary General, my dear friend Jasem, who is the Secretary General of the GCC, and we are progressing well.

    For the economies of the Arab world to become less dependent on carbon and fossil fuels, we must open doors for entrepreneurs – many of you here today – to take advantage of the technologies. Opportunities we can only grasp by removing barriers and facilitating growth and working with our Gulf partners. And that’s why, for example, in very practical terms, we are – and indeed we are piloting right now with Qatar – the new visa free agreements that we’ve reached with several countries across the Gulf. And that’s demonstrable.

    We shouldn’t just talk about things. We should help to facilitate action that deliver that people-to-people links. And a trade deal in my mind with the GCC, will boost our collaboration across a huge range of sectors, creating many business opportunities and importantly jobs on both sides and attracting new investment.

    UK exports to Arab countries in 2022 was £38 billion, an increase of 20%. But there’s so much more that can be achieved.

    In conclusion to all of you, I say: I hope your deliberations today are both productive and do deliver. There is much we can do together. Collaboratively, collectively, working together towards common goals. And I’m sure there will be many engaging discussions because after all – and a politician would say this – it’s only through talking, but dialogue matters ultimately when we can deliver on those conversations and discussions. And it’s forums like this that help to make it happen. And together we can. Thank you so much.

  • PRESS RELEASE : UK Minister visits Cuba to agree new cooperation agreement [November 2023]

    PRESS RELEASE : UK Minister visits Cuba to agree new cooperation agreement [November 2023]

    The press release issued by the Foreign Office on 21 November 2023.

    Minister for the Americas & the Caribbean, David Rutley MP, arrives in Cuba.

    During his visit, Minister Rutley will sign a new Political Dialogue and Co-operation Agreement (PDCA) between the UK and Cuba. The agreement sets a framework for future dialogue between the two countries on a range of issues, including sustainable development, the environment, and human rights.

    Minister Rutley will meet Cuban Foreign Minister, Bruno Rodríguez during his visit and will attend a meeting with the Heads of UN agencies in Cuba, including the United Nations Development Plan, the World Food Program, and UNICEF.

    During his trip, the Minister is also scheduled to meet local entrepreneurs, as well as members of the Cuba Chevening alumni community to learn about the social and economic situation in Cuba.

    FCDO Americas Minister, David Rutley MP said:

    As part of our commitment to strengthening the UK-Cuba relationship, I look forward to signing a Political Dialogue and Co-operation Agreement that will see us engage on issues important to both sides such as human rights and the embargo.

    UK Ambassador to Cuba Sir George Hollingbery said:

    We are delighted to welcome Minister Rutley on his first official visit to Cuba and we look forward to discussing a wide range of issues that are of mutual benefit to the UK and Cuba.

  • PRESS RELEASE : New UK and Republic of Korea clean energy partnership to accelerate net zero transition [November 2023]

    PRESS RELEASE : New UK and Republic of Korea clean energy partnership to accelerate net zero transition [November 2023]

    The press release issued by the Department for Energy Security and Net Zero on 21 November 2023.

    UK and Republic of Korea to strengthen cooperation on low carbon technologies and civil nuclear.

    • Partnership will be signed in London by Energy Security Secretary Claire Coutinho and RoK’s Minister for Trade, Industry and Energy, Bang Moon Kyu
    • agreement will bolster cooperation on low carbon technologies, civil nuclear, and tackling climate change
    • builds on existing energy and climate agreements between the 2 nations, as part of efforts to accelerate the global transition to net zero

    A new Clean Energy Partnership between the UK and the Republic of Korea (RoK) will be agreed tomorrow (Wednesday 22 November) to boost energy security and accelerate the clean energy transition.

    The partnership will be signed in London by Energy Security Secretary Claire Coutinho and RoK’s Minister for Trade, Industry and Energy, Bang Moon Kyu. It will see the UK and RoK strengthen cooperation on shared ambitions across the clean energy transition, low carbon technologies, civil nuclear, and domestic climate policies. The new partnership will promote UK-Korea business collaboration, addressing barriers to trade and encouraging mutual development of each other’s energy sectors.

    The 2 countries will also double down on commitments made under the Paris Agreement to limit global warming to 1.5 degrees, to work together to phase out unabated coal power from energy systems to achieve net zero by 2050.

    The partnership comes alongside South Korean businesses injecting more than £10 billion of new investment into the UK, backing renewable energy and infrastructure projects across the country, and supporting more than a thousand highly skilled jobs across the renewables supply chain.

    Energy Security Secretary Claire Coutinho said:

    The UK and the Republic of Korea already have a strong relationship on energy security and tackling climate change.

    The new partnership we will sign will see us collaborate even more closely, driving forward shared plans to accelerate clean energy sources, like renewables and nuclear power.

    This will help us make the green transition, while supporting the injection of more than £10 billion into the UK economy from South Korean businesses and the thousand skilled jobs that come with that.

    The partnership will see both countries commit to:

    • strengthening cooperation on civil nuclear, including on large scale, small scale and advanced reactors, decommissioning and waste management, and supply chains – important as both nations develop clean energy sources, and reduce the global nuclear industry’s dependence on Russia
    • sharing information and lessons learned on offshore wind to support UK and RoK’s ambitions, collaborating on barriers to deployment and exploring commercial opportunities through the annual Offshore Wind Policy Dialogue
    • exploring shared priorities for UK-RoK hydrogen collaboration, building on engagement through existing forums
    • reinforcing existing cooperation on grids and infrastructure between Korea Electric Power Corporation (KEPCO), Ofgem and The National Grid to enhance existing technical, policy, R&D and commercial exchange
    • enhancing R&D cooperation via the UK-RoK Science, Technology and Innovation Partnership, and to deepen cooperation via other channels including Mission Innovation

    The clean energy partnership will elevate existing areas of bilateral cooperation on energy between the 2 countries, in particular building on the UK-RoK Civil Nuclear Dialogue and the previously agreed UK-RoK Offshore Wind Memorandum of Understanding to accelerate offshore wind deployment.

    These agreements will advance the Republic of Korea’s transition to clean energy while creating high-value jobs in the UK’s green supply chain.

    Already, RoK has a target of 14.3 GW of offshore wind by 2030 – with UK companies winning a significant number of RoK offshore wind engineering contracts. Additionally, there are a number of investment commitments from UK and RoK companies, helping to accelerate offshore wind development:

    • RoK’s SeAH Wind Ltd is making a £650 million investment to build a new factory and manufacture offshore wind monopiles in Teesside, creating up to 750 jobs by 2030
    • UK offshore wind developer Corio Generation, with a portfolio exceeding 30GW and a total value of approximately £146 billion across 10 countries, is expanding its offshore wind presence, particularly in the UK and Republic of Korea
    • in February, BP entered the South Korean offshore wind market, establishing a joint venture and acquiring a 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio, including four projects across the Korean peninsula with a potential generating capacity of up to 6GW

    Louise Kingham, Head of Country at BP said:

    BP is delighted to support early-stage offshore wind opportunities in South Korea, working in partnership with stakeholders for the country’s energy transition.

    This further investment and closer collaboration follows over 3 decades of the UK and RoK working together on advancing nuclear power generation, underpinned by the Nuclear Cooperation Agreement made in 1991.

  • PRESS RELEASE : UK and South Korea to launch talks on new trade deal as Korean businesses back Britain with £21 billion of investment [November 2023]

    PRESS RELEASE : UK and South Korea to launch talks on new trade deal as Korean businesses back Britain with £21 billion of investment [November 2023]

    The press release issued by the Department for Business and Trade on 21 November 2023.

    Talks launch tomorrow [Wednesday 22 November] on an upgraded trade deal with South Korea.

    • UK and South Korea to launch negotiations on an upgraded, modern free trade agreement to boost trade between the two countries
    • South Korea is the 13th biggest economy in the world and its import demand is set to rapidly grow, driving further demand for first-rate UK goods and services
    • UK and South Korea to also announce record £21 billion of Korean investment in green energy and infrastructure projects across the UK, creating more than 1,500 highly skilled jobs

    Business and Trade Secretary Kemi Badenoch will tomorrow [22 November] launch talks on a modernised trade deal with South Korea to boost trade and strengthen our relationship with a key ally.

    It comes as Korean businesses commit £21 billion of investment into the UK, backing renewable energy and infrastructure projects across the country and supporting more than 1500 highly skilled jobs.

    South Korea is the 13th largest economy in the world and its import demand is set to grow rapidly. With around 45 million middle class consumers and an import market expected to grow by 45% by 2035, it presents massive opportunities for UK companies.

    The UK and South Korea are both major modern economies with big digital sectors and the current trade deal, negotiated more than a decade ago, doesn’t include digital chapters that reflect the modern economy.

    With nearly 80% of UK services exports to Korea delivered digitally in 2021, securing modern digital provisions could unlock big opportunities for UK businesses.

    The UK’s trade with South Korea has more than doubled in current prices since our existing trade deal was agreed in 2011. An upgraded trade deal is expected to boost our £16 billion annual trading relationship with South Korea, supporting jobs and livelihoods up and down the UK.

    Speaking ahead of the launch, Business and Trade Secretary Kemi Badenoch said:

    The government is upgrading our trade deal with South Korea to ensure that our trading relationship plays to the UK’s strengths as an advanced, high-tech economy. This refreshed, modernised deal will boost our world-leading services sector, while also creating new opportunities for UK exports such as in our world leading food and luxury goods sectors.”

    The Business and Trade Secretary will launch negotiations alongside Korean Minister for Trade, Industry and Energy Bang Moon Kyu at the UK-Korea Business Forum at Mansion House as part of the state visit by Korean president Yoon Suk Yeol.

    At the event, the UK and Korea will also announce a record £21 billion of investments in green energy and infrastructure projects across the UK. With foreign direct investment from Korea standing at £1.9 billion in 2021, this new investment package showcases the strength of the UK-South Korea trading relationship and will create more than 1500 skilled jobs and drive innovation across the country.

    This includes:

    • £9.7 billion investment by the Republic of Korea Sovereign Wealth Fund into UK assets over the next 10 years to fund UK renewables, green infrastructure and waste management projects;
    • £2 billion by Shinhan Financial Group to drive investment into renewable energy and infrastructure projects across the UK;
    • £650 million by wind turbine manufacturer SeAH Wind into a state-of-the-art monopile manufacturing facility at the Teesside Freeport site, creating 750 high-skilled jobs by 2030;
    • £150 million by food and drink company SPC to establish 200 cafés across the UK, creating 400 UK jobs and employing 200 local businesses in the wider supply chain;
    • £90 million invested by Hanwha Phasor in the UK by 2024, of which £18 million is going to its new European Space Research and Development Hub in Cambridge, creating 100 highly skilled jobs

    Minister for Investment Lord Johnson said:

    Just weeks after my hugely productive trip to Seoul, I’m thrilled to see Korean investors committing £21 billion to exciting new projects which will create jobs and spur economic growth across the UK.

    I’m hugely focused on securing greater partnerships with sovereign wealth funds, and so I greatly welcome the Korea Investment Corporation’s £9.7 billion for renewable energy, fintech and life sciences – three sectors the UK is leading the world in.

    As we will see at next week’s Global Investment Summit, the UK is one of the best places in the world to invest thanks to the huge growth and innovation that we are fostering in our science and tech sectors. The investments secured today are yet further proof of that and how we continue to strengthen our trade and investment ties with South Korea and the wider Asia Pacific region.”

    British brands are also thriving in the Korean market. World-leading UK technology and green energy companies will announce more than £2.5 billion of business wins to South Korea, with Bentley and Diageo also expected to announce more than £200 million worth of contracts in the country this year following support by the Department of Business and Trade.

    A new deal would also benefit the nearly 7,000 UK businesses exporting goods to Korea, of which 85% were Small and Medium Enterprises (SMEs). The new agreement is expected to include dedicated support for smaller businesses by digitalising and simplifying customs procedures.

    The UK will also work to secure simple and forward-looking rules of origin which provide continuity and long-term certainty while helping as many businesses as possible to benefit from reduced or zero tariffs when exporting to South Korea.

    Lord Mayor of the City of London Professor Michael Mainelli said:

    It is an honour that this exciting trade communique between two modern economies has been announced here at the Mansion House. The Republic of Korea is a rapidly growing economy with significantly advanced digital sectors. Financial services is the second largest services trade exported from the UK to the Republic of Korea and an upgraded trade deal can further bolster opportunities across Britain.

    Additionally, as one of the world’s largest services exporters, this agreement will be key to the UK’s digital transformation ambitions, not just for large firms and conglomerates but also for small and medium sized enterprises seeking to benefit from streamlined and digitalised procedures with customers and businesses in the Republic of Korea.”

    Chief Executive Officer at TheCityUK Miles Celic said:

    This is a significant step in modernising, strengthening and deepening our partnership with South Korea. It is an opportunity to secure strong digital trade provisions, fostering more robust collaboration between our nations in the exciting growth technologies of tomorrow.”

    Korea is a top-three global producer of vital goods such as semiconductors and ships, giving it a key role in supply chains. Deepening our trade links with dynamic Indo-Pacific economies like Korea could mitigate against future economic shocks and builds on the UK’s tilt to the region following our accession to the major CPTPP trading group.

    The UK is already a top destination for Korean green investment and Korean companies are utilising a high level of UK expertise in offshore wind as they look to construct the largest offshore wind farm by 2030. A significant share of Korean offshore wind engineering contracts have been won by UK firms and upgrading our trade deal has the potential to strengthen this collaboration.

    The news comes as the UK is set to host around 200 of the world’s leading investors at the Global Investment Summit, which will showcase the UK as one of the best places in the world to invest and do business, driving billions of pounds of new investment into every corner of the economy and our leading sectors including science and technology.

    Background

    • Statistics and data in this document have been sourced from:
      • ONS Imports and exports of services by country, by modes of supply, UK: 2023
      • IMF World Economic Outlook: October 2023
      • DBT Global Trade Outlook – February 2023 report
      • ONS UK total trade: all countries, seasonally adjusted: April to June 2023
      • HMRC UK trade in goods by business characteristics 2021
    • UK total trade (imports plus exports) with South Korea was £16.1bn in the 12 months to end of June 2023, an increase of £8.7bn (118%) in current prices compared to 2011.
    • The £21 billion investment includes:
      • The Korea Investment Corporation (KIC) plans to invest £9.7 billion in the UK by 2033 as part of an investment collaboration with the Department for Business and Trade. The South Korean sovereign wealth fund will invest in key areas including renewable energy, fintech and life sciences.
      • Korea Development Bank plans to deploy £3 billion through their operations in the UK over the next five years. These businesses will encompass a wide array of financial activities, including but not limited to syndicated loans, project finance, fixed income investments, trade finance, derivatives, and venture capital.
      • KB Kookmin Bank are expanding their UK holdings, allocating a further £2 billion over the next 3 years.
      • Hana Financial Group are increasing their UK holdings, aiming to deploy a further £2.5 billion into UK project finance, green infrastructure, investment banking and securities by 2028. Hana Financial Group will open a Global Treasury Centre in 2024 to support their global foreign exchange trading business in London.
      • Shinhan Bank will sign an MoU with the Department for Business and Trade to invest more than £1 billion in infrastructure and ESG sectors in the UK over five years. Shinhan Bank will collaborate with other Shinhan Financial Group companies to invest an additional £1 billion, totalling £2 billion of investment in the UK.
      • NongHyup Bank (NH Bank) are opening their first UK branch which will grow its assets to £700 million over the next seven years. The UK branch will be based in London, with NH Bank’s first overseas FX trading desk.
      • Britain’s Vertical Aerospace has announced the expansion of its contract with South Korea’s Hanwha Aerospace to include the engineering and manufacturing of advanced tilt and blade-pitch systems, essential components for Vertical’s flagship electric vertical take-off and landing (eVTOL) aircraft, the VX4. Both companies will enhance the partnership throughout the development and certification process and will look to explore more business opportunities as the programme develops. This partnership is projected to be valued at over $1 billion following the commencement of large-scale production of the certified VX4 aircraft.
  • PRESS RELEASE : £320 million plan to usher innovation and deliver Mansion House Reforms [November 2023]

    PRESS RELEASE : £320 million plan to usher innovation and deliver Mansion House Reforms [November 2023]

    The press release issued by HM Treasury on 21 November 2023.

    The Chancellor has announced a £320 million plan to drive innovation and unlock the first tranche of investment from his Mansion House Reforms.

    • New investment vehicles tailored to the needs of pension schemes to support investment into the UK’s most promising high-growth companies.
    • Latest step in delivering the Chancellor’s Mansion House Reforms unlocking £75 billion
    • Expected to provide an extra £1,000 a year for the average earner that starts saving from 18

    The Chancellor has announced a £320 million plan to drive innovation and unlock the first tranche of investment from his Mansion House Reforms.

    A raft of measures – which are expected to provide an extra £1,000 for people’s pension pots every year – will help pension funds invest in high growth, innovative companies to deliver for savers and grow the economy.

    The government is supporting new investment vehicles tailored to the needs of pension schemes, allowing investment into the UK’s innovative companies.

    £250 million will be committed to two successful bidders under the Long-term Investment for Technology and Science (LIFTS) initiative, subject to contract. This will provide over a billion pounds of investment from pension funds and other sources into UK science and technology companies.

    To complement private investment vehicles, a new Growth Fund will be established within the British Business Bank. The Growth Fund will draw on the BBB’s strong track record and a permanent capital base of over £7 billion to give pension schemes access to opportunities in the UK’s most promising businesses.  This has been welcomed by 8 pension schemes and fund managers as a potentially valuable addition to the market.

    Building on the recent BVCA Venture Capital Investment Compact, the package also includes measures to further strengthen the UK’s renowned venture capital industry. A new Venture Capital Fellowship scheme will support the next generation of world-leading investors in our VC funds, similar to the successful US Kauffman Fellowship.

    The Chancellor, Jeremy Hunt, said:

    “Innovation is the key to our future success as a nation and its vital that we do all we can to help companies start, scale and grow in the UK.

    “Tomorrow’s Autumn Statement will be a huge step towards delivering our Mansion House Reforms and unleashing the full potential of our pensions industry.

    It comes as the Chancellor is convening representatives from several universities and investors at University College London (UCL) East where they will endorse a new set of ‘best-practice policies’ that are recommended by the independent review of spinouts.

    The Chancellor is to inject £20 million to foster more ‘spin-out’ companies, firms created using research done in universities. He is also providing at least £50m additional funding for the British Business Bank’s successful ‘Future Fund: Breakthrough’ programme – that will provide direct investment to support these innovative companies to scale up.

    Spin-out companies raised £5.3 billion in investment in 2021-22 alone. Today’s announcements are designed to increase investment for the future and help ensure researchers in our world-leading universities have the tools they need to start, scale, and grow innovative new businesses in the UK.

    The independent review – led by Irene Tracey, Vice-Chancellor of Oxford University and Andrew Williamson, Managing Partner of Cambridge Innovation Capital – recommends innovation-friendly policies that universities and investors should adopt to make the UK the best place in the world to start a spin-out company.

    In the past, many spin-outs deals were created from scratch, which is both inefficient and sometimes fails to learn the lessons from previous success stories. Today’s recommendations aim to speed up the process and build on TenU’s University Spin-out Investment Terms (USIT) Guide by recommending 10-25% university equity for life sciences spinouts, and 10% or less for less IP-intensive sectors, common in software.

    The Chancellor has accepted all the recommendations and will set out his full response as part of the Autumn Statement tomorrow.

    This move will help deliver the Prime Minister’s pledge to grow the economy by supporting our world-leading university research institutions, which generate around £10 billion a year for the economy.

    Further information

    Supportive statements for the Independent Review of Spin-outs

    • Chancellor, Jeremy Hunt, said:

    “Innovative, globally competitive businesses like Oxford Nanopore are making a huge contribution to our economy.

    “It’s critical that we harness this potential and give universities the tools they need to translate cutting edge research into exciting UK businesses that start and grow in the UK.”

    • Science and Technology Secretary, Michelle Donelan, said:

    “Turning new ideas and innovations into blossoming businesses is the bedrock of a vibrant economy and our £20m investment will drive more successful UK spinout companies like Oxford Nanopore and Darktrace, ensuring world-class research translates into world-leading industries.

    “At the same time, we need clear rules on the stakes held by universities which offer world class facilities and expertise to get those companies off the ground, so we can back future generations of innovators, in turn creating more local jobs and growing our economy.”

    • Co-leads for the independent review Professor Irene Tracey CBE, FRS, FMedSci, Vice-Chancellor of the University of Oxford, and Dr Andrew Williamson, Chair of the Venture Capital Committee at the British Private Equity & Venture Capital Association (BVCA) and Managing Partner of Cambridge Innovation Capital, said:

    “The UK’s world-class university sector is a crucial driver of economic growth and innovation. Over the past eight months, we have engaged extensively with the major stakeholders in the UK’s university spin-out ecosystem. Today’s publication of our review and its recommendations are the culmination of this extensive work. We propose a set of spin-out terms and practices designed to foster a more collaborative and sharing environment among academia, entrepreneurship, and investment.

    “Our hope is that this will increase the number of spin-outs, reduce the time to negotiate licenses, and increase the spin-out’s success rate. It was a privilege to contribute to this report and we are extremely grateful to our colleagues for their willingness to engage in the review, and especially the advisory board. Across diverse sectors, including AI, quantum computing, advanced therapeutics, diagnostics, and climate tech, university spin-outs across the UK are rapidly generating economic growth, societal impact, and fulfilling career opportunities for the next generation.”

    • Responding to the recommendations set out in the Independent Review of Spin-outs Anne Lane, CEO of UCL Business (UCLB), said:

    “For 30 years, UCLB has created successful spinout businesses from UCL’s ground-breaking research, which have raised £2.75 billion investment in the last 5 years alone.  As well as creating jobs and economic impact, these spinouts scale up solutions to complex societal challenges, from reducing carbon emissions to therapies for rare hereditary diseases.

    “The recommendations published in this review will help universities harmonise the creation of spinouts. We look forward to working even closer with fellow universities, government, and the investment community to ensure a healthy and sustained flow of investment back into academic research whilst supporting the emerging world-changing businesses of the next 30 years.”

    • Professor Sir Anton Muscatelli, Principal and Vice-Chancellor of the University of Glasgow, said:

    “I very much welcome the findings and recommendations of this Review and believe wholeheartedly in the untapped potential for innovation and entrepreneurship within our universities across the UK. Our institutions are at the forefront of the groundbreaking R&D which can drive productivity and economic growth across the country, and to be globally competitive we must ensure we are creating a framework which is investor-friendly, founder-friendly, nurtures university spinouts and unleashes this untapped potential.

    “Universities like mine are developing the technologies needed to fuel the UK’s economy and tackle the greatest challenges facing the world, so it is very welcome to see the UK Government recognise the integral role our institutions can play in facilitating the creation of new ventures to bring new ideas and breakthrough innovations to market. As a sector we look forward to working together with the Government in the months ahead to deliver the ambitions set out in the Review.”

    • Michael Moore, Chief Executive, British Private Equity and Venture Capital Association said:

    “The independent university spin-out review is a hugely welcome statement of intent. Private capital has an important role to play by bringing both investment and expertise together to transform the world class research in UK universities into world class businesses. The recommendations in this review can help to generate ways to get more capital working together with the best ideas to achieve that.”

    • Julia Hawkins, Partner at LocalGlobe said:

    “Turning the UK’s world-leading science and innovation into viable global businesses takes so much more than just IP and investment. We applaud the recognition in this review that founders benefit from the support of experienced investors, who are also seasoned company builders. At Phoenix Court we co-founded the Newton Fellows program to help train the next generation of investors and entrepreneurs, and we especially welcome spinout founders and investors. We are also working with interns from PhD/Postdoc programs who are looking to gain experience of the investment and entrepreneurship worlds, and we want to do more in this area. And we have long argued that founders should not give up too much equity in their businesses and are delighted to have joined the TenU working group to recommend appropriate terms to help spinouts achieve market competitive terms that both incentivise and reward.”

    • Steve Bates OBE, CEO of the UK BioIndustry Association (BIA), said:

    “Spin-outs are the lifeblood of life science innovation ecosystem. This report shows that the UK university spin-out process is getting simpler, faster, and more repeatable. This is creating a virtuous circle of increased deal flow, more life science companies and investor confidence in the UK.

    “People moving easily both ways between academia and industry is key to successful research translation. This report demonstrates practically just how highly-connected the UK’s unique life science innovation ecosystem is.  It’s because of this collaboration that I’m confident the report’s recommendations will be delivered.”

    • Tim Bradshaw, CEO of the Russell Group, said:

    “We’re pleased this review highlights the enormous value spin-outs have added to the UK economy and demonstrates the vital role universities play in commercialising research and enabling new enterprises across a range of industries to flourish.

    “These businesses simply would not exist without the resource, skills, and investment of our world-leading universities as well as support from the investor community and Government.

    “In turn, university spin outs have created thousands of high value jobs right across the country, and we are eager to do even more.

    “We look forward to working closely with the Government and investors to build on the momentum from this review to ensure we can not only sustain but hopefully grow the already thriving UK spin-out eco-system.”

    • Vivienne Stern, CEO of Universities UK, said:

    “We welcome this review’s recognition of the positive impact and important role that university spin outs have on driving growth and supporting the national and local economy. We support the ambitions of the review for universities, investors and Government to come together and work collaboratively to maximise opportunities for university spinout activity. University spin outs create thousands of jobs across the UK and will play an important role in driving the economic growth and local regeneration that the country needs.”

    British Business Bank

    • The British Business Bank (BBB) has engaged widely with the market to explore the case for government to play a greater role in establishing investment vehicles to allow pension schemes to invest quickly and effectively in UK unlisted growth companies, building on the skills and expertise of the BBB’s commercial arm.
    • The organisations, listed below, have confirmed that they are supportive of the government’s ambitions to encourage additional institutional investment into UK venture and growth assets, and that a government established vehicle run by the BBB could be a valuable addition to the market, alongside other vehicles that already exist or are in development.
    • They have also confirmed their availability for continued engagement with the BBB to help design this vehicle to meet schemes’ needs, alongside the wider work of government and the market to establish suitable vehicles.
    • Aviva, L&G, M&G, Smart Pension, Aegon, Phoenix, AON and USS