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Category: Press Releases

  • HISTORIC PRESS RELEASE : Size Matters – Less Tax on Smaller Cars from Today [May 1999]

    HISTORIC PRESS RELEASE : Size Matters – Less Tax on Smaller Cars from Today [May 1999]

    The press release issued by HM Treasury on 31 May 1999.

    Own a small car? Or thinking of buying one? This may help – from today, the Vehicle Excise Duty (VED) on vehicles with an engine of 1100cc or less is cut to £100 – a saving of £55.

    1.8 million cars in the UK will benefit from the reduced rate, said Economic Secretary Patricia Hewitt today:

    “Size obviously does matter – and those people with smaller, cleaner cars will from today reap the benefit of a significant cut in VED.

    “Safeguarding the environment and protecting people’s health is a major commitment of this Government – and using the tax system to encourage people to use environmentally-friendly cars is one way to do this.

    “Today’s cut is only the first step in a major reform of the VED system. From autumn 2000, a completely new system will be introduced for new cars, where owners will pay according to their car’s rate of CO2 emissions. This Government is sending a clear and strong environmental signal to motor manufacturers and owners alike that measures will be taken to protect the environment.”

    NOTES TO EDITORS

    1. In the 1998 Budget, the Chancellor promised to introduce a system of graduated VED for cars, to encourage people to manufacture, use and buy more fuel-efficient vehicles. Today’s reduced rate is the first step of that commitment. A graduated VED system for new cars based primarily on their carbon dioxide emissions will apply from autumn 2000.

    2. The models of cars that will qualify for the reduced rate include:

    • the lowest engined-sized models of the Vauxhall Corsa, Volkswagon Polo, Volkswagon Lupo, Nissan Micra, Fiat Seicento, Toyota Yaris, Suzuki Alto, Suzuki Swift, Suzuki Wagon R, Daihatsu Cuore, Daihatsu Move, Daihatsu Sirion, Hyundai Atoz, Daewoo Matiz, Seat Arose, Perodua Nippa and Citroen Saxo.
    • There will also be a number of older models of Minis, Ford Fiesta Populars, Metros, Fiat Pandas, Fiat Unos, Citroen AX and Peugeot 106 that will qualify.

    3. Around 8 per cent of all the cars in the Private and Light Goods vehicle class have engines up to 1100cc – around 1.8 million cars will therefore be eligible for the £55 reduction.

    4. The DVLA have written to motorists who will benefit from the lower rate inviting them to relicence at the reduced rate from today and (where appropriate) claim a refund on their current licence. The Post Office will deduct the refund due on their current licence from the cost of their new one.

  • HISTORIC PRESS RELEASE : Financial Education Must Start Early [May 1999]

    HISTORIC PRESS RELEASE : Financial Education Must Start Early [May 1999]

    The press release issued by HM Treasury on 25 May 1999.

    Proposals to improve financial literacy and consumer awareness of mortgages, pensions and other savings investments starting at school age have been welcomed by Economic Secretary Patricia Hewitt.

    Welcoming the initiative, developed by the Financial Services Authority (FSA) under its consumer protection and awareness remit and due to be published later this week, Ms Hewitt said:

    “Savers and investors are often intimidated by the complexity and range of financial services products available. They need to understand them better to have the confidence to use them effectively. The new role in consumer education for the FSA is a major step forward towards achieving wider understanding and confidence in the financial services industry.

    “Helping young savers to learn about savings opportunities and providing league tables for authorised investment products are two ways which the FSA is already developing to improve public awareness of what effective savings products can do for them. At the same time, increased confidence will help the financial services industry to continue to develop the range of products and services it can offer them.”

    Speaking about the wider role of the new FSA at the Securities Institute, she added :

    “But the new regime we are proposing is about more than just individual consumers. An efficient and effective financial services industry is vital for prosperity, stability and international competitiveness. Millions of people depend on the availability of modern financial services and fair and honest markets and advice. Consumer confidence is the key to success, and simpler, more effective regulation is central to that.

    “The FSA will not just be a new regulator: it will be a new kind of regulator. Its new role will cover improving market confidence; protecting savers and investors through increased financial literacy and better consumer education as well as by regulating those involved in financial services; and reducing financial crime.

    “It will deliver effective and proportionate regulation of financial services, with a light touch in regulation to minimise burdens on financial services providers but effective consumer protection where necessary. It will offer regulation that works with the grain of customer needs and industry innovation and development: a winning formula for both.

    “There will be a single ombudsman scheme to deliver better access to redress when things do go wrong, together with effective safeguards in the disciplinary and market abuse provisions which will ensure effective regulation and increase confidence in the UK industry as the place to do financial services business.

    “The FSA will promote public awareness of the financial system, with better understanding of the benefits and risks of the various ways to save and invest, with easy to understand, authoritative information. This will help more people to benefit from savings and investment through better understanding of the financial services market place, encouraging them to demand simpler, cheaper and more flexible products.

    “The FSA is already delivering on this. It has published guides to financial advice, pensions, ISAs and the euro, and set up public enquiry points and pensions review help-lines. And as part of its strategy for promoting public understanding of the financial system it has also:

    consulted widely on a consumer education strategy to deliver savings education to young savers;
    looked at effective ways to improve financial literacy for adult savers so that they can ask the right questions of those selling them financial products; and is developing ideas for league tables of authorised investment products, which could cover cost, access and other terms, enabling consumers to compare products and get the best deals.

    “These are all welcome developments. They show that the FSA is already working for the industry and for savers and investors. It is at the heart of our drive towards a new kind of regulation, achieving even higher standards and improving professionalism in the financial services industry.

    “We already have one of the best financial services industries in the world, setting standards which other still aspire to. But this should not make us complacent: markets change, technologies develop, consumer requirements grow.

    “We must continually strive to find further means to increase professional and consumer confidence and enhance the reputation of the industry at home and abroad. The Financial Services and Markets Bill which will shortly be going before Parliament is a major step towards that goal.”

  • HISTORIC PRESS RELEASE : Gordon Brown Announces $2,000 Million Fund to Help the World’s Poorest Countries [May 1999]

    HISTORIC PRESS RELEASE : Gordon Brown Announces $2,000 Million Fund to Help the World’s Poorest Countries [May 1999]

    The press release issued by HM Treasury on 20 May 1999.

    A $2,000 million Millennium Trust Fund to speed up the debt relief process and cut the debts of the world’s poorest countries by $50 billion by the end of the year 2000 has been called for today by the Chancellor Gordon Brown and Clare Short, Secretary of State for International Development.

    The aim of the Trust will be to fund over time a more ambitious programme of faster, wider and deeper debt relief which will remove a country’s unsustainable debt burden and allow resources to be reallocated to programme that reduce poverty.

    To support the new Trust Fund the Chancellor and Ms Short challenged the world’s richest countries to increase their contributions to the HIPC Trust Fund and called on the European Commission to contribute resources from the European Development Fund (EDF).

    The Chancellor said:

    “We propose that the developed world should ensure that the Trust Fund has $2,000 million to meet the costs of an enhanced scheme. This is the final building block in our proposals, which will go the G7 meetings next month, to finance debt write-off by $50 billion by the end of the year 2000.

    “We are convinced that resources from the EDF could make a major contribution to debt relief. They could be used to unshackle the poorest countries from their unsustainable debt burdens and allow those countries to tackle the greatest problem of our generation – the lack of primary education and healthcare for the poorest and most deprived. To provide the key that will unlock the door to chronic poverty”

  • PRESS RELEASE : Star Pubs & Bars is cooperating with the Pubs Code Adjudicator after it reports breaches of the Pubs Code [December 2022]

    PRESS RELEASE : Star Pubs & Bars is cooperating with the Pubs Code Adjudicator after it reports breaches of the Pubs Code [December 2022]

    The press release issued by the Department for Business, Energy and Industrial Strategy on 21 December 2022.

    The Issue

    Regulation 46 ensures transparency for tied tenants in relation to premises insurance and gives them the right to find a cheaper policy.

    Star Pubs and Bars’ Code Compliance Officer – whose role it is to verify compliance with the Code – reported to the PCA in August 2021 that information provided to tenants about premises insurance had not complied with regulation 46. Star said this had caused no detriment to tenants. The PCA has since confirmed this compliance issue runs from the start of the Code in 2016.

    Under regulation 46, the pub company must provide the tenant with information about the premises insurance where it intends to charge the tenant in respect of the premium. This ensures full transparency and allows the tenant to look for a cheaper policy. If they find one that is suitable and comparable, the pub company must buy that policy or agree the tenant will not have to pay the difference.

    Specifically, the information supplied under regulation 46(2) must include whether the amount the pub company charges the tenant to insure the premises is more than it pays in respect of the insurance premium, and how much more that is. The pub company must also say whether it will receive any commission or rebate in connection with the policy.

    Star took the view that it was not possible to comply with regulation 46(2) due to its self-insurance arrangements through a company owned by the Heineken group (which also owns Star). Star told the PCA that at the point it had to write to tenants under regulation 46, it was unable to say whether there was information it needed to provide under 46(2), particularly as it did not hold information on the insurance premium for a particular premises.

    Star also admitted that correspondence sent to tenants in December 2020 about the insurance recharge had not included necessary detail about the identity and operation of its policy and the option to price match. Further information was sent to tenants in March 2021 to address this and Star has since updated its Guide to Insurance Responsibilities to make the position clearer. Star has also assured the PCA that in future such correspondence will be signed off by its Code Compliance Officer and legal team.

    The PCA continues to work with Star to ensure there is transparency for tenants as required by regulation 46 and to assess the extent of previous breaches of regulation 46 and any impact on tenants from non-compliance. Enquiries are also being made with other pub companies to ensure compliance where there are similar self-insurance arrangements. Further information will be published as appropriate.

  • PRESS RELEASE : Scottish Secretary responds to GDP for October 2022 [December 2022]

    PRESS RELEASE : Scottish Secretary responds to GDP for October 2022 [December 2022]

    The press release issued by the Office of the Secretary of State for Scotland on 21 December 2022.

    Alister Jack says the focus must remain on driving down inflation and achieving sustainable economic recovery in the face of global challenges.

    The GDP figures for October 2022 in Scotland have been published here this morning.

    Scotland’s onshore GDP is estimated to have grown by 0.4% in October, after falling 0.4% in September.

    Scottish Secretary Alister Jack said:

    It’s encouraging to see some growth in today’s figures, but the UK is not immune to the global aftershocks of the pandemic and Putin’s illegal war with Ukraine. Our focus remains firmly on driving down inflation to achieve a solid and sustainable economic recovery.

    For hard-working families and the most vulnerable in our communities, the UK Government is doing all it can – helping with energy bills and increasing benefits and pensions in line with inflation. There’s also been a rise to the National Living Wage and protection for Scotland’s public services with the Scottish Government receiving an extra £1.5billion on top of the record block grant.

    Providing this vital support in these challenging times, along with our ambitious levelling up agenda in Scotland, will ensure future long-term growth for the benefit of everyone across the UK.

  • PRESS RELEASE : HM Treasury and the Ministry of Finance of the Kingdom of Saudi Arabia sign new MoU on Financial Services [December 2022]

    PRESS RELEASE : HM Treasury and the Ministry of Finance of the Kingdom of Saudi Arabia sign new MoU on Financial Services [December 2022]

    The press release issued by HM Treasury on 21 December 2022.

    The Chancellor of the Exchequer and the Minister of Finance of the Kingdom of Saudi Arabia signed a Memorandum of Understanding (MoU) on financial services cooperation on 20 December 2022.

    • The Chancellor of the Exchequer, Jeremy Hunt MP, and the Minister of Finance of the Kingdom of Saudi Arabia, Mohammed Al-Jadaan, met yesterday, 20 December 2022, in London to sign a Memorandum of Understanding (MoU) on financial services cooperation, and to discuss issues of mutual interest.
    • This MoU reiterates our joint ambition to strengthen bilateral financial services cooperation and aims to enhance cross-border trade in financial services, promote financial stability, and foster greater cooperation on priority issues, such as green finance, in support of Saudi Arabia’s Vision 2030.
  • PRESS RELEASE : Two Glasgow company directors, Shahzad Arshad and Alexander Stewart Cooper, banned for a total of 21 years for Bounce Back Loan Abuse [December 2022]

    PRESS RELEASE : Two Glasgow company directors, Shahzad Arshad and Alexander Stewart Cooper, banned for a total of 21 years for Bounce Back Loan Abuse [December 2022]

    The press release issued by HM Treasury on 21 December 2022.

    Shahzad Arshad, 43, and Alexander Stewart Cooper, 70, from Glasgow, have been disqualified as company directors following separate investigations which found they had both made false claims in order to receive Bounce Back Loans for their businesses.

    Shahzad Arshad was the director of two companies – Town Discount Ltd and Naz Accessories Ltd – which were both based in Glasgow.

    Town Discount Ltd was incorporated in January 2020 and began trading a month later as a retailer of games, toys, clothes, watches and jewellery, until it went into liquidation in December 2021.

    Naz Accessories was incorporated in December 2017 and traded as a clothes retailer until it went into liquidation in January 2022. Both companies traded from Dougrie Drive in the city.

    Arshad applied for Bounce Back Loans for the two companies during the Covid-19 pandemic in 2020, stating in the loan application that Town Discount’s turnover for 2019 was £250,000, and Naz Accessories’ turnover was £200,000.

    Bounce Back Loans were a government scheme to support businesses through the pandemic. Under the rules of the scheme, companies could apply for loans of between £2,000 and £50,000, up to a maximum of 25% of their 2019 turnover.

    Both companies received the maximum £50,000 loans based on Arshad’s application, but later went into liquidation owing a total of more than £106,000, including around £93,400 that was owed for the Bounce Back Loan, triggering an investigation by the Insolvency Service.

    Investigators discovered that Arshad had made a false claim about Town Discount Ltd’s turnover, as it had only begun trading in February 2020. It was therefore not entitled to any funding through the Bounce Back Loan scheme. And they found that Naz Accessories Ltd’s true turnover had been around £98,300, which meant the maximum loan it could have claimed was £24,500.

    Investigators also found that between June 2020, when Town Discount Ltd received the loan, and August 2020, £16,000 had been withdrawn from the company bank account in cash, and the remainder of the loan money was paid out to expense and trade creditors.

    But Arshad had been unable to prove that the money had been used to provide an economic benefit to the business, as per the rules of the scheme.

    The second Glaswegian boss, Alexander Stewart Cooper, was appointed as a director of Traprain Homes Ltd in August 2016, becoming sole director in October 2019. The company traded as a construction company until it went into liquidation in June 2021.

    Cooper applied for a Bounce Back Loan for Traprain Homes in June 2020, stating that the company’s turnover was £1,014,930. Traprain Homes received the maximum loan of £50,000.

    The company later went into liquidation, owing the full amount of the loan, which triggered an investigation by the Insolvency Service.

    Investigators discovered that Traprain Homes Ltd had been insolvent at the time Cooper applied for the loan. Company accounts to January 2020 had shown a loss of more than £113,000, and the company had not been actively trading since February 2020. The business bank account had shown a balance of just £96 when the loan was received.

    They also discovered that once the loan had been received, Cooper paid more than £9,400 to himself from the firm’s account, and later transferred more than £40,000 of the money between the company’s different bank accounts before paying it out to himself.

    In October 2022 the Secretary of State for Business, Energy and Industrial Strategy accepted disqualification undertakings from both directors.

    Cooper did not dispute he had caused his company to breach the rules of the Bounce Back Loan scheme by claiming the loan when he knew, or ought to have known, that Traprain Homes Ltd was not eligible, and later misused the funds, resulting in Cooper being banned for 10 years from 14 November 2022.

    Arshad did not dispute that he had caused Town Discount Ltd to apply for a loan to which the company was not entitled, and failed to show that it had been used for the economic benefit of the company.

    And he also did not dispute that he had breached the terms of the scheme by overstating Naz Accessories Ltd’s turnover to obtain a loan of £50,000 – more than twice the amount it was entitled to – resulting in Arshad being banned for 11 years from 21 November 2022.

    Cooper has fully repaid the loan for Traprain Homes following recovery action by the company’s liquidator. Arshad had repaid £3,549 and £3,333 respectively towards the Bounce Back Loans for Town Discount Ltd and Naz Accessories Ltd, prior to their liquidation.

    Steven McGinty, Investigation Manager at the Insolvency Service, said:

    Bounce Back Loans were an emergency measure made available to help British businesses trading through the most testing of times.

    Cooper breached the eligibility criteria and then took the money for personal gain, while Arshad should have known his companies weren’t entitled to the loans, yet he took them anyway.

    This abuse of government support has led to lengthy bans and should serve as a warning to others that we will not hesitate to take action against directors who have abused Covid-19 financial support.

  • PRESS RELEASE : New funding and support scheme to finally end armed forces veterans homelessness [December 2022]

    PRESS RELEASE : New funding and support scheme to finally end armed forces veterans homelessness [December 2022]

    The press release issued by the Cabinet Office on 21 December 2022.

    More than £8.5 million of funding has been announced in order to ensure no veteran should sleep rough this Christmas, and veteran homelessness is ended in 2023.

    • £8.55m funding announced for more than 900 veteran supported housing units with specialist help for former armed forces personnel.
    • The funding for a bespoke homelessness pathway, called Op FORTITUDE – similar to Op COURAGE for Mental Health care, to ensure every veteran at risk of homelessness knows where to turn.

    More than £8.5 million of funding has been announced in order to ensure no veteran should sleep rough this Christmas, and veteran homelessness is ended in 2023.

    The funding will deliver services in more than 900 housing units in England, where specialist help for veterans, including with health, education and employment needs are provided.

    The new money announced today will also allow for the establishment of a new referral scheme – Op FORTITUDE, that will enable veterans at risk of homelessness to access supported housing and wrap-around specialist care in health, housing and education. Working with charities, the funding will ensure a single central point for local authorities and charities to identify those in need and refer them to a network of support.

    Ahead of the funding, Minister for Veterans’ Affairs Johnny Mercer worked with the veteran housing charity sector, bringing them together to establish a temporary referral scheme in England and Scotland for the Christmas period, ensuring that no Veterans should be sleeping rough this Christmas.

    Veterans can access the scheme through a dedicated charity helpline, on the number 01748 833797.

    This temporary referral scheme should ensure that no veteran who seeks support is homeless at Christmas.

    The Prime Minister will today host an event at No10 attended by charities Riverside and Stoll, along with veterans who were previously homeless. The Prime Minister will discuss with attendees the issue of veteran homelessness and how the government, including the Office for Veterans’ Affairs, can best ensure that everyone who needs support gets it.

    Minister for Veterans’ Affairs Johnny Mercer and Chief Secretary to the Treasury John Glen will also attend.

    Minister for Veterans’ Affairs Johnny Mercer said:

    No one, not least those who have served this country, should be homeless.

    That’s why today we are committing £8.5m in funding and supporting a dedicated pathway, set up in collaboration with our charity partners, so veterans can not only get the housing support they need this Christmas, but also the vital backing required to help them get on their feet again.

    As a government we remain steadfastly committed to ending veteran homelessness in 2023.

    Chief Secretary to the Treasury, John Glen said:

    It’s a sad fact that so many people who have served this country find themselves sleeping rough on the streets.

    Our mission is to put a stop to that, which is why we’re providing £8.5m in funding for over 900 housing units that support our veterans and creating a new service that will help those at risk of homeless access housing much more easily.

    Today’s announcement should ensure that no veteran who seeks help will be on the streets this Christmas.

    Lee Buss-Blair, the Director of Operations for The Riverside Group, and Member of the Veterans Advisory Board said:

    This funding will make a significant difference to the lives of vulnerable veterans.

    Not only will it support the Government’s commitment to end veteran rough sleeping, but it will also provide organisations the resources to support veterans into work.

    Veterans have so much to offer employers and communities, and thanks to this funding, providers will be far better placed to support them to realise their potential.

    The funding will ensure the government’s pledge in the Veterans’ Strategy Action Plan 2022-24 to end veteran rough sleeping within this Parliament, is delivered a year early.

    Running for two years the funding provides help and support to some of the most vulnerable veterans in our society.

    The vast majority of veterans go on to live happy, healthy and successful lives. But some do struggle and today’s announcement further demonstrates the government’s commitment to making this the best country in the world to be a veteran.

  • PRESS RELEASE : UK tech sector retains #1 spot in Europe and #3 in world as sector resilience brings continued growth [December 2022]

    PRESS RELEASE : UK tech sector retains #1 spot in Europe and #3 in world as sector resilience brings continued growth [December 2022]

    The press release issued by the Department for Digital, Culture, Media and Sport on 21 December 2022.

    • Leveraging the country’s deep science and technology base, the UK is leading the way as a leading ecosystem for responsible and values-led innovation
    • Over 3 million people working in UK tech with world-class companies training up a new generation of talent

    The UK tech sector will end the year as Europe’s leading ecosystem, retaining its position as the main challenger to the US and China amidst a global backdrop of difficult economic conditions, according to new figures from Dealroom for the Digital Economy Council.

    During 2022, fast-growing UK tech companies have continued to raise at near-record levels (£24 billion), more than France (£11.8 billion) and Germany (£9.1 billion) combined. This takes the total raised over the past five years to nearly $100 billion (£97 billion).

    Further stats today show that the UK has:

    • More high-growth companies than European peers having created 144 unicorns and 237 futurecorns and over 85,000 startups and scale-ups
    • More venture capital investment than European peers
    • A forward-thinking approach to regulation encouraging digital innovation and competition
    • Attracted VC funds from across the globe including General Catalyst, Sequoia and Lightspeed
    • Eight cities with more than two unicorns including Edinburgh, Nottingham and Oxford

    The latest figures, compiled by Dealroom for the Digital Economy Council, underline the success of the UK tech economy and its progress as a source of global innovation – a European Silicon Valley. These elements are guiding the expansion of its tech ecosystem, which now employs 3 million people, right across the country.

    Sustained investment and growth have forged a global tech powerhouse

    Consistent growth across UK tech saw the industry reach the $1 trillion in value milestone earlier this year, making it only the third country ever to hit this valuation after the US and China. This means the UK tech industry is ahead of its European peers and is worth more than double Germany’s ($467.2 billion) and three times more than France’s ($307.5 billion) as well as retaining the lead when it comes to overall funding, unicorns and startups numbers.

    This has enabled the UK to produce almost 400 high-growth startups since 2000 (worth more than $250 million in value). This includes 144 unicorns – companies with valuations of $1 billion or more – and 237 futurecorns, fast-growing companies which are predicted to be the most valuable businesses in the next few years. The new figures showcase how the ecosystem is expanding, up from 116 unicorns and 204 futurecorns at the same time last year.

    Laying the groundwork for value-driven growth

    Part of the UK’s strength in creating such a wide-ranging and expansive tech ecosystem is down to its focus on combining innovation with standards and values. Earlier this year the UK unveiled a new approach to regulating AI – based on core principles like safety, transparency and fairness – to take a less centralised approach than the EU to reflect how AI is used in their sectors. The Chancellor also announced that the government will bring forward legal powers for the Digital Markets Unit to drive up competition and level the playing field for challenger tech firms. All this goes towards creating the right environment to drive forward research, technology and growth.

    Introducing new generations to tech

    Upskilling and reskilling have become a key part of the UK’s dominance in tech with nearly 3,000 edtech startups having raised a collective £1.7 billion in funding over the past five years. Companies such as Academy, Code First Girls, Immersive Labs and Multiverse are focused on enabling people of all ages to gain the skills they need to succeed in tech roles, from tech apprenticeships to coding, development and cyber security.

    According to smarter job search engine Adzuna, UK companies are increasingly hiring for entry-level tech roles, up from 6,596 in November last year to over 15,000 this year, as they seek to bring in a new generation of tech talent and develop them into future leaders.

    Taking the lead in impact

    Whilst the UK remains the dominant country outside the US for fintech investment (nearly £10 billion raised this year), it is also becoming a leading hub for impact tech – companies creating technological solutions to reach the UN Sustainable Development Goals. There are nearly 1,200 impact tech companies in the UK which have raised £3.12 billion in funding this year, ahead of last year’s record £3 billion.

    Green energy receives the bulk of investment, such as Newcleo, a startup that is developing technology to enable safe uranium recycling (£258 million). Scaleups tackling healthcare inequality, such as Cera which bring technological innovation into social care raised £263m, while GrowUp Farms, a vertical farming company which uses technology to grow food more sustainably raised £100 million. The steady influx of investment into impact tech means the sector now employs more than 53,500 people, up from 37,500 last year.

    Regional strengths make the difference

    Innovation is spread out across the country with eight cities now home to two unicorn companies or more including Bristol, Cambridge, Edinburgh, Leeds, London, Manchester, Nottingham and Oxford. These high-growth businesses are using decades worth of science and tech research and development to revolutionise areas such as finance (Interactive Investor – democratising investing), sustainable travel (Vertical Aerospace – electric-powered aircraft), health research (Oxford Nanopore – portable DNA sequencing) and electronic device development (CSR – semiconductors).

    Collectively, these cities are home to 112 unicorn businesses, more than France (36) and Germany (63) combined – demonstrating the strong pipeline of global tech leaders being created up and down the UK. In fact, Cambridge was recently named the number one university in the world for producing successful tech founders ahead of the likes of Harvard and MIT – with over 500 alumni founders raising more than $10 million in funding. Oxford came third with 410. Bristol (173), Nottingham (100) and London (98) all made it into the top 20, thanks to their deep tech and science focuses.

    Finding the next sources of global innovation

    This is also what is attracting international investors to expand their footprint in London and the UK to access the growing network of entrepreneurs in the new Silicon Valley.US investors including General Catalyst, Sequoia and Lightspeed have increased their teams in the UK in 2022 after opening new offices here last year, and global firm New Enterprise Associates hired its first UK-based partner in October. Whilst European investor Earlybird VC has opened a new office in London earlier this year. This follows another strong year of fundraising for UK-based funds, who have collectively raised £9.2 billion this year, up from £9 billion at the same time in 2021.

    Digital minister Paul Scully said:

    UK tech has remained resilient in the face of global challenges and we have ended the year as one of the world’s leading destinations for digital businesses. This is good news and reflects our pro-innovation approach to tech regulation, continuing support for start-ups and ambition to boost people’s digital skills.

  • PRESS RELEASE : Winners of the special Queen Elizabeth II Platinum Jubilee Volunteering Award announced [December 2022]

    PRESS RELEASE : Winners of the special Queen Elizabeth II Platinum Jubilee Volunteering Award announced [December 2022]

    The press release issued by the Department for Digital, Culture, Media and Sport on 21 December 2022.

    A special one-off addition to the annual Queen’s Award for Voluntary Service (QAVS) has been awarded to 20 national charities for their exceptional work to empower young people.

    • 20 charities across the UK recognised for a unique one-off addition to the annual Queen’s Award for Voluntary Service, created in honour of Her Late Majesty The Queen’s Platinum Jubilee
    • The Duke of Edinburgh’s Award, The Social Mobility Foundation and The National Deaf Children’s Society among those awarded for their exceptional work empowering young people

    The Queen Elizabeth II Platinum Jubilee Volunteering Award, a special one-off addition to the annual Queen’s Award for Voluntary Service (QAVS), has been awarded to 20 national charities for their exceptional work to empower young people.

    From large household names to those operating on a smaller scale, the work of each awardee is vital in providing young people aged 16-25 with new opportunities, challenges, activities and skills.

    The awardees include The Duke of Edinburgh’s Award, widely recognised as the world’s leading youth achievement award that helps young people develop new skills and build self-belief and resilience, and the Jewish Lads’ and Girls’ Brigade, which helps to develop essential life skills and offers experiences to help young Jewish people reach their potential.

    Her Late Majesty The Queen displayed a life-long dedication to public service throughout her 70-year reign, so it is fitting that this one-off edition of the Queen’s Award for Voluntary Service recognises the thousands of volunteers who have showcased a similar longstanding commitment to their work.

    Culture Secretary Michelle Donelan said:

    From Action Tutoring to StreetGames, these 20 charities deliver outstanding work to help give young people the skills they need to grow and succeed. I’m delighted that their contribution is being recognised with a Queen Elizabeth II Platinum Jubilee Volunteering Award.

    Ensuring young people get the best possible start in life is a priority for me and the Government, and there is no more fitting way to celebrate these brilliant charities than a unique edition of the highest award for voluntary service.

    The Queen’s Award for Voluntary Service is the highest award given to local volunteer groups. It was established 20 years ago to commemorate The Queen’s Golden Jubilee, and has recognised around 250 outstanding local volunteer groups across the UK each year to date”.

    Sir Martyn Lewis CBE, the QAVS Chair said:

    These awards are a timely acknowledgement of the wide-ranging support and encouragement that is available to young people across the UK.

    They highlight the indispensable role that the voluntary sector plays in targeting help, advice and guidance where it is needed most.

    These awards should also be seen as a tribute to the millions of volunteers and donors who, in difficult times, provide the resources of time and money which contribute so powerfully to the social fabric of our country.

    Judging panel member Baroness Tanni Grey-Thompson said:

    I was delighted to be part of the judging panel for the Queen Elizabeth II Platinum Jubilee Volunteering Award. The process highlighted the amazing amount of work that is being done across a wide range of organisations and how it truly transforms the lives of so many people.

    Lucie Vickers, StreetGames Head of Volunteering and Youth Voice said:

    We are thrilled to have been awarded the Queen Elizabeth II Platinum Jubilee Volunteering Award. Creating opportunities for young people from low-income, underserved communities to become volunteers and future community leaders is at the heart of our Doorstep Sport approach, and we are delighted that the impact of this work has been recognised through this prestigious award.

    Kevin Munday, Chief Executive at City Year UK said:

    The journey towards receiving the Platinum Jubilee Volunteering Award is the success of hundreds of talented and dedicated volunteers taking the right small steps towards social change for over a decade. This Award represents a joyful and proud giant leap forward into the kind of future our volunteers have all aspired to.

    Additional recipients of this one-off award include:

    • British Youth Council – with 700 volunteers, this charity empowers young people to create political and social change through a number of programmes. The Make Your Mark consultation, led by UK Youth Parliament is an annual ballot allowing young people from across the UK to vote on the issues that matter to them, whilst the Youth Steering Group invites young people to participate in 26 round table discussions on issues such as gambling, climate change, youth violence and mental health.
    • Ethnic Minorities and Youth Support Team – supports young BME people, refugees and asylum seekers in Wales. It provides specific support to 16-25 year olds through three projects: BME Youth Invest project, The Think Project and the Young, Migrant and Welsh project, which aimed to engage ethnic minority people aged 16-25 to explore and document their experiences by creating films to increase public awareness and appreciation of Wales’ diverse history and heritage.
    • LGBT Youth Scotland – works to create safer spaces where LGBTI young people aged 13-25 can explore their identities in an affirming environment, learn new skills, gain confidence, develop resilience and find community. With 133 volunteers, they provide specific support via youth groups; one-to-one support; youth commissions; an LGBT Charter Programme and award-winning online community, Pride & Pixels.
    • YMCA England & Wales with The Scottish National Council YMCA – provides young people with the critical foundations for a better quality of life by offering support with housing, education and welfare. They provide a home to more than 20,000 people experiencing homelessness each year, making them the largest voluntary sector provider of supported housing for young people in England and Wales.
    • Brook Young People – delivers clinical and education support around sexual health, wellbeing and relationships to young people aged 16-25 through providing information, education and outreach, counselling, confidential clinical and medical services, professional advice and training. They also work in partnership with Youth Offending Services to deliver targeted education support to reintegrate youth offenders back into education and the community.
    • The National Young Advocacy Service (NYAS) – 600 volunteers work to support children in care, care-leavers and care-experienced young people through a variety of services including advocacy, mentoring, mental health projects, and a free national helpline. Their Independent Visitor Service is a befriending service for children in care up to the age 18, offering long-lasting friendship and support, and the opportunity to take part in new and fun activities.

    The Queen’s Award for Voluntary Service is awarded annually, with the date for the 2023 awardees soon to be confirmed. In June 2022, 244 local voluntary organisations across the UK received this prestigious award, all of which enhanced the lives of others through their work. Awardees of the 2022 award can be found here.

    To celebrate their achievements, the awardees of the Queen Elizabeth II Platinum Jubilee Volunteering Award will be invited to a unique presentation event in 2023.