Category: Speeches

  • James Cleverly – 2023 Speech at the UN High-Level Political Forum on Sustainable Development

    James Cleverly – 2023 Speech at the UN High-Level Political Forum on Sustainable Development

    The speech made by James Cleverly, the Foreign Secretary, in New York on 17 July 2023.

    In 2015, 193 countries agreed the UN’s 17 Sustainable Development Goals. This was a landmark multilateral achievement, to chart our course towards a fairer, healthier and more prosperous world by 2030.

    Yet today at the halfway point, we are on course to miss a staggering 88% of the targets that we set.

    This is clearly unacceptable. We cannot continue with business as usual if we are to end poverty, improve health and education, increase prosperity, or slow climate change.

    But if we act together, we can still get the SDGs back on track. So what do we need to do?

    My top priority is reforming development finance – and targeting it to areas which will accelerate progress, like food security, health, renewable energy, and the empowerment of women and girls.

    This is not my idea. It’s what my fellow foreign ministers from developing countries tell me that we need to do. That’s why the UK supports the ambitions of Mia Mottley’s Bridgetown Initiative.

    We need Multilateral Development Banks to free up trillions more for developing countries by implementing the G20’s independent review on Capital Adequacy Frameworks.

    We need more private sector investment, particularly in clean energy, water and sanitation, and climate-resilient infrastructure.

    We need all creditors to offer Climate-Resilient Debt Clauses, to pause loan repayments when disasters strike – as the UK Export Finance is doing in 12 African and Caribbean countries.

    And we must ensure developing countries have strong public finances through better tax collection and tackling of illicit financial flows.

    Our international financial system needs to become more responsive to shocks – so we can help poorer and smaller countries – especially those at risk of natural disasters – to sustain development gains and to prevent roll backs.

    We cannot stop floods, we cannot stop droughts, we cannot stop hurricanes. But we can stop the economic crises and debt spirals that they cause.

    I recognise that the UK doesn’t have all the answers. But we are committed to working with all our partners to urgently accelerate progress towards the SDGs over the next 7 years.

    All of us need to recommit to the Sustainable Development Goals at the upcoming Summit at UNGA in September. Because we will need political will and partnership to forge bigger, better, fairer international financial systems which meets today’s development needs.

    And we can translate our joint political ambitions into concrete reforms through the G20, World Bank, IMF and at COP28.

    It is time for us to go further and faster. Let us seize the opportunity.

    Thank you.

  • James Cleverly – 2023 Speech at the United Nations Security Council

    James Cleverly – 2023 Speech at the United Nations Security Council

    The speech made by James Cleverly, the Foreign Secretary, in New York, United States, on 17 July 2023.

    More than 500 days have now passed since Russia’s full-scale invasion of Ukraine.

    At least nine thousand innocent civilians lie dead – including 500 children. Thousands more Ukrainians have been kidnapped, imprisoned and tortured.

    Homes, businesses, schools and hospitals have been reduced to rubble.

    Russia’s incessant attacks have knocked out 60% of Ukraine’s power supply.

    This war has claimed countless victims.

    I’m going to focus on those who have been forcibly deported in this war – and those who are going hungry as a result of it.

    In Kyiv last month I met a teenage boy – I’ll call him Denys.

    When the Russians captured his home town, they told Denys and his classmates that they were going on a holiday.

    They were in fact transported to a Russian camp where they were neglected, indoctrinated and abused.

    Denys’ distraught mother was desperately searching for him.

    But the Russians pretending to look after Denys and countless others told him his parents had abandoned him.

    This boy’s ordeal lasted for 7 months before his mother – thanks to the charity Save Ukraine – found him and brought him home.

    But 19,000 Ukrainian children remain in Russian camps – and their parents are desperately searching for them.

    A further 2½ million Ukrainian men and women have been deported to Russia.

    These are barbaric crimes. Russia is trying to erase Ukrainian identity and cultural history. And they are using children as an instrument of war.

    But the world is watching and Russia will be held accountable. We welcome the International Criminal Court’s investigation. And we will leave no stone unturned until the responsible are brought to justice.

    Ukrainians are Russia’s principal victims. But this war is also harming the poor and the vulnerable across the world – particularly in Africa, in Asia and in Latin America.

    Energy prices rocketed by 20% worldwide last year – almost doubling global inflation from 4.7% to 8.7%.

    World food supplies have fallen sharply.

    Ukrainian food exports – maize, barley or wheat – have plummeted by more than 40%.

    With catastrophic consequences for Sub-Africa which relies on these supplies.

    Food prices are rocketing – by a staggering 332% in Lebanon last summer.

    Some of these losses were offset by the Black Sea Grain Initiative – brokered by the UN Secretary-General and Turkey.

    But today Russia has announced it is refusing to extend it and is taking a colossal 23 million tonnes of Ukrainian food off of world markets over the forthcoming year.

    As the UN Secretary General said this morning: “Today’s decision by the Russian Federation will strike a blow to people in need everywhere”. We call on Russia to return to the table and agree to extend the Black Sea Grain Initiative indefinitely – and to implement it fully without delay.

    Let us be clear – Russia’s actions are taking food out of the mouths of the poorest people across Africa, the Middle East and Latin America.

    We cannot allow this war to go on for another 500 days.

    The UN General Assembly has called – repeatedly – for peace.

    A peace that is based on the principles of the UN Charter and our shared belief that might does not equal right.

    President Zelensky’s 10-point peace plan shows the way forward.

    Ukraine wants peace. We want peace. The whole world wants peace.

    Peace will bring home Ukraine’s lost children – and feed the hungry of the world.

    Peace will keep the promises we all made in the UN Charter.

    Peace will pave the way to a reformed multilateral system.

    Peace will help deliver the Sustainable Development Goals.

    A just and lasting peace is what we all want.

    The Russian Federation can choose peace – today. By withdrawing all Russian forces from Ukraine.

    Mr Putin – bring your troops home. End this war now.

  • James Cleverly – 2023 Statement on Russia’s Withdrawal from the Black Sea Grain Initiative

    James Cleverly – 2023 Statement on Russia’s Withdrawal from the Black Sea Grain Initiative

    The statement made by James Cleverly, the Foreign Secretary, on 17 July 2023.

    The United Kingdom condemns in the strongest terms Russia’s decision to withdraw from the Black Sea Grain Initiative. Russia’s illegal war against Ukraine has obstructed the free flow of grain and other foodstuffs through the Black Sea, causing worldwide suffering. We urge Russia to re-join the initiative, which was developed by the UN in 2022, and allow the unimpeded export of grain.

    Since its inception, the initiative has played a significant role in lowering and stabilising global food prices, delivering over 32 million tonnes of food products to world markets. Russia has obstructed the proper operation of the deal for several months. In doing so, Russia is serving its own interests and disregarding the needs of all those around the world, including in the poorest countries, who are paying higher food prices as a result. The UN estimates that without the grain provided by the BSGI, the number of undernourished people worldwide could increase by millions.

    While exports of grain from Ukraine are restricted, Russian exports of food are at higher levels than before the invasion. We have always been clear that the target of our sanctions is Russia’s war machine and not the food and fertiliser sectors. Contrary to Russian claims, the UN and other partners have taken significant steps to ensure that Russian food is able to access world markets. The best way for Russia to address concerns around global food security would be for it to withdraw its forces from Ukraine and end the war.

  • Rishi Sunak – 2023 Statement on the Public Sector Pay Review

    Rishi Sunak – 2023 Statement on the Public Sector Pay Review

    The statement made by Rishi Sunak, the Prime Minister, on 13 July 2023.

    When making decisions on pay, as your Prime Minister, I have a responsibility to be fair.

    Fair to public sector workers, who do so much in the service of our country.

    But also fair to taxpayers, who ultimately fund our public services.

    And the best way we’ve found of making fair decisions about public sector pay…

    …are the independent Pay Review Bodies.

    They were called for by the Unions themselves.

    And for over four decades, they have been the independent arbiters of what is fair and responsible.

    Those bodies have considered a range of evidence about where to set this year’s pay.

    And their recommendations to government are for public sector pay to go up by a significant amount.

    Now clearly, this will cost all of you, as taxpayers, more than we had budgeted for.

    That’s why the decision has been difficult and why it has taken time to decide the right course of action.

    I can confirm that today we’re accepting the headline recommendations of the Pay Review Bodies in full.

    But we will not fund them by borrowing more or increasing your taxes.

    It would not be right to increase taxes on everyone to pay some people more, particularly when household budgets are so tight.

    Neither would it be right to pay for them by higher borrowing…

    …because higher borrowing simply makes inflation worse.

    Instead, because we only have a fixed pot of money to spend from…

    …that means government departments have had to find savings and efficiencies elsewhere…

    …in order to prioritise paying public sector workers more.

    And now there is a clear message here.

    There are always choices.

    Budgets are not infinite.

    When some ask for higher pay, that will always create pressures elsewhere…

    …costs which must be ultimately be borne by the taxpayer, or by spending less on our other priorities.

    So that’s our decision.

    And having honoured the independent pay review process…

    …I urge all union leaders to accept these pay offers and call off their strikes.

    Already, earlier this year, the NHS staff council…

    …representing over half a dozen unions, and over a million NHS workers…

    …made a significant decision, and voted to accept their our pay offer and suspend strikes.

    I’m grateful to them and their members.

    And today, in response to the news of our decision, I’m pleased to say that we’ve had another major breakthrough.

    All teaching unions have just announced that they’re suspending all planned strikes immediately.

    Teachers will return to the classroom.

    Disruption to our children’s education will end.

    And the unions have themselves confirmed that this pay offer is properly funded.

    And so, they’re recommending to their members an end to the entire dispute.

    So it is now clear: momentum across our public services is shifting.

    The vast majority, who just want to get on with their life’s calling of serving others, are now returning to work.

    And in that spirit, I want to address those yet to do so.

    Now that we’ve honoured the independent pay recommendations, I implore you:

    Do the right thing, and know when to say yes.

    In particular, for Doctors and Consultants, I would say this:

    We have a national mission for all of us to make the NHS strong again.

    The government has not only made today’s decision on pay…

    We’ve backed the NHS with record funding…

    Delivered the first ever, fully funded Long-Term Workforce Plan…

    … and met the BMA’s number one ask of government, with a pensions tax cut worth £1bn.

    So, we should all ask ourselves, whether Union leaders – or indeed political leaders…

    …how it can it be right to continue disruptive industrial action?

    Not least because these strikes lead to tens of thousands of appointments being cancelled – every single day…

    …and waiting lists going up, not down.

    So: today’s offer is final.

    There will be no more talks on pay.

    We will not negotiate again on this year’s settlements.

    And no amount of strikes will change our decision.

    Instead, the settlement we’ve reached today gives us a fair way to end the strikes.

    A fair deal for workers.

    And a fair deal for the British taxpayer.

    Thank you.

  • Rishi Sunak – 2023 Statement to Leaders at NATO Summit in Lithuania

    Rishi Sunak – 2023 Statement to Leaders at NATO Summit in Lithuania

    The statement made by Rishi Sunak, the Prime Minister, in Lithuania on 12 July 2023.

    This summit stands out as a landmark in NATO’s long history.

    We arrived here faced with a more volatile and dangerous world…

    A mechanised war in Europe on a scale not seen since 1945…

    And increasing aggression from authoritarian states, challenging our security in Europe and beyond.

    But as we leave Vilnius, we are more confident and more united than ever.

    Let me set out three reasons why that’s the case.

    First, we’ve acted decisively to strengthen this alliance.

    Agreeing the most fundamental transformation to NATO’s readiness since the Cold War…

    Comprehensive warfighting plans to defend the UK and its allies…

    Scaled up defence production to boost our stockpiles, which will benefit British industry…

    And increased defence spending…

    …with all allies now committed to hitting the 2% target.

    And we did something here in Vilnius that not long ago seemed impossible…

    We welcomed Finland to the table as a NATO member…

    ….and very soon we’ll be doing the same with Sweden.

    We are stronger with them by our side… and in time we will be stronger with Ukraine as a NATO ally too.

    This is my second point…

    It is now over 500 days since Russia’s invasion.

    500 days of barbarity.

    Of innocent people being murdered in their homes.

    Of children being killed, abducted and used as human shields.

    I want to pay tribute to the Ukrainian people and to their incredible bravery and resilience.

    They’re still standing strong and defiant… and the counteroffensive is making progress.

    In the last few weeks, they’ve taken back more ground than Russia has taken in the last year.

    We are standing with them…

    …and allies are doubling down in their support.

    At the Munich Security Conference in February, I called for long-term security arrangements…

    …to protect Ukraine, break the cycle of Russian violence, and ultimately help to end this war.

    And today we have delivered.

    Together with our G7 partners we have agreed to provide the long-term bilateral security commitments that Ukraine needs.

    These commitments mark a new high point in international support for Ukraine.

    And I want to be clear, they are not a substitute for NATO membership.

    The summit communique echoes the UK’s long-held position that “Ukraine’s future is in NATO.”

    And we’ve taken a big step this week towards bringing Ukraine into the alliance.

    Together we’ve shortened their path to membership…

    …removing the need for a Membership Action Plan…

    …and holding the first meeting of the NATO-Ukraine Council with President Zelenskyy sitting at the table, by our side, as an equal.

    Finally, I‘d like to say a word about the UK’s role here.

    I was struck once again this week by just how highly valued our contribution is.

    The British people should know that – and they should be proud.

    We are the leading European contributor to NATO.

    We were one of the first to hit the 2% target and now we’re moving towards 2.5%.

    We spend more than 20 other NATO countries combined, but it’s about much more than that.

    It’s about our incredible Armed Forces across land, air and sea.

    We’re one of the only countries that contributes to every NATO mission with RAF jets patrolling the eastern flank…

    Troops on the ground in Estonia and Poland as part of NATO’s enhanced forward presence…

    And the Royal Navy, including our two aircraft carriers, providing around a quarter of NATO’s maritime capability.

    It’s about our deep partnerships…

    With Japan and Italy we’re producing a sixth-generation fighter through our Global Combat Air Program…

    …and with AUKUS, we’re working with Australia and the US to build some of the most advanced nuclear-powered submarines the world has ever known.

    And it’s about leadership.

    We’ve led the way on Ukraine… moving first on tanks and long-range missiles… training their troops for the counter-offensive.

    Just today I’ve announced we’re providing more ammunition, 70 more combat vehicles, as well as a new rehabilitation centre for injured Ukrainian veterans.

    We’re moving forward with the combat air coalition…

    …and the UK starts training Ukrainian pilots next month.

    And we’re using our leadership in technology to keep NATO at the cutting edge…

    Hosting the European Headquarters of the Defence Innovation Accelerator in the UK…

    …and holding the first global summit on AI Safety later this year.

    The UK has been there since the start of this alliance.

    In 1948, in the hope of avoiding another devastating war, we joined together with a handful of allies…

    …to pledge that we would come to one another’s defence.

    That pact was the seed of the North Atlantic Treaty.

    75 years later, faced with new threats in Europe, NATO is more important than ever.

    It has proved itself to be the most successful Alliance in history…

    …and this week we’ve shown once again that the UK is at its heart.

    Thank you.

  • Andrew Mitchell – 2023 Speech at the Towards the Global Refugee Forum

    Andrew Mitchell – 2023 Speech at the Towards the Global Refugee Forum

    The speech made by Andrew Mitchell, the Minister for Development and Africa, on 12 July 2023.

    Good morning.

    I am sorry not to be able to join you at Wilton Park, where I trust there have been lots of lively discussions over the last few days. However, I do want to thank you all for coming to be a part of this important conversation. I extend particular thanks to our friends at the World Bank for their support for this event. Also to UNHCR (United Nations High Commissioner for Refugees), and to those who have travelled considerable distances to join us.

    It is fitting that this, the year of the second UN Global Refugee Forum (GRF), also marks the halfway moment of the Sustainable Development Goals – a moment when we are all thinking more than ever about what it truly means to ‘leave no one behind’. It is this spirit which animates so much of the global effort to support those who have been forced to flee their homes.

    This support to refugees would not be possible without the work of our partners at UNHCR, or the generosity and dedication of those countries hosting large refugee populations. We are very pleased to have some of these states represented at this conference, and I commend them for their efforts.

    However, we are all too aware that the challenge of meeting even basic needs for forcibly displaced people is getting harder. The trends are against us, with total displacement climbing in 2022 to over 108 million people, including nearly 40 million refugees. These are truly sobering figures, but there are things we can do.

    First, we can work together across sectors and geographies to tackle the root causes of displacement.

    From Sudan to Ukraine, we’ve seen in the last year alone the extent to which armed conflict and violence drive displacement. Alongside other members of the international community, the UK has been proud to provide emergency humanitarian assistance in these contexts and around the world. But we must all redouble our efforts to support and sustain peace, in order to enable the safe return of refugees to their homes.

    I am also aware that I am speaking when climate migration and displacement is no longer a hypothetical, but a reality. We cannot afford to ignore accelerating climate impacts such as drought and environmental degradation. And as the threat of climate change increases globally, the number having to leave their homes will continue to grow.

    And yet, there are reasons for hope. From the Bridgetown agenda to COP (Conference of the Parties), the world is coming together to address this existential threat and protect the most vulnerable from its impacts.

    It is all of our responsibility to make sure that forcibly displaced people are included in this conversation. This includes using all the possibilities afforded by international fora, such as COP28, to ensure that we are not working in silos.

    The UK is acting to mobilise climate funding that will address the underlying climate-related drivers of humanitarian crises. This will increase the supply of, and access to, the climate finance that vulnerable countries need. We are, in fact, very pleased to be hosting an event at Wilton Park, on the subject next week.

    Secondly, we can put those who bear the brunt of displacement at the centre of our approach to solutions. The UK is proud to champion the rights of women and girls around the world.

    A core principle of this is ensuring access to 12 years of quality education. Education for displaced girls in emergencies or conflict settings is a powerful tool. It is one of the best mechanisms for protecting them from gender-based violence and it gives them the tools to rebuild their home communities when they are able to return. It can maximise the potential of educated populations for addressing the climate crisis, and for promoting peace and tolerance.

    But this is about hosting countries, as well as refugees. We know that delivering this education through national systems will also benefit host community children, as investment in their education systems makes these systems more resilient, and more sustainable. This will ensure that strong education provision is left behind when refugees can return home. As a proud champion of girls’ education, the UK is excited to be driving forwards an education multi-stakeholder pledge at this year’s GRF.

    Thirdly, we can help refugees contribute to their host communities. By supporting refugees’ freedom of movement and right to work, we enable their agency. And, in the words of the Global Compact on Refugees, we enhance their self-reliance.

    These mutually reinforcing benefits cannot be realised without both the right policy environment, and a strong enabling environment made possible through development. Including refugees in national systems and national planning is central to this.

    We all recognise the potential of the GRF to be a moment that galvanises meaningful change. That transforms the lives of both forcibly displaced people and their host communities. To fulfil these ambitions, how we use the next 6 months is vitally important.

    In my recent speech at Chatham House, I launched the UK’s new development platform, UKDev, which at its heart is about partnerships: partnerships with donor countries, partnerships with recipient countries, and partnerships across the sector. We must harness a wide range of actors to engage in the GRF. We must be clear in our intent, consistent in our approach, and strategic about our priorities. Above all, we must work together.

    I look forward to hearing the results of your discussions and to working together over the coming months to realise our common ambitions for the GRF.

    Thank you very much.

  • Jeremy Hunt – 2023 Mansion House Speech

    Jeremy Hunt – 2023 Mansion House Speech

    The speech made by Jeremy Hunt, the Chancellor of the Exchequer, at the Mansion House in London on 10 July 2023.

    My Lord Mayor, Governor, Ladies and Gentlemen – it is an honour to be with you at the Mansion House tonight.

    While some may be distracted by events in Windsor, we all know that Walbrook is the place to be this evening.

    Thank you to the City of London Corporation for hosting us so generously. It is a privilege to follow the Lord Mayor’s excellent address and to give my first Mansion House speech as Chancellor.

    Tonight, I want to talk about long term reforms to our competitiveness, but let me start with the immediate challenge of tackling inflation.

    Following the pandemic and energy shock, like other countries, the UK faces difficult challenges.

    It has shown itself more resilient than many predicted, but that resilience is itself one of the reasons for higher inflation.

    In a cost-of-living crisis, that leads to great concern for many families who see the cost of their weekly food shop or the price of petrol go up.

    But with the levers of fiscal and monetary policy, wholesale food and energy prices falling and a government that has made the battle against inflation its number one priority, there is nothing insurmountable in the current situation.

    Let me be clear again tonight. Working with the Bank, we will do what is necessary for as long as necessary to tackle inflation persistence and bring it back to the 2% target.

    Delivering sound money is our number one focus. That means taking responsible decisions on public finances, including public sector pay, because more borrowing is itself inflationary.

    It means recognising that bringing down inflation puts more money into people’s pockets than any tax cut.

    And it means recognising that there can be no sustainable growth without eliminating the inflation that deters investment and erodes consumer confidence.

    Tackling inflation therefore unlocks the Prime Minister’s two other economic priorities – growing our economy and reducing debt – but because it is a prerequisite for both, it must come first.

    As we tackle inflation, we must always remember our responsibilities to those struggling the most, so I am therefore grateful to our banks and mortgage lenders for their help in developing last month’s Mortgage Charter.

    I agree with the Governor that margin recovery benefits no one if it feeds inflation.

    And I will continue to work with regulators to make sure the needs of families are prioritised in a tough period.

    This evening, though, I want to look further ahead.

    I want to lay out our plans to enable our financial services sector to increase returns for pensioners, improve outcomes for investors and unlock capital for our growth businesses.

    We start from a position of strength.

    The financial and related professional services industry employs over 2.5 million people. Although two thirds of them are outside the South-East, it has made London the world’s second largest financial centre and one of the most dynamic cities on the planet.

    It generates more than £100 billion in tax revenue, paying for half the cost of running the NHS.

    A strong City needs a successful economy, and a strong economy needs a successful City.

    Recent challenges have led to some lose hope and even peddling a declinist narrative.

    They are profoundly wrong.

    I am proud that since 2010, we have one million more businesses and one million fewer unemployed.

    And we’ve grown faster than France, Italy, Japan or Germany.

    In the last decade we have become Europe’s largest life science sector, Europe’s largest technology sector, its biggest film and TV sector and its second largest clean energy sector.

    But as we emerge from our current challenges, the Prime Minister and I have big ambitions for the British economy.

    We want to be the world’s next Silicon Valley and a science superpower, embracing new technologies like AI in a way that brings together the skills of our financiers, entrepreneurs and scientists to make our country a force for good in the world.

    That means making sure our financial services sector, traditionally so nimble and agile, has the right architecture to provide the best possible security for investors as well as capital for businesses, and the best talent right here in the UK to make that happen.

    The structures put in place after the financial crisis have served us well and financial stability will always be our top priority.

    But we can further improve the functioning of capital markets, so this evening I set out the government’s Mansion House reforms.

    They build on the Edinburgh Reforms I announced in December and the vision for financial services which the now Prime Minister spoke about here in 2021 of an open, sustainable, innovative and globally competitive sector.

    Firstly, I am announcing a series of measures to boost returns and improve outcomes for pension fund holders whilst increasing funding liquidity for high-growth companies.

    Second, I will set out ways to incentivise companies to start and grow in the UK by strengthening our position as a listings destination.

    And finally, we will reform and simplify our financial services rulebook to ensure we have the most growth-friendly regulation possible without compromising our commitment to stability.

    Pensions

    I begin with pensions.

    The UK has the largest pension market in Europe, worth over £2.5 trillion. It plays a critical role in providing safe retirement income as part of the social contract between generations.

    Government policy, such as autoenrollment, has strengthened it but so too has confidence in the expertise of our financial institutions to manage investments wisely.

    However, currently we have a perverse situation in which UK institutional investors are not investing as much in UK high-growth companies as their international counterparts.

    At the same time on their current trajectory, some defined contribution schemes may not provide the returns their pension fund holders expect or need.

    Whilst many defined benefit funds are in surplus, their returns are lower than some international peers and some are still underfunded.

    So alongside our outstanding Economic Secretary Andrew Griffith and brilliant Pensions Minister Laura Trott I have engaged with some of our largest pension schemes, insurers, asset managers and experts to put together tonight’s Mansion House reforms. I am also immensely grateful to Sir Jon Symonds and Sir Steve Webb for their advice on how to construct this package. And I’m also very grateful to Gwyneth Nurse and her brilliant team in the Treasury. Gwyneth is of course the real Chancellor as we Official Chancellors come and go.

    Tonight I lay out the direction of travel. Sometimes consultations will be necessary, but all final decisions will be made ahead of the Autumn Statement later this year.

    And as we make those decisions, I will be guided by three golden rules.

    Firstly everything we do we will seek to secure the best possible outcomes for pension savers, with any changes to investment structures putting their needs first and foremost.

    Secondly we will always prioritise a strong and diversified gilt market. It will be an evolutionary not revolutionary change to our pensions market. Those who invest in our gilts are helping to fund vital public services and any changes must recognise the important role they play.

    The third golden rule is that the decisions we take must always strengthen the UK’s competitive position as a leading financial centre able to fund, through the wealth it creates, our precious public services.

    I start with Defined Contribution pension schemes, which in the UK now invest under 1% in unlisted equity, compared to between 5 and 6% in Australia.

    Today I am pleased to announce that the Lord Mayor and I joined the CEOs of many of our largest DC pension schemes – namely Aviva, Scottish Widows, L&G, Aegon, Phoenix, Nest, Smart Pension, M&G & Mercer – for the formal signing of the “Mansion House Compact”.

    The Compact – which is a great personal triumph for the Lord Mayor – commits these DC funds, which represent around two-thirds of the UK’s entire DC workplace market, to the objective of allocating at least 5% of their default funds to unlisted equities by 2030.

    If the rest of the UK’s DC market follows suit, this could unlock up to £50 billion of investment into high growth companies by that time.

    Secondly, we know funds can only optimise returns from a balanced portfolio if they have the scale to do so. We will therefore facilitate a programme of DC consolidation, to ensure that funds are able to maintain a diverse portfolio of bonds, equity and unlisted assets and deliver the best possible returns for savers.

    Tomorrow, the Department for Work and Pensions will publish its joint consultation response with the Pensions Regulator and the FCA on the Value For Money framework, clarifying that investment decisions should be made on the basis of long-term returns and not simply cost.

    Pension schemes which are not achieving the best possible outcome for their members will face being wound up by the Pensions Regulator. We will also set out a roadmap to encourage Collective DC funds, a new type of pension fund which we believe holds great promise for the future.

    Third, we need to ensure that all schemes have access to a wide range of investment vehicles that enable them to invest quickly and effectively in unlisted high growth companies.

    We have launched the LIFTS competition, and will consider closely the bids that have already started to come in for up to £250 million of government support.

    Alongside that, we will explore the case for government to play a greater role in establishing investment vehicles, building on the skills and expertise of the British Business Bank’s commercial arm which has helped to mobilise £15bn of capital into over 20,000 companies.

    Ahead of Autumn Statement, we will test options to open those investment opportunities in high-growth companies to pension funds as a way of crowding in more investment.

    I now move on to Defined Benefit schemes which number over 5000 and operate under a different regulatory regime. Their landscape is also too fragmented.

    I recognise the important role played by insurers offering buy-out schemes, which will continue to be an essential part of the way we improve security for pension members in this market.

    But in addition, we will set out our plans on introducing a permanent superfund regulatory regime to provide sponsoring employers and trustees with a new scaled-up way of managing DB liabilities.

    Having engaged closely with a range of experts, we will launch a call for evidence tomorrow on the role of the PPF and the part DB schemes play in productive investment – whilst always being mindful of the second golden rule to protect the sound functioning and effectiveness of the gilt market.

    Fifth, we will look at the culture of investment decisions and improve the understanding of pension trustees’ fiduciary duty across both DB and DC schemes. DWP and HMT will jointly launch a call for evidence to explore how we can overcome barriers and ensure a focus on good saver outcomes.

    And finally, government must lead by example, so we will consult on accelerating the consolidation of Local Government Pension Scheme assets, with a deadline of March 2025 for all LGPS funds to transfer their assets into local government pension pools and ensure greater transparency on investments.

    To make sure we are delivering the maximum benefits of scale, we will invite views on barriers to achieving better investment returns across the LGPS as well as setting a direction that each asset pool should exceed £50 billion of assets.

    We will also consult on an ambition to double the existing local government pension scheme allocations in private equity to 10%, which could unlock a further £25 billion by 2030.

    Today’s announcements could have a real and significant impact on people across the country.

    For an average earner who starts saving at 18, these measures could increase the size of their pension pot by 12% over their career – that’s worth over £1,000 more a year in retirement.

    At the same time this package has the potential to unlock an additional £75 billion of financing for growth by 2030, finally addressing the shortage of scale up capital holding back so many of our most promising companies.

    Increasing borrowing through £28 billion a year of unfunded spending commitments, as some are suggesting, would entrench inflation and push up interest rates.

    These reforms, conversely, unlock capital from the private sector delivering growth not by subsidy, but by increasing support for entrepreneurs and investors who take risks to create long term value.

    Listings

    I now move onto listings. The UK has the largest stock market in Europe and in 2021 attracted the most global IPOs of any stock market outside the US.

    But between 1997 and 2019, there was a 44% decline in the number of domestic listed companies in the UK, part of a wider trend across western markets, with the US and France seeing even steeper falls.

    I want the world’s fastest growing companies to grow and list right here, making LSE not just Europe’s NASDAQ but much more. As David Schwimmer and Julia Hoggett say, we want it to be the global capital for capital.

    So today we are publishing draft legislation on prospectus reforms, delivering another milestone of Lord Hill’s UK Listing Review. This will create a more effective regime than its EU predecessor, giving companies the flexibility to raise larger sums from investors more quickly.

    The government welcomes Rachel Kent’s excellent Investment Research Review published today and has accepted all recommendations made to it. We therefore welcome the FCA’s commitment to start immediate engagement with the market to inform any rule changes on removing the requirement to unbundle research costs by the first half of next year. This will ensure we are better able to fund quality research into the new Silicon Valley sectors.

    Last week, we abolished protectionist rules inherited from our time in the EU such as the Share Trading Obligation and Double Volume Cap so UK businesses can now access the best and most liquid markets anywhere in the world.

    And, in a highly innovative step which represents a global first, we will establish a pioneering new “intermittent trading venue” that will improve private companies access to capital markets before they publicly list. This will be up and running before the end of 2024, and put the UK at the forefront of capital market innovation.

    Smart regulation

    Finally, behind all those plans must sit a financial services sector ready to innovate faster with regulators willing to support them as they do.

    We have one of the most robust regulatory regimes and some of the best regulators in the world. Brexit gives us the autonomy to put their skills to even better use as we seek to become leaders in the industries of the future.

    So I am delighted that we have just last month passed into law the landmark Financial Services and Markets Act, which will ensure our regulators have an appropriate focus on growth and competitiveness alongside their wider responsibilities.

    The Act also unlocks wholesale reform of our approach to regulation and today I can announce that we are commencing repeal of almost 100 pieces of unnecessary retained EU law, further simplifying our rulebook whilst retaining our high regulatory standards.

    Alongside this, last month I was delighted to sign the new UK-EU financial services Memorandum of Understanding as we build a new relationship with our European partners.

    We are working closely with the Bank of England to reflect on lessons from recent events to ensure the UK has the best possible arrangements in place to improve continuity of access to deposits when a bank fails even if it is not a systemically important one.

    And I want to make sure we remain at the forefront of payments technology. So I am launching an independent review into the future of payments – led by Joe Garner – to help deliver the next generation of world class retail payments, including looking at mobile payments.

    We are laying new legislation to give regulators the powers they need to reform rules on innovative payments and fintech services, and, together with the Bank of England, we are exploring potential designs for the digital pound should we decide to introduce it.

    Conclusion

    My Lord Mayor, Governor, Ladies and Gentlemen.

    Pension industry and listings reforms, backed by smart regulation, to unlock better returns for savers and more growth capital for businesses.

    That is what today’s Mansion House reforms deliver.

    British growth driven by British financial firepower, providing higher living standards and better funded public services.

    With cooperation between government, regulators and business closer than ever…

    … we will deliver not just more competitive financial services but a more innovative economy.

    More money for savers.

    More funding for our high-growth companies.

    And more investment to grow our economy.

    That is the vision I have set out today – let’s deliver it together.

    Thank you.

  • Andrew Mitchell – 2023 Speech at Caucus of African Governors

    Andrew Mitchell – 2023 Speech at Caucus of African Governors

    The speech made by Andrew Mitchell, the UK Minister for Development, in Cape Verde on 8 July 2023.

    Thank you Vice Prime Minister Correia, esteemed Governors of the IMF and World Bank Group, distinguished colleagues, friends, your excellencies.

    What a pleasure it is to be in Cabo Verde and on the beautiful island of Sal. I can well understand why 300,000 of my fellow citizens of the United Kingdom come here every year on holiday. I want to thank the Prime Minister, who I met this morning, for his hospitality and for his personal efforts to strengthen our growing partnership. I also welcome Cabo Verde’s leading voice amongst the SIDS and on innovative climate finance, including their recent debt for nature swap, which will free up funds for the country’s energy transition.

    It has been a privilege, your excellencies, to participate in your Caucus today.

    The Sal Declaration, which you have set out here today is excellent, responds to the urgent need for action. And there is a great deal that the UK strongly supports, including the call for permanent membership of the African Union at the G20.

    The UK’s partnerships in Africa are defined by mutual respect and mutually beneficial economic development. And the World Bank Group has played a central role. We are proud to have been one of the largest donors to IDA [International Development Association].  And we have always sought to ensure that IDA delivers on each nation’s priorities, calling for more resources for climate adaptation, and a sharper focus on job creation.

    We have also used our shareholding in IBRD, the International Bank for Reconstruction and Development, to argue for more resources to countries graduating out of IDA.  And we have been a vocal champion for the IFC [International Finance Corporation] to scale up its investments across the continent, including through the creation of a Private Sector Window.

    We meet today at an important moment to tackle extreme poverty and climate change.

    The challenges are very significant. We are off-track on the SDGs [Sustainable Development Goals] at this halfway point, set to miss 88% of them by 2030. Progress on reducing extreme poverty has stalled, and in many places has reversed in the face of the pandemic and Russia’s appalling invasion of Ukraine. Global food prices are at historic highs and 45% of African countries are in debt distress or high risk of entering it. And while we welcome enormously the recent agreement to restructure Zambia’s debt, this has taken far too long to deliver. This is also a significant moment in our journey to evolve the World Bank Group.

    I met and listened to many of you in Paris at last month’s Summit for a New Global Financial Pact, at the recent African Development Bank Annuals and World Bank Spring meeting, and during my visits to 12 of your countries since I took this role again at the end of last year.

    I have consistently heard a growing anger and a clear demand to reform the international financial system, as Barbados Prime Minister Mia Mottley has so eloquently articulated. I have also heard that we urgently need a bigger, better and fairer World Bank Group at the heart of this.

    The evolution discussion has rightly shone a light on the Bank’s role in tackling global challenges like climate change. That role is absolutely crucial. We only need to look to tropical cyclone Freddy, which did such awful damage in Madagascar, Mozambique and Malawi earlier this year, and recent droughts in Somalia and Kenya, to see the scale of the challenge we face.

    But these efforts must not detract from a laser focus on ending extreme poverty. Indeed, these are 2 sides of the same coin; as my friend Ajay Banga says, we need a world free of poverty on a liveable planet.

    To deliver the new President’s vision, we need a bigger World Bank, which recognises the growing needs of borrowers.

    The G20 Independent Review of MDB [Multilateral Development Banks] Capital Adequacy Frameworks presents a huge opportunity here.  The World Bank Group Springs package was a strong start, but I believe we can still go further.

    This would allow it to scale up IBRD to better serve clients such as Morocco, Botswana, and South Africa, as well as future graduates from IDA.  Beyond these capital adequacy measures, we should explore how much additional capital is needed to scale up the Bank even further.

    If we are to prevent deep economic scarring across the continent, we should also sustain our elevated IDA financing levels.

    IDA20 responded rapidly to recent crises, but the result of frontloading financing commitments is that volumes are set to drop by around $5 billion for each of the next 2 years.

    I hope that many will contribute to the fundraising efforts for the Crisis Response Window.  But alongside this, we must explore all the other balance sheet optimisation measures to stretch IDA’s financing further.

    We should then start to build a common agenda for a very strong IDA21 replenishment – an IDA which reflects your priorities and is big enough to meet the challenges we all face, that you have made so clear today.

    But the Bank cannot do this alone. That is why we also need it to mobilise much more private capital for your countries.

    I want to see the Multilateral Development Banks develop more bankable projects that the private sector can engage in, transfer more risk to the private sector to free up capital, and strengthen their support for country-specific platforms, like the Just Energy Transition Partnerships.

    I am also excited to see that Ajay Banga has established a new Private Sector Investment Lab and look forward to hearing the recommendations made by Mark Carney and Shriti Vadera to mobilise more investment for African economies.

    We also expect the Bank Group to play a central role at next year’s UK-African Investment Summit, which will bring together African leaders, private sector partners, and international organisations to deliver on your investment priorities.

    Crucially, amongst all of this, we need to work on stronger collaboration within the World Bank Group so that it becomes more than the sum of its parts. So if we provide extra capital to IBRD, that should mean even larger annual transfers to IDA.  And we should look again at the question of IFC’s transfers to IDA as well.

    That brings me to how the Bank must become better. As President Ruto of Kenya so clearly articulated in Paris, the World Bank Group needs to be much faster in getting liquidity to where it is most needed. On average it takes 2 years from project concept to disbursement. And this is simply far too long. But the lessons of the pandemic show that we can act faster when we must, and now we must.

    We need the Bank to better support countries to plan for crises, to build strong social protection systems, and put in place pre-arranged finance like CAT DDOs [Catastrophe Deferred Drawdown Option] so the money flows quickly and to the right places.  The Global Shield against Climate Risk also provides the Bank with an opportunity to help countries respond to climate risks.

    The UK has also been leading the call for creditors to adopt climate resilient debt clauses, which allow repayments to be paused automatically when a shock hits. I was delighted that in Paris the World Bank, US and Spain followed the UK to promise to introduce these clauses.

    We also need a Bank that supports a fairer international financial system.

    This means supporting better and faster implementation of international tax rules to stop revenues leaking away and undermining your efforts to build sustainable public finances. It also means supporting countries such as Ghana and Malawi to restructure their public debts, and strengthening the debt management capacity of others, to avoid unsustainable debts in the first place.

    Friends, I leave with a final thought.  We will never deliver a bigger, better and fairer international financial system, unless we have institutions that properly reflect and respect all their members.

    This is why the UK has chosen to be the leading partner of the African Development Bank, where African countries own 60% of the votes.

    We have guaranteed to expand its financing capacity by $3 billion, and we are the largest donor to the African Development Fund.

    In the World Bank, the UK championed the creation of a third African seat on the Board in 2010.  But the entire African continent still holds just 4.5% of the World Bank’s shareholding.

    So if and when capital increases are needed, it will be important to amplify your voice. A greater say for those with the most at stake.

    The road to the SDG Summit in New York, the Annuals in Marrakech and COP28 in UAE. That road is getting shorter every day.

    I welcome this urgent to call action, and the UK will be right alongside you as we tackle these challenges together.

    I want to thank you all for the very great honour you have given me to address you today. You’ve invited me to join your meeting, and I’ve enjoyed it and learnt so much from it. I look forward to continuing our work together closely, and with the greatest possible effect that we can achieve.

    Thank you very much indeed.

  • Claire Coutinho – 2023 Speech to Policy Exchange

    Claire Coutinho – 2023 Speech to Policy Exchange

    The speech made by Claire Coutinho, the Minister for Children, Wellbeing and Families, on 5 July 2023.

    As a former Senior Fellow of Policy Exchange, I am delighted to be here to speak on a topic for which you have been such strong champions in recent years.

    It was your report on ‘Academic Freedom in the UK’, that planted the seeds for our Higher Education (Freedom of Speech) Bill – and I stand here, three years after the Bill was introduced, with the Act having received Royal Assent.

    At a time when many were closing their eyes to the problem and saying there was nothing to see, Policy Exchange’s research shone a light on why we needed to act.

    The quest for truth has long provided us with the moral coordinates for social and scientific progress.

    Where debate has been suppressed, it has only set us back.

    We now give thanks to the Galileos, the Darwins, the Keplers, the Newtons, for pushing forwards the frontiers of our knowledge.

    Our understanding of astronomy, mathematics, natural history or biology, wouldn’t be the same if those visionaries did not believe in freedom of speech and the pursuit of truth.

    And yet, today, we see free speech under threat in the very places where the most controversial debates should be taking place – on campus.

    The very purpose of a university is to create independent thinkers who are equipped with the tools to think about the world critically.

    They are important training grounds for the business, political and cultural leaders of tomorrow.

    And this generation will need the skills of critical thought more than ever.

    The pace of change we face is transforming the world at a speed not seen before.

    Take the onset of artificial intelligence (AI). The next generation of leaders will face even thornier questions than the ones we face today.

    What role should Large Language Models play in education?

    How do we integrate AI into the workforce without displacing human workers?

    And how do we navigate copyright disputes between human artists and AI?

    These are all challenging ethical and practical dilemmas with no immediate answer.

    The next generation will have to approach these, and so many other problems, with an open mind. A desire to hear other opinions, not silence them.

    We’re doing students a disservice if we shelter them from other points of view, and withhold the opportunity to develop their critical thinking.

    And we’re setting them up for failure if we let them think they can go through life shouting down people with different views.

    As J.S. Mill famously said, depriving ourselves of the chance to debate also denies us “the clearer perception of truth, produced by its collision with error”.

    And yet vigilance is needed as there are those who seek to stifle debate in our universities.

    Curious students are being deprived of attending events, visiting speakers are intimidated by aggressive protests, and in the worst cases, academics are losing their livelihoods – and their reputations – for the crime of expressing an opinion.

    All of this is driven by a small groups of activists who shout the loudest.

    Activists who can fire off a lot of tweets and draft open letters – not simply to express their own opinion, but to close down a wider debate – and by now, we’ve seen the dangers of how this manifests itself on campus.

    If you’re Tony Sewell, you’ll have your honorary degree rescinded because the university doesn’t like the conclusion of a report you wrote for the government.

    If you’re Kathleen Stock, you’ll be hounded out of your job by a toxic, organised campaign to get you fired.

    We’ve even heard of examples of research projects on the culture of censorship in universities being censored because they’re deemed ‘too dangerous’.

    In other words, we may be at the stage where research into censorship is itself being censored.

    It’s even spread to disciplines as far from politics as you can imagine, such as maths.

    I met with a group of mathematicians who were being pressured into ‘decolonising’ their maths curriculum by downplaying or magnifying the work of mathematicians depending on their race.

    They were deeply concerned but also fearful of speaking out, because of the potential for a backlash that could put their jobs at risk.

    However, when I studied maths, I used an Indian decimal system, Arabian-born algebra and imaginary numbers forged in Europe.

    At this meeting I thought of the words of the 20th Century mathematician David Hilbert, who said:

    “Mathematics knows no race or geographic boundaries; for mathematics, the cultural world is one country.”

    And yet some people see even this discipline – the purest of all sciences and one which has developed across borders for more than a millennium – as an outlet for their activism instead of being motivated by a love of their subject and the pursuit of truth.

    The experience of those mathematicians is one shared by many in academia. An insidious censorship bubbling away under the surface, where students and academics with mainstream views don’t say what they think because they’re scared of the consequences for their studies or their career.

    They’re censored by activists who dress up their oppression in the language of tolerance and emotional safety.

    I sympathise with those who worry about the effects of toxic, hate-filled debates. I don’t want to see freedom of speech used as an excuse to abuse.

    But a tolerant society isn’t one where everyone must conform to a narrow, ideological vision of moral virtue – where only those who take a certain point of view are allowed to speak their mind – a tolerant society is one which allows us to understand people we disagree with, and where minority and majority views are protected.

    It should be a university’s duty to stay neutral, to facilitate debate and to protect those who put minority views forward in good faith.

    Universities fail in that duty when they themselves take sides on these contested issues. They risk losing the trust of their staff and students when certain groups are made to feel that their views are not welcome.

    I have no doubt in my mind that there are many leaders at the top of universities who are personally committed to academic freedom. I have heard about this commitment first-hand.

    But Vice Chancellors and Leadership Boards must make sure they are not being undermined by well-intentioned internal processes that stand in the way of freedom of speech.

    This pressure to conform to a progressive monoculture – both from activists and internal processes – has a material effect.

    Research shows that a third of all academics in the UK self-censor.

    A third.

    Often, it’s academics approaching the end of their careers who are more likely to feel they can speak openly than their junior colleagues.

    Your right to free speech in academia shouldn’t rely on your years of experience. It should be a right for all.

    And from Policy Exchange’s own research we know that this is not just an issue for those on the political right.

    While those on the right are more likely to self-censor, 42% of left-leaning academics in the social sciences report that they don’t express their views due to a fear of backlash from their colleagues.

    This will have wider effects than those faced by the individuals involved. For example, there is even evidence that shows that academic freedom boosts innovation. When academic freedom rises, the number of patents filed two years later grows.

    This creep of self-censorship matters.

    If we don’t bring an end to this culture of intimidation, we’re allowing an intellectual sedative to be injected into the University experience.

    And that’s why we chose to take action.

    We legislated, as we promised in the manifesto, to defend and promote that centuries-old principle – the principle of free speech – that has been at the centre of so much of our progress as a nation.

    Our Freedom of Speech Act will hold universities accountable for the state of free speech on their campuses. It will protect staff, students, and visiting speakers who advocate viewpoints of all kinds.

    We’ve created a powerful new Director for Freedom of Speech and Academic Freedom at the Office for Students. They will be able to investigate – and take action against – providers who are found to have breached their duties to uphold free speech.

    Our new complaints mechanism, along with the introduction of the right to go to court, means that anyone who feels their free speech rights have been wrongly infringed will have a clear path to redress.

    And for the first time, we’re requiring student unions to protect free speech.

    Freedom of speech is not an optional extra at university. It is central to the university experience.

    Our measures are designed to give people studying and working in universities the confidence and security to speak their mind.

    At every stage of this process, they have been at the forefront of our thinking.

    And I can think of no one better to fight their corner than the new Director of Free Speech and Academic Freedom, Professor Arif Ahmed.

    Arif is a professor of philosophy who has written passionately in the  defence of free speech in the media. He’s stood firm in the face of attempts to shut down his own speaking events, and campaigned to reform the free speech policy at his own university – with an astounding result in his favour.

    He has defended views on the left and on the right, and I have no doubt he will provide strong leadership in championing a culture of tolerance and open debate within our universities.

    As Arif has written himself: “Words are not a form of violence. They are an alternative to violence. Without that distinction we are lost.”

    Now this Act by itself is not enough, I don’t believe that any legislation by itself can change culture, however it’s already starting to have an effect.

    I’ve spoken to Vice Chancellors who are making plans to embed a culture of free speech at the beginning of a student’s academic journey.

    The Provost of University College London, Michael Spence, took the right approach when he made clear that ‘[a university] is not a participant in the public debate, but a forum in which that debate takes place.’

    We have already seen an emboldened approach from university leaders who are fighting back where cancel culture raises its head.

    I am delighted that Kathleen Stock – despite the best attempts of some – did in fact speak to curious and respectful students at Oxford University recently, backed by strong action from their Vice Chancellor.

    I am also pleased that students who disagreed were allowed to protest outside.

    Both are important.

    And that’s because a healthy society is one where people who disagree can do so whilst living alongside each other.

    If you think about how we used to get to know each other, it was often in congregations.

    In churches, local community events, even that bastion of British culture – the pub – where the young, old, conservative, liberal, could all rub alongside each other.

    Now, social media has made it easier than ever for us to become entrenched in our own tribes, surrounded by people who think just like us.

    It’s a vicious cycle. The more and more we use social media, the more its algorithms will feed us what we like to hear, from who we like to hear it from.

    We get hooked on the drip of dopamine hits from people agreeing with us. Those who disagree with us become the enemy.

    But the fundamental wellbeing of our society rests on our ability to tolerate each other. On an individual level, our ability to connect to each other is what makes us happy and well.

    And when we think about the next generation, the leaders of tomorrow, what do we want for them?

    To teach them that they should shut down every person they encounter who has a different view? Or to teach them to be able to understand, to connect, to persuade, to find common ground.

    But common ground only exists where discussion and debate are embraced.

    Free speech at university is an antidote to the toxic effects of social media. By instilling the next generation with a new appreciation for freedom of speech, we can make sure this attitude doesn’t define our society in the years to come.

    The Act will give students and academics the practical framework to put the exchange of ideas over ideology, discussion over division.

    But I will end on the words of the late, great, Sir Roger Scruton, another Policy Exchange alumnus and one of the lecturers I was lucky to have during my own university experience.

    “Free speech is not the cause of the tensions growing around us, but the only possible solution to them…”

    Thank you.

  • Robert Halfon – 2023 Speech at the National Education Opportunities Network

    Robert Halfon – 2023 Speech at the National Education Opportunities Network

    The speech made by Robert Halfon, the Minister for Skills, Apprenticeships and Higher Education, on 6 July 2023.

    It’s great to be back in Exeter for the first time since I was re-appointed as Higher Education and Skills Minister. And in such great company! To be addressing the organisation of professionals for widening access to higher education is to address a crowd that shares my outlook. I want to thank Professor Graeme Atherton for inviting me here today, and for founding NEON back in 2012. The attendance today illustrates how access and participation has evolved from a peripheral tick-box exercise, to a central professional endeavour that all higher education (HE) institutions should take seriously.

    As far as I am concerned, social justice is fundamental to higher education. Universities should exist to facilitate the studies, progression and graduation of all students – including those from disadvantaged backgrounds – so they can go on to get good jobs and pursue worthwhile careers.

    Today, I want to talk to you about the golden thread of social justice that runs through my brief of Higher Education and skills. But I’d like to say at the outset that I’m not offering this summary of measures as the complete solution.

    While areas of deprivation and low achievement still exist, there will still be more work to do. And I really welcome your insights on how we’re doing. When it comes to sharing opportunities fairly, we haven’t reached the point where we can lean on our spades and say ‘job done’. Access and participation measures are not about patting ourselves on the back. Social justice demands we remain open to how we could all do better – and I include myself in that.

    Skills education is incredibly important to social justice – because gaining recognised skills helps a person succeed in the labour market when they don’t have other things that can help you get ahead, such as an education that maximises academic performance, family connections or an understanding of different work sectors.

    That’s why skills make-up the greater part of the Ladder of Opportunity. This framework outlines what we need for the skills system to support people of all backgrounds to ascend to the top rung: well-paid, secure and sustainable employment. This should be an attainable goal for everyone, not just those who start with some advantages in life. One of the pillars that holds-up the Ladder is opportunities and social justice. These need to be our foremost considerations in making quality, skilled employment widespread.

    And I won’t deny that there’s an economic argument for this too. Delivering skills for the country is central to driving the economy. Skilled jobs have the potential to contribute 1/3 of our future productivity growth. In short, there’s no downside to upskilling the nation.

    The Chancellor has his 4 ‘E’s for economic growth and prosperity: Enterprise, Education and Employment Everywhere. His focus is productivity – but we can’t have that without maximising opportunities to reach widespread abilities. The Lifelong Loan Entitlement will be a major catalyst for broadening the opportunity to train throughout a lifetime, which I’ll come to later.

    For now, given that ‘three is the magic number’ of this conference,

    I have three ‘P’s for social justice – Place, Privilege and Prestige.

    Let’s start with Place. Social justice is fundamentally rooted in the places people come from – where they grow up, gain their education and find a job.

    A virtuous cycle of growth can have a remarkable effect on a place. An area with great education and skills training will attract businesses looking for their future workforce. They set-up and invest in the area, which in turn creates more jobs and higher tax receipts – allowing for higher investment in local public services.

    Harlow College has an advanced manufacturing centre and renewable energy facility, which is doing exactly that – attracting relevant businesses to the skills pipeline it has created.

    That is why this government is focused on delivering for places that need a sustainable jobs and skills ecosystem. Last year’s Levelling Up white paper included a clear skills mission: by 2030, 200,000 more people each year will be completing high-quality skills training in England. But it’s not enough to raise skills levels if it only re-enforces current pockets of economic prosperity. So this number will include 80,000 annual course completions in the lowest skilled areas.

    Our 38 local skills improvement plans will support this, covering the whole of England. Each plan is led by an employer-representative body, ensuring that skills provision matches the needs of local employers. Wherever they are in the country, learners will have confidence that the skills they’re developing match those sought by local businesses.

    In all places, people need high-quality careers advice from an early age to help them fulfil their potential. This is the first rung of the Ladder of Opportunity, the beginning of their journey to good employment. We have worked hard to lay the foundations of a coherent careers system, with strong collaboration between educators, training providers and employers.

    The Careers and Enterprise Company work through local Careers Hubs to support schools, colleges and training providers to develop and improve their careers provision. Part of the battle is raising awareness of what’s on offer, so that young people aren’t given a false, binary choice of work or university. Our Apprenticeship Support and Knowledge programme communicates the benefits of apprenticeships, T Levels and other technical learning routes to older school pupils. It’s available nationwide but focusses on disadvantaged areas – places where its message could make the most difference.

    Later in life, the National Careers Service can provide free online guidance. But it also has community-based advisors to provide personal support to adults with recognised barriers to finding work. This includes career routes guidance on apprenticeships, traineeships, university and other technical and vocational routes. Last year it celebrated supporting 1 million adults into a job or learning outcome in 2022. These local, one-to-one interventions make a real difference to the paths taken by those who most need guidance to get back into education, training or work.

    Overall, we are determined that ‘place’ should strongly determine where additional funding is channelled. So, for example, where young people are taking the new T Levels in an economically deprived area, providers now receive additional funding to support their attainment.

    Focussing on place is absolutely necessary for social justice, but it is not sufficient. Because within places, there can be disparities in the opportunities available to different groups – such as those with disabilities or learning difficulties.

    My second P is privilege. Because the privilege of quality education and training opportunities should just not be for the privileged few. It should be available for everyone, regardless of their background or circumstance.

    Schools play a part in this, as I’ve described – but employers, FE colleges, universities and training institutions also need to reach down into their communities to lift the veil on post-16 routes. We’ve seen some great practice right here in this city, with Exeter University’s tutoring pilot run by undergraduates in St James School. This saw a 100% improvement in writing ability following a nine week intervention – a great example of universities working closely with schools to raise attainment. It is crucial that pupils are supported to achieve to a high standard before they’re required to make choices about their future.

    You’ll be aware that the Office for Students recently launched the Equality of Opportunity Risk Register, with 12 key risks to equality of opportunity across the student lifecycle. These have used evidence to determine where interventions can really move the dial on social justice. They’ll be an important tool for designing future initiatives to broaden access to HE, and I look forward to providers rewriting their upcoming Access and Participation plans to incorporate them.

    We should recognise where progress is being made. While a substantial gap remains between the most and least advantaged students, more disadvantaged English 18-year-olds than ever secured a university place last year. And black pupils have seen the greatest increase in the proportion going to university by age 19 – 62.1% in 2020-21, compared to 44.1% in 2009-10.

    In 2020, we met our targets to increase the proportion of apprentices who have learning difficulties and disabilities, or are from an ethnic minority background. This encouraging trend is continuing; halfway through this academic year, both groups’ apprenticeships starts had risen again by nearly 15% on last year.

    We want to further build on this momentum, so that no young person rules themselves out of positive future prospects because of their background or personal circumstances.

    Young people with learning difficulties and disabilities may need extra support to manage their training and complete their apprenticeship. Following some fantastic examples, we want to work with providers and employers so that they can offer more mentoring opportunities for these apprentices.

    My ambition is for every apprentice with a disability to benefit from access to a suitable mentor throughout their apprenticeship. This is why I am today announcing a new mentoring pilot, where a group of trailblazing providers will commit to expanding their mentoring offer to all disabled apprentices, enabled through a bespoke training and support offer. The pilot, which will launch later this year, will mean we can better understand what works for this cohort and set a clear direction of travel to expand the mentoring offer more widely across the sector.

    We are also investing up to £18 million to build capacity in the Supported Internships Programme, which hosts 16 to 24-year-olds with SEND in a substantial work placement. We aim to double the number of these internships to around 5,000 per year by 2025, supporting more disabled young people into employment. Again, this is about targeted support that brings opportunities to people who might otherwise be reluctant to take them. The Chancellor additionally allocated up to £3 million in the Spring Budget to test whether this might be an effective model for other learners.

    Apprenticeships offer a package of wages, training and sector induction which can be instrumental for a young person who has had a very difficult start in life. That’s why from August, we will increase the apprenticeships care-leavers’ bursary from £1,000 to £3,000. This allows these young people to start a new career, confident they can cover the living costs usually met by family. This is on top of the £1,000 available to both the employer and training provider who take on a care-experienced apprentice – making a total of £5,000 additional funding available to boost outcomes for this group.

    So I’ve described measures to spread opportunity across the country, and extend the privilege of quality education and training to everyone, regardless of background.

    But those interventions are not enough. We also need to do something that is in some ways more difficult – to revolutionise the way skills training is perceived.

    The perception is often that vocational education, such as apprenticeships, are somehow worth less than academic education or a university degree. This has always struck me as odd. These courses and training options give learners transferable skills that they can take to a hungry jobs market. Regarding them as ‘lesser’ is both illogical and slightly absurd. Anyone who wants to employ skilled people – whether in a restaurant, a silicon chip factory, or to rewire their kitchen – cannot afford to be dismissive of this education.

    That is why my third P – prestige – is crucial. I want technical education and training routes to have parity of prestige with academic routes. For parents to want their child to do an apprenticeship as much as they want them to go to university. For students to be excited at the prospect of learning a real technical skill that can get them a job. And for teachers to value pupils’ success equally, whether they accomplish a T Level or three A levels.

    I really believe degree apprenticeships can bridge this gap in a way that other initiatives haven’t managed – through their name, their course content, and the institutions that run them. As I said recently in another speech, HE needs to allow FE to leverage some of its prestige. And that is exactly what will happen if more great universities such as Exeter collaborate with industry to create new degree apprenticeships. I was very honoured to speak at the graduation of the first Exeter University Degree Apprentices back in 2021.

    We’ve seen year-on-year growth in these prestigious courses, with over 185,000 starts since their introduction – but we want to go much further. Up to £40 million will be available over the next two financial years [2023-24 and 2024-25] for Higher Education providers to expand degree apprenticeships and widen access to them. This funding will enable institutions to deliver degree apprenticeships for the first time, and broaden the existing range – prioritising new routes to professions previously reserved for traditional graduates.

    The Office for Students will conduct a competitive bidding process for funding later this year. I urge everyone here to look into this for your institution. Great universities like this one have already gone before you, demonstrating the success and social justice these courses can bring about.

    I also want to end the perception that FE colleges are somehow second-rate institutions.

    And that to finally emerge from the shadow of academia, there must be a ‘Skills Oxbridge’ we can point to. I have great respect for the academic excellence of Oxford and Cambridge, but we need to stop using them as a benchmark for everything else.

    I have visited colleges all over the country, from Harlow to Loughborough to Oldham – and I’m looking forward to visiting Exeter College tomorrow. I’ve seen the great work they’re doing – how for example, state-of-the-art T Levels in healthcare are creating a pipeline for future NHS medical staff.

    FE is supplying education solutions to real-world challenges. Its great institutions should be celebrated on their own merits, for preparing their students for good jobs and great careers.

    The way people access further and higher education also plays a part in how it is perceived. From next year, young people will be able to apply for apprenticeships through UCAS alongside undergraduate degree applications, putting technical and vocational education on an equal, accessible footing with academic routes. Our eventual aim is a one-stop-shop, where everyone can explore their career and training options at any point in their lives.

    To further break down the barriers between HE and FE, we are introducing the Lifelong Loan Entitlement to unify education finance under a single system. From 2025, financial support equivalent to 4 years post-18 education (£37,000 in today’s fees) will be available for individuals to use over their working lives. Learning and paying by module will present new opportunities for those unable to commit to a long course. Like getting on and off a train, learners can alight and board their post-school education when it suits them, building qualifications at their own pace. Each learner’s personal account will display their remaining education finance balance, but also act as a portal to guide their learning pathway.

    The LLE’s positive impact is likely to be greatest for disadvantaged students, who are 9 percentage points less likely than their peers to have a sustained education destination after 16-18 study. As a traditional three-year degree is not always a viable option, the Lifelong Loan Entitlement will provide an alternative to train, retrain and upskill, alongside other opportunities in the Government’s broader skills offer.

    I hope I’ve been able to demonstrate that channelling education measures to bring about social justice is a real mission for me. It’s not just about an ‘uplift in spending’ here, or a token initiative there. A coherent strategy runs through my department’s work, where we carefully consider what the key barriers are and how we address them – in order to spread opportunity to everyone, regardless of their background.

    And aside from the social good we can accomplish, there is a really positive story to tell about the tremendous technical and economic power of skills education in this country. Further Education is not second best – it’s at the centre of innovation, preparing young people for the jobs of the future. There are now almost 160 freshly developed apprenticeship standards at degree level, attached to roles at companies like Goldman Sachs and BAE systems.

    I know you are as keen as I am to bring about a future where education and social justice are synonymous. To make sure that talent from every background can find a path up the Ladder of Opportunity, we will persist with the 3 Ps:

    Ensuring that every place has skills training opportunities available.

    Spreading the privilege of quality education and training to everyone, not just the few.

    And raising the prestige of technical education routes to be valued equally with academic ones.