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Category: Speeches

  • Keir Starmer – 2025 Letter to Rushanara Ali Accepting her Resignation

    Keir Starmer – 2025 Letter to Rushanara Ali Accepting her Resignation

    The letter sent by Keir Starmer, the Prime Minister, to Rushanara Ali on 7 August 2025 accepting her resignation.

    The Prime Minister
    7 August 2025

    Dear Rushanara

    Thank you for all you have done to deliver this Government’s ambitious agenda.

    Your diligent work at the Ministry of Housing, Communities and Local Government, including your efforts to put in measures to repeal the Vagrancy Act, will have a significant impact.

    You have also begun the process of delivering landmark reforms including tackling harassment and intimidation in public life and encouraging more people to engage and participate in our democracy. This will leave a lasting legacy.

    I know you will continue to support the Government from the backbenches and represent the best interests of your constituents in Bethnal Green and Stepney.

    All best wishes,

    Keir Starmer

  • Rushanara Ali – 2025 Resignation Letter to Keir Starmer

    Rushanara Ali – 2025 Resignation Letter to Keir Starmer

    The letter of resignation sent by Rushanara Ali to Keir Starmer, the Prime Minister, on 7 August 2025.

    Rushanara Ali
    Member of Parliament for Bethnal Green and Stepney
    House of Commons
    London SW1A 0AA

    Labour Member of Parliament for Bethnal Green and Stepney

    7 August 2025

    Dear Prime Minister,

    It is with a heavy heart that I offer you my resignation as a Minister. It has been the honour of my life to have played my part in first securing and then serving as part of this Labour Government. You have my continued commitment, loyalty and support.

    Further to recent reporting, I wanted to make it clear that at all times I have followed all relevant legal requirements. I believe I took my responsibilities and duties seriously, and the facts demonstrate this.

    However, it is clear that continuing in my role will be a distraction from the ambitious work of the government. I have therefore decided to resign from my Ministerial position.

    I am proud to have contributed to the change this government has delivered in the past year. Working alongside the Deputy Prime Minister, we secured record investment in social and affordable housing, and nearly a billion pounds of funding to alleviate homelessness and rough sleeping. I am proud to have delivered this government’s election strategy, leading to legislation that will protect and enhance our democracy, with tough new laws on foreign donations, extending the vote to 16 and 17 year-olds, and tackling harassment and intimidation in public life.

    More widely, I have been proud to serve in a government that is investing in the NHS, rebuilding communities, securing trade deals, delivering jobs and growth, and rebuilding Britain’s place on the world stage. Under your leadership, Britain is showing international leadership on a range of issues, from standing up for Ukraine against Russian aggression, to working with our allies on developing a pathway to end the war in Gaza, including recognition of Palestinian statehood.

    I want to thank you and the Deputy Prime Minister for your support and for giving me the opportunity to serve the British public in this Labour Government.

    Please be assured of my continued support.

    Yours sincerely,

    Rushanara Ali
    Member of Parliament for Bethnal Green and Stepney

  • Keir Starmer – 2025 Statement on Gaza

    Keir Starmer – 2025 Statement on Gaza

    The statement made by Keir Starmer, the Prime Minister, on 24 July 2025.

    The suffering and starvation unfolding in Gaza is unspeakable and indefensible. While the situation has been grave for some time, it has reached new depths and continues to worsen. We are witnessing a humanitarian catastrophe.

    I will hold an emergency call with E3 partners tomorrow, where we will discuss what we can do urgently to stop the killing and get people the food they desperately need while pulling together all the steps necessary to build a lasting peace. We all agree on the pressing need for Israel to change course and allow the aid that is desperately needed to enter Gaza without delay.

    It is hard to see a hopeful future in such dark times. But I must reiterate my call for all sides to engage in good faith, and at pace, to bring about an immediate ceasefire and for Hamas to unconditionally release all hostages. We strongly support the efforts of the US, Qatar and Egypt to secure this.

    We are clear that statehood is the inalienable right of the Palestinian people. A ceasefire will put us on a path to the recognition of a Palestinian state and a two-state solution which guarantees peace and security for Palestinians and Israelis.

  • David Lammy – 2025 Comments at ASEAN Foreign Ministers’ Meeting

    David Lammy – 2025 Comments at ASEAN Foreign Ministers’ Meeting

    The comments made by David Lammy, the Foreign Secretary, at the ASEAN Foreign Ministers’ Meeting in Kuala Lumpur on 11 July 2025.

    Thank you all. Minister Bui, we’re grateful for Vietnam’s support as our country coordinator. And Minister Mohamad, it’s such a pleasure to be here in your beautiful country.

    Last year, I told ASEAN I wanted to reconnect Britain with the world. Today, I’m the first British Foreign Secretary to return to one of these meetings since we became your newest Dialogue Partner.

    I hope this consistency is welcome right now. The world feels no less volatile than it did a year ago.

    Rapid technological change is remaking our societies, rewiring our economies, reshaping the global balance of power.

    I agree countries like ours need to respond with resilience, with innovation and dynamism, and by putting people – our citizens – first.

    Those are the values of your Community Vision 2045, precisely what we hope partnership with Britain can achieve.

    As our recently published Trade Strategy set out, we believe this region offers real potential for our businesses to expand. We are working with you to unlock that.

    That’s why we backed CPTPP’s decision in May to work towards a dialogue this year with ASEAN, why we’ve been supporting development of the ASEAN Power Grid, why we’re backing British firms to scale up their investments here.

    Likewise, as our recently published National Security Strategy stressed, our region’s security and your region’s security are inextricably linked.

    Russia illegally invaded Ukraine – that has consequences for markets here in Asia. North Korean troops fight for Russia – that has consequences for our Ukrainian friends on the European frontline. Smugglers or scammers ply their criminal trade – that has consequences for all our citizens and, ultimately, our tax revenues.

    At the heart of our security cooperation is a shared commitment to a free and open Indo-Pacific. The recent visit of Britain’s Carrier Strike Group and this Dialogue Partnership are just 2 examples of how, together, we can support this goal.

    We stand firmly behind ASEAN centrality, recognising it underpins peace, prosperity and stability across the region.

    All told, we’ve done a lot on both growth and security this past year. Nearly 95% of our Action Plan on track for delivery, the commitments we made last year in our first joint ministerial statement well under way.

    Our job now is to go further, ahead of the fifth anniversary of this partnership next year and a new Action Plan to guide our cooperation to 2030.

    I’m looking forward to discussing how we do so.

  • Keir Starmer – 2025 Comments at Press Conference with Chancellor Merz

    Keir Starmer – 2025 Comments at Press Conference with Chancellor Merz

    The comments made by Keir Starmer, the Prime Minister, on 17 July 2025.

    Good afternoon.

    It’s a real pleasure to welcome Chancellor Merz.

    And it’s great to be here at Airbus today. I’m always amazed at this place when I come to visit, it’s not my first visit.

    Thank you for showing us the amazing work you do here.

    This is one the most cutting-edge facilities in Europe.

    Home to the Exo-Mars Rover, designed with German expertise and built right here in Stevenage.

    You are driving innovation in defence and space technology, making us all safer – leading us into the future.

    And this is at the heart of what brings Friedrich and I together.

    We see the scale of the challenges our continent faces today and we intend meet them head on. But we also see the scale of the opportunities. So, we have a shared resolve to shape this new era with new leadership.

    The UK and Germany side by side, delivering growth and security and delivering for working people.

    And that’s why, earlier today we did something genuinely unprecedented. Building on our new agreement with the EU, together, we signed the Kensington Treaty, the first ever major bilateral treaty between the United Kingdom and Germany.

    Two great, modern European nations. It is an expression of our shared aims and values.

    But more than that – it is a practical workplan, setting out 17 major projects where we will come together to deliver real results which will improve people’s lives.

    So a historic treaty and statement of intent and ambition. And we intend to do, amongst other things, as leading NATO powers in Europe, committing not only to our mutual defence but also to maximise the benefits of our defence spending, in the shape of more jobs, more growth and more security.

    Under this treaty we will bring our industries together to boost defence exports by billions of pounds and we’ll speed up our collaboration on high tech weapons and equipment, strengthening NATO – and keeping our people safe.

    Our economic links already support half a million British jobs.

    So under this treaty we’ll go further, with eGate access for frequent business travellers. I know that’s something very popular here.

    A direct rail link, and a new UK-Germany Business Forum to boost investment, starting today with new investments into the UK worth over £200 million.

    We’re also deepening collaboration on science and innovation, supporting great jobs, like those here at Airbus.

    And we’re delivering new infrastructure projects, including in the North Sea Energy to produce power that is cheaper, greener and more secure.

    Crucially – we’re also working together on illegal migration. I want to thank Friedrich for his leadership on this.

    Pledging decisive action to strengthen German law this year so that small boats being stored or transported in Germany can be seized, disrupting the route to the UK and it’s a clear sign that we mean business. We are coming after the criminal gangs in every way we can.

    We also discussed the appalling situation in Gaza. We are both working to support efforts towards a ceasefire and also to demand the immediate, unconditional release of the remaining hostages and the immediate, unconditional humanitarian access that is so desperately needed to deliver aid at volume and at speed.

    Finally, we discussed the situation Ukraine. Just a few days after Friedrich took office in May earlier this year we were both in Kyiv shoulder-to-shoulder with President Zelenskyy during one of the toughest moments in this horrendous war.

    Now we’re leading the work to get the best kit to Ukraine as fast as possible. We’ll keep pushing this forward – together with the US and other allies because ultimately our security starts in Ukraine.

    So this is a partnership with a purpose. And I think it illustrates what our work on the international stage is all about. It’s about building the foundations of stability across our continent that make us safer, boost our economy and deliver change across for our people. It’s about delivering results and that’s what we’re working towards.

    And, in a dangerous world, we do this together.

    So thank you Friedrich –  for your partnership and your friendship.

    Now, over to you.

  • Luke Pollard – 2025 Speech at the Global Air & Space Chiefs’ Conference

    Luke Pollard – 2025 Speech at the Global Air & Space Chiefs’ Conference

    The speech made by Luke Pollard, the Secretary of State for Defence, at Savoy Place in London on 17 July 2025.

    Good morning everyone.

    It’s a year ago that I last stood in this spot as a new Minister. Some of you will not be able to remember me because I have more grey hair than I had, certainly at this time last year.

    But it was a privilege to welcome colleagues from around the world a year ago and it is a privilege to be able to do exactly the same again today.

    The Secretary of State sends his apologies that he can’t be with us today – some of you may have spotted there has been some news going on in the UK over the past few days – and he continues to explain the situation that we inherited there.

    But having worked alongside him in Opposition as the Shadow Minister for the Armed Forces, and now over the last year, I’ll do my best to fill his considerable shoes that he has.

    But let me first begin by saying a few words about Air Chief Marshal Sir Rich Knighton, for his incredible service as the Chief of the Air Staff and now as we look ahead to his new role as Chief of the Defence Staff.

    Sir Rich has served our nation with considerable distinction for 37 years.

    Of the 31 individuals who have been CAS since the creation of the RAF in 1918, he has been the first non-pilot to do so, an engineer by trade.

    In leading the Royal Air Force, he has upheld the highest traditions of respect, integrity and excellence, and he’s normally done so with a cheeky smile on his face as well – for those who know him.

    And at a time when our recent Strategic Defence Review has heralded the beginning of a new era for UK deterrence and defence, I can think of no-one better to lead our people through the critical changes ahead.

    Congratulations on your fully-deserved appointment, Rich. I look forward to carrying on working with you.

    And of course, Rich’s boots are not easily filled. And so although there was a very competitive shortlist for the new Chief of the Air Staff, it was fiercely competitive, we were very fortunate to have an outstanding candidate in Air Marshal Harv Smyth.

    Harv, we have urgent and important work to do as we seek to implement the Strategic Defnece Review and I’m going to look forward to continuing to work strongly with all our RAF colleagues.

    And it was just a year ago, we had a General Election. It feels in Britain like there’s a lot of politics going on at the moment, and a lot of change. And that has been a year when defence has rarely been off the front pages.

    From the conflicts in Ukraine and the Middle East, to the modernisation of the UK Armed Forces set in motion, not just by the General Election, but by the Strategic Defence Review that follows.

    But what the news headlines don’t always show are the efforts and the achievements of the people that stand behind the headlines that work every single day to protect our nation and our allies.

    The men and women of our Armed Forces, and if I look around the room, the collective men and women of our Armed Forces, from an alliance that spans the globe of friends and allies – those men and women carry out their duties every single day with superb professionalism and precision, they go above and beyond to keep their nations, our nations, and all our partners safe, and in doing so, they not only create the environment where we can better protect our own homeland from Russian aggression, they are working to support friends and allies the world over.

    The UK Armed Forces have flown over 500 sorties, for example, and moved 9 million tonnes of freight to help the people and the Armed Forces of Ukraine.

    And I’m minded, at times like this, when there are so many people in uniform ahead of us, that at this very moment there are brave Ukrainian pilots in the sky above their country trying to keep Ukraine safe from Putin’s illegal aggression. There are brave men and women who I met at the INTERSTORM graduation for the training of Ukrainian pilots – many of whom were very frank and honest about their chances of survival.

    That bravery is something that you all know, because it’s the bravery you see in your own people. But it is something that we, and myself as a politician, need to talk more about. Because we spend a lot of our time talking about kit and equipment and it is absolutely right – and I will do so in this speech, as a spoiler alert – but we need to talk more about our people.

    Notwithstanding autonomy and uncrewed systems, we need to value the men and women who not only serve in the sky, but on the ground, in the laboratories and workshops, that keep our air forces on a global basis the incredible power that they are.

    It was those brave men and women who also were active recently in the Middle East, evacuating over 220 British nationals and their dependants out of Tel Aviv, including a 3 month old baby and a 91 year old pensioner, to protect them from missile attacks.

    It’s particularly important in these times of increasing insecurity that we do recognise that dedication of our people, and that is why, unapologetically, this government talks about renewing the contract between the nation and those who serve.

    Everyone around the world will have a similar formulation. It may be slightly worded differently, it may be translated in a slightly different word order. But fundamentally, we need our nations to value our people more, and if we can do that we have a stronger defence by default even if we spend not a single extra penny on it. Because our people are only as strong as the nation that stands behind them.

    So after awarding UK service personnel their biggest pay rise for 20 years and giving them another above inflation pay rise this year, we are delivering a generation of renewal of military accommodation, with at least £7 billion of funding for this in this parliament. For those international visitors who have not stayed in some British military accommodation for a while, let me tell you it is not good enough. That is not good enough for me, it’s not good enough for our people, and we are fixing it.

    And that’s why we are going to continue to put people at the heart of our defence unapologetically.

    Now, I know that the pace of change in our Armed Forces in the UK and collectively is matched by many of our international friends who are doing exactly the same.

    But we are only at the start of the transformation and the RAF is at the heart of that.

    The Strategic Defence Review set out our blueprint to reshape and revitalise UK defence in a new geopolitical era of threat.

    Britain now has a absolutely clear NATO-first defence policy and it is pivotal to our future security.

    But it is only right that Europe steps up to take on more of the heavy lifting for its own defence and protection.

    At the recent Hague Summit, European leaders came together and did precisely that.

    As well as a pledge to spend 5% of GDP on national security, the UK announced the biggest strengthening of our nuclear posture in a generation, including the purchase of a dozen F-35As and a commitment to join NATO’s nuclear Dual Capable Aircraft mission, giving the RAF a nuclear role for the first time since the end of the Cold War and complementing our own sovereign Continuous At Sea Deterrent which we declare, in full, to the defence of NATO.

    Driving the modernisation of the RAF will be a relentless focus on innovation. For well over a century, the UK has been a leader in shaping and pioneering air power.

    From the founding of the Royal Flying Corps in 1912, and the new technologies of the interwar years, radar, air defence systems, the Second World War saw air power tested and developed like never before. Yet the pace of change did not stop after the peace came.

    The jet age defined deterrence in new terms, transforming speed, reach, and altitude, and while the post-Cold War era has given us precision weapons, global ISTAR and unparalleled situational awareness.

    Today, we stand on the verge of another profound leap forward in which autonomy, AI, and digitisation will define the bounds of the sky. One of the key takeaways from me from the SDR is that we’re not just developing niche autonomous units at the periphery of our military. Every single unit across every single service in the UK will be moving to a system of crewed, uncrewed, and autonomous systems. That is a substantial change in not just fighting doctrine, in training, in how our people come together, in how we procure, it is a fundamental change in how we will fight and how we will deter.

    We will deliver £1 billion in an integrated Targeting Web. So any sensor, any effector, any target can be struck. That is a fundamental change in how we build an integrated force, regardless of the cloth that you are wearing.

    Times change, but the victors in the race to dominate air power are always those who adapt first and adapt fast.

    Innovation, speed and agility, the ability to out-think, out-perform and out-manoeuvre the enemy, are the capabilities and challenges we must harness.

    But let us make no mistake, our adversaries are doing exactly the same, and they are seeking to hack our phones to learn what we are doing to outpace them as well.

    That means the UK and our Allies must compete harder to have control of the air and to fight in new ways.

    Now I mentioned the war in Ukraine earlier, and one of the things that that is showing us is that getting new technology into the hands of warfighters fast can give you an edge on the battlefield.

    It is also a central message of the new UK defence policy.

    Our SDR calls for investment in Autonomous Collaborative Platforms to ensure the future of UK air combat air. And that can sound, to the voters I represent in Plymouth, a little bit like science fiction.

    But making the case that that already exists, and telling the story of systems like StormShroud is vital to building the public support we need for this new era of autonomous systems as well.

    StormShroud is designed to disrupt enemy radar at long range, and this fleet of new autonomous wingman drones will increase fighter jet survivability, and boost our warfighting power.

    As an uncrewed system, integrated into our new digital targeting web, it also frees up personnel to perform other vital frontline missions.

    And there are other ways in which StormShroud provides glimpses of the future.

    As we spend more on the military in the coming years, something that as a group of friends we are all doing, Defence will increasingly become a potent engine for economic growth. An argument we must make over, and over, and over again. It is a licence to operate – Defence is an engine for growth.

    StormShroud has already created hundreds of skilled jobs around the UK, with the promise of 1,000 more in the future.

    And it is in contrast to the failing procurement system we inherited, StormShroud is an example of good practice.

    It has gone from factory to front-line in record time, signalling how we want to streamline procurement in the future. And I suspect that the UK is not alone in wanting to make procurement faster on a global basis.

    Our policy is NATO-first, but it’s not NATO-only.

    The Euro-Atlantic, Indo-Pacific and Middle East are inseparably connected.

    And with that, I welcome our friends from the GCAP International Government Organisation.

    Through GCAP, Italy, Japan and the UK are developing a supersonic stealth fighter jet.

    The programme means our nations can come together, not just to defend the Euro-Atlantic, but to support our values on a global stage. That will bring together our industrial bases, and make sure we are being able to provide the deterrence that we need well into the future.

    And this time last year, just as we were kicking off the SDR, I received a lot of questions on GCAP and our position on it and a year later, I’m absolutely proud to stand on the same stage and say that GCAP is progressing well.

    It already supports 3,500 UK jobs, and 1,000 apprenticeships.

    Last week, we cut the ribbon on GCAP’s new headquarters in Reading, where hundreds of skilled personnel will be based, and the Defence Secretary met with counterparts from Italy and Japan to plan the next phase of this programme.

    And at a time of rapidly changing technology, it’s also essential we upgrade not just those at the tip of the spear that are able to deliver kinetic effect, it’s also vital  we upgrade our airborne early warning and control capabilities.

    The E-7 Wedgetail will provide the improved performance we are looking for offering greater speed, range, endurance and crew capacity.

    And by improving detection, it provides early warning of more challenging threats at greater distances, increasing the time available for offensive and defensive action, so boosting the lethality, survivability and resilience of our Joint Force.

    Wedgetail also has a growth path to meet the expected threat over the next 20 years and beyond and for those at RIAT, look forward to seeing her in the sky above the incredible air show there.

    So, to conclude.

    The story of air power has always been one of constant innovation, imagination, and adaptation. That has not changed today.

    But we must evolve again, to stay ahead of those who threaten our security. And that does mean moving on from some traditional doctrines and embracing the new. Embracing autonomy is a fundamental challenge for all our air forces, for all our procurement systems, for politicians who might be easier to make a case of a pilot in the sky, but by improving our lethality, by increasing it, we increase our deterrence. And with increased deterrence, we make more strategic dilemmas for those who seek to challenge the international order, who seek to challenge our freedom, and the liberty that our people enjoy.

    The SDR has fired the starting pistol on that reform of the UK Armed Forces, and, having read many of the reviews undertaken by our Allies in recent months, I know similar themes are present in the new emerging defence policies that our Allies in this room are developing as well. More collaborative platforms, working together, more investment in our Armed Forces, more focus on our people. It is precisely in these ways that we will be stronger in the future, to keep not only the UK secure at home and strong abroad, but to make sure we do so in support of all our Allies as we all face similar threats from similar adversaries who fundamentally want to attack our values  and our position in the world. The people in this room today have a key role in defending all those values and all our people, thank you for what you are doing. Thank you for the pace of change that you are instigating, and keep going. Thank you very much.

  • Keir Starmer – 2025 Speech at the Civil Society Summit

    Keir Starmer – 2025 Speech at the Civil Society Summit

    The speech made by Keir Starmer, the Prime Minister, on 17 July 2025. (This is the redacted civil service issued text)

    It’s fantastic to be with you all. As I look around, I see many friends and colleagues.

    Great to be here at the Science Museum, which, I have to say, feels like a fitting place to be because this is the home of innovation – celebrating the progress that has transformed so many people’s lives. And in a way, speaking to us, calling us, and inspiring us to do the same today.

    Now, as many of you in this room will remember, around 18 months ago, in opposition, in a church near Waterloo Station, I made a promise to people in this room.

    I said [political content redacted] we would work in partnership with you. To deliver on every one of our missions and change the country together. I meant that back then.

    And the moment I walked through the front door of Downing Street, our work began. And that door is now wide open to you.

    Today’s summit is the first of its kind ever. And that’s really important because this is about delivering on the priorities of working people – but it’s also about something even more fundamental than that.

    Because I often say – the changes we are making aren’t just about lines on a graph and statistics. They’re about people – and you will understand that better than anyone else.

    Take the Drive Partnership. Now, this is a fantastic initiative led by a coalition of civil society organisations. They’ve worked with the police to tackle the drivers of domestic abuse – a really serious issue, hard to deal with, and it is integral to the work we’re doing in government in our Safer Streets mission.

    So today, working together in the spirit of partnership, we’re announcing a £53 million investment to roll out the Drive Project nationally across England and Wales.

    Delivering together in partnership, taking forward the initiative that you’ve brought forward to us and recognising your power to reach into places government can’t. We’re combining the ability of the government to deliver nationally.

    Now, for me, that’s a blueprint for a brand-new way of working. And today, we take one step further with our Civil Society Covenant.

    And I’m really proud we’re launching that today because that’s really the hard yards of the eighteen months since I made the promise, because it recognises the national renewal, which requires everyone to play a vital role.

    Not the hierarchical, top-down approach of the state working on its own. Not the transactional approach of the markets left to their own devices. But a way forward in partnership – together – by giving civil society a home at the heart of government.

    We’re not going to shut charities out and then expect you to pick up the pieces [political content redacted].

    Nor am I interested in slogans that sound good but end up being gimmicks for governments to simply hide behind. I’m interested in solutions.

    So, we’re also working with businesses, social enterprises, and private investors.

    And with the Chancellor’s announcement just earlier this week – the largest social outcomes fund in the world to give struggling families a better start, backed by £500 million in government funding with plans to match this with up to £500 million more from local governments, social investors, and philanthropists. Transforming hundreds of thousands of lives – together. That is about genuine partnership, putting your fingerprints on everything we do.

    Take our 10-Year Plan for the NHS, which we announced earlier this month. It’s a really important initiative. We look back proudly on our NHS – it’s been around for 77 years. But we also need to make sure that in decades to come, our NHS was rebuilt and made fit for the future.

    And in that 10-Year Plan, we consulted experts, charities, and the public, so every person, no matter who they are or where they’re from, can get the treatment they deserve.

    Look at the incredible work of charities already, day in, day out, on the frontline, delivering real change where it’s needed most.

    So, I’m proud to announce an exciting new partnership between government and civil society today: Diagnosis Connect. Now, this will transform the way we work together.

    This is a new programme linking newly diagnosed patients directly to expert charities.

    Helping them navigate which charities they can get to, which support they want from each of them. Very hard to make that journey at the moment. That’s life-changing for people looking for information and support, often at a really difficult time.

    Now, that’s putting your expertise directly in people’s pockets with the NHS App.

    So that’s going to go on the NHS App, which is a central part of our plan, so people have it as their map to support from the charities they need when they’ve been diagnosed. What a comfort and security that will be for so many people.

    But I believe that good relationships need to be honest relationships.

    We won’t blindside you with public attacks like the last government did. We need to be honest about the issues people care about and expect us to tackle. Have the tough conversations on issues like migration, social cohesion, and our security as a country.

    These are issues where politicians have often chosen to stoke division instead of bringing people together to fix the problem.

    Now, we know the damage that does to our communities, so when it comes to issues like immigration, we are working differently. Strengthening our border security and tackling fraud, working with 72 local organisations as we transition people to a digital immigration status to make sure vulnerable communities aren’t shut out of that transition.

    And working with community groups to train young people in the skills we need to reduce our dependence on overseas recruitment. Together, we’ll build stronger communities, a fairer system, a better society for everyone.

    Most of all, this is about rebalancing power and responsibility. [political content redacted]. Let me tell you what I think people are tired of. I think they’re tired of establishment figures who don’t listen to them and don’t understand the challenges they face.

    Tired of being excluded from decisions about their own lives. Tired of being treated like their experiences don’t matter. They are the people this government is working for.

    Something I often talk about is the people I keep in my mind’s eye. Politics is about policies, it is about numbers and statistics, but most importantly, it’s about who you have in your mind’s eye when you make your decisions. It’s the people up and down the country who serve every day, who put in every day, often unseen, but are absolutely irreplaceable.

    So, this is an opportunity to say to each and every one of you, and through your organisations, thank you. Thank you for what you put in. To those of you who work tirelessly to make Britain a better place.

    And to say that we are keeping our promises. We said we would work differently – and we are. We promised we would listen to you – and we have.

    Those initiatives that we are announcing today – they came from you, not us. We put them into something that works in partnership.

    We said we would deliver change together – and we will, to build a society of service. Bound together by our common values and finding new pride in our country and our communities.

  • David Lammy – 2025 Africa Debate Speech

    David Lammy – 2025 Africa Debate Speech

    The speech made by David Lammy, the Foreign Secretary, in London on 2 July 2025.

    Ladies and Gentleman, Friends.

    It’s a great, great pleasure to be here today. Thank you to Sumaila and the team behind the Africa Debate, for bringing us all together.

    This week, it’s 25 years since I was first elected the Member of Parliament for Tottenham and therefore began my journey in public life. So I want to start by looking back for just a moment in time.

    I was a Member of Parliament and then a Junior Minister in the governments of Tony Blair and Gordon Brown. And they were both very, very focused on Africa and the continent of Africa.

    However, when I look back on that period, it was most definitely  principally through the lens of development and aid. This was the era of the Jubilee debt campaign. It was absolutely the era of the Millennium Development Goals. Make Poverty History was the theme of the day and the G8 Summit in Gleneagles in 2005, implementing many of the recommendations of Blair’s Commission for Africa.

    These efforts left of course a legacy. In 2000, almost two-thirds of all sub-Saharan Africans lived on under three dollars a day, by 2010, when Gordon Brown left office, the figure was under half.

    But when I became Foreign Secretary last year, I wanted to modernise our approach to Africa, modernise our approach to development.

    I of course had been travelling to the continent for many, many years, the first country I ever visited was Kenya. But I’d seen the transformation of cities and communities, all brimming with huge potential.

    And I suppose I also benefited from my own heritage in the Global South. My parents hailed from Guyana. And so I understood some of the frustrations of countries and communities when it felt like the West was ignoring people or not listening to people, not understanding what they really needed.

    I wanted to change that. And to reset relations then with the Global South, and particularly with Africa. And to implement a new approach, partnership, not paternalism.

    Genuine partnership is, by definition, between two equals each respecting the other. So in this job, I have tried to show that respect. And in the past year, I have visited eight African countries. The first Foreign Secretary to visit South Africa or Morocco since William Hague. And the first Foreign Secretary ever to visit the great country of Chad.

    And on my first visit to the continent as Foreign Secretary, I launched consultations on our new Africa Approach. A five-month listening exercise, hearing from governments, from civil society and diaspora communities, from businesses and universities, from Cape Town to Cairo, from Dakar to Djibouti, what they valued, what they wanted to see from Britain.

    We needed to listen. And I thank you all for your engagement over the course of this process and for what you told us, what we needed to hear.

    The message actually didn’t surprise me. Because what African people want from Britain is exactly what British people want from Africa. You want, we want, growth.

    And not just any form of growth, a jump in numbers on a spreadsheet for a year or two.

    But a secure, sustainable growth for everyone, high-quality jobs, affordable prices, citizens living better lives than those of their ancestors.

    You want, we want, opportunity.

    Opportunity arising from our respective strengths, like the British education system, like of course the City of London, the incredible natural assets and energised young people across Africa, and our collective commitment to multilateralism.

    And you want, and we want partnerships. Partnerships that harness our deep historic ties, and the array of personal connections that exist between us.

    But partnerships that also continue to grow and deepen, as we both invest in them. That’s just a snapshot of a detailed piece of work.

    But of course, the work can only be beginning. The real test of our Africa Approach, and this was clear in the consultation as well, is how we put it into practice.

    Because talk is cheap. It’s actions in the end that count. I am excited by the deals driving growth that we have been delivering so far.

    A new Strategic Partnership with Nigeria, a new growth plan with South Africa, a new partnership with Morocco, joint work on a new AI strategy in Ghana, and new investments in Tanzania and of course in Kenya, announced in the first East Africa Trade and Investment Forum here in London in May.

    And thanks to our Developing Countries Trading Scheme, and free trade agreements with many African countries, almost £15 billion of goods were exported from Africa to Britain tariff-free last year.

    And following the publication of the British Government’s new Trade Strategy, we will further simplify the rules of the DCTS scheme which benefits thirty-eight African countries, and review our tariffs with South Africa, Egypt, Morocco and Tunisia.

    The Trade Strategy reinforces Britain’s belief in the power of free trade. And the largest free trade area in the world is Africa’s.

    And that’s why we back the rollout of the African Continent Free Trade Agreement, reducing barriers to intra-African trade through support in areas like digital trade and custom cooperation.

    And we will increase opportunities for British firms to play their part, just as it will increase prosperity in Africa. The British businesses and investors in this room have a big part to play. And I want our Ambassadors, our High Commissioners working closely with you, so that together, we can play a confident role in investing more, and supporting the growth of the African market.

    So, more trade, more investment, this is the best path to prosperity for all.

    And there is a role of course for development as well. But this has to be a modernised approach to development, recognising that fundamentally development is about growth, development is about jobs, development is about business.

    The modern development expert needs to have a mindset of an investor, not a donor. Looking for the best return, not offering the biggest handout.

    And it’s in that spirit that British International Investment recently signed an MoU with South Africa’s Public Investment Corporation, one of Africa’s largest asset managers.

    And this week agreed to support Wave Money Mobile, an exciting African fintech unicorn.

    And it’s also in that spirit that Britain is co-hosting the next Global Fund replenishment summit in South Africa.

    And just last week I made a £1.25 billion pledge to the recent Gavi replenishment in Brussels, the largest of any sovereign donor.

    That work will save lives – many, many millions. But it will also unlock economic value -every pound given to Gavi drives £54 in wider economic benefit.

    And, crucially, it unlocks value in Britain and Africa. Gavi works closely with cutting-edge British pharmaceutical firms like GSK. And it’s also designed the first African Vaccine Manufacturing Accelerator, which is using industry partnerships to deliver vaccines for Africa.

    Vaccines, and this is very important, because people talked about that during the COVID pandemic, they asked the question, why, why are we failing, the West failing to vaccinate the African continent, and that was an important question.

    But there was a second question – why has the African continent not got its own manufacturing capability, and that is what we now need to deliver in Africa.

    Working with partners like Nigeria, we are pushing for organisations like Gavi and the Global Fund to work together and reform, so that their work has national ownership at its heart.

    National ownership is similarly important when it comes to reforming wider international finance, especially for climate and nature.

    And thank you, President Ruto, for your leadership on the climate issue particularly. The theme of your conference is precisely the right framing, Africa has Natural Capital. But it cannot unlock this if we make it impossibly challenging for states to access the finance that they need.

    At the recent Development Finance Summit in Seville, we were again pushing for reforms of the multilateral development banks and the IMF. We have to mobilise private capital and use guarantees to unlock more funds.

    To empower regional development banks, like the African Development Bank, where developing countries have more of a voice. To tackle unsustainable debt. To work with the City to bring innovations like disaster risk insurance and strengthen local capital markets.

    One example of what this can mean comes from Sierra Leone, where I can announce £2 million pounds worth of British government investment to back a mangrove restoration project by West Africa Blue. The project protects over 90,000 hectares of mangrove estuaries, improving coastal and community resilience.

    But it is also demonstrating how this model can be commercially viable, unlocking future investment in similar projects in the future. And finally, alongside our work on trade, on investment and development finance, we have heard the clear message from the consultation on illicit finance as well.

    I know that this message is not new. For years, friends in Africa have been saying Britain needs to do more to tackle dirty money. Kleptocrats and money launderers rob all our citizens of wealth and security.

    And now, the Government is listening too. That’s why I’ve started imposing sanctions on crooks who siphon off public money for themselves, like Isabel dos Santos of Angola and Kamlesh Pattni’s illicit gold smuggling network.

    And that’s why I’ve also announced that London will be hosting a Countering Illicit Finance Summit, bringing together a broad range and a broad coalition from the Global North and the Global South, to drive these criminals out of our economies.

    Friends, I said the messages of our recent consultations were that Africa wanted more growth, Africa wanted more opportunities, Africa wanted more partnerships.

    In effect, Africa wants Britain to help them to have more choices. Choices over who to do business with, because it’s choices which matter in a volatile geopolitical age.

    Britain wants choices too. And I believe that, given the choice, more and more British businesses and investors will be choosing Africa in the coming years.

    But don’t take my word for it – let’s hear from an African voice. It’s my pleasure now to introduce to the stage a great partner of the UK, a global leader on climate and nature action, and our next keynote speaker, His Excellency, Dr William Ruto, President of the Republic of Kenya.

  • Daniel Zeichner – 2025 Good Food Cycle Speech

    Daniel Zeichner – 2025 Good Food Cycle Speech

    The speech made by Daniel Zeichner, the Secretary of State for Environment, Food and Rural Affairs, in Bradford on 15 July 2025.

    Well, good afternoon everybody and thank you. First of all, thank you to Andrew, and to all our brilliant contributors – really fantastic.

    Politicians often say they’re really pleased to be in places. And I am pleased to be in places – but I have been really thrilled to be here. I’ve not been to Bradford before, and I’ve been absolutely knocked out by what I’ve seen this morning. I’m so pleased to be here.

    I’m told you’re one of the UK’s youngest, most diverse, and dynamic cities. I represent Cambridge, and we probably could have a little discussion about that – but I think you may be winning! What I know for sure is that you’ve got a rich food culture here. I’ve been seeing it outside, I’ve been hearing about it, and I’m so thrilled that we made the decision that Bradford should be the place to come and talk about the government’s vision for our food system. What we’re calling the Good Food Cycle.

    And I hope that’s a phrase that will stick in your minds – because that’s what this is all about.

    Let me start, though, by thanking some of the people who’ve made this morning possible: Bradford 2025, the local council – I’m delighted to be here working with you – and Inn Churches. Very impressed by the work you’re doing.

    I’ve heard about Jamie Oliver’s Ministry of Food, I’ve seen some of the demonstrations that are being done outside with some of the children – I’ve met some of the children – who are extraordinarily confident and well-informed about raw beans! Very good for them!

    Living Well, the wider community, all the efforts being made to empower, educate, and inspire as many people as possible to cook great-tasting, healthy food for themselves and their families. I think this project here, which I’ve been hearing about – clearly a long time in the making – what a fantastic achievement in this year of 2025.

    It really does show how communities, local government, food producers and processors can work together for the community. Because it shows that good, healthy food can be accessible to everyone, and help bring communities together.

    And just in my brief tour around, I could see how that’s being brought to life.

    I’m told it’s £31 million of investment into the heart of Bradford – it shows what can be done to support local food producers, what you’re making, and how we used to have those strong local food production systems. What a chance to re-energise that!

    But of course, this sits in a wider context – one that includes household-name food businesses with a national footprint, like Morrisons, like Marks and Spencer. They all play a part in our national food system.

    And let’s pay tribute to that national food system, because it is one of the most extraordinary and advanced in the world. Huge, huge things. I remember, I was the shadow minister during the Covid crisis, and there was a point where it wasn’t entirely clear that we could carry on feeding the nation. But people stepped up. And it really showed what an amazing system this is.

    But we also have to be aware that the current food system does have some challenges.

    Henry Dimbleby – a lot of you will be aware – did a lot of work a few years ago on this. He called it the junk food cycle. Which, at one level, is harsh. But what he was pointing out was that there are internal dynamics within the system that keep producing negative feedback loops.

    That’s the thing we want to address.

    I think it can be addressed. I think there are many people in this room who have been working on this for many, many years. But it’s possible to do something about it. To do it differently.

    And that’s why I’ve come here today – to launch what we’re calling the Good Food Cycle. We think it’s a really significant step in the change we want to take together.

    And I think this is actually a very special moment because it’s the first time, as far as I can see, that the whole of government is aligned on a vision for the food system, looking ahead to the future. And it’s one which puts people and the planet at its heart.

    Now, we haven’t done this alone. This is not just about government. We’ve worked across the food system.

    Sarah [Bradbury, IGD CEO] has been saying this – and our colleagues involved in the systems process have told us too – we’ve worked with industry, trying to do what only government can do: convene and coordinate action on food.

    And the reason we’re doing this is not just because it’s a good thing to do – it’s because what we’re hearing from people, right across the country, across generations and communities, is that this is really, really important.

    Because the one thing we all do – is eat. And we should take joy and celebration in that. It’s really important.

    So, over the last six months – in the early part of this government – we’ve spoken to over 400 individuals. That’s been coordinated through the process – thank you to everyone who helped make that happen.

    We’ve heard from organisations, from businesses. We’ve been asking the question: What would a good food system look like?

    I’m very grateful to the people who’ve been sitting on the Food Strategy Advisory Board – some of you may have read about that – Sarah has been providing the secretariat and more; keeping together a complicated group of people with very different views, but we’re working well together – and the Systems Advisory Council. Also, the F4 – that’s the grouping of the key parts of industry. All of them have been involved in this discussion. So many people from academia as well – I see leading academic figures locally.

    All have given time and effort to help us develop what we believe is a shared vision.

    [Political line removed]

    Well, I’m absolutely determined, as the food minister, that we will not make that mistake.

    We will listen. We’ll work alongside those in the food system who make key decisions – and also those who play key roles in that system. Whether that’s a supermarket boss, or someone who’s making the Sunday lunch. Or someone working in a shop.

    All those people are going to be involved in this discussion.

    This is a vision for a healthier, more affordable, sustainable, and resilient 21st-century UK food system that grows the economy, feeds the nation, nourishes people, and protects the environment and climate – now and in the future.

    So, for the next steps to make our Good Food Cycle vision a reality, we’ve identified ten priority outcomes that we’ll be working with people to deliver.

    Those outcomes are focused on:

    • Ensuring everyone has access to healthier and more affordable food
    • Creating the conditions for a thriving and growing food sector, with more investment in healthy, sustainable, affordable food
    • Ensuring a secure, sustainable and resilient food supply
    • Building on vibrant local food cultures – like we’ve seen here in Bradford

    We know there’s a huge prize for investing in the UK food system, which is why we are focused on creating the right conditions to bring money and talent into the UK food system.

    Because when we grow, make, and sell healthy food, frankly, everyone benefits.

    Now, the cost of healthy food is a key concern for working people across the country. And we’re focused on food and nutritional security, from a household to a national level.

    One way to support a secure and more resilient food system is to enhance our food security monitoring – in response to continued volatility from geopolitical and climate shocks.

    It’s critical that this information is transparent and available to people across the food system.

    Today I am committing to a new annual food security statistics publication to be published in the years between the triennial UK Food Security Report, starting this year.

    It will be a more frequent and focused publication, designed to ensure that key UK food security analysis is made public in order to capture emerging trends, and to support both policymakers and the public.

    That’s a government step we’re announcing today – to ensure we continue to support a more secure food supply chain in this country, so we can build a stronger future.

    I believe now is the time to act and make positive change to support our nation. Because with climate, health, and economic pressures growing, we stand to lose out if we don’t act now. Action on improving the food system isn’t just for national government – frankly, it’s for all of us.

    So, I’d like to say just a little bit about what I’ve heard is happening here in Bradford – and I hope you’ll find it as inspirational as I do.

    I understand that in February of this year, the Bradford 2025 UK City of Culture, in collaboration with others, unveiled over 30 innovative projects as part of its Creative Health programme, harnessing the transformative power of culture and creativity to tackle some of the district’s most urgent health and social challenges.

    And we’re already seeing great outcomes from this work.

    The Cookery School, run by Inn Churches in this Market, in partnership with Jamie Oliver’s Ministry of Food,  teaches children and adults how to make healthy, fresh, tasty meals from scratch for themselves and their families.

    Living Well is an initiative led by Bradford Council Public Health, the NHS Bradford and Craven Health and Care Partnership and a wide range of key stakeholders and community groups. They are helping to address the rising levels of obesity and reduce the high levels of early and preventable deaths within the district.

    I’d like to thank the initiatives leaders, the Bradford Council and Bradford District and Craven Health and Care Partnership for all their hard work in helping individuals to live well.

    This government wants to work across the food system to make the healthy choice the easy choice for people in Bradford and across the country.

    But a healthy food system is not only about what we eat, it is also about how our food is produced and the impact it has on the environment.

    When we come together to eat – we are sharing in something incredibly powerful. Culture.

    Which brings me back to why I am here in Bradford today. Culture and Community are closely interlinked. Communities build culture. This building is the site of a shift in culture. One which is about connecting people with their local food producers, as well as supporting them to have the skills to use this amazing bounty of British ingredients.

    Everyone should be able to take pride and joy in what they grow and eat. And we want local producers to grow more of what we eat and communities to eat more of what we grow.

    This Government is here to enable, protect and prepare. Enable health, growth and productivity. Protect food standards. Prepare for the impacts of a more extreme weather and more volatile world.

    This is a cross-government strategy, and we will work collaboratively to ensure we take the right steps to address the needs of the nation.

    This is a milestone in our commitment to transform the food system. So today, we set out what we want to achieve, and why it’s important.

    Now and in the future, we’ll work with citizens, with civil society, with farmers, with fishers, with food businesses to agree how to reach that vision, and how we will measure our progress.

    If we can replicate some of the energy and commitment I have seen today and enable the growth of other Darley Street markets in other towns across the country; enable every class of school children to enjoy healthy, delicious food; enable investment in responsible food businesses , we will be well on our way.

    Friends, together we can make the healthy, sustainable choice the easy and obvious one – for everyone. Together, we can create the Good Food Cycle.

  • Rachel Reeves – 2025 Mansion House Speech

    Rachel Reeves – 2025 Mansion House Speech

    The speech made by Rachel Reeves, the Chancellor of the Exchequer, at the Mansion House in London on 15 July 2025.

    Lord Mayor, Governor, Ladies and Gentlemen.

    My thanks go to the City of London Corporation for hosting us here this evening…

    …and to the Lord Mayor for his address…

    …as well as to the Economic Secretary to the Treasury for all her hard work.

    It is a year since my party was elected to office…

    …and year since I was appointed as Chancellor of the Exchequer.

    Recently, on a visit to a primary school, a young girl asked me –

    “if you could have any job in the world, what would it be?”

    Given the events of the last few weeks, I suspect many of you would have sympathised if I had said –

    “anything but the Chancellor.”

    But I didn’t.

    Because I am proud to stand here tonight and address you for a second time at Mansion House…

    …as the Chancellor of Exchequer.

    This evening, I want to talk about the progress we have made over the past year:

    Restoring stability;

    Securing investment;

    And delivering reform.

    And I want to talk about the future:

    The economy that we are building;

    The opportunities that we are seizing;

    And the prosperity that we together are creating.

    In my Mais lecture last year, I talked about how a resilient economy must be built on security.

    And the importance of that security has been brought into sharp focus in recent months.

    As the world changes before our eyes, and global economies are becoming more uncertain.

    The job of a responsible government is not just to watch this change –

    We must step up, not step back.

    We must build a dynamic economy on strong and secure foundations…

    …where success is not limited to a handful of sectors, a few people, or certain parts of the country…

    …but where the rewards of hard work are shared…

    …harnessing the contribution of every part of Britain.

    This is the foundation of an economy and a country that is more active and more confident…

    …where people and business look to the future and talk about hope…

    …talk about opportunity…

    …assured of their own capability, and of the ability of our country to boldly face the challenges ahead…

    …and certain in the prize when they succeed:

    Of higher wages and higher living standards;

    The renewal of Britain in every home and every high street.

    To put it simply: a Britain that is better off.

    The financial services sector is critical to my ambitions for our country.

    It is one of the largest and most successful sectors in the UK…

    …worth around 10% of total economic output…

    …and supporting 1.2 million jobs in clusters right around the UK:

    In Cardiff, and Belfast and Edinburgh where we have growing Fintechs;

    In Manchester, where BNY have their new Angel Square hub;

    And in London, the financial centre of the world.

    And financial services is also critical in people’s everyday lives:

    Whether that’s a couple looking to buy their first home;

    A budding entrepreneur wanting to start  their first business;

    Or people getting more out of the money they’re putting aside for the future.

    And that’s what these plans, that I will set out tonight, will deliver.

    Growth must be built on a platform of economic stability.

    When we came into office…

    …it was our government, this government, that restored Britain’s reputation as a beacon of stability by putting the public finances back on a firm footing…

    …getting debt on a downward path, while investing prudently alongside business.

    That was – and still is – the right choice…

    …because there is nothing progressive about a government that simply spends more and more each year on debt interest, instead of on the priorities of ordinary working people.

    And fiscal stability is a choice that reflects economic reality.

    National debt remains at its highest level since the 1960s…

    …and globally, the cost of borrowing has increased in recent years.

    This is not the inheritance that I would have chosen…

    …but it is the reality.

    And that is why the Prime Minister, and I and this government are remain committed to our non-negotiable fiscal rules.

    The stability that we have restored is already delivering:

    Four cuts in interest rates by the Bank of England since the General Election, reducing the cost of mortgages and business lending;

    And investment is returning to our economy.

    At the Spending Review, I set out £120 billion of public investment over the next five years…

    …and last month, the Prime Minister confirmed that the UK has attracted £120 billion of private investment – in just the last 12 months.

    In a globally competitive market…

    …firms all over the world are choosing to invest in Britain…

    …as one of the best places to start up, to scale up and to list:

    The FTSE is at an all-time high, today, for the first time ever, breaking 9000 points;

    London is home to the deepest equity capital market in Europe;

    It is the third biggest venture capital market globally;

    And the London Stock Exchange is the most international in the world…

    …with the FTSE soon to include shares listed not just in sterling but also in dollars and in euros.

    Last year, to ensure the UK remains competitive, we made significant changes to the listing regime…

    …for example, relaxing dual class share rules to give founders flexibility to pursue their growth ambitions.

    The FCA have today published their final Prospectus Rules…

    …simplifying the listing and capital raising processes for firms of all sizes.

    And, as I committed to last year at Mansion House, we are delivering PISCES…

    …a brand-new type of stock exchange for private company share trading…

    …with the first trading events due to take place later this year.

    And I am announcing a new Listings Taskforce with the Office for Investment…

    …to attract the best businesses in the world to IPO here in London.

    But we must do more to ensure that British savers benefit from the success of growing British businesses.

    Last year at Mansion House, I set out an overhaul of our pensions system…

    …and the Pension Schemes Bill, led by my colleague the Pensions Minister, will be signed into law in the next few months.

    The creation of Defined Contribution and Local Government Pension Scheme megafunds…

    …will mean larger and more powerful pots of funding invested productively across the country.

    Pension funds, and this government, are united in our determination to deliver higher returns for savers and more investment in the economy.

    That is why, since last year, funds covering the majority of the Defined Contribution market have committed to the Mansion House Accord…

    …pledging to invest at least 10% of their main funds into private assets such as infrastructure and growth markets…

    … with at least half of that going into UK projects.

    And I would also like to congratulate the Lord Mayor on his employer pension pledge…

    I am delighted, Lord Mayor, to see businesses such as Tesco, First Group and Octopus making this commitment…

    …and like you Lord Mayor I look forward to seeing more companies joining up.

    The UK economy is enhanced by its outward-facing approach…

    …and this year we have built on that with our new trade deals:

    A trade deal with the United States, where we were the first country to sign a deal so that British businesses are better protected against tariffs, and where we have worked with our G7 colleagues to avert new taxes.

    I’m pleased to welcome US Securities and Exchange Commissioner Hester Peirce here tonight…

    …who is driving forward proposals for greater digital collaboration between our two financial centres. Thank you for being here.

    And a trade deal with the European Union, where our strategic partnership will slash red tape and reduce costs for business…

    …as well as providing a platform to further deepen our relationship in future.

    And I am pleased to welcome the European Union’s Financial Services Commissioner Maria Luis Albuquerque.

    Maria Luis, we met earlier today to discuss our continued cooperation on financial services, and I look forward to working more closely with you.

    And a trade deal with India, with whom our recent FTA agreement will give us the best trading relationship of any country in the world with India.

    And we have concluded the first Economic and Financial Dialogue with China in six years.

    And we are implementing the Berne Financial Services Agreement with Switzerland too.

    At the G20 in South Africa later this week I will continue the call I made at the IMF Spring meetings –

    …for countries to come together to tackle trade imbalances and drive growth…

    …underpinned by stronger multilateral institutions.

    I look forward to hearing more on this from the Governor in his address…

    …and I would like to congratulate him on his recent appointment as Chair of the Financial Stability Board…

    …a testament to both Andrew and this government’s commitment to international standards.

    Britain is open for business;

    Open for trade;

    Open for investment.

    And that’s why we must be willing to change how we do things to stay competitive in that global economy.

    We have ripped up the planning rules;

    We have swept away regulations;

    We have published our industrial strategy;

    And today we can go further, by announcing the Financial Services Growth and Competitiveness Strategy…

    …including my Leeds Reforms…

    …named after one of the UK’s great hubs for financial services…

    …and the city that I have been proud to represent as a Member of Parliament for fifteen years.

    These are the most wide-ranging package of reforms to financial services regulation in more than a decade.

    At Mansion House last year, I said we must regulate for growth and not just for risk…

    …and we are delivering on that commitment…

    …while continuing to protect financial stability…

    …so that the benefits of a thriving and growing financial services sector can be realised for people all over Britain.

    Let me set out the details of that package in four parts:

    First, I am rolling back regulation that has gone too far in seeking to eliminate risk;

    Second, I am delivering targeted changes in the areas where the UK already has particular strengths;

    Third, I am making changes to capital requirements to unlock more productive capital;

    And fourth, I am introducing measures to boost retail investment so that more savers can reap the benefits of UK economic success.

    I will begin with the biggest reforms.

    As I promised last year, I am delivering the most significant reform to the Financial Ombudsman Service since its inception…

    …including proposing to limit for ten years for claims.

    This will speed up the time it takes for consumers to get redress for their complaints…

    … returning it to its original purpose as a simple, impartial arbitration service…

    …and ensuring that it no longer acts as a quasi-regulator.

    And I welcome the announcement today, made by the Financial Ombudsman Service that will reduce the interest rate it applies before a decision from 8% to base rate plus 1%.

    I am introducing new targets for the FCA and PRA to cut times on authorisations and approvals…

    …and I have tasked the FCA with assessing the impact of the Consumer Duty and whether it unduly effects wholesale activity…

    …to ensure that regulators are really regulating for growth.

    And I am streamlining the Senior Managers and Certification Regime…

    …reducing the burdens it imposes on firms by 50%…

    …and slashing approval timelines…

    …so you can bring in talent to your business more quickly.

    My next set of reforms provide targeted regulatory support to the areas where the UK does already have a comparative advantage.

    For insurance – where Britain is the destination of choice for underwriting complex, specialised and high-value risk…

    …I am introducing a new competitive framework for captive insurance.

    For asset management – where the UK is the world’s second largest centre…

    …I am futureproofing the regulatory regime and will publish draft legislation in early 2026.

    For sustainable finance, I am determined to focus our efforts on policies that matter most to our world-leading sector and support investment in the transition…

    …so, after consultation and consideration, I have decided not to pursue a green taxonomy…

    …but instead work with regulators through the Transition Finance Council to capitalise on the £200 billion opportunity of the global transition to net zero.

    And for Fintech – where almost half of Europe’s Fintech’s are already based here in the UK…

    …the PRA and FCA are launching a scale-up unit to support innovative firms to grow in the UK, including in our world-leading payments system.

    And I will drive forward developments in blockchain technology…

    …including tokenised securities and stablecoins…

    …and an ambitious design for a new digital gilt instrument…

    …so that UK financial services can be at the forefront of digital asset innovation.

    And because I believe the UK is the best place in the world for financial services…

    …today I’ve announced the Office for Investment’s new concierge service.

    Launching by October this year, it will provide a tailored service to companies considering setting up and expanding in the UK…

    …and I am grateful to Chris Hayward from the City of London Corporation, for his work to drive this forward.

    Thank you Chris.

    Now, let me turn to the changes I am making to capital requirements…

    …to allow UK banks to do more lending and release more capital for investment into our infrastructure and into our businesses.

    First, I am supporting the Bank of England’s decision to raise the asset threshold for MREL requirements to between £25 and £40 billion.

    This will benefit the challenger banks and bring increased competition and innovation to the market…

    …and support those businesses to expand their footprint here in the UK.

    Second, I am confirming our approach to Basel 3.1…

    …implementing lower capital requirements for domestically focussed banks from January 2027…

    …while preserving flexibility on our approach for international banks to ensure the UK always remains competitive while aligning with international standards.

    Third, I have committed to meaningful reform of the UK’s ringfencing regime…

    …recognising that now is the time to go further in tackling inefficiency and boosting growth…

    …while retaining the aspects of the regime that support financial stability and protect consumer deposits.

    And fourth, following the new, growth focussed remit letter I sent in November…

    …I welcome the Financial Policy Committee’s announcement that it will review the overall level of bank capital needed for UK financial stability…

    …reporting back to me by the end of this year.

    The review will inform the work the Treasury is taking forward with the Bank…

    …to ensure the prudential framework strikes the optimal balance to deliver resilience, growth and competitiveness.

    And I welcome the recent changes the Financial Policy Committee has announced to the loan-to-income limit on mortgage lending…

    …which the PRA and FCA are implementing immediately…

    …that means tens of thousands more people could be able to get a mortgage in the next year alone…

    …with Nationwide already offering its ‘Helping Hand’ mortgage to more first time-buyers…

    …supporting alone an additional 10,000 each year.

    And my thanks to Dame Debbie Crosbie for her leadership.

    My final set of reforms are focussed on boosting savings investment.

    I recognise the potential for ISA reform to improve returns for savers…

    …and access capital for UK businesses.

    I have confirmed that Long-Term Asset Funds can be included in stocks and shares ISAs…

    …allowing long-term ISA investors to benefit from this innovative product.

    And I will continue to consider further changes to ISAs…

    …engaging widely in the coming months…

    …and recognising that despite the differing views on the right approach…

    …we are united in wanting better outcomes for both UK savers and for the UK economy.

    For too long, we have presented investment in too negative a light…

    …quick to warn people of the risks, without giving proper weight to the benefits…

    …and our tangled system of financial advice and guidance…

    …has meant people cannot get the right support to make decisions for themselves.

    That is why we are working with the FCA to introduce a brand-new type of targeted support for consumers ahead of the new financial year.

    And I also welcome the campaign to promote the benefits of retail investment which will launch next April…

    …and the action to look at our current approach to risk warnings – and that will report back in January…

    …and I’m grateful to Chris Cummings of the Investment Association for spearheading both of those initiatives.

    Thank you very much Chris.

    Today, I have placed financial services at the heart of this government’s growth mission…

    …recognising that Britain cannot succeed and meet its growth ambitions…

    …without a financial sector that is fighting fit and thriving.

    The reforms I have set out this evening are the next chapter in how I intend to support this growth…

    …and I thank Gwyneth Nurse and her brilliant team at the Treasury for all of their hard work on this package.

    I knew that Gwyneth would get the biggest clap …

    I am also pleased to have been able to work in lockstep with our regulators…

    …and I want to extend my thanks both to Nikhil Rathi and Sam Woods for their innovation and the work they have done in response to my updated remit letters last year.

    Thank you Nikhil and thank you Sam.

    We have been bold in regulating for growth in financial services…

    …and I have been clear on the benefits that that will drive…

    …with a ripple effect felt right across all sectors of our economy…

    …putting pounds in the pockets of working people.

    Getting better deals on their mortgages…

    better returns on their savings

    and more jobs paying good wages across our country

    As I look ahead…

    …it is clear that we must do more.

    In too many areas, regulation still acts as a boot on the neck of businesses…

    …choking off the enterprise and innovation that is the lifeblood of economic growth.

    Regulators in other sectors must take up the call I make this evening…

    …not to bend to the temptation of excessive caution…

    …but to boldly regulate for growth…

    …in the service of prosperity for our whole country.

    I’m really proud of how far we have come in the last year as government and as a country.

    I know that the changes that we have made will reform and transform our economy and our country.

    And I know that you will waste no time in seizing the opportunities that lie ahead:

    To build a stronger economy;

    To deliver the renewal of Britain;

    And to make working people in all parts of Britain better off.

    Thank you very much.