Category: Speeches

Ursula von der Leyen – 2022 Speech at the Partnership for Global Infrastructure Summit

The speech made by Ursula von der Leyen, the President of the European Commission, on 15 November 2022.

Thank you very much President Biden, President Widodo,

Throughout this day, we have discussed that we live in a truly volatile global economy with obviously a changing climate. And in addition, we see that Russia’s war is rubbing salt in the wound of economic recovery from COVID-19. So this mixture made us completely re-evaluate our energy, our trade and our security relationships. What is the situation for the European Union? We have decided to completely diversify away from the Russian fossil fuels. We have understood and learnt our lesson that it was an unhealthy and unsustainable dependency and we want reliable and forward-looking connections. This is why we launched the Partnership for Global Infrastructure and Investment – PGII. We are joining forces to give our partners a powerful and a positive offer. Dear Joe, you have said that the world needs a positive investment boost. This is what it is all about. To help build the global infrastructure that we all need for sustainable growth. So invest in renewable energy, in transport corridors, in digital connections that people can trust. On the European side, the contribution is the so-called Global Gateway. It is our EUR-300-billion investment programme for abroad for the next five years combined with the wish to harness the power and the knowledge of the private sector. And we are deeply convinced that this will be a game changer for two reasons.

First of all, Global Gateway or PGII are not just investing massively in state-of-the-art infrastructure but they are also investing in the local capacities of our partners. This is crucial. We want to strengthen our shared resilience. In the last session, we have been discussing the vaccine manufacturing example. What is special about it? If we take the example from the European Union, there is a European-American company that is sharing its mRNA technology and training local professionals. So it is about skills. Then we have African and European financial institutions that are providing the investment. And we have our regulatory medicines agencies that are sharing their know-how. No single actor in this combination could have done this alone. But together, we are really able to deliver on the ground.

And my second point is that the Partnership for Global Infrastructure and Investment is working because it is demand-driven. We see an enormously rising demand for renewable energy, and this is a good example. As I said, Europe has decided to completely diversify away from the Russian fossil fuels and we want to leapfrog to clean energy. We need this clean energy. Not only to have it home-grown but also to import it. Our partners in the Global South have an abundance of clean energy potential and resources. So Europe could turn into the world’s largest market for their energy exports. What is necessary is investment and infrastructure. That is where we have to team up. So here are some example: At COP27, we have signed hydrogen partnerships with Namibia, Egypt and Kazakhstan. With Namibia, we are building transport corridors from the Indian Ocean to the Atlantic port of Walvis Bay.

And there is much more to be done. I am very happy that today we launched the Just Energy Transition Partnership with Indonesia – a big step forward. The European Union will contribute over EUR 1 billion. It is the roadmap for the country’s low-carbon future. And we are investing in developing geothermal energy. Or we are engaged in talks with India on renewable hydrogen; with Chile on critical raw materials. Or we are launching a digital alliance in Latin America to build fibre-optic cables and satellite connectivity. Many of these examples show exactly the direction of travel and the shared interest that we do have. So we are ready to contribute. If we align our investment strategies and crowd in the private sector –that is crucial –, I think we can maximise our joint impact. Let us bundle our forces and make a positive difference in investment globally.

I now have the pleasure to invite Heads of State to deliver their remarks. And I hand over the floor to Japan’s Prime Minister Kishida. Fumio, you have the floor.

10/12/2022
King Charles III – 2022 Speech at Conferral of City Status to Wrexham

The speech made by King Charles III in Wrexham on 9 December 2022.

Boneddigion a boneddigesau,

Mr Mayor, Leader of the Council, Chief Executive, Ladies and Gentlemen,

My wife and I are absolutely delighted to be with you in Wrexham today to celebrate your becoming a city.

As you know, city status was granted to eight different communities in order to celebrate my late mother’s Platinum Jubilee. As we now mark this historic occasion, we also look back, with mingled sadness and pride, at that extraordinary reign, during which, as you know, my mother’s great love for Wales was always apparent.

It is thoroughly fitting that we should celebrate the creation of Wales’s newest city in the setting of this magnificent church, which truly deserves its designation as one of the Seven Wonders of Wales. Of course, as no fewer than six of the seven Wonders are in North East Wales, we cannot help but think that whoever wrote that famous anonymous rhyme – Pistyll Rhaeadr and Wrexham steeple, Snowdon’s mountain without its people, Overton yew trees, St. Winifred’s Well, Llangollen’s Bridge and Gresford’s bells – must have been from this part of the world!

A little earlier today, I had the opportunity to see one of the other wonders of Wrexham, namely the football club, which is busy putting Wrexham on the map as never before. And, of course, this comes after the Welsh national team has brought unprecedented international ecognition to Wales through qualifying for the World Cup.

The motto of Welsh football – Gor-au Chwar-ae, Cyd Chwar-ae – sums up the spirit of community, and of joint endeavour, which is so important to Wales, and which, over the years, I have come to know and value more than I can possibly say.

So, Ladies and Gentlemen, as you celebrate your new-found status for this very special part of the world, nothing could give me greater pleasure than to say llongyfarchiadau and to wish you every possible success for the future.

10/12/2022
Julian Lewis – 2022 Parliamentary Question on how Post Office IT Scandal Took Place

The parliamentary question asked by Julian Lewis, the Conservative MP for New Forest East, in the House of Commons on 7 December 2022.

Dr Julian Lewis (New Forest East) (Con)

Will the inquiry which I gather is still under way ever reveal to the public how it was possible—in a modern constitutional democracy, with the presumption of innocence operating in our justice system—for hundreds of people with unblemished personal records to be prosecuted, tried and convicted because it was deemed that a computer programme could not be wrong?

Grant Shapps

The simple answer is yes, and that is the purpose of Sir Wyn Williams’s inquiry. I should remind the House that it could lead to individuals’ taking specific responsibility on the basis of his recommendations, and to the legal process that might consequently unfold.

As I said to the GLO group earlier today, anyone who has observed this from afar, watching and listening to coverage from Nick Wallis and others over the years, must feel their blood boil at the sheer injustice of a computer programme being placed ahead of people’s lives. I think that makes all of us shudder. I am only pleased that in this particular case, because of a group of people who undertook the most proactive work to try to get to the truth, we are now able to ensure that their compensation matches everyone else’s.

10/12/2022
Chi Onwurah – 2022 Speech on Post Office Compensation Scheme

The speech made by Chi Onwurah, the Labour MP for Newcastle upon Tyne Central, in the House of Commons on 7 December 2022.

I welcome today’s statement and apology, which represent an important step forward in the delivery of justice following what may well be the largest miscarriage of justice in our country’s history. There have been 900 prosecutions. All the postmasters involved have their own stories of dreams crushed, careers ruined, families destroyed, reputations smashed, and lives lost. Innocent people have been bankrupted and imprisoned.

Let me start by paying tribute to the Justice for Subpostmasters Alliance, the campaigning group, and to the hundreds of sub-postmasters whom no monetary amount can compensate for the injustice that they have suffered. This has been a long walk towards justice, and Members in all parts of the House have stood and spoken out in solidarity with the postmasters. I want to recognise, in particular, my right hon. Friend the Member for North Durham (Mr Jones) and Lord Arbuthnot, who are rightly to be members of the independent advisory board.

I also pay tribute to the Minister who was previously formerly responsible for the Post Office, the hon. Member for Sutton and Cheam (Paul Scully). I do not do so lightly, but after successive Conservative Governments had sat on the scandal, he was the first to take hold of it and eventually—following much campaigning by Members of Parliament and members of the Labour party—to establish a statutory inquiry. Finally, I want to thank the journalist Nick Wallis, whose BBC Radio 4 series “The Great Post Office Trial” did much to bring this scandal to general attention.

While I am pleased that some kind of acceptable outcome for the postmasters seems finally to be in sight, I have some questions to ask. The press release refers to a compensation scheme for postmasters who helped to expose the scandal, but I remind the Secretary of State that it was his Government who spent years aiding and abetting the Post Office in targeting those self-same postmasters who were looking for justice. Nearly £100 million was spent by the Post Office to defend the indefensible as part of a campaign of intimidation and deceit. The Government are the only shareholder in the Post Office, so it is right for the Secretary of State to take responsibility.

At the core of this unforgivable scandal is the belief that workers were dishonest and technology infallible. Perhaps that is not surprising, given the Government’s track record on defending the rights of working people. Decent, honest people have had their lives torn apart, have been put in prison, and have been made to wait years for justice. Will the Secretary of State tell us how long he expects it will take for this scheme, and the other schemes, to pay the appropriate compensation, and whether the aim of these schemes is to return people to what would have been their original position had it not been for their involvement in Horizon? Will he also tell us which legal firm will be involved in the administration of this scheme, and whether that firm has previously advised either the Government or the Post Office on this matter?

Value for taxpayers’ money is a key consideration on this side of the House, even if the Government like to waste it. Having wasted tens of millions of pounds on persecuting postmasters, can the Secretary of State tell us where the money for the scheme will come from as we face a cost of living crisis made in Downing Street? Will post office services suffer, or will other budgets be cut? The press release does not mention the Justice for Subpostmasters Alliance or Alan Bates, who led its efforts. Does the scheme have their full support?

I hope the Secretary of State agrees that those who were involved in this injustice should not benefit from their involvement. Will he tell us how he intends to hold Fujitsu to account, and whether it is still being given Government contracts? Will he also tell us whether he supports the continued retention of the CBE that was awarded to Paula Vennells—who oversaw the Horizon scandal—for services to the Post Office?

The Post Office is a national institution. It is part of so many of our lives. Its reputation has been hugely tarnished by this scandal, and I hope the Secretary of State will tell us how he intends to ensure that this never happens again and that the sub-postmasters receive justice as soon as possible.

Grant Shapps

I am grateful for the hon. Lady’s comments, although I rather hoped the House would come together today and debate this matter in a non-political, cross-party way, and she sought to make a number of, I think, somewhat inappropriate political points. I should gently point out that it was her party that was in power for the first 11 years of this scandal. I am pleased that we have worked across parties to fix it, and I think we should leave it there.

Earlier today I spoke to Alan Bates, the founder and leader of the Justice for Subpostmasters Alliance, who is sitting in the Public Gallery. Obviously the members of the JFSA will speak for themselves, as they always have, about the extent to which they are satisfied with today’s statement, but we have been working closely together. The Minister for Enterprise, Markets and Small Business, my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake), has been meeting them as well, and will be keeping a close eye on the operation of the scheme.

I reiterate the hon. Lady’s comments in thanking not just the right hon. Member for North Durham (Mr Jones) —as I did earlier—but my hon. Friend the Member for Sutton and Cheam (Paul Scully), Lord Arbuthnot, and others who have campaigned endlessly on this issue, including the BBC journalist Nick Wallis, who has played an important role in this long battle.

The hon. Lady asked about timescales. As I said in my statement, we aim to complete this part of the scheme by the end of 2023, or, I hope, sooner. The large number of documents that we are putting online this morning will enable people to get on with processing their applications before making formal applications early next year. Sir Wyn Williams, who is conducting the formal inquiry, will, I hope, be able to shed significant light on what went wrong and provide a set of recommendations to prevent it from happening again. I have no doubt that Members, certainly on this side of the House, will be anxiously awaiting those recommendations.

10/12/2022
Grant Shapps – 2022 Statement on Post Office Compensation Scheme

The statement made by Grant Shapps, the Secretary of State for Business, Energy and Industrial Strategy, in the House of Commons on 7 December 2022.

With permission, Mr Speaker, I should like to make a statement about Horizon and Post Office group litigation compensation.

The Horizon scandal is nothing short of a travesty. Today, I turn to those who lost everything—those who were driven to bankruptcy and lost the savings for which they worked all their lives; those who were falsely accused and lost their good name in our country’s courts; those who were falsely convicted and lost their freedom in our country’s prisons; and all those who, having lost everything possible, then took their own lives—to say that we should not be here and it should not have happened. It should have been said years ago, and I want to say it today: I am sorry. I am sorry for those years of pain, of hurt and of anguish. I apologise unreservedly for any part that my Department has played, historically, in this miscarriage of justice.

The Post Office is a public institution. It exists to serve the British people. That the best of us, our postmasters, could be subject to such intolerable injustice does not bear thinking about. This is a wrong that can never be put right, but I hope that the steps that we are taking today will be of some comfort to those who have fought and who continue tirelessly to fight for justice. We want the postmasters who exposed the scandal through the High Court group litigation order case to receive similar compensation to that available to their peers. That is what is right, and it is what is fair.

On 2 September, my predecessor at the Department for Business, Energy and Industrial Strategy, my right hon. Friend the Member for Spelthorne (Kwasi Kwarteng), wrote to those in the group litigation order case to ask their views on whether the Department or the Post Office should administer the scheme, which will deliver additional compensation to those postmasters who originally brought the case to court, and what form they would like it to take. The majority view was that BEIS should deliver an alternative dispute resolution approach, using the information prepared for the GLO case, so that is the route that we will now follow. Over the past three months, a great deal of work has been done to develop the details of the scheme, drawing on comments made in the consultation. I am writing to members of the group litigation today with further information about how it will work.

For too long, our postmasters have been left to endure devastating financial hardship. I am therefore pleased to say that all Post Office and Horizon-related compensation payments will be disregarded for benefits purposes. Once the disregard is in place, payments received by postmasters will no longer count towards the capital limit for means-tested benefits and pension credits, and will therefore not affect their eligibility to claim for them. The Government will legislate to put that disregard in place at the earliest opportunity.

We are now asking claimants to work with their representatives on their claims. In parallel, we are working to engage alternative dispute resolution specialists and lawyers to deliver the scheme. Those experts should be on board in the early spring, at which point full claims can start to be submitted and assessed. I hope that compensation will start to flow before the summer and that most cases can be resolved before the end of 2023.

We have already announced that we will meet postmasters’ reasonable legal costs in claiming under the scheme, and to ensure that lawyers can get to work on preparing claims, we are announcing details today of the funding available to enable postmasters to access initial legal support. We will shortly be inviting claimants’ lawyers to make proposals for commissioning the expert evidence that they will need. I have placed a copy of my letter to GLO postmasters, together with a number of supporting documents, in the Library of this House and on the Department’s website today.

Finally, we will create an independent advisory board for the scheme, chaired by Professor Chris Hodges, an expert in alternative dispute resolution. Alongside Professor Hodges, the membership of that board will include Lord Arbuthnot and the right hon. Member for North Durham (Mr Jones), who are recognised by Members on both sides of the House for their many years of outstanding campaigning for the wronged postmasters.

We are honoured to have members of the GLO group with us here today, but I know that nothing we do now will ever put right the decades of wrong. There are so many who cannot be here today, some because they are no longer with us and never lived to see their dignity returned to them by those who stole it. To all of you, I say that I am sorry for these past historic injustices that you should never have suffered.

I commend my statement to the House.

10/12/2022
Mark Francois – 2022 Parliamentary Question on Supporting Ukraine with Generators

The parliamentary question asked by Mark Francois, the Conservative MP for Rayleigh and Wickford, in the House of Commons on 7 December 2022.

Mr Mark Francois (Rayleigh and Wickford) (Con)

As a Member of the House of Commons Defence Committee, I visited Ukraine about three weeks ago. We were welcomed literally with open arms, so grateful are the Ukrainians for staunch British support. They know a hard winter is coming, so may I make a practical suggestion? They clearly need more weapons, but they also desperately need generators in order to keep hospitals and other critical facilities operating even if they lose main power stations to missile strikes. Is there anything the Minister and the Government can do to encourage UK companies of all types that might be able to spare even one or two generators from their stocks to get them to Ukraine, where they would be put to incredibly good use?

James Cartlidge

My right hon. Friend speaks not only with his expertise on the Defence Committee; he also served in His Majesty’s armed forces and, of course, as a Defence Minister. He makes a very important point, and I was delighted to hear about his visit. It is inspirational to me and, I think, to the rest of the country when we see leading British politicians going over to Ukraine and showing that we are not afraid to go there. We will give the Ukrainians every form of support that we can.

On the specifics of that support, my right hon. Friend makes a good point about generators. I do not know the specific answer on that, but I do know that the Foreign Secretary recently set out measures to provide ambulances. Of course, the energy network is being affected by attacks from Russia, so military support remains so important, because that is how we enable the Ukrainians to defend themselves so that they can thwart these attacks. It will be tough, and there will be further attacks—this is not going to finish tomorrow—but we are doing all we can, and it helps when people such as my right hon. Friend are going out there and showing the support of the British people.

10/12/2022
Mark Pritchard – 2022 Comments on UK Companies Involved in Russia

The comments made by Mark Pritchard, the Conservative MP for The Wrekin, in the House of Commons on 7 December 2022.

There is no doubt that the UK has led the Ukraine war effort with the United States, and there is no doubt that the UK has led the international sanctions regime, but this urgent question is about UK companies. Does the Minister share my concern that DP Eurasia is selling pizzas in Russia, Unilever is selling Cornetto ice creams in Russia, and HSBC is still servicing Russian corporate clients? Does he think that is acceptable? What more action can the Government take to encourage those companies to remove their services and businesses from Russia and to divest themselves fully, rather than just give interviews to corporate magazines and offer warm words?

James Cartlidge

My hon. Friend makes an important point. It is for good reason that we do not entertain specific discussions on individual companies and their commercial interests, but we have been very clear on the need to divest. We have an outright ban on investment in Russia, and I sincerely hope that companies are not abusing that. I am not going to suggest that the companies he mentioned are doing so or comment on those specific cases, but I am always happy to meet my hon. Friend, or receive correspondence from him, if he has concerns in that regard.

10/12/2022
Pat McFadden – 2022 Comments on UK Companies Involved in Russia

The comments made by Pat McFadden, the Labour MP for Wolverhampton South East, in the House of Commons on 7 December 2022.

I thank my right hon. Friend the Member for Barking (Dame Margaret Hodge) for tabling this urgent question.

Right now in Kyiv, the temperature is around freezing. Putin aims to weaken the resolve of the Ukrainian people by freezing them over this winter. But with every Russian missile that falls on energy infrastructure, he does not weaken the resolve of the Ukrainian people—he strengthens it. The resounding answer to the question posed by President Zelensky—without electricity or without you?—should be heard loudly and clearly in Moscow.

To support the efforts of the Ukrainian people, many British companies have ceased their Russian operations and divested themselves of their interests. Those decisions have cost businesses money, orders and jobs, but they have made them because they want to do the right thing. And other businesses are paying higher energy costs as a result of the war. But some companies either continue to operate or have not fully divested themselves of their interests.

The excess profits made by energy companies have rightly been called the windfalls of war. Energy is the central pillar of the Russian economy and the profits from it fuel the Russian war effort. My right hon. Friend the Member for Barking has told the House today that the dividend due to BP as a result of its stake in Rosneft is worth about £580 million. Those funds may be frozen at the moment, but what do the Government believe should happen to those funds when they are eventually released? Do the Government believe that those funds should be used for the welfare and benefit of the people of Ukraine, whose country is being devastated by Russian aggression? How many other British companies are still operating in Russia and why are they still operating? What is the Government’s position on money they could be making there, which could also be described as the windfalls of war?

We are united across this House in our support for Ukraine and for the incredible bravery shown by both its armed forces and its people. The question the House poses today is how will the Government make sure that British companies are not profiting from the appalling Russian aggression we have seen in Ukraine?

James Cartlidge

The right hon. Gentleman poses a number of very important questions. On a general point, he talks about strengthening the resolve of the people of Ukraine. This country can be rightly proud of every step it has taken to strengthen that resolve, and, I must say on record, of the leadership of two former Prime Ministers, as well as the current Prime Minister. They have shown extraordinary leadership appearing in Kyiv under huge pressure and supporting President Zelensky, alongside the support we have given to the Ukrainian armed forces and our massive humanitarian aid. I know there is consensus on that, but we should not in any way be defensive about the steps we have taken to support the Ukrainian people.

The right hon. Gentleman talks about companies doing the right thing. He is absolutely right that companies are divesting and exiting from Russia. We welcome that. I explained about the statement made by the Prime Minister when he was Chancellor back in March, which is obviously something we welcome. I think there are some complexities in that process and I will not be drawn on individual firms. That is long-standing Treasury policy for very good reason.

The right hon. Gentleman mentions the windfall tax. We have a windfall on North sea oil and gas which will raise £41.6 billion—an enormous sum of money. Why are we raising that money? It is in part precisely to fund the extraordinary support we are putting in place to help British people and British businesses through this winter. He talked about the impact on companies of Putin’s war and the impact on people. Yes, of course, the harshest impact is on the people of Ukraine, not least the bereaved families, but there is an impact on our people with higher prices, including energy prices, here and throughout Europe and the world. Our windfall tax funds that support so that this winter we are doing everything possible to support our businesses and our people, alongside massive support for the people of Ukraine.

10/12/2022
Margaret Hodge – 2022 Speech on UK Companies Involved in Russia

The speech made by Margaret Hodge, the Labour MP for Barking, in the House of Commons on 7 December 2022.

Mr Speaker, thank you very much for granting this urgent question. I thank the Minister for his reply. However, after listening to it, I would simply say to him that the Government have constantly talked about taking back control, and if there is one issue on which they should take back control it is this: ensuring that no British company invests in Russia.

Today is the 286th day of Putin’s invasion of Ukraine. In February, three days after the war started, BP said it

“will exit its 19.75% shareholding in Rosneft”,

Russia’s main oil company. Despite this promise, BP remains one of the largest shareholders. According to the excellent research by Global Witness, it is set to receive £580 million in dividends on the back of bumper profits fuelled by the war. Does the Minister agree with me that it is utterly shameful that a large, publicly listed British company profits from the sale of oil that is funding Putin’s war?

Does the Minister further agree with the words of Mr Ustenko, President Zelensky’s economic adviser? He wrote to BP and said:

“This is blood money, pure and simple, inflated profits made from the murder of Ukrainian civilians.”

BP’s claim that it is locked in as a shareholder is both laughable and easily solved. To put this into perspective, BP’s dividends are equivalent to over one quarter of the total military and humanitarian aid provided by the UK Government to Ukraine.

Does the Minister agree with Mr Ustenko that BP and any other company still invested in Russia’s fossil fuels must donate the entirety of its wartime profits to the victims of the war? Does he further agree that it is our duty to ensure that companies are not damaging Britain’s national interest? Will this Government therefore work to persuade BP to donate the entirety of its Russian dividends to the reconstruction of Ukraine, and if that fails, will the Minister commit to acting and forcing it to do so through a special windfall tax?

James Cartlidge

I am grateful to the right hon. Lady and pay tribute to her for her long-standing record of holding Governments to account on issues such as sanctions and international finance—I was previously Justice Minister when we had the strategic lawsuits against public participation issue. She has been very active, including across party lines.

I entirely understand why people feel so strongly on this subject, and I feel strongly too—what Putin has done in Ukraine is appalling—but I am not going to comment on a specific UK company or taxpayer or their commercial decisions. I have set out the range of measures we are taking, and it is important to stress that while we all want companies that have committed to divesting to do so, there are of course issues. I do not say this with specific prejudice to any individual, firm or company, but, for example, should a firm divesting from Russia by selling its shares sell them in such a way that they returned to an individual entity that was sanctioned, there would rightly be condemnation of that. This is not a straightforward process—and I repeat that I do not say that in reference to any specific company.

I totally agree that we should do everything possible to support the people of Ukraine, and we can be very proud of the enormous effort our country has made. The right hon. Lady rightly talked about our duty, and I believe we have a duty to support Ukraine. We are second only to the United States in the amount of aid we have given to the people of Ukraine, now totalling over £6 million, and, as I understand it, we have been training its soldiers—22,000 of them—since 2015. This country has done its bit in relation to Ukraine. We are proud of that, and of course we want to do more and go further, which is why we work with our partners; that is why only on Monday we announced a decision in partnership with G7 states and Australia in relation to Russian oil across the piece. We have a record of taking decisive action, and in terms of the Treasury, of the most powerful sanctions against Russia on record, which is hitting its economy. We of course have no dispute with the Russian people, who will feel the impact of that, but we are doing everything possible, bar direct military action, to support the people of Ukraine.

10/12/2022
James Cartlidge – 2022 Statement on UK Companies Involved in Russia

The statement made by James Cartlidge, the Exchequer Secretary to the Treasury, in the House of Commons on 7 December 2022.

I am grateful to the right hon. Lady for her question.

The UK and international partners have moved in lockstep since the invasion to impose the largest and most severe economic sanctions that Russia has ever faced, designating more than 1,200 individuals and over 120 entities. That includes a ban on new outward investments in Russia, and £18.4 billion-worth of Russian frozen assets reported to the Government. On Monday, in alignment with coalition partners, we banned the import of Russian oil and oil products into our markets. In conjunction with partners, we have prohibited UK ships and services from the maritime transportation of Russian oil unless the price paid is at or below $60.

The Government do not comment on individual commercial decisions. The process of divesting themselves of assets in Russia will be complicated for companies, which need to ensure compliance with financial sanctions. However, since Russia’s illegal and unprovoked invasion of Ukraine, we have seen commitments from many firms and investors to divest themselves of Russian assets.

The Government have been clear that we support further signals of intent to divest of Russian assets. In March this year, the then Chancellor—now the Prime Minister—said he welcomed

“commitments…made by a number of firms to divest from Russian assets”,

noted that he

“supports further signals of intent”,

and said that

“there is no case for new investment in Russia.”

That remains the Government’s position.

10/12/2022