Category: Speeches

Simon Kirby – 2016 Speech on the Pensions Dashboard

The speech made by Simon Kirby, the then Economic Secretary to the Treasury, at Aviva Digital Garage in London on 12 September 2016.

Spirit of innovation

Thanks Andrew (Brem – Aviva Chief Digital Officer) for that introduction, and even more so for hosting us in such a perfect example of Shoreditch cool!

I like to think, as a Brighton MP, that I’m used to seeing some pretty trendy establishments, but this ‘Digital Garage’ is a whole new level.

And as someone who has started various businesses myself, I have to say I’m very envious of all the cutting edge start-ups which are getting to make the most of this space to develop their ideas.

So an enormous well done to Aviva for backing them.

Because I’ve long been a huge believer that it’s our creativity, our passion for innovation, that is one of the main factors in this country’s success in business. It’s our new ideas, our new ways of thinking, our new products that really help create new jobs and get our economy growing.

Success Post-Referendum

Now I know some of you have concerns about how the vote to leave the EU might affect our businesses.

And, of course, our access to the single market has been important, for the financial sector in particular.

But it’s not the only foundation of our prosperity.

It’s not our only route to success.

We have a lot to be positive about.

Our economy is fundamentally strong.

We have sensible regulation.

We have talent and skills in abundance.

And we have creativity and cutting edge technology.

So in the Treasury, just as across government, we’ve spent the summer looking at the consequences, and of course opportunities, associated with our exit.

And I’ll be playing my own part in making Brexit a success for the UK’s vital financial services industry – which gives jobs to over 1 million people across the country – not to mention 10% of tax revenues.

Informed choices through technology and information

And in the meantime, the regular work of government is continuing at pace.

And it’s great to be here today to talk about the pensions dashboard – which I think is a hugely important step forward.

Because financial decisions are complicated at the best of times.

They probably always will be – these are decisions that really matter to people’s lives.

But what we can do to help is to make sure that people have the right information, in the right format, at the right time.

Technology has unlocked so many more possibilities for doing that.

Just look at how revolutionary things like mobile banking and comparison sites have already been.

It’s time for pensions to catch up.

Because for most people, it’s their pension which is their largest financial asset.

And if we have better information available, we can make much more effective decisions. From choosing how much we save, to what products we use to do so.

And what the dashboard can do, is unlock a huge amount of information to inform the choices people make.

How different would people’s engagement with pensions be if you could review your pension balances as part of your online banking?

Or if you could change how you save into a pension at the click of a button?

Or if personalised pension forecasts could be run on a mobile app?

Design of the dashboard

So that’s why we need a pensions dashboard to unleash this kind of potential.

And for it to really be effective, I think there are three main principles that must underpin its whole design.

Firstly, it will need to be open.

No single dashboard can meet the needs of millions of people who all have very different individual circumstances.

There is definitely no government website that could do that either.

There is no monopoly of wisdom.

The dashboard needs to be an infrastructure of open standards – like a common language and system for finding, collating, and sharing pension information.

And it should be open to a range of companies who can meet basic standards of security and data protection – including banks and fintechs, not just pension providers.

They should be able to access its information to deliver the products or advice their customers ask for.

Secondly, the dashboard needs to be flexible.

It is unrealistic to expect every provider to be ready to contribute the same data to the dashboard at the same time.

It is probably impossible to present all the different types of pensions in exactly the same way.

And who knows how technology or other changes might transform pensions in the future?

The infrastructure therefore needs to be built in such a way that it can adapt and expand over time

It cannot be a single, monolithic IT platform set in stone forever.

Finally, the dashboard needs to be reliable.

Because if we want to encourage people to save more, then they need to be able to trust in pensions. That starts with people being able to access basic information, across all their pension pots, without having to pay to do so.

There’s nothing wrong with charging for useful services – be it advice, savings plans, consolidation services or other possibilities that don’t yet exist.

But we need to get the free provision of the basic information right, and make sure it’s consistent across different types of pensions.

The State Pension will be a part of that.

And I’m keen to see the whole industry work together to set the minimum standards for how data is shared.

We want that process to happen through the excellent voluntary collaboration we’ve seen to date.

But if there are difficulties getting everyone on board, then we’ll certainly look at legislation or regulation instead.

So I would encourage everyone to start on this as soon as possible.

Making it happen

So how do we get this flexible, and reliable dashboard off the ground?

Because we’ve said very clearly that we want this up and running and ready for consumers to use by 2019.

Well, I’m very pleased to be able to announce today that eleven organisations have made a fantastic new commitment to make the dashboard a reality.

Aviva, Aon, B&CE, HSBC, LV, Nest, Now:Pensions, Royal London, Standard Life, Willis Towers Watson, and Zurich have agreed to work together to build a first working prototype of the dashboard by March 2017.

And particular thanks must also go to the Association of British Insurers for agreeing to project manage the whole process. Together, these organisations will be leading the way forward in making the dashboard a reality.

They’ll be looking at how to develop open, common standards.

How to get the right governance structures.

And how to overcome some of the tricky technical challenges.

So I want to congratulate all these companies on taking on the challenge of setting up this first pilot.

And I have no doubt that they will reap the rewards of their efforts.

Innovation is a race and rewards those who press ahead.

So if you are a pension provider who wants to participate in the pilot, you still have time to sign up to the same commitments as these companies and help develop this dashboard.

Conclusion

So this is an important milestone, and one which in my new role as the Economic Secretary to the Treasury I’m excited to get behind.

In the Treasury, we’ll be supporting the pilot all the way.

Not only by seeking views across organisations about the best ways to go about it.

But by providing top-level guidance and independent challenge.

So I’m confident this project will be a success.

Because we’re already seeing great collaboration across organisations to make it happen.

And we know how much creativity and innovation this sector has to offer.

So I’m confident that when it comes to 2019, people in this country will have a much better service when it comes to making the right decisions about their pensions.

And together we’ll be able to move on from the discussions we’re having today, to get on with designing, building and making the dashboard a reality.

So I wish everyone involved every success in doing so.

Thank you.

05/08/2022
Simon Kirby – 2016 Comments on the Pensions Dashboard

The comments made by Simon Kirby, the then Economic Secretary to the Treasury, on 11 September 2016.

Pensions and savings decisions are some of the most important a person will make during their lifetime. The government is determined to make sure people can access the information they need to plan effectively for their future.

Technology, like mobile phone apps, has made day to day banking easier than it’s ever been and it is time for pensions to catch up. Think of a future where you can compare your pension pots with the touch of a button.

The Pensions Dashboard will unlock a huge amount of information that will help people make the best choices for them and I am delighted that eleven of the largest pension providers have agreed to work together to build a working prototype by March 2017.

05/08/2022
Nigel Adams – 2022 Comments on Visit to Osaka

The comments made by Nigel Adams, the Cabinet Office Minister, on 4 August 2022.

It has been great to visit Osaka, see the site for the 2025 Expo and learn more about the historic ties between Japan and the UK.

Expo 2025 will be a fantastic opportunity to showcase the best of British innovation and culture and further enhance our deepening partnership with Japan.

My conversations with stakeholders this week have underlined the deep interest and shared values between the UK and Japan and the scope for us to work more closely together in the coming years on key global challenges in life sciences, sustainability and digital technology.

04/08/2022
Bank of England – 2022 Statement on Interest Rate Increase (August 2022)

The statement made by the Bank of England on 4 August 2022.

The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 3 August 2022, the MPC voted by a majority of 8-1 to increase Bank Rate by 0.5 percentage points, to 1.75%. One member preferred to increase Bank Rate by 0.25 percentage points, to 1.5%.

Inflationary pressures in the United Kingdom and the rest of Europe have intensified significantly since the May Monetary Policy Report and the MPC’s previous meeting. That largely reflects a near doubling in wholesale gas prices since May, owing to Russia’s restriction of gas supplies to Europe and the risk of further curbs. As this feeds through to retail energy prices, it will exacerbate the fall in real incomes for UK households and further increase UK CPI inflation in the near term. CPI inflation is expected to rise more than forecast in the May Report, from 9.4% in June to just over 13% in 2022 Q4, and to remain at very elevated levels throughout much of 2023, before falling to the 2% target two years ahead.

GDP growth in the United Kingdom is slowing. The latest rise in gas prices has led to another significant deterioration in the outlook for activity in the United Kingdom and the rest of Europe. The United Kingdom is now projected to enter recession from the fourth quarter of this year. Real household post-tax income is projected to fall sharply in 2022 and 2023, while consumption growth turns negative.

Domestic inflationary pressures are projected to remain strong over the first half of the forecast period. Firms generally report that they expect to increase their selling prices markedly, reflecting the sharp rises in their costs. The labour market has remained tight, with the unemployment rate at 3.8% in the three months to May and vacancies at historically high levels. As a result, and consistent with the latest Agents’ survey, underlying nominal wage growth is expected to be higher than in the May Report over the first half of the forecast period.

Inflationary pressures are nevertheless expected to dissipate over time. Global commodity prices are assumed to rise no further, and tradable goods price inflation is expected to fall back, the first signs of which may already be evident. Although the labour market may loosen only slowly in response to falling demand, unemployment is expected to rise from 2023. Domestic inflationary pressures are therefore expected to subside in the second half of the forecast period, as the increasing degree of economic slack and lower headline inflation reduce the pressure on wage growth. Monetary policy is also acting to ensure that longer-term inflation expectations are anchored at the 2% target.

The risks around the MPC’s projections from both external and domestic factors are exceptionally large at present. There is a range of plausible paths for the economy, which have CPI inflation and medium-term activity significantly higher or lower than in the baseline projections in the August Monetary Policy Report. As a result, in coming to its assessment of the outlook and its implications for monetary policy, the Committee is currently putting less weight on the implications of any single set of conditioning assumptions and projections.

The August Report contains several projections for GDP, unemployment and inflation: a baseline conditioned on the MPC’s current convention for wholesale energy prices to remain constant beyond the six-month point; an alternative projection in which energy prices follow their downward-sloping futures curves throughout the forecast period; and a scenario which explores the implications of greater persistence in domestic price setting than in the baseline. These are all conditioned on announced Government fiscal policies, including the Cost of Living Support package announced in May. There are significant differences between these projections in the latter half of the forecast period. However, all show very high near-term inflation, a fall in GDP over the next year and a marked decline in inflation thereafter.

The MPC’s remit is clear that the inflation target applies at all times, reflecting the primacy of price stability in the UK monetary policy framework. The framework recognises that there will be occasions when inflation will depart from the target as a result of shocks and disturbances. The economy has continued to be subject to a succession of very large shocks, which will inevitably lead to volatility in output. Monetary policy will ensure that, as the adjustment to these shocks occurs, CPI inflation will return to the 2% target sustainably in the medium term.

The labour market remains tight, and domestic cost and price pressures are elevated. There is a risk that a longer period of externally generated price inflation will lead to more enduring domestic price and wage pressures. In view of these considerations, the Committee voted to increase Bank Rate by 0.5 percentage points, to 1.75%, at this meeting.

The MPC will take the actions necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit. Policy is not on a pre-set path. The Committee will, as always, consider and decide the appropriate level of Bank Rate at each meeting. The scale, pace and timing of any further changes in Bank Rate will reflect the Committee’s assessment of the economic outlook and inflationary pressures. The Committee will be particularly alert to indications of more persistent inflationary pressures, and will if necessary act forcefully in response.

In the minutes of its May 2022 meeting, the Committee asked Bank staff to work on a strategy for selling UK government bonds (gilts) held in the Asset Purchase Facility and committed to providing an update at its August meeting. Based on this analysis, the Committee is provisionally minded to commence gilt sales shortly after its September meeting, subject to economic and market conditions being judged appropriate and to a confirmatory vote at that meeting.

04/08/2022
SNP – 2022 Submission to Supreme Court on Independence Referendum

The SNP’s formal submission to the Supreme Court on an independence referendum, submitted on 2 August 2022.

Text (in .pdf format)

04/08/2022
Sajid Javid – 2022 Comments on Supporting Liz Truss for Conservative Leadership

The comments made in an article for The Times newspaper on 3 August 2022.

If we can renew our government with a bold agenda, the Conservatives can still beat Labour, the Lib Dems and the SNP at the next election — and the evidence suggests Liz is the best-placed candidate to do so. As a trendy university student I had portraits of my two favourite Conservatives on my study wall: Thatcher and Reagan. There is a time for leaders in the Thatcherite mould — clear-headed, fiscally disciplined. And there are times for Reaganites — freedom-loving, sunny and optimistic. Our party and our country now needs the best of both instincts.

04/08/2022
Colm Gildernew – 2022 Comments on Health in Northern Ireland

The comments made by Colm Gildernew, the Sinn Féin spokesman for Health, on 2 August 2022.

After over a decade of cruel cuts and underinvestment in our health service, the Tories are once again demonstrating that they are bad for your health.

Rather than playing politics with the NHS, the Tories should stop giving cover to the DUP to block an Executive and efforts to invest an extra £1 billion in our health service.

Sinn Féin are ready to form an Executive today to tackle waiting lists, to recruit more doctors and nurses and fund cancer and mental health services.

Health workers like many other workers at this time are struggling with the rising cost of living and are entitled to fair pay and conditions.

The British government needs to get real and start taking action to tackle the cost-of-living crisis and record-breaking inflation that is impacting workers and families now.

04/08/2022
Michelle O’Neill – 2022 Comments on Need to Form Northern Ireland Executive

The comments made by Michelle O’Neill, the Sinn Féin First Minister Designate, on 3 August 2022.

Today marks 90 days since the Assembly election was held where the public voted for change and gave parties a mandate to form a government and set a budget to give workers and families a break.

The DUP through their continued boycott of the Assembly and Executive, and their failure to accept the democratic outcome of the election are denying the public the public representation to which they are entitled and deserve.

This is wholly unacceptable, untenable and cannot continue.

People want the health service to be fixed. In a new Executive, Sinn Féin would invest an additional £1 billion over the next three years to reduce waiting lists and start to fix the health service.

We stand ready to form an Executive today. To work together with all parties to put money into people’s pockets and deliver for people.

Workers need help. Families need help.

We are saying to those parties who are blocking an executive being formed – join with us, work with us, let us all deliver together to help everyone through the cost-of-living crisis, to help fix the health service, to make people’s lives better.

Stop denying people the change they voted for and discharge your political responsibilities.

I stand ready to work jointly with others and to lead an Executive to make politics work for everyone and to demonstrate that real change is possible.

04/08/2022
Stuart Andrew – 2022 Comments on Full Sutton Prison

The comments made by Stuart Andrew, the Prisons Minister, on 3 August 2022.

I am delighted work can begin on yet another modern, innovative prison that will skill-up untold numbers of offenders to live a crime-free life while making our streets safer.

The new prison at Full Sutton will also support hundreds of jobs, in construction and afterwards, representing a major boost to Yorkshire’s economy.

04/08/2022
G7 – 2022 Statement on Taiwan Strait

The joint statement made by the G7 on 3 August 2022.

We, the G7 Foreign Ministers of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States of America, and the High Representative of the European Union, reaffirm our shared commitment to maintaining the rules-based international order, peace and stability across the Taiwan Strait and beyond.

We are concerned by recent and announced threatening actions by the People’s Republic of China (PRC), particularly live-fire exercises and economic coercion, which risk unnecessary escalation. There is no justification to use a visit as pretext for aggressive military activity in the Taiwan Strait. It is normal and routine for legislators from our countries to travel internationally. The PRC’s escalatory response risks increasing tensions and destabilizing the region.

We call on the PRC not to unilaterally change the status quo by force in the region, and to resolve cross-Strait differences by peaceful means. There is no change in the respective one China policies, where applicable, and basic positions on Taiwan of the G7 members.

We reiterate our shared and steadfast commitment to maintaining peace and stability across the Taiwan Strait and encourage all parties to remain calm, exercise restraint, act with transparency, and maintain open lines of communication to prevent misunderstanding.

04/08/2022