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  • Andy Burnham – 2022 Comments on HS2 and Manchester

    Andy Burnham – 2022 Comments on HS2 and Manchester

    The comments made by Andy Burnham, the Mayor of Greater Manchester, on 4 August 2022.

    We cannot continue to repeat the mistakes of the past – failing to invest in central Manchester’s rail links has led to rail chaos across the North time and again.

    This is a huge moment and the decisions that are made now will affect the prospects for people here in the North for hundreds of years to come. A second-class choice for HS2 at Manchester Piccadilly station will be a hammer blow to any prospects of really Levelling Up our country.

    If we get the wrong solution at Piccadilly, it will limit economic growth, limit opportunities for local people and businesses, and limit the right rail solution for the whole of the North of England. This issue is of first order importance to our city-region, and it is only right that all MPs have the opportunity to debate and vote on the final plans for this once-in-a-century opportunity.

    We are pleased that there has been some progress and welcome the comments from Liz Truss to fully commit to delivering the North’s version of Northern Powerhouse Rail. But if she is being true to her words, this must also include a reset moment on HS2 and the station at Piccadilly which is fundamental to the future of the North.

  • Eddie Hughes – July 2022 Update to Grenfell Residents

    Eddie Hughes – July 2022 Update to Grenfell Residents

    The letter sent by Eddie Hughes, the Minister for Rough Sleeping and Housing, to residents in the area of Grenfell Tower on July 2022.

    Letter (in .pdf format)

  • Simon Kirby – 2010 Maiden Speech in the House of Commons

    Simon Kirby – 2010 Maiden Speech in the House of Commons

    The maiden speech made by Simon Kirby, the then Conservative MP for Brighton Kemptown, in the House of Commons on 3 June 2010.

    I shall be brief, in the hope that I might catch your eye again in the near future, Mr. Deputy Speaker.

    I am delighted to rise to speak today as the new Member for Brighton, Kemptown, the sixth in the 60 years that the seat has existed. Brighton, Kemptown, as we know, is very close to Europe, and I have to tell the House that in 1514 the French invaded the town of Brighton at the time and razed it to the ground. I am not surprised that even 500 years later, many of my constituents are still suspicious of our relationship with Europe.

    Tradition dictates that I should thank my predecessor, Des Turner of the Labour party. For 13 years, he was the MP for Brighton, Kemptown, and I have to say that he did a good job. He worked hard and was an excellent constituency MP. In this House, his experience as a scientist was put very much to use, and I hope, as a mathematician, that I might follow him in that regard.

    I should also like to pay tribute to his predecessor—not Dennis Hobden, who was the first Labour MP in Sussex, having won by seven votes, nor David James, the man who pursued the Loch Ness monster, but Sir Andrew Bowden, the MP for Brighton, Kemptown, from 1970 to 1997, a friend of mine and an excellent constituency MP.

    Let me tell hon. Members about Brighton, Kemptown. It is without doubt one of the best seaside destinations not only in this country, but in Europe. It attracts 8 million visitors and many conferences. Many of us in this House will have enjoyed the hospitality that Brighton has to offer. The constituency runs from the Palace pier to Peacehaven, and from Moulsecoomb to the marina. It is, in my opinion, the best part of Brighton and Hove city, and the best part of East Sussex. Whitehawk has had human inhabitants for thousands of years. My hon. Friend the Member for Wyre Forest (Mark Garnier) mentioned the Domesday Book; Brighton appears in it, and there is a fantastic Norman church in the village of Ovingdean. I have mentioned the French invaders, so we will move on.

    Brighton has a large lesbian, gay, bisexual, and transgender community, and I am proud and honoured to have the opportunity to represent it and the constituency in Parliament. It has a race course and the leafy suburbs of Woodingdean, Rottingdean, Saltdean, Telscombe Cliffs, and Peacehaven. It has older people and younger people. It has two universities. It has a hospital—designed, incidentally, by Charles Barry, the architect of the building in which we stand. It has a grade II listed lido in Saltdean, and one of the largest marinas in Europe, which I very much hope will remain a marina.

    I am honoured, humbled and privileged to represent Brighton, Kemptown. It is an exciting, diverse and happening place, and I hope to do my very best.

  • Simon Kirby – 2017 Speech at the LSE Global FinTech Investor Forum

    Simon Kirby – 2017 Speech at the LSE Global FinTech Investor Forum

    The speech made by Simon Kirby, the then Economic Secretary to the Treasury, at the London Stock Exchange in London on 16 March 2017.

    Good morning everyone.

    It’s always a pleasure to come to the London Stock Exchange – one of the oldest exchanges in the world, one of the biggest, and one of the best.

    Based in the heart of the City, it’s also a symbol of what we are lucky to have in the country at large. And that’s our outstanding prowess in the world of global finance.

    Because it is a truth universally acknowledged – perhaps not always universally liked, if you ask our global rivals – but a truth universally acknowledged nonetheless, that the UK is one of the best places for financial services firms in the world.

    And today, we opened the markets talking about something that’s going to help us keep it that way – our FinTech.

    Now FinTech is, without doubt, a pretty broad term, covering a pretty wide range of different specialisms. But for me it boils down to the technological advances that will mean real improvements to our financial services – whether that’s in how money is lent, payments are made or decisions are taken.

    And as you’d expect in a country that is home to so many world-class financial experts, we’re proving to be the best in the world in this sector.

    I’ve heard from businesses of all kinds about how they are shaking up financial services with their innovative, new developments.

    And that’s not just about what the big, established players of this industry are doing.

    It’s also about all the exciting new start ups – both across the country, and even internationally – I met several British companies, for example, when I went to visit the Cyberport FinTech space in Hong Kong just a couple of months ago.

    So what is clear to me, is that in FinTech, we’ve got all the ingredients for a real British success story. And the question for all of us is how we can help it unfold further.

    There is of course, much we’ve already done to create the right environment for success.

    Let me give just three examples of things that people keep telling me they envy in the British system.

    Firstly, the FCA’s regulatory sandbox.

    That’s already proven its worth to businesses which need to test out their new models and products with real consumers – and to do so in a safe regulatory space.

    Secondly, the Bank of England’s FinTech Accelerator.

    Which is giving FinTech companies the chance to work with the Bank to find innovative solutions that help it improve how it performs its job as the country’s central bank.

    And thirdly, the FinTech Delivery Panel.

    Which is all about our leading finance and FinTech companies – and often rivals at that – coming together to work out how to make the UK an even better place to do business – and I look forward to the ideas that will come out of this group.

    One last thing deserves a mention – Open Banking.

    We’re not quite there yet – the full release is on track for January next year – but this is really going to make a big difference to change banking as we know it– allowing customers to give FinTech companies safe access to their personal data held by their bank, so they can take advantage of new services.

    It is clear that we’ve got a good environment for FinTech to flourish.

    But I’ve been asking FinTech companies what more can be done.

    And the answers I get tend to fall into three main categories – it’s about talent, international connections and investment.

    So let me take each one of those in turn.

    And let’s start with the people. Because as a business man myself, I’ve seen first-hand that it’s the people that make all the difference to any company’s success.

    And there are two points to make.

    Firstly, on developing our own home grown talent. And I think there’s an awful lot we’re doing to reform our education system and prepare the next generation for the 21st century – look, for example, at the fact that we were one of the first countries in the world to put computer coding on the national curriculum.

    But the other point is about international talent – and I know Brexit has worried some of you on this front – especially as FinTech is one of the most international sectors in what is already a very international industry as a whole.

    Let me reassure you then, that we know how important this is. In fact, I held a meeting with FinTech companies just last month – with my colleague, Robert Goodwill, the Immigration Minister – to discuss this very issue. And I want to say to you, as I said to those firms, that though this government is determined to control our immigration, I cannot conceive of any circumstances in which we would want to stop companies moving highly qualified, highly skilled people into their businesses here in the UK.

    We want all of our industries to keep reaping the benefits of the world’s best talent – both in terms of the international members of staff you already have and value, and those you will want to hire in the future.

    The next big ask you had of us, was that we keep working to make links between the UK and other international markets.

    Because many of you have a really global outlook – we’ve recently been supporting World First, for example, as they take their money transfer business across the globe, with openings in China, India, Korea and Japan. And in turn many international companies are coming to the UK – last month, for example, we welcomed Square to the Treasury – the San Francisco mobile payments company, which is preparing to launch its UK operations. governments can do a lot to help such companies as they go across borders, by bringing down barriers, and paving the way for greater co-operation and more complementary regulatory systems.

    That’s what we’ve been working with our international partners to do – particularly, through our bespoke FinTech Bridges.

    We’ve already got three of these agreements with big FinTech markets – Singapore, the Republic of Korea and China. And we’re working on our next with Hong Kong – to build on the regulatory agreement between the FCA and Hong Kong Monetary Authority we already have in place. All of which is good news for those British start-ups I met in Hong Kong’s Cyberport.

    And I’ve been flying the flag for British FinTech throughout my visits to Asia.

    I promoted it at the Asian Financial Forum in January.

    I went to Singapore’s inaugural FinTech festival with a trade mission of impressive British FinTechs.

    And I’ve been talking FinTech in my visits to Indonesia, Malaysia and Hong Kong.

    We’re also really fortunate to have Eileen Burbidge as our special envoy – to promote our FinTech sector – both at home in the UK, and with international investors.

    That brings me to the last issue you raised with us, which is investment – and again, I know Brexit is a factor in your concerns.

    But it’s not the cause of them. Because even before the Referendum in February last year, an EY report told us that capital investment in UK FinTech is falling behind that in other countries.

    Consider just this one stat – in 2015, the UK attracted £524 million of external investment into FinTech. While New York and California got about £5 billion between them.

    So we’ve been working with you to turn that around. And one of the things we’ve got coming up to do that, is our International FinTech Conference on the 12th April.

    This is going to gather investors from the UK, and around the world, to see for themselves what British FinTech has to offer.

    It’s going to have a glittering cast of senior business leaders, like the London Stock Exchange’s very own Xavier Rolet, and the CEOs of the British Business Bank, TransferWise and Funding Circle.

    As well, of course, as the Chancellor of the Exchequer, the Governor of the Bank of England and our special FinTech envoy, Eileen Burbidge.

    So if there’s anyone here who doesn’t know about the conference who wants to come along, details are online, or you’re always welcome to get in touch with my office at the Treasury.

    Because my door is very much open to British FinTechs.

    I’ve already been meeting companies from across the country, and listening to what you have to tell me.

    And I want to keep hearing from you – to know what you’re worried about, and what you’re excited about too.

    Because this government is here to support you as you build your businesses up, compete internationally, and collaborate internationally too.

    So if you ask me, the world should watch this space – because British FinTech is going to go from strength to strength.

  • Simon Kirby – 2017 Speech at the Asian Financial Forum

    Simon Kirby – 2017 Speech at the Asian Financial Forum

    The speech made by Simon Kirby, the then Economic Secretary to the Treasury, in Hong Kong on 16 January 2017.

    Good morning.

    I’m honoured to be here today.

    Not only because Hong Kong is such a beautiful and vibrant city.

    But because this is a forum that brings together some of the finest expertise in our financial community – from across Asia, and from across the rest of the world too.

    This is all the more important as we meet in the context of economic and financial uncertainty, and profound political change.

    Change and uncertainty require global dialogue, so it is a real privilege to be given the opportunity, on behalf of the British government, to contribute to that dialogue here today.

    The theme of this year’s forum is ‘Driving change, innovation and connectivity’.

    And I want to talk about each in turn.

    Let me start with change.

    Because as you may have noticed, that’s something we in Britain had quite a lot of in 2016!

    Not only did we get a new Prime Minister – and, I’m proud to say, the second female Prime Minister in our history.

    But we also took the historic decision to take a new direction and to leave the European Union.

    I know that for many of you, this will raise some questions about how things will change in the future.

    But let me provide some reassurance.

    The Prime Minister has made it clear that the process of leaving the European Union will begin by the end of March this year, meaning no unnecessary delays.

    Most importantly of all, our economy is growing, our banks are well capitalised, and we are well equipped to deal with any ongoing risks.

    So it is clear Britain is in a strong position to make this adjustment.

    I also want to be clear that the UK government sees this as a huge opportunity for Britain.

    We are not turning our back on the international stage.

    We see our relationships with countries across Asia and the rest of the world as more important now than ever before.

    And, working closely with our international partners, we will continue to advocate passionately for free trade and free markets.

    But it’s not all change in the UK.

    When it comes to Financial Services, the UK remains home to one of the most international and the most experienced financial capitals in the world:

    we’re the largest exporter of financial services in the world

    we’re home to over 250 foreign banks – more than any other financial centre

    we account for close to 40% of global FX trading – more than anywhere else in the world

    and with an unrivalled pool of investors, we’re also Europe’s largest asset management centre – with almost £7 trillion pounds under management

    and all this is supported by world-leading legal and professional services

    So the UK is a leading global financial centre, and the natural partner of choice for Asian companies looking to go global.

    And we’re determined to keep it that way as we navigate our exit from the European Union.

    Because we don’t rest on our laurels in Britain, which leads me on to our second watchword of this forum – innovation.

    What’s clear is that if you don’t keep moving, you don’t keep your reputation for excellence.

    The City of London can look back on centuries of success – but we know our future success depends on making the most of opportunities to come.

    And these are exciting times in global finance.

    In the UK, we are embracing innovation – and I’m pleased to say we’re doing it in partnership with countries across Asia.

    Take FinTech.

    Domestically, we’re doing many things to support the development of this important sector.

    But we’re also co-operating with other leaders in FinTech.

    We’ve agreed partnerships – we call them ‘FinTech Bridges’ – with Singapore, the Republic of Korea and the People’s Republic of China.

    I’m delighted that we’ve taken the first steps towards agreeing a Bridge with Hong Kong too.

    And in a few months’ time, we’re going to hold the first ever International FinTech Conference to promote the UK’s world-leading FinTech sector to investors from across the world – and I hope to see many of you in this room there.

    We’re also leading the way in developing new capital markets.

    We’re collaborating with countries across the world, in particular here in Asia, to develop the market for green finance to meet our collective commitment to stop climate change in its tracks.

    The UK is also the leading western hub for the Islamic Finance, and we continue to work closely with countries like Malaysia and Indonesia, and with the Gulf Cooperation Council, to drive innovation in this important market.

    And we’re also supporting others – in particular India and China – to internationalise their currencies, helping them to connect and integrate their financial markets with the global financial system.

    And this brings me to the final theme of this conference: connectivity.

    Because, as the examples I have mentioned show, in the UK we believe the best way to tackle the big issues, and the best way to raise prosperity for all, is through partnerships across borders.

    We place huge importance and value on the connections we have here in Asia.

    It’s telling, for example, that the Prime Minister’s first bilateral visit outside Europe was to India.

    And that the British Chancellor’s first foreign trip was to Beijing and Hong Kong.

    The UK has always had a special relationship with this part of the world.

    But it’s about much more than shared history.

    It’s about common values and cultural links.

    It’s about the thousands of people from this part of the world that come to study and work in the UK; and the thousands of British citizens that choose to make their living here.

    And of course, it is about the close connections between the UK and Asian economies.

    Those connections matter because we have so much to offer each other.

    I saw this first-hand when I took part in the recent UK-China Economic and Financial Dialogue – where we not only made substantial progress to boost our cooperation on financial services, but also cemented ties on energy, trade and investment.

    I saw this too on my recent visit to Malaysia, Singapore and Indonesia, where I discussed with my counterparts, and with industry, the many ways in which we can collaborate further on Financial Services.

    In Britain, we believe passionately in the power of working in partnership with countries right across the globe.

    And we will continue to work tirelessly to strengthen those partnerships in the future.

    So – we are living in times of change.

    But we should be optimistic – both at home in the UK, and across Asia – that we will also be in times of great opportunity and progress.

    Because, ladies and gentlemen, by embracing change…

    By empowering innovation…

    And by working in partnership…

    We will all become more prosperous as a result.

    Thank you.

  • Simon Kirby – 2016 Comments on Government Cancelling Market for Secondary Annuities

    Simon Kirby – 2016 Comments on Government Cancelling Market for Secondary Annuities

    The comments made by Simon Kirby, the then Economic Secretary to the Treasury, on 18 October 2016.

    Allowing consumers to sell on their annuity income was always dependent on balancing the creation of an effective market with making sure consumers are properly protected.

    It has become clear that we cannot guarantee consumers will get good value for money in a market that is likely to be small and limited.

    Pursuing this policy in these circumstances would put consumers at risk – this is something that I am not prepared to do.

  • Simon Kirby – 2016 Speech at the UK Financial Services Brexit Summit

    Simon Kirby – 2016 Speech at the UK Financial Services Brexit Summit

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

    Good Morning everyone.

    Thank you for inviting me to speak here today.

    And I want to congratulate City and Financial Global, the Corporation of London and the CityUK, and other organisers and sponsors, for holding such a timely event.

    Because it doesn’t matter what industry you’re working in. There’s one question every single business sector is wrestling with, and that’s what our exit from the European Union will mean in practice.

    And I know there are some concerns among the financial services sector and I’ve listened carefully to Charles’ 5 points [Charles Bowman – City of London].

    People are asking whether the UK will be able to maintain its reputation as a world-leader in financial services once we’ve left the EU? Whether we’ll still be able to keep and attract the very best talent? Whether this industry will be consulted about what is the very best deal for Britain and what it would look like?

    And the reason I wanted to come here today, is to make very clear, that the answer to all three of these important questions, is a resounding yes.

    So let me kick off with that first question – can the UK still be one of the best financial centres, anywhere in the world, even if we’re outside the EU?

    Well let me say this is an absolute priority for the government. This sector is hugely important to the British economy. It is the world’s largest exporter of financial services, insurance and pensions exporting £63.7 billion.

    And across the country, over 2 million people have jobs in this and related industries – and it really is across the country, with the vast majority of these jobs actually outside of London. And it is important to every single part of our great country.

    But what I want to remind you – as we will remind the world – is that being in the EU is simply not the biggest strength we have to offer. Standing in this building makes that point very clear to me.

    What we can offer in the UK, is all the services the industry needs – in one place.

    And we’ve got a lot of strings to our bow.

    We’ve got our hugely respected legal system.

    We have world-leading business and support services.

    We have a multilingual workforce. And we have a great time zone for doing business across the globe.

    We have some of the best universities in the world.

    And we have a financial system that we’ve spent the last 6 years making more and more resilient – as illustrated for example, by the capital requirements for the largest banks which are now 10 times higher than before the crisis.

    And another great skill we have here in this country, is that we don’t stand still.

    We’ve been steadily developing our capacity in this industry across the whole UK.

    So the success of the square mile is now being seen in the regions across the country, which we’re working to promote as financial centres of excellence in their own right inextricably linked to London and important across the whole world.

    And we keep moving towards the future in terms of new innovation.

    Look at the exciting use of technology in this sector!

    We should all be proud of the fact that London was recently declared the very best place in the world to set up and run a FinTech firm – a sector that last year generated almost £7 billion in the UK.

    So we have a lot to offer and a positive story to tell.

    We have a positive story to tell and we have all the talents to keep offering the financial products and expertise that our global customers require.

    And while we are rewriting our relationship with the EU, we will also be working hard to retain our reputation for British excellence in this industry.

    Now I know that for many of you a key part of retaining that reputation, is retaining the talent that we have.

    So let me turn to the second question many of you are asking, which is about our ability to keep and attract the best people to the UK’s financial services industry.

    And there are two parts to that question.

    Firstly, concerning the rights of EU nationals already here within the industry. We fully expect that the legal rights of EU nationals already in the UK will be properly protected. Because they make a huge contribution to our country, as well as our financial services industry. And we’re confident that we’ll be able to reach an agreement protecting the rights of EU nationals here, as well as our citizens in Europe.

    But the second part of the question is about making sure we can attract the right skills and the people to our financial services industry.

    The Prime Minister has made it clear the Britain we will build after Brexit is going to be a global Britain. So it’s the time now to be bold, the time to build a new confident role for ourselves on the world stage. And that means continuing to be a place which can attract the very best workers coming from abroad, while at the same time making sure we keep developing our home-grown talent of the future. It’s a balance between the two.

    And in response to the third question – about how much the views of the financial services industry will be taken into account as we lay the groundwork for a successful Brexit.

    Let me be very clear, ladies and gentlemen. We want to secure the very best possible deal for this country – across our industries, and across the UK. 2.2 million people, £67 billion in tax income. We want the very best deal for financial services. But we cannot do this alone.

    It’s always important that government and industry talk to each other.

    But now it is more important than ever so we can meet the challenges and take advantages of the opportunities, yes opportunities, ahead effectively.

    So we need to hear your perspectives from the financial services sector.

    We will listen to you. We will work hard to understand your issues. And we will weigh this up as we consider our position before opening up negotiations with the EU. And the process has already started. You’ve told us, for example, about the importance of market access for this industry.

    We know that if the UK is to have a passporting regime, that we will need a regulatory regime that is comparable and well-harmonised with the countries into which we are passporting.

    And I think we are in a strong place to achieve this with Europe: starting a new relationship at a point when we have shared the same rules for so long and had huge economic integration.

    You’ve also told us you’re worried about market disruption and the risks to financial stability when we leave the EU.

    And so we will push for a solution that means an orderly transition – that neither disrupts how financial services are delivered, nor importantly drives up costs.

    So my message to you today is to keep talking to us, to keep sharing your views, and to keep working with government in this spirit of constructive collaboration.

    To conclude, we know the path ahead won’t always be easy.

    There’s a lot of work ahead for all of us.

    And we know that we must expect some turbulence- some bumps in the road- as we negotiate our exit from the EU – with article 50, the mechanism to withdraw, set to be triggered by the end of March at the latest next year. But we’ve worked hard to strengthen our economy, and we approach this period from a position of strength. So we are confident that we can weather any storm that comes our way.

    And as I started with three questions, let me end with three promises to you here today.

    First, that we are going to keep on doing what it takes to see the UK’s financial services industry remain a world leader.

    Second, that we are going to keep on making this a country which is competitive and open for business.

    And thirdly, that the government will keep fighting to get the best possible deal for British business, and make Brexit a success.

  • Simon Kirby – 2016 Speech on the Pensions Dashboard

    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.

  • Simon Kirby – 2016 Comments on the Pensions Dashboard

    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.

  • Nigel Adams – 2022 Comments on Visit to Osaka

    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.