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Tag: 2012

  • Henry Bellingham – 2012 Speech on Nigeria

    henrybellingham

    Below is the text of the speech made by Henry Bellingham, the then Parliamentary Under Secretary of State at the Foreign and Commonwealth Office, on 30 July 2012.

    Excellencies, ladies and gentlemen, on behalf of the British Government, it is a great honour for me to welcome distinguished guests from both Nigeria and the UK to London today. I would like to thank His Excellency Mr. Olusegun Aganga for inviting me to attend. May I also thank the Bank of Industry in Nigeria for hosting this important event and in such superb surroundings.

    The Olympics is about bringing different nations together: athletes from different countries; spectators; journalists; entrepreneurs; politicians; business-men and -women. The Olympic spirit is about building understanding and trust across national boundaries.

    In that sense, today’s summit clearly embodies the Olympic spirit. I am delighted to have the opportunity to reaffirm the importance and value that Britain places on its friendship with Nigeria.

    I would like to take this opportunity to warmly welcome you to London during the Olympics. In particular I welcome all of Nigeria’s athletes, and wish them all success – that is except when competing against Team GB!

    I hope that the games will also leave lasting business and commercial relationships.

    Today I shall explain why the United Kingdom cherishes and aspires to nurture our commercial ties with Nigeria, and where we see opportunities for increased bilateral co-operation.

    As some of you may be aware, prosperity is at the heart of this Government’s foreign policy agenda. Since the last general election, the Government has focussed on supporting British companies to invest in, and to export to, new markets. The results have been impressive. British exports are growing and there has been a particular surge in exports to markets outside Europe. The Government has a responsibility to position the economy so it takes full advantage of opportunities away from the Euro zone.

    Just over a year ago, the Prime Minister, David Cameron, visited Nigeria. He was deeply impressed by the commercial drive of the Nigerian economy, and set an ambitious joint goal with President Goodluck Jonathan: to double bilateral trade by 2014.

    One year on, I am confident that we are well on the way to achieving, and possibly surpassing, this ambitious target. Indeed bilateral trade last year was just under £4 billion. In the last year alone British exports to Nigeria grew by 13%. The UK remains in the top five exporters to Nigeria and it remains our second largest market in Sub-Saharan Africa. And the trade is not all one way, Nigerian exports to Britain have also grown substantially during this period, despite global economic challenges.

    Trade is a two way phenomenon. The UK remains an important destination for Nigerian goods and we want to encourage Nigerian exporters to think of the UK as a gateway to the EU market as well.
    Sub-Saharan Africa boasts some of the World’s fastest growing economies and some of the greatest commercial opportunities, both for investment and export. As the most populous nation in Africa with impressive continued rates of growth, Nigeria is a country that remains at the top of our prosperity agenda. A World Bank study forecast that seven of the World’s fastest growing economies will be from Sub-Saharan Africa. Our view is that Africa still does not get enough attention from investors or traders. UK trade with Ireland continues to be greater than our trade with the whole of Sub-Saharan Africa, but the potential for increasing trade with Sub-Saharan Africa is significantly greater.

    Statisticians expect the Nigerian economy to become the largest economy in Africa in the next few years. There are tremendous opportunities in Nigeria, and British companies are well placed to realise them.

    It is clear to see why Nigeria has grown so fast and so consistently in recent times. Last year since I had the fortune to visit Lagos. I was struck by the entrepreneurship and vibrancy of the economy.

    I came back hoping that we in Britain could build even stronger partnerships with Nigerian businesses, harnessing the energy and dynamism that characterises Nigeria today.

    For example, I often refer to the impressive new Eko-Atlantic development. It will be one of the largest and most creative land reclamation projects in the world over the next few years, and there will be numerous opportunities for British business in construction, engineering, architecture, retail and many other sectors.

    Some people associate Nigeria only with the oil and gas sector. Of course, we do work closely with energy firms and are delighted that some of the leading British firms, like Shell continue to do well in Nigeria.

    But although I recognise the immense wealth and potential there, I am keen to ensure that British companies are aware of the many other opportunities that Nigeria has to offer. Take, for example, the boom in consumer goods. Diageo, PZ Cussons and Unilever are firmly established in Nigeria, where they manufacture and market their brands. This demonstrates an investment in skills and people.

    Take too the example of services and skills, which are becoming increasingly exportable to Nigeria. The number of students who choose to study at British universities and then return to Nigeria with newly acquired skills is growing year on year.

    This knowledge exchange is not only of immediate benefit to the higher education system and to those who study here in the UK, but is a long term investment in the flow of skills and peoples between our two nations.

    A strong recent example of collaborative working on ideas and innovation is the successful launch of Nigerian satellites, to provide imagery for mapping, agricultural monitoring and disaster relief programmes works.

    The images will not only assist people in Nigeria itself, but will be of value to governments and business across the region and perhaps globally. NigeriaSat-X was built by engineers from Nigeria’s National Space Research and Development Agency with expert guidance from specialists at Surrey Satellite Technology Ltd.

    The new generation of Nigerian scientists and engineers trained up under the NigeriaSat-X project will continue to support Nigeria’s space programme, ensuring its continued success and sustainability. In total, twenty six Nigerian engineers were located at SSTL’s facilities in Guildford for eighteen months throughout the design and test phases. I am sure there will be further opportunities for co-operation in the future.
    We have been working hard to ensure that the good news about Nigeria is spread across the United Kingdom. Officials at UK Trade and Investment have been lauding the diversity of opportunities to British businesses.

    Just last month UK Trade and Investment hosted a delegation from the Nigerian British Chamber of Commerce at a business promotion event at Lord’s Cricket Ground and last year they organised Nigeria conferences in London and Manchester.

    While events like these can educate and raise awareness in the business community, it is impossible to replicate the value of close cultural links to commercial partnership. There are over half a million people of Nigerian origin living in Britain. They are in a unique position to provide a bridge between our cultures and economies. Small and Medium-sized Enterprises really benefit from their experience and contacts in identifying potential partners for trading and investing in Nigeria. The Diasporas is key for developing people to people relationships.

    So the opportunities for deeper and broader commercial partnerships between the UK and Nigeria are already there. Part of realising those opportunities must involve overcoming potential hurdles and changing perceptions. We are already working to counteract some of the misconceptions that deter businesses from investing in Nigeria.

    Our government is also committed to working with the Nigerian authorities to make the business climate there ever more at-tractive to investors. Improvements in power supply, transportation and legislation that protect business investment can make a real difference to Nigeria’s already impressive growth rates.

    Our Department for International Development, refers to the opportunity to “unleash” the Nigerian economy. By 2015 it will be providing £300 million per year in Development assistance. Its aim will be to unlock the potential already latent in the Nigerian economy, pulling people out of poverty in the process.

    Of course, trade plays the vital role in resolving poverty. It is a vital stimulus for growth, development and productivity. And as has been shown in the markets that have grown fastest over the last fifty years, private enterprise is the real engine of growth – creating wealth far more quickly than the public sector can.

    It is also important that British investors are reassured by a robust legal framework that is conducive to large-scale investment. That legal framework must enforce respect for contracts and due-process. While the perception of commercial risk endures, companies will focus less on the commercial opportunities.

    So the Petroleum Industry Bill is of great significance. It provides a real opportunity for Nigeria to demonstrate to the business community that it is ready and willing to embrace and protect new investments.

    A well crafted Petroleum Industry Bill could set a legal framework that ensures investor confidence in the oil and gas sector. And it could ensure that Nigeria’s immense natural wealth is harnessed and managed for the good of the Nigerian people.

    There has already been a great deal of interest in the Bill. When the Financial Times – an institution not given to hyperbole – refers to legislation as a “game-changer”, then it is a clear signal that prudent action will be widely noticed.

    It is therefore vital that the Bill leads to a law that enhances transparency and visibility in the oil sector. Not only would this will go a long way to countering negative perceptions about the business environment in Nigeria, it would also show Nigerians how, where and for whose benefit the income from their oil wealth is being spent.

    And it would also be an important step in ongoing efforts to raise oil production to four million barrels a day. Nigerian crude, famed for its high quality, could help to diversify the global energy market and further strengthen Nigeria’s reputation as a responsible member of the International Community.

    A recent study by the World Bank, the Ease of Doing Business Index, placed Nigeria just a few places behind other large emerging economies, such as Brazil, India and Indonesia. This bill provides the opportunity to push forwards and establish Nigeria in front of those countries as a leading up-and-coming market in which to invest.

    So, ladies and gentlemen, there is a wealth of opportunities in Nigeria. All of us here today have a role to play in realising those opportunities. While the Olympics may be a competition, trade and investment is not. It is a positive sum game from which we can all benefit. My government is wholeheartedly committed to supporting Nigeria’s rise. I hope that we can all work together to strengthen our political, commercial and cultural relationship for the good of our mutual prosperity.

    The World economy is tough and unforgiving. The UK has no Divine Right to stay as one of the World’s top ten economies. Nor does Nigeria, a strong emerging economy, have a divine right to fulfil its clear potential. It is only through hard work, including through partnerships between our countries, that we will succeed.

  • David Cameron – 2012 Speech at Global Health Policy Summit

    davidcameron

    Below is the text of the speech made by David Cameron, the Prime Minister, on 1 August 2012.

    It’s an honour to join you at such a significant event, especially in an Olympic month when we are welcoming so many people to Britain.

    Before anything else I’d like to thank Ara and Imperial College London for bringing together this stellar group of global clinicians, policy makers, investors and entrepreneurs.

    I would also like to thank in particular Her Highness Sheikha Moza of Qatar, whose home country will be hosting the 2013 Global Health Forum.

    Today, we are here to discuss the consequences of extraordinarily rapid change in health care.

    It’s an area where Britain has an incredibly proud tradition and a proud future, too.

    We’ve always been a leader in medical science.

    Take the structure of DNA discovered by Watson and Crick in Cambridge an achievement being built on today at the world-leading Sanger Institute and the new £650m Francis Crick Institute.

    Or penicillin discovered in a laboratory in St Mary’s Hospital, London and first used to cure patients in Sheffield before going on to change lives around the world.

    Or the first test-tube baby, Louise Brown born in Oldham General Hospital, and celebrating her 34th birthday last week.

    Or the MRI scanner – a British scientist helped invent it, a British company made the first commercial product and now a factory in my Witney parliamentary constituency is a leading producer of scanning magnets.

    It’s a remarkable list.

    Things that were worked on in Britain and which we’ve shared with the world.

    But it’s not just research where we are strong.

    We’ve always been a leader in health care provision, too.

    Our National Health Service was the first to offer care to every citizen, free at the point of use, based on need not ability to pay.

    And we cherish that tradition today.

    I am a champion of the founding goals of our National Health Service in Britain and will always defend its principles even as we improve the way it works, so that is it diverse, flexible and tailored to individual needs.

    And we have always been a leader in working with others to improve health around the globe as well.

    Not just in the developed world, but in countries where for many people health care barely exists.

    For instance we’ve committed to provide £384 million to the Global Fund to Fight Aids, Tuberculosis and Malaria over the next three years.

    And we’re putting £1.5bn into the Global Alliance for Vaccines and Immunisation by 2015, saving an estimated 1.4 million lives.

    So this country has so much to offer the world.

    And that’s why – among all the amazing things happening in London this month – I particularly wanted to speak here today.

    Because event is about encouraging innovation and drawing on the very best, wherever it comes from.

    There’s lots Britain can learn.

    For instance, in Mexico, Medicall Home uses mobile networks to provide primary care to 1 million people.

    In Sichuan Province, China, ‘smart hospitals’ deliver care using remote technologies.

    And in South Africa the Vitality scheme provides direct incentives for people to live healthier lifestyles.

    But there’s so much this country has got to offer, too.

    And so if you suspect I’m here to sell what’s great about Britain – I’m sorry, but you’re right.

    I’m proud of what we have.

    We’ve got great scientists and fantastic universities.

    Amazing life science companies.

    A pro-business culture.

    A national asset in the NHS.

    And a ground-breaking approach to freeing up research data.

    I want you to know about all this, I want you to help invest in all this, I want you to help work with us in all this.

    These are the five key strengths I want us to share with the world.

    Let’s start with Britain’s first, fundamental strength – in science and universities.

    Our scientists have won 34 Nobel prizes for medical research – and counting.

    The Laboratory of Molecular Biology in Cambridge alone has produced 13 Nobel Laureates.

    Our scientists work with the world – nearly half their papers are written with partners abroad.

    They are also counted the most productive of any G8 country and they publish more top research than anywhere outside the USA.

    This great research base is underpinned by one of the strongest university systems in the world, with four universities in the global top 20.

    The UK produces more science, maths and computing graduates than any other country in the European Union.

    And the government I lead has been bold about supporting this.

    We’ve protected the science and health care budget from reductions in spending required in some other areas.

    And we’re reforming university finance to give our world-class research institutions the strengths and freedoms they need.

    Our second key strength is our life sciences sector.

    Pound for pound, it’s the best on the planet.

    It accounts for 165,000 jobs and over £50bn of turnover in this country alone.

    But it’s not just the scale that counts. It’s the unique skills, too.

    Major players such Astra Zeneca and GlaxoSmithKline are headquartered here.

    Global giants like Novartis and Lilly have cutting edge R&D based here.

    And crucially we’ve also got a fantastic base of smaller firms too, leading in innovation.

    Take Oxford Nanopore, who are developing incredible new technology that could radically reduce the cost of sequencing a human genome.

    Or the dynamic and fast-growing companies you find in the Babraham Science Park just outside Cambridge and in other life science hotspots like Liverpool, Oxford and London.

    And right now, innovation like this is vital.

    Because in life sciences, the pace of development is extraordinary.

    Where once a single new drug might serve millions of patients with a range of different conditions now treatments are increasingly targeted at patients with specific genetic characteristics.

    Indeed, it may well be the case that within a decade, the idea of treating major diseases without reference to a patient’s genetic blueprint will be unthinkable.

    The benefits can be huge. But to make the most of them we need to change the way we work.

    That means open innovation, more collaboration with universities and start-ups, and a greater emphasis on data analytics and genomics than ever before.

    We get it.

    I’d like all of you to leave today with the knowledge that the UK is changing fast too.

    And that leads directly to the third strength I want to tell you about.

    In Britain we have got a pro-business government that backs investment in innovation and life sciences.

    Some of this is about building an environment that supports business, instead of holding companies back.

    That’s why we have cut the top rate of income tax why we are cutting our corporation tax rates to the lowest levels in the G20 and why we have hugely generous Research and Development tax credits to support companies that are investing in innovation.

    You will not find a more stable and attractive environment in Europe for business investment than the UK.

    However, I know that companies in the life sciences sector have specific needs.

    So in addition to everything we’re doing to make the UK as business friendly as possible, we’re also taking bold action to support life science investment in particular.

    For the first time we are creating a Patent Box here in the UK.

    The Patent Box means that if a company creates intellectual property in the UK, it will pay a corporation tax rate of just 10% on any profits generated by those patents.

    Let me say that again: 10% corporation tax on patent profits – among the lowest in the developed world.

    GlaxoSmithKline has already announced new investment here in response.

    In March, it confirmed it will invest more than £500m at its sites across the UK, including a new manufacturing facility.

    In the words of Sir Andrew Witty, who spoke earlier, “the patent box has transformed the way GlaxoSmithKline views the UK as a location for new investments”.

    There’s a fourth strength which makes the UK a great place to invest in life sciences.

    Our National Health Service.

    To some, it might seem a bit of a monolith.

    But it gives us a unique capability.

    With patient records for 60 million people, and purchasing power unmatched anywhere else, the NHS is perfectly placed to accelerate life science innovation.

    So I’ve made this task a priority.

    We are bringing in value-based pricing, to encourage innovation and reward the most effective products.

    And ours is the first health service in the world where we have introduced a legal duty to promote research.

    That means we can get new treatments to patients faster than ever before.

    And this adaptability really matters because the life science industry is becoming more open and collaborative with a greater emphasis on partnerships between early stage companies and big pharma.

    We want to help more of those partnerships emerge in the UK.

    That’s why we have created the £180 million Biomedical Catalyst Fund to help British life science start-ups find the risk capital they need to get off the ground.

    This will help ensure that the UK has a fantastic pipeline of early stage companies producing next generation drugs and heath technologies.

    We know that regulations mean it can take a decade or more from the discovery of a drug to getting it to market.

    That’s not good for industry, taxpayers or patients.

    So we are consulting on an early access scheme.

    If patients are in the advanced stage of a disease and if there are no other treatments available they will be able to use innovative medicines much earlier in their development.

    In the technical parlance, the NHS will be able to purchase drugs before they have market authorisation.

    This will mean that as soon as brand new discoveries prove they can be tolerated and beneficial, they will be available to patients who have no alternatives here in the UK more widely than ever before.

    There’s a fifth British strength I’m keen to tell you about, too.

    The way we are going to use the incredible knowledge base offered by the NHS.

    Drug development relies more and more on real-time data.

    The UK is going to be the world leader when it comes to making this kind of data available and we’re going to do this by harnessing the incredible data collected by our National Health Service.

    We are about to consult on changing the NHS constitution so that the default setting is for patients’ data to be used for research unless the patient opts out.

    This will make anonymised data available to scientists and researchers on a scale never seen before.

    And it will help make the UK the best place in the world to carry out cutting edge research.

    I want this research to bring breakthroughs in long-neglected areas like dementia where the burden of the disease is immense but the obstacles to prevention and cure are equally large.

    That’s why I launched a Challenge on Dementia back in March – doubling the dementia research budget and supporting all researchers.

    From those discovering the biological mechanisms of the disease through to the social scientists establishing what helps people live well with dementia.

    It’s this spirit of collaboration and open innovation, nationally and internationally, that has inspired a great new project that I’d like to tell you about today.

    It starts with technology and expertise used to test athletes for drugs at London 2012.

    When the games close, all this incredible equipment and expertise will be used to establish a new Phenome Centre for research into biological markers of health and disease.

    This will take advantage of the extraordinary opportunities that lie in combining genetic data with the results of medical tests on tissues and blood.

    It will allow us to understand the characteristics of disease and how these link into genes and our environment.

    It’s an impressive example of collaboration between top-class research, the NHS and industry.

    It will produce new forms of drugs – and it will lead the world in the development of precision medicine.

    And it’s an example of the way I think the future of health care is headed.

    Around the planet, we are seeing a fundamental shift away from one-size fits all treatments towards a new age of individually-tailored medicine.

    We need to face up to the growing impact of non-communicable diseases, things like obesity.

    And we can only rise to meet these challenges by working together and driving forward innovation.

    That’s my message today.

    Britain is open for business, open for partnership and open to ideas.

    I am determined that this country becomes the best place in the world to invest and innovate in life sciences.

    And I am putting in place the policies to make it happen.

    Thank you for coming, thank you for listening – and enjoy the Olympics.

  • David Cameron – 2012 Meeting with Vladimir Putin

    davidcameron

    Below is the text of the speech made by David Cameron, the Prime Minister, at this meeting with Vladimir Putin, the Russian President on 2 August 2012.

    Prime Minister

    Thank you everyone for coming. It has been very good to welcome President Putin back to Number 10 Downing Street, and to see this steady growth in British-Russian relations.

    We have discussed cooperation over these Olympics and the Sochi Olympics in 2014, which we hope will be a success. We have discussed our commercial relationship, where British exports to Russia have been increasing rapidly over the last two years, and we want to see further growth in trade, investment, and exports.

    We have discussed cooperation in areas such as energy, in addition, and we have also had a discussion about the situation in Syria. While of course there have been some differences in the positions that we have taken over the Syrian conflict, we both want to see an end to that conflict and a stable Syria. We will continue to discuss with our foreign ministers how we can take this agenda forward.

    Today has been about a further strengthening in our relations and having these important dialogues, even in areas where we do not always agree, so that we can understand each other’s positions.

    President Putin

    For my part, I would like to thank the distinguished Prime Minister for the invitation to come to London to meet him, and to attend the Olympic Games.

    I would like to start my statement with congratulations to the United Kingdom, all the nationals of the UK, the distinguished Prime Minister, with regard to the wonderful and unforgettable opening ceremony of the Olympic Games. It was quite a spectacle. It was a wonderful holiday, a wonderful feast presented by you to mankind.

    We will organise the Sochi Olympics, Winter Olympics, in 2014, and while organising such large-scale events very many problems may crop up. This is why we would be quite interested in learning from the experience of our British colleagues.

    We devoted a great portion of today’s conversation to discussing economic issues; during such a dramatic period that the global economy is undergoing, such meetings and such discussions are in demand.

    Last year we had an increase in our mutual trade by 35-40%, and we have agreed today to find new areas, spheres and sectors to promote and enhance our economic, trade and investment cooperation.

    We also spoke a lot about Syria. We made note of the fact that there are some things on which we see eye-to-eye, and we agreed to continue working to find a viable solution on that matter. We agreed to entrust our foreign affairs ministries to go on with that search for a viable solution.

    I thank you for your invitation Mr Prime Minister.

  • George Osborne – 2012 Speech at ICT Olympics Event

    gosborne

    Below is the text of the speech made by George Osborne, the Chancellor of the Exchequer, at the ICT Olympics Event held on 3 August 2012.

    It’s a great pleasure to be here today.

    Thank you all for joining us at Lancaster House for this Olympic trade event.

    We’re here to celebrate the best of British technology and innovation, and to help forge new business partnerships with companies and countries from across the world.

    It was a week ago today that millions of people tuned into the Olympic opening ceremony, and witnessed the wonderful tribute to the British inventor of the World Wide Web, Sir Tim Berners-Lee.

    What a special moment that was.

    Not just because it was great to see Tim’s achievement honoured in such a generous way, though that was certainly the case.

    To me it was so special because of what it said about Britain in 2012.

    It showed that Britain is a country that’s so passionate about technology that an entire section of our opening ceremony was dedicated to the man who created the Web.

    I’m proud that this message was heard around the world last week.

    And it’s a message that I want all of you to leave this event with today.

    Because our passion for technology is not only reflected in our brilliant opening ceremony – it’s reflected in our economy as a whole.

    The statistics speak for themselves.

    Earlier this year, a report by Boston Consulting Group showed that the internet economy was responsible for 8.3% of UK GDP in 2010.

    This is a far bigger share than any other G20 economy.

    The report found that the same is true when it comes to e-commerce.

    13.5% of UK purchases were made online in 2010 and this is projected to rise to 23% in 2016.

    In fact, British shoppers make more purchases online than any consumers in any other country in the world.

    This isn’t just great for retailers, but it also means that a bigger proportion of advertising budgets are spent online in the UK than anywhere else.

    No wonder that the UK web economy is projected to grow at a rate of 11% a year between now and 2016 – a growth rate better than the US or China.

    So it really is no exaggeration to say that the UK is the most “wired” economy on the planet.

    And I’m here to tell you that the British Government is every bit as pro-technology as our economy.

    You really will not find a government anywhere that is more supportive of new technologies, or doing more to back technology entrepreneurs and investors.

    We are pulling out all the stops to ensure that you – the world’s leading investors and technology companies – have everything you need to innovate and succeed right here in the UK.

    Let me explain how.

    First, tax.

    We are making the bold changes to the tax system that businesses and investors need.

    We are cutting the top rate of income tax…

    …Cut our corporation tax to the lowest level in the G20.

    And introduced the most generous early stage investment tax breaks of any country in the world, along with new tax reliefs for animation video games production.

    In my view, this video game tax break is a fantastic complement to our long-term incentives for film production.

    These film tax breaks have brought billions of pounds of investments and thousands of new jobs to the UK, and they are very much here to stay.

    A great example of this investment is the £100m that Warner Brothers has invested to create a world class studio at Leavesden.

    And I’m pleased to be able to reveal today that the first film shot at Leavesden Studio will be a major production starring Tom Cruise and our own London-born Emily Blunt.

    This will create over 500 jobs – many of which will be in digital and special effects.

    This is a great example of how our tax policies are creating the right environment for investment and innovation.

    But we recognise that technology investors in particular have specific challenges and needs, so we have put in place special policies to help.

    Take our Research and Development tax credits, for example, which offer a tax relief of up to 225%.

    In case you didn’t catch that, let me say that again.

    A tax relief of up to 225%.

    So investing £1 million in R&D could mean getting up to £2.25 million back in tax relief.

    No country in the world can match that.

    And we have also introduced a tax incentive we call the Patent Box, which offers a corporation tax rate of just 10% on profits generated from patents created in the UK.

    So if your company is doing R&D and creating intellectual property, there really is no better place in the world to do it than the UK, and no better time to do it than right now.

    These, then, are the tax policies we’ve put in place to support technology entrepreneurs and investors.

    But, even for a Chancellor, tax isn’t everything.

    So let me tell you about some of the other ways that we’re making the UK the best place in the world for technology and innovation.

    We know that top business talent is truly global.

    So we’re rolling out the red carpet for the next generation of technology entrepreneurs by introducing a brand new Entrepreneur Visa.

    This Entrepreneur Visa enables venture capital backed start-ups to move to the UK quickly and easily.

    So if you’re investing in early stage companies outside the EU, you can bring them to London using this targeted Visa.

    We’re not only changing our immigration system, we’re also overhauling the way that ICT is taught in schools.

    For too long, our young people have been taught how to use computer programmes, not how to write code.

    We are putting an end to this, and making sure that our school system is producing the next generation of coders that technology companies need.

    We’re being just as ambitious when it comes to investing in fibre broadband – the fundamental infrastructure of the internet economy.

    Earlier this year, I announced a further £50 million – bringing Govt investment up to £150 million – for ultra fast (80 megabit+) broadband rollout in Britain’s major cities. This is in addition to £530million already committed for superfast broadband in local areas across the UK.

    This investment in super-connected cities will mean that the UK has the fastest internet speeds in Europe by 2018, providing the bandwidth that technology companies need to expand and flourish.

    So right across the board, the British Government is leading the world when it comes to ensuring that our policies are supporting technology and innovation, not holding it back.

    Nowhere is this more true than when it comes to Tech City, the technology cluster in East London, which is home to some of the UK’s most innovative companies, such as Mindcandy, Songkick and Mendeley.

    In November 2010, the Prime Minister launched the Government’s major initiative to support the growth of this exciting cluster.

    Ever since then, we have been pulling out all the stops to help this cluster go from strength to strength.

    We have created a dedicated unit, the Tech City Investment Organisation, which can help global investors and companies come to East London.

    And we are bringing cutting edge research facilities to Tech City to ensure that the cluster isn’t just at the forefront of today’s innovation, but tomorrow’s too.

    Take the Open Data Institute, for example, which is being built in Shoreditch with public and private funding.

    This “ODI” will be an incubator where businesses and researchers can come together to work on innovative new products that take advantage of the incredible power of big data.

    We’re also bringing together two of London’s leading universities, University College London and Imperial College London, to create a Smart Cities research centre in Tech City.

    No wonder that the world’s leading technology companies are beating a path to London.

    Google has opened a seven storey “Campus” in the heart of Shoreditch, housing literally hundreds of start-up entrepreneurs.

    Intel is establishing a cutting edge research facility in East London that will develop new technologies to make 21st Century cities more connected and efficient.

    And the likes of AirBnB, Yammer and General Assembly have made Tech City their European home.

    In the last week alone, we have seen two of the world’s technology giants unveil major new investments in London.

    Facebook has committed to open its first non-US engineering base, right here in London.

    As Facebook software engineer Philip Su put it, “London is a perfect fit for Facebook engineering.”

    And just a few days later, Amazon announced that it is establishing an eight-floor, 47,000 square foot research and development facility in Tech City.

    Why did Amazon choose Tech City?

    In their words, it was because “London is a hotbed of tech talent”.

    I couldn’t agree more.

    And I am pleased today to be able to reveal three major new investments in Tech City.

    First, Vodafone.

    Vodafone is today announcing the creation of a new technology lab and incubation centre in East London.

    Vodafone xone [pronounced Zone] will help bring together Vodafone’s technology experts and VC investors with start-up companies in East London.

    It’s a brilliant example of how large companies can support the growth of the Tech City ecosystem, and we applaud Vodafone for making this far-sighted investment.

    The second new investment in Tech City I can reveal is by Barclays, who are opening a 4,000 square foot space in Shoreditch right next to the Google Campus.

    This “Central Working” hub will be a collaborative space for local entrepreneurs to come together, share ideas and find the support they need to take their company to the next level.

    Barclays estimate that this space will help over 10,000 businesses over the next decade, which will be a huge boost for entrepreneurs in East London and beyond.

    The third and final new investment that I’m pleased to be able to announce is from GREE, one of the world’s largest social gaming companies.

    GREE is today announcing that it will establish a new game development studio in Tech City, making the most of East London’s talent base to create the next generation of video games.

    Taken together, these major investments by Vodafone, Barclays and GREE represent a triple whammy for Tech City.

    Coming so quickly after the announcements from Facebook and Amazon, British technology has hit a purple patch.

    You will not find a country anywhere in the world that is more open to technology more open to investment and more open for business.

    We’re putting in place the right vision and the right policies to help your company succeed right here in the UK.

    That’s why the world’s leading technology companies are beating a path to our shores.

    And that’s why we will continue to do everything we can to help technology investors and entrepreneurs invest, innovate and succeed in the UK.

    Thank you.

  • David Cameron – 2012 Speech at Munich Memorial Event

    davidcameron

    Below is the text of the speech made by David Cameron, the Prime Minister, on 6 August 2012.

    This evening we mark the 40th anniversary of one of the darkest days in the history of the Olympic Games. A sickening act of terrorism that betrayed everything the Olympic movement stands for and everything that we in Britain believe in.

    So as the world comes together in London to celebrate the Games and the values it represents, it is right that we should stop and remember the 11 Israeli athletes who so tragically lost their lives when those values came under attack in Munich 40 years ago.

    It was a truly shocking act of evil. A crime against the Jewish people. A crime against humanity. A crime the world must never forget.

    We remember too the six Israeli holiday makers brutally murdered by a suicide bomber in Bulgaria just last month.

    And let me say that we in Britain will do everything we can in helping to hunt down those responsible for that attack.

    Britain will always be a staunch friend of Israel. And we will stand with the Jewish people – and with all victims of terror around the world, whoever they are and wherever they are from.

    The British people know only too well what it is like to suffer at the hands of terrorists. In July 2005 our euphoria at winning the right to host these Olympics was brutally shattered within just 24 hours when terrorists targeted the London transport system and 52 innocent men and women were murdered.

    But our two countries, Britain and Israel share the same determination to fight terrorism and to ensure that these evil deeds will never win.

    Seven years on from 7/7, I am proud that as we speak, this great city of London, probably the most diverse city in the world, is hosting athletes from 204 nations. And I am delighted that a strong Israeli team is among them.

    We remember them today, with you, as fathers, husbands, and athletes. As innocent men. As Olympians. And as members of the People of Israel, murdered doing nothing more and nothing less than representing their country in sport”.

  • Ed Davey – 2012 Speech at Global Business Summit on Energy

    eddavey

    Below is the text of the speech made by Ed Davey, the then Secretary of State for Energy, on 6 August 2012.

    Introduction

    Thanks very much. This has long been one of the great business cities. For fifteen centuries, it has welcomed traders and merchants from around the world.

    In fact, its Old English name directly translates as ‘London trading town’. And that’s as appropriate today as it was a thousand years ago.

    We are part of Europe, but have strong ties to much of the world. Our working day bridges the Asian and American markets. English is the lingua franca of business; most international contracts are based on English law.

    So London remains a fantastic place to do business, including energy business – which is of course what today’s session is all about.

    I’m sure the panel will generate some sparkling discussion. But before the day gets underway, I thought I’d take this chance to fill in some of the detail about the UK’s energy policy – and the opportunities it provides for investors.

    Opportunities

    Over the next decade, the UK energy sector is going to change radically: as more and more low-carbon energy comes online, and existing infrastructure is upgraded.

    We’re going to see significant changes in the way we make, save and use electricity. Our ambition, as you’ve just heard, is to rebalance our economy, and put green growth at the heart of our policy.

    These changes aren’t unique to Britain. At the G20 in June, all members recognised the importance of putting green growth at the heart of their structural reform policies.

    But the UK’s investment need is particularly strong. Thanks to a combination of legally binding climate targets, ageing infrastructure, and rising demand, we need double the normal rate of investment between now and 2020.

    Numbers

    In less than ten years, we have to find 20 gigawatts of generating capacity – and £110 billion of investment in electricity generation.

    Even if we go full-speed ahead on energy efficiency, we still expect demand for electricity to rise. We’re talking about building as much as 18GW of offshore wind by 2020, if costs come down; and 16GW of new nuclear power by 2025.

    Creating a cost-competitive Carbon Capture and Storage industry in the 2020s, and seeing new gas come online to ensure we can meet demand as we decarbonise.

    This is the biggest overhaul of our energy infrastructure for decades. It brings huge opportunities right across the supply chain. And it’s driven not just by need – a fifth of our power plants will close by 2020 – but also by our climate commitments.

    We have legally binding renewable energy targets for 2020; carbon budgets setting the level of emissions out to 2027; and a 2050 target under the Climate Change Act.

    No other country has set carbon targets in that much detail, that far ahead. So the overall position is clear: It is government policy, enacted with wide cross-party support, to move to a low-carbon economy.

    This change brings real opportunities for the energy sector – and for new investors.

    Investors

    Existing players don’t have the capacity to invest at that kind of scale. We need new players, including institutional investors, who have the muscle to make big investments in technologies with high capital costs.

    That means doing everything we can to take the risk out of investing in the UK’s energy markets. From a government perspective, that means making sure we keep political risk to a minimum.

    And here I want to pick up on one thing in particular which Nick mentioned: predictability.

    Our priority is to set a clear policy direction. To reassure investors and entrepreneurs alike that the UK will remain a great place to do low-carbon business.

    So we will make sure our policy positions are predictable, transparent, and based on the evidence. And if you look at what we’ve done so far, I think you can see that we’re holding fast to that aim.

    We’re opening up markets, providing long-term certainty for investors, and removing barriers to entry – three things that are vital to bringing forward new investment.

    Markets

    Take the Green Deal, the nationwide energy efficiency programme for homes and businesses.

    We want to establish a vibrant new market in energy efficiency, one that could attract capital of up to £15bn for installation of energy efficiency measures in the residential sector over next decade.

    Or take the reform of the electricity market, the biggest news in the UK utility sector. It’s designed to give investors the certainty they need to raise capital to build our clean energy future.

    The overall aim of the reform is clear: we want to encourage competition on cost between low-carbon electricity sources -including renewables, carbon capture and storage, and new nuclear – while ensuring our long-term supplies are secure and affordable.

    So we’re setting up a framework that will offer reliable contracts, delivered in ways that are trusted by investors.

    To unlock low-carbon investment, we’ve chosen a feed-in tariff with contracts for difference, providing a guaranteed price.

    From an investor perspective, this delivers clear & predictable revenue streams – making sure we have an active and liquid wholesale market, and giving new investors enough certainty to enter.

    As a package, this reform will enable large-scale investment in low-carbon generation capacity in the UK in a cost-effective way.

    The Rating Agency Standard & Poor’s now takes the affordability of the regulatory system into account when they assess projects, so the affordability of the EMR framework should provide additional comfort to the investor.

    And the important thing is that it’s a staged process, designed to minimise risk.

    The idea is to move gradually from administrative price setting to full market price discovery over the next decade, as different technologies mature at different rates.

    To make sure existing investors aren’t left in the dark, transitional measures will ensure that investments made under the current regime – the Renewables Obligation – remain predictable.

    When it comes to cost-effectiveness, we are absolutely determined to follow the evidence – even if it means taking a little bit more time to get the details absolutely right.

    We’ve just announced the level of subsidies for renewable electricity for the next five years, unlocking between £20 billion and £25 billion of new investment in the next four years, and bringing down costs to consumers.

    We’re also committed to cleaner fossil fuels, which is why we’re working with industry to create a new cost-competitive carbon capture and storage industry in the 2020s.

    We’ve got a £1bn competition, a £125m Research and Development programme and a well developed regulatory framework to help bring this pivotal technology to commercial fruition.

    As our energy mix changes, our network will also need to evolve. So we have a £500m Low Carbon Networks Fund, to encourage innovation in smarter electricity networks.

    Barriers

    We’re also working to break through some of the non-financial barriers holding up investment.

    The new National Policy Statements on energy will make our planning system faster, more predictable, and more accountable.

    To help get more renewables online, we’ve published a Renewable Energy Roadmap, which focuses on the eight key technologies which have greatest potential – identifying the non-financial barriers to deployment.

    And we’re working with industry and the regulator to deliver a more liquid and competitive power market, so that all investors can manage risks and have fair routes to market.

    Conclusion

    I hope I’ve given you a sense of the opportunities in UK energy markets, and the two big themes which run through UK energy policy: predictability, and evidence.

    As we look to build a diverse, secure energy system – one that can meet the UK’s future energy needs at the lowest environmental cost – we will need significant new investment.

    Unlocking that investment, and reducing our political risk profile, means making sure our policy positions are predictable, and based on the evidence.

    If we get it right, the prizes on offer are alluring. For Britain, secure supplies of affordable low-carbon energy. For businesses, the opportunity to build and operate the energy system of the future.

    And for investors, the chance to be part of an historic, unprecedented replacement cycle – with opportunities stretching out for decades to come.

    Thank you very much.

  • Nick Clegg – 2012 Speech at the Global Business Summit on Energy

    nickclegg

    Below is the text of the speech made by Nick Clegg, the then Deputy Prime Minister, at the Global Business Summit on Energy held on 6 August 2012.

    It’s a pleasure to welcome you all to today’s Global Business Summit on Energy. One of a series of events, all timed to coincide with the Olympic Games, the biggest international business conference we have ever held.

    Our aim today is to look at what more we can do together, to advance clean, smart energy generation, boosting our shared prosperity, as well as building a more resilient economy, better able to withstand future shocks.

    The UK is already the sixth largest market in low carbon and environmental goods and services.

    We lead the world in offshore wind – our total installed capacity is as much as the rest of the world put together.

    With enviable natural resources, we’re one of the biggest players in marine and tidal energy too.

    We offer political stability, legal certainty, the English language.

    This is one of the best places in the world to do business – that’s according to the World Bank;

    With the best regulatory environment in Europe – that’s according to a recent poll of European utility investors;

    As well as some of the world’s best universities and research facilities;

    Indeed we produce more Nobel Prize Winners than any other country bar the US.

    We are creating the most competitive corporate tax regime in the G7.

    Add to that the fact the world’s biggest single market is on our doorstep, despite Europe’s continuing difficulties it’s still home to 500 million consumers, and you have the ideal location to invest your money and grow your businesses: A global powerhouse in the industries you represent.

    Despite pressures on other parts of the economy, since the 2008 financial crisis our low carbon sector has grown year on year with growth averaging 4.4%. But we want to do more; we want to seize every opportunity. Last year the sector was worth around £3.3 trillion worldwide and the race for green global investment is hotting up. The biggest, savviest economies are crowding in – China, Germany, Korea, Brazil. So the UK is upping our game exploiting our competitive edge making the most of our internationally respected brand in order to stay ahead.

    Ed will set out some of detail on how the government is seeking to do that, so I will limit my remarks to our central message to you today. The one thing we want to impress on you above all else: This coalition government is unreservedly committed to helping our low carbon sector thrive – no ifs; no buts. And we want to support the shift by traditional industry to cleaner sources of energy – while of course recognising the pressures they face. When we say that we want green growth, that is not flimsy, political rhetoric: It is a very real aim, driven by very real economic needs.

    I think it’s important to put that up in lights. The coalition is sometimes presented, in the press, as if it is riddled with debate and division with regard to greening the economy. That isn’t the case. Yes, there will be internal discussions and debates on the balance and sequencing of different policies – that’s the nature of any government – and energy policies will evolve over time as costs come down. That’s why, for example, we could recently reduce the subsidy for onshore wind. But the entire government is working within the parameters of the carbon budget, which sets the pace for decarbonising our economy. And there is no one in government who wants to depart from that.

    We all want an economy rebalanced across industries and regions. We all want to build on our highest growth sectors to create more jobs.

    So our challenge is giving you as much certainty as possible – we know that’s what you crave; we know it keeps your costs down. Indeed, it’s the issue raised with me most often by the people in this room. No-one expects an entirely risk-free investment environment, but your companies are embarking on major projects, breaking new ground, building infrastructure intended to last a lifetime, relying on low carbon technologies that involve significant upfront costs. And so, understandably, you place a big premium on predictability. We hear that loud and clear. And there are three overarching ways that we are seeking to provide it.

    First – and this applies to all business: We have made macroeconomic stability an absolute priority, because it is an absolute prerequisite for confidence and growth. It is easy to forget that, at the time of the financial crash, the UK had a deficit bigger than Greece. By taking the difficult decisions we pulled our economy back from the brink. We have kept the markets at bay, remaining masters of our own destiny. Interest rates have remained historically low. A quarter of our deficit has now been paid off.

    Yes, the road to recovery is long and testing, but make no mistake: if we have to sacrifice short-term political popularity for lasting economic health – so be it. We promised to safeguard economic stability in the national interest. That is what we will continue to do.

    Second: consistency from government. So no surprises; no rabbits out of hats. We set out what we’re going to do – then we do it. It sounds obvious, but you all know governments don’t always behave like that.

    Clearly our emissions and renewable targets provide an overall policy framework. And look, for example, at how we take decisions on things like our renewable obligations banding. We review it every 4 years, like clockwork. So, every 4 years, we consult with industry on the subsidy levels, we listen to the evidence you provide, and then we set the bands. And because everyone gets a sense of what’s coming, companies can plan and prepare.

    That’s why, since announcing the new levels just a few weeks ago, we’ve already seen signs of progress on around £3.5 billion worth of investments. Today, for example, shovels will hit the ground in Tees Valley, where Air Products is building a renewable energy plant that will power 55,000 homes and create 700 construction jobs.

    It’s true that sometimes we have to take a bit of time to get the detail right – especially on major items like Electricity Market Reform. But our aim is always predictable processes; transparent and inclusive policy-making; decisions that are based on evidence above all else. And, please, let us know how we can do more of that.

    Finally: ambition. A willingness to be bold, because we seek nothing less than a clean, green, low carbon economy and the scale of that task demands imagination.

    In order to meet this challenge we need to think big.

    That’s why the UK’s fourth carbon budget constitutes the boldest emissions reduction target set, in law, by any government, anywhere in the world.

    And we have been at the forefront of attempts to secure a more ambitious target across the EU.

    We are creating the world’s first Green Investment Bank: A national bank devoted to leveraging billions of pounds for green infrastructure. The government’s UK Green Investments team has already begun making investments. And I can announce they have just sealed a contract to provide £100 million for investment in small-scale, non-domestic energy efficiency projects.

    The Green Deal will start later this year. And which will transform home energy consumption. Creating a whole new market in UK home insulation and energy efficiency.

    We’re beginning the biggest shake up of the electricity market in 3 decades. In order to level the playing field between low carbon and conventional energy.

    We’ve just announced the largest investment in rail since the Victorian era.

    We’re providing one of the best offers in the world for Carbon Capture and Storage, including our new £1 billion competition.
    We’re the first country where listed companies will include emissions data in their annual reports. Something I pressed our international partners to adopt at the Rio Sustainability Summit in June.

    We’ve dramatically overhauled our planning regulations, slimming over 1,300 pages of planning policy down to 49, easing the path for good, sustainable developments.

    Big ticket reforms. World firsts. Policy that looks decades ahead.

    So, stability. Consistency. Ambition. The building blocks of our shared prosperity. I hope today reminds you of the value this government places on your businesses and your ambitions.

    Together we find ourselves at the vanguard of one of the most dynamic, most innovative, most important industries of our time. An industry that will help us build a more stable, more sustainable, more prosperous world. That’s a vision we can all get behind. This is a journey we are on together. And on that note, let me hand over to Ed.

  • George Osborne – 2012 Speech on Energy Sector Day

    gosborne

    Below is the text of the speech made by George Osborne, the Chancellor of the Exchequer, at Lancaster House in London on 7 August 2012.

    I am delighted to be here at the Energy Sector Day at Lancaster House when the world is here in London for the Olympics.

    The Global Business Summit is a demonstration of how the UK can lead the world in the energy sector: securing investment, creating jobs and building a more prosperous future.

    And there is no better example of the significant contribution that this sector makes to our economy than the UK oil and gas industry.

    This has long been one of our great industrial success stories, supporting a third of a million jobs, and extracting the equivalent of over 40 billion barrels of oil to date.

    We recognise that companies operating in the North Sea work in a truly global market – and that we have to work hard to attract their capital and their jobs.

    We are committed to ensuring that these businesses continue to see the UK and the UK Continental Shelf as an attractive location for that investment.

    To making the most of our remaining oil and gas reserves.

    And to ensuring that the UK economy continues to benefit from the fruits of this remarkable industry.

    That is why, at this year’s Budget, I introduced an ambitious package of tax measures to encourage investment and innovation in the North Sea.

    I announced that we would end the uncertainty that has hung over the industry for years by introducing a contractual approach to oil and gas decommissioning.

    This will stimulate the market in North Sea assets, release billions of pounds of capital for further investment, and give companies the assurance they need to continue investing in mature fields.

    I also announced changes to the field allowance regime to encourage investment in commercially marginal fields.

    Including a £3 billion allowance for large and deep fields, to open up the West of Shetland, the last area of the basin left to be developed.

    And it is great to see the very important Rosebank project pressing ahead as a result.

    Building on this success, last month we introduced a further allowance for large shallow-water gas fields. Following this announcement, we have seen confirmation of the £1.4 billion investment in the Cygnus gas field.

    This will be the largest gas development in the Southern North Sea in the past 25 years. Once in production, it is estimated that the field will deliver 5% of the UK gas demand and contribute significantly to UK security of supply.

    This reinforces our commitment to gas as the biggest source of energy in the UK.

    With 80% of the project’s expenditure destined for UK companies, Cygnus is expected to create around 4,000 jobs across the UK.

    Just today, the companies involved have awarded contracts to a number of UK suppliers, including yards in Hartlepool and Fife.

    These contracts alone will support 1,235 jobs.

    I am proud that highly skilled supply companies such as these have developed a global reputation of excellence and expertise.

    Proud that the UK is home to businesses that lead the world in cutting edge research and technology.

    As we are committed to providing the best possible environment for investment in oil & gas, so we want to the UK continue as an open, competitive location for investment in electricity generation.

    We have an independently regulated market that welcomes investment from all over the world.

    This helps provide the UK with the expertise and resources available around the world and with a diverse and secure supply of power.

    We have a clear and stable investment regime which allows investors to commit funds with confidence.

    The carbon price floor provides a clear cost trajectory for gas and coal generators.

    The new support rates announced for renewable technologies will ensure that low carbon generation remains affordable for consumers whilst providing certainty for investors.

    Last month we made clear that we expect gas to play a key role in meeting electricity demand for the UK throughout the 2020s and beyond.

    We will provide more detail in the autumn on steps we will take to make the UK an even more attractive place for gas investors.

    Together these polices will enable billions of pounds of investment in the UK economy; creating jobs, and securing the UK’s position as a world leader in energy technology development.

    And this Government is committed to ensuring the UK maintains its competitive edge in science, and to putting innovation and research at the very heart of its growth agenda.

    That’s why top businesses such as BP are investing in the UK and supporting our world-leading universities in delivering cutting edge research.

    It gives me great pleasure today to welcome BP’s announcement to create an International Centre for Advanced Materials.

    The fact that Manchester University is the hub for this great project and that two of the three spokes are at Cambridge University and Imperial College clearly demonstrates the UK’s strength in science and innovation.

    The centre will play a key role in helping to maintain the world-leading status of the UK in the research of advanced materials and I want to acknowledge the substantial investment by BP in creating 25 new academic posts, 70 post-grad researchers and 50 postdoctoral fellows.

    In my capacity as a local MP as well as the Chancellor of the Exchequer, I am delighted that this investment will further strengthen Manchester and the North West of England as a world-leading centre of expertise in materials technologies.

    It complements the £50m investment to create a Graphene Global Research and Technology Hub based in Manchester that the Government announced last year.

    It will also strengthen other centres of materials expertise such as the National Composites Centre in the South West, and the Advanced Manufacturing Research Centre in Sheffield, which are working in partnership with global businesses such as Airbus, GKN and Rolls Royce, and Boeing.

    The UK’s research base is second only to the USA for number of citations, and it is the most productive country for research in the G8 in citations and publications per pound.

    Our research institutes include world-leading facilities that combine flexibility to pursue innovative research with a unique environment for developing outstanding students and early career researchers.

    Throughout the energy sector and beyond, we are committed to creating an environment that allows research and innovation to flourish, ensuring that world-leading businesses, including energy businesses, continue to see the UK as an attractive location for investment.

    And we are committed to harnessing their success to drive our economy forward.

    Thank you.

  • Danny Alexander – 2012 Speech to the Global Business Summit

    dannyalexander

    Below is the text of the speech made by Danny Alexander, the then Chief Secretary to the Treasury, to the Global Business Summit held on 8 August 2012.

    Good morning, it gives me great pleasure to open this breakfast meeting on UK infrastructure.

    To kick off this meeting, I want to say a few general words on how government policy supports investment in infrastructure, and how that investment supports a strong and balanced economic recovery.

    I don’t need to remind you of the difficult economic times we face and I know that times are particularly tough for some of the businesses represented here.

    The UK is still recovering from the biggest debt and financial crisis of our lifetimes – a recovery that is made no easier by the ongoing challenges in the Euro area and in our banking system.

    But in the midst of some sobering facts, we should not lose sight of the positives for the UK – employment up by 181,000 last quarter; 840,000 private sector jobs created since this government came to power; and inflation down to 2.4 per cent in June.

    These successes come in a very challenging climate, and though we still have much to do, they support the view that the Government is following the right economic strategy.

    Our objective is to return this country to sustainable prosperity and to rebalance our economy.

    That means fiscal consolidation, to sort out the public finances and ensure the UK commands the confidence of international markets.

    If means supply side reform, ensuring Britain is an excellent place to do Business, and raising our growth potential.

    And it means dealing with our long standing weaknesses – for example delivering a more mobile workforce, with the right skills in the right places.

    Infrastructure enables us to deliver on the latter two. And through taking tough choices on government spending, we are in fact investing more in transport infrastructure and in broadband access and quality than at the height of the spending boom.

    At the same time, the credibility that we have established has given the Bank of England space to keep the base rate low, and provide further monetary support for infrastructure investment, such as quantitative easing and the new Funding for Lending scheme, which came into operation last week.

    And it has allowed us to support further investment directly, for example through the ‘UK Guarantees’ scheme that we announced a fortnight ago.

    This will help to accelerate major infrastructure investment by offering guarantees of up to £40 billion of major projects, and a temporary lending programme that will allow around £6 billion pounds of public-private partnership projects to proceed without delay.

    Already we have had over 30 expressions of interest since the announcement, and we continue to receive more on a daily basis.

    The Treasury’s door is open to discussions with any project that meets our criteria – nationally significant, financially credible, good value for the tax-payer, dependent on a guarantee, and ready to start in a year – and we will deal with applications as quickly as possible.

    I can tell you this morning that the Green Deal will be an early candidate for the use of these guarantees. The Green deal is the largest ever programme for investing in the energy efficiency of our Housing stock and we are looking at whether and how a guarantee could ensure that the finances are in place to get the programme of to a very strong start.

    The deals my colleagues will be announcing later today show the UK is already in a strong position. And the work we are doing is building on that to strengthen it further still.

    Alongside these measures to support investment finance, we are also taking major steps to remove non-financial barriers to investment – reforming our planning regulations, and identifying skills gaps or capability issues.

    And to ensure that Britain’s infrastructure is delivering on Britain’s priorities, our National Infrastructure Plan sets out a clear vision for the £250 billion of investment that we expect to 2015 and beyond. Our updated plan brings together a comprehensive cross-sectoral analysis of the UK’s infrastructure networks, and sets out clear, long-term ambitions for improving performance in each sector.

    Our newly established Cabinet Committee, which I chair, will ensure that this plan is delivered, focussing on the top 40 growth projects identified in the National Infrastructure Plan.

    We have made great progress in removing barriers to investment – working with industry to resolve radar interference issues affecting four gigawatts of wind energy developments, and supporting the establishment of a new Pension Infrastructure Platform, which will make the first wave of its initial £2 billion investment in UK infrastructure by early 2013.

    The scale of the challenges we face as a country makes delivering on our hugely ambitious infrastructure agenda all the more essential. We want to work together with you to make that happen by removing barriers to project delivery and creating a supportive environment for long term investment in infrastructure. Today’s conversation is an important staging post in realising those ambitions.

    Thank you.

  • Nick Clegg – 2012 Speech at UKTI Manufacturing Conference

    nickclegg

    Below is the text of the speech made by Nick Clegg, the then Deputy Prime Minister, at the UKTI Manufacturing Conference held on 10 August 2012.

    Nick thank you very much and thank you all very, very much for being here this morning for this excellent event.

    I was at the Olympic Park yesterday like a lucky number of others watching Nicola Adams win the first gold medal, medal ever for a woman boxer in this new Olympic phenomenon female boxing. And it was such an uplifting celebration of talent and grit and determination and such a wonderful response to all the cynics and naysayers that Nick referred to and travelling here this morning I thought to myself that in many respects that celebration of success and that rejection of cynicism and pessimism is exactly what we should dwell on here this morning when we consider the strengths and potential in Great Britain for our advanced manufacturing and engineering sectors.

    Because for far, far too long we’ve laboured under the wrong narrative which has undervalued our successes in this area and undervalued our future potential as well. For far too long there has been almost a sort of hidden, unspoken assumption that inventing, designing and manufacturing, exporting things is part of the sort of past legacy of our manufacturing heritage, but that the future is all about services, that going in to boring subjects like engineering and science is the wrong thing, that what you should do is always aspire to go in to the whizz bang service industries – accountancy, lawyer, the City, City – and so on.

    And that is a dramatic misreading of our national strengths as a national economy and I really just want to in a very few minutes make three basic points, highlight our strengths as a global power for manufacturing and engineering. Secondly emphasise how determined we are as a Coalition Government to do more to expand on those strengths and thirdly to underline the importance I attach and we attach to inspire just as young people have been inspired by the Olympics, to inspire the next generation to dream of being the, the new Brunels and Stephensons of the future.

    So firstly our, our strengths. It is just worth repeating how important so many of you are in the fabric of our British economy, some of the most successful companies in the world operate – Airbus, (indistinct) Jaguar and Land Rover – all of whom are very, very welcome sponsors of this event and Nissan, Siemens, BAE and so many other dynamic businesses represented here. We have the second largest aerospace industry in the world.

    Despite the very disappointing trade statistics that were published overnight last night, we nonetheless saw that in the early months of this year the United Kingdom has, was exporting more cars than we import for the first time since 1976. A quarter of all Ford engines are made here, eight out of twelve Formula One teams are based here for good reason, because of access to skilled engineers and cutting edge technology.

    It is a sector advanced, advanced manufacturing, responsible for almost three quarters of business research and development in this country and in so much of that research and development we lead the world in neuroscience, computer science, ecology, energy, material science and so on. And we pride ourselves that we also have strengths, natural strengths, (indistinct) that we are right at the heart of the world’s largest borderless single market right on our doorstep in the European Union, all of those strengths are strengths which we must celebrate because they are very, very phenomenal strengths indeed.

    We need however as I said secondly to do more to build on those strengths and I won’t, because it’ll consume too much time and I know that Vince Cable and others will go in to this in greater detail later, enumerate all the measures that the Government has taken, but whether it is the new technology innovation centres, that try and emulate some of the world’s best examples of clustering academic excellence with advanced manufacturing research; whether it’s our very ambitious plans in infrastructure (indistinct) long term productivity of the economy so heavily depend; whether it’s the commitment to a high speed train spine up and down the length of the country, whether it’s the new guarantee scheme that we have recently announced using the strength of the Government’s balance sheet to mobilise private sector infrastructure and investment infrastructure; whether it’s the Green Investment Bank, the first of its kind, (indistinct) using three billion pounds worth of public money to leverage in several times that private sector money in our new renewable energy infrastructures.

    Those are all examples of commitment to infrastructure which is so necessary to your work, whether it’s rebalancing the sectorally unbalanced pattern of British, the British economy over, which has built up over the last two or three decades where so much growth is concentrated in the City of London, the South East and not enough is concentrated in what has become regions elsewhere in the country, in the North of the country in particular who’ve become over reliant on public sector subsidy. We’re using instruments like the Regional Growth Fund, two and a half billion pounds worth of direct finance from the Government to companies and particularly to manufacturers elsewhere outside the South East of the country who are committed to diversifying their businesses, creating jobs and creating greater private sector dynamism in other parts of the country.

    Those are just some of the examples of what we are doing. We’ve already launched, already implementing in the last two and a half years to build on those successes. But as I said at the outset, the final point I’m going to make to you before taking questions and comments from you is the importance of the, and the Olympics, the slogan is inspire a generation. I think we together, everybody in this room, the politicians and you in industry, we need to work together to inspire a generation so that unlike, I’m forty five, when I was at school I wasn’t the greatest at science and maths, but nonetheless no one suggested to me or to my friends at school at the time that maybe we wanted to dream of being engineers, of being, going in to industry, going in to manufacturing. This was, this was the early Eighties and it was all about making a fast buck in the City of London or going in to the glamorous industries of advertising or the media. There was no positive image visually given to our youngsters of an alternative career path. That has to change and thankfully it is changing.

    I’ve got three little sons. I want my sons to dream of doing what their grandfather and their great grandfather did who were in different capacities, scientists and industrialists and, and manufacturers. And we’re committed to do that, whether it is, notwithstanding all the difficult cuts we’ve had to introduce in public spending, protecting public spending on science, whether it’s the reforms that we are introducing in order to ensure and guarantee that our universities remain amongst the very best universities in the world; whether it’s the expansion of apprenticeships on a scale that has not been seen in this country in the post war period, we’re delivering a quarter of a million more apprenticeships during this Parliament than was planned by the previous administration; whether it’s the creation of twenty four new university technical colleges which specialise in subjects like advanced manufacturing, engineering and health technologies; whether it’s the new Queen Elizabeth Prize for Engineering which was launched, which is an international prize with a million pounds from us in order to celebrate and highlight the best achievements in engineering; whether it’s the network of around twenty eight thousand volunteers we’ve had from academia and industry who are going in to schools to get children enthused about a career in science and technology.

    All of those things and more are the kind of things we need to do together to make sure that we don’t regard our manufacturing excellence as something which only belongs to the past and present, but it’s also absolutely crucial to a thriving and prosperous future for the United Kingdom in the years to come as well. Thank you very much for listening to me.