Tag: 2023

PRESS RELEASE : New jobs “passport” for injured or disabled veterans [July 2023]
The press release issued by the Department for Work and Pensions on 11 July 2023.

New support scheme to help smooth the way for injured or disabled ex-military to return to work.
- Adjustments Passports provide support for those left with disabilities after serving, boosting their job prospects by removing barriers to starting and progressing in work
- Hundreds of Armed Forces service leavers’ set to benefit, unlocking a pool of talent for employers and businesses while helping to grow the economy
New Adjustments Passports will support hundreds of sick and disabled Armed Forces leavers’ to start and stay in work, delivering on a key Government priority to remove barriers to the labour market and grow the economy.

The scheme, announced by the Department for Work and Pensions and the Ministry of Defence today [Tuesday 11 July], will help those leaving service with an injury, disability or health condition move more smoothly into employment.

The passport provides a transferable record of any workplace adjustments the service leaver may need, such as changes to working hours or specialist equipment, making it easier for them to transition into work, progress and move between jobs.

Crucially, with this new document all of this can now be done without the need for reassessment, which can often be a barrier to disabled people and those with health conditions staying in work.

Currently, service leavers’ can receive a copy of the passport and guidance via the Careers Transition Partnership armed services exit process. The passport will be available for download on GOV.UK by the end of the week.

Minister for Disabled People, Health and Work, Tom Pursglove MP, said:

We know that for people who require workplace adjustments, receiving the right support at the right time can be difficult, especially for service leavers’ starting a civilian job for the first time.

I am thrilled that the Adjustments Passport will address this difficulty, giving service leavers’ the confidence that their needs will be met, and removing the need for multiple assessments.

Sustained, rewarding employment boosts wellbeing, and I am proud that we will be supporting people who have served our country to transition back to civilian life and start, stay and succeed in work.

Minister for Defence People, Veterans and Service Families, Dr Andrew Murrison MP, said:

It’s our duty to support people whilst they transition into civilian life. The service leavers’ Adjustments Passport will help those that need workplace adjustments by simplifying the process and enabling potential employers to provide the right support.

Ex-service personnel bring a wealth of skills and experience to the workplace which is why they are in demand. This Adjustments Passport is another step in realising their full potential at work.

Minister for Veterans’ Affairs, Rt Hon. Johnny Mercer MP, said:

Stable, long-term employment is key to veterans’ success after they leave service. That is why this Government is introducing a new Adjustments Passport, which will remove unnecessary bureaucracy, making it easier for sick or disabled veterans to get back into work.

It is just the latest example of how colleagues across government are making the UK the best place in the world to be a veteran.

The Passport will benefit employers as well as service leavers’ with big employers already recognising the potential of hiring from this group.

Tesco Group Chief Product Officer and Executive Sponsor of the Armed Forces Network, Ashwin Prasad, said:

We’re proud of our Gold Covenant Award status, which recognises our work to support veterans’ – thousands of whom we’re delighted to call Tesco colleagues.

We are committed to working with DWP to build upon our Armed Forces Covenant Gold Award and we’ll continue to support those leaving the Armed Forces as they re-enter civilian work life – offering them a number of adjustments to make the transition as smooth as possible.

The Passport will provide clear, helpful advice on the various types of funding and support which may be available to support employers with recruitment and retention.

It has been developed learning from Health Adjustments Passport piloted for Universities, and from closely working with Armed Services stakeholders – testing and shaping the document to suit their needs.

As all of the information about their workplace needs will be recorded on the passport, it removes the need for a service leaver to undergo an Access to Work assessment, helping the service leaver to receive in-work support more quickly.

The Adjustments Passport is available to all Armed Forces service leavers’ on a voluntary basis, with service leavers choosing to take up the offer if they feel it would benefit them. It can be accessed via the Careers Transition Partnership or GOV.UK.
July 16, 2023
PRESS RELEASE : Joint statement from the Energy Security and Net Zero Secretary Grant Shapps and US Special Presidential Envoy on Climate John Kerry [July 2023]
The press release issued by the Department of Energy Security and Net Zero on 11 July 2023.

Joint UK-US statement on Climate Finance Mobilisation Forum that encouraged philanthropists and financiers to increase support for emerging markets and developing countries in tackling the climate crisis.

In a gathering at Windsor Castle, President Biden and His Majesty King Charles III heard from leading philanthropists and financiers who are helping to catalyze finance to support emerging markets and developing countries in tackling the climate crisis. The gathering followed the Climate Finance Mobilisation Forum, convened by the UK Energy Security and Net Zero Secretary Grant Shapps and US Special Presidential Envoy for Climate John Kerry, and inspired by the work of His Majesty the King.

This gathering builds on longstanding UK-US efforts to turbocharge the net zero, resilient transition already underway in developing and emerging economies on the road to COP28. The Forum brought together key players to identify how we can go further faster to mobilize the private investment needed to expand clean and renewable energy across the globe, reduce potent non-CO2 emissions, halt deforestation and restore forests, and build resilience to a changing climate.

Recognizing the scale and urgency of the climate crisis, the gathering emphasized the importance of partnership across governments, philanthropies, and investors – given that no single actor can mobilize finance at the scale required by acting alone. The scale of this transition requires trillions in private investment in addition to the public funds we are spending. It is also one of the biggest investment opportunities in history. Private sector financial institutions and philanthropists announced a range of new investment platforms and initiatives during the event that demonstrated their commitment to concrete actions to finance efforts in Africa, Asia and Latin America. These efforts will help reduce emissions and boost climate resilience – while generating jobs in local communities and growing their economy.

Building on this important event, COP28 in the United Arab Emirates will host a High-Level Business & Philanthropy Delivery Forum during the World Leaders Climate Action Summit. The Forum will focus on removing barriers to progress, showcasing what is working, and identifying opportunities for collaboration, and acceleration.

Key announcements

Key announcements included:

Builders Vision, Mitsui & Co. and Renewable Resources Group Partnership will identify over $1 billion of Nature-Based Solutions Projects in Emerging Markets through a new venture they are pursuing to address impacts of climate change across critical supply chains in agriculture, natural resources development, and energy. The firms seek to cooperate on activities globally where nature-based solutions – such as regenerative farming, agroforestry, and sustainable water management – can be used alongside best-in-class technology solutions and local community expertise to develop products and systems that reduce negative environmental impacts and create sustainable and mutually beneficial outcomes. These firms will identify at least $1 billion of initial project opportunities in emerging markets where investors and corporations can deliver on carbon neutrality and sustainability pledges via direct investment and supply chain participation. Potential initial investment projects span highly biodiverse and at-risk climate regions, including areas of Central and South America, the Middle East and North Africa with ambition to expand to sub-Saharan Africa and East Asia over time. Cooperation and collaboration with multi-national corporations, governments, family farmers, and others is welcomed to support these opportunities.

Builders Vision is also committing $100 million in oceans-related investments and grants in emerging markets focused on blue carbon ecosystem conservation, oceans carbon dioxide removal, shipping decarbonization and advancing wind energy.

LeapFrog Investments, an impact investment firm operating in emerging markets, has committed to investing $500 million in companies that are addressing climate change in Africa and Asia. Their aim is to provide green tools and technologies to 50 million low-income people, enabling them to improve their lives and livelihoods. This investment will focus on supporting companies in the built environment, energy, mobility, and food sectors, which are key areas for a green transition. By 2030, overall investments in these 4 sectors alone could help reduce greenhouse gas emissions substantially and could create an estimated 90 million new jobs in developing countries.

The Tony Elumelu Foundation (TEF) is launching a $500 million Coalition for African Entrepreneurs, to catalyse a further 100,000 young African entrepreneurs and small businesses, focusing particularly on fragile states, women entrepreneurs, and green entrepreneurship. The Foundation has, since 2015, connected over 1.5 million young Africans on its digital hub, TEFConnect, and disbursed nearly $100 million in direct funding to 18,000 African women and men, who have collectively created over 400,000 direct and indirect jobs. The Coalition is open to development agencies, the global private sector, philanthropic organisations, and governments to create meaningful change and empower Africa’s next generation. Creating a green entrepreneurial revolution is fundamental to the Coalition, as we embed sustainable practices and solutions across the next generation.

The Sustainable Market Initiative (SMI) has announced its Terra Carta Accelerator Fund with a target of £100 million. The initial focus of the Accelerator Fund will be to bring natural capital projects, with climate co-benefits, to investability and scale with a focus on emerging and developing markets. It also aims to pilot Nature and climate-aligned supply chain transitions across industries globally. The Accelerator Fund builds on a challenge from His Majesty King Charles III to ensure the private sector is helping to scale a minimum of 5 land-based and 5 marine-based projects a year to 2030 as a significant contribution to the Global Biodiversity Framework including the effective conservation and management of at least 30% of the world’s land, coastal areas and oceans in addition to the restoration of 30% of terrestrial and marine ecosystems. The members of the Sustainable Markets Initiative’s Financial Services Task Force have committed over $8.9 trillion to support the transition to net zero by 2030 (or sooner) and have already provided and mobilized over $2.5 trillion in capital as part of those commitments since 2020 to 2021.

Forrest Group (Fortescue, Minderoo Foundation and Tattarang) will pursue a unique portfolio of blended philanthropic, private and public finance with 7 priority actions to continue the scale-up of its green metals and green businesses, including:

(1) embarking on a new project of work with the Green Hydrogen Standard 2.0 at COP28 to ensure standards are set in a way that helps emerging economies thrive while also partnering with leading African universities to develop the skills required to enable the hydrogen industry in Africa
(2) developing an ethical and secure supply chain for critical clean technologies with practical initiatives such as transforming an existing, surplus geothermal energy source to generate green hydrogen in Kenya; and
(3) building an estimated $20 billion in renewable energy projects across the world, including in Africa, Australia, Europe and Latin America. Projects are expected to be financed in the rapidly developing green, structured finance global capital markets.

This is in addition to recent pledges and initiatives from Forum participants showcasing climate leadership:

Boston Consulting Group (BCG) previously announced that it expects to invest $2 billion in the next decade to reach their “Net Zero by 2030” commitment and to provide consulting support to society and organizations in addressing critical climate and sustainability efforts across a broad range of partnerships including COPs, the First Mover Coalition, and many others. They supported the initial set up of the Energy Transition Accelerator (ETA) design process and are excited about its potential. While important design issues remain to ensure high-quality credits and clear recognition of companies’ contributions, they are optimistic these issues can be successfully addressed, and in that case, expect to become a founding partner in the ETA community and encourage others to participate as well.

BlackRock: At COP26, BlackRock announced the final close of the Climate Finance Partnership (CFP), a blended finance investment vehicle that seeks to accelerate the flow of capital into climate-related investments in emerging markets. So far in 2023, CFP has committed approximately $190 million into renewables investments in Kenya and the Philippines, and has approved the deployment of a further c. $90 million into 2 additional investments, both in emerging economies in South East Asia, which will be announced (subject to certain conditions) in due course. Following these capital commitments, CFP would have around $390 million of capital for deployment into future emerging markets climate technology investment opportunities.

Bloomberg Philanthropies, in partnership with the Glasgow Financial Alliance for Net Zero, will build on its long-term commitment to move the world beyond coal and keep the 1.5°C global warming target within reach. To address the specific challenges involved in accelerating a successful managed phaseout of coal power in emerging economies, Bloomberg Philanthropies will expand its support for Just Energy Transition Partnerships in countries including Indonesia and Vietnam, with a focus on ways for public and private finance to work together to unlock capital to enable economies to reduce coal and ramp up the development and deployment of clean energy. In addition, Bloomberg Philanthropies will help develop global and local standards and policy frameworks to ensure that the managed phaseout of coal is done in an effective and orderly manner. This includes developing and delivering concrete integrity guidelines by COP28  for the use of carbon credits in incentivizing earlier coal retirement, avoiding the planned release of millions of tons of carbon dioxide into the atmosphere.

Community Jameel, a global organisation focused on helping communities thrive, has announced that they are increasing their funding for climate initiatives ahead of COP28. The funding will support projects like the Jameel Observatory-CREWSnet, a platform that predicts climate change to help communities adapt. Community Jameel is committed to addressing climate change, particularly its impact on vulnerable communities. They will continue their efforts to combat food insecurity through agricultural innovation and climate-smart agriculture.

Ninety One, a global investment manager, has announced initial funding for its new strategy called Emerging Market Transition Debt (EMTD). This strategy aims to provide commercial financing to support real-world efforts in reducing carbon emissions where it is most needed. The firm is now raising more funds with the goal of turning EMTD into a large-scale initiative worth billions of dollars. By actively participating in the Sustainable Markets Initiative, Ninety One is contributing to the creation of a new investment category focused on transition debt. They provide credit to high-emitting companies that have a strong potential for transitioning towards sustainability. The aim is to inspire other companies to offer similar opportunities and promote transition financing on a larger scale.

Three Cairns Group and Sea Change Foundation International announced the formation of Allied Climate Partners, Inc. (ACP), a philanthropic investment organization with a mission to increase the number of bankable, climate-related projects and businesses in emerging markets and developing economies to create significant environmental, economic, and social impact. ACP will select regional investment managers in Southeast Asia, Africa, the Caribbean and Central America, and India and support them with capital and the expertise necessary to increase the number of climate-related projects and asset-oriented businesses by investing at the early-stages of the development process. The initiative will be formally launched at COP28.

The World Bank’s Private Sector Investment Lab have announced 15 Chief Executive Officers and Chairs who will make up the Lab. The founding members comprise a core group charged with developing solutions to address the barriers to private sector investment in emerging markets and developing countries – including leaders from AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety One, PIMCO, Ping An, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata, Temasek, and Three Cairns Group. The Lab will identify new approaches, building on the World Bank’s current work, to address existing barriers and develop solutions , with the ultimate goal of crowding in greater levels of private finance in emerging markets. The Lab will initially focus on scaling transition finance in renewable energy and energy infrastructure.

Full list of attendees at the Climate Finance Mobilisation Forum
- Alison Rose, Natwest
- Andrew Forrest, Fortescue Group
- Andy Kuper, Leapfrog
- Bill Winters, Standard Chartered
- Brian Moynihan, Bank of America
- Colm Holmes, Allianz
- Fady Jameel, Community Jameel
- Hendrik du Toit, Ninety One
- Isabella da Costa Mendes and Victoria Miles, ImpactA
- Jennifer Jordan-Saifi, The Sustainable Markets Initiative
- John Neal, Lloyd’s
- Larry Fink, BlackRock
- Lukas Walton, Builders Vision
- Mark Carney, Private Sector Investment Lab; Brookfield Asset Management; The Glasgow Financial Alliance for Net Zero
- Mark Gallogly, Founder Three Cairns Group
- Mary Schapiro, The Glasgow Financial Alliance for Net Zero
- Nat Simons, Sea Change Foundation
- Noel Quinn, HSBC
- Rich Lesser, Boston Consulting Group
- Shriti Vadera, Prudential Plc; Private Sector Investment Lab
- Sultan Ahmed Al Jaber, COP President Designate
- Tony Elumelu, The Tony Elumelu Foundation
July 16, 2023
PRESS RELEASE : UN HRC53 – Universal Periodic Review Adoption – Pakistan [July 2023]

The press release issued by the Foreign Office on 11 July 2023.

The UK statement for the Universal Periodic Review adoption of Pakistan at the 53rd Human Rights Council. Due to time constraints, this was not delivered.

Thank you, Mr President.

Let me begin by welcoming Pakistan’s engagement with the Universal Periodic Review and the progress it has made in a number of areas since its last review.

The United Kingdom is pleased that Pakistan fully supports our recommendation to ensure the Protection of Journalists and Media Professionals Act aligns with Pakistan’s Constitution. We believe this a crucial step to end impunity for attacks against journalists and promote a free media, which is a cornerstone of democracy.

We also welcome Pakistan’s support for our recommendation to define domestic violence as a crime and to provide adequate resources to end gender-based violence. This builds on Pakistan’s recent progress on women’s rights, including passing legislation to expedite rape cases and strengthening sentences for sexual harassment in the workplace.

However we do regret that Pakistan did not accept our recommendation to ensure school textbooks are inclusive of all religions, and ensure that minorities can access suitable alternatives to compulsory Qu’ranic studies. We urge the Government of Pakistan to ensure the safety and religious freedom of persecuted religious communities, including Ahmadi Muslims and Christians.

We reiterate our commitment to work closely with Pakistan as it seeks to protect and promote the human rights of all its citizens. Particularly with upcoming elections, we would stress the importance of upholding democratic rights, including the right to protest, adherence to the rule of law, and transparency in legal processes.

The UK attaches great importance to the concrete steps taken to implement UPR recommendations. We strongly encourage Pakistan to provide an update on progress by submitting a mid-term report.

Thank you.

July 16, 2023
PRESS RELEASE : UN HRC53 – Universal Periodic Review Adoption – Sri Lanka [July 2023]

The press release issued by the Foreign Office on 11 July 2023.

The UK statement for the Universal Periodic Review adoption of Sri Lanka at the 53rd Human Rights Council. Due to time constraints, this was not delivered.

Thank you, Mr President.

The United Kingdom welcomes Sri Lanka’s constructive engagement with the Universal Periodic Review process and the initial steps it has taken to make progress in some areas since its last review.

We welcome Sri Lanka’s support for the United Kingdom’s recommendation relating to concerns around land expropriation and restrictions in the north and east by government departments.

The United Kingdom urges Sri Lanka to reconsider its position on the United Kingdom’s other two recommendations relating to commemoration and memorialisation of victims of the civil war, and repealing sections of the Penal Code to end criminalization of same-sex conduct and ensure equality in relation to sexual orientation and gender identity.

We recognise the significant political and economic challenges that Sri Lanka has faced in recent years and encourage Sri Lanka to continue efforts to foster political inclusion. We emphasise the importance of reconciliation, justice and accountability for all communities, and the importance of upholding the right to freedom of assembly and expression.

We reiterate our commitment to work constructively with Sri Lanka to advance the protection of human rights and to achieve justice and reconciliation.

Thank you.

July 16, 2023
PRESS RELEASE : Prime Minister – NATO must learn lessons from Putin’s barbaric tactics in Ukraine [July 2023]
The press release issued by 10 Downing Street on 11 July 2023.

As the world passes the grim milestone of 500 days since Putin’s full-scale, illegal invasion of Ukraine, NATO leaders will gather in Lithuania to put the alliance on the right path to face down the threats of the future.
NATO Summit in Lithuania this week will focus on supporting Ukraine and preparing the alliance to take on the threats of the future

New NATO contributions and defence industry funding will cement the UK’s position as the leading European NATO ally

Comes as new UK Defence Command Paper due to set out plans to make our Armed Forces more lethal and deployable

As the world passes the grim milestone of 500 days since Putin’s full-scale, illegal invasion of Ukraine, NATO leaders will gather in Lithuania today (Tuesday) to put the alliance on the right path to face down the threats of the future.

Since Putin’s invasion, NATO has demonstrated its overwhelming strength and unity. Countries have increased their defence spending, Sweden and Finland have both applied to become members (with Finland subsequently joining) and allies have provided unprecedented levels of support to Ukraine.

At this week’s summit the Prime Minister will call on fellow leaders to build on this momentum and ensure NATO is learning crucial lessons from Russia’s actions and tactics in Ukraine.

Putin’s war is a watershed moment in Europe’s history. As well as causing untold devastation for millions of people in Ukraine and across the world, this multi-domain war has shifted our understanding how our adversaries approach conflict in the modern age.

NATO is the cornerstone of the UK’s defence and of Euro-Atlantic Security. For it to remain so, all members need to ensure we are constantly evolving and equipping our alliance to take on the threats of the future – changing our approach in response to Putin’s war in Ukraine.

The Integrated Review Refresh published in March highlighted the acute threat posed by Russia bringing large-scale, high intensity warfare back to our home region, with implications for the UK and NATO’s approach to deterrence and defence.

NATO has responded to this increased threat in a number of ways over the last year, including through the adoption of NATO 2022 Strategic Concept and NATO Force Model. The Strategic Concept will guide NATO’s approach to the challenges and opportunities ahead while the NATO Force Model will provide the capability behind the approach – providing the Supreme Allied Commander Europe with the forces he needs.

The UK has committed almost all of our Armed Forces and military capabilities to NATO under the new NATO Force Model. We contribute to every single NATO mission and we are one of the biggest troop contributors to NATO’s enhanced Forward Presence on the Eastern flank.

At today’s NATO Summit the Prime Minister will say allies need to go further – starting with every country finally spending a minimum of 2 per cent of their GDP on defence. The aspiration to reach 2 per cent was originally set out almost two decades ago, and the UK is one of the few countries to have delivered on it every year. In 2022, only 9 out of 30 NATO allies spent at least 2 per cent of their GDP on defence. This is projected to rise to two thirds of allies by 2024 thanks to campaigning by the UK and others willing to shoulder their fare share.

The Prime Minister will argue that meeting this 2 per cent commitment – which must be a floor not a ceiling – will be crucial to NATO’s ongoing ability to deter and defend against the kind of tactics Putin has used in Ukraine. He will specifically call for allies to channel efforts into ensuring our Armed Forces can respond more rapidly, we are ready to operate across every domain and our defence industries are prepared to dramatically scale-up production in times of crisis.

The Prime Minister said:

When thousands of Russian troops crossed the border in February last year, it marked a grim new chapter in Europe and NATO’s history.

In the 500 days that have elapsed since we have witnessed the most terrible crimes and human tragedies in Ukraine. But we have also seen the NATO alliance come together like never before in support of Ukraine and with firm determination that Russia cannot succeed.

That is work we need to continue this week. We cannot let the fog of war obscure the clear lessons our alliance must learn if we are going to outpace and outmanoeuvre those who seek to do us harm.

That is why the UK is investing record amounts in defence, to make our Armed Forces more lethal and more deployable, and to ready our defence industry ready for the challenges ahead. And that’s something we need to see across NATO – starting with meeting the 2 per cent commitment.

The importance of allies properly investing in defence is clear in NATO’s domestic defence industries, where Putin’s war in Ukraine has exposed weaknesses in our industrial capacity. NATO nations have stepped up to provide millions of rounds of ammunition and game-changing equipment to the Ukrainian Armed Forces. But this has risked leaving our own forces short.

In response to this concern, the Prime Minister has announced more than £5 billion of extra funding for UK defence over the last year, some of which will go towards replenishing our ammunition stockpiles.

Today the Prime Minister will confirm an eight-fold increase in the UK’s production capacity of 155mm artillery ammunition. Most NATO armies use this as standard, and a new £190 million BAE Systems contract – possible thanks to our defence spending uplift – will lead to the production of vastly more artillery shells for use by the UK and other allied forces.

This investment will make us safer and will create more than 100 jobs at BAE Systems’ sites in the North of England and South Wales – boosting their existing 1,200-strong UK munitions workforce

Charles Woodburn, Chief Executive at BAE Systems, said:

We’re incredibly proud of our role in delivering equipment to protect our armed forces and as the UK Ministry of Defence’s long-term strategic partner for munitions supply, we’re actively mobilising our operations in support of our NATO allies.

This multi-million pound investment will enable us to significantly ramp up production and sustain vital sovereign capability to deliver cutting-edge munitions, whilst creating and sustaining highly-skilled jobs across the UK.

Alongside this UK domestic uplift, the Prime Minister will push for further joint NATO efforts to increase our shared capacity to produce everything from missiles to ammunition – upping our investment and removing barriers to industrial cooperation between allies. These efforts will give our Armed Forces the equipment they need to prepare for any eventuality.

The Ministry of Defence will shortly publish a new Command Paper, setting out the measures the UK is taking to improve the lethality and deployability of our own Armed Forces as well as our contribution to NATO.

This includes establishing a new Defence ‘Global Response Force’ which will dramatically increase our ability to physically respond to a crisis at very short notice, either because we are already present or by deploying more rapidly.

The Global Response Force will complement the NATO Force Model by bringing together the UK’s deployed and high-readiness forces under a single command. It will be able to draw on capabilities from every domain – land, sea, air, cyber and space – to ensure we can respond quickly and fully everywhere in the world. It is a direct response to the lesson learned early on in the war in Ukraine about the need to respond rapidly to the changing threat picture.

The Global Response Force builds on lessons learned from recent crises, including in Sudan, where it would have streamlined and coordinated our response. The Ministry of Defence’s operation in Sudan involved a rapid evacuation of more than 2,200 people airlifted on military aircraft – more than the next three countries combined. We achieved this by bringing together the expertise and capabilities of personnel from across the Ministry of Defence located all over the world, supported by other parts of government and coordination with other international partners.

Just as we make our Armed Forces more deployable, we must ensure they are equipped in the advanced technologies of the future. The Prime Minister will point out to allies NATO’s ability to lead in these domains, given the alliance’s combined size and expertise.

Earlier this year the European HQ of NATO’s Defence Innovation Accelerator for the Northern Atlantic (DIANA) opened in London. DIANA aims to harness dual-use commercial technologies for defence and security purposes, with a focus on future technologies like AI. At this week’s summit the Prime Minister will encourage allies to continue to invest in these capabilities and to engage in global discussions about their development and use – including at the first international summit on AI to be hosted in the UK this autumn.
July 16, 2023
PRESS RELEASE : New regulations to promote fairness and transparency for dairy sector [July 2023]
The press release issued by the Department for Environment, Food and Rural Affairs on 11 July 2023.

New regulations mean farmers will be able to challenge prices and more easily raise concerns with supply contracts, helping ensure they receive a fair price.

The government has today (11 July) outlined more detail on regulations set to come into force later this year which will ensure supply contracts in the dairy sector are fair and transparent, with farmers being paid a fair price for their produce.

Delivering on a key commitment set out at the Prime Minister’s Farm to Fork Summit earlier this year, the regulations will help establish stability and accountability across the dairy supply chain by enabling farmers to challenge prices, stopping contract changes being imposed on farmers without agreement, and ensuring farmers are able to more easily raise concerns.

The development of the regulations has been supported by detailed discussion with key industry players including the NFU and Dairy UK, and the government has listened to feedback from farmers and processors to ensure the new regulations address previous concerns and provide tailored support for those in the industry.

Farming Minister Mark Spencer said:

Farmers must be paid a fair price for their produce and these regulations will provide price certainty and stability for farmers by establishing written milk purchase agreements with clear and unambiguous terms.

This represents a key milestone in our commitment to promote fairness and transparency across food supply chains to support farmers and build a stronger future for the industry, and will be followed by reviews into the egg and horticulture sector supply chains this Autumn.

The regulations will mean:
- Farmers have clearer pricing terms, with contracts setting out the factors which generate the milk price and allowing farmers to challenge prices if they feel this process isn’t being followed. This is a major advance in transparency, which ensures fairer pricing and addresses historical discrepancies in the dairy industry.
- Changes to contracts can’t be imposed on farmers without their agreement. This will encourage dialogue between the parties where changes do need to be made – improving trust within the supply chain.
- Farmers’ contracts will all include a straightforward way to raise concerns about their contracts, promoting accountability and timely issue resolution.
- There will be clear rules put in place on notice periods and contractual exclusivity, protecting the rights of both buyers and sellers. This will remove any ambiguity from contracts and protect the rights of both buyers and sellers.
- An enforcement mechanism is created to guarantee the regulations are followed, ensuring a fully fair and transparent dairy industry on a solid foundation to thrive in the future.
The upcoming dairy regulations are part of a series of supply chain interventions confirmed by the government at the Farm to Fork Summit. New reviews will also begin this Autumn to help establish fairer supply chains in the eggs and horticulture sectors, and we announced in April that we will also be developing regulations to improve relationships in the UK pig supply chain.

These regulations have been developed using new powers under the Agriculture Act 2020, and there will be continued engagement with industry to ensure that they meet the needs of the sector and properly address the challenges the sector faces.

NFU dairy board chair Michael Oakes said:

These new regulations mark a significant step forward in the government’s efforts to increase fairness and transparency in the dairy supply chain.

For a long time, unfair milk contracts have held British dairy businesses back, and these changes will give dairy farmers much needed business security and confidence, as well as helping to share risk along the dairy supply chain.

This announcement signals that we are on the right path to building a stronger, more resilient future for the British dairy sector. We will continue to work with the government and wider industry to not only benefit farm businesses and the supply chain, but the millions of people who value access to quality, sustainable, nutritious British milk.

A Dairy UK spokesperson said:

Dairy UK has always believed that this regulation should strike the right balance between greater transparency and maintaining the flexibility the industry needs to compete in a volatile and increasingly competitive marketplace.

We’ve appreciated the engagement provided by Defra during the development of the regulation. We look forward to seeing the final SI and to continuing to work with Defra on the implementation of the regulation.

The regulations form part of the government’s wider strategy to grow a thriving British food and drink sector which will put more British produce on supermarket shelves in the UK and around the world.

It comes alongside wider support for the agricultural sector, with £2.4 billion per year being invested in farming for the rest of this Parliament. This includes support for farmers through our new environmental land management schemes, with an expanded and improved Sustainable Farming Incentive 2023 offer announced last month, as well as enabling the sector to harness new opportunities for the development of automatic and robotic technologies on farms as part of our £270 million Farming Innovation Programme.
July 16, 2023
Jeremy Hunt – 2023 Mansion House Speech

The speech made by Jeremy Hunt, the Chancellor of the Exchequer, at the Mansion House in London on 10 July 2023.

My Lord Mayor, Governor, Ladies and Gentlemen – it is an honour to be with you at the Mansion House tonight.

While some may be distracted by events in Windsor, we all know that Walbrook is the place to be this evening.

Thank you to the City of London Corporation for hosting us so generously. It is a privilege to follow the Lord Mayor’s excellent address and to give my first Mansion House speech as Chancellor.

Tonight, I want to talk about long term reforms to our competitiveness, but let me start with the immediate challenge of tackling inflation.

Following the pandemic and energy shock, like other countries, the UK faces difficult challenges.

It has shown itself more resilient than many predicted, but that resilience is itself one of the reasons for higher inflation.

In a cost-of-living crisis, that leads to great concern for many families who see the cost of their weekly food shop or the price of petrol go up.

But with the levers of fiscal and monetary policy, wholesale food and energy prices falling and a government that has made the battle against inflation its number one priority, there is nothing insurmountable in the current situation.

Let me be clear again tonight. Working with the Bank, we will do what is necessary for as long as necessary to tackle inflation persistence and bring it back to the 2% target.

Delivering sound money is our number one focus. That means taking responsible decisions on public finances, including public sector pay, because more borrowing is itself inflationary.

It means recognising that bringing down inflation puts more money into people’s pockets than any tax cut.

And it means recognising that there can be no sustainable growth without eliminating the inflation that deters investment and erodes consumer confidence.

Tackling inflation therefore unlocks the Prime Minister’s two other economic priorities – growing our economy and reducing debt – but because it is a prerequisite for both, it must come first.

As we tackle inflation, we must always remember our responsibilities to those struggling the most, so I am therefore grateful to our banks and mortgage lenders for their help in developing last month’s Mortgage Charter.

I agree with the Governor that margin recovery benefits no one if it feeds inflation.

And I will continue to work with regulators to make sure the needs of families are prioritised in a tough period.

This evening, though, I want to look further ahead.

I want to lay out our plans to enable our financial services sector to increase returns for pensioners, improve outcomes for investors and unlock capital for our growth businesses.

We start from a position of strength.

The financial and related professional services industry employs over 2.5 million people. Although two thirds of them are outside the South-East, it has made London the world’s second largest financial centre and one of the most dynamic cities on the planet.

It generates more than £100 billion in tax revenue, paying for half the cost of running the NHS.

A strong City needs a successful economy, and a strong economy needs a successful City.

Recent challenges have led to some lose hope and even peddling a declinist narrative.

They are profoundly wrong.

I am proud that since 2010, we have one million more businesses and one million fewer unemployed.

And we’ve grown faster than France, Italy, Japan or Germany.

In the last decade we have become Europe’s largest life science sector, Europe’s largest technology sector, its biggest film and TV sector and its second largest clean energy sector.

But as we emerge from our current challenges, the Prime Minister and I have big ambitions for the British economy.

We want to be the world’s next Silicon Valley and a science superpower, embracing new technologies like AI in a way that brings together the skills of our financiers, entrepreneurs and scientists to make our country a force for good in the world.

That means making sure our financial services sector, traditionally so nimble and agile, has the right architecture to provide the best possible security for investors as well as capital for businesses, and the best talent right here in the UK to make that happen.

The structures put in place after the financial crisis have served us well and financial stability will always be our top priority.

But we can further improve the functioning of capital markets, so this evening I set out the government’s Mansion House reforms.

They build on the Edinburgh Reforms I announced in December and the vision for financial services which the now Prime Minister spoke about here in 2021 of an open, sustainable, innovative and globally competitive sector.

Firstly, I am announcing a series of measures to boost returns and improve outcomes for pension fund holders whilst increasing funding liquidity for high-growth companies.

Second, I will set out ways to incentivise companies to start and grow in the UK by strengthening our position as a listings destination.

And finally, we will reform and simplify our financial services rulebook to ensure we have the most growth-friendly regulation possible without compromising our commitment to stability.

Pensions

I begin with pensions.

The UK has the largest pension market in Europe, worth over £2.5 trillion. It plays a critical role in providing safe retirement income as part of the social contract between generations.

Government policy, such as autoenrollment, has strengthened it but so too has confidence in the expertise of our financial institutions to manage investments wisely.

However, currently we have a perverse situation in which UK institutional investors are not investing as much in UK high-growth companies as their international counterparts.

At the same time on their current trajectory, some defined contribution schemes may not provide the returns their pension fund holders expect or need.

Whilst many defined benefit funds are in surplus, their returns are lower than some international peers and some are still underfunded.

So alongside our outstanding Economic Secretary Andrew Griffith and brilliant Pensions Minister Laura Trott I have engaged with some of our largest pension schemes, insurers, asset managers and experts to put together tonight’s Mansion House reforms. I am also immensely grateful to Sir Jon Symonds and Sir Steve Webb for their advice on how to construct this package. And I’m also very grateful to Gwyneth Nurse and her brilliant team in the Treasury. Gwyneth is of course the real Chancellor as we Official Chancellors come and go.

Tonight I lay out the direction of travel. Sometimes consultations will be necessary, but all final decisions will be made ahead of the Autumn Statement later this year.

And as we make those decisions, I will be guided by three golden rules.

Firstly everything we do we will seek to secure the best possible outcomes for pension savers, with any changes to investment structures putting their needs first and foremost.

Secondly we will always prioritise a strong and diversified gilt market. It will be an evolutionary not revolutionary change to our pensions market. Those who invest in our gilts are helping to fund vital public services and any changes must recognise the important role they play.

The third golden rule is that the decisions we take must always strengthen the UK’s competitive position as a leading financial centre able to fund, through the wealth it creates, our precious public services.

I start with Defined Contribution pension schemes, which in the UK now invest under 1% in unlisted equity, compared to between 5 and 6% in Australia.

Today I am pleased to announce that the Lord Mayor and I joined the CEOs of many of our largest DC pension schemes – namely Aviva, Scottish Widows, L&G, Aegon, Phoenix, Nest, Smart Pension, M&G & Mercer – for the formal signing of the “Mansion House Compact”.

The Compact – which is a great personal triumph for the Lord Mayor – commits these DC funds, which represent around two-thirds of the UK’s entire DC workplace market, to the objective of allocating at least 5% of their default funds to unlisted equities by 2030.

If the rest of the UK’s DC market follows suit, this could unlock up to £50 billion of investment into high growth companies by that time.

Secondly, we know funds can only optimise returns from a balanced portfolio if they have the scale to do so. We will therefore facilitate a programme of DC consolidation, to ensure that funds are able to maintain a diverse portfolio of bonds, equity and unlisted assets and deliver the best possible returns for savers.

Tomorrow, the Department for Work and Pensions will publish its joint consultation response with the Pensions Regulator and the FCA on the Value For Money framework, clarifying that investment decisions should be made on the basis of long-term returns and not simply cost.

Pension schemes which are not achieving the best possible outcome for their members will face being wound up by the Pensions Regulator. We will also set out a roadmap to encourage Collective DC funds, a new type of pension fund which we believe holds great promise for the future.

Third, we need to ensure that all schemes have access to a wide range of investment vehicles that enable them to invest quickly and effectively in unlisted high growth companies.

We have launched the LIFTS competition, and will consider closely the bids that have already started to come in for up to £250 million of government support.

Alongside that, we will explore the case for government to play a greater role in establishing investment vehicles, building on the skills and expertise of the British Business Bank’s commercial arm which has helped to mobilise £15bn of capital into over 20,000 companies.

Ahead of Autumn Statement, we will test options to open those investment opportunities in high-growth companies to pension funds as a way of crowding in more investment.

I now move on to Defined Benefit schemes which number over 5000 and operate under a different regulatory regime. Their landscape is also too fragmented.

I recognise the important role played by insurers offering buy-out schemes, which will continue to be an essential part of the way we improve security for pension members in this market.

But in addition, we will set out our plans on introducing a permanent superfund regulatory regime to provide sponsoring employers and trustees with a new scaled-up way of managing DB liabilities.

Having engaged closely with a range of experts, we will launch a call for evidence tomorrow on the role of the PPF and the part DB schemes play in productive investment – whilst always being mindful of the second golden rule to protect the sound functioning and effectiveness of the gilt market.

Fifth, we will look at the culture of investment decisions and improve the understanding of pension trustees’ fiduciary duty across both DB and DC schemes. DWP and HMT will jointly launch a call for evidence to explore how we can overcome barriers and ensure a focus on good saver outcomes.

And finally, government must lead by example, so we will consult on accelerating the consolidation of Local Government Pension Scheme assets, with a deadline of March 2025 for all LGPS funds to transfer their assets into local government pension pools and ensure greater transparency on investments.

To make sure we are delivering the maximum benefits of scale, we will invite views on barriers to achieving better investment returns across the LGPS as well as setting a direction that each asset pool should exceed £50 billion of assets.

We will also consult on an ambition to double the existing local government pension scheme allocations in private equity to 10%, which could unlock a further £25 billion by 2030.

Today’s announcements could have a real and significant impact on people across the country.

For an average earner who starts saving at 18, these measures could increase the size of their pension pot by 12% over their career – that’s worth over £1,000 more a year in retirement.

At the same time this package has the potential to unlock an additional £75 billion of financing for growth by 2030, finally addressing the shortage of scale up capital holding back so many of our most promising companies.

Increasing borrowing through £28 billion a year of unfunded spending commitments, as some are suggesting, would entrench inflation and push up interest rates.

These reforms, conversely, unlock capital from the private sector delivering growth not by subsidy, but by increasing support for entrepreneurs and investors who take risks to create long term value.

Listings

I now move onto listings. The UK has the largest stock market in Europe and in 2021 attracted the most global IPOs of any stock market outside the US.

But between 1997 and 2019, there was a 44% decline in the number of domestic listed companies in the UK, part of a wider trend across western markets, with the US and France seeing even steeper falls.

I want the world’s fastest growing companies to grow and list right here, making LSE not just Europe’s NASDAQ but much more. As David Schwimmer and Julia Hoggett say, we want it to be the global capital for capital.

So today we are publishing draft legislation on prospectus reforms, delivering another milestone of Lord Hill’s UK Listing Review. This will create a more effective regime than its EU predecessor, giving companies the flexibility to raise larger sums from investors more quickly.

The government welcomes Rachel Kent’s excellent Investment Research Review published today and has accepted all recommendations made to it. We therefore welcome the FCA’s commitment to start immediate engagement with the market to inform any rule changes on removing the requirement to unbundle research costs by the first half of next year. This will ensure we are better able to fund quality research into the new Silicon Valley sectors.

Last week, we abolished protectionist rules inherited from our time in the EU such as the Share Trading Obligation and Double Volume Cap so UK businesses can now access the best and most liquid markets anywhere in the world.

And, in a highly innovative step which represents a global first, we will establish a pioneering new “intermittent trading venue” that will improve private companies access to capital markets before they publicly list. This will be up and running before the end of 2024, and put the UK at the forefront of capital market innovation.

Smart regulation

Finally, behind all those plans must sit a financial services sector ready to innovate faster with regulators willing to support them as they do.

We have one of the most robust regulatory regimes and some of the best regulators in the world. Brexit gives us the autonomy to put their skills to even better use as we seek to become leaders in the industries of the future.

So I am delighted that we have just last month passed into law the landmark Financial Services and Markets Act, which will ensure our regulators have an appropriate focus on growth and competitiveness alongside their wider responsibilities.

The Act also unlocks wholesale reform of our approach to regulation and today I can announce that we are commencing repeal of almost 100 pieces of unnecessary retained EU law, further simplifying our rulebook whilst retaining our high regulatory standards.

Alongside this, last month I was delighted to sign the new UK-EU financial services Memorandum of Understanding as we build a new relationship with our European partners.

We are working closely with the Bank of England to reflect on lessons from recent events to ensure the UK has the best possible arrangements in place to improve continuity of access to deposits when a bank fails even if it is not a systemically important one.

And I want to make sure we remain at the forefront of payments technology. So I am launching an independent review into the future of payments – led by Joe Garner – to help deliver the next generation of world class retail payments, including looking at mobile payments.

We are laying new legislation to give regulators the powers they need to reform rules on innovative payments and fintech services, and, together with the Bank of England, we are exploring potential designs for the digital pound should we decide to introduce it.

Conclusion

My Lord Mayor, Governor, Ladies and Gentlemen.

Pension industry and listings reforms, backed by smart regulation, to unlock better returns for savers and more growth capital for businesses.

That is what today’s Mansion House reforms deliver.

British growth driven by British financial firepower, providing higher living standards and better funded public services.

With cooperation between government, regulators and business closer than ever…

… we will deliver not just more competitive financial services but a more innovative economy.

More money for savers.

More funding for our high-growth companies.

And more investment to grow our economy.

That is the vision I have set out today – let’s deliver it together.

Thank you.

July 16, 2023
PRESS RELEASE : Chancellor’s Mansion House Reforms to boost typical pension by over £1,000 a year [July 2023]
The press release issued by HM Treasury on 10 July 2023.

The Chancellor will launch his ‘Mansion House Reforms’ this evening (Monday 10 July) which could increase pensions by over a £1,000 a year in retirement for an average earner who saves over the course of a career.
Chancellor to outline reforms to boost pensions and increase investment in British businesses

the ‘Mansion House Reforms’ could unlock an additional £75 billion for high growth businesses, while reforms to defined contribution pension schemes will increase a typical earner’s pension pot by 12% over the course of a career

comprehensive reforms will increase pension pots by as much as £16,000

The reforms will also unlock up to £75 billion of additional investment from defined contribution and local government pensions, supporting the Prime Minister’s priority of growing the economy, and delivering tangible benefits to pensions savers.

The United Kingdom has the largest pension market in Europe, worth over £2.5 trillion. Over the past ten years Automatic Enrolment has helped an extra ten million people save for their futures, with £115 billion saved in 2021, but how this money is invested is limiting returns for savers. Comparable Australian schemes invest ten times more in private markets than UK schemes, reaping the rewards that UK savers are missing out on.

To level the playing field, the Chancellor and the Lord Mayor have supported an agreement between nine of the UK’s largest Defined Contribution pension providers, committing them to the objective of allocating 5% of assets in their default funds to unlisted equities by 2030. These providers represent over £400 billion in assets and the majority of the UK’s Defined Contribution workplace pensions market.

This could unlock up to £50 billion of investment in high growth companies by 2030 if all UK Defined Contribution pension schemes follow suit.

More effective investments by defined contribution pension schemes will also increase savers’ pension pots by up to 12%, or as much as £16,000 for an average earner.

Chancellor of the Exchequer Jeremy Hunt said:

“British pensioners should benefit from British business success. By unlocking investment, we will boost retirement income by over £1,000 a year for typical earner over the course of their career.

“This also means more investment in our most promising companies, driving growth in the UK.”

Secretary of State for Work and Pensions Mel Stride said:

“British workers should have the confidence that their pension savings are working as hard as they are.

“Our reforms will benefit savers and society – unlocking investment into pioneering UK businesses, growing the economy, and helping the record number of people in this country saving into a pension to achieve the retirement they want.”

The Chancellor’s Mansion House Reforms will also deliver better returns for savers through a new Value for Money Framework which will make clear that investment decisions made by pension firms should be based on overall long-term returns and not simply costs. Pension schemes which are not achieving the best possible outcome for their members will be wound up into larger, better performing schemes.

Analysis shows that over a five-year period there can be as much as 46% difference between the best and worst performing pension schemes. This means that a saver with a pot of £10,000 could have notionally lost £5,000 over a 5-year period from being in a lowest performing scheme.

The Mansion House Reforms will be guided by the Chancellor’s three golden rules: to secure the best possible outcome for pension savers; to always prioritise a strong and diversified gilt market as we seek to deliver an evolutionary, rather than revolutionary, change in our pensions market; and to strengthen the UK’s position as a leading financial centre to create wealth and fund public services.

To ensure that the money unlocked by these reforms is invested quickly and effectively, the Chancellor has asked the British Business Bank to explore the case for government to play a greater role in establishing investment vehicles, drawing upon the BBB’s skills and expertise.

This will complement the £250 million of support that government has made available through the Long-term Investment for Technology and Science (LIFTS) initiative to incentivise new industry-led investment vehicles.

The government will also encourage the establishment of new Collective Defined Contribution funds which can invest more effectively by pooling assets as well as launch a call for evidence to explore how we can support pension trustees to improve their skills, overcome cultural barriers and realise the best outcomes for their pension schemes and subsequently their members.

Defined Benefit pensions

For the Local Government Pension Schemes a consultation will be launched on setting an ambition to double existing investments in private equity to 10%, which could unlock £25 billion by 2030. The consultation proposes a deadline of March 2025 for all Local Government Pension Scheme funds to transfer their assets into LGPS pools and setting a direction that each pool should exceed £50 billion of assets.

To improve outcomes for savers in a highly fragmented market, with over 5,000 Defined Benefit Schemes, the government will set out its plans on introducing a permanent superfund regulatory regime to provide sponsoring employers and trustees with a new way of managing Defined Benefit liabilities.

A new call for evidence will also launch tomorrow on the possible role of the Pension Protection Fund and the part Defined Benefit schemes could play in productive investment whilst securing members’ interests and protecting the sound functioning and effectiveness of the gilt market.

Capital Markets

The UK has the largest stock market in Europe and one of the deepest in the world – the London Stock Exchange had the most Initial Public Offerings (IPOs) outside of the US in 2021.

A comprehensive set of reforms will help attract the fastest growing companies in the world to grow and list in the UK. Prospectuses will be simplified, another milestone of Lord Hill’s UK Listing Review, replacing the EU’s outdated regime.

Firm’s prospectuses for investors will be easier to produce, more accessible and understandable, saving companies time and money and attracting more firms to do business in the UK.

Protectionist rules inherited from our time in the EU will be abolished. The Share Trading Obligation and Double Volume Cap have held back UK businesses and will be removed so firms can access the best and most liquid markets anywhere in the world.

The government has also accepted all of Rachel Kent’s Research Review published today, paving the way for a new ‘Research Platform’ that will provide a one-stop-shop for firms looking for research experts. It also sets the path for potentially removing the unbundling rules – an inherited EU law that requires brokers to charge a separate fee for research.

The Chancellor will set out plans to establish an entirely new kind of stock market that allows private companies to access capital markets without floating on a stock exchange. This ‘Intermittent Trading Venue’ would be a world first and will help firms grow and boost the UK economy. It will be complemented by a move to make shares fully digital rather than written on paper, saving businesses time and money.

This builds on the Chancellor’s Edinburgh Reforms and Solvency II reforms which will unlock over £100 billion of productive investment from insurance firms across the UK over a decade.

Seizing the opportunities of the future

To ensure the continued success of the UK’s world-leading financial services sector, firms must be ready to innovate faster, with regulators willing to support them as they do.

Following the Financial Services and Markets Act 2023 passing into law, the government has announced that it is commencing repeal of almost 100 pieces of unnecessary retained EU law for financial services, further simplifying the UK’s regulatory rulebook.

The government launched an independent review into the future of payments – led by Joe Garner, former Chief Executive Officer of Nationwide Building Society – to help deliver the next generation of world class retail payments, including looking at mobile payments.

The government also welcomes a report suggesting ways to move to fully digital shares, scrapping outdated paper-based shares. This will make markets more efficient and modernize how people own shares.

Further information

The Mansion House Compact members are: Aviva; Scottish Widows; L&G; Aegon; Phoenix; Nest; Smart Pension; M&G; Mercer.

The package of reforms announced today could help increase pension pots for an average earner who starts saving at 18 by 12% over their career – over £1,000 more a year in retirement – all whilst supporting UK economy, businesses, and employment.

Analysis shows a difference in returns between schemes over a 5-year period of up to 46% in some cases. This means that a saver with a pot of £10,000 could have notionally lost £5,000 over a 5-year period from being in a lowest performing scheme.

Reaction to the Chancellor’s Mansion House Reforms

Jamie Dimon, Chairman & CEO, JPMorgan Chase said:

“Great financial centers stay competitive by responding to the market and evolving through the kinds of important iterations that the Chancellor has announced. It’s also good to see the U.K. preparing for the industries of tomorrow considering the great promise of life sciences and A.I. as cornerstones of the economy in the years to come.”

Sir Jon Symonds CBE, Chair, GSK said:

“I welcome these important reforms which will further strengthen the UK capital markets and support economic growth. The changes will help increase investment returns for pension savers through improved access to all asset classes including in high growth sectors, and ensure the UK’s most innovative companies are better supported by UK capital to stay in this country as they scale to maturity.”

Brent Hoberman, Executive Chairman & Co-Founder, Founders Forum, Founders Factory said:

“The planned pension reforms will enable for capital to be productively invested in funds and scaleup companies in the UK. This should be welcome news to the UK industries of the future, their ability to attract more capital will create more national champions and generate growth, jobs and increased tax revenue.”

“The reforms will enable the UK to build on the positive momentum in these key parts of the economy drive further synergies between it’s world class financial institutions and entrepreneurial base.”

C. S. Venkatakrishnan, Group Chief Executive, Barclays said:

“The UK has needed a bold, forward-looking policy agenda and industrial strategy to grow the economy. These Mansion House Reforms are an important step in the right direction in mobilising private capital to support growth and innovation.”

Irene Graham OBE, CEO, ScaleUp Institute said:

“The package of measures announced by the Chancellor today are very much welcomed by the ScaleUp Institute. They contain significant and innovative solutions which will help to enable easier and simpler access to capital markets and patient growth capital. These new initiatives, coupled with the reforms already underway, will support and fuel the global ambitions of our scaleups, and high-potential scaling businesses, across all sectors and all areas of the UK.”

Miles Celic, Chief Executive Officer, TheCityUK, said:

“The competitiveness and attractiveness of any successful international financial centre must, by definition, always be a work in progress. The Chancellor is right to be ambitious in building on the UK’s successes and recognising that we can’t afford to be complacent.

“The Mansion House Reforms are ambitious, pragmatic and necessary. They will underpin the UK industry’s future success. Most importantly, their main beneficiaries will be the British people, who will gain from greater investments in growing businesses, revitalising communities and improving retirements.”

Chris Hulatt, Co-Founder, Octopus Group said:

“We welcome government’s efforts to make the UK a more attractive place to start a business, and support measures that provide additional opportunities for private companies to raise capital.

“Finding new ways for the most skilled and talented entrepreneurs to access capital as they build businesses is fundamental to helping the UK maintain its place as the best place to start, build and scale a business.”

Noel Quinn, Group Chief Executive, HSBC said:

“I welcome the strong and comprehensive package of measures announced by the Chancellor in his Mansion House speech. Unlocking equity to support companies in innovative high-growth sectors such as technology and life sciences is vital to the future growth of the UK economy.”

Lord Mayor, Nicholas Lyons said:

“These reforms and the Mansion House Compact mark a historic turning point that will accomplish the dual aim of securing a brighter future for retirees and channelling billions into our economy. I’m proud to have convened key industry players to make this commitment to unlock £50bn in capital by the end of the decade which will improve returns for pension savers and support firms to grow, stay and list in the UK.”

Tim Orton, Chief Investment Officer, Aegon UK said:

“Aegon UK is proud to be a founder signatory of the Mansion House Compact which will help deliver better long-term outcomes for our customers. We are committed to ensuring our customers can access and share in the growth and success of innovative companies we invest in. We will use our scale and expertise to develop investment solutions seeking to improve the retirement outcomes of the millions of members of the defined contribution pension schemes we support. The Compact will also create opportunities that help deliver our climate targets as we progress towards net zero.”

Sir Nigel Wilson, Group CEO, Legal & General said:

“As the UK’s largest manager of money for pension clients, L&G is pleased to support the ambition set by the Compact. Increasing investment in science, technology and infrastructure will support better returns for the tens of millions saving for their retirement, as well as stimulate much needed long-term growth for the UK economy.”

Mark Fawcett, CEO, Nest Invest said:

“For many years now, illiquid assets have been integral to diversified DC pension schemes around the world. It’s been a key driver behind Nest setting up our own private market mandates to ensure our members aren’t missing out. Nest will continue to increase our investment in unlisted equities, helping our 12 million members benefit from the strong returns these types of deals can typically offer.”

Ruston Smith, Chair, Smart said:

“Smart Pension is committed to securing better outcomes for long-term savers. Giving UK savers access to higher net returns by investing in unlisted equities, including innovative, high-growth UK companies as part of a well diversified portfolio, will deliver these outcomes over time. We are pleased to be a signatory of the Mansion House Compact and, as a successful British fintech, we are proud to be supporting the country’s technology sector, helping home-grown start-ups and scale-ups to flourish and thrive.”

Scottish Widows, CEO, Chirantan Barua said:

“The industry needs to modernise the investment options available to customers. With the right consumer protections in place, the proposals announced today could make a huge difference to our customers and the wider UK economy. I’m proud that Scottish Widows is a founding signatory of the Mansion House Compact.”

Phil Parkinson, Investments and Retirement Leader, Mercer said:

“Mercer supports proposals that lead to improved pension scheme member outcomes. As a global investment solutions provider, we see first-hand the value that illiquid asset allocations can bring to investors’ portfolios from a risk and a return perspective and are in favour of initiatives designed to unlock this asset class for DC members.”

Edward Braham, Chair, M&G said:

“Patient capital put to work in companies or projects over multiple decades is essential to support economic growth and importantly, capture value for people’s pensions as they save for their retirement. M&G’s heritage is in investing in private markets, whether it is through infrastructure, real estate or innovative companies with purpose. We are democratising access to private markets through the Prudential With Profits Fund, and are supportive of DC pension reforms that encourage more investment of this kind that has potential to result in positive outcomes for savers.”

Mike Eakins, Chief Investment Officer, Phoenix Group said:

“We are proud to sign the Compact, which is an important step to allow UK long-term savers to invest in a more diversified portfolio, giving them access to the potential returns of a broader range of assets, in line with their international counterparts. Currently, only 9% of UK pension funds are invested in alternative assets as compared to 23% in other major pensions markets. With the right regulatory environment, Phoenix Group could invest up to £40 billion in sustainable and/or productive assets to support economic growth, levelling up and the climate change agenda whilst also keeping policyholder protection at its core.”
July 16, 2023
PRESS RELEASE : UN HRC53 – Interactive Dialogue with Special Rapporteur on Racism [July 2023]

The press release issued by the Foreign Office on 10 July 2023.

UK statement during the Interactive Dialogue with the Special Rapporteur on contemporary forms of racism at the 53rd UN Human Rights Council.

We thank the Special Rapporteur for her inaugural report.

The UK is proud of its diversity and has made significant progress towards shaping an inclusive, tolerant nation. We recognise the importance of continued action to address negative ethnic and racial disparities.

Our ambitious Inclusive Britain action plan supports this work through measures that will boost trust and promote fairness, advance equality of opportunity, and foster a greater sense of belonging.

As we take this important work forward, it is right that we reflect on our national journey. From a past era of empire and colonialism to one of immense pride in a diverse, modern society which is reflected in all sectors and professions across the UK. Recognising that the appalling atrocity of slavery marks our history, we continue to express our deep regret that it could ever have happened and importantly play a role to prevent and curb such atrocities around the world.

We believe the best way to deal with the cruelty of the past is to make sure that present and future generations can learn from it. We are committed to eradicating the scourge of racism and creating a fairer society today for all.

Special Rapporteur,

What recommendations do you have to ensure the international community tackles online racial abuse?

July 16, 2023
PRESS RELEASE : Improved service to victims of rape [July 2023]

The press release issued by the Attorney General’s Office on 10 July 2023.

The Attorney General Victoria KC MP speaks about improved service for victims of rape and serious sexual offences.

From Attorney General Victoria Prentis KC MP

In the criminal justice system, increasing rape prosecutions and convictions is our job. Increasing victims’ confidence in the system and achieving justice; that’s also our duty.

Any crime can have a long-lasting impact on its victims, but for those affected by rape and serious sexual offences, the damage can run particularly deep and stay with survivors for the rest of their lives. They deserve justice.

But I hear the same disheartening message from the survivors I speak to around the country—that the road to justice can be is so long and so difficult that they feel there is no point in reporting these offences.

That is why this government has committed to making the system work better for people – and two years on from the Government’s End to End Rape Review, strong progress has been made to transform the response to rape. But we want to go further – and today we are announcing further measures to make that possible.

We know better joint-working between the Police and CPS leads to more perpetrators facing justice. So a new National Operating Model produced through Operation Soteria, a project to transform the way these complex cases are handled, is being rolled out to every police force and every rape prosecutor across England and Wales.

The support starts when these crimes are reported. Frontline investigators will now have step-by-step guidance on conducting these sensitive investigations, and 2,000 officers will undergo specialist training in rape and sexual offences. A step-by-step toolkit will ensure that investigations are focused on the conduct of the suspect and mindful of the rights and privacy of the victims.

Before cases go to trial, victims now have the right to meetings with prosecution teams to ask questions and raise concerns. Victims can also seek support from trained professionals on a 24/7 Rape and Sexual Abuse Support Line. And we are again increasing access to Independent Sexual Violence Advisers who can offer tailored, practical support.

When it is time for the trial, specialist rape prosecutors can put their expertise to work. And victims can claim expenses, including childcare costs, incurred by appearing in court.

At the conclusion of the trial, even more victims in Specialist Sexual Violence Courts will have the option to attend sentencing hearings remotely. No one should have to feel unsafe to access justice.

I feel deeply the concerns and anxieties of survivors when it comes to engaging with the criminal justice system. It is to them that I say– I cannot promise you that it will be easy, but support is available. Justice is available.

July 16, 2023