Tag: 2023

PRESS RELEASE : Greater support for farmers to calculate and reduce their emissions [March 2023]

The press release issued by the Department for Environment, Food and Rural Affairs on 30 March 2023.

Announcements form part of the Net Zero Growth Plan and Nature Markets Framework.

The government has today (Thursday 30 March) responded to calls from the farming sector for more support to open up multi-billion pound opportunities for farmers and landowners in the carbon market through a commitment to develop a new harmonised approach for measuring on farm emissions.

The announcement, from the government’s Net Zero Growth Plan and Nature Markets Framework, follows on from a call for evidence on the role of robust monitoring, reporting and verification of greenhouse gas emissions on farms.

Whilst there are already numerous tools on the market for farmers to assess their emissions, inconsistency in the results has led to low confidence from industry and low uptake.

By developing a harmonised methodology and setting out by 2024 how farmers will be supported to measure their emissions, the government can help the agricultural sector reduce emissions across the supply chain – including from livestock, nutrient management, and farm equipment.

Farming Minister Mark Spencer said:

As well as producing food for our tables, farmers and land managers can play a key role in helping the UK achieve net zero.

We’ve been listening to the farming sector, and the measures announced today will not only help them to calculate their carbon footprint, but also open up new financial opportunities, such as combining private commercial opportunities with our new farming schemes support.

There is also a huge opportunity for farmers to access private sector funding for delivering positive outcomes for nature, which is why the government is also accelerating the growth of these nature markets through the Nature Markets Framework.

The framework will support nature markets to grow in a way that makes them fair, effective and accessible to farmers. Alongside this, the Green Finance Institute will develop an online toolkit to help farmers identify and access private payments for environmental benefits.

The government is also looking at how farmers can be given better advice to access nature markets, by supporting farmers to access advice through the Landscape Recovery development phase and are looking at how we facilitate collaboration through Countryside Stewardship.

This will help farmers to access the more than £1 billion per year that the government is seeking to raise in private finance for nature’s recovery by 2030, and build on the projects which are already in place

The measures will complement the existing support that the government has in place to help the agricultural sector reach net zero. This includes support through Environmental Land Management schemes to reduce greenhouse gas emissions from farms.

March 31, 2023
King Charles III – 2023 Speech at the State Banquet at Bellevue Castle in Berlin

The speech made by King Charles III in Berlin on 29 March 2023.

IN GERMAN

Mr President, it is hard to know how to thank you enough for those tremendously kind words, as well as for your unforgettable hospitality this evening in such a magnificent setting.

It is wonderful to be in such large company tonight. It is nice of you all, not to have left me alone with a ‘Dinner for One!’

My wife and I have been so deeply touched by the warmth of the welcome that has been extended to us in Germany – just as we have on each of our previous visits to this very special country.

Remarkably, I realize I have visited Germany more than 40 times – a measure of the importance of this relationship, of course, but also, I fear, of just how long I have been around!

From each visit I have retained the most treasured memories, which I recall with great affection.

IN ENGLISH

I think, Mr President, of the particular kindness and friendship which you and Frau Büdenbender showed to both my wife and myself on our last visits to Berlin in 2019 and 2020.

I also think fondly of the time my wife and I sampled Bavarian sausages at a farmers’ market in Munich, and found ourselves drinking beer and waltzing around at the Hofbräuhaus! I think I can understand why St Boniface, an English monk, who is famous for having preached in Germany, is also a patron saint of brewers!

I recall, in particular, how much I have learnt from my visits over the years about organic and agro-ecological farming, and I credit German expertise with greatly improving my own farms and soil. Indeed, I think we all have something to learn from Germany’s enduring respect for what Goethe called ‘the sublime language of nature’.

Over all these years, and in so many ways, I have been struck by the warmth of the friendship between our nations and by the vitality of our partnership in countless areas.

It was, Mr President, a friendship which mattered greatly to my mother, The late Queen, who cared deeply about the bond between our 2 countries. I did want to thank you all, once again, for the profoundly touching messages of support and affection we received from so many people in Germany following the sadness of her death last year. Ladies and Gentlemen, your kindness meant more to my family and myself than I can possibly express.

The relationship between Germany and the United Kingdom matters greatly to me, too, Mr President, and I am more convinced than ever of its enduring value to us all. It means so much to us that my wife and I could come to Germany as part of this very first overseas tour of my reign. I can only assure you, that throughout the time that is granted to me as King, I will do all I can to strengthen further the connections between us.

In this, I know that I will be supporting the extraordinary efforts of countless people who contribute so much to the relationship between the United Kingdom and Germany.

As I look around the room this evening, I see such talented and dedicated individuals who embody the breadth of our partnership in so many fields – engineering, technology, science, the environment, the arts, education and so much more.

Our countries are working together to promote global health, to help developing countries overcome their challenges and prosper, and to advance the urgent and vital journey towards net zero.

And, of course, we stand side-by-side in protecting and advancing our shared democratic values. This is epitomised so clearly today as we stand together with Ukraine in defence of freedom and sovereignty in the face of unprovoked aggression. In this regard, I did want to pay a particular tribute to Germany’s extraordinary hospitality in hosting over one million Ukrainian refugees. This, it seems to me, so powerfully demonstrates the generosity of spirit of the German people.

IN GERMAN

Mr President, Germany and the United Kingdom are deeply invested in each other’ futures. I am utterly convinced that the connections between us will grow ever stronger as, together, we pursue a more sustainable, prosperous and secure future. Perhaps the Ash tree that I planted in your beautiful garden this afternoon might, in some small way, offer a symbol for the growth and future flourishing of our partnership.

I hope, with all my heart, that my wife and I live long enough to return to this wonderful city, to see how our tree has grown, and to continue to play our part in this cherished friendship between our 2 nations. Allow me to raise a toast: to you, Mr President and Frau Büdenbender, and to a friendship which is not only heartfelt, but in the truest sense of the word, sustainable. Cheers!

March 30, 2023
PRESS RELEASE : Report by the Co-ordinator of OSCE Economic and Environmental Activities – UK response [March 2023]

The press release issued by the Foreign Office on 30 March 2023.

Deputy Ambassador Brown praises OSCE efforts to mitigate the economic and environmental impacts of Russia’s devastating war in Ukraine.

Thank you, Ambassador Hasani, for your presentation on your recent work and proposed future activities.

When you last addressed this Council in November, we lamented the humanitarian catastrophe stemming from Russia’s illegal invasion of Ukraine, as well as the wide-ranging impacts on Ukraine’s economy and environment. Now in the second year of Russia’s full scale invasion, Russia’s actions continue to have a devastating effect both in Ukraine and globally – with direct impacts on food and energy security. We welcome your office’s on-going efforts to mitigate these effects.

That is why we are pleased to support your work in helping the Ukrainian authorities respond to these environmental challenges through the project “Assessment of environmental impacts of the war against Ukraine and options for remediation”. This project is important for helping the international community understand the true extent of damage caused, and for efforts to ensure those responsible are held accountable for their actions in Ukraine. We look forward to receiving this project’s first annual assessment in the coming weeks.

We also welcome your specific focus on energy security in Ukraine. In response to failures on the battlefield, we have seen increased Russian attacks on civilian and energy infrastructure since October – a desperate and futile attempt to break the will of Ukrainian people.

More broadly, your proposed work to help participating States diversify their energy supplies can help bolster energy security and build resilience against those seeking to weaponise energy supplies. In this regard, we welcome the specific focus in Central Asia, and look forward to receiving lessons learned from the scoping mission on energy security and geothermal resources in Kyrgyzstan.

The work you are doing to address the use of cryptocurrencies and virtual assets as tools to launder criminals’ proceeds is vital. We agree that serious and organised crime, as well as corruption, represent the biggest threats for law enforcement authorities in South-Eastern Europe. This is why the UK is pleased to be able to support the extra-budgetary project on strengthening the fight against transnational organised crime in South-Eastern Europe that provides support to the entire asset cycle.

Finally, we welcome your work to integrate a gender perspective in key projects, including building the capacity of Central Asian women and realising their full potential as leaders and agents of change in the energy transition. As we have said many times in this forum, outcomes will always be limited if only half the talent is included in solving problems. And as our Foreign Secretary said at the recent launch of our new Women and Girls Strategy, we can only build a safer and greener world if we put women and girls at the heart of our efforts. The diverse voices, knowledge and leadership of women and girls are essential to local, national and international decision-making.

Before closing, I would like to add that we too share your regret that consensus on the Permanent Council Decision on the theme, agenda and modalities of the 31st EEF of the OSCE was unable to be reached. At the Prep Comm earlier today Russia again stood alone in opposing the draft decision. This, despite the CiO’s hard work to meet the unjustified concerns of the Russian delegation. We are forced to conclude that – as with so much of the organisation’s work – Russia simply wants to attempt to frustrate the OSCE’s ability to operate.

Ambassador Hasani, thank you again for your report, and we look forward to supporting you in the year ahead.

March 30, 2023
PRESS RELEASE : British Army experiments with Dstl study on urban combat [March 2023]

The press release issued by the Ministry of Defence on 30 March 2023.

The British Army’s Experimentation and Trials Group (ETG) have been testing improving future urban operations using a new experimental force concept.

The study called Urban Phalanx, involves a number of concepts for achieving small unit dominance in future urban combat for dismounted light forces. The specific focus was on ways to improve urban combat effectiveness through changes in structures and lethality. These areas were developed in collaboration with Army and Royal Marines urban combat experts, as well as the US Marine Corps’ Warfighting Laboratory, and they performed very well during Dstl-led testing and simulation. The results then fed into British Army decision making.

The Army’s new experimentation battalion, 2nd Battalion The Yorkshire Regiment, have now been restructured around this concept and were deployed as the Next Generation Combat Team (NGCT) on both Project CONVERGENCE 22 and Exercise CERBERUS 22 to further develop it. The next step in this evolution is deployment onto Exercise WESSEX STORM 1/23 to test a new company Order of Battle (ORBAT) and increased lethality at the company level.

Dstl’s urban operations research lead and designer of the Urban Phalanx, Stuart Lyle, said:

Due to the complexity of urban terrain, urban combat quickly devolves into multiple, dislocated small unit battles fought at very close quarters, sometimes even between parts of the same building. The short engagement ranges and urban clutter also reduce the ability to employ supporting firepower assets, like mortars and artillery. This puts much greater emphasis on the performance of junior leaders and individual soldiers in deciding the outcome of an urban operation than in more rural combat.

The complexity of the terrain and the proximity of the enemy also places a greater burden on junior commanders to act as information sources for higher commanders, adding greater demands on these individuals.

Therefore, the key aims of the Phalanx Platoon concept are to reduce cognitive load on junior commanders while enhancing their ability to defeat threats with their own assets.

The NGCT that ETG are experimenting with is based around 2 Phalanx Platoons and a Manoeuvre Support Group. The Phalanx Platoon is built of 3 sections of 10 personnel, an anti-armour/anti-structure capability, a platoon systems operator, a platoon commander and a platoon sergeant.

The new section consists of 2 4-person fire teams and an independent command element comprising section commander and a section systems operator. This command element was shown to increase the situational awareness of the section, through the employment of drones and intelligence kit, while reducing the cognitive burden on the section commander.

The systems operator is also removed from the fire teams to focus on controlling the small uncrewed air systems (UAS) and updating the Dismounted Situational Awareness (DSA) system, providing greater situational awareness to both the section commander and platoon headquarters.

Each Phalanx Platoon has a shoulder-launched rocket team, armed with a Carl-Gustaf weapon system. This enables a rapid, multi-shot capability that can utilise different warheads dependent on the mission and does not require a specialist user to operate in the same way that Javelin does. By having this capability independent of the sections, it allows a more effective employment of these capabilities while reducing the load on the sections in both weight and cognitive burden.

The Manoeuvre Support Group consists of assets that would traditionally be found in a support company, increasing the lethality options immediately available to a company commander. The entire company will be mounted in light mobility vehicles, to offer enhanced mobility but not a platform to fight from.

ETG Lead, Col Toby Till, said:

Dstl’s science has enabled us to look at increasing the size of the sections, which increases their survivability and enables them to remain effective, even whilst sustaining casualties. This increase also enables the section commander to be removed from a fire team, allowing a better focus on commanding the section and digesting the increased levels of information being generated by the systems operator.

The Manoeuvre Support Group also has 3 Javelin detachments to provide specialist anti-tank capability at the company level, with a greater range than that offered by the Carl-Gustaf Sensor Decider Effector (SDE) Teams and Indirect Fires. The Manoeuvre Support Group has 2 SDE Teams consisting of a Patrol Commander, Systems Operator/Mortar Fire Controller and a driver who also provides security. The company is assigned 2 81mm mortar barrels as integral indirect fires assets.

The SDE Teams will operate in the same way as a Fire Planning Cell at Battlegroup HQ level but is focussed on the assets integral to the company. The company also benefits from a MEP WOLFRAM, a Coyote vehicle fitted with a modular Brimstone missile launcher, to enable precision long range fires, as well as simulated Loitering Munitions, at Platoon and Company level.

Lessons learnt on Ex WESSEX STORM 1/23 will be taken forward and further refined on the ETG Live Firing Exercise (LIVEX), as well as the next Project CONVERGENCE event.

March 30, 2023
PRESS RELEASE : Government completes review of airport ground operations to increase sector’s resilience [March 2023]
The press release issued by the Department for Transport on 30 March 2023.

Areas set out for the aviation industry to focus on to avoid a repeat of the travel disruption seen last summer.
- ministers have agreed 10 areas for the aviation industry to focus on to address the issues with ground handling at airports seen last summer
- aim to help the aviation industry to rebuild its strength and resilience, so they can deliver for passengers for years to come
- follows an in-depth review of how the ground handling industry works and wide-ranging consultation with industry
The government has today (30 March 2023) set out 10 areas for the aviation industry to focus on to ensure airport ground operations get back to full capacity and avoid a repeat of the travel disruption seen last summer.

It concludes its review of the ground handling market, which the government committed to as part of its wider 22-point plan for tackling aviation disruption last June.

The report finds that staffing shortages were a major factor in last summer’s disruption, with ground handlers struggling to recruit enough staff in time for the peak travel season after coronavirus (COVID-19) restrictions were lifted and facing issues with onboarding processes.

Aviation Minister Baroness Vere of Norbiton said:

The misery passengers faced last year when their flights were severely delayed or cancelled at the last minute was simply unacceptable.

We’ve made it clear that improvements can and must be made, so the UK Civil Aviation Authority (CAA) are working closely with the industry to build a resilient ground handler market for years to come.

Since then, the aviation industry has made significant progress to improve its resilience. To ensure this progress continues, the government has also proposed:
- further exploration of how to improve how ground handlers’ performance is measured and monitored
- better engagement between ground handlers and the government, including through the new Aviation Services UK trade association
- continued support from the government and industry’s flagship Generation Aviation programme for recruitment, retention, upskilling and outreach
- establishing a series of working groups involving airports, airlines and ground handlers to address areas including airport ID processes and performance standards
Ground handlers undertake several activities including baggage handling, check in, catering and refuelling. But last year as the industry began its recovery, companies were unable to meet demand.

Shortages of staff at airports, including drops in ground handler performance, had a domino effect on the rest of airport operations, causing delays and last-minute cancellations for passengers around the country.

While the aviation industry operates in the private sector, and is responsible for managing demand and resourcing, passengers should have confidence the government is doing everything it can to help ahead of this summer season. With Baroness Vere meeting industry representatives to discuss Easter preparedness last week, it’s important that both the private sector and the government move in lockstep.

By focusing on these areas, the aviation industry, the government and CAA can build a sector that provides a world-leading service for passengers long into the future.
March 30, 2023
PRESS RELEASE : New fire safety guidance comes into force on 1 October 2023 [March 2023]
The press release issued by the Home Office on 30 March 2023.

Commencement regulations for new fire safety legal provisions within section 156 of the Building Safety Act 2022 have been laid in Parliament.
Section 156 of the Building Safety Act 2022 (BSA) makes a number of amendments to the Regulatory Reform (Fire Safety) Order 2005 (FSO) to improve fire safety in all buildings regulated by the FSO. These improvements form Phase 3 of the Home Office’s fire safety reform programme, building on Phase 1 (the Fire Safety Act 2021) and Phase 2 (the Fire Safety (England) Regulations 2022).

Phase 3 further strengthens fire safety in all FSO regulated premises by:

improving cooperation and coordination between Responsible Persons (RPs)

increasing requirements in relation to the recording and sharing of fire safety information thus creating a continual record throughout a building’s lifespan

making it easier for enforcement authorities to take action against non-compliance

ensuring residents have access to comprehensive information about fire safety in their building

We are not at this stage commencing a requirement for RPs to ensure that anyone they appoint to do a fire risk assessment is competent. We are actively working with the sector to develop a robust roll out plan and will provide more information on this in the coming months.

Guidance to support RPs in understanding and meeting these new requirements will be published before they come into force.

We have today published 3 new fire safety guides on small non-domestic premises, small blocks of flats and for small sleeping accommodation. These replace the old short guide to making your premises safe from fire. We have also published and updated the fire risk assessment checklist.
March 30, 2023
PRESS RELEASE : State Pension Age Review published [March 2023]
The press release issued by the Department for Work and Pensions on 30 March 2023.
- State Pension age rise to 67 will take place as planned between 2026-2028.
- Review within two years of next Parliament to reconsider rise to age 68.
- Delivers on Government responsibility to ensure the State Pension remains sustainable and fair across the generations.
The Government has confirmed the State Pension age will rise to 67 by the end of 2028, following a review published today.

After carefully considering expert evidence, including two independent reports, the Secretary of State for Work and Pensions has concluded the planned pension age rise from 66 to 67 for those born after April 1960 remains appropriate.

The Pensions Act 2014 requires the Secretary of State for Work and Pensions to regularly review State Pension age. To inform this Review, two independent reports were commissioned – analysis from the Government Actuary based on life expectancy projections and the proportion of adult life spent in retirement, and findings from Baroness Neville-Rolfe which considered relevant factors including life-expectancy trends.

As the number of people over State Pension age increases, the Government must ensure it remains sustainable and fair for current and future generations.

The Government plans to have a further review within two years of the next Parliament to reconsider the rise to age 68.

This gives the Government appropriate time to take into account evidence which is not yet available on the long-term impact of recent challenges, including the Covid pandemic and global inflationary pressures. These events bring a level of uncertainty in relation to the current data on life expectancy, labour markets and the public finances.

This will ensure that the Government is able to consider the latest information to inform any future decision on the State Pension age. This will include life expectancy and population projections updated with 2021 Census data and the latest demographic trends, the economic position and the impact on the labour market of the recently announced package of measures to tackle inactivity.

Given the wide-ranging impacts of changing the State Pension age, it is important to take the time to get any changes right.

Secretary of State for Work and Pensions Mel Stride said:

It’s essential the State Pension remains sustainable and fair across the generations. Our balanced approach will help achieve this and ensure we continue to provide security and dignity in retirement for millions of people across the country.

The Government remains committed to the principle of providing 10 years notice of changes to State Pension age, enabling people to plan effectively for retirement. All options for the rise to the State Pension age from 67 to 68 that meet the 10 years notice period will be in scope at the next review.
March 30, 2023
Andrew Griffith – 2023 Speech at the Funds Congress

The speech made by Andrew Griffith, the Economic Secretary to the Treasury, in London on 30 March 2023.

Introduction

Thank you, John. As a former public company CFO, it’s certainly a relief to know that you’re introducing rather than interrogating me today.

And thank you to everyone here at the Funds Congress for having me this morning.

I was, of course, delighted to be asked to speak at London’s largest asset management conference.

And even better that I can be with you today in person, given this is the first time Funds Congress has met physically since 2020.

What a lot has changed since then. But what hasn’t changed is the vital importance the asset management industry holds for the UK and the global economy.

An engine for UK growth and long-term economic prosperity. A world leader in portfolio management and sustainable finance. The second largest asset management centre in the world with a market share higher than France, Germany and Switzerland combined. And an innovative spirit coupled with a diversity of expertise unrivalled anywhere to boot.

Growth: The role of the asset management

Before I come on to what we can achieve together, let us consider where we are today.

A major source of high value jobs in the UK – employing 42,000 people directly and supporting many tens of thousands in adjacent services.

A unique lynchpin of the UK financial services ecosystem, existing at the heart of many concentric circles of value in the industry across the UK.

But more importantly, the performance that you deliver to help lift up the standard of living of millions, tens of millions are benefitting today as they save for a pension through auto-enrolment.

You generate close to 1% of the UK’s GDP.

And 3.6% of total UK service exports.

But that data doesn’t do justice to your impact today, let alone what we could achieve.

And while we have the legacy to lead in this space, we can’t be complacent.

Productive Finance

As the Chancellor outlined in his Bloomberg Growth speech, we want the UK to be among the most prosperous countries in Europe.

We want to spur economic growth.

And we have a plan to get there.

I want to pay particular attention to the role of enterprise.

Within this, I want to highlight reward for risk, access to capital and smarter regulation.

Because enterprises need funding, just as all our long-term priorities do.

It’s why we’ve been working hard to better facilitate investment in long-term assets that will be a crucial ingredient in the UK’s economic success over the years ahead.

Because we all know that there are global and domestic priorities we need to tackle. It’s why we’re a leader in green finance, it’s why we are working to level up, it’s why we want to be the next Silicon Valley – but these priorities need to be funded.

Currently, the UK has the fourth largest pensions market in the world.

If we can unlock just a fraction of Defined Contribution pensions schemes’ capital for investment into productive finance assets, ordinary pension savers could retire with more security and money to enjoy.

And simultaneously, we would increase the supply of private finance for innovative companies, and productive assets.

When talking about productive UK assets I mean infrastructure, I mean growth, I mean venture capital.

It’s why the launch of the Long-Term Asset Fund – or LTAF – is such an important step in unleashing long-term investment.

At the beginning of December, I spoke about how, together, we have created the LTAF to help unlock access to long-term illiquid assets.

Our conclusion is that it will lead to a significant boost to the productive capacity of the UK economy – including much-needed infrastructure and decarbonisation products.

Because we know that client demand for illiquid investments is increasing. So it’s welcome that additional work such as the Productive Finance Working Group’s guides to illiquid investments is helping to set direction for DC pension schemes.

And I’m excited to hear of firms that are formally submitting their LTAF applications to the FCA.

It may sound like a niche, technical area to get animated over. But it’s far from it. It has the power to be transformative for our sector, the economy and society as a whole.

Funds Regime

The work on LTAFs is best understood alongside the wider work to review the UK’s funds regime.

Here our ambition is to further build on the UK’s world-leading position in asset management by making the UK a much more attractive place for funds to domicile.

And by ensuring the investors can access a suitably wide range of fund vehicles, so they can pursue the exciting investment strategies of tomorrow from the UK.

With your support and expertise we will continue striving to make this a reality. We will make the taxation of funds more efficient. We will expand the range of investment products available in the UK. And we will facilitate the kind of innovation which helps investors and the wider economy.

Global Opportunities

My responsibility is to ensure the UK financial services industry is the very best that it can be.

On making sure we have agile and effective regulation.

The Edinburgh Reforms take forward the government’s ambition for the UK to be the world’s most innovative, open and competitive global financial centre.

To drive growth and competitiveness in this crucial sector, while retaining our commitment to high international standards.

The Chancellor has committed to move rapidly to review retained EU law over the next year to identify reforms which have the greatest potential to unlock growth in key areas, including in financial services.

The Edinburgh Reforms themselves, of course, do not directly impact many of you here today. But what they show is our direction of travel: to use our new freedoms to tailor regulation to our industries and untether parts of our economy that have been held back.

To what end? To becoming the most innovative, productive, well-oiled financial services sector in the world that delivers for communities across all four nations of the UK.

I want to harness your strengths, unlocking institutional investment so that we can channel money to where it can do the most good: infrastructure, technology and innovation, the journey to net zero.

I want our country to be the best country in the world for businesses to invest, grow and flourish.

And I need your help in directing ever-more investment to these cutting edge-firms and long-term priorities.

On the subject of long-term priorities, could anything be more important than our country’s security?

It is my view that our security and freedom might just rely on our willingness to invest in defence over the long-term. So, I ask, as a sector, are we undervaluing defence and if so, what can each of us do about it?

FSM Bill

And the truth is we need to think long-term. We live in a globally competitive landscape. Our competitors are not taking a break.

Our Financial Services and Markets Bill, therefore, has competitiveness baked into it, aiming to enhance the UK’s position as a global leader in financial services.

The Bill introduces secondary statutory objectives for the PRA and the FCA to provide for a greater focus on growth and international competitiveness.

Technology

If we are to realise that ambition, we need to also ensure that UK financial services are at the forefront of technological advancements. To unlock the untapped potential new technology can bring to every town and city, and to grow the economy.

It’s already enabling us to embrace green finance – on which we want to lead the world – and exploit the great opportunities provided by AI, Quantum Computing.

And the asset management industry has the unique capability to harness the opportunities of innovative technologies, and one development I’d like to highlight is on digital assets – those made possible by the rise in blockchain technology.

We are establishing a framework for regulating cryptoassets and stablecoins.

This includes ensuring that the Treasury has the powers to regulate cryptoassets within the existing financial services framework which could cover those relating to the trading and investment of cryptoassets.

Just last week, we published a consultation setting out comprehensive proposals for regulating the sector.

At the end of last year, we made regulations to expand the Investment Manager Exemption tax rules to include transactions in cryptoassets, to remove disincentives to UK fund managers investing on behalf of overseas investors from including cryptoassets in their portfolios.

This will provide greater tax certainty for UK fund managers and foreign investors and put the UK at the forefront of the developing global cryptoasset fund management sector.

Sustainable Investments

Finally, I cannot speak about the global context without acknowledging ESG and the importance of sustainable investment.

I want the UK to be the best place in the world for sustainable finance and we have taken world-leading action to green the financial system.

London was recently ranked as the world’s leading hub for sustainable finance for the third consecutive time.

And I’m very proud that so many asset managers are signatories to the Financial Reporting Council’s Stewardship Code and members of the Net Zero Asset Managers Initiative – reflecting the importance the Government places on responsible and productive stewardship of capital.

Conclusion

I’ll end by repeating my thanks to you all for having me at the Funds Congress.

It’s an exciting time for asset management and we’re depending on this trusted industry to invest in the future of the UK.

I know we will work closely as we continue to promote growth and enable a competitive, thriving financial services sector. Thank you.

March 30, 2023
PRESS RELEASE : New plan puts UK at the forefront of fight against economic crime [March 2023]

The press release issued by the Home Office on 30 March 2023.

Government, law enforcement and private sector agree on a new plan to crack down on money laundering, kleptocracy and sanctions evasion.

Corrupt elites and criminal gangs who abuse our financial system will be identified and stripped of their cash through a new plan to tackle economic crime.

The Economic Crime Plan 2 builds on the foundations of its predecessor with new actions to improve the system-wide response to economic crime through enhanced cooperation between government, law enforcement, supervisory agencies and the private sector.

Our response to economic crime will be bolstered by 475 new highly trained financial crime investigators, spread across intelligence, enforcement and asset recovery at key agencies. This increased capacity will be targeted toward the detection and disruption of money laundering, and the recovery of an additional £1 billion in criminal assets over the next 10 years.

Building on our unprecedented package of sanctions in response to Russia’s invasion of Ukraine, we are now expanding the National Crime Agency’s Combatting Kleptocracy Cell to target more corrupt elites and their enablers, while consolidating the effectiveness of UK sanctions.

As criminals seek new ways to launder their profits, we are investing £100 million in cutting edge technology, including data analytics, to equip law enforcement with the tools they need to stay one step ahead. A new multi-agency crypto cell will be established that combines law enforcement and regulators to pool expertise and more effectively identify, seize and store illicit crypto assets.

Home Secretary Suella Braverman said:

Economic crime undermines the integrity of our financial system and weakens our national security.

Through robust legislation and a strengthened law enforcement response, we’ve come a long way in cracking down on dirty money, but this plan helps us go further.

Backed by our partnership with the private sector, we have the resources and expertise we need to identify criminal networks and confiscate the proceeds of their illicit activities.

Cooperation with the private sector is critical to the plan’s success, which is why we will develop a new approach to public-private prioritisation, which will maximise our collective intelligence and resource to detect and disrupt economic crime.

The UK’s supervisory regime will be strengthened, with increased information sharing between partners, and greater government oversight to ensure effectiveness and compliance with Money Laundering Regulations.

Treasury Lords Minister Baroness Penn said:

Economic crime harms our economy and destroys lives. More funding from government and the new contribution from industry through the new levy will allow us to deliver a step change in our response.

While the Economic Crime and Corporate Transparency Bill progresses through Parliament, this multi-stakeholder plan ensures that we can maximise the new powers through strengthened capacity and greater expertise. This will enable us to swiftly and effectively act to identify fake companies and hold criminals to account.

The 3 year plan is backed by £400 million in additional investment to tackle economic crime over the Spending Review Period. This includes £200 million HMG investment and £200 million from the Economic Crime (Anti-Money Laundering) Levy raised from the private sector. This funding will ensure a step-change in our response by supporting the delivery of critical economic crime reforms, including those set out in the Economic Crime Plan. The Plan also commits us to exploring new ways to reinvest suspected illicit funds back into combatting economic crime and supporting victims.

Bob Wigley, Chair of UK Finance said:

Tackling economic crime is a key priority for the banking and finance industry and we welcome the launch of the Second Economic Crime Plan.

Partnerships between the private sector, law enforcement, regulators and government are vitally important. Through this new plan we will continue to work together to ensure our collective system more effectively combats all forms of economic crime.

Graeme Biggar, Director General of the NCA said:

The NCA’s National Economic Crime Centre has led the way in bringing together the public and private sectors to ensure systems are in place to tackle high harm financial crime to protect the UK’s public, financial structures and reputation.

The reforms detailed in the Economic Crime Plan are crucial to move us to the next level in our fight against the dirty money that fuels serious and organised crime. They will enhance our capabilities to identify illicit finance and drive it out of the UK; targeting corrupt elites, and the money launderers criminal gangs rely on.

Michael Izza, Chief Executive of ICAEW, said:

We are supportive of the measures set out in this plan which will help in the fight against economic crime, and we will continue to invest in robust supervision, education and intelligence-sharing.

A key success of the first Economic Crime Plan was developing the partnership between accountancy and the public sector to crack down on money-laundering.

Tackling economic crime and driving dirty money out of the UK’s financial systems will be best achieved by Government working closely with professional body supervisors, and we look forward to collaborating on the actions outlined in the second Economic Crime Plan.

Read the Economic Crime Plan

March 30, 2023
PRESS RELEASE : Call for veterans and civilian staff from across the Commonwealth to claim commemorative Nuclear Test Medals [March 2023]
The press release issued by the Cabinet Office on 30 March 2023.

In recognition of their significant contribution to the UK’s nuclear deterrent testing programme, potentially thousands of veterans and civilian staff, and next of kin, across the UK and Commonwealth can now apply for a commemorative medal.
- Nuclear test programme veterans, civilian staff and their descendants urged to come forward and claim commemorative medals
- Around 22,000 military personnel and civilian staff from the UK and Commonwealth nations are thought to be eligible
- Due to be rolled out from late summer, the medal recognises the critical role of veterans and civilian staff contribution to the UK’s nuclear deterrent testing programme in the 1950s and 1960s
In recognition of their significant contribution to the UK’s nuclear deterrent testing programme, potentially thousands of veterans and civilian staff, and next of kin, across the UK and Commonwealth can now apply for a commemorative medal.

From late summer, the UK Government will be issuing Nuclear Test Medals to eligible service personnel and civilian staff, including posthumous awards to next of kin.

Minister for Veterans’ Affairs Johnny Mercer said:

This important step moves us closer to recognising the work of those civilians and veterans who played a critical role in establishing the UK’s nuclear deterrent and contributing to our enduring international security.

I strongly encourage all eligible veterans and civilian staff to apply for the award, which demonstrates the important role they played in making the UK the third nuclear power, and wear their new medals with pride.

The medal will be awarded free of charge to individuals who participated in the UK Nuclear Test Programme, including the preparatory and clear-up phases, from 1952 to 1967.

Defence Secretary Ben Wallace said:

Nuclear Test Veterans have made an invaluable contribution to the safety and security of the UK and it’s right that we recognise and value their enduring service to our nation.

The medal also recognises the contribution made by veterans and civilian staff from across Australia, New Zealand, Fiji and Kiribati. All service personnel and civilians under UK command, including close partners from the Commonwealth and Pacific region, who participated in, or were present at, the British or American nuclear tests at the Montebello Islands, Christmas Island, Malden Island and Maralinga & Emu Field, South Australia between 1952 and 1967 will be eligible for the medal. This also includes scientists and local employees.

To further recognise the contribution of veterans of Britain’s nuclear tests, the government invested £450,000 into projects which will commemorate and build further understanding of the experiences of veterans who were deployed to Australia and the Pacific.

As part of that funding, the Office for Veterans’ Affairs is launching an oral history project to chronicle the voices and experiences of those who supported the UK’s effort to develop a nuclear deterrent.

Due to start in April 2023, the project will run for two years, giving nuclear test veterans the opportunity to be interviewed, and contribute to an accessible digital archive of testimonies about their time working on the tests.

A further £200,000 fund was launched in February 2023, to support community projects designed to provide bespoke direct support to Nuclear Test Veterans and their families, memorialise and raise public awareness of their service.
March 30, 2023