Tag: 2023

PRESS RELEASE : Transport Secretary sets out record investment plans for transport network [March 2023]
The press release issued by the Department for Transport on 9 March 2023.

Over £40 billion will be invested in transformational transport schemes over the next 2 financial years across the country.
- record £40 billion of capital investment confirmed over next 2 financial years, despite challenging economic circumstances
- prioritising delivery of HS2 from Old Oak Common to Birmingham Curzon Street to ensure passenger benefits as soon as possible
- responsible decisions taken on other transport schemes to help balance nation’s books and allow time for planning processes
The Transport Secretary has today (9 March 2023) ensured record funding is invested in the country’s transport network, sustainably driving growth across the country while managing the pressures of inflation.

As part of the government’s largest capital programme commitment ever, over £40 billion will be invested in transformational transport schemes over the next 2 financial years across the country, helping to level up local communities and deliver on one of the government’s 5 priorities to grow the economy.

This includes a continued investment in delivering HS2, which will grow local economies, provide a green transport solution and train a skilled construction workforce, as well as almost £8 billion in investment over the next 2 years in major roads – the nation’s economic arteries, which support the bulk of passenger journeys.

With over £20 billion spent on Phase One already, the government will prioritise delivering the opening stage of HS2, with the first high-speed rail services running between new stations at Old Oak Common in west London and Curzon Street in Birmingham by the early 2030s. This will be transformative for passengers and communities, ensuring that the earliest benefits of HS2 are retained – creating jobs, attracting investment and sparking housing and commercial regeneration along and beyond the route.

The government also remains fully committed to delivering HS2 from Euston to Manchester. However, in recognition of inflationary pressures and to help balance the nation’s books, the next 2 years will be used to rephase construction and optimise future delivery of Phase 2a between Birmingham and Crewe so this is done in the most cost-effective way. This aims to deliver high-speed services to Crewe and the North West as soon as possible after accounting for the rephasing of construction.

At the same time, the government will take the time to ensure an affordable and deliverable design at Euston, with a view to delivering the station alongside high-speed infrastructure to Manchester, while the High Speed Rail (Crewe-Manchester) Bill continues through Parliament.

Work continues on progressing commitments made in the Integrated Rail Plan to develop HS2 East, the proposed route for HS2 services between the West and East Midlands, and to consider the most effective way to take HS2 trains to Leeds.

Transport Secretary Mark Harper said:

We know the power of transport as an engine for sustainable economic growth. That’s why – even in this tough economic climate – this government sees transport investment as a down payment on the country’s future and is committing £20 billion over each of the next 2 years to improve the UK’s transport network.

But we can’t ignore the current realities. Putin’s war in Ukraine has hiked up inflation, sending supply chain costs rocketing. The responsible decisions I’ve outlined today will ensure we balance the budget at the same time as investing record sums in our transport network to help halve inflation, grow the economy and reduce debt.

Despite the government’s record £40 billion investment, there are challenging economic headwinds following Russia’s illegal invasion of Ukraine and supply chain disruption as the global economy recovers from the pandemic, which have made project delivery difficult.

This means the government has had to take tough decisions on what can be achieved within original timeframes.

The A27 Arundel Bypass and A5036 Port of Liverpool Access in the Roads Investment Strategy (RIS 2) both face a range of challenges including environmental considerations and ongoing design changes, and so will be developed in RIS 3 (covering 2025-2030) to allow time to ensure stakeholders’ views are fully considered. The schemes earmarked for RIS3 (2025-30) will continue to be developed and considered for inclusion within RIS 4, which will run from 2030-2035. Given many of these schemes were previously expected towards the end of RIS 3, this extra time will help ensure better planned and efficient schemes can be deployed more effectively.

As one of the largest planning applications ever, the Lower Thames Crossing, backed by £800 million to date, will also be slowed down by 2 years. This will allow more time to take into account stakeholder views and prepare an effective and deliverable plan, while helping to meet inflationary pressures and deliver the planning processes properly.

The government is committed to supporting all forms of transport and is investing more than £3 billion into active travel up to 2025, despite the efficiency savings needed due to global financial pressures. This includes existing funding for active travel schemes such as through the City Region Sustainable Transport Settlements (CRSTS) and National Highways to level up access to active travel across the country. The department will invest at least £100 million across the remainder of the Spending Review period – for 2023/24 and 2024/25. This will be on top of an expected £850 million investment up to 2022/23.
March 10, 2023
PRESS RELEASE : NHS prescription charges from 1 April 2023 [March 2023]
The press release issued by the Department of Health and Social Care on 9 March 2023.

The National Health Service (Charges for Drugs and Appliances) (Amendment) Regulations 2023 (‘the Amendment Regulations’) have today been laid before Parliament to increase certain National Health Service charges in England from 1 April 2023.

We have applied an inflation rate of 3.21%. This year we have increased the prescription charge by 30 pence from £9.35 to £9.65 for each medicine or appliance dispensed. The cost of prescription pre-payment certificates (PPCs) will also be increased: 3-month PPC increases by £1 to £31.25 and 12-month PPC increases by £3.50 to £111.60. The recently introduced HRT PPC will cost £19.30.

Charges for wigs and fabric supports will also be increased in line with the blended inflation rate, as described above. Details of the revised charges for 2023 to 2024 can be found below.

Prescription charges
- Single charge: £9.65
- 3-month PPC: £31.25
- 12-month PPC: £111.60
- HRT PPC: £19.30
Wigs and fabric supports
- Surgical bra: £31.70
- Abdominal or spinal support: £47.80
- Stock modacrylic wig: £78.15
- Partial human hair wig: £207.00
- Full bespoke human hair wig: £302.70
March 10, 2023
PRESS RELEASE : The 10 INSTEX shareholder states have decided to liquidate INSTEX due to continued obstruction from Iran [March 2023]

The press release issued by the Foreign Office on 9 March 2023.

The UK, France and Germany (the E3) have issued a joint statement announcing the liquidation of INSTEX.

The E3 said:

The INSTEX shareholders – Belgium, Denmark, Finland, France, Germany, the Netherlands, Norway, Spain, Sweden, and the UK – have decided to liquidate INSTEX.

INSTEX was set up by France, Germany, and the United Kingdom in 2019 to facilitate legitimate trade between Europe and Iran, particularly in humanitarian goods. Over the past 4 years, INSTEX has consistently tried to facilitate trade exchanges between Europe and Iran. There was a strong and sustained demand by European exporters to use the INSTEX mechanism, mainly from the humanitarian sector.

For political reasons, Iran has systematically prevented INSTEX from fulfilling its mandate. Iran only agreed to a single transaction, in early 2020, for the export of medical goods from Europe to Iran. After that, Iran consistently and deliberately blocked other proposals for transactions between the United Kingdom, Norway, the European Union and Iran. This was born from a political determination to impede the use of INSTEX under any circumstance. Thus, the Iranian leadership has chosen to act against the interests of its people by refusing to cooperate on the export of medicine and other life-saving goods.

In light of Iran’s persistent refusal to engage with the company, the INSTEX shareholders have reached the conclusion that there is no more ground for maintaining INSTEX operational. The INSTEX shareholders have voted in favour of the dissolution of INSTEX at the extraordinary general assembly of March 9th 2023. This decision is taken on its own merits for exclusively commercial reasons.

March 10, 2023
PRESS RELEASE : IAEA Board of Governors – Agenda Item 7 – Nuclear safety, security and safeguards in Ukraine – UK National Statement [March 2023]

The press release issued by the Foreign Office on 9 March 2023.

IAEA Board of Governors, March 2023. Agenda Item 7: Nuclear safety, security and safeguards in Ukraine. UK National Statement.

Thank you Chair,

The United Kingdom thanks the Director General for his latest report on Nuclear Safety, Security and Safeguards in Ukraine. We also welcome the Joint Statement delivered by Canada and supported by 50 Member States. This is another clear repudiation of Russia’s senseless actions against nuclear safety in Ukraine.

Chair,

As we mark one year of Russia’s illegal and unprovoked invasion of Ukraine, I would like to start by taking a moment to pay tribute to the bravery, resilience and determination of both the people of Ukraine – who continue to defend Ukraine from Russia’s war of aggression – and Ukrainian staff working at the Zaphorizhzhia Nuclear Power Plant who continue to work tirelessly to uphold nuclear safety under extremely difficult conditions.

Chair,

Russia’s barbaric attacks on Ukraine’s sovereign territory continue to be a violation of international law, and the UN charter. Unbelievably, as we have heard this morning, last night Russia launched further attacks against Ukraine’s energy infrastructure and its nuclear facilities.  As the Director General said, as a result of these attacks the Zaporizhzhia Nuclear Power Plant lost its only remaining connection to the electricity grid (for the sixth time since the start of Russia’s war of aggression). There are also reports of missile strikes near Rivne and South Ukraine NPPs.

Let us be clear. Only one country is responsible for these attacks – Russia. This is unacceptable and has to stop. Russia’s contempt for nuclear safety threatens us all. As the Russian Ambassador stated earlier this week – “attacks on nuclear facilities – including “in Ukraine and at Zaporizhzhia” – are unacceptable and must stop immediately. We urge him to act on his own words.

Frankly, Chair, I am shocked by the Russian Ambassador’s attempt just now to suggest that Russian shelling – such as last night’s – is not a risk to nuclear safety. The United Kingdom utterly condemns this further escalation in the strongest possible terms. We call again on the Russian Federation to cease its senseless actions against Ukraine’s nuclear facilities.

Chair, as the Russian Ambassador just said, “There is a problem and we can only solve it in one way”.

Chair, that way is for Russia to withdraw from Ukraine’s internationally recognised borders.

Chair,

The Director General’s report before us today is another helpful, independent assessment of the nuclear safety and security implications of Russia’s aggression in Ukraine. What happened last night was not the first time. As a result of attacks earlier in the reporting period, all of Ukraine’s Nuclear Power Plants lost external power. As the Director General set out in his report this is “a concerning development”. We also welcome the clarity in the Director General’s report about the seriousness of the situation at the Zaporizhzhia Nuclear Power Plant. Put simply, continued Russian control of the plant and the Russian occupiers’ horrific treatment of its Ukrainian staff – despite the Russian Ambassador’s attempts to claim otherwise – are increasing the risk of a nuclear incident. This is irresponsible and unacceptable.

We share the Director General’s “grave concern” about decision making at the site, due to contradictions in the chain of command and note that each one of the Director General’s “seven indispensable pillars for nuclear safety security” have been compromised. We were also extremely concerned to see the Director General report that the Russian Federation has not responded to pleas from the Agency to remove military vehicles and equipment from the turbine halls of reactors one and two, further endangering nuclear safety.

Let me re-stress that point: military vehicles and equipment, which the IAEA has witnessed but the Russian Ambassador denies exists. Russia’s continued actions are not compatible with the actions of a responsible nuclear actor. The Russian Federation is solely responsible for this “dangerous, precarious and challenging” situation. The United Kingdom remains clear that the solution to this long list of threats to nuclear safety and security is for Russia to cease its illegal control of the Plant.

Chair,

We also condemn Russia’s efforts to spread disinformation about events in Ukraine – disinformation we have already heard repeatedly this morning from the Russian Ambassador, including the incredible accusation that Ukraine shelled its own electricity grid. We note that the DG’s report confirmed that the final analysis of samples taken by the IAEA in its investigation into Russian allegations of a `dirty bomb’ did not find any indications of undeclared nuclear activities or materials related to the development of radiological dispersal devices or high explosive compounds. This lays to rest another of Russia’s ridiculous, baseless allegation, although I note the Russian Ambassador’s attempt to revive these just now – more disinformation. The Russian Ambassador says Russia has never taken action against nuclear facilities. Those were his words. Occupying an NPP? Shelling its power supply? Stationing military vehicles in the turbine halls? These are all clear examples of actions taken against nuclear facilities.

Chair,

The United Kingdom continues to support the work of the IAEA in Ukraine. We welcome the establishment of a permanent Agency presence at Ukraine’s nuclear facilities in January. This will be important to help Ukrainian staff to manage the challenging situations they find themselves in.

Chair,

The United Kingdom will continue to support the Agency’s work in Ukraine. Since the crisis began, we have already provided over 4.5 million euros to support the Agency’s work in Ukraine and I am pleased to announce today a further 570,000 euros of United Kingdom funding to support the Agency’s nuclear security work in Ukraine. We support the Director General’s efforts to enhance nuclear safety and security around the Zaporizhzhia Nuclear Power Plant, including his attempts to establish a nuclear safety and security protection zone that protects these seven pillars and upholds Ukrainian sovereignty.

Finally Chair,

The United Kingdom would also like to inform Board Members of the actions we will continue to take at the IAEA and more broadly to ensure Russia is held accountable for its actions. We will continue to expose and sanction those supporting Russia’s illegal war and on 24 February, the United Kingdom announced a further package of sanctions which includes senior executives at Rosatom. We also reaffirm our commitment that no UK extra-budgetary funding to the IAEA will benefit the Russian Federation; that no UK experts will attend IAEA events in Russia; and that no UK experts will appear on panels for Agency events alongside participants from the Russian Federation. We call on other Member States to take similar action.

Thank you Chair.

March 10, 2023
PRESS RELEASE : OSCE Project Co-ordinator in Uzbekistan: UK response [March 2023]

The press release issued by the Foreign Office on 9 March 2023.

Deputy Ambassador Brown thanks Hans-Ulrich Ihm from the OSCE Project Co-ordinator in Uzbekistan for the team’s work, including on cyber security, human rights, and climate change.

Thank you, Mr Chair. I would like to welcome you Mr Ihm to the Permanent Council and thank you and your team for your report and work over the last year.

The UK has continued to build our relationship with Uzbekistan and is committed to supporting the Government there in carrying out its wide-ranging reforms, which we hope will continue at pace in the coming year.

My ambassador had the pleasure of visiting Uzbekistan and your field mission in November and was encouraged by the field mission’s relationship with the Government of Uzbekistan’s foreign ministry, their interest in engaging with the mission on human rights issues, and their recognition of the importance of countering disinformation and providing reliable official communication.

It was clear from my visit that your mission can clearly play a major role in assisting the Government of Uzbekistan with their planned reforms, as well on issues like gender equality; the economy and environment; climate; and on strengthening resilience on transnational threats, including cyber.

I would like to focus my remarks on some of these areas.

First, we welcome your mission’s prioritisation of cyber security and efforts to support the host government to strengthen its national capacity to effectively address these.

Second, the UK is deeply concerned by the risks climate change poses to the long term security and prosperity of Central Asia, and fully supports the OSCE’s activities helping to mitigate its impact in Uzbekistan. The Glasgow Climate Pact recognised the importance of mitigation by keeping nationally determined contributions (NDCs) on the UNFCCC agenda, and we call on the Government of Uzbekistan to commit to ambitious NDCs. Concerted climate action has become more important as attention is forced away from the climate crisis by Russia’s war against Ukraine.

Thirdly, we acknowledge the work of the OSCE in promoting democratic policing principles and encourage the Uzbek government to address alleged human rights abuses. The UK was deeply concerned by events in Karakalpakstan in July 2022, and we call on the Government of Uzbekistan to follow a transparent process as they bring security forces to account where necessary. Protecting human rights is a cornerstone of the OSCE. We welcome democratic principles being embedded in the constitution, and the consultative process being followed in identifying these changes. We hope the ODIHR will be invited to observe the postponed referendum on constitutional reform.

We thank the OSCE for their work highlighting the role of media and civil society. Media Freedom is essential to democracy, allowing citizens to directly engage with government. During his trip to Uzbekistan my ambassador met with members of civil society. We encourage the mission in Uzbekistan to support the Uzbek government in fostering an enabling environment for civil society.

We also welcome the work of the mission in addressing gender-based violence. We have conducted a series of training events in Uzbekistan for religious leaders and law enforcement in cooperation with UNFPA on addressing gender-based violence.

In closing let me thank the team in Uzbekistan for their efforts in upholding the principles of the OSCE, and ensuring their important work continues, particularly in light of the considerable challenges caused by the blocking of the unified budget. We hope that staffing issues do not reduce the efficacy of the office in 2023.

Thank you.

March 10, 2023
Andrew Griffith – 2023 Speech at a FIX Trading Conference

The speech made by Andrew Griffith, the Economic Secretary to the Treasury, on 9 March 2023.

Introduction

Good morning everyone and thank you for the invitation to speak to you today.

I am also glad to see that Professor Hübner will be speaking afterwards, in a reflection of our shared commitment to the highest standards of global market regulation.

And we couldn’t be in a better place to discuss these issues.

No one is sure how the market got its name, but Old Billingsgate has been synonymous with fish since the 16th Century, and it was the century after that Parliament passed an act to make it a “free and open market for all sorts of fish whatsoever”.

There was one exception: the sale of eels from Dutch fisherman.

As London boomed, the city’s population began eating so many eels that the domestic stock couldn’t keep up.

And over time, the Dutch had shown they were the only people who knew how to transport live eels in bulk. British ships couldn’t manage it. And so, the Dutch established a de facto monopoly on eel sales in London.

There’s two pertinent points here.

One, this venue, having dealt with slippery animals before is well suited to accommodating politicians.

And two: some countries are better in certain sectors. The Dutch had the eel trade, and we have financial services.

But jokes aside (because, of course, the Dutch do share with us a long-standing tradition in financial services) this sector is incredibly valuable to our country.

This is an industry that contributes 12% of the UK’s total economic output and employs over 2.2 million people.

It’s the UK’s largest net exporting industry and its largest taxpayer.

So let me start by saying “thank you”. Thank you for taking risk, employing and developing your people and the valued contribution you make. I never forget that you have a choice where to locate or to raise or invest capital.

Because it’s a competitive world out there and the UK must and will compete for every pound, dollar or euro of business.

And it’s my job to make sure we put in place the support environment in which you can do so.

Led by the Prime Minister, supported in lockstep by the Chancellor and me, this government firmly believes that financial services and private capital are at the heart of the solutions to the national and international challenges we face, from aging populations to protecting nature, from supporting left behind communities to conquering diseases.

So, I want to assure you of the importance that the government places on this sector. Not just through my words today, but through our actions.

Capital Markets

In particular, one of the UK economy’s great strengths is its capital markets.

The UK is blessed with capital markets that are among the deepest, most liquid and most competitive anywhere in the world.

We are Europe’s leading hub for investment, and the second largest globally. We have the most international equities market and two of the world’s largest clearing houses.

Our capital markets are relied upon by some of the world’s largest businesses – and, by the way, will be crucial in funding the global transition to clean, low carbon energy.

It explains why, in 2021 alone, more than £17bn of new capital was raised for firms in the UK on the London Stock Exchange alone, a 15-year high, with over 120 deals completed.

How do we account for this achievement?

It’s through our fundamental strengths such as the rule of law, English language, a fortuitous time zone, and the fact that London is one of the world’s most diverse and liveable cities.

It’s through the expertise of firms that base themselves here, whether that be in finance itself or all the services that support it, from legal to accounting.

But this strength is also fostered through innovation, competition and high regulatory standards.

The government of which I am a part has a clear vision: making UK regulation more proportionate and simpler… keeping it relevant for a modern world and enabling innovation.

This government is focused on delivering this vision for the financial services sector. And when I say focussed on delivering, that’s exactly what I mean. My mantra is delivery, delivery, delivery.

Capital Markets reforms

So, building on the strengths of capital markets, we are pressing ahead with an ambitious programme of capital markets reforms.

We are implementing the practitioner led reforms suggested by Lord Hill and Mark Austin – who have provided concrete steps to help us be more competitive.

This includes completely overhauling the UK’s Prospectus Regime to widen participation in capital markets, improve the efficiency of fundraising for companies and improve the quality of information investors receive.

We will do this by repealing the existing Prospectus Regulation and replacing it with a new regime tailored to the UK. Our new regime will be simpler, more agile, and more effective, and we have already published draft legislation to do that.

We aren’t stopping there – we are also keen to accelerate the settlement of financial trades, and as part of the Edinburgh Reforms we announced the creation of an industry taskforce to see how we can do so, such as by moving to a ‘T+1’ standard.

Faster settlement could reduce counterparty risk, increase efficiency and promote greater automation of back office processes.

It will ensure that the UK continues to be a world leader in this area.

The taskforce is being chaired by Charlie Geffen, who is bringing together the industry to recommend an approach that works for the UK.

Separately, we have also set up the Digitisation Taskforce, which will drive forward the digitisation of all remaining paper share certificates in the UK.

It will also set out how we can improve communications between different parts of the market, and how investors will be able to have far better interactions with the companies they invest in.

This work is being led by Sir Douglas Flint and I am looking forward to receiving his interim report this spring.

I know that some of those in the room are already involved in these initiatives. Thank you for your insight and I look forward to seeing your recommendations.

We are also reforming our rulebook for wholesale markets through the Financial Services and Markets Bill.

Those changes will boost liquidity by giving greater choice to firms on where and how to trade.

To give you one example which I know is of particular interest to many of you.

The Bill will allow the Treasury and the FCA to put a framework in place to facilitate the development of a consolidated tape by 2024.

Transparent and timely data plays a key role in helping markets to function efficiently and the tape, by acting as one single source, will improve liquidity and lead to lower trading costs.

This is particularly true for the fixed income markets, given how fragmentated the data currently is.

And there’s more…

In December, we announced that we are taking a closer look at retail disclosure and short selling.

On retail disclosure, the government is committed to repealing the current PRIIPs regulation as a matter of priority and replacing it with an alternative framework that works for the UK.

As for short selling, I see it as an important tool in financial markets. The UK should therefore have regulations that support it and do not place excessive burdens on market participants.

Both of these areas are ripe for reform with the common theme of reducing red tape and making markets work better.

Let me also share with you some news that I am announcing this morning.

To ensure that the UK continues to be one of the best places for companies to list and trade, we need to ensure that investors have access to the information they need to make investment decisions.

Companies need to feel confident that their investors will understand them, their goals and ambitions, and embark with them on their growth journey.

This is why the volume and quality of research matters. That translates into more liquid markets and can help obtain higher valuations.

I am therefore pleased to announce that another City expert … Hogan Lovells Partner and financial services regulatory expert Rachel Kent, will lead the Investment Research Review.

The Review will gather evidence on the impact that the UK’s investment research offering has on both public and private markets, recognising the role that research plays throughout a company’s life cycle. While a lot broader in scope, Rachel will also look specifically at the impact of the MiFID unbundling rules when considering solutions.

With her experience and knowledge of the sector, as well as the regulatory framework, I have every confidence that Rachel will do a fantastic job at convening the sector, looking at the evidence and finding solutions to improve the UK market for investment research, before delivering her recommendations in June.

FSM Bill

As previously mentioned, a key part of delivering our reform agenda is the Financial Services and Markets Bill, currently progressing through its final weeks in Parliament.

Without getting into the weeds of the Bill, it will enable us to progress our ambitious plan to replace retained EU law with an approach that is tailored to the needs of UK markets.

Central to this is the new duty on the FCA and PRA to facilitate the international competitiveness of the UK and its growth in the medium-to-long term.

We will do this in a balanced, ordered way – and will only target policy change where there are clear benefits to the sector and the wider economy.

Of course, as the regulators take on more responsibility for setting rules once we repeal retained EU law, it is right that their objectives reflect the critical role of the financial services sector in supporting the wider economy.

Increased responsibility for the regulators must be balanced with clear accountability, appropriate democratic input, and transparent oversight.

To that end, the Bill includes measures to increase the accountability of the regulators to Parliament, strengthen their relationship to the Treasury, make them publish more of their performance metrics and enhance their engagement with stakeholders – including many of you here today.

A sector at the forefront of technology and innovation

And in changing – or innovating – our regulation, we are simply in keeping with the innovative traditions of this sector.

We are one of the world’s top two financial hubs and the world’s largest net exporter of financial services.

Your capability to deploy capital behind innovation combined with our research strengths, makes the Prime Minister – the entire Government’s – aspiration to be a technology superpower by 2030 ambitious but highly achievable.

The financial services sector is driving this agenda, and leading the change brought by technology and innovation.

And the government is there to help you drive that change…

We are creating a Financial Market Infrastructure Sandbox, which will help industry adopt and scale digital solutions that could radically change the way markets operate, and lead to markets that are more efficient, transparent and resilient.

The first FMI Sandbox will be up and running this year. And as we learn from the outcomes of this flagship initiative, more can be established.

We’re looking forward to watching firms grow in the sandbox, moving on from buckets and spades to world beating technological tools.

We have recently published a wide-ranging consultation paper, setting out our proposals to establish a comprehensive framework for regulating cryptoasset activities in the UK, providing clarity for consumers and firms.

By capitalising on the potential benefits offered by crypto – and the underlying technology – we are strengthening our position as a world-leader in fintech and unlocking further growth opportunities and innovation.

And last month, the Treasury and the Bank of England issued a joint consultation on a potential digital pound in the UK.

This is a major milestone in our work in this area, marking the end of the research and exploration phase and the beginning of the design phase of work.

We are also taking forward other initiatives in the innovation space, such as the new Centre for Finance, Innovation and Technology – or CFIT -launched last week and backed by £5 million of Treasury seed funding. CFIT will champion the UK’s world-leading fintech sector, helping firms to create high-skilled jobs across the country and to achieve truly global scale.

Concluding remarks

Ladies and gentlemen, this is an exciting time.

We face challenges, yes.

But in confronting them we also find opportunity.

Opportunity to do things differently…

…to seize the moment…

…to make our country the world’s most competitive location for financial services.

It’s an ambitious, yet achievable agenda.

It will require our joint enterprise and industry.

But I know that together we can achieve great things. Thank you again for your welcome, and all that you do.

March 10, 2023
PRESS RELEASE : FCDO to appoint second Permanent Under-Secretary [March 2023]

The press release issued by the Foreign Office on 9 March 2023.

The FCDO will appoint a second Permanent Under-Secretary to deliver the Government’s development priorities.

A new second Permanent Under-Secretary role will be established in the Foreign, Commonwealth and Development Office (FCDO), the department announced today (Thursday, 9 March).

The role will focus on delivering the Government’s international development priorities and will report into the FCDO Permanent Under-Secretary, Sir Philip Barton.

This brings the FCDO into line with other large government departments that already have more than one Permanent Secretary, including the Cabinet Office, Home Office, Ministry of Defence and HM Treasury.

Recruitment for the new role will begin shortly, with the successful candidate expected to take up their post later this year.

The FCDO previously had a Second Permanent Under-Secretary, Sir Tim Barrow, who took on the role of National Security Adviser in September last year.

March 10, 2023
PRESS RELEASE : Joint Statement from Ambassadors and Prime Minister Mikati [March 2023]

The press release issued by the Foreign Office on 9 March 2023.

Joint statement from the Ambassadors of the United Kingdom, United States of America, Canada, Germany, Netherlands, Deputy Ambassador of Japan and PM Mikati

We, the Ambassadors of the UK, USA, Canada, Germany, Netherlands and Deputy Ambassador of Japan met with his Excellency Prime Minister Najib Mikati on Tuesday 7 March 2023 and together with the Prime Minister we have all agreed on our continued support for transparency and accountability in Lebanon. We confirmed our collective support for the IMPACT oversight platform under Central Inspection. IMPACT’s work is ground-breaking and the first of its kind in Lebanon.

We agreed that Central Inspection has a fundamental role in support of governance practice and ensures compliance with laws and regulations across all government institutions. We rejected misleading media allegations that target UK support in Lebanon and welcomed the support that has enabled the development and implementation of the successful IMPACT platform.

The PM agreed to endorse UK support to Central Inspection by ratifying the Memorandum of Understanding as per Lebanese regulations. We look forward to continued progress on this important agenda.

March 10, 2023
PRESS RELEASE : UK and New Zealand expand schemes for young people to work abroad [March 2023]

The press release issued by the Home Office on 10 March 2023.

The Youth Mobility and Working Holiday schemes have been expanded so more young people will be eligible to live and work in both countries for longer.

Young Brits and New Zealanders will benefit from life-changing opportunities on the other side of the world thanks to the expansion of our shared visa schemes.

From 29 June, the age limit for New Zealand applicants coming to the UK will go up from 30 to 35 years old and the maximum length of time people can stay in their host country will be extended to 3 years.

For Brits wanting to take advantage of the scheme in New Zealand, the age range will be increased on 1 July and they will be able to work throughout their stay of up to 3 years.

Young people from both the UK and New Zealand will benefit under the shared schemes, enabling them to access opportunities that will give them a better understanding of each country’s culture and society, through travel, work and life experience overseas.

Immigration Minister Robert Jenrick said:

We are always proud to welcome Kiwis to the UK, and the expanded schemes will mean that from this summer, more young Brits and New Zealanders will have the opportunity to make lasting connections, develop their skills and make a significant contribution to their host country’s society.

The changes we are announcing today will further strengthen the close ties between the UK and New Zealand, and benefit both countries economically, socially and culturally.

Iona Thomas, British High Commissioner to New Zealand, said:

Both the UK and New Zealand stand to benefit culturally, socially and economically by having more of our young people travel and work in each other’s countries.

There are many examples of young British people and New Zealanders using the experience they gained overseas to further their careers or create businesses once they get back home.

The upcoming changes to the visa rules will open opportunities for even more young people in both countries to take advantage of the Youth Mobility Scheme. This will further strengthen the powerful people-to-people bond that already exists between us.

March 10, 2023
PRESS RELEASE : Around £1.8bn to be saved by government plans to overhaul back office systems [March 2023]
The press release issued by the Cabinet Office on 9 March 2023.

Updated figures have been released as part of the two year anniversary of the Shared Services Strategy, which sets out how departments will find efficiencies by working more closely together.
The savings are expected to be made over next 15 years in Whitehall efficiency drive

Modern technology and automation being used to free up civil servant time

Services of all government departments brought together in clusters to make better use of data across departments

Around £1.8 billion could be saved over the next 15 years in the latest Whitehall drive to modernise costly back-office systems across the civil service, according to initial government estimates.

The Shared Services Strategy for Government was launched two years ago to offer better value for money for the taxpayer through the use of cheaper and more efficient HR and finance systems.

In the last 24 months, significant developments have been made, including the creation of five ‘clusters’ which will bridge gaps between 18 departments and more than 100 arms length bodies to create a single system used by all for the first time.

Individual departments replacing their own systems would cost more than £1.7 billion whereas the shared services clusters estimate that they will generate around £1.8 billion pounds of benefits for around £900 million cost. This would be delivered through £500m of financial savings and £1.3bn in efficiencies.

Minister for the Cabinet Office Jeremy Quin said:

The strategy was created to offer better cross-government, streamlined services that relieve the burden of bureaucracy. We want to free up civil servants’ time to focus on what they do best: engaging with, and delivering for the British public.

This transformational programme is underway and demonstrates the important steps we’re taking to be more collaborative.

The strategy offers greater interoperability by linking different back-office computer systems and making better use of real time data. This will help join up departments and present a clearer workforce picture. The new structure could be critical for future cross-government challenges, ensuring the government is more resilient to urgent crises.

Examples of ‘clusters’ include Defence which brings the services of the Ministry of Defence, Armed Forces and veterans together which will ensure departments are working off the same HR and finance systems to deliver major savings for the taxpayer.

Another example is the ‘Hera programme’ which has been implemented by the Overseas cluster. It centred around moving three very different legacy business systems into one within six months. It has transformed business processes and offered a new finance and HR system with wider capabilities for over 20,000 FCDO civil servants.

Nathan Moores, Shared Services Strategy Director, said:

I’d like to thank all colleagues across the five Clusters, the functions including Civil Service HR, Government Finance Function, Crown Commercial Service and the Functional Convergence Programme for their hard work, dedication and commitment to collaborating on the strategy over the last two years.

I’m so proud of what has been achieved so far, we have seen phenomenal progress, collaboration and delivery across government. We are on a journey to ultimately improving the daily working lives of civil servants by creating more joined-up systems and services, saving time and money for the taxpayer.

I look forward to working with all colleagues over the next 12 months and delivering further milestones set out in the strategy.

This year sees the strategy moving full force into delivery mode. Clusters will procure goods and services by engaging with suppliers and will aim for final business case approval.
March 9, 2023