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Tag: 2023

  • Rishi Sunak – 2023 Speech at the Global Investment Summit

    Rishi Sunak – 2023 Speech at the Global Investment Summit

    The speech made by Rishi Sunak, the Prime Minister, at 10 Downing Street on 27 November 2023.

    “Good morning.

    Welcome to Hampton Court Palace and the UK’s second Global Investment Summit.

    Now, my argument today is that the UK is a modern, dynamic, thriving economy.

    And where better to prove those futuristic credentials, than a 500-year-old Palace.

    But this Summit is not just a sales pitch for Britain…

    …although you’d better believe I’m going to give you that.

    It’s also a chance for us to say: thank you.

    I’ve spent my career before politics in business and finance.

    And so have many of my top team, including the Chancellor.

    And we know that it’s not governments that grow the economy.

    It’s businesses and investors like all of you.

    You create jobs; drive growth; generate wealth…

    … and you even take on some of the biggest social challenges we face.

    And it may be unfashionable to say…

    …but I believe that your success is our country’s success.

    So I really am grateful to all of you for making time to be here today.

    And your presence…

    …your decision to choose to invest in Britain…

    …is a huge vote of confidence in this country’s future.

    And I think you’re absolutely right to feel that confidence.

    Because we’re setting about to make this best place in the world to invest and do business.

    Now I am unashamedly proud of Britain.

    Ands there’s a growing momentum in the UK right now.

    Don’t just take my word for it.

    PWC’s survey of thousands of global CEOs rated the UK the most attractive investment destination in Europe.

    And you can see that confidence in the decisions people are making.

    Like Tata, BMW, and just last week, Nissan – investing billions into automotive and electric vehicles manufacturing.

    Or Microsoft, announcing today £2.5bn for critical AI infrastructure…

    …in addition to all the leading AI labs who already have their European offices here.

    Or the Ellison Institute of Technology, confirming today a £1bn investment into their new Oxford site..

    …researching and developing new technologies, including life sciences.

    And you can see that momentum too in our commitment to free trade.

    In the past year alone, we’ve secured new investment partnerships with the US, Japan, and South Korea…

    …worth more than £50bn.

    We’ve become the first European country to join the fast-growing Trans-Pacific partnership…

    And hugely benefited from the sovereign investment partnership with the United Arab Emirates…

    …deploying over £14bn into the UK in a little over two years.

    And all of that is why this country is one of the fastest [for] investment growth… anywhere in the G7

    Now when I say this country can be the best place in the world to invest and do business…

    …you should believe me and believe me because of three big competitive advantages.

    Our low tax approach; our culture of innovation; and our people.

    Firstly, tax.

    The purest expression of this government’s economic philosophy…

    …is that people and businesses make far better decisions about their own money…

    …than any government could.

    And I believe that by allowing you to keep more of the return on your capital…

    …our country becomes more competitive as a place to invest, grow, and create jobs.

    And make no mistake, we are cutting taxes.

    Not only do we have the lowest rate of Corporation Tax rate in the G7.

    Last week, we announced that we would make full expensing, permanent.

    This means you can write off the cost of many capital investments – in full.

    It makes our capital allowances regime one of the most generous in the world.

    And it was the biggest business tax cut in modern British history.

    And that’s not all.

    We’ve got lower capital gains tax rates than France, Germany, Italy, and Japan.

    Some of the most generous tax reliefs on stock options anywhere in the world.

    And we’re cutting personal taxes for 27 million working people, too.

    But while low taxes are crucial, they’re not enough on their own…

    …to make this country the best investment destination in the world.

    We’re also creating new ideas…

    …and turning those ideas into the most exciting companies of the future.

    And that’s the UK’s second competitive advantage: our incredible culture of innovation.

    Now the story of the United Kingdom has always been about discovery and invention.

    Ours is the country of Newton, Faraday, Hodgkin, and Lovelace…

    …of Stephenson’s steam engine, Darwin’s theory of evolution…

    …and the world wide web, invented by Tim Berners-Lee…

    …who I’m delighted is attending here today.

    And that tradition is still very much alive.

    With less than 1% of the world’s population, we have three of the world’s top 10 universities.

    The third highest number of research publications.

    And the second most Nobel laureates of any nation.

    And we’re turning those ideas into incredible businesses, up and down the country.

    With more tech Unicorns than any country, bar the US and China.

    And more venture capital than France and Germany combined.

    Not that I’m in any way competitive.

    But at a moment like this, when the tectonic plates of technology are shifting…

    …not just in AI, but in quantum, synthetic biology, semiconductors, and much more…

    …we cannot be complacent.

    And that’s why we’re investing record amounts of public capital into R&D.

    Also Cutting taxes for all of you that are investing in R&D.

    And overhauling our listing rules to make it easier for those innovative growing companies to raise capital.

    And outside the EU, we’re delivering agile regulation that is pro-innovation and pro-growth.

    So, whether it’s financial services or life sciences…

    …AgriTech or our creative industries…

    …innovation is the golden thread running through the British economy.

    But in the end, the greatest asset to any economy is its people.

    And that’s the UK’s third competitive advantage.

    Here at home, we’re delivering a world-class education system.

    We’ve already got one of the most highly qualified workforces in Europe.

    And just as your businesses are having to adapt to the economy of the future, so our skills policies are evolving too…

    …with our new Lifetime Skills Guarantee, …which supports adults to retrain at any stage in their careers…

    …with record funding in vocational training like apprenticeships.

    But we don’t have a monopoly on talent in this country.

    And we recognise that nearly half of our most innovative companies have an immigrant founder.

    So if you’re an innovator, an entrepreneur, a researcher,

    …you should know that the most competitive visa regime for highly skilled international talent…

    …is right here in the United Kingdom.

    And let me give you just one example:

    Our High Potential Individual visa means…

    That if you’re a young person…

    Who’s graduated from a global top 50 university…

    You can just come to the UK…

    And stay here, with your family, for two years…

    To just explore. Work. Study. Invent.

    Nothing like that exists anywhere else in the world.

    And that tells you everything about our pro-innovation, pro-growth, pro-business philosophy:

    So that’s the opportunity here in the UK.

    That’s why you should believe me when I say…

    …this is the best country in the world to invest and do business.

    Because of that unique combination of a competitive tax system…

    Our culture of innovation…

    And our people.

    Now I know some people look at Summits like this and often they’re all talking shops.

    But let me tell you what we’ve achieved.

    This Summit has galvanised new investments in the UK economy…

    …worth a total of [almost] £30bn, over three times as much as the first Summit that was held a couple of years ago.

    That will support tens of thousands of new jobs right across the UK.

    It will create new growth and new opportunities.

    And it’s a huge vote of confidence in this country’s future.

    So, thank you for choosing to be part of that future.

    Thank you for everything you’re doing for this country.

    with your support…

    …we can and we will build an even brighter future…

    …for our children and grandchildren.

    Thank you.

  • PRESS RELEASE : New forest for the nation to improve access to green space [November 2023]

    PRESS RELEASE : New forest for the nation to improve access to green space [November 2023]

    The press release issued by Department for Environment, Food and Rural Affairs on 27 November 2023.

    Government launches competition for a new national forest to improve access to nature.

    A competition for a new national forest will be launched by Environment Secretary Steve Barclay this week, alongside the unveiling of two new Community Forests – in Derbyshire and the Tees Valley – as part of an ambitious package to help people across the country access nature.

    Communities will be able to put their local areas forward to become a new national forest, with the winning location receiving up to £10 million to help fund the project.

    This will build on the success of the National Forest in the Midlands, which spans 200 square miles across parts of Derbyshire, Leicestershire and Staffordshire.

    Applicants will be assessed based on how the new forest would transform the local area, create habitats for wildlife open up access to the countryside, and help the country meet net zero targets.

    The competition will launch this year with successful bids to be announced by autumn 2024.

    The Environment Secretary will set out further plans on improving access to green space later this week, including new Community Forests in Derbyshire and the Tees Valley, which will see around 370 hectares of woodland planted by 2025.

    This is the latest step in the Government’s plans to help people access nature, plant more trees and support nature recovery. Since joining the department earlier this month the Environment Secretary has set out his ambition to help more people get into the outdoors, enjoy the British countryside and preserve our vital natural heritage.

    The Environment Secretary will be attending COP28 next month, where he will set out further action to achieve our ambitious targets to restore the natural world.

    Setting out the plans, Environment Secretary Steve Barclay said:

    Public access to nature is so vital, which is why we pledged in our Environmental Improvement Plan that everyone should have access to green space or water within a 15-minute walk from their home – such as woodlands, wetlands, parks or rivers. This new forest for the nation will help make that happen.

    As a former Health Secretary, I have seen the benefits that nature has for people’s physical and mental wellbeing. Bringing these spaces closer to where people live and work is a key priority for me personally.

    On the importance of trees, he said:

    The value of trees to people and nature has never been clearer. They are vital for our health and security. We can’t do without them. We know that spending time in green spaces and getting hands on with nature has a positive impact on our health and wellbeing, which is why £5.77 million has been invested through our green social prescribing programme to tackle and prevent mental ill health. I will continue to make the case for investment in this area.

    I know how much nature matters, as the response to the terrible felling of the Sycamore Gap tree in Northumberland showed. Improving access, planting more trees, protecting nature and creating new green spaces is our pathway to achieving this.

    In my new role as Environment Secretary I am determined to ensure we continue to push forward with this important work and leave the environment in a better state than we found it for future generations.

    Healthy and resilient woodlands will also get further support today through £16 million government funding for the UK’s world-leading forest scientists to address the challenges facing woodlands today – from the impacts of climate change to tree disease and pests such as ips beetles, Dutch elm disease and ash dieback.

    The England Trees Action Plan and Environmental Improvement Plan set out ambitious targets to treble tree planting rates by the end of this Parliament and to achieve at least 16.5% of tree and woodland cover by 2050.

  • PRESS RELEASE : Forests fit for the future – government funding announced for new forest research [November 2023]

    PRESS RELEASE : Forests fit for the future – government funding announced for new forest research [November 2023]

    The press release issued by the Department for Environment, Food and Rural Affairs on 27 November 2023.

    Healthy and resilient woodlands supported through new £16 million government funding.

    UK research into climate and pest resilient woodlands is set to boosted today with the announcement of £16 million government funding for our world-leading forest scientists.

    Our trees are facing unprecedented challenges from the impacts of climate change to an increased risk of tree disease and pests – including ips beetles, Dutch elm disease and ash dieback. These kinds of diseases threaten valuable habitats for thousands of species of wildlife.

    This funding will support vital research into ways to mitigate and prevent these impacts, helping to protect woodlands and plant more trees in the long term.

    It comes ahead of Environment Secretary Steve Barclay setting out plans this week to improve access to green space, including a competition for a new National Forest and the unveiling of two new Community Forests – in Derbyshire and the Tees.

    The Forest Research programme will back 30 projects, working with 27 partner organisations. It will also support efforts to increase England’s tree canopy – one of the government’s key environment targets.

    Projects benefiting from the funding include:

    • Studying the complex networks of soil nutrients and plant roots to see how they help boost woodlands.
    • Work to better understand how tree seeds can fall naturally and plant themselves
    • Developing our understanding of how drought is impacting tree growth
    • Examining the barriers to agroforestry, where trees and agricultural crops grow on the same piece of land

    Forestry Minister Rebecca Pow said:

    Not only do we need to plant trees, for tomorrow, we also need to support their long-term protection from the host of threats they face due a changing climate.

    Today we are investing a further £16 million in vital research to help support the resilience of our trees and woodland as part of our ambitious plans to increase tree planting across the country.

    Professor James Pendlebury, Chief Executive, Forest Research said:

    This is a significant and welcome investment in the forest science and evidence needed to underpin the creation of resilient woodlands and their future management and protection. It is also a huge investment in the next generation of forest scientists who will support the development of forests and woodlands fit for the future.

    Forestry Commission Chair, Sir William Worsley, said:

    Trees can only help mitigate the impact of a changing climate if they are resilient to those challenges themselves.

    Forest Research will be vital to supporting tree planting activity through building the evidence base to inform and improve our management of trees and selection of resilient species for the future to increase woodland cover for future generations.

    The Forest Research Trees and Forestry evidence programme will leave a lasting legacy, by providing strong scientific evidence to underpin our future forestry policy and support long term action for expanding and managing our treescapes.

    Our England Trees Action Plan and Environmental Improvement Plan set out ambitious targets to treble tree planting rates by the end of this Parliament and to achieve at least 16.5% of tree and woodland cover by 2050. Today’s announcement supports the delivery of this ambitious programme and make sure we are using cutting edge science to make decisions.

  • PRESS RELEASE : Permanent Independent Public Advocate to better support disaster victims [November 2023]

    PRESS RELEASE : Permanent Independent Public Advocate to better support disaster victims [November 2023]

    The press release issued by the Ministry of Justice on 27 November 2023.

    Victims of major disasters will be better supported as they rebuild their lives with a new and permanent Independent Public Advocate, the Lord Chancellor has announced today.

    • Permanent role to offer speedier support following a disaster
    • Greater independence to better represent victims and bereaved families
    • Amendments made ahead of Victims and Prisoners Bill return to Commons

    This will ensure that survivors of major incidents like Hillsborough, the Manchester Arena bombing and the Grenfell Tower fire will be able to quickly receive the help and advice they need, when they need it.

    Putting this vital role on a permanent footing will also mean the advocate is readily available around the clock and can be deployed quickly in the face of an emergency – advising victims on how to access vital financial, physical and mental health services and ensuring they understand their rights.

    They will also be able to advise the Government on whether a review or inquiry should take place following a major incident. This will help relay victims’ views directly into the heart of Government when deciding whether answers need to be sought, lessons need to be learned, and authorities held to account.

    Lord Chancellor and Secretary of State for Justice, Alex Chalk KC said:

    A permanent Independent Public Advocate available for rapid deployment will mean victims can receive vital emotional and practical support from day one.

    These reforms will give victims a voice when decisions are made about the type of review or inquiry to be held into a disaster, and will help ensure lessons are learnt.

    Alongside the new appointment, the Government can also appoint specialist advocates with relevant experience to each individual disaster to offer expert advice and insight. These could include community leaders, for example, who hold the confidence of victims.

    To further strengthen the role, the amendments will also give the advocate the power to produce reports without a direct request from the Justice Secretary – providing an independent and invaluable assessment of lessons learned and recommendations to the Government and other public authorities.

    The amendments are being made to the Victims and Prisoners Bill as it returns to Parliament.

    The creation of this role delivers on a previous manifesto commitment to create an Independent Public Advocate by the then Prime Minister, the Rt Hon Theresa May MP.

    This was welcomed by Bishop James in his report into the experiences of the Hillsborough families and championed by both the Rt Hon Maria Eagle MP and the Rt Hon Lord Wills in Parliament.

    Justice Minister Mike Freer said:

    Our amendments today will make the Independent Public Advocate stronger, more independent, and better able to ensure victims voices are not just heard but listened to.

    It will ensure that the bereaved and survivors of major disasters get the practical support and advice they need right through to the conclusion of any inquest or inquiry.

    The establishment of a permanent Public Advocate alongside the ability to have additional experts builds on the Government’s original commitment by making sure victims receive the best support possible from a range of different professions, backgrounds, and geographical areas.

    When the Public Advocate is not deployed, the person in the role will be expected to build relationships with public bodies involved in major incident response. This will help ensure they have a good understanding of the different roles, responsibilities and processes that follow a disaster.

    Further information

    • The definition of a major incident for the Independent Public Advocate is an event that occurs in England or Wales and is declared in writing by the Secretary of State to have caused the death of or serious harm to a significant number of individuals. This would cover major incidents such as the Grenfell Tower fire, the Hillsborough disaster, and the Manchester Arena bombing.
    • Coronial jurisdiction is reserved for England and Wales and is devolved in Scotland and Northern Ireland. Therefore, it is within the competence of the Scottish Parliament and Northern Ireland Executive to establish their own IPA.
    • The Independent Public Advocate will not act as a legal representative to victims.
    • Bishop Jones’ report entitled ‘The Patronising Disposition of Unaccountable Power’ included numerous first-hand accounts of the Hillsborough families’ encounters with private and public authorities. The report found failings in the way in which the bereaved families were treated by those in authority.
    • The creation of the Independent Public Advocate forms part of a wider set of recommendations made by Bishop James which the Government will respond to fully on 6 December.
    • Investigations relating to the IPA include statutory inquiries under the Inquiries Act 2005 and inquests under the Coroner Justice Act 2009.
  • PRESS RELEASE : Consultation on tougher sentences for knife and domestic killers [November 2023]

    PRESS RELEASE : Consultation on tougher sentences for knife and domestic killers [November 2023]

    The press release issued by the Ministry of Justice on 27 November 2023.

    A consultation looking at whether cowardly domestic killers should receive tougher sentences if they subject their victims to a campaign of coercive and controlling abuse, has been launched by the Lord Chancellor today.

    • Public conversation launched on reforming murder sentencing
    • Consultation to consider raising starting points for killings with a history of coercive and controlling abuse or with a weapon
    • Move latest step in Government’s plan to tackle domestic abuse and violence against women and girls

    Ministers will also consider whether murderers who use a knife or another weapon already at the crime scene to kill should also face steeper starting points – a change that could result in higher minimum terms in these cases.

    Every year, around 90 people – overwhelmingly women – are killed by their current or ex-partner, with most of these murders taking place in the home. And when a weapon is used – often a kitchen knife – it is normally already at the scene.

    This means that although weapons are used, these offences generally do not qualify for a higher starting point – with a discrepancy of up to ten years compared with murders where a weapon is taken to the scene.

    Lord Chancellor and Justice Secretary Alex Chalk said:

    “It is shocking that around 1 in 4 murders are committed by a current or former partner, or relative.

    This Government has already gone further than ever to protect women and girls, with tough new protection orders plus laws to ensure abusers and killers spend longer behind bars.

    To make sure sentencing policy is meeting the threat, it is right to review this complex landscape so that the scourge of violence against women is tackled as coherently and effectively as possible.

    Currently, when a knife or other weapon is taken to the murder scene with intent, the starting point is 25 years. This reflects the increased risk to the public when knives are carried on the streets. Where a knife is used, but not taken to the scene, a 15-year starting point normally applies.

    Campaigners on this issue include Carole Gould and Julie Devey, whose daughters Ellie Gould and Poppy Devey Waterhouse were killed by their former partners using knives found in the home.

    Justice Minister, Gareth Bacon, said:

    For some evil people, murder is the brutal final act of a controlling and coercive relationship with their partner. It is only right we look at whether the sentences for these types of killings reflect this sustained and unacceptable abuse.

    This consultation builds on the action we are taking to clamp down on domestic homicide, by introducing new laws to punish abusers with longer jail terms, and better protect victims.

    The consultation reflects the Government’s determination to ensure the sentencing framework for murder properly punishes perpetrators of this horrific crime, while giving victims’ families the justice they deserve.

    In response to Clare Wade’s landmark independent review of sentencing in cases of domestic homicide, the Government has introduced a raft of measures to ensure sentences reflect the seriousness of the crime.

    This includes the introduction of new legislation which will make:

    • “Overkill” and previous controlling or coercive behaviour by the murderer a statutory aggravating factor resulting in longer sentences
    • A history of controlling or coercive behaviour a mitigating factor where the perpetrator was subject to this behaviour
    • Killing connected with the end of a relationship a statutory aggravating factor, through the Criminal Justice Bill

    The Domestic Homicide Sentence Review was commissioned in 2021 to examine whether the sentencing framework should be reformed to better reflect the seriousness of domestic homicide and to identify options for improvements.

    It followed a series of high-profile domestic murders and concerns from the then Victims’ Commissioner and Domestic Abuse Commissioner about how these offences are handled by the justice system.

    This is the latest step in the Government’s commitment to be tough to keep the worst offenders locked up.

    The Government has already ended the automatic release of sex and terrorist offenders, brought in a minimum 14-year jail term for anyone convicted of serious terror offences and under the new Sentencing Bill, the most horrific murderers will spend the rest of their lives locked up, including for any murder involving sexual or sadistic conduct, while criminals who commit rape and other serious sexual offences will spend every day of their sentence behind bars.

  • PRESS RELEASE : Prime Minister unveils £29.5bn of investment at historic Global Investment Summit [November 2023]

    PRESS RELEASE : Prime Minister unveils £29.5bn of investment at historic Global Investment Summit [November 2023]

    The press release issued by 10 Downing Street on 27 November 2023.

    Thousands of jobs will be created across the UK in our most innovative sectors, including tech, life sciences, renewables, housing and infrastructure.

    • PM announces world’s leading investors have committed £29.5bn in new UK projects and capital, triple the sum raised at the last Global Investment Summit in 2021.
    • Thousands of jobs will be created across the UK in our most innovative sectors, including tech, life sciences, renewables, housing and infrastructure.
    • More than 200 top CEOs and investors join leading lights in UK science, tech and creative industries at Hampton Court Palace.
    • Multi-billion-pound investments seal UK reputation as one of the best places in the world to do business after £20bn business tax cut and new Investment Zone for North-East.

    Prime Minister Rishi Sunak has today (Monday 27 November) unveiled £29.5 billion of new investment for thriving UK sectors, as the world’s A-list CEOs and investors arrive at the Global Investment Summit at Hampton Court Palace.

    Backing some of the fastest growing and most innovative sectors in the UK, the transformative investments have been secured for projects in tech, life sciences, infrastructure, housing and renewable energy – creating thousands of new jobs and driving growth across the country.

    The summit marks a huge step forward for levelling up, with more than 12,000 jobs being created from just some of today’s investments. This follows the government’s new £4.5 billion Advanced Manufacturing Plan, a £2 billion investment from Nissan which will secure thousands of jobs in Sunderland, and a new Investment Zone in the North East which will create 4,000 jobs.

    Nearly 9,000 jobs were created last year alone in the North West and North East from inward investment projects, with over 7,000 in Yorkshire and The Humber and 11,000 in the Midlands.

    The summit will be opened by the Prime Minister and Business & Trade Secretary Kemi Badenoch, with notable CEOs in attendance including Stephen Schwarzman from Blackstone, Amanda Blanc at Aviva, David Soloman from Goldman Sachs and Jamie Dimon at JP Morgan Chase.

    Barclays, HSBC and Lloyds Bank will also attend as Principal Partners of the Summit, which will celebrate “British Ideas – Past, Present and Future”, from the steam train to quantum computing. It will be followed by a reception at Buckingham Palace hosted by His Majesty the King.

    The Prime Minister Rishi Sunak said:

    Today’s investments, worth more than £29 billion, will create thousands of new jobs and are a huge vote of confidence in the future of the UK economy. Global CEOs are right to back Britain – we are making this the best place in the world to invest and do business.

    From giving businesses the biggest tax cut in recent history last week, to our culture of innovation and thriving universities producing some of the finest minds in the world, ours is truly a nation of opportunity.

    Attracting global investment is at the heart of my plan for growing the economy. With new funding pouring into key industries like clean energy, life sciences and advanced technology, inward investment is creating high-quality new jobs and driving growth right across the country.

    The new wave of investments come after the Chancellor Jeremy Hunt unveiled the biggest business tax cut in modern history at last week’s Autumn Statement with a permanent extension of capital allowances, £4.3 billion of business rates support and a £7 billion Growth Fund.

    It was also confirmed that Freeport tax reliefs would be extended from five to 10 years, with new government data confirming that UK freeports have attracted nearly £2.9 billion of investment in just two years, creating 6,000 jobs.

    In a huge boost for Net Zero and the UK’s world-leading renewables sector, Iberdrola have confirmed £7 billion of investment as part of a total £12 billion programme for 2024-28, with North Star, owned by Partners Group in Switzerland, also committing £500 million and 400 new jobs to offshore wind infrastructure.

    Fellow portfolio company Gren has also recently acquired a network of waste and biomass assets, which play a key role in baseload energy production and reducing waste to landfill. The company plans to invest up to £1 billion in district heating and local energy systems that will deliver affordable green energy to over 200,000 homes and thousands of businesses in the UK, with sites among others in Wick, Sheffield and Nottingham.

    The lucrative projects come on the back of a huge spike in inward investment for renewables in the UK, rising from £19 billion in 2021 to £55 billion in 2022, with 11,500 jobs being created in the industry last year alone.

    Business & Trade Secretary Kemi Badenoch said:

    The £29.5 billion pledged today is yet another huge vote of confidence in our dynamic, pro-business and highly innovative economy and proves that our plan for growth is working.

    The numbers speak for themselves: we have the third highest levels of inward investment in the world at $2.7 trillion, we’re number one in Europe for new investment projects, and last year alone we created 107,000 jobs through inward investment.

    People want to invest in a country with vision, ideas and growth, and our Summit showcases all these qualities and proves why the UK is the most exciting and innovative place in the world to invest.

    Australia’s IFM Investors also intend to invest £10 billion over the next four years for large-scale infrastructure and energy transition projects.

    IFM will sign an MoU with the Department for Business & Trade at the summit to identify commercially viable opportunities, with potential projects including Nala Renewables, a UK-based portfolio company within IFM, which is actively seeking investment opportunities in the UK as it looks to achieve a renewable capacity target of 4GW by 2025.

    David Neal, CEO of IFM Investors said:

    Australia’s ‘super funds’ system can be a trusted long-term partner with the United Kingdom. We’re proud to sign this Memorandum of Understanding with the UK Government, which is a signal of the confidence IFM and Australian super funds have in the UK as a place to invest.

    Our presence in the UK continues to grow and we look forward to working closely with the Government to drive investment into large-scale infrastructure and energy transition projects across equity and debt funding.

    Partnerships between governments and long-term investors are necessary to unlock the potential of pension funds to invest in system-level risks such as climate change.

    And in a further boost from Australia, Aware Super have committed more than £5 billion for projects in energy transition, affordable housing, life sciences, innovation, technology and digital infrastructure, just days after opening their new UK office.

    Aware Super Chief Executive Officer Deanne Stewart said:

    We are thrilled to announce our commitment to the UK, one of the world’s most important and vibrant capital markets, with the opening of our first international office.

    The benefits arising from the Australia – UK Free Trade Agreement, the ease of doing business in the UK, closely aligned culture, proximity to Europe and Northern America, and warm support from both the Department for Business & Trade and the City of London were also compelling factors in our decision to invest here.

    The summit will also see billions for the UK’s burgeoning tech sector, which already attracts the highest levels of investment in Europe and last year became the third in the world to be worth $1 trillion.

    Following the success of the UK Government’s first-ever AI safety summit, Microsoft has pledged £2.5 billion to build critical AI infrastructure, bringing more next-generation AI datacentres and thousands of graphic processing units to the UK. This will boost the UK’s AI Superpower status, which generated over £10 billion of revenue from AI companies last year.

    The UK’s R&D scene will also see a £1 billion investment from the Ellison Institute of Technology into their recently announced Oxford Campus, bringing together global innovative thinkers through a new interdisciplinary research and development facility to help solve some of the world’s biggest challenges.

    Oxford Quantum Circuits (OQC), which is showcasing at the GIS, has also announced it is raising $106 million (£85 million) for R&D projects. Quantum computing is a rapidly growing sector that has the most start-ups in Europe, and is destined for £2.5 billion of public and private investment under the Government’s National Quantum Strategy.

    Ilana Wisby, CEO of Oxford Quantum Circuits, said:

    To solve the world’s most pressing challenges – from climate change to accelerated drug discovery – we need to put quantum computers in the hands of humanity and at the fingertips of our most brilliant minds.

    We’re proud to be pioneering enterprise ready quantum with our customers, partners and investors.

    And BioNTech, an international leader in the biotechnology industry and developer of the first mRNA-based COVID-19 vaccine, has announced it intends to expand its global R&D activities with a new laboratory in Cambridge as well as a centre of expertise for Artificial Intelligence in London.

    This will be implemented through a rolling 10-year investment of approximately £1 billion, creating an additional 400 highly skilled jobs. It follows a major agreement between the Government and BioNTech SE this summer to provide up to 10,000 patients with precision cancer immunotherapies by 2030.

    Sean Marett, Chief Business Officer & Chief Commercial Officer at BioNTech SE, said:

    BioNTech and the UK Government share a common goal – to improve the life of people by advancing healthcare.

    Today’s news underlines that both BioNTech and the UK Government care about improving the outcomes for patients in the upcoming years as well as for generations to come.

    A £1 billion investment from Dutch company Yondr will also turbocharge the UK’s tech and data capabilities, with a new 30MW datacentre in Slough that will create over 3,500 jobs, and clean energy-tech company Aira will also spur levelling up across the country by investing £300 million into heat pump rollouts, new jobs and upskilling.

    The investment will support their goal of helping one million UK customers switch from gas boilers to heat pumps, create 8,000 green jobs and expand their Aira Academies to train and upskill plumbers and electricians for product installation.

    Martin Lewerth, Aira Group CEO, said:

    The UK is a crucial market to decarbonise, being one of Europe’s most populated countries and with the lowest heat pump penetration rate of just 1%.

    We are excited to introduce Aira’s innovative home energy solution in the UK, and we are confident that our offering and value proposition, which includes substantial consumer cost savings, no need for lifestyle changes, and a zero upfront payment model, will be well-received.

    Energy Security Secretary Claire Coutinho said:

    The UK is a world-leader in renewable energy and green industries. We have attracted £200bn in low carbon investment since 2010, with another £100bn expected by 2030, as we lead the second industrial revolution.

    Aira’s £300m investment in the UK heat pump industry and creation of 8,000 jobs is a helpful contribution to our green ambitions, offering a cleaner heat source for our homes and growing the economy.

    Families will benefit from lower heat pump prices with more trained installers and £7,500 grants through one of the most generous schemes in Europe.

    And in a further boost for communities, PATRIZIA have announced £100 million for the development of highly sustainable affordable and social housing in England to increase supply of quality housing at affordable prices around London and the south east of England.

    The programme has commenced with an investment to fund the development of 70 affordable homes in Milton Keynes.

    Wolfgang Egger, Founder of PATRIZIA, said:

    As a global real assets investor, PATRIZIA is thrilled to announce plans to invest £100 million into the development of highly sustainable, affordable housing in England.

    The programme will help address the acute shortage of good quality, affordable, EPC A rated family housing for renters, and provide additional investment in social infrastructure. The investment strategy is a joint venture between PATRIZIA’s dedicated impact fund, PATRIZIA Sustainable Communities, and Man Group’s UK Community Housing business.

    In a move to spur even more innovation and investment, the Government is also announcing the creation of three new regulatory sandboxes for hydrogen-powered aviation, autonomous marine vessels and drones, with Innovate UK launching a £110 million Investor Partnership for UK science and tech SMEs.

    The Department for Business & Trade have also convened an expert panel chaired by Professor Vanessa Knapp to explore options for a UK corporate re-domiciliation regime to make it easier for foreign companies to relocate to the UK.

    Further information

    The full list of investments secured for today’s summit are as follows:

    • £10bn – IFM Investors (Australia) – owned by Australian pension funds, the IFM MoU intends to invest in large-scale infrastructure and energy transition projects over the next four years.
    • £7bn – Iberdrola (Spain) – With more than £2bn already invested in the UK as part of its previously announced £6.7bn programme for the years 2023-25, the company has announced today plans for over £7bn more in the years 2026-28. This amounts to a £12bn investment programme for 2024-28. Around two-thirds of the 2024-28 investments will be dedicated to transmission and distribution electricity networks, driven by regulatory arrangements in place (RIIO T2 and RIIO ED2), as well as projects like the innovative £2.7bn Eastern Green Link 1 (EGL1) subsea transmission cable, which received regulatory approval this month.
    • £5bn – Aware Super (Australia) – for projects in energy transition, affordable housing, life sciences, innovation, technology and digital infrastructure, with a new UK office being opened last week.
    • £2.5bn – Microsoft (USA) – critical AI infrastructure, including next generation AI datacentres and thousands of graphic processing units in the UK. More details will be announced later this week.
    • £1.5bn – Companies owned by Partners Group (Switzerland) on behalf of its clients – Portfolio company North Star have committed £500m for offshore wind infrastructure over the next five years, creating 400 jobs in the UK, following a £200m investment for critical maritime infrastructure to Dogger Bank – the UK’s largest offshore wind farm. Additionally, portfolio company Gren have committed £1bn to support their ambition to invest in district heating and local energy systems that will deliver affordable green energy to over 200,000 homes and thousands of businesses. This is building on their network of 11 newly acquired waste and biomass fuelled assets, which play a key role in delivering baseload energy to customers, reducing waste and waste wood volumes to landfill.
    • £1bn – BioNTech SE (Germany) – intends to expand its global R&D activities with a new laboratory in Cambridge as well as a centre of expertise for AI in London. This would be implemented through a rolling 10-year investment of approximately £1 billion, creating an additional 400 highly skilled jobs. It follows a major agreement between the Government and BioNTech SE this summer to provide up to 10,000 patients with precision cancer immunotherapies by 2030. BioNTech currently employs more than 5,700 employees globally and conducts clinical trials in over 30 countries worldwide. Today’s news reflects BioNTech’s ambition to expand in the UK, subject to finalising terms, and follows BioNTech’s acquisition of UK-based InstaDeep Ltd. BioNTech could employ more than 500 people in the UK by 2033.
    • £1bn – Ellison Institute of Technology – investment at their recently announced Oxford Campus that will bring together global innovative thinkers to help solve some of the world’s biggest challenges. This includes the creation of a new scientific campus with AI GPU Supercluster lab, as well as the creation of the Ellison Scholars program to support up to 20 students per year at the University of Oxford including tuition, fees, and living expenses.
    • £1bn – Yondr (Netherlands) – a new datacentre in Slough, which will progress from being a 30MW site to 100MW. Over 1,000 direct jobs created during construction phase, 2,500 indirect jobs for the whole project.  Around 50 full time roles will be created during the operational period.
    • £300m – Aira Heat Pumps (Sweden) – investment over the next three years to progress work on helping one million UK customers switch to heat pumps. Over the next decade, Aira will create 8,000 new green jobs and invest in Aira Academies to upskill plumbers and electricians to install products.
    • £100m – PATRIZIA (Germany) – for the development of highly sustainable affordable and social housing in England to increase supply of quality housing at affordable prices around London and the south east of England. The programme has commenced with an investment to fund the development of 70 affordable homes in Milton Keynes.
    • £85m ($106m) – Oxford Quantum Circuits (UK, Reading) – will be the UK’s largest Series B in quantum computing, enabling industry-leading R&D that will further OQC’s ability to bring next generation platforms of hundreds of qubits to businesses globally.
    • £10m – MediaTek (Taiwan) – combined investment between MediaTek Research and MediaTek Capital in innovative UK tech companies over the next 5 years.
  • Rishi Sunak – 2023 Statement at Gurpurab

    Rishi Sunak – 2023 Statement at Gurpurab

    The statement made by Rishi Sunak, the Prime Minister, on 27 November 2023.

    It gives me great pleasure to wish Sikhs across the UK, in India and across the world, a Happy Gurpurab!

    Today we celebrate the 554th anniversary of the birth of Guru Nanak Dev Ji, the founder of the Sikh religion. As a somebody of Punjabi Indian heritage, this day is especially dear to me.

    This joyous occasion is an opportunity to once again recognise the immense contribution of the Sikh community to our country.

    You are a source of pride and inspiration to us all. Waheguru Ji Ka Khalsa, Waheguru Ji Ki Fateh.

  • PRESS RELEASE : Government offer to NHS consultants to pave way to end strikes [November 2023]

    PRESS RELEASE : Government offer to NHS consultants to pave way to end strikes [November 2023]

    The press release issued by the Department of Health and Social Care on 27 November 2023.

    The offer will invest in modernising the consultants’ pay structure – reducing the number of pay points and the time it takes to reach the top.

    • The government has put forward an offer that will modernise the consultant contract and reform consultants’ pay structure
    • The British Medical Association and Hospital Consultants and Specialists Association will put the deal to their memberships
    • Agreement by union members would see the end of consultant strike action – benefiting patients and helping to cut waiting lists

    The government and unions representing consultant doctors in England have reached an agreement to put an offer to union members following constructive negotiations.

    Talks were opened with the British Medical Association (BMA) and Hospital Consultants and Specialists Association (HCSA) last month to find a fair and reasonable way forward.

    All parties strived to find a fair deal for NHS consultants but also one that acknowledges the wider economic pressures facing the UK and the need to continue to bring down inflation.

    The government was clear that the headline pay uplift for 2023 to 2024 was settled through the pay review body process. This offer builds on that and focuses on measures that will address consultant concerns while introducing contractual reforms. The core contract for consultants has not been updated for 20 years and this offer will modernise it, including through offering enhanced shared parental leave, in line with other NHS staff.

    The offer will invest in modernising the consultants’ pay structure – reducing the number of pay points and the time it takes to reach the top, taking effect from January 2024.

    New pay progression arrangements will be introduced to ensure there is a clearer link between pay progression and evidence of skills, competencies and experience.

    The BMA and HCSA will put this offer to their members for a vote in the coming weeks. No further strike action will be called while members are being consulted.

    Prime Minister Rishi Sunak said:

    Ending damaging strike action in the NHS is vitally important if we want to continue making progress towards cutting waiting lists while making sure patients get the care they deserve.

    This is a fair deal for consultants who will benefit from major reform to their contract, it is fair for taxpayers because it will not risk our ongoing work to tackle inflation, and most importantly it is a good deal for patients to see the end of consultant industrial action.

    Health and Social Care Secretary Victoria Atkins said:

    I hugely value the work of NHS consultants and am pleased that we have been able to make this fair and reasonable offer after weeks of constructive negotiations.

    If accepted, it will modernise pay structures, directly addressing gender pay issues in the NHS. It will also enhance consultants’ parental leave options.

    Putting an end to this strike action will support our efforts to bring down waiting lists and offer patients the highest quality care.

    The pay scale reforms will also help mitigate the gender pay gap by delivering a key recommendation made by Professor Dame Jane Dacre in her review on the gender pay gap in medicine. To enable these reforms, unions have agreed to end Local Clinical Excellence Awards (LCEAs) going forward – an employer-level bonus scheme – which has been seen to contribute to pay inequalities.

    Alongside this, consultants will also be entitled to enhanced shared parental leave, bringing them in line with other NHS staff.

    As part of this offer, the government and unions have agreed to work together to review the operation of the Review Body on Doctors’ and Dentists’ Remuneration (DDRB) – the pay review process for doctors. It will examine the appointments of members to the DDRB, the timing of the round, remit letters and terms of reference, and the data provided to the body on which it bases its recommendations. These changes will be implemented for the 2025 to 2026 pay year.

    As part of this provisional deal, the BMA has also agreed to end the use of its rate card – which advises doctors on how much to charge for non-contractual work, including cover during strikes. Until now, the card has increased the cost of finding shift cover during industrial action.

    This reform package is separate from the pay-setting process. It does not affect the 6% pay award consultants received this financial year and it will not interfere with the process for setting pay next year. This is in addition to the significant reforms to pension taxation, the BMA’s number one ask, in the spring budget earlier this year.

    Moving forward, the NHS Long Term Workforce Plan will support the NHS to address existing vacancies and meet the challenges of a growing and ageing population by training, recruiting and retaining hundreds of thousands more staff over the next 15 years – backed by more than £2.4 billion in government investment.

    The government has listened carefully to the concerns of consultants, their representatives and employers – particularly around retention, motivation and morale. This offer has been carefully balanced to meet those concerns but also to ensure value for the taxpayer.

  • PRESS RELEASE : The UK urges the DPRK to cease missile launches and take steps towards peace – UK statement at the UN Security Council [November 2023]

    PRESS RELEASE : The UK urges the DPRK to cease missile launches and take steps towards peace – UK statement at the UN Security Council [November 2023]

    The press release issued by the Foreign Office on 27 November 2023.

    Statement by Ambassador Barbara Woodward at the UN Security Council meeting on North Korea.

    I thank Assistant Secretary-General Khiari for his briefing and I welcome the participation of the Republic of Korea and the Democratic People’s Republic of Korea at this meeting.

    As we’ve heard, we meet because on the 21st November the DPRK made a third attempt at launching a military reconnaissance satellite. It triggered Japan’s local alert system in Okinawa forcing civilians to take shelter. That was followed by a ballistic missile launch on the 22nd November.

    These are clear threats to global peace and security which is the core responsibility of this Council and they violate multiple Security Council resolutions. Moreover, these launches follow increased engagement between Russia and the DPRK, including Kim Jong Un’s visit to Vostochny Cosmodrome in September, where he met President Putin.

    When asked by a reporter whether Russia would help North Korea launch its own satellites and rockets, President Putin responded “that’s exactly why we came here. The leader of North Korea shows great interest in space.”

    We have in addition, credible reports of Russia sourcing weapons from the DPRK.

    All this, as ASG Khiari said, has humanitarian consequences. The North Korean people suffer the most as resources are diverted. So what should this Council do?  Some argue that this Council should remain silent and avoid escalating the situation, but the DPRK shows no sign of restraint in response. In fact, the DPRK has stated its intention to launch more satellites. This follows 29 launches of ballistic missiles so far this year, including four intercontinental ballistic missiles. The DPRK has written its nuclear aspirations into its constitution.

    So what should we do? First, I welcome the participation of the DPRK in today’s debate. Above all, I hope you will report to Pyongyang our concern for the people of DPRK, and in this respect, I encourage the DPRK to reopen its borders and re-engage with UN agencies.

    Second, this Council should reiterate the depth of our resolve to combating proliferation. We urge the DPRK to cease its arms supply and abide by its public commitment not to sell arms to Russia.

    Third, we urge the DPRK to cease these launches, return to dialogue, and take credible steps towards denuclearisation and peace on the Korean Peninsula. President, I urge this Council to demonstrate our commitment to ensure that our resolutions are enforced and to send a united message to the DPRK.

    I thank you.

  • PRESS RELEASE : Fifteen new synthetic opioids to be made illegal [November 2023]

    PRESS RELEASE : Fifteen new synthetic opioids to be made illegal [November 2023]

    The press release issued by the Home Office on 27 November 2023.

    Fifteen new synthetic opioids and 5 other drugs will be banned as Class A drugs as the government continues to act to prevent drug deaths.

    Twenty dangerous drugs will be banned to protect people in the UK from overdoses and drug related deaths.

    Following advice from the Advisory Council on the Misuse of Drugs (ACMD), 15 new dangerous synthetic opioids will become Class A drugs under the Misuse of Drugs Act 1971.

    Possession of a Class A drug carries a sentence of up to seven years imprisonment, an unlimited fine or both. If caught supplying, an offender can face up to life imprisonment, an unlimited fine or both.

    Many of these substances are incredibly dangerous and have similar effects to heroin and fentanyl, posing a higher risk of accidental overdose. This has been a widespread problem in other countries.

    Although there is no current evidence to show these substances are prevalent in the UK, there have been some deaths linked to the drugs which is why the government is taking decisive action to safeguard communities.

    Crime and Policing Minister Chris Philp said:

    These new highly dangerous substances have the potential to devastate lives, ruin families and damage local communities.

    We must be one step ahead to ensure we are stopping new drugs from plaguing our streets and endangering the lives of vulnerable people.

    Our strategy is to tackle both the illicit supply of drugs, relentlessly pursuing criminal networks, and to build a world-class treatment system to turn people’s lives around and stop the cycle of crime.

    The fifteen new synthetic opioids to be added to Class A of the Misuse of Drugs Act 1971, subject to parliamentary approval, are:

    • metonitazene
    • protonitazene
    • isotonitazene
    • butonitazene
    • flunitazene
    • metodesnitazene (metazene)
    • etodesnitazene (etazene)
    • N-pyrrolidino-etonitazene (etonitazepyne)
    • N-piperidinyl-etonitazene (etonitazepipne)
    • N-pyrrolidino protonitazene
    • ethyleneoxynitazene
    • N-desethyl protonitazene
    • N-desethylisotonitazene
    • N-desethyl-etonitazene
    • brorphine

    The ban comes as part of the government’s continued efforts to tackle the supply of dangerous drugs and clamp down on crime. Since April 2022, we have:

    • closed over 1,700 county lines
    • delivered over 4,900 organised crime group disruptions
    • delivered 12,000 more treatment places

    compared to March 2020.

    Five other drugs will also be controlled as part of the recent ban, including cumyl-PeGaClone, a synthetic cannabinoid receptor agonist (SCRA) which can cause complications such as seizures and liver failure.

    Three stimulants which create similar effects to ketamine – diphenidine, ephenidine and methoxyphenidine – will also be controlled as Class B drugs.

    Finally, a short acting benzodiazepine drug named remimazolam will also be controlled as a Class C drug. Its legitimate medical uses will then be enabled through amendment to the Misuse of Drugs Regulations 2001.