Tag: 2024

  • PRESS RELEASE : IAEA Board of Governors on the JCPoA [September 2024]

    PRESS RELEASE : IAEA Board of Governors on the JCPoA [September 2024]

    The press release issued by the Foreign Office on 11 September 2024.

    France, Germany and the UK (E3) gave a joint statement to the International Atomic Energy Agency (IAEA) Board of Governors on Iran’s implementation of its nuclear commitments under the JCPoA.

    Chair,

    On behalf of France, Germany and the United Kingdom, I thank Director General Grossi for his latest report on Iran’s nuclear programme.

    The E3 are very grateful to the Agency for the professional, independent and impartial work of their team of inspectors and for their objective reporting on Iran’s nuclear programme. We encourage the Director General to keep the Board informed of all relevant activities and developments.

    Once again, the IAEA reports the continued expansion of Iran’s nuclear activities, in increasing violation of its JCPoA commitments. The Agency recalls once again that it is not able to ensure Iran’s nuclear programme is exclusively peaceful, and highlights that Iran is the only state without nuclear weapons to undertake production and accumulation of high enriched uranium.

    Chair,

    In the reporting period, Iran has continued to enrich uranium far beyond its JCPoA commitments :

    • It has been blatantly violating all JCPoA limits on both enrichment and accumulation of enriched uranium. Its stockpile of high enriched uranium up to 60 % has continued to grow significantly, without any credible civilian justification;
    • Iran now has almost four IAEA significant quantities of high enriched uranium, which the IAEA defines as the approximate amount of nuclear material from which the possibility of manufacturing a nuclear explosive device cannot be excluded;
    • Over the last three months, Iran has also substantially expanded its overall production capacity by installing and operating new advanced centrifuges;
    • For the first time in years, the DG also reported that Iran undertook some construction work at the Khondab Heavy Water Research Center, without communicating all the needed information to the Agency.

    We also recall previous IAEA reports of Iran’s uranium metal-related work. The production of Uranium metal is a key step in the development of a nuclear weapon and we urge Iran not to undertake this work again.

    Chair,

    Iran continues obstructing the IAEA, which has detrimental implications for the Agency’s ability to provide assurance of the exclusively peaceful nature of Iran’s nuclear programme :

    • For more than three and a half years, Iran has seriously hindered effective JCPoA verification and monitoring;
    • As a result of this lack of transparency, the Agency has lost continuity of knowledge in relation to the production and inventory of centrifuges, rotors and bellows, heavy water and uranium ore concentrate;
    • Iran refuses to reverse its decision to withdraw the designation of several experienced Agency inspectors. We condemn this decision, which seriously affects the Agency’s ability to conduct its verification in Iran, particularly at the enrichment facilities;
    • The DG also notes that it has been more than three years since Iran stopped applying its Additional Protocol.

    Chair,

    We would like to remind this Board of the statements made in Iran about its technical capability to produce nuclear weapons and the possibility of changing its so-called nuclear doctrine.

    We again call on Iran to urgently:

    • Halt and reverse its nuclear escalation and refrain from making threats to produce nuclear weapons;
    • Return to the limits imposed by the JCPoA, in particular those regarding enrichment;
    • Implement the March 2023 Joint statement and the commitments it made regarding transparency and cooperation with the IAEA including re-applying all transparency measures that it stopped in February 2021;
    • Allow the Agency to install surveillance and monitoring equipment where requested;
    • Re-implement and swiftly ratify its Additional Protocol; and
    • Reverse its September 2023 decision to withdraw the designations of experienced inspectors.

    Chair,

    Iran’s escalating nuclear activities significantly harm international security and undermine the global non-proliferation architecture. We will continue consultations, alongside international partners, on how best to address collective doubts of the peaceful nature of Iran’s nuclear programme. In 2022, Iran twice refused a negotiated outcome and instead chose to escalate and expand its nuclear programme to alarming levels. We remain committed to a diplomatic solution and stand ready to use all diplomatic levers available to prevent Iran from developing nuclear weapons.

    Finally, we ask the Director General to keep the Board of Governors informed on the status of Iran’s nuclear programme. We ask for the report to be made public.

    Thank you.

  • PRESS RELEASE : UN Human Rights Council 57 – UK Statement for Item 2 General Debate [September 2024]

    PRESS RELEASE : UN Human Rights Council 57 – UK Statement for Item 2 General Debate [September 2024]

    The press release issued by the Foreign Office on 11 September 2024.

    UK Statement for Item 2 General Debate. Delivered at the 57th Human Rights Council in Geneva.

    Thank you, Mr President.

    The continued growth in this Council’s agenda reflects more, not less, human rights violations and abuses throughout the world.

    Russia continues to disregard the UN Charter through its illegal invasion of Ukraine. As the Commission of Inquiry concluded, many Russian atrocities amount to war crimes. Those responsible must be held accountable.

    The UK condemns, and demands full investigation of, all alleged violations and abuses committed in Israel and the Occupied Palestinian Territories including sexual violence. We are shocked at ongoing deaths, including the killing of six hostages by Hamas. The ongoing suffering of Palestinians in Gaza is appalling. We call for an immediate ceasefire, the release of all hostages and rapid humanitarian aid into Gaza.

    High Commissioner,

    We welcome your engagement with Venezuela. Elections cannot be credible without the National Electoral Council publishing full results. The Venezuelan people have the right to protest and decide their future. We urge dialogue and an end to repression.

    And finally, China continues to persecute and arbitrarily detain Uyghurs and Tibetans, restrict civil society and independent media, and target human rights defenders and lawyers. Two years after the Office of the High Commissioner’s Assessment on Xinjiang, it is time for China to implement its recommendations and engage meaningfully with the Office.

    Thank you.

  • PRESS RELEASE : FCDO summons Iranian Chargé d’Affaires over transfer of Ballistic Missiles to Russia [September 2024]

    PRESS RELEASE : FCDO summons Iranian Chargé d’Affaires over transfer of Ballistic Missiles to Russia [September 2024]

    The press release issued by the Foreign Office on 11 September 2024.

    The Foreign, Commonwealth and Development Office has today summoned the Iranian Chargé d’Affaires in London in response to Iran’s transfer of Ballistic Missiles to Russia.

    An FCDO spokesperson said:

    Today, in coordination with European partners and upon instruction from the Foreign Secretary, the Chargé d’Affaires of the Iranian Embassy in London was summoned to the Foreign, Commonwealth & Development Office. Mr. Ali Matinfar was summoned over Iran’s transfer of ballistic missiles to Russia for use in Ukraine.

    The UK Government was clear that any transfer of Ballistic Missiles to Russia would be seen as a dangerous escalation and would face a significant response.

    The summons follows yesterday’s announcement where the UK, alongside international partners, outlined significant new measures against Iran and Russia, including cancelling our bilateral Air Services Arrangement with Iran. The United Kingdom has also sanctioned a number of key individuals and organisations for their involvement in Iran’s military support to Russia, including those involved in weapons supply chains that enable Russia’s illegal war in Ukraine.

  • PRESS RELEASE : Chancellor announces £8 billion Amazon Web Services investment, as she vows to make every part of Britain better off [September 2024]

    PRESS RELEASE : Chancellor announces £8 billion Amazon Web Services investment, as she vows to make every part of Britain better off [September 2024]

    The press release issued by HM Treasury on 11 September 2024.

    Chancellor Rachel Reeves secures a planned £8 billion investment from Amazon Web Services which is estimated to support around 14,000 jobs per year across the UK.

    • The Chancellor will welcome the announcement as part of the Government’s mission to boost growth, unlock investment and make every part of Britain better off
    • Reeves will say the Government’s mission to ‘fix the foundations of our economy has only just begun’

    The Chancellor Rachel Reeves has today [11 September] confirmed an £8 billion investment from Amazon Web Services which is estimated to support thousands of jobs across the UK.

    The Chancellor secured the planned five-year investment last week at a meeting with Amazon Web Services. The investment is estimated to support around 14,000 jobs per year at local businesses, including those across the company’s data centre supply chain such as construction, facility maintenance, engineering and telecommunications, as well as well as other jobs within the broader local economy. AWS estimates that these investments in the UK will contribute £14 billion to the UK’s total Gross Domestic Product (GDP) from 2024 to 2028.

    Rachel Reeves will welcome the announcement as part of the government’s long-term mission to boost growth, unlock investment and make every part of Britain better off.

    Speaking from a University Technical College in Silverstone today, which works with Amazon Web Services to introduce students to the skills required to enter the digital infrastructure industry, the Chancellor will warn that ‘change cannot happen overnight’ and ‘two quarters of positive economic growth will not make up for fourteen years of stagnation under the previous government.’

    Chancellor of the Exchequer, Rachel Reeves said: 

    I am under no illusion to the scale of the challenge facing our economy and I will be honest with the British people that change will not happen overnight. Two quarters of positive economic growth does not make up for fourteen years of stagnation under the previous government.

    However, this £8 billion investment marks the start of the economic revival and shows Britain is a place to do business. I am determined to go further so we can deliver on our mandate to create jobs, unlock investment and make every part of Britain better off. The hard work to fix the foundations of our economy has only just begun.

    Amazon Web Services Vice President and Managing Director, Europe, Middle East & Africa (EMEA), Tanuja Randery said:

    The next few years could be among the most pivotal for the UK’s digital and economic future, as organisations of all sizes across the country increasingly embrace technologies like cloud computing and AI to help them accelerate innovation, increase productivity, and compete on the global stage.

    AWS is proud to announce our plans to invest £8 billion in digital and AI infrastructure over the next five years to help meet the growing needs of our customers and partners, and support the transformation of the UK’s digital economy.

    The investment announcement comes ahead of this year’s UK International Investment Summit on 14 October, where the UK will bring together the world’s most important companies and investors, demonstrating how the UK’s offer is the best in the world, with political and economic stability, a strategic government partnering with businesses, a proper trade strategy, and policies designed to enable growth.

    Today [11 September] the Organisation for Economic Co-operation and Development (OECD) published their biennial surveillance of the UK economy, which provides analysis and insight of the state of the UK economy and policy challenges. HM Treasury have worked closely and collaboratively on the Economic Survey with the OECD.

    The Survey recognises the UK’s weak growth and poor productivity growth over the past decade. This is partly the result of low investment, particularly since the UK voted to leave the EU in 2016. It highlights the importance of stability and certainty for business investment, as well as reforming the planning system.

    The government welcomes the OECD’s analysis and recommendations. The government’s number one priority is to deliver a sustainable increase in growth, based on stability, investment and reform, as part of a decade of renewal. The government has already announced plans to reform the planning system and unlock further investment, including through a new National Wealth Fund.

  • PRESS RELEASE : Russia must end its war and re-engage with the Forum for Security Co-operation – UK statement to the OSCE [September 2024]

    PRESS RELEASE : Russia must end its war and re-engage with the Forum for Security Co-operation – UK statement to the OSCE [September 2024]

    The press release issued by the Foreign Office on 11 September 2024.

    Politico-Military Counsellor, Ankur Narayan, thanks Denmark as the incoming Chair for upholding the Forum’s mandate of holding a weekly politico-military dialogue, including on risk reduction.

    Thank you, Mr Chair, and to the Foreign Minister for setting out Denmark’s priorities for the Forum for Security Co-operation (FSC) this Trimester. You can count on the UK’s full support, as you execute the mandate of this Forum at this important time for European Security.

    As we return from the Summer break, the Ukrainian people have had no respite. Today marks 930 days of their ongoing defence of their homeland, from an invasion which continues to violate the UN Charter and to contravene the Helsinki Final Act’s core principles. Principles including those on sovereignty, territorial integrity and the non-use of force.

    That is why each week, we have met in the Forum to support Ukraine and to hold Russia accountable. And that is why we welcome Denmark’s proposed FSC agenda topics, on the Code of Conduct, the Helsinki Decalogue and on Women, Peace & Security. These issues remain pertinent for our Euro-Atlantic region.

    Mr Chair, the UK continues to support the Forum. Our Ministers mandated the Forum to hold a weekly politico-military dialogue, with tasks that include risk-reduction. They mandated the Chair to ‘ensure the good order and smooth running of meetings’. To set the agenda. And to select and invite guest speakers. We support the Chair’s prerogative to execute these tasks.

    Unfortunately, at the closing session last Trimester, we had to condemn the Russian delegation – for a third Trimester in a row – for its attempts to undermine FSC meetings.  Russia did not join consensus not only the formal FSC Security Dialogues, but also the standard weekly FSC sessions. Russia demanded exceptional treatment, without any basis in the Rules of Procedure and without articulating any issues with the mandated Agenda.

    As we said last time, there remains another path. Russia claims that it wants peace.  Peace is in its gift – by withdrawing all of its forces to outside of Ukraine’s internationally recognised borders. Russia claims that it is serious about dialogue and risk reduction. If that is true, it must re-engage seriously and professionally with an FSC that meets, as mandated by our Ministers, each week.

    I wish to conclude by welcoming Spain to the FSC Troika, and to thank Cyprus for their work as they leave the Troika. And most importantly, I wish you, Mr Chair, and your able teams here in Vienna and in Copenhagen the best of luck this Trimester. You can count on the continued full support of the UK delegation.

  • PRESS RELEASE : Ministers discuss Make Work Pay plans with small business leaders [September 2024]

    PRESS RELEASE : Ministers discuss Make Work Pay plans with small business leaders [September 2024]

    The press release issued by the Department for Business and Trade on 11 September 2024.

    In the latest series of meetings on the Make Work Pay plan, the Deputy Prime Minister Angela Rayner and Business Secretary Jonathan Reynolds will today [Wednesday 11 September] host a Small Business Breakfast in Downing Street to discuss the upcoming legislation.

    Ministers are reaching all parts of the business community – large and small, and across a range of sectors – to discuss the government’s plans to Make Work Pay. It follows a meeting last week with leading businesses including John Lewis, Sainsbury’s and McDonalds to discuss the Bill.

    This meeting will be an opportunity for Ministers to set out the ambition for the Employment Rights Bill and wider Make Work Pay programme, which will modernise the world of work by ending exploitative zero-hour contracts, extending day one employment protections on unfair dismissal and delivering a genuine living wage.

    Ministers will update small businesses on the progress made so far and what to expect over the coming weeks and months, and ministers are also expected to reassure small business leaders that they will be heard loud and clear.

    The Business Secretary and Deputy Prime Minister will continue to have engagements with businesses of all sizes, industry representatives and trade unions with increasing frequency, up to and beyond the introduction of the Employment Rights Bill.

    The UK currently has one of the least protected labour markets compared to our international partners which is why we are working with business and civil society to deliver meaningful reforms that will transform the world of work and benefit businesses of all sizes.

    We are committed to delivering our plan for small businesses which includes reforming outdated business rates, tackling the scourge of late payments, getting more small firms exporting around the world, boosting access to finance and re-vitalising our high streets to support small businesses to thrive.

    Deputy Prime Minister Angela Rayner said:

    We have so many brilliant small businesses across the country which are the lifeblood of our economy and provide opportunities for so many.

    Delivering our plan to Make Work Pay means working with employers to modernise the world of work. That’s why coming together to hear their views is so important, so we can implement the plan together in partnership and make it a success.

    Business Secretary Jonathan Reynolds said:

    Small businesses across the UK make a huge contribution the economy and our communities – and we value the perspective they bring to the Make Work Pay Plan.

    Small business owners don’t always face the same challenges as big business, so it is vital we talk to them directly on policies that will impact them to ensure their feedback helps shape our plan, so we can boost productivity and create the right conditions for their businesses to grow.

    List of attendees:

    • Tina McKenzie – Policy Chair, FSB
    • Shevaun Haviland – Director General, BCC
    • Carly Canning – Founder, Happy Business School
    • David Hudson – Founder, The HR Dept
    • Kirsty Davies- Chinnock – Managing Director, Professional Polishing Services Ltd
    • Roxanne Goodman – Founder, Female Founder Finance
    • Chris Goodfellow – Managing Director, Inkwell
    • Ian MacLean – Managing Director, John Smedley
    • Jane O’Riordan – Chair, Caravan Restaurants
    • Nick Mackenzie – CEO, Greene King
    • Andrew Phillips – Managing Director, Carreg Construction
    • Ruaridh Hesketh – Founder, Galloway Lodge
    • Ben Knowles – CEO, Pedal Me
    • Clive Price – Manager, Barons Pubs
  • PRESS RELEASE : Government puts workers at the heart of new and improved Port Talbot deal [September 2024]

    PRESS RELEASE : Government puts workers at the heart of new and improved Port Talbot deal [September 2024]

    The press release issued by the Department for Business and Trade on 11 September 2024.

    The government has announced a new, improved Port Talbot deal for workers which has been agreed with Tata Steel and Trade Unions.

    • Negotiations deliver improved redundancy terms and a skills package for employees who want to earn whilst they retrain
    • Commitment from Tata Steel to work with the Government to evaluate future investment opportunities
    • Government to publish a Steel Strategy next Spring, developed with industry, to ensure bright and sustainable future for UK steelmaking

    The workers of Port Talbot are set to get a better deal after co-operative negotiations between Tata Steel and Trade Unions – marking a new, grown-up era in industrial relations.

    The new and improved deal goes much further than the previous government’s agreement – delivering a minimum voluntary redundancy payout of £15,000 for full-time employees plus a £5000 ‘retention’ payment and offering paid-for training to give workers a steady income and upskill them for the jobs of the future.

    Business and Trade Secretary Jonathan Reynolds said:

    Port Talbot has always been and will always be a steelmaking town. This deal does what previous deals failed to do – give hope for the future of steelmaking in South Wales.

    Steel is fundamental to the UK’s economy, sovereignty, and communities, but previous government inaction has blighted the steelmaking industry. That’s why this Government is taking strong action through a new deal and strategy which will reverse the industry’s stagnation and set out a long-term vision for a bright and sustainable future.

    We know that a cleaner, greener future for UK steelmaking is vital to the industry’s long-term economic stability. The road ahead is not without its challenges but our steel strategy will set forth a positive vision for the future of the industry, backed by our manifesto commitment to £3 billion of government investment.

    Under the new deal:

    • Alongside making the largest investment in the UK steel industry in decades, Tata Steel has also committed to work with the government to evaluate new investments in steel.
    • Tata will offer staff at risk of compulsory redundancy a comprehensive training programme as an alternative, providing recognised qualifications in sought-after skills.
    • Employees on this training programme will be on full pay for the first month and £27,000 per annum for 11 months following. These salary costs will be funded by Tata Steel, which also anticipates that at least 500 new jobs will be created to support the construction of the Electric Arc Furnace.
    • minimum redundancy payment of £15,000 pro-rota plus a ‘retention’ payment of £5,000 will be received by employees leaving the business. The Business and Trade Secretary stressed the need to reduce compulsory redundancies where possible, and 2,000 staff members have expressed interest in voluntary redundancy under this deal.
    • Tata has offered its most generous voluntary redundancy package ever for a restructure of this size. Employees who choose redundancy will be paid 2.8 weeks’ earnings for each year of service, up to a maximum of 25 years.

    The new deal will come at no additional cost to taxpayers and the government’s contribution to the construction remains £500 million. Watertight conditions within the grant funding agreement will ensure that the government can claw back investment should Tata Steel not fulfill its commitments. This includes increased penalty payments should the company not retain 5,000 jobs across its UK business post transformation.

    The future of Port Talbot and the steel sector is a shared priority of the UK and Welsh governments. The government is taking a new approach to relations with the nations and regions – resetting the relationship with the Welsh Government to one of close partnership that will deliver a prosperous future for steel in Wales.

    The Business and Trade Secretary will also announce today that a new strategy for the steel sector will be published in Spring 2025 after consultation with industry and stakeholders.

    It follows Tata’s decision in January to close both blast furnaces at its Port Talbot site, putting 2,800 jobs at risk.

    In early July, the future of the site was thrown into doubt as the deal threatened to collapse in polling week, which could have led to more serious consequences for the long-term viability of the whole company. The renegotiation, delivered at pace in the government’s first ten weeks, will enable the transformation project to proceed.

    The deal with Tata Steel – agreed on Tuesday 10th September in a meeting between the Prime Minister, the Business and Trade Secretary Jonathan Reynolds, Chancellor Rachel Reeves, and Tata’s Chair Natarajan Chandrasekaran – represents only the beginning of government’s ambitions for the industry. It is the start of a bright future that harnesses industrialisation and decarbonisation as pillars for a long-term and clear strategy.

    Secretary of State for Wales, Jo Stevens, said:

    This improved deal secures the immediate future of Port Talbot steelworks, lays the foundations for future investment, and enhances protections for the workforce across South Wales, all without further cost to the taxpayer.

    As well as negotiating a better deal than the previous government, we have already released millions of pounds of funding from the Transition Board to support businesses and workers in Port Talbot and across south Wales.

    While this is a very difficult time for Tata workers, their families and the community, this government is determined to support workers and businesses in our Welsh steel industry, whatever happens.

    With the help of independent experts, the government will review the viability of technologies for the production of primary steel including Direct Reduced Iron (DRI). More information about the review will follow in due course.

    In an oral statement in the House of Commons the Business and Trade Secretary is also expected to commit to using the new Procurement Act to help deliver value for money, economic growth, and social value through public procurements, including for the steel sector.

    ENDS

    Background

    • £2.5 billion of government investment, in addition to the £500 million allocated to Port Talbot, will rebuild the industry and help it decarbonise.
    • As part of deal, Tata Steel will also be releasing 385 acres of their site for redevelopment, valuable real estate which will help bring in more companies and employers not just from the steel sector but from a whole host of other industries.
    • 500 job roles are expected to be created to construct the Electric Arc Furnace.
    • An Electric Arc Furnace uses an electric current to melt scrap steel or iron and produce steel, whereas blast furnaces use coke, a carbon-intensive fuel made from coal to produce steel.
    • Tata Steel’s transformation project will reduce the UK’s overall CO2 emissions by around 1.5%.
    • The Steel Strategy will examine how the government can increase steel capacity and capability in the UK. It will identify gaps in current capabilities, assessing future UK steel demand and helping to inform investment decisions which will support economic growth.
    • Tata Steel will work with HMG to explore the business case for further investment opportunities in upstream and downstream assets, subject to feasibility.
  • PRESS RELEASE : Electrician, Stanislav Genadiev, who fraudulently secured Covid loans to pay-off personal debts ordered to repay £56,000 or go to jail [September 2024

    PRESS RELEASE : Electrician, Stanislav Genadiev, who fraudulently secured Covid loans to pay-off personal debts ordered to repay £56,000 or go to jail [September 2024

    The press release issued by the Insolvency Service on 11 September 2024.

    The two loans, worth a combined £100,000, should only have been used for the benefit of his business.

    • Stanislav Genadiev used the funds from two £50,000 Covid Bounce Back Loans to pay off his own personal debts
    • He also spent the money on items such as groceries and clothing
    • Genadiev must pay back more than £56,000 in the next three months or go to jail for 18 months. He would still have to repay the money if he went to prison

    An electrician who fraudulently claimed Covid Bounce Back Loans for his business and a separate perfume company must repay more than £56,000 or face jail after spending the cash on personal expenses and designer clothing.

    Stanislav Genadiev submitted false statements to obtain the two loans worth a combined £100,000 in 2020.

    Genadiev, of Faircross Avenue, Romford, was ordered to repay £56,948 at a confiscation hearing at Snaresbrook Crown Court on Monday 9 September.

    The 37-year-old would be sentenced to 18 months in prison if he failed to comply with the order.

    Alexander Grierson, Head of Asset Recovery at the Insolvency Service, said:

    Stanislav Genadiev declared in applying for the two loans that he would use the funds for the economic benefit of his business.

    Instead, he spent the money clearing his own personal debts, paying for everyday items such as groceries and even buying himself designer clothing.

    This was not how the loans were supposed to be used and the Insolvency Service takes a zero-tolerance approach to those who so blatantly steal from the public purse.

    During the course of our financial investigations, we uncovered assets worth almost £57,000 belonging to Genadiev, including 50% equity at his home address and land in Bulgaria. We will not hesitate to recover the remaining amount he fraudulently secured from the taxpayer if we believe he has assets that can satisfy the order.

    Genadiev first applied for a £50,000 loan in July 2020, claiming his K and S Installation Ltd electrician business had a turnover of £200,000 in 2019.

    Accounts for K and S seen by the Insolvency Service revealed the real turnover was closer to £85,000.

    In a statement to investigators, Genadiev said he used the funds to pay off his personal debts which were unrelated to his business.

    Money from the account was also used for groceries and clothing.

    Genadiev made a second fraudulent £50,000 application in September 2020, this time claiming his G and S Perfumes Ltd business had an estimated turnover of £200,000.

    The business, in fact, was not trading by March 2020.

    Snaresbrook Crown Court gave Genadiev three months to pay the money or face 18 months in prison.

    He would still owe the full amount ordered if he failed to comply and was sent to prison.

    If Insolvency Service investigators uncover more assets Genadiev has or obtains in the future, he will have to pay the remaining amount he fraudulently secured.

    Genadiev was also sentenced to two years in prison, suspended for two years, for the offences when he appeared at Snaresbrook Crown Court in February this year. He was also ordered to complete 150 hours of unpaid work. The sentences are separate to the subsequent confiscation order.

    Further information

    • Stanislav Genadiev is of Faircross Avenue, Collier Row, Romford. His date of birth is 23 February 1987
    • Sentenced for: Two counts of fraud by false representation, contrary to section 2 of the Fraud Act 2006
    • K and S Installation Ltd (company number 09149839)
    • G and S Perfumes Ltd (company number 10365184)
  • Tulip Siddiq – 2024 Speech on the Government’s Vision for the Future of UK Capital Markets

    Tulip Siddiq – 2024 Speech on the Government’s Vision for the Future of UK Capital Markets

    The speech made by Tulip Siddiq, the Economic Secretary to the Treasury, at the London Stock Exchange on 6 September 2024.

    Good morning and thanks for the invitation. It’s so lovely to be here today, and it’s one of my first addresses in my new role as City minister.

    And it’s a very deliberate decision that I’ve taken, because growth is the defining mission of this government, which you’ve probably heard us say over and over again. From the top down to the centre out, we recognise the importance of capital markets to delivering this growth mission that we’ve consistently talked about for the last few years. And As the Chancellor herself said – many of you will have heard at Barclays CEO forum recently – “when the City succeeds, Britain succeeds”. Nothing demonstrates that better than our capital markets.

    It’s not just that when our markets do well, our economy does well. Already this year, more than £20 billion worth of equity capital has been raised in London alone, more than three times what has been raised in the next three European exchanges combined – to support businesses to invest, to innovate and to grow.

    And according to a New Financial report from 2020, 90% of large UK companies regularly use capital markets, supporting some 5.5 million jobs. It’s not just large companies which benefit from our markets. Over the last five years combined, more than half of all capital raised in European growth markets was raised in London. And although these facts speak for themselves, I’ll spell out what they say: that UK capital markets will underpin our mission of sustained and meaningful economic growth.

    But I also know that for our capital markets, stability and just the right amount of risk is the formula for economic growth. Whilst too much political change can unbalance that formula by moderating the market’s ability to signal opportunities for profit and risks of loss.

    So let me be clear to everyone who has raised this with me. We will not pursue change for its own sake. The economist Adam Smith once wrote about an invisible hand, a metaphor for the forces that guide decision-making in the market. Well, I want you to be in no doubt – because in the marketplace of ideas, evidence will be the hand that guides our decision making in policy making generally and capital markets policy specifically. You can describe our approach to the existing program of capital markets reform with this timeless saying, which is ‘if it ain’t broke, don’t fix it’. I hope that reassures some of the people who’ve raised this with me about continuity.

    And while reviewing the existing plans for reform to a capital markets there’s three things that I was struck by. Firstly, the proposals are technically rigorous. Secondly, they have the support of our financial services industry and its regulators. But lastly, and this is most importantly, I know they will support our mission of sustained and meaningful economic growth. And so I, and this government, will support them.

    And I’ll begin that support by highlighting some of the most exciting policy initiatives. Some of which Julia and I were discussing when we came in. For example, the FCA’s changes to our listing rules will revolutionise our markets. By making changes to rules on dual-class share structures, related party transactions and introducing a new international secondary listing category, we will directly align our markets with leading international counterparts and provide greater flexibility to firms and founders raising capital.

    The impact of some of these changes are already being felt, and I’m delighted that some firms are already taking advantage of them.

    The government will also continue to collaborate with a number of industry driven initiatives. Working closely with our Industry Technical group led by Andrew Douglas, and building momentum towards faster settlement of securities trades. And I look forward to the final report of the Task Force led by Sir Douglas Flint on improving the current system of share ownership and eliminating the use of paper share certificates.

    And we remain fully committed, as I just said before we came on, to take forward the new Private Intermittent Securities and Capital Exchange System – or PISCES – a world-first bespoke regulated market for private company shares. This will help investors to invest in exciting private companies and support innovative companies to grow – and ultimately to an IPO.

    To my mind, government works best when it’s underpinned by honest and open conversation. And that’s why it’s very important to me to thoroughly examine the feedback from the consultation earlier this year, and to ensure that all of your opinions are properly reflected in our decision-making process.

    And while it’s clear to me that there is huge support for the PISCES project, it is also clear that on the issues of disclosure and market abuse we need to tailor our thinking further. So please be assured that my officials and I will continue working with you. And in that spirit, my officials will be in attendance at the roundtable on PISCES later today, and I’ll ensure that all the conclusions from this roundtable are considered in our final proposal to ensure that PISCES does deliver on its promise.

    But I know that we can go even further to restore competitiveness to our capital markets.

    And of course, a lot of you will be looking forward to the Mansion House speech and the Budget later on, which will set out the plans for our sector in more detail. But I would urge you, if you haven’t already, to look at the report “Financing Growth” – that I published earlier this year – which unapologetically puts really reinvigorating our capital markets at the heart of this government’s growth mission. It’s what we campaigned on, and it’s what we intend to deliver in government.

    They include proposals to encourage the investment of capital freed by Solvency II reforms into UK infrastructure and green industries. To empower the British Business Bank with a more ambitious remit, for example, providing match funding to spin out seed funds. And a landmark review of the UK’s pensions and retirement saving landscape to explicitly consider the role of pension funds in capital and financial markets to boost both their returns and broader economic growth.

    Confirming this review was one of the first announcements made by the Chancellor, and this phase will be led by my colleague Emma Reynolds, who is the Minister for Pensions. She will be speaking here later today. And I encourage you to join this, which is the session on the UK pensions landscape, because Emma will outline the exciting plans that we’ve undertaken as a government.

    So, I do recognise that these proposals are challenging. I’m not naive about it.

    But I am confident looking around this room today and seeing the expertise here, that if we work together, we will be delivering this, because sustained and meaningful economic growth is not just the government’s mission, it’s a mission that we share with everyone in this room.

    So now let’s go out and deliver it.

  • PRESS RELEASE : UN Human Rights Council 57 – UK Statement on Nicaragua [September 2024]

    PRESS RELEASE : UN Human Rights Council 57 – UK Statement on Nicaragua [September 2024]

    The press release issued by the Foreign Office on 11 September 2024.

    UK Statement for the Interactive Dialogue on the report of the High Commissioner on Nicaragua.

    Thank you, Mr President.

    The attack on human rights in Nicaragua is relentless. The closure of over 5,000 NGOs since 2018, including 1,820 NGOs in August 2024 alone, is a clear indicator of this repression.

    The arbitrary detention of political leaders and members of the church are of great concern. We welcome the release last week of dozens of political prisoners but are alarmed by their exile from Nicaragua. We call for an end to arbitrary arrests and the restitution of all the civic rights of political prisoners. The policy of exiling and removing the citizenship of individuals is unacceptable.

    The growing climate of repression, intimidation, and harassment is also affecting Nicaraguans in exile and we urge the Nicaraguan authorities to immediately cease these practices.

    High Commissioner,

    We would welcome your views on what more can be done to prevent further arbitrary arrests and how we can preserve civic space in Nicaragua?

    Thank you.