Tag: 2025

PRESS RELEASE : Appointment of a Canon of Windsor [May 2025]

The press release issued by 10 Downing Street on 15 May 2025.

The King has approved the nomination of The Reverend Canon Dr Nicholas Brown, Precentor and Sub-Dean of Lincoln Cathedral, to the College of St George, Windsor, in succession to The Reverend Dr Mark Powell following his retirement.

Background

Nick Brown was educated at Royal Holloway University of London, and the University of Durham, obtaining a BMus, an MA and a PhD, and trained for Ministry at Ripon College, Cuddesdon. Ordained in 2009, he served his title as Assistant Curate in the Parish of Warminster St. Denys and St. Mary Upton Scudamore in the Diocese of Salisbury. From 2013 he served as Rector of the Parish of Louth. From 2019 he served additionally as Acting Archdeacon of Lincoln. In 2020, he took up his current role as Precentor of Lincoln and as Sub-Dean of Lincoln Cathedral in 2021.

May 17, 2025
PRESS RELEASE : General Sir Gwyn Jenkins KCB OBE RM has been appointed as First Sea Lord and Chief of the Naval Staff, and Aide-de-Camp to His Majesty [May 2025]

The press release issued by the Ministry of Defence on 15 May 2025.

Defence Secretary John Healey has confirmed that His Majesty The King has approved the new appointment of First Sea Lord and Chief of the Naval Staff. General Sir Gwyn Jenkins KCB OBE RM is to be appointed as First Sea Lord and Chief of the Naval Staff, and Aide-de-Camp to His Majesty.

Defence Secretary John Healey, said:

I warmly congratulate General Sir Gwyn Jenkins on his selection as the next First Sea Lord and Chief of Naval Staff. As the first Royal Marine appointed to the role, this is a hugely significant moment for the Royal Navy.

General Jenkins is a proven leader with a distinguished career in both the military and at the core of government. I know he will deliver in this pivotal role, making Britain secure at home and strong abroad.

Chief of the Defence Staff Admiral Sir Tony Radakin said:

I am very pleased to welcome General Jenkins as the next First Sea Lord.

As one of the outstanding Royal Marines of his generation, he brings with him a wealth of operational and organisational expertise. His appointment reflects a Corps which is bound even more tightly to the way the Royal Navy thinks, operates and fights.

In a more dangerous and demanding world, General Jenkins has the instincts and ambition needed to continue the modernisation of the Royal Navy, ensuring it can meet future threats and continue to safeguard our nation’s security and prosperity.

General Sir Gwyn Jenkins, said:

It is an honour to be selected as the next First Sea Lord.

I feel extremely privileged to lead the exceptional sailors and marines of the Royal Navy at this pivotal time for UK Defence.

Throughout my career, I have always been motivated by the vital role the Royal Navy has in keeping our nation safe. To do that now, we need to accelerate our return to a war fighting force that is ready for conflict, expand our modernisation efforts and deliver the Royal Navy our nation needs.

May 17, 2025
PRESS RELEASE : UK to clamp down on criminal networks in Western Balkans as the Prime Minister travels to Albania [May 2025]
The press release issued by 10 Downing Street on 15 May 2025.

The UK will step up efforts to break the crime web fuelling illegal migration across the Western Balkans on a historic visit to the region by the Prime Minister.
- Prime Minister visits Albania in historic first official visit, as the two countries step up cooperation on defence and security, organised immigration crime and economic growth
- UK to expand Joint Migration Task Force in the Western Balkans to intercept migrants upstream before they reach UK shores
- Discussions on illegal migration come after the Prime Minister unveiled the government’s Immigration White Paper, a comprehensive plan to drive down net migration
- Prime Minister set to see UK cooperation with Albania in action during visit to Port, as both countries double down on efforts to tackle forged documents, illicit finance and incentives to migration
The UK will step up efforts to break the crime web fuelling illegal migration across the Western Balkans on a historic visit to the region by the Prime Minister.

Prime Minister Keir Starmer will begin a two-day visit to Tirana today, to step up cooperation on migration and expand successful joint initiatives with Albania to more countries in the region.

It comes after the Prime Minister unveiled the government’s Immigration White Paper, a comprehensive plan that will bring net migration to the UK down significantly, earlier this week.

During the first ever official visit to Albania by a UK Prime Minister, Keir Starmer will visit the Port of Durres to see firsthand how UK cooperation is intercepting people smugglers, deterring would-be migrants and snaring criminals using fake documents.

The UK’s cooperation with Albania has underlined how this government’s approach of intercepting and deterring migrants upstream can dramatically cut illegal migration to British shores.

There has been a 95% reduction in Albanian small boat arrivals in the last three years, while the number of Albanians returned to the country has also doubled in the past two years, with 5,294 Albanians returned in 2024, more than double the 2,035 Albanian nationals returned two years earlier.

But the Prime Minister has been clear that the government cannot be complacent about the success, and while in Albania this week, he is expected to announce the expansion of the Joint Migration Task Force with Albania and Kosovo to include North Macedonia and will further progress positive discussions with Montenegro.

The task force brings together specialists from the countries involved to design and execute operations to detect, deter and manage illegal migration. It will see the UK share greater intelligence to allow local law enforcement to intercept smuggling gangs and deploy UK funded drones to snare gangsters funnelling migrants through the Western Balkans corridor and on to the UK.

The UK will also support both countries to reinforce checks at border crossing points.

The expansion of the task force comes ahead of the UK hosted Western Balkans Summit in the Autumn, which is expected to focus on regional security, economic growth and tackling shared challenges such as foreign interference and illegal migration with innovative solutions.

Prime Minister Keir Starmer said:

Global challenges need shared solutions, and the work the UK and Albania is doing together is delivering security for working people in both countries.

And our joint work to deter, detect and return illegal migrants is further proof that intervening upstream to protect British shores and secure our borders is the right approach.

Every step we take to tackle illegal migration overseas, cripple the criminal networks that facilitate it and stem the finance streams that fund it is delivering safer streets in the UK, and reducing the strain on taxpayer funded services.

But we cannot take this action alone, through closer partnerships and greater cooperation, we are creating real change with our partners across Europe and delivering on our Plan for Change.

The UK will also double down on its success with Albania, ensuring the barriers deterring migrants from making the journey from Tirana to British shores remain in place.

As part of an enhanced strategic partnership with Albania, the Prime Minister and Albania’s Prime Minister Edi Rama are expected to agree to go further on clamping down on people smuggling, supporting human trafficking victims and ensuring Albanians deported home do not attempt a second journey.

The two countries will also launch a new project to tackle illicit finance and investigate underground finance streams that are laundering money between Albania and the UK.

Two forgery detection machines will also be donated to the Albanian State Police to quickly identify discrepancies and confirm document authenticity through regular checks, allowing Albanian law enforcement to track and apprehend individuals trying to illegally enter the UK on stolen or fake passports.

And the UK will support Albania tackle what is known as the ‘revolving door effect’ – when a migrant is returned home, only to evade law enforcement and leave the country again – through a new programme to help young Albanians reintegrate into society and find meaningful employment. The focus of the programme will be in northern Albania, where the majority of migrants who arrive illegally in the UK are traced back to.

The leaders are also expected to step up cooperation to counter serious organised crime, including the funding of a new forensic evidence programme to share and track the DNA swabs of criminals in Albania to solve crimes in the UK.

The recent roll out of the programme saw more than 55 serious criminals – including murderers, rapists and manslaughter offenders – taken off UK streets thanks to the closer cooperation between the two countries. The project has seen 1000 hits in the past 18 months in UK data bases, resulting in 55 arrests in the UK.

The government will invest a further £1 million in the partnership this year to upgrade Albania’s forensics, biometrics and digital capability to detect and detain further criminals and protect UK streets. It will also allow law enforcement in both countries to identify and gather evidence in some of the most serious crimes committed in Albania, the UK and beyond.

Later in the day, the Prime Minister will see firsthand the deeper defence and security cooperation between the UK and Albania when he visits troops from both countries working together to train up Ukrainian soldiers under Operation Interflex.

Day two of the programme will see the Prime Minister attend the European Political Community summit, where he will convene a roundtable on Defence and Security and continue conversations on innovative solutions to the challenge of illegal migration.
May 17, 2025
PRESS RELEASE : Competition watchdog gets green light for growth in latest move to back business [May 2025]
The press release issued by the Department for Business and Trade on 15 May 2025.

Businesses and consumers will benefit from new growth-focused Strategic Steer set for the Competition and Markets Authority (CMA), in the latest step of the government’s agenda to reform regulation to drive growth as part of the plan for change.
- Government delivers new strategic steer to competition watchdog to prioritise growth while ensuring effective competition and consumer protection
- The steer reset CMA’s priorities with aim to create a level-playing field for businesses through more transparent, timely and responsive regulation
- Part of wider push to ensure regulators drive investor confidence and support economic growth across the UK as part of the plan for change
Businesses and consumers will benefit from new growth-focused Strategic Steer set for the Competition and Markets Authority (CMA) today (Thursday 15 May), in the latest step of the government’s agenda to reform regulation to drive growth as part of the plan for change.

The steer resets the competition watchdog’s priorities, with a renewed focus on prioritising growth and investment while ensuring free and fair competition and protecting the rights of consumers.

In addition to this, the steer is focused on minimising uncertainty for businesses by encouraging the CMA to be proactive, transparent, timely, predictable and responsive in its engagement, underpinning the government’s upcoming industrial strategy.

The independent CMA has already set out positive plans to address these issues to deliver meaningful reforms, by announcing their new public commitment to the pace, predictability, proportionality and process of their mergers investigations, digital and consumer work – giving businesses more clarity and confidence in the CMA’s work. The Government wants to see the same level of ambition from other regulators.

This is just one part of its wider commitment to reforming the regulatory landscape with work underway to improve licensing regulations for businesses, a new regulation innovation office to speed up regulatory decisions and consolidating the Payment Systems Regulator (PSR) into the Financial Conduct Authority (FCA).

This is to ensure delivery not only for businesses but for taxpayers too by driving investment, boosting confidence and setting out the stall for the upcoming industrial strategy that will articulate a new relationship between business and government to boost growth – delivering the plan for change.

Business Secretary Jonathan Reynolds said:

This government believes in promoting and protecting competition – that is fundamental to our growth mission and Britain’s modern Industrial Strategy. Our economic regulators are crucial to creating the conditions for increased growth and investment. This steer sets out the government’s priorities for the CMA.

I am grateful for the positive approach taken by the new Interim Chair and the Chief Executive as they re-focus the work of the CMA, supporting our Plan for Change to drive growth, investment and business confidence while protecting consumers.

Chancellor of the Exchequer, Rachel Reeves, said:

Competitive markets are more important than ever for attracting investment into the UK and driving economic growth, and our new Strategic Steer for the CMA will help us achieve these goals, making Britain the best country to do business.

We fully support the CMA’s independence and welcome the steps it has already taken to act swiftly, predictably, independently, and proportionately to promote competition, protect consumers and strengthen our economy.

Sarah Cardell, Chief Executive of the CMA, said:

The Strategic Steer reinforces the importance of a strong, independent competition and consumer protection regime, whilst situating this squarely in the context of the growth mission.

The steer provides helpful clarity on how the CMA should prioritise and go about our work, promoting competition and protecting consumers with a sharp focus on supporting higher levels of investment and economic growth.

It reinforces the approach we have set out in the CMA’s 2025/26 Annual Plan and in the roll out of our 4Ps approach, focused on driving greater pace, predictability, proportionality and an improved process committed to strong stakeholder engagement.

The government expects the CMA to clearly communicate how it is taking account of the steer and report on how it has applied the steer in practice in its annual report.
May 17, 2025
PRESS RELEASE : Improved PE and sport for more than 240,000 pupils with SEND [May 2025]

The press release issued by the Department for Education on 15 May 2025.

Government launches Inclusion 2028 programme which will improve access to PE and school sports for pupils with SEND.

Hundreds of thousands of pupils with special educational needs and disabilities (SEND) are set to benefit from a national programme to improve access to PE and school sports.

Backed by an initial £300,000 for the first year, the Inclusion 2028 programme will work with a network of 50 Youth Sport Trust lead schools to provide expert training to teachers to help them create and deliver lessons that meet the diverse needs of all pupils – including those with physical, sensory, cognitive, communication or social and emotional needs.

In doing this, the programme encourages more varied and creative teaching methods that engage all learners – in turn, improving attendance and creating a school environment where all children can achieve and thrive. It will also provide leadership opportunities for 1,500 pupils who will develop activities for their peers as part of the programme, with schools across the country set to host events inspired by the Paralympic Games and Commonwealth Games. Alongside this, it will see 600 new extra-curricular clubs established offering pupils, including those with diverse needs, the opportunity to take part in a range of sports such as tennis, boccia and archery after the school day.

Taking part in physical exercise can support muscle and motor skills, as well as a sense of achievement, confidence, social connection and better mental health.

The programme supports the government’s Plan for Change in breaking down barriers to opportunity and ensuring every child and young person can achieve and thrive. It expects to work with over 8,000 schools supporting more than 240,000 pupils and 10,000 teachers and practitioners in England across the three years.

School Standards Minister, Catherine McKinnell said:

Sport has the unique power to break down barriers, build confidence and foster a sense of belonging.

Inclusion 2028 will ensure young people experience the benefits of sport and physical activity, from improved mental wellbeing and teamwork skills to greater resilience.

By building a generation of teachers with the skills and confidence to deliver high-quality PE and school sport for all pupils, we can ensure that every child gets their chance to shine.

Paralympian, Laura Sugar MBE PLY, said:

As a Paralympian and a PE teacher I see first-hand the importance of inclusive sport for all and access to PE in schools for disabled children, so I’m absolutely delighted to be a part of this campaign which is so close to my heart. Growing up as a child with a disability I have experienced how physical activity can help improve day-to-day life and enhance mobility, as well as social and mental benefits so it is important that we make PE accessible for all.

It’s fantastic that the new direction of the Inclusion 28 programme will support the calls made by ParalympicsGB’s Equal Play campaign to ensure that no disabled child is excluded from school sport, and I know that together the Consortium can help drive important, positive change.

Eden Hays, 13, a pupil at Brooklands Middle School, said:

Sport is important for everyone’s mental health and wellbeing, but especially for children with disabilities, where life is that bit harder. Being active has helped keep me both physically and mentally strong and ensured opportunities both in and out of school. Opportunities not just in competing, but both leading and educating too. Sport can be adapted for everyone and should be enjoyed by all.

CEO of the Youth Sport Trust, Ali Oliver MBE said:

We are pleased the Department for Education is continuing to support the transformation of PE and school sport, and access to daily physical activity for children and young people with special educational needs and disabilities.

The Youth Sport Trust believes these opportunities play a fundamental role in the education and enrichment provided by schools, and the experience offers an invaluable opportunity for young people to express themselves, enjoy movement, and develop essential life skills.

Too many children, particularly those with additional needs, are either missing out or still face barriers to inclusion and there is so much more to do to create the capacity capability and opportunity in the system for every child.

We feel incredibly proud to continue leading the delivery of this important programme working alongside a distinguished collaboration of partners all of which are equally committed to this mission. Together through our work with schools, teachers and young people we know inclusive practice can give every child equal access, increase participation, and as a result enjoy the life-changing benefits of play and sport.

Inclusion 2028 is delivered by a consortium of the Youth Sport Trust, ParalympicsGB, Swim England, Activity Alliance and nasen and supported by the Association for PE and Sport for Confidence.

May 17, 2025
PRESS RELEASE : NHS leaders face both ‘carrot and stick’ in new performance drive [May 2025]
The press release issued by the Department of Health and Social Care on 15 May 2025.

NHS leaders will face new performance-based pay system with bonuses for improved patient care and penalties for failing trust executives.
- CEOs cutting waiting times and delivering improvements for patients could be rewarded with bonuses of up to 10%
- But failing trust execs will have annual pay rises docked under tough new government measures
- New measures are part of government’s Plan for Change to deliver investment and reform for the NHS
Failing trust leaders will have annual pay rises docked under tough new measures aimed at improving NHS performance and driving progress on cutting waiting lists.

Bonuses of up to 10% will also be on offer for top performers under the new ‘carrot and stick’ approach.

The bold shakeup will transform NHS services from boardroom to bedside, cutting waiting lists and driving better patient care as part of the government’s Plan for Change.

Under the new plans, the government will look to learn from some of the most effective businesses in the country to recruit top talent to struggling trusts – with leadership vacancies in badly performing areas coming with a temporary pay increase of 15%, worth up to £45,000 (note 1).

Pay bands for senior managers will also be refreshed to attract and retain effective leaders within the NHS.

At the same time, failing CEOs could see up to £15,000 (note 2) docked from their salaries if they run into debt or fail to deliver improvements. This is in addition to any existing processes to tackle poor performance, where persistently failing managers could be sacked if they do not turn things around.

The bold overhaul also establishes stricter accountability for very senior managers, demanding greater financial rigour across all NHS trusts and integrated care boards (ICBs) and a drive for productivity.

Today’s announcement comes after Health and Social Care Secretary Wes Streeting declared in November there would be “no more reward for failure”.

Health and Social Care Secretary Wes Streeting said:

Some of the best businesses and most effective organisations across Britain and the world reward their top talent so they can keep on delivering. There’s no reason why we shouldn’t do the same in our NHS.

We will reward leaders who are cutting waiting times and making sure patients get better services. But bonuses and pay rises will be a reward and not a right – because I’m determined that every penny we invest through our Plan for Change is money well spent.

Our carrot and stick reforms will boost productivity, tackle underperformance and drive up standards for patients.

Sir Jim Mackey, NHS England Chief Executive, said:

If we are to consistently reach the standards of care the public rightly expect, it is clear that we need to reward those who are delivering for patients.

An important element of driving improvements must be strengthening the link between pay and operational performance at a very senior level – this happens in almost every other sector and there is no reason for the NHS to shy away from it, particularly when we rely on money that comes directly from taxpayers’ pockets.

We will be working together with local leaders to improve transparency and ensure progress is recognised, while offering sufficient flexibility to attract talented candidates to the most challenging roles and organisations.

Today’s guidelines setting out new penalties and rewards for trust leaders will introduce learning from leading businesses in the NHS.

It will include strict rules for NHS bosses, who will be expected to spend budgets wisely and ensure trusts are not going into debt. The government wants to see trusts deliver more efficiency, ensuring patients get more for taxpayers’ money being invested.

Today’s move follows some of the most ambitious efficiency targets in the health service’s history. As set out in NHS England’s planning guidance published in January, NHS organisations will need to reduce their cost base by at least 1% and achieve 4% improvement in productivity and efficiency this financial year to deal with demand growth.

The new performance-based pay structure will help deliver on these targets, improving services and delivering better care for patients.

As part of the plans, the government is also bringing together pay structures for senior managers at ICBs and NHS trusts to boost consistency and align standards.

Any trust or ICB that fails to comply with the new guidelines will be required to publicly justify its decision in its annual report under a strict ‘comply or explain’ approach.

The tough new measures form part of the government’s Plan for Change, which will see the government deliver investment and reform to cut waiting times from 18 months to 18 weeks.

Notes

Note 1: based on the highest current salary of a trust CEO (under the new framework).

Note 2: the £15,000 is based on last year’s 5% pay uplifts, and the highest current salary of a trust CEO being £299,250 (under the new framework).
May 17, 2025
PRESS RELEASE : Insolvency Service to take on the work of the National Investigation Service [May 2025]

The press release issued by the Insolvency Service on 15 May 2025.

Today the Department for Business and Trade has announced its intention to conclude its contract with the National Investigation Service (NATIS) and transfer existing casework, relating to COVID-19 Bounce Back Loan fraud, to the Insolvency Service.

In response, Alec Pybus, Interim Chief Executive of the Insolvency Service said:

We welcome this decision by the Department of Business and Trade.

The Insolvency Service is well placed to take on these investigations as part of our ongoing and successful work tackling fraudulent use of COVID-19 loans.

We are working with our colleagues at the Department of Business and Trade and at Thurrock Council to deliver a smooth and swift transition of ongoing cases, and any potential transfer of staff.

To date, the Insolvency Service has obtained disqualifications against 2,167 directors, bankruptcy restrictions against 343 individuals and 62 successful criminal convictions in respect of COVID-19 financial support scheme misconduct.

The Agency has also helped to secure more than £6 million in compensation related to COVID-19 financial support scheme abuse.

The Agency already has plans to deliver further enforcement outcomes and financial recoveries in 2025/26, and will now work at pace to take on viable casework from NATIS in support of the UK Government’s drive to hold to account those who fraudulently claimed support during the pandemic.

May 17, 2025
PRESS RELEASE : Joint trade statement between New Zealand and United Kingdom [May 2025]
The press release issued by the Department for Business and Trade on 15 May 2025.

Summary of a Joint Statement following the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade.

This Joint Statement follows the meeting of the Minister for Trade and Investment of New Zealand and Secretary of State for Business and Trade of the United Kingdom on 12 May 2025.

At their meeting, the Ministers celebrated the successful trading relationship between the UK and New Zealand, which reached a record £3.7bn or $7.3bn of trade in goods and services in 2024.

At the meeting, the Ministers opened the second Joint Committee of the New Zealand-United Kingdom Free Trade Agreement (FTA).

Significant progress has been made under the FTA, including amongst other things, the commencement of an artists’ resale royalty scheme, the inclusion of further wine making (oenological) practices, the establishment of a legal services regulatory dialogue, the renewal of the engineers’ Admissions Pathways Agreement, a sustainable finance dialogue, a women in STEM event, and a visit to the UK by a delegation of Māori women technology entrepreneurs.

Ministers commended the significant uptake of the agreement.

Since entry into force, £752.3m ($1,588m NZD) of traded goods successfully used preferential tariffs; i.e. around 82.2% of goods traded between the UK and New Zealand made use of preferences where one was available.

The strong uptake of the agreement’s benefits is resulting in real savings with the potential to benefit both businesses and consumers.

Between June 2023 and Dec 2024:
- £164.2m or $344.5m NZD (80.7%) of goods imports into New Zealand from the UK used preferential tariffs. Had these occurred at standard Most Favoured Nation (MFN) tariff rates, they could have encountered an additional £9.3m ($19.5m NZD) in duties.
- £588.1m or $1,243m NZD (82.6%) of goods imports into the UK from New Zealand used preferential tariffs. Had these occurred at standard MFN tariff rates, they could have encountered an additional £67.4m ($141.8m NZD) in duties.
The Ministers noted that free trade is a cornerstone of prosperity in both countries. Recognising that open markets, and reliable legal and regulatory frameworks are essential for trade, the Ministers committed to strengthening the rules-based trading system.

The Ministers agreed to work together to strengthen the role that free trade, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (which the United Kingdom and New Zealand are Parties to), plays in increasing prosperity and reinforcing resilience against economic turbulence.

This includes growing the agreement ambitiously through further accessions, modernising the agreement through the ongoing General Review, and working with partners to defend the rules-based trading system upon which we rely.
May 17, 2025
PRESS RELEASE : Government goes further and faster to boost capital markets by delivering PISCES [May 2025]
The press release issued by HM Treasury on 15 May 2025.

Capital markets are set to be boosted, as part of this government’s Plan for Change.
- Government delivers legislation to establish the Private Intermittent Securities and Capital Exchange System Sandbox (PISCES) – an innovative new type of stock market for private companies that will boost the growth companies of the future and support the UK’s IPO pipeline.
- This delivers on the Chancellor’s Mansion House commitment to launch PISCES by May, with share trading taking place later this year.
- The government will legislate to ensure that employees who have share options will be able to exercise them on PISCES and retain tax advantages, making the platform more attractive for companies and investors looking to use PISCES.
Capital markets are set to be boosted, as part of this government’s Plan for Change as we deliver legislation for PISCES, a new type of stock market which will give investors the chance to get in on the ground floor of some of the most exciting companies around, so supporting those businesses to grow.

Today’s announcement means that stock markets can launch their PISCES platforms in the coming months with shares likely to be traded in the Autumn. Thanks to PISCES, private company shareholders, which includes founders and early-stage investors, can more easily realise their gains and reinvest this in productive assets.

In a boost to growth companies and start-ups, the government has also confirmed that it will legislate to ensure employees retain tax advantages on the share options they have, which will make PISCES more attractive and encourage even more businesses to use the platform.

Emma Reynolds, Economic Secretary to the Treasury, said:

Getting PISCES up and running will support UK growth companies. This will boost our capital markets and help to grow our economy, putting more money in working people’s pockets as part of our Plan for Change.

We are also ensuring that employees will retain the tax advantages of shares traded on PISCES to boost the attractiveness of the product to high growth companies looking to expand.

Simon Walls, Executive Director of Markets at the FCA, said:

We are laying the groundwork for a new private stock market that will give investors more opportunities to invest in growing companies.

Today’s legislation is a big step forward and we will set out the final rules for PISCES soon. Together, this will support an organised marketplace to buy and sell private shares.

To ensure employees can continue to benefit from the tax advantages on their shares, the law will be changed to extend to the existing Enterprise Management Incentives (EMI) and Company Share Option Plan (CSOP) contracts to also include PISCES.

This is in addition to the announcement in the Autumn Budget making PISCES transactions exempt from Stamp Taxes on Shares. Today’s announcement on tax mean that employees as well as investors will benefit from the tax changes made, further increasing the attractiveness of the project.

Today’s reform delivers on the Chancellor’s commitment at Mansion House to deliver PISCES, a new innovative market for trading private company shares, combining features of private and public markets.

Companies and investors using the platform will benefit from greater flexibility and have greater freedom to choose when and to whom their shares are traded with, and they will only be required to disclose information ahead of trading.

The platform will act as a stepping stone for companies eyeing a listing in future preparing and easing the journey to an IPO.

With many companies choosing to stay private for longer, there is increasing demand for investors, including angel investors and employees, to be able to trade shares in private companies more easily.

The Financial Conduct Authority will publish their rules underpinning PISCES shortly after the legislation comes into force. Thereafter, those wishing to operate PISCES trading events can apply to the FCA. We expect to see the first PISCES trading events take place later this year.
May 17, 2025
PRESS RELEASE : Pension Scheme reforms to boost benefits and tackle inequality [May 2025]
The press release issued by the Ministry of Housing, Communities and Local Government on 15 May 2025.

Changes will mean more money in the pockets of hard-working people when they reach retirement, delivering on government’s Plan for Change.

Street cleaners, school cooks and other dedicated public servants are set to benefit from a package of reforms to the Local Government Pension Scheme (LGPS) that will end discrimination and lead to more money in people’s pockets.

Today’s measures build on the government’s wider Make Work Pay agenda that will back millions of workers by banning exploitative zero-hours contracts and ending ‘Fire and Rehire’ and ‘Fire and Replace’ practices.

Under measures announced today, the Local Government Pension Scheme for England and Wales will become the first public service pension scheme – of which three quarters are women – to make all maternity, shared parental and adoption leave automatically pensionable.

And issues with current regulations that saw survivors of members receiving smaller pensions on the basis of their relationship type will be fixed – ending historic inequalities.

These steps will directly benefit people working on the front line, serving school lunches, cleaning buildings, managing libraries and cleaning streets.

Loopholes that allow those guilty of serious offences to continue benefitting from the pension scheme will also be closed, as part of a crackdown to ensure public servants’ money does not go to those who do not deserve it.

Deputy Prime Minister, Angela Rayner said:

“These historic changes will give hard working street cleaners, librarians, school cooks and other public servants the security that they deserve.

“This is a critical step in ending years of discrimination, backing our dedicated public servants and helping to Make Work Pay.”

Minister of State for Local Government and English Devolution, Jim McMahon OBE MP, said:

“Having worked in local government for years, I know first-hand how much those who help keep the lights on across the country rely on the Local Government Pension Scheme.

“Through these reforms, we will make sure they are properly rewarded and able to enjoy their hard-earned retirement.”

Minister for Pensions Torsten Bell MP said:

“Today’s changes will ensure more public servants get the benefits and security they deserve.

“Our reforms to the Local Government Pension Scheme are bringing fairness and equality to workers, while boosting the potential of schemes to drive opportunity and growth in local communities.”

Latest estimates show 74 per cent of the scheme’s seven million members are women, and one of the most significant gaps in a woman’s pensionable service is often maternity leave.

Making the final 13 weeks’ leave automatically pensionable will be a significant improvement and help close the gender pensions gap women face.

Another issue the reforms aim to address is a disparity in survivor benefits – which are paid to the scheme’s members’ partners upon their death.

Due to issues with the existing regulations, there have been instances where those in same-sex marriages and civil partnerships receive a more generous pension entitlement than those in opposite-sex marriages and partnerships. But under proposed reforms, all discrimination on the basis of the sex of those affected will be removed.

In addition, an age cap currently in place that requires an LGPS member to have died before the age of 75 for their survivor to receive a lump sum payment will also be abolished.

The government is also taking steps to keep people in the scheme by enhancing data collection on why people opt out, in a bid to ensure as many people as possible benefit.

A consultation on the proposed reforms to LGPS members’ benefits is now open for 12 weeks, and those affected are encouraged to register their views.

Other measures the government is taking to make work pay include:
- Banning exploitative zero-hours contracts
- Ending ‘Fire and Rehire’ and ‘Fire and Replace’ practices
- Strengthening statutory sick pay
May 17, 2025