Tag: 2025

PRESS RELEASE : Leeds Reforms to rewire financial system, boost investment and create skilled jobs across UK [July 2025]
The press release issued by HM Treasury on 15 July 2025.

Red tape cut and savers supported to invest as Chancellor rewires financial system to boost growth.
- Leeds Reforms will make the UK the number one destination for financial services businesses by 2035, attracting inward investment and creating good skilled jobs across the UK through the Plan for Change.
- Rachel Reeves promises to “double down on the UK’s global strengths” as she unveils first-ever Financial Services Growth and Competitiveness sector plan, a key plank of the modern Industrial Strategy.
Working people will be equipped with the support they need to invest and grow their savings, under plans to rewire the financial system to attract investment, create good skilled jobs across the country and put more money into people’s pockets.

Banks will send investment opportunities to savers with cash sitting in low-interest accounts for the first time, and major financial institutions – including high street banks – are backing an advertising campaign that will highlight the opportunities of investing for consumers who are able to do so.

Under current trends, moving £2,000 from these accounts to stocks and shares could make millions of people over £9,000 better off in 20 years’ time.

The plans to boost people’s savings and the economy were unveiled by the Chancellor at a summit of top finance executives in Leeds today as she set out the widest ranging reforms to financial regulation in over a decade – backing one of the key eight growth driving sectors of the future identified in the Government’s modern Industrial Strategy published last month.

The Chancellor told executives that, having delivered stability and a sustainable strategy for investment, it was time for the UK to “double down on its global strengths” through reform to make sure it stays ahead in the global race for business investment and the good skilled jobs they bring.

Chancellor of the Exchequer, Rachel Reeves said:

We fixed the public finances and stabilised the economy. Now we need to double down on our global strengths to put the UK ahead in the global race for financial businesses – creating good skilled jobs in every part of the country and helping savers’ money go further through our Plan for Change.

Business Secretary, Jonathan Reynolds said:

Financial Services are a UK success story, and one of the eight sectors we identified with the biggest potential for growth in our modern Industrial Strategy.

This sector plan will help make the UK the number one destination for financial services by 2035 and is all about delivering on our Plan for Change to boost the economy and put more money in people’s pockets.

Economic Secretary to the Treasury, Emma Reynolds said:

Helping people take advantage of better returns from investing is key to better financial health, giving them a stake in a growing economy and connecting promising businesses with capital. These reforms will make the UK the best location for financial services firms and tear down barriers to investment to growing our economy and making families better off.

The Leeds Reforms tear down the barriers to attracting investment in the finance sector by reintroducing informed risk-taking into the system, cutting unnecessary red tape, driving more finance into public markets and actively helping international companies to set up in the UK.

This will position the UK as the number one destination for financial services companies by 2035, attracting business from around the world to harness the knowledge, talent and expertise in financial services hot spots from Glasgow to Leeds, and help the UK achieve an ambitious target to double the growth rate in UK net exports in these services over the next decade.

Unlocking retail investment

The UK has the lowest level of retail investment among G7 countries, meaning savers are not getting the best bang for their buck and UK businesses are starved of an important source of capital.

Stocks and shares have performed significantly better than cash savings accounts in recent decades. According to some industry estimates, more than 29 million adults across the UK have cash sitting in a low-interest rate account offering around 1% – while the average return for stocks and shares over the last 10 years is around 9%. If those savers invested £2000 today, they could have £12,000 in 20 years’ time. This compares to £2,700 if they held this money in a cash account offering 1.5% at the current interest rate, making them over £9,000 better off.

The industry-led ad campaign will help to explain the benefits of investing, and from April 2026 the Financial Conduct Authority will roll out Targeted Support – allowing banks to alert customers about specific investment opportunities to consider shifting money from a low-return current accounts to higher-performing stocks and shares investments.

Alongside a review of risk warnings on investment products to make sure they help people to accurately judge risk levels, this will guide people through a key barrier to investing – getting lost between large number of investment products on offer.

The Government will continue to consider reforms to ISAs and savings to achieve the right balance between cash savings and investment.

As a first step, the Government will allow Long Term Asset Funds to be held in Stocks & Shares ISAs next year, allowing more individuals to invest in assets that will support the UK’s future success, like innovative businesses and infrastructure – which can also deliver better returns.

Cutting red tape to attract investment and drive growth

Businesses will be welcomed to the UK with open arms and unnecessary financial red tape that stalls inward investment and slows growth will be drastically cut under the plans.

A new concierge service within the Office for Investment will harness UK networks globally to actively court international financial services companies, creating a one-stop-shop to promote the UK and provide tailored support to help businesses plan where to invest based on their needs – better harnessing specialist clusters across the country from asset management in Edinburgh, to Fintech in Leeds and Cardiff, and insurance in Norwich and Norfolk.

First-time buyers will be supported to get on the housing ladder, with the Bank of England allowing more lending at over 4.5 times a buyer’s income – which could help 36,000 more people buy a home over its first year and are helping Nationwide support an additional 10,000 first-time buyers by lowering income thresholds for its popular ‘Helping Hand’ mortgage from tomorrow. Simplified mortgage lending rules being considered by the Financial Conduct Authority will also make it easier for existing borrowers to remortgage, while the introduction of a permanent government-backed Mortgage Guarantee Scheme will secure the availability of high loan-to-value mortgage products in times of economic uncertainty.

The Financial Ombudsman Service will be returned to its original purpose as a simple, impartial dispute resolution service which quickly and effectively deals with complaints against financial services firms under today’s reforms instead of acting as a quasi-regulator, with its decisions more closely aligned to the Financial Conduct Authority’s rules. This takes action on a key business complaint about the unpredictable and inconsistent nature of redress action, boosting firms’ confidence to invest and innovate.

The Senior Managers and Certification Regime – which was originally intended to address failures in individual accountability and culture that contributed to the 2008 financial crisis – has been implemented in a way that creates unnecessary costs for business. Today’s reforms will help deliver a commitment to radically streamline the regime, cutting the burden on firms in half.

The Financial Conduct Authority’s Consumer Duty rules were also intended to raise standards in how finance companies treat retail consumers, but today affect the way businesses interact with other businesses – such as investment banks and asset managers. The Financial Conduct Authority will therefore assess how the Consumer Duty applies to these wholesale firms.

Freeing capital for investment

Capital will be freed up for banks to invest in the UK.

International banks and investors will benefit from greater certainty as the UK backs Bank of England reforms to raise the MREL threshold – the minimum amount of money and certain types of debt that a bank must have – to £25–40 billion, freeing up billions for lending and investment.

New Basel 3.1 banking rules will be introduced from January 2027 in a way that supports UK competitiveness, with UK-focused lenders given the clarity they need to plan and invest, while the requirements are delayed for the largest firms’ investment banking activities to ensure the UK is aligned with how other jurisdictions implement the rules.

The ring-fencing regime – which separates banks’ retail and investment banking activities – will be reformed. The Economic Secretary will lead a review looking at how changes can strike the right balance between growth and stability, including protecting consumer deposits.

This comes alongside a major review by the Financial Policy Committee of bank capital requirements. The review will inform work by the Government and Bank of England to ensure UK banks can compete internationally and provide vital investment in the economy whilst maintaining the international regulatory standards which are crucial to securing financial stability.

Promoting innovation and making the UK the Fintech capital of the world

Bespoke support will be provided to firms as they start, scale and list, and a pipeline of skills will support financial services firms to seize tomorrow’s opportunities for growth.

Financial business will receive intensive support through the start-up phase, helping them create a proven concept and attract growth funding.

A single regulator point of contact will also help these businesses through the scale-up phase, providing technical support to help understand requirements and speeding up regulator responsiveness.

Businesses will also benefit from better access to finance, with the Government recently uplifting the British Business Bank’s financial capacity to £25.6 billion.

The sector will also be supported by a better pipeline of skills, with a new Global Talent Taskforce helping attract top international talent to the UK, funding for 50 PhD students through the £187 million TechFirst programme to align their research with the needs of key players in the sector and a new financial services skills compact led by the Financial Services Skills Commission to ensure skills needs are met.

More information
- The Financial Services Growth and Competitiveness Strategy sector plan can be found on the Treasury’s website.
- Major financial services firms have agreed to support the campaign on retail investment: Barclays, NatWest, HSBC, Lloyds Banking Group, AJ Bell, Hargreaves Lansdown, Vanguard, Freetrade, Octopus Money, Robinhood UK, Trading 212, St James’s Place, Interactive Investor, Schroders and the London Stock Exchange. The Investment Association will provide the secretariat to the campaign. The Money and Pensions Service (MaPS), the Financial Conduct Authority (FCA) and HM Treasury will support the campaign in an advisory capacity.
- Figures for how much a saver could benefit from investing in stocks and shares are illustrative. They are not a guarantee of future returns.
- The UK will aim to double the real growth rate in net exports of financial services between 2025 and 2035 compared to the last decade (2014-2024). This would mean financial services net exports going from a compound annual growth rate of 1.37% to 2.7%, a cumulative increase in annual financial services net exports of 30% between 2025 and 2035.
- The full collection of Industrial Strategy sector plans can be found here.
Mike Reigner, Chief Executive Officer, Santander UK said:

We welcome the announcement of the Leeds Reforms today, which set out a positive vision for UK financial services. The changes outlined within the package are important steps to modernising the UK’s regulatory architecture, and will enable banks like ours to support our customers better and drive growth within the wider economy.

Sir Charles Roxburgh KCB, Chair, Lloyd’s said:

Today’s announcements by the Chancellor — focused on streamlining regulation, reducing burdens on firms, and enabling innovation and growth — are a real boost for the London insurance market. The Government’s clear support for our sector, and its recognition of specialty insurance and reinsurance as a Frontier Industry in its Modern Industrial Strategy, strengthen my confidence in Lloyd’s continued success at the heart of the market.

Hannah Gurga, Director General, ABI said:

The Leeds Reforms set a constructive and positive path to accelerating investment and growth in the UK economy. Closer alignment between the FOS and FCA, alongside a streamlined Senior Managers and Certification Regime, are critical steps towards delivering the clarity and regulatory environment our industry needs to thrive. It’s encouraging to see the vision set out in the Financial Services Growth and Competitiveness plan, and we look forward to working with the government, regulators and wider industry to help cement the UK’s status as the world’s leading financial centre.

António Simões, Group CEO, L&G said:

Driving long-term economic growth and prosperity requires action today and this package is another step in the right direction. Connecting investment capital to the most compelling opportunities, streamlining regulation whilst maintaining standards and protection, and support for consumers to save in ways that will better benefit them in the future is the kind of intervention we need. Now we must keep up the pace and ambition to turn these plans into tangible action that makes a difference on the ground and in people’s pockets.

Chris Cummings, Chief Executive, the Investment Association said:

The Leeds Reforms bring together an ambitious programme for financial services reform, which aims to modernise capital markets, cut regulatory red tape and broaden the benefits of investing to more people across the UK – in turn delivering investment-led growth and improved financial resilience for UK households. We called on the government to undertake bold reforms to strengthen the UK’s retail investment culture and they have done so. Better communication of the returns investing brings is key if we’re to empower more people to invest, and we’re proud to take part in the industry-led campaign to raise awareness of the benefits of investing and the review of risk warnings. We’re also extremely pleased that Long-Term Asset Funds will now be incorporated into the Stocks and Shares ISA – a reform we have long called for to broaden access to private markets.

Drazen Jaksic, Chief Executive Officer, Zurich UK said:

We welcome the Chancellor’s commitment to building a stronger, more resilient UK economy. The focus on sustainable growth, investment in innovation, and fostering long-term confidence is closely aligned with Zurich’s own priorities. As one of the UK’s leading insurers, we stand ready to work together with policymakers, customers, and partners to help deliver on these goals. We look forward to further engagement with the government to ensure the insurance sector remains robust, innovative, and able to meet the evolving needs of people and businesses across the UK.

David Postings, Chief Executive, UK Finance said:

Financial services are vital to the UK economy and I strongly welcome the Chancellor’s support for our sector as one of the UK’s global strengths.

We submitted a range of ideas to government to help support growth and the UK’s position as a global financial centre. Across many of these key areas the Chancellor has listened and delivered significant positive change.

Reforming the Financial Ombudsman Service, streamlining regulation in areas such as the Senior Managers and Certification Regime and the Consumer Duty, and supporting work by regulators to unlock capital for lending, will all help to drive investment and create a more pro-growth operating environment.

Having a regulatory system that allows for appropriate risk-taking is vital to ensuring the sector can better support UK businesses, consumers and the government’s growth mission.

Charlie Nunn, CEO, Lloyds Banking Group said:

We welcome the ambition shown in the Leeds Reforms to unlock investment, boost financial resilience, and support long-term economic growth. As a sector, we have a vital role to play in helping customers make the most of their money and in facilitating investment and innovation that benefits communities and businesses across the UK.
July 16, 2025
PRESS RELEASE : Young Futures Hubs to launch offering vulnerable young people lifeline [July 2025]
The press release issued by 10 Downing Street on 15 July 2025.

Vulnerable young people who are at risk of being drawn into gangs, violence or knife crime will be given the help they need when the first Young Futures Hubs get up and running later this year.
- First wave of Government’s Young Futures Hubs to launch later this year
- The new hubs will bring together vital community-focused services under one roof to help teenagers who face being dragged into violence and at risk of mental health challenges
- Latest step in the Government’s pledge to halve knife crime and open up opportunity for all, part of the Plan for Change
Vulnerable young people who are at risk of being drawn into gangs, violence or knife crime will be given the help they need when the first Young Futures Hubs get up and running later this year.

Sitting at the heart of the Government’s Plan for Change, these hubs will help create opportunity for all and keep our streets safe. They will bring together vital local services in the local community, providing support ranging from well-being and mental health to careers advice.

The hubs will help all teenagers thrive, in particular, those who face being dragged into criminal gangs or young people at risk of mental health challenges.

Backed by a £2m cash injection eight hubs will launch this year, targeted in areas with high levels of knife crime and antisocial behaviour and offer a lifeline to vulnerable young people. It is expected that 50 Young Future Hubs will be launched over the next four years.

The Prime Minister set out these plans while attending a summit hosted by His Majesty The King at St James’s Palace and attended by Idris Elba OBE to discuss youth opportunity. Members of the Coalition to Tackle Knife Crime, set up at Downing Street last year, also attended the event.

The event was an opportunity to discuss what more must be done to offer community-led support to young people, in particular those who are vulnerable, stopping them from taking the wrong path.

Prime Minister Keir Starmer said:

“My government was elected on a pledge to tackle knife crime, and we have hit the ground running by banning dangerous weapons and bringing in laws to clamp down on illegal online sales.

“We are determined to do more to prevent vulnerable young people from turning to violence in the first place and open greater opportunities. As part of the Plan for Change, we will open up Young Futures Hubs across to country to stop teenagers from being dragged into crime and find a better future.”

To make sure young people get the help they need, before getting caught up in criminal activity, the Government will also pilot new multi-agency Prevention Partnership Panels to proactively identify and refer vulnerable teenagers – who may currently be falling through the net – to a range of different support services much earlier, including the Young Futures Hubs. More than twenty panels will be up and running in the coming months, across the areas of the country that collectively account for more than 80% knife crime, with many more to follow.

This is the latest measure taken by the government to cut knife crime and keep our streets safe, part of its Plan for Change.

Since coming into office last year, the Government has brought forward the strongest controls on dangerous knives, implementing bans on zombie-style knives and ninja swords and announced plans to toughen up online sales, including sanctions for tech executives who fail to remove illegal knife crime content from their platforms.

In September, the Prime Minister also launched the Coalition to Tackle Knife Crime, bringing together campaign groups, families of people who have tragically lost their lives to knife crime, young people who have been impacted and community leaders.

The Prime Minister will reconvene this group later in the year to update on the progress the Government has made during its first year in office.

Home Secretary Yvette Cooper:

“Knife crime devastates families and communities across the country, and too many young lives have already been lost. That’s why we’ve set out an unprecedented mission to halve knife crime in a decade and why we are working tirelessly with our coalition to tackle the scourge of serious violence on our streets.

“We are bringing in some of the toughest measures to date, curbing access to weapons being sold online and getting them off the streets, but we also need to make sure that the right prevention structures are in place to stop young people being drawn into violent crime in the first place.

“Today’s Youth Opportunities Summit is a powerful reminder of what can be achieved when government, communities, and campaigners come together with a shared purpose.”

Culture Secretary Lisa Nandy said:

“Too many young people are being let down – left without the support they need when they should be building bright futures. Young Futures Hubs will help change that, providing mental health support, mentoring, careers guidance, and activities that help young people thrive, ensuring no one is left behind.

“This is our Plan for Change in action – clearing barriers to opportunity while creating safer streets. With our National Youth Strategy coming later this year, we’re putting young people back in the driving seat of their own futures, offering the support they deserve with the opportunities they need.”
July 16, 2025
PRESS RELEASE : West and East Midlands move into drought [July 2025]

The press release issued by the Environment Agency on 15 July 2025.

Following the driest spring in 132 years, Environment Agency steps up operational response.

The Environment Agency has declared drought status for the West Midlands and East Midlands following the driest spring in 132 years.

The Environment Agency announced the change in status today, 15th July 2025. Following declining river flows and groundwater levels with some river flows in the regions at their lowest for June since 1976.

The decision sees the regulator stepping up its operational response in the West Midlands and the East Midlands. While making sure water companies deliver the actions agreed in their drought plans.

The announcement comes as the National Drought Group meets to discuss next steps, with people being asked to play their part and use water wisely.

West Midlands and East Midlands follow other regions that have moved into drought recently, including the north-west of England and Yorkshire.

Matt Gable, Regional Incident Lead at the Environment Agency, said:

Against a backdrop of a changing climate, this change of status recognises the impact prolonged dry weather is having on water resources and the environment.

In the Midlands, we are taking action to reduce that impact and to oversee the actions water companies need to take to secure public water supplies.

We are also encouraging people to play their part through the rest of the summer period by noting the small steps we can all take to save water.

In the Midlands, river levels are already low with some river flows in the region at their lowest for June since 1976. The River Severn catchment received only two-thirds of the rainfall it normally does in June, while the Trent catchment fared worse, with only 37% of its long-term average for June.

Teams are out on the ground actively monitoring river levels, with staff working with the water sector to ensure there is enough water for the people and the environment.  Staff are also supporting farmers and abstractors with advice on how to manage abstraction during prolonged dry weather and low flows.  Fisheries teams are responding where necessary to protect fish which are struggling due to reduced oxygen or moving them if the river has dried up.

The Environment Agency expects and will ensure that water companies follow their drought management plans. Water companies need to step up their work to fix leaks and adjust their operations to conserve water.

The public is being asked to think about how they use water at home and in the garden, and to comply with any local restrictions. The less water you use at the home, the more water there is in your local environment.  Recreational water users are being asked to remain vigilant and report any environmental issues they see, such as fish in distress, acting as important eyes and ears on the ground.

July 16, 2025
PRESS RELEASE : Misogynistic myths kicked out of classrooms to protect children [July 2025]
The press release issued by the Department for Education on 15 July 2025.

Government publishes final statutory relationships, sex and health education guidance for schools.

Children and young people will be better protected from the scourge of misogynism, deepfake porn and unhealthy attitudes to consent, power and control through new Relationships, Sex and Health Education guidance for schools being published today (Tuesday 15 July).

The statutory guidance has a new focus on helping boys identify positive role models, and challenge myths about women and relationships that are spread online in the ‘manosphere’ – without stigmatising boys for being boys.

Secondary schools will also now include lessons on incel culture, including how a piece of content online can impact a person’s understanding of sexual ethics and behaviour, as well as increasing awareness of AI, deepfakes and how pornography links to misogyny.

It comes as new data published today shows misogynistic attitudes have reached epidemic scale by the end of secondary school. When asked to think about just the past week, over a third (37%) of pupils aged 11-19 had heard comments that made them concerned about the safety of girls, and over half (54%) said they had witnessed comments they would describe as misogynistic.

Other additions to the curriculum include spiking and methanol poisoning, increased focus on resilience and coping, a strengthened health syllabus so children are equipped with necessary knowledge on women’s health such as endometriosis and fertility.

The guidance builds on the government’s commitment to give every school child access to a mental health professional, delivering on the Prime Minister’s Plan for Change, and comes ahead of the Violence Against Women and Girls strategy due to be published in the autumn.

Education Secretary, Bridget Phillipson, said:

Before I was elected to Parliament, I managed a refuge for women and children fleeing domestic violence, so I have seen first-hand the devastating impact when we don’t foster healthy attitudes from the youngest age.

I want our children to be equipped to defy the malign forces that exist online. Schools and parents alike have a vital role to play, helping children identify positive role models and resist the manipulation too often used online to groom impressionable young minds.

Whether it’s helping deliver on our Plan for Change mission to halve violence against women and girls or growing a more just and equal society, there can be no more basic mission for a government then making sure our children grow up to become decent, respectful adults, prepared for the modern world.

Children will start to build positive attitudes to relationships between friends and family in primary school, followed by new dedicated content in secondary school that helps boys identify positive male role models, and all children to expect consent and kindness when they get ready for more intimate relationships.

Additional new content for secondary schools includes:
- Sexual ethics beyond consent, for example teaching young people that yes doesn’t always mean yes as factors like peer pressure should be taken into account
- Staying safe in public spaces, to match staying safe online, so young people know how to increase their personal safety in public spaces, build confidence in trusting their instincts and learn ways to seek help
- Financial exploitation
- Positive conceptions of femininity and masculinity
A strong new emphasis on age-appropriate and sequenced teaching, differentiated between primary and secondary school, will mean children don’t get taught things they are too young for, without proscribing specific ages to each individual topic.

The clear dividing line between what can be taught in primary and secondary school remains unchanged.

This will allow teachers to sensitively respond to topics that children might have seen online or heard from their friends – making sure children are kept safe and parents are informed.

Research shows over one in five (22%) of girls aged 7 to 10 had seen ‘rude images online’, and the average age for exposure to pornography is 13. This is also an issue the sector has regularly raised concerns about, with 3 out of 4 teachers surveyed worrying about the influence of online misogyny over their pupils.

That’s why, starting in early 2026, schools will be able to apply for an RSHE training grant, empowering the workforce to take on these challenges.

Oak National Academy, the publicly-funded provider of curriculum and teaching resources for schools, has released a set of online safety lessons reflecting this part of the guidance that will warn teenagers of the dangers of incel ideology and other forms of misogyny they encounter on the internet.

Jason Elsom, Chief Executive of Parentkind, the UK’s largest parent charity, said:

Transparency is critical for parents and there should be an unambiguous right for parents to see what their children are being taught before they are taught it. This guidance makes it clear that is what should happen.

Where parents have been able to view RSHE materials, they are four times as likely to say they are happy with the content of RSHE lessons. Transparency is the word that should be written through every school’s approach to RSHE.

Parents rightly have high expectations of schools around the teaching of sensitive subjects and doing this in a way that works with parents rather than keeping parents in the dark.

John Roberts, Interim CEO of Oak National Academy, said:

Teachers have an important role to play in helping children stay safe online and enabling them to identify harms such as incel ideology and misogyny.

But it’s a delicate topic to cover, and schools need to feel confident they are getting it right.

These free, optional Oak resources offer age-appropriate lessons that help teachers start honest conversations and guide pupils towards healthier digital habits and safer online experiences.

The guidance is absolutely clear that parents should be able to view all RSHE curriculum materials on request and that schools should not agree to any contractual restrictions on showing parents any content that the school will use.

To further support children to feel able to take on challenges and risks, they will be taught the importance of grit and resilience and to recognise that anxiety and low mood can be a normal of managing every day mental health.

With suicide being the biggest killer of under 35s, the guidance has made clear that secondary schools should work closely with mental health professionals on how to discuss suicide prevention in an age-appropriate way.

Andy, Mike and Tim of 3 Dads Walking said:

We welcome this vital step forward. Giving schools permission to talk about suicide prevention means more young people can be supported to open up about difficult feelings and know where to find help.

We know, from painful personal experience, how much this matters. This change will save lives. We’re grateful to have played a part in helping bring it about.

Schools can begin following the guidance from the new school year and it must be followed from September 2026.

Margaret Mulholland, SEND and inclusion specialist at the Association of School and College Leaders, said:

Sadly, boys are often exposed to harmful and toxic misogynistic content online, which can impact on their behaviour in the real world. The focus of this updated guidance on tackling these issues is timely and welcome.

It is important that we don’t simply tell boys what is wrong but that we also talk to them about positive male role models – and we are pleased that this is recognised in the guidance.

Social media companies must also do more to police their platforms to remove harmful material and in particular protect children and young people from malign influences. We all have a responsibility to uphold values of decency and respect.
July 16, 2025
PRESS RELEASE : Greater compensation for victims of Miscarriages of Justice [July 2025]
The press release issued by the Ministry of Justice on 15 July 2025.

Victims of miscarriages of justice will be eligible for greater compensation to rebuild their lives following a proposed increase in the compensation cap.
- Uplift to compensation cap for victims of miscarriage of justice
- 30% increase to cap, including within the armed forces
- Justice for the wrongly convicted vital to Government’s ambition to restore trust in the system as part of its Plan for Change
Currently, the maximum amount of compensation payable under the miscarriage of justice system in England and Wales is £1 million for 10 or more years imprisonment or £500,000 for up to 10 years.

The caps will be raised by 30%, taking the maximum amounts to £1.3 million and £650,000 respectively. This is an important part of the government’s Plan for Change, creating a fairer and better justice system.

Lord Chancellor, Shabana Mahmood, said:

Fairness is the ideal that underpins our justice system. Where it has failed to meet that ideal, victims of devastating miscarriages of justice must be able to rebuild their lives.

This uplift will ensure victims are compensated for the crimes they did not commit and the years they cannot get back.

Once eligible, the level of compensation is decided by an independent assessor. Caps on compensation were introduced in 2008 and have not been increased since.

The miscarriage of justice compensation scheme is designed to help individuals restart and rebuild their lives. It is just one route in which an individual can receive compensation for a wrongful conviction, with other options including suing public bodies.

In order to be eligible for a payment under the scheme individuals must:
- Apply within 2 years of being pardoned or having their conviction reversed as a result of a newly discovered fact
- Have been pardoned had their conviction reversed on the basis of a new fact which demonstrates beyond reasonable doubt they did not commit the offence
- Not be responsible for the non-disclosure of the new fact
This increase is also applicable to wrongful convictions in the Armed Forces.

Further information
- Statutory caps on miscarriages of justice sit in the Criminal Justice Act 1988, and the Armed Forces Act 2006.
- Previously, the cap for 10 years or more was £1 million
- For less than 10 years it was £500,000
- You can apply to Miscarriage of Justice Application Service (MOJAS) for compensation if your conviction has been quashed by the courts. These conditions apply:
1. Your appeal was successful and it was submitted 28 days or more after your conviction in the Crown Court, or 21 days or more after sentencing for a conviction in a magistrate’s court
2. Your conviction was overturned after it was referred to the Court of Appeal by the Criminal Cases Review Commission (CCRC)
3. You’ve been granted a free pardon
July 16, 2025
PRESS RELEASE : Birmingham fraudster spent part of Covid loan funds at safari park, restaurants and paying off personal credit card debt [July 2025]
The press release issued by the Insolvency Service on 15 July 2025.

Money from the loans was only supposed to be used for the economic benefit of the business.
- Fitness company owner Junaid Dar dishonestly obtained £45,500 in Covid Bounce Back Loans during 2020
- Dar used some of the funds for legitimate purposes, but he also used money for personal spending at retailers, restaurants and leisure attractions
- The 34-year-old was handed a suspended sentence following investigations by the Insolvency Service
A Birmingham fraudster who secured three Covid loans for his company when businesses were only entitled to one used some of the funds for personal spending at restaurants and a safari park.

Junaid Dar, 34, made fraudulent applications to three separate banks for Bounce Back Loans worth a combined total of £45,500 during 2020 for his JDARPT Ltd fitness company.

Dar, of Stratford Road, Birmingham, was sentenced to 20 months in prison, suspended for 18 months, at Wolverhampton Crown Court on Thursday 10 July.

He was also ordered to complete 20 days of rehabilitation activity, 180 hours of unpaid work, and pay costs of £2,400.

David Snasdell, Chief Investigator at the Insolvency Service, said:

Junaid Dar deliberately made false representations to fraudulently receive three Bounce Back Loans when businesses were only entitled to one.

Instead of using this money to support his fitness business through the pandemic as intended, he diverted significant sums for personal spending.

Bounce Back Loans were designed to provide quick and simple financial support to businesses genuinely affected by Covid. The Insolvency Service will not tolerate abuse of the public purse and will continue to pursue fraudsters who exploited schemes designed to help legitimate businesses during a national crisis.

JDAPRT was incorporated in March 2017 with Dar as its sole director. The company’s trading activities were recorded as fitness facilities on Companies House.

Dar’s first fraudulent application was for a £13,000 Bounce Back Loan in May 2020.

In the application, Dar claimed JDAPRT’s turnover was £55,000.

Just two days later, Dar made a second application to a different bank for a Bounce Back Loan of £15,000.

In this application, Dar said his company’s turnover was now £60,000.

Dar’s third and final fraudulent application in September 2020 was for a Bounce Back Loan of £17,500.

This time, Dar falsely claimed his company’s turnover was £70,000. Insolvency Service analysis of the bank account revealed the company’s turnover was closer to £61,000.

Dar used some of the Bounce Back Loan funds for legitimate purposes. However, several transactions were recorded which Insolvency Service investigators found to be for personal use.

Payments were made to Amazon and Argos, along with spending at restaurants and meat stores. Further spending was identified at West Midlands Safari Park and making credit card payments.

JDARPT went into liquidation in July 2021.

Dar was also disqualified as a company director for 11 years from April 2022 for his misconduct at JDARPT.

Further information
- Junaid Dar is of Stratford Road, Birmingham. His date of birth is 21 February 1991
July 16, 2025
PRESS RELEASE : New Incoming CEO of the National Wealth Fund [July 2025]

The press release issued by HM Treasury on 15 July 2025.

The Chancellor of the Exchequer has today announced the appointment of Oliver Holbourn as the new Chief Executive Officer of the National Wealth Fund, to lead it through its next chapter.

Oliver brings more than 25 years of experience across banking, strategy, and public financial investments including CEO roles at RBS International and, formerly, UK Financial Investments.

The National Wealth Fund is the government’s principal investor and policy bank. It is at the forefront of investing public money and mobilising private capital to help deliver on the government’s growth and clean energy missions.

Since its launch in October 2024, the National Wealth Fund has committed £2.5 billion, supporting 10,700 jobs. It also has expanded firepower, with £5.8 billion of additional capital to deploy. The NWF’s economic capital limit has been increased allowing it to take on greater risk, providing greater flexibility over its investments to support more projects to access private finance.

The Chancellor recently set this government’s Strategic Priorities for the National Wealth Fund over this Parliament. Under Oliver Holbourn’s leadership, the National Wealth Fund will enter a new phase of delivering these priorities: significantly increasing the amount of capital it deploys; expanding into new sectors; and trialling Strategic Partnerships with Mayoral Strategic Authorities to develop richer pipelines for regional investment.

This appointment followed a fair and open recruitment process, and he is expected to take up his post on 1 November.

Chancellor of the Exchequer, Rachel Reeves said:

I would like to congratulate Oliver on his appointment as CEO of the National Wealth Fund.

Oliver brings a wealth of private sector expertise and public service experience to this critical role. His expertise will be instrumental in delivering the government’s growth and clean energy missions.

I would like to thank John Flint for his leadership in successfully transforming the UK Infrastructure Bank into the National Wealth Fund and for laying a strong foundation for its future growth.

Incoming CEO of the National Wealth Fund, Oliver Holbourn said:

The National Wealth Fund has an important role to play in the economic success of the UK; so I am deeply honoured to be taking the reins as Chief Executive at such a pivotal time.

I am excited to get to work – using the NWF’s expertise and resources to partner with businesses, investors, mayoral combined and local authorities, and ministers and stakeholders to mobilise private investment alongside public sector finance. This will help drive sustainable economic growth across the UK and support the clean energy transition.

Chair of the National Wealth Fund, Chris Grigg said:

Oliver is the ideal person to lead the Fund into our next phase. He is passionately committed to our mission, brings a rare combination of senior leadership across both the public and private sectors, and has a background in banking, which is at the heart of what we do.

I look forward to working with Oliver to realise the full potential of our expanded mandate, delivering the Government’s ambitions for growth and clean energy, underpinned by the new Industrial Strategy.

Biography

Oliver Holbourn was until very recently the CEO of RBS International Holdings, a subsidiary of the NatWest Group, where he was on the Group Executive Committee for over four years.

With over 25 years of experience across investment banking, government investments, and strategic leadership. Oliver brings deep expertise in managing capital to deliver public value having previously served as Chief Executive Officer of UK Financial Investments (UKFI), where he was responsible for managing the government’s shareholdings in RBS, Lloyds and UK Asset Resolution, overseeing complex, high-value shareholdings on behalf of the UK taxpayer.

Earlier in his career, Oliver spent over a decade at Bank of America, latterly as Managing Director of Equity Capital Markets for the UK, Ireland, and South Africa. His career has been defined by a strong track record in financial leadership, capital markets, and public sector engagement.

July 16, 2025
PRESS RELEASE : More areas of country move into drought with dry weather set to continue [July 2025]

The press release issued by the Department for Environment, Food and Rural Affairs on 15 July 2025.

National Drought Group steps up operational response and asks people to play their part in managing the drought and use water wisely.

The National Drought Group (NDG) met today (15 July) as a drought is declared in the West and East Midlands. Dry weather continues to impact water resources across England requiring water companies to take action to manage demand with the public being urged to use water wisely.

Since the group last met on 5 June, the situation has deteriorated, with further areas, including the West and East Midlands, now officially in drought and recently three more areas moved into prolonged dry weather status (Lincs and Northants, East Anglia, and Thames area). A hosepipe ban is set to be introduced from 22nd July by Thames Water following a period of prolonged dry weather in the area.

Across England, rainfall was 20% less than long term average for June. June was also the hottest on record for England, with two heatwaves driving unusually high demand for water. Reservoir levels continue to fall, with overall storage across England at 75.6% and at 53.8% in Yorkshire necessitating a Temporary Use Ban (TUB).

The National Drought Group heard that without further substantial rain, some water companies may need to implement further drought measures, including more Temporary Use Bans (TUBs) to conserve supplies. The Environment Agency expects and will ensure that water companies follow their drought management plans. Water companies need to step up their work to fix leaks and adjust their operations to conserve water.

The public is being asked to think about how they use water at home and in the garden, and to comply with any local restrictions. The less water you use at the home, the more water there is in your local environment. The National Drought Group is also asking recreational water users – such as anglers, swimmers, and boaters to remain vigilant and report any environmental issues they see, such as fish in distress, acting as important eyes and ears on the ground.

Farmers are using water efficiently, supporting one another, and looking to trade water and welcome the support from the Environment Agency. However, without further rain, the agricultural community are facing a range of challenges due to the dry weather including concerns about irrigation reservoir levels. It is likely that yields will be lower than last year, particularly non-irrigated grains and straw

Environment Agency teams are out on the ground actively monitoring river levels, with staff working with the water sector to ensure there is enough water for the people and the environment. Teams are also supporting farmers and abstractors with advice on how to manage abstraction during prolonged dry weather and low flows. Fisheries teams are responding where necessary to protect fish which are struggling due to reduced oxygen or moving them if the river has dried up and they have become stranded.

Impacts across wildlife away from rivers and reservoirs have been seen since March. Wildfires, drying up wetlands and coastal sites, with the loss of breeding seasons for rare species have all been seen.

Helen Wakeham, Environment Agency Director for Water and National Drought Group chair, said:

This has been the driest start to the year since 1976, and we need to make sure our water supplies can sustain us through the summer.

Today I have asked all the partners who make up the national drought group to step up their operational response to manage the drought and use water wisely. Environment Agency teams are out on the ground actively monitoring river levels and working to ensure there is enough water for the people and the environment.

Water Minister Emma Hardy said:

I have asked the National Drought Group to step up its response to ensure we are successfully managing the impacts of ongoing dry weather. Water companies must now take action to follow their drought plans – I will hold them to account if they delay.

We face a growing water shortage in the next decade. That’s why we are pushing ahead with urgent water reforms under our Plan for Change, which includes £104 billion of private investment to build nine reservoirs and new pipes to cut leaks.

Dr Will Lang, Chief Meteorologist at the Met Office, said:

Although some areas saw rainfall at the start of July, for many the month so far has been fairly dry, continuing a pattern seen through spring and June. We’ve now recorded our third heatwave of the summer and following a period of fresher, more unsettled conditions it’s likely to turn warmer and more humid again across many parts of England later this week. There’s also the possibility of heavy, thundery showers for some places too.

It does look as though we’ll see typical changeable weather during the latter third of July and into early August with a mix of rain, showers. Confidence in details inevitably gets lower, the further ahead we look, but this would be consistent with our seasonal expectations.

The National Drought Group – which includes the Met Office, government, regulators, water companies, farmers, CRT, angling groups and conservation experts. With further warm, dry weather expected, the NDG will continue to meet regularly to coordinate the national response and safeguard water supplies for people, agriculture, and the environment.

July 16, 2025
PRESS RELEASE : Improved trade rules to boost business and growth across the UK [July 2025]
The press release issued by the Department for Business and Trade on 15 July 2025.

New changes to how the UK Internal Market Act works to benefit businesses across the four nations.
- New reforms will ensure businesses can trade smoothly across the UK’s four nations, helping them operate more efficiently and with greater certainty.
- Changes respond directly to business feedback and are a key part of the government’s Plan for Change to unlock investment and jobs, raise living standards and drive long-term growth.
- Devolved governments will have greater flexibility to set rules that reflect local priorities, while protecting the UK’s internal market, worth £129bn a year, and supporting a more collaborative approach.
Businesses trading across the UK’s four nations will benefit from clearer and more certain rules, following government changes to how the UK Internal Market Act works today [15 July].

Following extensive feedback from businesses – including calls for greater clarity, consistency, and collaboration – the UK Government has completed a review of the Act ahead of schedule, ensuring seamless trading between the nations.

The updated approach puts business needs at the forefront, while also enabling devolved governments to shape laws which align with their own priorities. A transparent and well-managed internal market will help to minimise the risk of unnecessary trade barriers, providing certainty for businesses to invest, boosting growth and raising living standards as the government delivers on its Plan for Change.

In response to businesses’ asks, the rules will now be made in a way that is more transparent, streamlined, and considers a broader evidence base, encouraging open conversations between governments and making it easier for businesses to engage with and understand how decisions are made and applied across the UK.

Protecting the environment and public health will be taken into account alongside economic factors when a government proposes excluding an area from the UK Internal Market Act. In addition, if a proposed change has only a limited economic impact, this can now be agreed through a streamlined process.

This updated approach will better enable all four governments to agree shared rules across a wide range of areas including chemicals and pesticides and provide more flexibility to legislate.

Minister for Trade Policy Douglas Alexander said:

“A thriving internal market is essential to the UK’s economic success, so we’ve listened to what businesses want — and we’re acting ahead of schedule.

“These reforms will keep trade flowing, reduce friction, and unlock growth across all four nations.

“We’ve also worked closely with devolved governments to ensure they can deliver on their priorities.”

Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce, said:

“Trade between the nations of the UK is vital to the health of our overall economy and a key driver of growth. Businesses want to see devolved and UK governments working together to ensure there are no unnecessary barriers to the flows of goods and services between us.

“The UK Internal Market Act is key to this, setting the foundations which underpin over £100bn of trade. This new streamlined approach to rulemaking will give businesses the certainty they need so they can grow, invest, and prosper.”

This is just another example of how we’re making things better for business, alongside cutting regulation and reducing administrative costs to boost businesses and growth across the country for big and small firms.

The UK internal market supported over £129 billion of trade between the four nations in 2019 — equivalent to around 6% of the UK economy. For Scotland, Wales and Northern Ireland, sales to the rest of the UK make up a major share of their external sales — typically around 60%. The reforms published today aim to protect and grow that vital trade, ensuring businesses can operate with confidence and certainty.

This announcement follows a wide-ranging consultation launched in January 2025 and a statutory review announced in December 2024. The consultation received almost a hundred responses, from businesses, academics, environmental groups and the devolved governments. The improvements made to the operation of the Act are a result of those responses.

Together, these steps mark a shift toward a more business-led, cooperative approach to managing the internal market — one that supports economic growth while respecting devolved powers.

Notes to editors:
- The UK government is required by law to review elements of the UK Internal Market Act by December 2025.
- These changes do not affect provisions relating to Northern Ireland, which are tied to the Windsor Framework.
- The UK Government continues to be committed to the Common Frameworks programme and improving transparency and collaboration between the four governments of the UK, which is clearly demonstrated by the outcomes of this review.
- Further details can be found on the consultation outcome page.
July 16, 2025
PRESS RELEASE : Reeves to cut financial red tape to boost homeownership [July 2025]
The press release issued by HM Treasury on 15 July 2025.

Red tape swept away in biggest financial regulation reforms in a decade to boost homeownership and put more money into people’s pockets through the government’s Plan for Change.
- Nationwide set to widen access to its ‘Helping Hand’ mortgage from Wednesday, supporting 10,000 extra first-time buyers thanks to Chancellor’s Leeds Reforms.
- Reeves: Benefits of a thriving finance sector will be felt all over Britain
The Chancellor is expected to announce the biggest set of reforms to financial regulation in a decade at a summit of top finance executives in Leeds today, as part of the government’s mission to kick start economic growth and support more first-time buyers.

Red tape holding back the competitiveness of the UK financial sector will be swept away under the Leeds Reforms, addressing long-standing industry complaints.

The changes will see Britain become the top destination for finance firms over the next decade, attracting inward investment from across the globe to create good, skilled jobs around the country.

Prospective homeowners will be given a leg up onto the housing ladder under the plans, with regulators acting on the Chancellor’s push to regulate for growth.

More mortgages will be available at over 4.5 times a buyer’s income following Bank of England recommendations that some banks and building societies offer more high loan-to-income mortgages – creating up to 36,000 additional mortgages for first-time buyers over the first year.

This change means that Nationwide will be able to make its popular ‘Helping Hand’ mortgage available to people with lower incomes. From Wednesday, eligible first-time buyers can apply for the mortgage with a £30,000 salary, down from £35,000, and joint applicants with a £50,000 combined salary – down from £55,000. This will support an additional 10,000 first-time buyers each year.

This comes alongside the creation of a permanent mortgage guarantee scheme, delivering on a Manifesto commitment and ensuring high loan-to-value mortgages continue to be available in times of uncertainty, as well as a review of Financial Conduct Authority lending rules that could allow a prospective buyers’ record of paying rent on time to show they can afford mortgage repayments.

The reforms will be unveiled in Leeds ahead of the Chancellor’s Mansion House speech this evening.

Speaking in the City of London, Chancellor of the Exchequer Rachel Reeves is expected to say:

This is the foundation of an economy, and a country, that is more active and more confident.

Where people and businesses look to the future and talk about hope about opportunity.

Assured of their own capability, and of the ability of our country to boldly face the challenges that lie ahead.

And certain of the prize if they succeed.

Of higher wages and higher living standards.

The renewal of Britain in every home and every high street.

To put it simply: a Britain that is better off.

She will add on homeownership:

I welcome the recent changes the Financial Policy Committee has announced to the loan-to-income limit on mortgage lending, which the PRA and FCA are implementing immediately.

With an instant impact for consumers, such as Nationwide offering its ‘Helping Hand’ mortgage to more first time-buyers – supporting an additional 10,000 each year.

She will conclude:

Today, I have placed financial services at the heart of the government’s growth mission.

Recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving.

And I have been clear on the benefits that that will drive.

With a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.
July 16, 2025