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  • Rachel Reeves – 2025 Mansion House Speech

    Rachel Reeves – 2025 Mansion House Speech

    The speech made by Rachel Reeves, the Chancellor of the Exchequer, at the Mansion House in London on 15 July 2025.

    Lord Mayor, Governor, Ladies and Gentlemen.

    My thanks go to the City of London Corporation for hosting us here this evening…

    …and to the Lord Mayor for his address…

    …as well as to the Economic Secretary to the Treasury for all her hard work.

    It is a year since my party was elected to office…

    …and year since I was appointed as Chancellor of the Exchequer.

    Recently, on a visit to a primary school, a young girl asked me –

    “if you could have any job in the world, what would it be?”

    Given the events of the last few weeks, I suspect many of you would have sympathised if I had said –

    “anything but the Chancellor.”

    But I didn’t.

    Because I am proud to stand here tonight and address you for a second time at Mansion House…

    …as the Chancellor of Exchequer.

    This evening, I want to talk about the progress we have made over the past year:

    Restoring stability;

    Securing investment;

    And delivering reform.

    And I want to talk about the future:

    The economy that we are building;

    The opportunities that we are seizing;

    And the prosperity that we together are creating.

    In my Mais lecture last year, I talked about how a resilient economy must be built on security.

    And the importance of that security has been brought into sharp focus in recent months.

    As the world changes before our eyes, and global economies are becoming more uncertain.

    The job of a responsible government is not just to watch this change –

    We must step up, not step back.

    We must build a dynamic economy on strong and secure foundations…

    …where success is not limited to a handful of sectors, a few people, or certain parts of the country…

    …but where the rewards of hard work are shared…

    …harnessing the contribution of every part of Britain.

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

    …where people and business look to the future and talk about hope…

    …talk about opportunity…

    …assured of their own capability, and of the ability of our country to boldly face the challenges ahead…

    …and certain in the prize when 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.

    The financial services sector is critical to my ambitions for our country.

    It is one of the largest and most successful sectors in the UK…

    …worth around 10% of total economic output…

    …and supporting 1.2 million jobs in clusters right around the UK:

    In Cardiff, and Belfast and Edinburgh where we have growing Fintechs;

    In Manchester, where BNY have their new Angel Square hub;

    And in London, the financial centre of the world.

    And financial services is also critical in people’s everyday lives:

    Whether that’s a couple looking to buy their first home;

    A budding entrepreneur wanting to start  their first business;

    Or people getting more out of the money they’re putting aside for the future.

    And that’s what these plans, that I will set out tonight, will deliver.

    Growth must be built on a platform of economic stability.

    When we came into office…

    …it was our government, this government, that restored Britain’s reputation as a beacon of stability by putting the public finances back on a firm footing…

    …getting debt on a downward path, while investing prudently alongside business.

    That was – and still is – the right choice…

    …because there is nothing progressive about a government that simply spends more and more each year on debt interest, instead of on the priorities of ordinary working people.

    And fiscal stability is a choice that reflects economic reality.

    National debt remains at its highest level since the 1960s…

    …and globally, the cost of borrowing has increased in recent years.

    This is not the inheritance that I would have chosen…

    …but it is the reality.

    And that is why the Prime Minister, and I and this government are remain committed to our non-negotiable fiscal rules.

    The stability that we have restored is already delivering:

    Four cuts in interest rates by the Bank of England since the General Election, reducing the cost of mortgages and business lending;

    And investment is returning to our economy.

    At the Spending Review, I set out £120 billion of public investment over the next five years…

    …and last month, the Prime Minister confirmed that the UK has attracted £120 billion of private investment – in just the last 12 months.

    In a globally competitive market…

    …firms all over the world are choosing to invest in Britain…

    …as one of the best places to start up, to scale up and to list:

    The FTSE is at an all-time high, today, for the first time ever, breaking 9000 points;

    London is home to the deepest equity capital market in Europe;

    It is the third biggest venture capital market globally;

    And the London Stock Exchange is the most international in the world…

    …with the FTSE soon to include shares listed not just in sterling but also in dollars and in euros.

    Last year, to ensure the UK remains competitive, we made significant changes to the listing regime…

    …for example, relaxing dual class share rules to give founders flexibility to pursue their growth ambitions.

    The FCA have today published their final Prospectus Rules…

    …simplifying the listing and capital raising processes for firms of all sizes.

    And, as I committed to last year at Mansion House, we are delivering PISCES…

    …a brand-new type of stock exchange for private company share trading…

    …with the first trading events due to take place later this year.

    And I am announcing a new Listings Taskforce with the Office for Investment…

    …to attract the best businesses in the world to IPO here in London.

    But we must do more to ensure that British savers benefit from the success of growing British businesses.

    Last year at Mansion House, I set out an overhaul of our pensions system…

    …and the Pension Schemes Bill, led by my colleague the Pensions Minister, will be signed into law in the next few months.

    The creation of Defined Contribution and Local Government Pension Scheme megafunds…

    …will mean larger and more powerful pots of funding invested productively across the country.

    Pension funds, and this government, are united in our determination to deliver higher returns for savers and more investment in the economy.

    That is why, since last year, funds covering the majority of the Defined Contribution market have committed to the Mansion House Accord…

    …pledging to invest at least 10% of their main funds into private assets such as infrastructure and growth markets…

    … with at least half of that going into UK projects.

    And I would also like to congratulate the Lord Mayor on his employer pension pledge…

    I am delighted, Lord Mayor, to see businesses such as Tesco, First Group and Octopus making this commitment…

    …and like you Lord Mayor I look forward to seeing more companies joining up.

    The UK economy is enhanced by its outward-facing approach…

    …and this year we have built on that with our new trade deals:

    A trade deal with the United States, where we were the first country to sign a deal so that British businesses are better protected against tariffs, and where we have worked with our G7 colleagues to avert new taxes.

    I’m pleased to welcome US Securities and Exchange Commissioner Hester Peirce here tonight…

    …who is driving forward proposals for greater digital collaboration between our two financial centres. Thank you for being here.

    And a trade deal with the European Union, where our strategic partnership will slash red tape and reduce costs for business…

    …as well as providing a platform to further deepen our relationship in future.

    And I am pleased to welcome the European Union’s Financial Services Commissioner Maria Luis Albuquerque.

    Maria Luis, we met earlier today to discuss our continued cooperation on financial services, and I look forward to working more closely with you.

    And a trade deal with India, with whom our recent FTA agreement will give us the best trading relationship of any country in the world with India.

    And we have concluded the first Economic and Financial Dialogue with China in six years.

    And we are implementing the Berne Financial Services Agreement with Switzerland too.

    At the G20 in South Africa later this week I will continue the call I made at the IMF Spring meetings –

    …for countries to come together to tackle trade imbalances and drive growth…

    …underpinned by stronger multilateral institutions.

    I look forward to hearing more on this from the Governor in his address…

    …and I would like to congratulate him on his recent appointment as Chair of the Financial Stability Board…

    …a testament to both Andrew and this government’s commitment to international standards.

    Britain is open for business;

    Open for trade;

    Open for investment.

    And that’s why we must be willing to change how we do things to stay competitive in that global economy.

    We have ripped up the planning rules;

    We have swept away regulations;

    We have published our industrial strategy;

    And today we can go further, by announcing the Financial Services Growth and Competitiveness Strategy…

    …including my Leeds Reforms…

    …named after one of the UK’s great hubs for financial services…

    …and the city that I have been proud to represent as a Member of Parliament for fifteen years.

    These are the most wide-ranging package of reforms to financial services regulation in more than a decade.

    At Mansion House last year, I said we must regulate for growth and not just for risk…

    …and we are delivering on that commitment…

    …while continuing to protect financial stability…

    …so that the benefits of a thriving and growing financial services sector can be realised for people all over Britain.

    Let me set out the details of that package in four parts:

    First, I am rolling back regulation that has gone too far in seeking to eliminate risk;

    Second, I am delivering targeted changes in the areas where the UK already has particular strengths;

    Third, I am making changes to capital requirements to unlock more productive capital;

    And fourth, I am introducing measures to boost retail investment so that more savers can reap the benefits of UK economic success.

    I will begin with the biggest reforms.

    As I promised last year, I am delivering the most significant reform to the Financial Ombudsman Service since its inception…

    …including proposing to limit for ten years for claims.

    This will speed up the time it takes for consumers to get redress for their complaints…

    … returning it to its original purpose as a simple, impartial arbitration service…

    …and ensuring that it no longer acts as a quasi-regulator.

    And I welcome the announcement today, made by the Financial Ombudsman Service that will reduce the interest rate it applies before a decision from 8% to base rate plus 1%.

    I am introducing new targets for the FCA and PRA to cut times on authorisations and approvals…

    …and I have tasked the FCA with assessing the impact of the Consumer Duty and whether it unduly effects wholesale activity…

    …to ensure that regulators are really regulating for growth.

    And I am streamlining the Senior Managers and Certification Regime…

    …reducing the burdens it imposes on firms by 50%…

    …and slashing approval timelines…

    …so you can bring in talent to your business more quickly.

    My next set of reforms provide targeted regulatory support to the areas where the UK does already have a comparative advantage.

    For insurance – where Britain is the destination of choice for underwriting complex, specialised and high-value risk…

    …I am introducing a new competitive framework for captive insurance.

    For asset management – where the UK is the world’s second largest centre…

    …I am futureproofing the regulatory regime and will publish draft legislation in early 2026.

    For sustainable finance, I am determined to focus our efforts on policies that matter most to our world-leading sector and support investment in the transition…

    …so, after consultation and consideration, I have decided not to pursue a green taxonomy…

    …but instead work with regulators through the Transition Finance Council to capitalise on the £200 billion opportunity of the global transition to net zero.

    And for Fintech – where almost half of Europe’s Fintech’s are already based here in the UK…

    …the PRA and FCA are launching a scale-up unit to support innovative firms to grow in the UK, including in our world-leading payments system.

    And I will drive forward developments in blockchain technology…

    …including tokenised securities and stablecoins…

    …and an ambitious design for a new digital gilt instrument…

    …so that UK financial services can be at the forefront of digital asset innovation.

    And because I believe the UK is the best place in the world for financial services…

    …today I’ve announced the Office for Investment’s new concierge service.

    Launching by October this year, it will provide a tailored service to companies considering setting up and expanding in the UK…

    …and I am grateful to Chris Hayward from the City of London Corporation, for his work to drive this forward.

    Thank you Chris.

    Now, let me turn to the changes I am making to capital requirements…

    …to allow UK banks to do more lending and release more capital for investment into our infrastructure and into our businesses.

    First, I am supporting the Bank of England’s decision to raise the asset threshold for MREL requirements to between £25 and £40 billion.

    This will benefit the challenger banks and bring increased competition and innovation to the market…

    …and support those businesses to expand their footprint here in the UK.

    Second, I am confirming our approach to Basel 3.1…

    …implementing lower capital requirements for domestically focussed banks from January 2027…

    …while preserving flexibility on our approach for international banks to ensure the UK always remains competitive while aligning with international standards.

    Third, I have committed to meaningful reform of the UK’s ringfencing regime…

    …recognising that now is the time to go further in tackling inefficiency and boosting growth…

    …while retaining the aspects of the regime that support financial stability and protect consumer deposits.

    And fourth, following the new, growth focussed remit letter I sent in November…

    …I welcome the Financial Policy Committee’s announcement that it will review the overall level of bank capital needed for UK financial stability…

    …reporting back to me by the end of this year.

    The review will inform the work the Treasury is taking forward with the Bank…

    …to ensure the prudential framework strikes the optimal balance to deliver resilience, growth and competitiveness.

    And 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…

    …that means tens of thousands more people could be able to get a mortgage in the next year alone…

    …with Nationwide already offering its ‘Helping Hand’ mortgage to more first time-buyers…

    …supporting alone an additional 10,000 each year.

    And my thanks to Dame Debbie Crosbie for her leadership.

    My final set of reforms are focussed on boosting savings investment.

    I recognise the potential for ISA reform to improve returns for savers…

    …and access capital for UK businesses.

    I have confirmed that Long-Term Asset Funds can be included in stocks and shares ISAs…

    …allowing long-term ISA investors to benefit from this innovative product.

    And I will continue to consider further changes to ISAs…

    …engaging widely in the coming months…

    …and recognising that despite the differing views on the right approach…

    …we are united in wanting better outcomes for both UK savers and for the UK economy.

    For too long, we have presented investment in too negative a light…

    …quick to warn people of the risks, without giving proper weight to the benefits…

    …and our tangled system of financial advice and guidance…

    …has meant people cannot get the right support to make decisions for themselves.

    That is why we are working with the FCA to introduce a brand-new type of targeted support for consumers ahead of the new financial year.

    And I also welcome the campaign to promote the benefits of retail investment which will launch next April…

    …and the action to look at our current approach to risk warnings – and that will report back in January…

    …and I’m grateful to Chris Cummings of the Investment Association for spearheading both of those initiatives.

    Thank you very much Chris.

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

    …recognising that Britain cannot succeed and meet its growth ambitions…

    …without a financial sector that is fighting fit and thriving.

    The reforms I have set out this evening are the next chapter in how I intend to support this growth…

    …and I thank Gwyneth Nurse and her brilliant team at the Treasury for all of their hard work on this package.

    I knew that Gwyneth would get the biggest clap …

    I am also pleased to have been able to work in lockstep with our regulators…

    …and I want to extend my thanks both to Nikhil Rathi and Sam Woods for their innovation and the work they have done in response to my updated remit letters last year.

    Thank you Nikhil and thank you Sam.

    We have been bold in regulating for growth in financial services…

    …and I have been clear on the benefits that that will drive…

    …with a ripple effect felt right across all sectors of our economy…

    …putting pounds in the pockets of working people.

    Getting better deals on their mortgages…

    better returns on their savings

    and more jobs paying good wages across our country

    As I look ahead…

    …it is clear that we must do more.

    In too many areas, regulation still acts as a boot on the neck of businesses…

    …choking off the enterprise and innovation that is the lifeblood of economic growth.

    Regulators in other sectors must take up the call I make this evening…

    …not to bend to the temptation of excessive caution…

    …but to boldly regulate for growth…

    …in the service of prosperity for our whole country.

    I’m really proud of how far we have come in the last year as government and as a country.

    I know that the changes that we have made will reform and transform our economy and our country.

    And I know that you will waste no time in seizing the opportunities that lie ahead:

    To build a stronger economy;

    To deliver the renewal of Britain;

    And to make working people in all parts of Britain better off.

    Thank you very much.

  • PRESS RELEASE : Eco eel pass to lead the way for species migration in Cumbria [July 2025]

    PRESS RELEASE : Eco eel pass to lead the way for species migration in Cumbria [July 2025]

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

    Work is underway to replace an outdated eel pass at Newby Bridge Weir to encourage better migration for the critically endangered European eel.

    Activity is underway to replace an eel pass in Cumbria as part of work by the Environment Agency to improve river ecosystems and support the safe migration of the European eel.

    The European eel has suffered a dramatic decline in recent decades due to habitat loss, overfishing and barriers such as weirs that disrupt its long migration routes.

    Action is now being taken to improve eel passage in the River Leven by replacing the existing fish pass at Newby Bridge. It is outdated and no longer meets modern standards for safety, remote monitoring, or effective water management.

    Formal notice has now been given for its removal, with a new, improved eel pass required to be fully installed and operational by March 2026. Construction began on 14th July 2025 and will continue for approximately seven weeks

    The project will introduce a hybrid eel pass system, designed to enhance eel migration and biodiversity while minimising any environmental impact.

    At the heart of the improvements is an intelligent float switch-controlled pump. This system activates during low water flows to assist eel movement, ensuring their continued migration even in challenging conditions.

    When water levels rise, the float switch automatically deactivates the pump which will allow migrating eels to use the natural river flow. This is especially important to help promote effective movement to their local habitats .

    This adaptive pumping approach not only supports the local eel population but also reduces energy consumption, contributing to a more sustainable water management solution.

    Improvements for maintenance, reliability and resilience

    Once completed, the pass will also feature pebble resin strips, a specialised material that aids eel movement while limiting the build-up of debris.

    During periods of high flow, the design allows for natural self-cleaning, reducing the need for manual maintenance and helping to maintain higher water quality standards by minimising blockages and stagnation.

    To further improve efficiency, the system has been designed for easy visual inspection from the riverbank and will include remote monitoring capabilities, strengthening overall maintenance, reliability, and long-term resilience.

    Francis Frimpong, Environment Agency project manager, said:

    Replacing the eel pass at Newby Bridge is part of our ongoing commitment to protecting endangered European eels and improving river ecology across the region.

    Over recent years, significant improvements in water quality—thanks to targeted investment, regulatory action, and partnership work—have helped support the recovery of native species across Cumbria.

    This new eel pass is another step forward in improving river connectivity and enhancing biodiversity. By enabling eels to navigate past man-made barriers, we’re helping to restore their natural migratory routes and strengthen their numbers for the future.

  • PRESS RELEASE : Leeds Reforms to rewire financial system, boost investment and create skilled jobs across UK [July 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.

  • PRESS RELEASE : Young Futures Hubs to launch offering vulnerable young people lifeline [July 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.”

  • PRESS RELEASE : West and East Midlands move into drought [July 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.

  • PRESS RELEASE : Misogynistic myths kicked out of classrooms to protect children [July 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.

  • PRESS RELEASE : Greater compensation for victims of Miscarriages of Justice [July 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
  • PRESS RELEASE : Birmingham fraudster spent part of Covid loan funds at safari park, restaurants and paying off personal credit card debt [July 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
  • PRESS RELEASE : New Incoming CEO of the National Wealth Fund [July 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.

  • PRESS RELEASE : More areas of country move into drought with dry weather set to continue [July 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.