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Tag: Press Release

  • PRESS RELEASE : Dr. Swati Dhingra reappointed to the Monetary Policy Committee [February 2025]

    PRESS RELEASE : Dr. Swati Dhingra reappointed to the Monetary Policy Committee [February 2025]

    The press release issued by HM Treasury on 24 February 2025.

    Dr. Swati Dhingra has been reappointed as an external member to the Monetary Policy Committee (MPC), the Chancellor of the Exchequer, Rachel Reeves, has announced.

    Her three-year term was due to end on 8 August 2025. Following her appointment for a second term, Dr. Dhingra will continue to hold the post until 8 August 2028.

    Dr. Swati Dhingra is an Associate Professor of Economics at the London School of Economics (LSE), and an Associate of the Centre for Economic Performance at LSE. Her research has been funded by the Economic and Social Research Council; European Research Council; International Growth Centre; UK Research and Innovation; and she was awarded the Office for National Statistics’ Research Excellence People’s Choice Award 2019.

    From 1 January 2023, Dr. Swati Dhingra has been Director of the Review of Economic Studies. She has also been a member of the UK’s Trade Modelling Review Expert Panel and the LSE’s Economic Diplomacy Commission.

    About the reappointment process

    Reappointments are not automatic, and each case is considered on its own merits. This reappointment was made by the Chancellor of the Exchequer, in line with the requirements of the Governance Code for Public Appointments.

    About the Monetary Policy Committee

    The independent MPC makes decisions about the operation of monetary policy. It comprises of the Governor of the Bank of England, three Deputy Governors, the Bank of England’s Chief Economist and four external members. External members, who are appointed by the Chancellor, may serve up to two three-year terms on the MPC.

    The appointment of external members to the MPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank. Each member of the MPC has expertise in the field of economics and monetary policy. They are independent and do not represent particular groups or areas.

  • PRESS RELEASE : Vehicle theft equipment to be banned under new government law [February 2025]

    PRESS RELEASE : Vehicle theft equipment to be banned under new government law [February 2025]

    The press release issued by the Home Office on 24 February 2025.

    Possession or distribution of electronic devices used to commit vehicle theft will be banned, carrying a maximum sentence of 5 years.

    Sophisticated electronic devices used by criminals in 40% of vehicle thefts in England and Wales will be banned under new laws, as part of the government’s mission to make the nation’s streets safer.

    Having your vehicle stolen is a costly and distressing experience for victims. It disrupts livelihoods, stopping people from working and from seeing their families.

    As the government works to prevent crimes from impacting working people’s lives, police officers and the courts will be given new powers to target criminals who steal vehicles using electronic devices, including ‘signal jammers’, along with the organised groups who manufacture and supply these devices.

    Previously, prosecution for handling these devices was only possible if it could be proved by police that they had been used to commit a specific crime.

    Under these new laws, anyone who is found in possession of one, or to have imported, made, adapted or distributed them, could receive a maximum penalty of 5 years’ imprisonment and an unlimited fine. The burden of proof will instead fall on the owner to prove they were using the device for a legitimate purpose, to avoid being prosecuted.

    This new measure acts on a key milestone in our Plan for Change to protect our neighbourhoods and is part of the government’s flagship Crime and Policing Bill, which will be introduced to Parliament on Tuesday.

    Minister for Policing, Crime and Fire Prevention, Dame Diana Johnson, said:

    These thefts have a devastating effect on victims, who need their vehicles to go about their everyday lives. We are aware of the real concerns people feel with the use of these electronic devices being so prolific.

    This is why we are introducing new laws focused on tackling this issue at source, which is what our Safer Streets mission and Plan for Change are all about. These new laws will prevent these devices from getting into the hands of thieves and organised crime groups.

    We will also continue to work closely with the National Police Chiefs’ Council, which includes supporting their National Vehicle Crime Reduction Partnership, which brings together the police and manufacturers to clamp down on vehicle crime.

    The most common way theft from a vehicle – or the theft of the vehicle itself – occurs is with the use of these electronic devices, with keyless repeaters and signal amplifiers being used to scramble the signal from remote locking devices.

    According to the 2022 to 2023 Crime Survey for England and Wales, an offender manipulated a signal from a remote locking device in 40% of thefts of vehicles. There were also 732,000 incidents of vehicle-related theft in the year ending September 2024.

    The Metropolitan Police Service estimates that, in London, signal jammers are used in approximately 60% of vehicle theft.

    A significant proportion of vehicle theft is driven by organised crime groups, as there is a demand for stolen vehicles, which means this is a highly attractive and lucrative area for criminals to gain profit. Organised criminals are constantly trying to find ways to overcome security measures on vehicles, even in the latest models, by exploiting vulnerabilities in vehicles and new technologies.

    In support of the new measures, RAC head of policy Simon Williams said:

    With government statistics showing an average of 370 vehicles being stolen every day, outlawing the possession and distribution of signal jammers cannot come soon enough and we welcome the government’s action on this.

    Having your car stolen is not only a violation, it causes massive amounts of stress and inconvenience as well as higher insurance costs for the individual concerned and drivers generally.

    AA president, Edmund King, said:

    This is a positive step, and these tougher sentences should make would-be thieves think again before stealing cars. As fast as vehicle technology has evolved, thieves have always tried to keep pace and beat the security systems.

    Relay theft and signal jamming is all too frequent and these measures will give police forces more opportunities to tackle car crime.

    ACC Jenny Sims, National Police Chiefs’ Council lead for vehicle crime said:

    We welcome the announcement of new offences to criminalise the possession, manufacture, sale and supply of signal jammers which have provided an easily accessible tool for criminals to use in the theft of vehicles for far too long.

    These devices have no legitimate purpose, apart from assisting in criminal activity, and reducing their availability will support policing and industry in preventing vehicle theft which is damaging to both individuals and businesses.

  • PRESS RELEASE : UK announces largest sanctions package against Russia since 2022 [February 2025]

    PRESS RELEASE : UK announces largest sanctions package against Russia since 2022 [February 2025]

    The press release issued by the Foreign Office on 24 February 2025.

    Three years on from President Putin’s full-scale invasion of Ukraine, the UK has today imposed over 100 new sanctions directly targeting those who continue to aid the invasion.

    • 107 new sanctions announced as UK unleashes our largest sanctions package since the early days of the invasion.
    • milestone package targets Russian military supply chains, revenues fuelling Putin’s illegal war, and Kleptocrats driving profits for the Kremlin
    • strengthening Ukraine’s hand will help to build a secure and prosperous Europe and UK – a foundation of the government’s Plan for Change

    Today’s measures will target funds going into Putin’s war chest and propping up Russia’s kleptocratic system.

    As the Prime Minister said last week, we are facing a once in a generation moment for the collective security of our continent.  The UK is working with our Allies to put Ukraine in the best position to achieve peace through strength. Today’s action is a further step towards this.

    The sanctions will also target Russia’s military machine, entities in third countries who support it and the fragile supply networks that it relies on.

    Targets include:

    • producers and suppliers of machine tools, electronics and dual-use goods for Russia’s military, including microprocessors used in weapons systems. These are based in a range of third countries including Central Asian states, Turkey, Thailand, India and China, which is the largest supplier of critical goods for Russia’s military
    • North Korean Defence Minister No Kwang Chol and other North Korean generals and senior officials complicit in deploying over 11,000 DPRK forces to Russia. Putin is using DPRK forces as cannon fodder; DPRK has suffered over 4,000 casualties
    • 13 Russian targets, including LLC Grant-Trade, its owner Marat Mustafaev and his sister Dinara Mustafaeva, who have used the company to funnel advanced European technology into Russia to support its illegal war

    For the first time, we are also using new powers to target foreign financial institutions supporting Russia’s war machine.  We are sanctioning the Kyrgyzstan-based OJSC Keremet Bank, disrupting Russia’s use of the international financial system to support its war efforts.

    Foreign Secretary, David Lammy said:

    Today’s action, the largest in almost 3 years, underscores the UK’s commitment to Ukraine.

    Every military supply line disrupted, every rouble blocked, and every enabler of Putin’s aggression exposed is a step towards a just and lasting peace, and towards security and prosperity in the UK as a part of this government’s Plan for Change.

    Lasting peace will only be achieved through strength. That is why we are focused on putting Ukraine in the strongest possible position.

    As the world marks the grim milestone of Putin’s full-scale invasion entering its fourth year, we cannot and will not turn our backs on Ukraine in their fight for our shared security.

    Keeping the country safe is the Government’s first priority and an integral part of the Prime Minister’s Plan for Change. Sanctions against Russia’s military machine and the revenues fuelling it will improve the chances of a just and lasting peace in Ukraine, which will benefit security and prosperity in the UK.

    The new sanctions will put further pressure on Putin’s energy revenues, the most vital source of funding for his illegal invasion. They include specification of another 40 ‘shadow fleet’ ships carrying Russian oil. These vessels have collectively carried more than $5 billion worth of Russian oil and oil products in the last six months alone. The specifications bring the total number of oil tankers sanctioned by the UK to 133 – the highest of any nation in Europe.

    Finally, we are sanctioning 14 ‘New Kleptocrats’, some of whom are fronting up strategic sectors of Russia’s economy.  Among them are Roman Trotsenko, one of the wealthiest men in Russia, worth £2.2 billion.

    After three years of the full-scale invasion, Ukrainians continue to defend their country and way of life with ingenuity and courage. They have shown that with the right support they can defend themselves against Russian aggression. Today’s action will strengthen Ukraine’s hand at a critical time in their fight for our shared security.

  • PRESS RELEASE : Delivery driver, Amraiz Mahmood, who spent Covid funds on drugs and gambling also withdrew cash for home renovations just before he went bankrupt [February 2025]

    PRESS RELEASE : Delivery driver, Amraiz Mahmood, who spent Covid funds on drugs and gambling also withdrew cash for home renovations just before he went bankrupt [February 2025]

    The press release issued by the Insolvency Service on 24 February 2025.

    Bounce Back Loan fraudster handed suspended sentence and curfew

    • Amraiz Mahmood secured more than £20,000 in Covid support funds by falsely declaring he had a turnover of £81,000 as a self-employed delivery driver and courier
    • Mahmood spent the money on drugs and gambling and also used a separate non-Covid related loan for almost £40,000 worth of renovations to his home just before he filed for his own bankruptcy
    • Insolvency Service investigations have resulted in Mahmood being given a suspended prison sentence and 12-month curfew

    A delivery driver who spent Covid support funds he was not entitled to on drugs and gambling has been sentenced.

    Amraiz Mahmood fraudulently secured a £20,250 Bounce Back Loan from his bank in 2020 by overstating his 2019 turnover by more than £65,000.

    The 41-year-old then claimed to have assets of only £100 despite withdrawing almost £40,000 in cash for home improvements in the weeks before he filed for his own bankruptcy.

    Mahmood, of Booker Lane, High Wycombe, was sentenced to 10 months in prison, suspended for two years, when he appeared at High Wycombe Magistrates’ Court on Friday 21 February.

    He is also now subject to a 12-month daily curfew between 9pm and 7.45am which will be monitored with an electronic tag.

    Mark Stephens, Chief Investigator at the Insolvency Service, said:

    Amraiz Mahmood hugely inflated his turnover to secure taxpayers’ money he did not deserve. He then clearly failed to use the loan as it was intended.

    Bounce Back Loans were designed to support small businesses through the pandemic. They were not intended to be used for personal gain and the Insolvency Service will not hesitate to take action when we identify such blatant abuse of the scheme.

    Mahmood also concealed tens of thousands of pounds in assets from the Official Receiver when he was declared bankrupt.

    Mahmood fraudulently applied for his Bounce Back Loan in May 2020, claiming his turnover as a self-employed courier and delivery driver was £81,000.

    His self-assessment return for 2018-19 however showed an income of only £15,018.

    Mahmood said that he spent the majority of the money he claimed on recreational drugs and gambling.

    In May 2021, one year on from fraudulently securing the Bounce Back Loan, Mahmood applied for bankruptcy, stating he had assets of just £100 and liabilities of more than £200,000.

    However, just one month before his bankruptcy, Mahmood had secured a non-Covid related loan from his bank worth £25,000 having also withdrawn £2,000 from his account in the days and weeks before.

    He then withdrew a further £37,950 in cash across several transactions before being declared bankrupt.

    Mahmood said he withdrew the money as he needed to make repairs to his home and he knew the assets would be frozen once the bankruptcy order was made.

    Invoices for the house renovations were dated after Mahmood’s bankruptcy however, meaning he was in possession of the funds when he told the Official Receiver he only had £100 in assets.

    Mahmood signed an eight-year Bankruptcy Restrictions Undertaking in March 2022, restricting him from being able to borrow more than £500 without disclosing his bankrupt status.

    Efforts are now being made to recover the funds from Mahmood.

    Further information

  • PRESS RELEASE : UN Human Rights Council 58 – UK statement for the annual High-Level Segment [February 2025]

    PRESS RELEASE : UN Human Rights Council 58 – UK statement for the annual High-Level Segment [February 2025]

    The press release issued by the Foreign Office on 24 February 2025.

    UK statement at the annual High-Level Segment of the Human Rights Council. Delivered by Lord Collins, FCDO Minister for Africa, UN, Commonwealth & Human Rights.

    Mr Vice President,

    I stand here not just as a life-long trade unionist but also as a Minister of a government committed to human rights and the rule of law.

    We have gathered today against the backdrop of an increasingly volatile and uncertain world. Conflicts and geopolitical tensions are robbing people across the world of their most basic rights.

    That’s why the United Kingdom backs Ukraine’s right to choose its own future. That’s why the ceasefire in Gaza must be fully implemented. We want to see an end to the conflict, with every hostage released and vital aid reaching Gaza, leading to a credible process towards a two-state solution.

    That’s why we welcome the Syrian interim authorities’ efforts to build a more inclusive future for all Syrians. It’s why we welcome Bangladesh engaging with the High Commissioner as it addresses past crimes and future aspirations.

    It’s why we are heartbroken by the suffering in Sudan and commend the DRC for bringing the appalling situation in the East of their country to this Council just two weeks ago.

    That’s why we are urging China to implement the recommendations of the United Nations High Commissioner’s Xinjiang assessment and respect the Joint Declaration on Hong Kong.

    Against this worsening global climate, the United Kingdom is determined to champion equal and inalienable rights for all. So I’m proud that the United Kingdom is standing for election to the Council for the 2026 to 2028 term.

    Throughout its many terms on the Council, the United Kingdom has always put respect and partnership at the heart of our approach. And we promise to collaborate in the same spirit once again. If elected, we pledge to defend civic space and fundamental freedoms, supporting civil society organisations and human rights defenders.

    We pledge to champion equal rights for all, by standing up for the rights of women and girls and LGBT+ people whose hard-won rights and freedoms are being so cruelly undermined, and by promoting women’s economic empowerment. And we will do all we can to uphold the rule of law. Because human rights and the rule of law are the basic building blocks of sustainable economic growth, stable societies, and humane migration policies.

    We will prioritise human rights and governance principles, including the use of new technologies and responding to modern slavery.

    But the United Kingdom is under no illusion that we can do all this alone. We cannot. That’s why we need your support. And if we have the honour of serving on the Council, we will prioritise practical action to achieve our shared human rights goals and change people’s lives for the better.

    Ultimately, it is only by building genuine, respectful partnerships that we can work together to defend the freedoms we all hold so dear.

  • PRESS RELEASE : UK steps up life-saving medical support for Ukraine’s Armed Forces [February 2025]

    PRESS RELEASE : UK steps up life-saving medical support for Ukraine’s Armed Forces [February 2025]

    The press release issued by the Ministry of Defence on 24 February 2025.

    The Ministry of Defence will double its funding for medical and rehabilitation services for Ukraine’s troops.

    Britain is stepping up support for Ukrainian troops wounded on the frontline, who will receive life-saving medical support and rehabilitation services through the UK’s Project Renovator.  The programme, which will see its funding doubled, also includes training for surgeons and rebuilding of a military hospital targeted by Russian bombs.

    Project Renovator draws on the UK’s leading defence medical expertise to expand Ukraine’s military rehabilitation and medical services and help troops who suffered life-changing injuries to return to the frontline or help them readjust to civilian life after the conflict ends.

    Defence Secretary John Healey MP has today announced a new £20m funding package to step up the programme further – doubling the Government’s funding for the scheme – as the UK’s cast-iron commitment to Ukraine continues three years into the conflict.

    The project, which started in October 2023 demonstrates the UK’s international leadership role, taking responsibility for repairing and upgrading a military rehabilitation hospital which was targeted and bombed by Putin’s forces earlier in the conflict. The UK is also encouraging allies to support and grow this work as part of the broader NATO Comprehensive Assistance Package for Ukraine scheme.

    From providing life-saving surgery, to issuing advanced prosthetics, physiotherapy, and aftercare, the rehabilitation hospital will be a significant upgrade for Ukraine’s current services, with Ukrainian surgeons, doctors, and nurses being trained by the UK.

    The announcement comes on the third anniversary of Putin launching his illegal full-scale invasion, as the Home Office announced new measures to block Russian elites entering the UK. It forms part of this Government’s record support for Ukraine this year – building on £12.8 billion worth of military, humanitarian, and economic support since the beginning of the full-scale invasion.

    Defence Secretary, John Healey MP, said:

    As we mark three years of this brutal conflict, Putin is still waging a war he thought he would win in three days, because of fierce resistance to the Russian invasion from ordinary Ukrainians – military and civilian alike.

    In this critical period, Ukrainians need our support to keep them in the fight and to put their nation in the strongest possible position ahead of any talks. That’s why we are stepping up further our UK leadership and life-saving medical support for brave Ukrainian fighters. Our commitment to them is unshakeable.

    I’m proud of the UK’s leadership in supporting Ukraine, both now and in the long-term, and this new investment in Ukraine’s military medical services will harness the UK’s leading expertise to ensure wounded troops are given the best treatment possible.

    The work will help address a major challenge posed by the conflict, with the largest casualty figures seen in Europe since the Second World War. The support stands in stark contrast to Russia’s widely-reported poor treatment of Russian casualties and veterans, leading to instances of crime and violence when they return from the frontline.

    While a small number of British personnel have been working to deliver the project in Ukraine, nearly 100 Ukrainian surgeons, doctors, and nurses are due to travel to the UK this year to receive further medical training using the latest techniques and equipment.

    Around £20m of money from a NATO common fund has been invested in the rehabilitation hospital so far, much of which was provided by the UK. In addition to major structural repairs, improvements have included more than £300k worth of new gym equipment, and £400k worth of prosthetics and associated equipment.

    Norway has also announced it is carrying out similar work to repair and improve a similar facility under the same NATO scheme, working closely with the UK. It comes as both nations have committed to deepen military ties, with a new agreement being drawn up following a visit from the Defence Secretary last week.

    Defence Medical Services personnel from Project Renovator have been working with the team at the UK’s world-leading equivalent, the Defence Medical Rehabilitation Centre at Stanford Hall, to produce around 50 rehabilitation training videos to support the training of Ukrainian medical staff.

    Minister for Veterans and People, Alistair Carns DSO, OBE, MC, said:

    The UK Armed Forces are experts in the area of defence medical services and rehabilitation, pioneering the field during the Second World War.

    These services are absolutely essential to ensuring veterans get the support they need to go back to their daily lives after being on the frontline, especially if wounded.

    The Defence Medical Rehabilitation Centre at Stanford Hall in particular is a world-leading facility, and I am proud that the equipment and the skills of our personnel are being put to good use in supporting Ukraine.

    This year, the UK will spend £4.5 billion on military assistance for Ukraine – more than ever before. Supporting Ukraine in the conflict and to secure a peace deal is critical for the security of Europe and the UK, a foundation for the Prime Minister’s Plan for Change. Earlier this month, the Defence Secretary announced a new £150 million firepower package including drones, tanks and air defence systems.

    Since July 2024, the Government has provided over £5.26 billion in military aid and financial support to Ukraine, including a £3 billion annual military aid and a £2.26 billion loan for military spending. This includes £300 million for artillery ammunition and £68 million for air defence systems, as well as the new £150 million firepower package for thousands of drones, dozens of battle tanks and armoured vehicles.

    The UK Government has supplied over 90,000 rounds of 155mm artillery, 150 artillery barrels, and 10 AS90 self-propelled howitzers. Air defence support includes 17 Gravehawk systems, 1,000 counter-drone electronic warfare systems, and £68 million for radars and counter-drone tech.

    The UK has also invested £7.5 million in drone technology and continues training, surpassing 50,000 Ukrainian troops under Operation Interflex. Naval support totals £92 million, providing drones, uncrewed vessels, loitering munitions, and mine countermeasure drones.

  • PRESS RELEASE : Keir Starmer meeting with Secretary General of NATO Mark Rutte [February 2025]

    PRESS RELEASE : Keir Starmer meeting with Secretary General of NATO Mark Rutte [February 2025]

    The press release issued by 10 Downing Street on 23 February 2025.

    The Prime Minister spoke with NATO Secretary General Mark Rutte this evening.

    Ahead of the three-year anniversary of Russia’s barbaric full-scale invasion of Ukraine, the Prime Minister began by underscoring that Ukraine must be in the strongest position possible.

    The leaders agreed that there could be no negotiations about Ukraine, without Ukraine. They agreed it was important for Europe to step up in order to ensure European security.

    The Prime Minister said he would continue to have these vital discussions with international partners, including during his visit to Washington D.C.

    They agreed to speak soon.

  • PRESS RELEASE : Keir Starmer call with Prime Minister Trudeau of Canada [February 2025]

    PRESS RELEASE : Keir Starmer call with Prime Minister Trudeau of Canada [February 2025]

    The press release issued by 10 Downing Street on 23 February 2025.

    The Prime Minister spoke with the Prime Minister of Canada Justin Trudeau this evening.

    The discussion began by reflecting ahead of tomorrow’s call with G7 and European leaders, to mark three years since Russia’s full-scale illegal invasion of Ukraine – a grim reminder of the continued suffering of the people of Ukraine.

    They both underscored their unwavering commitment to put Ukraine in the strongest possible position going forward.

    The leaders reiterated that working together alongside other international leaders was essential to achieve lasting peace and security in Ukraine.

    They agreed to keep in touch, with both looking forward to speaking again during Monday’s call, which will be chaired by Prime Minister Trudeau.

  • PRESS RELEASE : Keir Starmer call with President Macron of France [February 2025]

    PRESS RELEASE : Keir Starmer call with President Macron of France [February 2025]

    The press release issued by 10 Downing Street on 23 February 2025.

    The Prime Minister spoke with President Macron this afternoon.

    They began by discussing the third anniversary of Russia’s barbaric full-scale invasion of Ukraine, which is a stark reminder that we must all work together to put Ukraine in the strongest possible position at this crucial moment for global security.

    The Prime Minister repeated the UK’s steadfast commitment to support Ukraine for as long as needed and reiterated the importance of Ukraine being at the centre of any negotiations to end the conflict.

    The UK and Europe must continue stepping up to meet their security needs and show united leadership in support of Ukraine in the face of Russian aggression, which they would both discuss in the US in the coming week.

    The leaders agreed to stay in close contact.

  • PRESS RELEASE : Talks relaunch on India trade deal to boost UK’s growth agenda [February 2025]

    PRESS RELEASE : Talks relaunch on India trade deal to boost UK’s growth agenda [February 2025]

    The press release issued by the Department for Business and Trade on 23 February 2025.

    UK-India free trade talks are being relaunched, with a visit to India by the Business and Trade Secretary.

    • UK-India trade talks kick off in New Delhi today with Business and Trade Secretary Jonathan Reynolds meeting with Commerce Minister Piyush Goyal
    • Deal aims to deliver economic growth and bring Indian economy – world’s third largest by 2028 – within reach for more UK businesses
    • Push to attract investment will take place in financial capital Mumbai and tech hub Bengaluru by Investment Minister Poppy Gustafsson

    The relaunch of talks on a UK-India trade deal will take place today [Monday 24 February], as UK ministers arrive in India to negotiate a huge economic prize helping to deliver on the growth agenda.

    India is forecast to have the highest growth rate in the G20 for the next five years and set to become the world’s third biggest economy by 2028. With an expected 95 million strong middle class by 2035, there are more and more opportunities every day for UK businesses to sell to consumers in India ready to buy British.

    Securing trade deals with massive global economies like India demonstrates the UK’s commitment to free and fair trade and how this Government will support jobs, prosperity, and real change for the British people as part of the Plan for Change.

    Business and Trade Secretary Jonathan Reynolds said:

    Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer, and a top priority for me and this Government. That is why I’m flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track.

    Only a pragmatic government can deliver the economic growth and stability that the British public and British businesses deserve, delivering on the Plan for Change.

    Growth will be the guiding principle in our trade negotiations with India and I’m excited about the opportunities on offer in this vibrant market.

    Trade ministers from both countries will kickstart negotiations on a modern economic deal with two-days of focused discussions – the first time both negotiating teams have formally got around the table under this government.

    Standard Chartered UK CEO and Head, Client Coverage UK, Saif Malik said:

    We warmly welcome efforts to strengthen trade ties with one of the world’s most dynamic and fastest growing markets. As a leading global bank operating in India for over 160 years, the opportunities for British businesses are significant.

    Whether it’s improved access to India’s growing consumer market, opportunities in manufacturing, infrastructure and innovation, or collaboration in financial and professional services, the relaunch of trade talks can unlock even greater trade, investment and prosperity across the UK-India corridor.”

    Chair of UK India Business Council Richard Heald said:

    The UK Government’s visit reaffirms its commitment for a new ambitious and future-focused trade & investment relationship with India.

    We are delighted to note the progress on the UK-India Free Trade Agreement negotiations. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration beyond into other areas too. Importantly, it will signal the UK and India are strategic partners. This is truly an exciting chapter of the UK-India partnership.

    The talks will open against a backdrop of Indian commerce and artisans on a joint visit to Delhi’s National Crafts Museum. The pair will also spend time visiting BT India’s office in Gurugram – one of the largest UK employers in India – to see first-hand how UK tech and Indian talent are helping solve global challenges.

    As part of the visit, Investment Minister Poppy Gustafsson will address investors in two of the country’s foremost business centres Mumbai and Bengaluru, to sell the UK as the best and most connected place for Indian businesses to invest.

    India has been the second biggest source of FDI into the UK for five consecutive years in terms of number of projects. In terms of value, the most recent stats show a 28% year-on-year increase in investment stock at the end of 2023.

    The UK offer for Indian investors has never been stronger, she will tell businesses, thanks to the government’s drive to restore economic stability and boost investor confidence as part of the Plan for Change.

    The UK and India are currently the sixth and fifth largest global economies respectively, with a trade relationship worth £41 billion and investment supporting over 600,000 jobs across both countries.

    A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK, support jobs, boost wages, and back the high-growth sectors identified in the government’s upcoming Industrial Strategy, such as advanced manufacturing, clean energy, financial services, and professional and business services.