Tag: Press Release

  • PRESS RELEASE : UK and Australia boost growth and defence partnership at summit in London [December 2024]

    PRESS RELEASE : UK and Australia boost growth and defence partnership at summit in London [December 2024]

    The press release issued by the Foreign Office on 15 December 2024.

    The UK and Australia will reinforce their economic and defence partnership and bolster co-operation on shared global challenges at this year’s AUKMIN meeting.

    • Foreign Secretary and Defence Secretary host Australian counterparts in London to address shared security challenges and deliver growth and put more money in people’s pockets
    • ministers will reaffirm steadfast commitment to AUKUS, one of the most strategically important collaborations for decades
    • government sets out a range of major initiatives set out to boost security at home and around the world

    The UK and Australia will reinforce their economic and defence partnership and bolster co-operation on shared global challenges at an annual ministerial meeting – known as AUKMIN – today (16 December).

    The Foreign Secretary and the Defence Secretary will host Foreign Minister Penny Wong and Deputy Prime Minister and Defence Minister Richard Marles in London. They will discuss cooperation on issues including Ukraine, the Middle East and the Indo-Pacific. They are expected to announce a series of major initiatives:

    • the deployment of the UK Carrier Strike Group to Australia in 2025
    • extended Australian support for training Ukrainian Armed Forces
    • new submarine programme office in Bristol

    In a turbulent world, the UK-Australia friendship matters even more. Both countries must work together on shared security in Indo-Pacific and Euro-Atlantic, boosting our security at home and abroad.

    Foreign Secretary David Lammy said:

    The UK and Australia have a long and enduring friendship underpinned by close trade ties that are benefiting Brits and Aussies alike.

    The growth mission is the central mission of the government. We want to go further to deepen our cooperation with countries like Australia to boost economic growth, build supply chain resilience and transition to net zero.

    Together, we are modernising our partnership, working to tackle the biggest challenges around the world and furthering our co-operation on defence, security and foreign policy matters.

    Defence Secretary John Healey said:

    Our unique and historic partnership with Australia is more important than ever in the face of increasing global threats.

    Today’s announcements demonstrate how our two nations, working in lockstep, can help drive jobs and growth while reinforcing our collective security.

    Through our joint support to Ukraine, AUKUS partnership and high-end military exercises, we are proving the value of cooperation in delivering security and prosperity in the Euro-Atlantic and Indo-Pacific.

    A key pillar of AUKMIN is cooperation with Australia on defence, working together to make the UK and Australia more secure. The UK is committed to AUKUS, our defence and security partnership with Australia, and the US, and the jobs and growth it can deliver for Britain. AUKUS will transform UK-Australia defence industrial cooperation. The ministers are determined to make it the floor, not the ceiling, of the security partnership, using it to ensure strategic stability as well as driving growth and jobs.

    The AUKUS submarine programme is set to generate 7,000 additional British jobs and at its peak, there will be over 21,000 people working on the SSN-AUKUS programmes in the UK supply chain. This will support the government’s plan to kickstart economic growth, and drive forward economic stability and investment.

    Today, ministers will announce the creation of a new office in Bristol – ‘Programme Interface Office’ – to coordinate and integrate the UK and Australian AUKUS programmes and supply chains. Through the growth mission, the government is restoring economic stability, increasing investment and reforming the economy to drive up prosperity and living standards across the UK.

    The UK and Australia are also developing strategic undersea warfare cooperation. Australia will equip its Hunter Class frigates with Thales’ world-leading 2087 sonar. This will see both the UK and Australia working together to develop underwater capability and share information. This will contribute around £45 million to the UK economy, supporting economic growth.

    The UK Carrier Strike Group will also sail to Australia in 2025, in a further demonstration of the UK’s commitment Indo-Pacific security. HMS Prince of Wales will be the first Queen Elizabeth-class carrier to conduct a port visit to Australia. She will also participate in Exercise Talisman Sabre, a multinational exercise hosted by Australia involving nineteen nations.

    Together, the UK and Australia are putting pressure on countries around the world to deter military cooperation with Russia. This includes the deployment of troops by North Korea to Russia and their supply of munitions, arms and other materiel. Both countries recognise Indo-Pacific and Euro-Atlantic security are indivisible.

    As one of the biggest financial supporters of Ukraine, the UK is pleased Australia will extend their training contribution to Operation Interflex to the end of 2025. The UK-led training scheme has now prepared more than 50,000 Ukrainian recruits for combat.

    The UK supports Australia’s bid to host COP31 in partnership with the Pacific with climate change being one of the most pressing challenges of our time. This government is committed to making Britain a clean energy super-power, and Australia shares the same ambition to lead the world on clean energy. Both the UK and Australia will commit to further enhanced co-operation to ensure climate finance reaches those on the frontline of the climate crisis, particularly Pacific island countries.

    Australia recently joined the Global Clean Power Alliance Finance Mission, which will help to unlock clean energy finance at scale. At CHOGM, the Prime Minister and Prime Minister Albanese agreed to a new UK-Australia Climate and Energy Partnership, which will focus on the accelerated deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support the economic resilience and decarbonisation goals of both countries.

    Background

    • AUKMIN is a set-piece meeting which has taken place since 2006. It is an important moment for the UK and Australia in agreeing collaboration in defence, security and foreign policy matters. It is also an opportunity to highlight joint work in maintaining geo-political stability, which is key to underpinning growth and prosperity in the UK and beyond, including through the joint work between both countries’ defence industries
    • during AUKMIN, the UK and Australia will commit to a consolidated hydrography partnership which will include greater cooperation to improve Pacific Islands hydrography capability, including launching a programme funded by FCDO which will see a new Hydrography Leaders Programme for the South West Pacific and a UKHO secondee to Fiji
  • PRESS RELEASE : UK statement in response to events in South Korea [December 2024]

    PRESS RELEASE : UK statement in response to events in South Korea [December 2024]

    The press release issued by the Foreign Office on 14 December 2024.

    Minister for the Indo-Pacific, Catherine West, has issued a statement in response to today’s events in South Korea.

    Minister for the Indo-Pacific, Catherine West said:

    We are following events in South Korea closely, including today’s vote in the South Korean National Assembly to impeach President Yoon and put an Acting President in place.

    South Korea is a global strategic partner for the UK, and we look forward to close cooperation with the Acting President and administration.

  • PRESS RELEASE : Joint Statement on Syria [December 2024]

    PRESS RELEASE : Joint Statement on Syria [December 2024]

    The press release issued by the Foreign Office on 14 December 2024.

    Statement by the governments of the USA, the Arab Contact Group on Syria, Bahrain, France, Germany, Qatar, Turkey, the UAE, the UK, the EU, and the UN Special Envoy for Syria on the margins of the Aqaba Joint Contact Group ministerial meeting on Syria.

    The Arab Contact group on Syria met with Ministers and Representatives of the Kingdom of Bahrain, the French Republic, the Federal Republic of Germany, the State of Qatar, the Republic of Turkey, the United Arab Emirates, the United Kingdom, United States of America, the European Union and the UN Special Envoy for Syria, to discuss recent developments in Syria.

    The participants:

    Affirmed the full support to the Syrian people at this critical point in their history to build a more hopeful, secure and peaceful future.

    Expressed commitment to principles that they believe are in the best interests of the Syrian people, the region, and the world in this critical period.  They believe the transitional political process must be Syrian-led and Syrian-owned; produce an inclusive, non-sectarian and representative government formed through a transparent process based on the principles of the United Nations Security Council resolution 2254; emphasize their support for the UN Special Envoy mandate; and request the UN Secretary General to scale up the UN’s presence on the ground.

    Affirmed the full support for Syria’s unity, territorial integrity and sovereignty.
    Stressed on the respect for human rights, including for women and minorities; preserve state institutions that serve the interests of, and provide critical services to, the Syrian people; exist in harmony with its neighbors; provide unfettered access for humanitarian aid and freedom of movement for IDPs and returnees; protect all foreign diplomatic facilities and personnel; secure and safely destroy chemical weapons stockpiles; and facilitate access to regime prisons and facilities for accountability and to determine the fate of missing Syrians and foreign nationals.

    Affirmed the full support for Syria’s unity, territorial integrity and sovereignty.

    Stressed that the period ahead will serve as a critical test of these above-mentioned principles.  Further, they emphasized the importance of adhering to these principles which will be fundamental in determining their approach going forward.

    Underscored that Syria finally has the chance to end decades of isolation. They are committed to supporting and working with the Syrian people as they embark on this unprecedented transition.

    Stressed the importance of combating terrorism and extremism, including preventing the reemergence of all terrorist groups. Further, demanded that Syrian territory does not pose a threat to any country, or a shelter to terrorists.

    Affirmed their demand to all parties to cease hostilities in Syria.

    Demanded respect of the sovereignty of Syria and its unity, and territorial integrity, in accordance with the principles of the UN Charter by all.

  • PRESS RELEASE : The UK will continue to support Chad’s political transition amidst the conflict in Sudan – UK statement at the UN Security Council [December 2024]

    PRESS RELEASE : The UK will continue to support Chad’s political transition amidst the conflict in Sudan – UK statement at the UN Security Council [December 2024]

    The press release issued by the Foreign Office on 13 December 2024.

    Statement by Ambassador James Kariuki, UK Deputy Permanent Representative to the UN, at the UN Security Council meeting on UNOCA/LRA.

    The statement underscored the Council’s support to SRSG Abarry and the valuable work of his office in the sub-region.

    The United Kingdom also welcomes the SRSG’s close coordination of efforts with his counterparts in the region, namely the SRSG’s of UNOWAS, MONUSCO, MINUSCA and the Special Envoy for the Great Lakes, together that facilitates a coherent approach to common regional challenges.

    I will now make three points.

    The UK welcomes the continued progress towards Gabon’s political transition, and the SRSG’s efforts in using UNOCA’s good offices to support the recent peaceful referendum.

    The UK encourages UNOCA to continue its valuable work as Gabon moves towards presidential elections next year.

    Peaceful and credible Presidential elections in 2025 will be an important way for the government of Gabon to continue to deliver for the Gabonese people.

    Second, the UK welcomes legislative, provincial and local elections in Chad which will mark the end of the country’s political transition.

    Chad has been impacted by the conflict in Sudan, severe flooding and terrorism in recent months.

    But even in this challenging time, we urge the government to uphold the principles agreed in the Inclusive Sovereign National Dialogue and to ensure transparent, pluralistic and, above all, peaceful elections.

    The end of the transition should mark the beginning, not the end, of Chad’s journey to democracy. The UK will continue to support the government’s resilience and development priorities.

    And third, the UK remains concerned by the violence in North-West and South-West regions of Cameroon, and its impact on the lives of civilians. UNOCA is well-placed to support a Cameroonian-led dialogue and ultimately a Cameroonian-led resolution to the conflict.

    We are also concerned by the continued threat posed by Islamist groups in Cameroon’s Far North region and across the Lake Chad Basin. We encourage all states in the region to continue coordinating their responses through the Multinational Joint Task Force.

    Multinational cooperation remains the most effective way to tackle these groups which pose a common risk to the sub-region.

  • PRESS RELEASE : Keir Starmer call with G7 leaders [December 2024]

    PRESS RELEASE : Keir Starmer call with G7 leaders [December 2024]

    The press release issued by 10 Downing Street on 13 December 2024.

    The Prime Minister joined a virtual meeting of G7 Leaders this afternoon.

    Discussing the unfolding situation in Syria, the Prime Minister said that the fall of Assad’s brutal regime should be welcomed, but we must be mindful about what comes next. The priority should be the safety of the Syrian people while supporting a political transition which leads to credible, inclusive, and non-sectarian governance on behalf of all Syrians.

    All leaders agreed that Syria’s territorial integrity, independence and sovereignty must be respected throughout the transition process and in future.

    Turning to Ukraine, the Prime Minister said that with Putin showing no sign of relenting, it is vital that we bolster our support to put them in the best possible position for the future.

    He called on fellow G7 leaders to continue maximising Putin’s pain by increasing military support to the Ukrainians and ramping up economic pressure, including via further sanctions where possible.

    All leaders agreed the unity of the G7 will be critical during a volatile time in the world, and that as like-minded allies, we must work together to ensure international stability and security.

  • PRESS RELEASE : This resolution extends the Al-Shabaab sanctions regime at a critical period for Somalia’s security transition – UK Statement at the UN Security Council [December 2024]

    PRESS RELEASE : This resolution extends the Al-Shabaab sanctions regime at a critical period for Somalia’s security transition – UK Statement at the UN Security Council [December 2024]

    The press release issued by the Foreign Office on 13 December 2024.

    UK Explanation of Vote delivered by Jess Jambert-Gray, UK Deputy Political Coordinator, following the vote on the UN Security Council resolution on the 2713 sanctions regime.

    Somalia is undergoing a critical period in its security transition.

    In October, the Council endorsed UNTMIS taking over responsibilities from UNSOM and beginning its transition to a United Nations Country Team. ATMIS is due to be replaced by its successor mission, AUSSOM, at the start of next year, and we are grateful for the constructive Council negotiations on the mandate yesterday.

    We are also grateful for the continued efforts of the Somali authorities to successfully deliver its security transition, with the support of the UN, AU, international partners, and this Council.

    In the context of these transitions, the text that we have tabled for adoption today provides stability for the functioning of the Al-Shabaab sanctions regime, maintaining the current provisions until the end of February.

    In the meantime, we look forward to consulting stakeholders in the coming weeks to consider the best shape of this vital regime, ensuring it supports our collective effort to degrade the threat posed by Al-Shabaab.

    We now turn our attention back to the AUSSOM mandate, where we look forward to maintaining our close collaboration as a Council in support of this next stage in Somalia’s security transition.

  • PRESS RELEASE : UK Statement for the Intersessional ID with the High Commissioner for Human Rights on Venezuela [December 2024]

    PRESS RELEASE : UK Statement for the Intersessional ID with the High Commissioner for Human Rights on Venezuela [December 2024]

    The press release issued by the Foreign Office on 13 December 2024.

    Statement for the Intersessional ID with the Office of the High Commissioner for Human Rights on Venezuela. Delivered by the UK’s Permanent Representative to the WTO and UN, Simon Manley.

    Thank you, Mr. Vice President.

    Over four months have passed since the presidential election, and the Venezuelan authorities have failed to produce any evidence of the purported victory. Instead, they have taken further steps to induce fear, stifle civil society, and clamp down on opposition.

    In the last two weeks alone, we have witnessed the approval of the ‘Simón Bolívar’ law, already identified by UN Special Procedures as a method of persecution against activists and civil society, and the entry into force of the ‘anti-NGO’ law.

    Despite some conditional releases, over 1,900 Venezuelans remain arbitrarily detained. And reports of more such detentions and enforced disappearances continue to surface. We continue to call for the immediate and unconditional release of all such detainees.

    High Commissioner,

    We note the limited return of your Office to Venezuela, however, we urge the Venezuelan authorities to provide meaningful collaboration. Your team needs an increased footprint on the ground to monitor and document effectively the dire human rights situation. More importantly, such a presence is vital to fulfil your protection mandate given the ongoing persecution against the opposition, and human rights defenders, many of whom have been forced into hiding or exile.

    This repression is unacceptable and it has to stop.

  • PRESS RELEASE : Surrey director, Muhammadh Chaudhry, moved £100,000 in fraudulent Covid loans through family bank accounts [December 2024]

    PRESS RELEASE : Surrey director, Muhammadh Chaudhry, moved £100,000 in fraudulent Covid loans through family bank accounts [December 2024]

    The press release issued by the Department of Business and Trade on 13 December 2024.

    • Muhammadh Chaudhry secured Covid Bounce Back Loans worth £100,000 in 2020 for two businesses which appeared never to trade
    • Chaudry was previously known as Masood Jamati, the name he provided when making his first fraudulent application
    • His second application was made just days after changing his name to Muhammadh Chaudhry and money from both loans was transferred through family members’ bank accounts back to him
    • Chaudhry was handed a suspended sentence and director disqualification and has committed to paying back the money in full

    A Surrey director who fraudulently claimed £100,000 in Covid loans and moved the money through his family’s bank accounts has been given a suspended sentence.

    Muhammadh Chaudhry, who previously went by the name of Masood Jamati, secured a £50,000 Bounce Back Loan for a media business in July 2020.

    The 41-year-old then fraudulently obtained another £50,000 loan for UK Media Kit Hire Ltd in September 2020, which he claimed was a film and TV production company.

    Money from the two loans was transferred through savings accounts held by close relatives.

    Chaudhry, of Scotland Bridge Road, Addlestone, was sentenced to two years in prison, suspended for 22 months, at Guildford Crown Court on Wednesday 11 December.

    He was also banned as a company director for seven-and-a-half years.

    Chaudhry repaid the UK Media Kit Hire loan back in full during August and September 2024. He has also paid back £2,000 of the £50,000 from the second loan and agreed to repay the remaining balance.

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

    Muhammadh Chaudhry cynically invented a turnover figure to secure Covid support for his media business which we found absolutely no evidence had ever traded.

    He then fraudulently applied for a second Covid loan for UK Media Kit Hire, another company which again appears never to have done any business.

    These actions were clearly pre-planned and Chaudhry deliberately chose to take advantage of a taxpayer-backed scheme which was set up to support legitimate businesses during the pandemic.

    While we are of course pleased that Chaudhry has eventually accepted responsibility for his actions and committed to paying back the money in full, we note that this was only done when he was faced with potentially even more serious consequences.

    Chaudhry first applied for a Bounce Back Loan at the start of July 2020, falsely claiming his annual turnover was £200,000 as a sole trader.

    His second Bounce Back Loan application in September 2020 came just four days after he changed his name from Masood Jamati to Muhammadh Chaudhry.

    Chaudhry claimed that the turnover for UK Media Kit Hire was again £200,000, the smallest amount businesses could put down in order to receive the maximum £50,000 permitted under the scheme.

    Insolvency Service investigators found no evidence that UK Media Kit Hire had ever traded.

    Chaudhry agreed to use the loans “wholly for business purposes” in making the applications.

    However, money from the loans was moved through his family’s savings accounts before being paid back to him and his wife and withdrawn in a series of cash and cheque transactions.

    Bank analysis revealed that money in the account was also used for holidays to Pakistan.

    UK Media Kit Hire was dissolved in January 2021.

  • PRESS RELEASE : Chancellor opens 100th banking hub in time for Christmas [December 2024]

    PRESS RELEASE : Chancellor opens 100th banking hub in time for Christmas [December 2024]

    The press release issued by HM Treasury on 13 December 2024.

    Chancellor Rachel Reeves and Treasury minister Tulip Siddiq, will today open the 100th banking hub in Darwen, Lancashire.

    • Banking hubs have been set up in response to bank branch closures, with 350 set to be rolled out by 2029.
    • High streets up and down UK will be revitalised – helping raise living standards and deliver the Plan for Change.

    Chancellor of the Exchequer, Rachel Reeves, and Economic Secretary, Tulip Siddiq, will today open the UK’s 100th banking hub in Darwen, Lancashire, which has been set up in response to bank branch closures in the town.

    The newly opened banking hub will give customers of the largest high street banks the ability to get cash out, deposit cheques and ensures that local residents have access to face to face banking services.

    Kickstarting economic growth is the number one mission for this Government – something cemented in the Plan for Change launched last week, where the Prime Minister redoubled our commitment to raise living standards in every part of the United Kingdom. The roll out of banking hubs will be a significant boost for local people and businesses, helping to revitalise the local high street and raise living standards across the UK.

    The opening of the 100th banking hub is a significant landmark on the road to delivering on the government’s manifesto commitment to work with industry to open 350 banking hubs by the end of this parliament.

    Rachel Reeves, Chancellor of the Exchequer, said:

    Reaching this milestone of 100 banking hubs is a huge step towards making sure that people across the country have access to essential face-to-face banking services.

    High streets are the beating heart of our communities but were neglected for too long under the previous government. We are revitalising our high streets with our target for 350 banking hubs, reforming business rates to make them fairer and clamping down on antisocial behaviour.

    Banking hubs are a collaborative industry initiative, set up in response to bank branch closures on high streets across the country.

    Instead of one bank owning a branch, the responsibility is shared between the banks. This means that they can share the running costs and all operate in one convenient location.

    All customers will benefit from Monday-Friday access to cash and basic banking services via a traditional counter service operated by the Post Office. Community bankers from each of the five banks with the largest number of customers in the area will also come in one day per week to assist their customers with more complex banking issues like debt advice, bereavement services and fraud support.

    In the Darwen banking hub, the participating banks are NatWest, Santander, Lloyds, Halifax and Barclays, the banks with the most customers in that location. Opening the banking hub will protect access to cash and banking services for 10,000 local residents and 150 shops within 1 kilometre of Darwen town centre.

    The 100th opening is a significant milestone. In September, Economic Secretary secured a historic agreement from industry to deliver on this commitment, with 230 hubs expected to be open by the end of next year, helping to revitalise towns and high streets up and down the country.

    Tulip Siddiq, Economic Secretary to the Treasury, added:

    We are delighted to see the continued growth of banking hubs, which are playing an essential role in meeting the needs of communities where traditional banking options have declined.

    These hubs are not only vital for residents and businesses, but they also play a key role in revitalising our high streets, bringing footfall back to town centres, and repurposing unused buildings for community benefit.

    The success of these hubs proves that shared banking services can provide a solution that benefits everyone, from residents to local businesses.

    The opening of banking hubs can play an important role in revitalising our high street and repurposing disused buildings in town centres all while providing a vital service to businesses and people in those communities.

    Evidence from Brixham in Devon and Rochford in Essex  where banking hubs have recently opened has backed this up, research from Cash Access UK the group that run banking hubs shows that  almost half of businesses surveyed saying it has increased footfall in the town and 30% of residents saying that they visit the town more regularly and stay for longer because a banking hub has opened in the town.

    Gareth Oakley, CEO, Cash Access UK, said:

    Access to cash and face-to-face banking services remain vital to millions of people and businesses who rely on it.

    We’re delighted that banking hubs, alongside deposit services are proving to be successful and are making a real difference to communities and high streets up and down the country.

  • PRESS RELEASE : Government financial boost for small and medium housebuilders [December 2024]

    PRESS RELEASE : Government financial boost for small and medium housebuilders [December 2024]

    The press release issued by the Ministry of Housing, Communities and Local Government on 13 December 2024.

    The government has extended the existing Home Building Fund beyond March next year.

    • Government-backed fund extended to deliver an extra 12,000 new homes
    • Up to £700 million more loans to boost SMEs and support government’s Plan for Change milestone of 1.5 million homes
    • Builds on £3 billion expansion of housing guarantees for SMEs and Private Rented Sector to get Britain building

    A financial support package of up to £700 million for small and medium-sized housebuilders will be up for grabs through the expansion of a significant government programme to boost economic growth and build tens of thousands of new homes.

    The existing Home Building Fund for SMEs is being extended beyond March next year to secure millions of pounds worth of loans and investments for small housebuilding firms who would otherwise be unable to access lending elsewhere.

    The Fund had been due to close to new business on 31 March next year, but the government has now committed to provide ongoing funding.

    Providing a range of financial support, including direct loans and lending partnerships, the Fund is increasing the amount of cash available for smaller housebuilders so they can play a crucial role in the government’s Plan for Change to build 1.5 million new homes over five years. This will get more families onto the property ladder and create jobs in the areas most in need.

    The extension will support the delivery of around 12,000 additional homes – on top of the 42,000 homes the Fund is already on track to deliver.

    Housebuilders struggling to access the credit they need continues to be a key constraint in driving growth across the sector and today’s intervention will help remove these barriers to encourage more housebuilding and grow the economy.

    Deputy Prime Minister and Secretary of State for Housing, Angela Rayner said:

    “Smaller housebuilders have a critical role to play in our Plan for Change to help us build 1.5 million homes over five years and the government is fully committed to backing them to grow.

    “Government loans are providing vital support to many housebuilders in the SME sector, but previous failures to provide ongoing funding meant the scheme had been set to shut its doors in March.

    “They must be the bedrock of our plans. That is why I’m extending the fund so more of them can access the capital and investment needed to deliver thousands of new homes across the country and help us fix the housing crisis for good.”

    The Fund is managed by the government’s housing and regeneration agency, Homes England, who have already provided development loans to hundreds of small and medium housebuilders up and down the country to build more homes and expand their businesses.

    Chief Executive of Homes England, Peter Denton said:

    “The Fund is playing a vital part in England’s housing and regeneration story. It is at the heart of unlocking opportunities and helping the market to thrive and diversify, which is essential to boost the creation of new, high-quality, sustainable homes that people want and need.

    “The Fund’s extension brings certainty to the sector and will undoubtedly open doors for SMEs, who I would encourage to reach out to us, as part of a collective mission to ensure everyone in the country has a permanent place to live and thrive.”

    Chief Executive of the Federation of Master Builders, Brian Berry said:

    “The Government’s greater support for small house builders by extending the Fund is a positive step to help diversify the housing market.

    “The last few years have posed a difficult set of financial challenges for the nation’s small house builders, so it will be vital that these various lending options can help kick start developments. Boosting the output from SME housebuilders is crucial to hit the Government’s target of delivering 1.5 million new homes in this Parliament.”

    Previous recipients of the Fund include Kingswood Homes in Lancashire who have more than doubled their yearly housebuilding targets and the Bristol-based developer, PG Group, tripling the number of affordable homes available on a brownfield site for lower income families.

    In addition to supporting SMEs, the Fund also helps unlock investment from pension funds and institutional investors, including the recently announced £25 million deal with Muse Places Limited and Pension Insurance Corportation to deliver 3,000 energy-efficient new homes, all of which are intended to be affordable.

    This follows the £3 billion in additional government support for SMEs and the Build to Rent sector confirmed at the Budget, which will help deliver over 20,000 more homes through the expansion of existing housing guarantee schemes.

    The extension of the Fund will also support the government’s overhaul of planning laws through a new growth focused National Planning Policy Framework that is reinstating new, mandatory housing targets for councils across England.

    Further information

    The current Home Building Fund is designed for housebuilders based in England that are struggling to access finance from traditional lenders. More information is available here.

    Case studies to see how a development loan has benefitted other small and medium housebuilders can be found here.

    The Budget recently confirmed existing housing guarantee schemes will receive £3 billion more in government support.