Tag: Press Release

  • PRESS RELEASE : Foreign Secretary warns the world cannot wait any longer to reopen the Strait of Hormuz, as food security crisis looms for countries already on the edge [May 2026]

    PRESS RELEASE : Foreign Secretary warns the world cannot wait any longer to reopen the Strait of Hormuz, as food security crisis looms for countries already on the edge [May 2026]

    The press release issued by the Foreign Office on 19 May 2026.

    Foreign Secretary warns the world cannot wait any longer to reopen the Strait of Hormuz, as food security crisis looms for countries already on the edge.

    • the world needs fertiliser to be moving in weeks not months, damage has begun to be priced in to the agriculture market for the next year as harvests suffer and food prices rise
    • global conference brings governments, investors, international organisations, technology leaders and civil society together to agree new ways of working on shared global challenges, including directly combating the impact of the ongoing Iran conflict
    • new investment unlocked at scale to strengthen economies and build resilience, including billions mobilised by British International Investment to tackle the climate crisis

    Today at the Global Partnerships Conference, in London, Britain’s Foreign Secretary is bringing together countries from all over the world to build new partnerships and setting out the UK’s new approach to development as the crisis in the Middle East continues to wreaks havoc on global energy and food security. The World Food Programme estimates that almost 45 million more people could fall into acute food insecurity if the conflict does not end by the middle of this year.  

    This is a critical time in the agriculture calendar, not just the diplomatic one – if global partners don’t get fertiliser moving there will be shipments of critical emergency aid needed not just external investment and technology. 

    People around the world will benefit from a new era of cooperation on international development, after a broad coalition of partners pledge new ways of working to build resilience and tackle global challenges as the UK co-hosts the Global Partnerships Conference. 

    The world is changing faster than the system designed to support it. The current conflict in Iran has significantly driven up global oil and gas prices, shocks like these can stretch public finances and push more households into food insecurity, underlining the need for countries to build stronger systems, partnerships for growth, and response mechanisms to stop risks becoming crises. 

    Foreign Secretary Yvette Cooper MP said: 

    The world is sleepwalking into a global food crisis. We cannot risk tens of millions of people going hungry because one country has hijacked an international shipping lane. Iran’s continued closure of the Strait of Hormuz while the agriculture clock is ticking shows why we need urgent global pressure to get the Strait reopened, fertiliser and fuel moving and ease the costs of living pressures. That is why we will continue to lead calls for the immediate and unrestricted opening of the Strait and advance plans for the Strait of Hormuz Multinational Mission to support any agreement. 

    This crisis is affecting developed and developing countries, the private and public sectors alike. It shows why we need a new approach to global partnerships, to drive international development to prevent crises in the first place.  

    The world has changed faster than the international system can support it. This conference reflects our modern approach to development working in a new spirit of partnership and building new coalitions to drive a world free from poverty on a liveable planet.  

    Our commitment to international development reflects our values and our national interest. In an increasingly interconnected world, instability abroad affects us here at home, from energy prices to food security. Building resilience abroad makes the UK stronger, that’s what this week’s conference is about.

    Global challenges, such as the Iran crisis, do not stop at borders and neither do their solutions. 

    That is why the UK, alongside co-hosts South Africa, British International Investment (BII) and the Children’s Investment Fund Foundation (CIFF), has convened a  broad coalitions of partners, from governments, international organisations, business, technology philanthropy, and civil society to rethink how to combine strengths in addressing global challenges such as economic, climate and health shocks.  

    Across the week, this will include events that address the economic and human impacts of the Iran crisis directly, focused on global resilience and effects of energy and supply chain disruption, such as fertiliser supply and food security risks, and how to ramp up early action where pressures are greatest. 
     
    The Foreign Secretary will also use key moments across the conference, including a keynote speech on Tuesday, to set out the case for a more shock-resilient model of international co-operation. 

    At the centre of the Global Partnerships Conference is a shared agreement – the Global Partnerships Compact – to work together differently, faster, more openly, and in genuine partnership. It will aim to create a system of international cooperation that not only responds to shocks like the Iran crisis and its global impacts on energy, fertiliser and food prices, but also builds a system that’s resilient in the face of the crises of the future putting countries at the forefront of their own growth. 
     
    Minister for Development Baroness Chapman said: 

    We have heard what our partners have been calling for. They want to work in partnership with the UK. Countries want to have more control, move beyond aid, attract investment, strengthen their own health and education systems, and take charge of their own futures. 

    Traditional development finance alone cannot meet that call, indeed it never could. Nor can it respond to the scale of today’s challenges. We need to bring new ideas and a broader coalition of partners to the table, 

    The decisions that come out of this conference will benefit everyone: stronger economies, fewer crises, and a more stable and prosperous future that unlocks opportunity.

    The conference aims to unlock billions of pounds in innovative finance, harness technology including AI, and build new partnerships that help countries strengthen systems, manage risk earlier and become more self-sufficient in the face of future shocks.
     
    Commitments will push forward reforms and new measures with a strong focus on countries setting their own priorities and partners shifting resources and decision-making towards locally-driven plans.

  • PRESS RELEASE : Football charity trustees “let down players” after £2.5m is recovered by regulator [May 2026]

    PRESS RELEASE : Football charity trustees “let down players” after £2.5m is recovered by regulator [May 2026]

    The press release issued by the Charity Commission on 19 May 2026.

    In a highly critical report published today (19 May 2026), the Charity Commission’s inquiry finds serious mismanagement at the Players Foundation (previously known as the Professional Footballers’ Association Charity, charity number: 1150458).

    This included £1.9 million which was transferred from the charity’s bank account to a trade union, The Professional Footballers’ Association, without adequate explanation or governance.  

    Additionally, the charity allowed the union to occupy its properties rent free, some for over a decade, resulting in significant financial loss to the charity. 

    Both the £1.9 million, plus interest, and the outstanding rent plus interest (£627,000) were subsequently repaid to the charity during the inquiry once the Commission had raised concerns. 

    The Chief Executive and Director of Finance at the connected union were also trustees of the charity. The Commission’s intervention ensured that their remuneration was transparently disclosed in the charity’s accounts as related party transactions, which was not previously the case. 

    As a result of these and other findings relating to the charity’s relationship with the trade union, the regulator issued an Official Warning to the charity on 7 September 2022 for mismanagement that had taken place from its incorporation in 2013 to the beginning of 2019.

    It also disqualified a trustee, Darren Wilson, from being a trustee or holding a position in a charity with a senior management function for four years. 

    The charity and the union are now more clearly separate. 

    Background 

    The charity, which was formerly known as The Professional Footballers’ Association Charity, supports current and former professional footballers. 

    In November 2018, the Commission opened a regulatory compliance case to explore concerns about the charity’s relationship with a connected trade union, The Professional Footballers’ Association, its management of conflicts of interest and the trustees’ ability to act in the charity’s best interests.  

    Funding a trade union is not considered a charitable purpose in law. 

    Following extensive engagement with the charity, the Commission’s serious concerns led to the opening of a statutory inquiry in December 2019.  

    Key findings  

    The inquiry uncovered a pattern of poor oversight and financial mismanagement that put charitable funds at risk over several years. It found that:  

    • Through a longstanding but informal arrangement, the charity paid approximately 80% of the trade union’s annual operating costs – around £6 million annually, including £5 million on union staff salaries. In return, the union provided coaching and training to further the charity’s aims. This arrangement operated for years without any contractual agreement, proper review, or value-for-money assessment until the Commission raised concerns in April 2019.
    • £1.9 million of funds the Football Association deposited in the charity’s bank account was transferred from the charity to the union in two separate transactions, without a clear explanation for the action. In the report, the Commission is highly critical of trustees’ failure to spot the huge reduction in funds during their reviews. The funds plus interest were only returned after the Commission raised concerns. Subsequently, an alternative explanation was provided by trustees, who suggested that the funds belonged to the union but were held by the charity pending confirmation of their donation to the charity by the union. The inquiry found that the changing explanation provided regarding the £1.9 million demonstrated poor financial management and controls at the charity.
    • The charity owned several properties in Manchester and London and allowed the union and its trading subsidiary to occupy these rent-free for several years. When interest was included, this cost the charity over £627,000 in unpaid rent, which was subsequently repaid after the Charity Commission’s intervention.
    • Multiple trustees held positions within both the charity and the trade union – two trustees held senior union salaried positions, whilst three others sat on the union’s Business Advisory Committee, which set salaries for union staff. This created inherent conflicts of interest, particularly as the charity funded union salaries to the sum of £5 million annually.
    • The charity also failed to properly disclose related party transactions in its published accounts, reducing transparency for the public and regulators. Whilst trustees placed reliance on professional advisors, they failed to fulfil their fundamental duty to actively oversee and review the charity’s operations and relationships.

    Regulatory action 

    As a result of the inquiry’s findings, the Commission has taken the following action:  

    • One trustee, Darren Wilson, has been disqualified from being a trustee or holding a senior management position in any charity for four years after the Commission found him responsible for misconduct and/or mismanagement in the administration of the charity. At the time of his trusteeship, he was also Director of Finance of the union. The inquiry found he had a greater culpability than the other trustees, due to his role as a qualified director of finance. The Commission took action to suspend Mr Wilson as a trustee until any disqualification took effect. Mr Wilson appealed against his suspension and disqualification, resulting in hearings over the course of several years, with the appeal. ultimately withdrawn in January 2025. The period of disqualification is ongoing and will end on 14 August 2027.
    • The Commission issued an Official Warning in September 2022 to the charity for mismanagement during the period from when it was incorporated in 2013 to the beginning of 2019.
    • Remedial actions have now been implemented at the charity, including proper separation from the union, appointment of new trustees, and establishment of a distinct identity for the charity. It has also adopted a new funding model, after the Football Association and Premier League stopped funding of the charity upon its separation from the union.

    Angela Ascroft, Critical Case Lead at the Charity Commission said: 

    In this case, the lines between the charity and Professional Footballers’ Association union were blurred beyond distinction, resulting in the multiple instances of conflict of interest and mismanagement at the charity.

    Charity trustees have a duty to act in the best interests of their charity, but trustees at the Players Foundation fell dismally short of this expectation and, as a result, let down the players they were supposed to be helping. 

    The Charity Commission’s extensive regulatory involvement led to the disqualification of trustee Darren Wilson. Since then, the Players Foundation is more separated from the union and can now focus on helping those it was set up to serve.

  • PRESS RELEASE : Huge recruitment boost to tackle backlog in vital disability work scheme [May 2026]

    PRESS RELEASE : Huge recruitment boost to tackle backlog in vital disability work scheme [May 2026]

    The press release issued by the Department for Work and Pensions on 19 May 2026.

    Tens of thousands of disabled people needing support to move into or stay in work will have their claims processed quicker, thanks to action taken by the Department for Work and Pensions.

    • Nearly 500 additional staff to be recruited to clear inherited backlog in the Access to Work scheme.
    • Comes as payment delays already eliminated and 96 percent of urgent cases cleared within 28 days.
    • Action taken will allow thousands more disabled people and people with health conditions to start or remain in work.

    Tens of thousands of disabled people needing support to move into or stay in work will have their claims processed quicker, thanks to action taken by the Department for Work and Pensions. 

    The Access to Work scheme can help fund specialist equipment, support workers including BSL interpreters, and the costs of travelling to work for people with health conditions and disabilities.  

    Demand for the scheme has surged in recent years, with the number of claims more than doubling since 2018/19. This, coupled with the backlog inherited from the previous Government – of 48,270 applications awaiting a decision at the end of June 2024 – means around 60,000 applicants are awaiting a decision. 

    As part of its efforts to move from a welfare state to a working state, the DWP is taking action to address the backlog by recruiting nearly 500 new members of staff to speed up processing times and help people get the support they need quicker. 

    The change is part of a range of measures to break down barriers for sick or disabled people left behind by the previous Government. 

    This includes:  

    • Investing £3.5 billion into employment support of sick or disabled people by the end of the decade.
    • Connect to Work which delivers tailored, personalised, local support that will help 300,000 people into work by the end of this parliament.
    • The national expansion of WorkWell backed by £259mn, helping up to 250,000 people with health conditions to stay in or return to work.
    • Allowing sick or disabled people to try work without the immediate fear of reassessment through the Right to Try. 
    • The redeployment of 1,000 Pathways to Work advisers who’ve already helped tens of thousands of people the previous Government wrote off.

    Pat McFadden, Secretary of State for Work and Pensions said: 

    Access to Work is a lifeline for disabled people and those with health conditions, helping them to start and stay in work, but when I came to the DWP it was clear there was a major issue with people waiting for a decision. 

    That’s why I’m taking action to clear the backlog, because we know that the right support can change lives.  

    This is part of our wider commitment to move from a welfare state to a working state, building an economy that works for everyone.

    The recruitment drive will see 480 new case managers and caseworkers employed to help fix the inherited backlog by September 2027 – representing a 72 percent increase to the 658 people working on the scheme.  

    New case managers will receive extensive training to handle complex applications, ensuring disabled people receive timely support to secure and sustain employment. Alongside recruitment, the government is already prioritising cases where applicants are due to start work within four weeks. 

    Jon Sparkes OBE, Chief Executive of learning disability charity Mencap:  

    We welcome the government taking action to clear the Access to Work backlog. Payment delays are putting enormous pressure on disabled people who rely on this vital support to get into and stay in work, as well as charities like Mencap who employ and support them.  

    People with a learning disability can be fantastic employees, but many will need the right support to thrive in the workplace. Access to Work is one of the best ways to support disabled people in work, for example funding dedicated job coaches who help people with a learning disability to develop their skills in the workplace, build confidence, and sustain paid employment.   

    This recruitment drive is a positive step in tackling the systematic delays and bogged down administration that has threatened this vital programme. If Access to Work runs as intended, it will help reduce the disability employment gap and get more people with a learning disability into paid work. We look forward to seeing this announcement translate into real, lasting improvement.

    Laura Davis, CEO at BASE said:

    Access to Work remains a lifeline for disabled people, enabling access to good careers and providing the practical support that helps individuals not just enter work, but flourish within it. It is wonderful to see the government joining the dots to create an environment where more disabled people can access good careers. 

    At the same time, the current backlog is creating significant pressure across the system. For many providers, delays in decisions and payments are impacting their confidence to sustain and grow provision, with some concerned about their ability to continue offering support at all. This has implications not only for individuals, but for employers who are >ready to recruit and retain disabled talent.

    We welcome the steps being taken to increase capacity and prioritise urgent cases. Addressing the backlog at pace, and ensuring timely payments to individuals, providers and employers, will be critical in restoring confidence and stability. This will enable the sector to focus fully on delivery, supporting more disabled people into sustainable employment and contributing to the wider ambition of building an economy that works for everyone.

    Harriet Oppenheimer, Chief Executive of RNID, said: 

    We are pleased to see the Government have acknowledged the scale and impact that Access to Work delays are having on disabled people and are investing in clearing the scheme’s backlog. 

    Being able to access the tools and support needed to work is essential. For many people who are deaf, especially British Sign Language (BSL) users who rely on interpretation, the Access to Work scheme is vital to get the communication support they need to be able to do their jobs effectively. RNID’s research shows that Access to Work delays have forced people to change how they work or reduce their hours, while some people have been forced to cover the costs out of their own pocket.  

    An effective Access to Work scheme is crucial to ensure deaf people have equal access to the workplace. We hope this announcement will help to ensure this vital scheme genuinely works for those who need it by reducing the waiting times people >are experiencing through Access to Work.

    Today’s announcement builds on action already taken by the Government. Staff numbers have increased by around 30 percent since March 2024, payment delays have been eliminated, and 96 percent of urgent start-date cases are now decided within 28 days. 

    It comes alongside wider work on Keep Britain Working where Government is partnering with Employers and stakeholders to develop practices and approaches to better support disabled people and those with health conditions in the workplace. 

    Wider reforms to ensure Access to Work remains fair and sustainable are also being considered, with evidence gathered from disabled people, employers, and representative organisations to shape future changes. 

    Further information: 

    • Access to Work provides practical and financial support to disabled people and those with health conditions to help them start or stay in work. Further information is available at gov.uk.
  • PRESS RELEASE : Britain is undersaving for retirement warns Pensions Commission [May 2026]

    PRESS RELEASE : Britain is undersaving for retirement warns Pensions Commission [May 2026]

    The press release issued by the Department for Work and Pensions on 19 May 2026.

    The Pensions Commission has today (19 May) published its interim report on the state of retirement saving in the UK, setting out the key challenges facing the current system and where it will focus its work next.

    • Interim report highlights key challenges in retirement saving across the UK with 15 million people currently undersaving for retirement.
    • Findings sets direction for further work to improve retirement outcomes ahead of final recommendations in 2027.
    • Commission set up as part of government’s wider reforms to pensions system to help more people retire with dignity.

    The Pensions Commission has today (19 May) published its interim report on the state of retirement saving in the UK, setting out the key challenges facing the current system and where it will focus its work next.

    The report highlights that many people are not saving enough for retirement, particularly among low and middle earners, the self‑employed and women, and points to the need for the system to evolve to meet modern working lives.

    There are currently 15 million people under saving for retirement which could reach 19 million without action, leaving large groups across the UK facing a severe cliff-edge when they retire, according to a new report from the Pensions Commission.

    Set up by the Government in July 2025, the Commission aims to address a savings challenge that has been building for decades, examining why tomorrow’s retirees’ risk being worse off than today’s and making recommendations to reverse this.

    This follows the success of the 2002 to 2006 Commission which built a consensus for the roll-out of Automatic Enrolment into pension saving, resulting in 89% of eligible employees now saving into their pensions, up from 55% in 2012.

    Its findings include:

    • Low and middle earners are most at risk, with around half saving only at minimum Automatic Enrolment levels with little else to fall back on.
    • 45% of working-age adults – around 18 million people – are not saving into a pension at all, despite nearly half of them being in work.
    • Where employers are contributing about the statutory minimum this is largely benefiting higher earners.
    • Just 4% – one in 25 – of wholly self-employed workers are saving for retirement, and it’s even lower among younger self-employed people.
    • On current trends around 3 in 10 private pension pots are accessed at the earliest possible opportunity with half of all pots taken out in full. Nearly half of these are spent on large expenses like a car, holiday or renovations.

    The Commission examined why tomorrow’s retirees are on track to be poorer than today’s with too many working age adults are saving nothing at all into a pension. A final report with recommendations will follow in early 2027.

    Pensions Commissioner, Baroness Jeannie Drake said:

    Over the past two decades since the Turner Commission there is no doubt pensions reform can be described as a success. Yet the second Pensions Commission is looking forward and seeing many people not saving enough and millions not saving at all.

    This demands a renewed national settlement on pensions.

    Achieving this will require clarity of purpose, but it also offers a moment of opportunity; to renew a social contract that commands confidence across the country.

    The recommendations we present in our final report will address the need to secure adequate income in later life and a pension system that is fit for decades to come.

    The Commission will set out the course to improving future outcomes whilst ensuring the system is fair and sustainable within and between generations.

    Minister for Pensions, Torsten Bell MP, said:

    Britain has got back into the pension saving habit, but the job is only half done with tomorrow’s pensioners still on track to be poorer than today’s.

    The Pensions Commission sets out clearly the scale of the challenge: not enough people are saving for retirement, and many of those that are aren’t saving enough.

    The Commission warns that without action millions more people could be at risk of becoming reliant on state support in retirement.

    It adds that there is much for public policy to do to shape the future of pensions, whilst maintaining the broad political consensus pensions has had since the Turner Commission in the 2000s. The Commission is clear that change must happen in the right way, with any recommendations for change implemented gradually. The Government has ruled out any changes to Automatic Enrolment contributions this Parliament.

    Dr Yvonne Braun, ABI Director of Long-Term Savings Policy said:

    The report makes a powerful case for a new national settlement for pensions. Automatic enrolment is a sturdy foundation, but must evolve to meet the scale of the challenges ahead.

    We and our members stand ready to work with the Commission to deepen saving, extend coverage and support better decisions in retirement, so that everyone can look forward to greater financial security in later life.

    Over the next year the Commission will hear a wide range of views before presenting its final report and recommendations in early 2027. A call for views from all interested parties has also launched today.

    Rocio Concha, Director of Policy and Advocacy at Which? said:

    Which? welcomes this interim report from the Pensions Commission and the valuable evidence it brings together on the UK’s pension adequacy challenge. It is very encouraging to see recognition of the need to increase private pension saving rates and coverage, while also acknowledging the financial pressures caused by the cost of living crisis.

    The report rightly highlights that too many working people are projected to reach later life without sufficient savings, and that women, carers, the self-employed and many ethnic minority groups continue to face structural barriers. It is also promising to see a strong focus on how to support people to use their pension savings throughout retirement.

    Which? looks forward to continuing to work with the Commission, industry and wider civil society groups to help drive the reforms needed so people are better prepared for retirement.

    Julian Mund, Chief Executive of Pensions UK, said:

    Pensions UK welcomes the breadth and ambition of this report, and shares the Commission’s view that we need a new national settlement on pensions.

    Evidence presented in the report clearly strengthens the case for more pension saving over longer working lives, alongside systemic change that delivers sustainable incomes – building on welcome reforms in the Pension Schemes Act.

    We look forward to working with Government to explore how that diagnosis can be turned into a practical roadmap for reform, well before the next generation fall short of the retirement incomes they expect and deserve.

    Caroline Abrahams, Charity Director at Age UK:

    We welcome this new report from the Pensions Commission, which provides an excellent analysis of the problems facing our pensions system today. This is the first and necessary step for ensuring the pensions system of the future enables tomorrow’s older people to have a decent standard of living.

    There’s a clear need to improve the way the State Pension and private pension systems work together; otherwise people on low incomes are at risk of falling through the cracks and hurtling towards their retirements without the required funds, or the time to make up the shortfall. We look forward to working with the Commission as it explores the best solutions for future pensioners.

    Aside from the commission, the government is also reforming the pension landscape and improving retirement for today’s workers. The Pension Schemes Act, passed this month, will benefit 22 million workers by up to £29,000 by the time they retire, driving down costs, boosting returns and enabling the automatic consolation of small pension pots to ensure every pound saved works harder for working people.

    Louise Hellem, Chief Economist, CBI, said:

    The publication of the Pensions Commission’s interim report is an important step towards building a long-term framework that delivers adequate living standards in retirement. Getting this right requires the government, businesses and individuals all to play their role in supporting better saving.

    As the debate progresses, it is vital that retirement adequacy is considered hand in hand with the UK’s growth ambitions. Strong economic growth underpins sustainable pension outcomes by supporting employment and higher sustainable wage growth, enabling individuals to save, and driving stronger investment returns over time. It is only growth that can sufficiently reduce difficult trade-offs and maintain political, public and business support for change.

    TUC General Secretary Paul Nowak said:

    Workers deserve a pension system that guarantees against poverty in retirement and enables them to maintain their standard of living.

    Although millions more people are now building up workplace pensions, far too many on low and middle incomes are not heading for a decent retirement – with women, Black and minority ethnic and disabled workers, and those in the gig economy at highest risk.

    The Commission must now develop a bold plan to fix this, which will need to include higher employer contributions and a fair deal for those currently missing out.

    Nausicaa Delfas, Chief Executive of The Pensions Regulator, said:

    The pensions system is still unfinished business with too many people on track for an inadequate retirement income. That is why we welcome the Pensions Commission report, and look forward to continuing to work with the Commission, Government and industry to create a system which delivers what matters most: a sustainable income in retirement for everyone.

  • PRESS RELEASE : Largest crackdown on late payments in over 25 years as landmark Bill enters Parliament [May 2026]

    PRESS RELEASE : Largest crackdown on late payments in over 25 years as landmark Bill enters Parliament [May 2026]

    The press release issued by the Department for Business and Trade on 19 May 2026.

    Ministers announce the introduction of legislation to tackle late payments and protect small businesses.

    • Small Business Protections Bill introduced to Parliament to back small businesses with the toughest late payment regime in the G7 
    • Stronger new powers for the Small Business Commissioner to investigate, adjudicate disputes and fine persistent late payers with potential penalties worth tens of millions 
    • New 60-day cap on payment terms for large firms, mandatory interest on late payments, and action to ban the practice of retentions in construction

    Small businesses will no longer be left chasing money they are already owed, as ministers today [Tuesday 19 May] introduce landmark legislation to end the scourge of late payments and back millions of sole traders, freelancers, and family firms across the country. 

    The Small Business Protections Bill (formally known as the Commercial Payments Bill) delivers the toughest crackdown on late payments in a generation – putting a clear duty on large firms to pay smaller suppliers on time and giving small businesses the certainty they need to keep investing, supporting jobs and growing their communities.

    It comes as the Prime Minister and Business Secretary are expected to welcome small business owners and Federation of Small Businesses (FSB) representatives to Downing Street to mark what leaders have called a “historic moment for small firms”.

    Late payments close 38 businesses every single day because they are not paid on time. That’s the equivalent of 266 a week, and well over a thousand in any given month. For business owners, the impact is immediate and personal – forcing them to spend hours chasing invoices instead of running their businesses and putting jobs and livelihoods at risk.

    The Bill fundamentally changes how businesses pay each other, putting an end to excessive delays and unfair practices that hit small firms hardest, through sweeping new reforms.   

    Prime Minister Keir Starmer said:

    Small businesses are the backbone of our economy – run by people who take risks, create jobs and keep communities going. This government is firmly on their side.

    Too many small business owners are spending hours chasing money they are owed and when payments don’t come through, the cost is personal. It’s about whether you can pay your staff, keep the lights on, or invest in your future.

    Today we’re changing that with the toughest action on late payments in a generation, so small businesses get paid on time and get the backing they need to grow, create jobs and serve their communities.

    Reforms include a clear 60-day cap on payment terms on all large firms paying smaller suppliers, mandatory interest on late payments, set at 8% above the Bank of England base rate, and a ban on the practice of withholding retention payments under construction contracts.  

    On top of this, the Small Business Commissioner is getting major new powers to investigate poor payment practices, adjudicate disputes, and fine the worst offenders – with potential fines that could be worth tens of millions for persistently late payers.   

    The Office of the Small Business Commissioner has already recovered more money for small firms in the last year than in the previous four years combined.

    By improving cashflow through supply chains, the Bill supports productivity, growth and keeps our small businesses afloat, by giving them the certainty they need to invest and grow.        

    Business Secretary Peter Kyle said:   

    Costing the UK economy £11 billion every single year, late payments choke growth, cost jobs, and force too many good businesses to close. That ends today.  

    Through this landmark bill we are delivering the toughest payment reforms in over a generation, to give the UK the strongest legal framework in the G7, and back small businesses with the certainty they need to grow and thrive.

    Minister for Small Business and Economic Transformation, Blair McDougall said:  

    I’ve spoken to too many business owners who do everything right and are still left lying awake at night wondering how they’ll pay their staff or cover their bills because they haven’t been paid what they’re owed.  

    Introducing this Bill is about standing up for those people, to restore fairness, dignity and security for small business owners and the self-employed, so they can focus on doing what they do best: growing their businesses and the economy.  

    The Bill builds upon and strengthens legislation first laid out in the 1998 Late Payment of Commercial Debt Act, over 25 years ago, to give us the strongest legal framework on late payments in the G7.  

    After working closely with the Federation of Small Businesses, these Bill powers will also ensure boards or audit committees of persistently late‑paying large companies publish clear explanations of poor payment performance and the steps they are taking to improve it. 

    FSB Policy Chair Tina McKenzie said:

    Tackling late payment is one of the biggest things the government can do to help small businesses grow.

    FSB is proud to have worked with ministers on these reforms and it’s encouraging to see the voice of small firms reflected in legislation. Giving audit committees a clear role in payment practices is a vital step in changing late payment culture.

    The legislation forms part of a broader plan to back small businesses and turn the page on years of underinvestment by tackling the pressures they have faced from high inflation, borrowing costs and unnecessary bureaucracy. This includes small business rates relief of up to 100% for the smallest premises, shielding firms from costs,

    Alongside this, the government is cutting costs for working families by halving childcare, introducing £2,000 incentives for SMEs hiring apprentices, boosting access to finance, and cutting red tape for hospitality, high street and cultural venues.

    It also follows the Prime Minister’s Small Business Plan, launched last year to make the UK the best place to start and grow a business. Developed in partnership with small firms, the plan will boost access to finance with £4 billion of additional support, make it easier to win government contracts, and brings together advice and funding through a new Business Growth Service so firms can access the help they need in one place.

  • PRESS RELEASE : Government turning the tide for young people in the Midlands with jobs backing from Severn Trent [May 2026]

    PRESS RELEASE : Government turning the tide for young people in the Midlands with jobs backing from Severn Trent [May 2026]

    The press release issued by the Department for Work and Pensions on 19 May 2026.

    Young people across the East and West Midlands will have more work opportunities as Severn Trent becomes the latest backer of a government drive to tackle youth unemployment, pledging 400 roles in the water industry.

    • Severn Trent is the latest backer of the Youth Guarantee, the Government’s scheme to give every young person the chance to earn or learn  
    • The company is creating 400 employment opportunities for young people across the Midlands, supporting Government action to tackle the water sector’s skills shortage 
    • Youth Guarantee has already received backing of major employers including McDonald’s and the Premier League 

    Severn Trent, one of the largest water and sewage companies in England and Wales, says the opportunities for 16 to 24-year-olds will be created over the next three years as part of a new programme. They will include six-month paid work placements across a wide range of roles within the company, including a variety of operational roles and customer support agents.

    To support those from all backgrounds, 25 of the opportunities each year will be ringfenced for young people who have experience being in care. 

    Severn Trent is the latest major employer to back the Government’s Youth Guarantee, which aims to give every young person the chance to earn or learn. Other supporters include the Premier League, Channel 4, Royal Shakespeare Company and Pinewood Studios.  

    The Youth Guarantee and Growth and Skills Levy reforms are backed by £2.5 billion investment, providing employment support for almost a million young people and unlocking up to 200,000 jobs and apprenticeship opportunities. 

    This comes in response to the rise in recent years of young people not in employment, education or training (NEET), which is close to one million.   

    Severn Trent’s commitment also comes as an important step in tackling the serious skills shortage facing the water sector, with 35% of skilled jobs currently going unfilled.  

    To mark the new partnership, the Minister for Skills Jacqui Smith visited Severn Trent’s training academy in Coventry, which opened in 2021, to meet young apprentices developing skills in operations, engineering and other specialist roles. At the site, learners train by practicing real repairs using indoor and outdoor rigs that simulate live water networks. 

    Baroness Jaqui Smith, Minister for Skills said: 

    Every young person deserves the opportunity to build a career they’re proud of and that is exactly what we are making happen through the Youth Guarantee.

    It is great to see Severn Trent joining a growing number of household businesses backing our mission to open doors and deliver real opportunity across the country.

    Their commitment shows how working hand in hand with businesses provides young people with the skills, the confidence and the chances they need to succeed.

    Daniel Jackson, 19 Water technician who led the tour with Minister Smith said:  

    To be asked to lead the tour with the Minister was a real privilege. I started as an apprentice, and the Academy really helped give me the learning and opportunity to do well. I completed my programme and am now part of the leakage team – finding and fixing leaks and supporting our customers, and I love it. I’m excited about where my career will take me. 

    Neil Morrison, HR Director at Severn Trent said:  

    We know giving a young person that first opportunity can be game changing, and at Severn Trent we are committed to providing experiences that result in positive outcomes. The Youth Guarantee is a great example on how we can come together to do just that. 

    Welcoming talented young people into our organisation, who bring with them new ideas and fresh perspectives ultimately help us be better as a business. We firmly believe no matter what organisation or business you are, there’s a role to play in unlocking genuine pathways for young people.

    The Government is working to boost opportunities for young people more widely in the water and utilities sector, with conversations ongoing with Anglian Water, the RPS Group and M Group.

    The new placements build on the 500 work experience placements Severn Trent already provide annually, and 100 new apprenticeship opportunities each year, providing a vital route into skilled employment for young people at the start of their careers.

    The Government is working hand in hand with sector leaders to open up early career routes for young people, through both the Youth Guarantee and the Energy & Utility Skills Sector Entry Pilot.

    The pilot is delivered jointly by DWP and Energy & Utility Skills, and offers nine accredited training modules, guaranteed interviews and has an expected 75% progression rate into work. Industry leaders including the National Grid, M Group, Murphy’s and Severn Trent have already committed to the scheme.

    The package of measures under the Youth Guarantee include a Youth Jobs Grant worth £3,000 for employers for every young person they hire aged 18-24 who has been on UC for six months, an expanded Jobs Guarantee offering subsidised work for eligible 18 to 24-year-olds, and new foundation apprenticeships in key sectors, including hospitality.

    On top of this, the government is continuing its commitment to delivering Youth Hubs to every local area in Great Britain to establish a national network and address the almost one million young people not earning or learning – a rise of 248,000 between 2021 to 2024 – so that every young person can progress wherever they live.

    Alongside these measures, JobHelp provides young people with free, practical support to navigate their job search from CV tips and interview guidance to training opportunities and government support all in one place.  

  • PRESS RELEASE : Largest ever UK business delegation to the US launches Greater Together Los Angeles [May 2026]

    PRESS RELEASE : Largest ever UK business delegation to the US launches Greater Together Los Angeles [May 2026]

    The press release issued by the Cabinet Office on 18 May 2026.

    The Secretary of State for Culture, Lisa Nandy and Minister for Economic Transformation, Blair McDougall, will today lead a delegation of 250+ strong business and cultural leaders to the US to drive economic growth at a major expo, Greater Together LA.

    • Following King Charles’s historic address to Congress, the UK Government’s GREAT Britain & Northern Ireland Campaign is holding a major expo in Los Angeles, California, from 18th – 22nd May, 2026.
    • 250+ of the UK’s financial, tech and cultural leaders are heading to LA to drive growth and transatlantic cooperation
    • The event, jointly led by Culture Secretary, Lisa Nandy and Minister for Economic Transformation Blair McDougall, has attracted major corporate sponsors, including presenting partners American Airlines, British Airways, PwC UK and TSL.

    The Secretary of State for Culture, Lisa Nandy and Minister for Economic Transformation, Blair McDougall, will today (Monday 18th May) lead a delegation of 250+ strong business and cultural leaders to the US to drive economic growth at a major expo, Greater Together LA.

    The mission will convene hundreds of business and cultural leaders to strengthen the vital partnership which is underpinned by investment stock totalling around $1.5 trillion in each other’s economies, supports over 2.6 million jobs and a $437 billion trading relationship.

    Secretary of State for Culture, Media and Sport, Lisa Nandy said:

    The UK’s creative industries, sporting heritage and world-class tourism are among our greatest national assets – and Greater Together LA is an extraordinary opportunity to showcase them on the world stage.

    From our music and film sectors to sport and the arts, this delegation will demonstrate the immense cultural and commercial value the UK brings to our partnership with the United States.

    I look forward to deepening those connections and opening new doors for British talent and creativity.

    Greater Together LA will focus on driving commercial outcomes across the government’s Modern Industrial Strategy sectors and aims to secure new growth opportunities following last year’s record-breaking £150 billion in investment commitments. 

    The visit, which arrives on a chartered British Airways flight, follows the recent removal of US tariffs on UK-made whisky, an industry worth £1 billion in annual exports. It also builds on the momentum of AstraZeneca’s new £300 million investment in the UK, fueled by the 2025 Pharmaceutical Partnership.

    Co-hosted by Sir Lucian Grainge and Sir Jony Ive, the event features speakers including Simon Cowell, singer/songwriter Leona Lewis, Sir Paul Smith, scientist Dr Katie King, WPP CEO Cindy Rose, astronaut Major Tim Peake and ambassador Sir Christian Turner, alongside leading academics and the chief executives of British Airways, News Corp and American Airlines.

    Following his successful state visit to the US a fortnight ago, His Majesty the King has called Greater Together LA a “remarkable gathering”, encouraging delegates to “deepen existing alliances and forge new ones” and noting that a “willingness to think boldly about collaboration will help create opportunities that benefit communities across the United Kingdom, the United States and beyond”. His Majesty will address the delegates of the conference via a video message.

    The event will explore UK-US cooperation in AI, quantum computing, cultural exchange, fintech, scientific innovation and much more.

    Culture Secretary Lisa Nandy is due to visit the Getty Museum to explore links with British regional museums and galleries, as well as the Amazon MGM Studios at the Culver Studios complex, where many classics from Hollywood’s Golden Age were filmed.

    Britain’s tourism offer will be showcased by VisitBritain, which is forecasting that visitors from the USA will spend £7.5 billion on their trips to the UK this year, up 4% on the estimate in 2025. That means more than £1 in every £5 spent by overseas visitors in the UK is by a visitor from the USA.

    The growing demand from American students to study abroad will also be reflected by the GREAT ‘Study UK’ Campaign, which will spotlight transatlantic academic collaboration as both a pathway for student mobility and driver of economic growth and global connection.

    Presenting partners for the mission include American Airlines, British Airways, PwC UK and TSL, alongside Payward, The Wall Street Journal and YouTube as official partners and official supporters DOOH.com and Premier League.

    The UK possesses some of the world’s leading life science, financial and cybersecurity industries. By connecting UK innovators with US investors, the delegation will drive high-quality jobs and economic growth in both countries.

  • PRESS RELEASE : Prime Minister to showcase how economic plan and trade deals deliver for working people [May 2026]

    PRESS RELEASE : Prime Minister to showcase how economic plan and trade deals deliver for working people [May 2026]

    The press release issued by 10 Downing Street on 18 May 2026.

    The Prime Minister is hosting a reception in Downing Street today (Monday 18 May), bringing together employers, workers and apprentices to demonstrate how strengthening Britain’s ties abroad is delivering for working people at home.

    • PM welcomes businesses and workers to Downing Street to showcase how the Government’s action abroad is delivering for working people at home
    • Reception highlights success stories of businesses expanding exports and growing as a result of stronger UK ties abroad
    • Event underlines how the Government’s economic plan and trade deals are delivering growth and opportunity for working people

    The Prime Minister is hosting a reception in Downing Street today (Monday 18 May), bringing together employers, workers and apprentices to demonstrate how strengthening Britain’s ties abroad is delivering for working people at home.

    At a time of global uncertainty, the event will highlight how the government’s economic plan is providing the foundation for growth – backing British businesses, protecting working people, and making the UK more resilient to global shocks. That approach was borne out last week, with the UK delivering the fastest growth in the G7 ahead of the impact of the Middle East conflict.

    The event will also showcase how trade deals and international engagement are creating jobs and driving growth across the UK. Guests will include apprentices, local representatives and employees from across the UK alongside business leaders, showcasing how the Government’s economic plan is translating into jobs, investment and growth on people’s doorsteps.

    Representatives from the community engagement team involved in the new Universal Studios theme park in Bedford will also attend to showcase the local impact of a project secured after the PM met Universal executives in the UK and US. The project will support 20,000 construction jobs and 8,000 permanent roles, alongside a £50 billion boost for the UK economy and local businesses including hotels, restaurants, taxi firms and contractors.

    The Prime Minister will meet attendees and tour a series of showcases highlighting success stories from across the UK – from Scotland’s world-leading whisky industry and cutting-edge medical technology in Cambridge, to fast-growing British food and drink brands exporting to global markets.

    Prime Minister Keir Starmer said:

    By strengthening Britain’s place on the global stage, we are delivering real benefits for working people at home.                                                                                 

    Our trade deals are supporting jobs and driving growth across the UK by opening up opportunities for people at every stage of their career, from apprentices starting out to experienced workers building new skills, as businesses expand into new markets. 

    I’m determined that growth is felt by working people with better jobs, higher wages and more money in their pockets. That’s what our economic plan is about – taking action at home and abroad to deliver real change that people can see in their lives and their communities.

    At the reception, the Scotch Whisky Association (SWA) will showcase one of the UK’s most iconic exports, with new trade agreements expected to significantly boost exports and cut tariffs in key markets. The SWA has projected that the India deal has the potential to significantly grow Scotch whisky exports over the coming years once it has entered into force, with the industry set to also benefit from zero tariffs in the US and reduced tariffs in China.

    Most recently, the US announced tariff-free access for whiskies produced across the UK, including Scotch Whisky for which the US is the industry’s largest market by value, worth almost £1bn.

    Innovative food brands Creative Nature and Happy Inside will also highlight how Government support is helping them expand internationally, including launching into new markets and exporting products around the world. Creative Nature launched their company’s snacks and foods into Japan after a government trade mission and now export to 16 countries and are carried on 9 airlines. Happy Inside will be launching their drinks in Mexico after a Department for Business and Trade ‘Meet the Buyer’ event and now exports to 6 countries.

    The reception will also celebrate the best of British produce and industries supported by improved access to global markets, with catering featuring cheese from Somerset, beef from Northern Ireland, sea salt from Wales and whisky from Scotland.

    Also attending are employers Octopus Energy, Whittard of Chelsea, Rolls Royce SMR, and Holland & Barrett, as well as industry groups MakeUK and the Federation of Small Businesses, along with apprentices from BAE Systems and Scottish Power.

    Business and Trade Secretary Peter Kyle said:

    Trade deals aren’t abstract policy wins – they translate into real benefits for British families and businesses right across the country. Whether it’s a whisky distiller in Scotland accessing new markets in India or an automotive worker in the West Midlands with greater job security because of our deal with the US.

    By securing ambitious trade agreements, we can back British businesses to do what they do best: innovate, export and grow. That means more jobs, better wages and stronger local economies – not just today, but for decades to come.

    The Government has secured major trade deals with partners including the United States, India and South Korea, helping to cut red tape, unlock investment and open up new export opportunities. These agreements are already delivering tangible benefits for working people across the country.

    The landmark economic deal with the US will save thousands of jobs, protect key British industries, and help drive economic growth. Most recently, the US announced tariff-free access for UK whisky. 

    Through this deal, the UK remains the only country to have agreed a 10% tariff for automotives within quota, a 25% tariff for core steel and aluminium exports and 0% tariffs for pharmaceuticals – saving hundreds of millions of pounds on UK exports annually and cementing our place as a world leader for life sciences investment.  During last year’s historic US State visit, we announced a record breaking £150bn in investment commitments creating 7,600 jobs, alongside signing a world leading Tech Prosperity Deal.

    The India deal is already driving growth, with the Prime Minister’s visit securing 6,900 jobs and the trade agreement estimated to boost wages by £2.2 billion a year in the long run.

    The South Korea deal could boost the UK’s world leading services industry worth up to £400 million in exports a year while protecting 98% of tariff-free lines for UK goods, opening up new opportunities for exporters and strengthening key industries.

    Mark Kent, Chief Executive of the SWA, said: 

    Positive trading relationships with established and emerging markets around the world are the bedrock of Scotch Whisky’s success, and over the past year the Free Trade Agreement with India, tariff reduction in China, and the announcement of zero tariff rate for the US, have been good news for producers looking to boost exports. 

    We are grateful for UK government support and hope to see swift implementation of the India and US deals, as well as securing new international opportunities.

    Export success abroad should be underpinned by a domestic market that fosters business confidence and supports home-grown sectors like Scotch Whisky and their supply chains, and we look forward to working with the UK Government to ensure our industry is in the best position at home and abroad to support jobs, boost investment and generate growth.

    Founder of Creative Nature Julianne Ponan MBE said:

    It is a real honour to be at 10 Downing Street showcasing Creative Nature products alongside so many inspiring British businesses. The support from the Department for Business and Trade through trade missions, the Export Academy and Free Trade Agreements has helped us grow from a kitchen table startup into exporting to 18 countries, proving that UK SMEs can thrive internationally when given the right opportunities and support.” 

    Founder of Happy Inside Drinks Charlie Knockton said:

    It is an immense honour to be at 10 Downing Street showcasing Happy Inside drinks alongside so many fantastic British businesses. The support from the Department for Business and Trade through Trade Missions, Meet the Buyer events and our International Trade Advisor has been invaluable – allowing us to scale production, become more competitive in the UK market, and expand into exciting markets including China, the UAE and soon Mexico. This shows that supporting British businesses abroad directly benefits the wider UK economy.

    The Prime Minister is also deepening ties with other international partners and progressing new agreements to build a long-term pipeline of growth and investment:

    • Commitments at the first UK-EU summit are estimated to deliver a package worth up to £9 billion by 2040. The European Partnership Bill will improve the UK’s trade and investment relationship with the EU – our largest trading market – by giving us the power to implement new deals agreed with the EU both now and in the future.
    • The PM’s trade mission to China secured £2.2 billion in export deals, supporting jobs from Glasgow to the energy sector.
    • Joining the CPTPP trade bloc is estimated to add £1 billion to real household wages every year compared to 2021 levels.
    • Negotiations are also underway for a trade agreement with the Gulf Cooperation Council that could increase UK GDP by around £1.6 billion a year in the long run (when compared to 2035 projections). 

    This work is already being felt in communities across the UK, with trade and international engagement supporting jobs, boosting wages and opening up new opportunities for businesses in every part of the country.

    The world today is more volatile and dangerous than at any point in recent history with a war on two fronts – in the Middle East and in Ukraine – threatening living standards. The government’s economic plan has put the UK in a better position to weather these storms.

    Before the conflict of Iran, the UK economy was showing clear signs of strength, with strong growth, rising living standards and falling unemployment, underlining the importance of economic stability in protecting households and businesses.

    The government is continuing to rebuild our economy to make us more resilient, and the King’s Speech will drive forward this progress through more protections for small businesses, reforms to regulation to drive innovation, and changes to give businesses the confidence to invest and grow.

    By securing new partnerships abroad and delivering for working people at home, the Government is setting a clear course for long-term economic security and growth.

  • PRESS RELEASE : Ministry of Defence confirms the death of Lance Bombardier Ciara Sullivan [May 2026]

    PRESS RELEASE : Ministry of Defence confirms the death of Lance Bombardier Ciara Sullivan [May 2026]

    The press release issued by the Ministry of Defence on 18 May 2026.

    It is with great sadness that the Ministry of Defence confirms the death of Lance Bombardier Ciara Sullivan, who died on 15 May following a tragic incident at the Royal Windsor Horse Show.

    Lance Bombardier Sullivan was born on 9 Dec 2001. She joined the Army in November 2020 attending the Army Training Centre in Pirbright before joining The King’s Troop Royal Horse Artillery in June 2021.

    Lance Bombardier Sullivan loved horses and had a natural affinity for them. She had been involved in Ceremonial Operations since joining The Troop, taking part in multiple Royal Gun Salutes in Hyde Park and Green Park. She deployed on both Op BRIDGE, the state funeral of Her Majesty the Queen in 2022, and Op GOLDEN ORB for the Coronation of Their Majesties The King & Queen in 2023. She had recently qualified as an Advanced Regimental Riding Instructor and particularly enjoyed training the Military Working Horses and developing young horses, utilising her equine skill set. She also enjoyed delivering riding lessons to the Mounted Gunners within her Sub-Section and was frequently nominated to instruct the officers of The Troop. Additionally, Lance Bombardier Sullivan was routinely involved with delivering the Mounted Gunner Courses to qualify the next generation of King’s Troop soldiers for Ceremonial Operations. She was passionate about everything to do with The Troop and participated in every extra activity available including show jumping and The Troop Race.

    Her Commanding Officer said:

    Lance Bombardier (LBdr) Ciara Sullivan, ‘Sully’ to her friends, was to all who had the privilege of serving alongside her, a bright light in any room she entered. An immensely professional soldier and an exceptional jockey, she approached every day within The Troop with an infectious energy — the kind that lifted those around her without effort or intention — and was unfailingly present for her comrades in both the small moments and the hard ones. 

    An outstanding soldier and a role model to many she worked with. She was fearless and gifted horsewoman, having ridden since childhood and having competed in the showjumping ring before joining the Regiment; it was this natural courage that made her always the first to volunteer to ride the most demanding of horses.

    Beyond her equestrian talent, she was a soldier of remarkable breadth. A skilled footballer, a dedicated presence in the gym who pushed herself and quietly brought others along with her, and someone who found cause to celebrate the smallest daily victories in those she served with. 

    A natural leader and instructor, she won the respect of all who had the privilege of working with her, and her patient coaching has helped many Mounted Gunners within the Unit fulfil their potential. 

    The King’s Troop Royal Horse Artillery has lost not only an accomplished soldier and horsewoman, but the kind of person who made the Regiment, and the world, a better place simply by being part of it.

    The thoughts of every member of The Troop and The Gunners are with her family at this tragic time.

    Lt Gen MR Elviss CB, MBE, COMARRC and Master Gunner St James Palace:

    The shock of LBdr Ciara Sullivan’s loss is profound. A fine soldier, she died doing a job she loved surrounded by people who held her in the highest regard. A dedicated, committed and highly respected junior commander; she will be sorely missed.

    The Royal Regiment of Artillery and the wider British Army is a lesser place without her. I could not be more sorry nor saddened by her loss and my thoughts, prayers and condolences are with her family and friends. Ubique.

    Defence Secretary John Healey MP said:

    Lance Bombardier Ciara Sullivan was a brilliant young soldier who served our nation with dedication. We’re all deeply shocked and saddened by her death.

    My thoughts are with Ciara’s family, loved ones and colleagues at this devastating time.

  • PRESS RELEASE : Banking reforms to boost investment by billions for British businesses [May 2026]

    PRESS RELEASE : Banking reforms to boost investment by billions for British businesses [May 2026]

    The press release issued by HM Treasury on 18 May 2026.

    British businesses stand to benefit from billions in fresh financing being unlocked through reforms to the bank ring-fencing regime.

    • Reforms to ring‑fencing to create a more agile and proportionate regime that reduces duplication within banks and removes barriers to lending and investment
    • Proposed New Growth Allowance and wider product range could enable banks to provide up to £80 billion in additional support to businesses, channelling more financing into UK businesses, jobs and the economy
    • Key protections remain unchanged – safeguarding depositors and ensuring the UK banking system stays resilient and secure

    British businesses stand to benefit from billions in fresh financing being unlocked through reforms to the bank ring-fencing regime.

    The reforms will create a more agile and proportionate framework for ring‑fencing that makes it easier for banks to operate efficiently without weakening protections for customers.

    At the heart of the changes is a new Growth Allowance, which will let major banks use a limited portion of their balance sheets more flexibly, potentially unlocking up to £80 billion of additional financing for UK businesses – helping firms invest, expand and create jobs across the country.

    The reforms will also give the Prudential Regulation Authority (PRA) more flexibility to update and tailor the rules over time. Instead of relying on rigid legislation, more of the detail will sit in regulatory rules, allowing the PRA to adjust them more quickly as the financial system evolves. This will mean the PRA will be able to remove outdated requirements or adapt rules to reflect wider banking reforms.

    Boosting growth across the economy is a top priority of the reforms, with the Treasury seeking to modernise and streamline the regime while removing unnecessary barriers to lending and investment in the UK.

    The package, designed in close collaboration with the Bank of England, will continue to provide strong protections for depositors and ensure stability of the UK’s banking system.

    Set out in a new report – Safeguarding Stability, Enabling Growth – the reforms will be delivered through the forthcoming Enhancing Financial Services Bill and subsequent legislation and form a central plank of the Financial Services Growth and Competitiveness Strategy.

    At the heart of the changes is a clear objective for government: to ensure more financing can flow into UK businesses more easily and do so more easily: all while supporting innovation, expansion and higher living standards.

    Economic Secretary to the Treasury and City Minister, Rachel Blake said:

    Where financial systems are inefficient, we will change them. These reforms will ensure more financing flows into UK businesses, and we can support growth and create jobs across the country.

    This will unlock finance for growth while keeping the UK banking system resilient, competitive and fit for the future.

    Alex Depledge, Entrepreneurship Advisor to the Chancellor, said:

    This is exactly the kind of pro‑growth reform the UK needs. Too often, our fastest‑growing firms hit a wall of unnecessary friction just as they start to scale. These changes will unlock more of the capital founders need to keep building in the UK, while maintaining the financial stability that underpins investor confidence. 

    This is about backing ambition, cutting friction, and ensuring our banks can power the next generation of great British businesses to start, scale and stay here.” 

    Ring‑fencing is a key part of the UK’s post‑financial crisis banking reforms, requiring the largest UK banks to separate their core retail services – such as retail and SME deposits and lending – from riskier investment and trading activities. This helps to protect depositors, maintain access to banking services, and support financial stability if shocks occur.

    Through the reforms banks will also be able to offer a broader range of products and services to support firms as they grow, including better hedging tools and greater access to programmes delivered through public financial institutions such as the British Business Bank and National Wealth Fund.

    Maintaining protections and stability for consumers is essential to the reforms – ring‑fenced banks will continue to operate independently from investment banking activities, protecting retail deposits from volatility in global financial markets. The government will consult on the detail of the reforms to ensure protections are maintained while maximising the benefits for growth.

    The government will also ensure the regime remains proportionate over time, including regular reviews of key thresholds and reporting requirements.