Tag: Press Release

  • 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.

  • PRESS RELEASE : Consumer Credit Act reformed to protect consumers and support modern finance [May 2026]

    PRESS RELEASE : Consumer Credit Act reformed to protect consumers and support modern finance [May 2026]

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

    The government will modernise the Consumer Credit Act for the first time in over 50 years, giving consumers clearer information and firms the flexibility to innovate.

    • Landmark legislation, first passed over 50 years ago, modernised to reflect how people use credit today.
    • Changes will mean consumers will receive clearer information when using credit cards, loans and overdrafts – helping them make smarter financial decisions.
    • Reforms support innovation and growth, giving firms the freedom to develop new products while maintaining strong consumer protections.

    Consumers who take out loans, credit cards or overdrafts are expected to benefit from clearer information about costs and key terms, helping them understand their options and make informed financial decisions – thanks to major reforms announced today (18 May).

    While some updates have been made over the years to the Consumer Credit Act – first passed in 1974 – many of the core rules have not kept pace with the digital financial products and services that millions of people use every day.

    Today’s announcement will be the first step in moving many of the CCA’s detailed, prescriptive requirements out of the legislation and into the Financial Conduct Authority’s (FCA) rulebook – making them easier to update as technology evolves.

    The new regulations will be informed by consumer testing and kept under review as products and technology changes. This should mean that people using credit cards, loans, overdrafts or other borrowing products will benefit from clearer and better-timed information to help them understand their options and manage their finances with confidence.

    The reforms, part of the Financial Services and Markets Bill introduced in the King’s Speech, will make information about credit products clearer, ensuring it genuinely helps people make informed decisions and supports vulnerable consumers who may find jargon more challenging.

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

    People need to be able to make informed choices when applying for and using credit.

    The Consumer Credit Act was written for a different era – we are creating a flexible regime fit for the digital age.

    Robust consumer protections in the CCA will be maintained to the highest standards and the FCA has a wide range of enforcement powers, including the ability to fine firms that break the rules.

    Firms will benefit from a more flexible framework that allows them to develop new products and use new technology to serve their customers better. Rather than working around rules designed for a world before smartphones and digital banking, businesses will operate under a regime that can adapt as the financial sector continues to innovate.

    Peter Tutton, Director of Policy, Research and Public Affairs, StepChange Debt Charity, said:

    Our thirty years of experience providing free debt advice has shown us just how important clear and usable information about credit agreements is for consumers. What’s more, for those struggling with managing credit repayments, it is vital that consumers can make informed choices about products and know how to seek help when it is required.

    Whilst the Consumer Credit Act contains important and much needed consumer protections, new steps to move communication requirements into FCA rules allows flexibility and a test and learn approach that will offer better outcomes to consumers and reduce harm around debt.

    Chris Woolard CBE, Chair of The Woolard Review and Partner at EY, commented:

    Modernisation of the Consumer Credit Act to support better outcomes for both consumers and firms was a key recommendation of The Woolard Review of the unsecured credit market. These first steps, to enable clearer information and new products, are therefore welcome ones.

    Eric Leenders, Managing Director of Personal Finance, UK Finance:

    UK Finance welcomes the government’s plans to modernise the Consumer Credit Act. Ambitious, forward-looking changes are needed to give consumers clearer, more accessible information, and lenders flexibility to provide new and innovative products. These reforms are an important step towards a simpler, future‑proofed regime with strong consumer protections in an increasingly digital world

    NOTES TO EDITORS:

    • The Government today published a policy statement setting out the final approach to CCA reform, alongside its response to the Phase 1 CCA reform consultation. Both documents are available on GOV.UK
  • PRESS RELEASE : New international alliance to support children with SEND [May 2026]

    PRESS RELEASE : New international alliance to support children with SEND [May 2026]

    The press release issued by the Department for Education on 18 May 2026.

    Education Secretary calls on global leaders to join International Alliance to deliver opportunity for all children with SEND.New international alliance to support children with SEND.

    Children and young people with special educational needs were at the forefront of discussions at the launch of the Education World Forum today, as the Education Secretary launched a new International SEND Alliance.

    She called on countries to join a new alliance of nations to share experiences and proven approaches, and agree clear action plans with a shared mission to deliver opportunity for all children with SEND.

    The government has always been clear in its ambition to put inclusion and high standards at the heart of a decade of improvement to education in England, and in Bridget Phillipson’s opening speech, she set out her plan to take this beyond British shores.

    This comes on the final day of the government’s consultation on its own bold reforms for children with SEND – backed by £4 billion to ensure every child gets the right support, in their local school, at the earliest possible stage, without having to fight for it.

    In her speech, Education Secretary Bridget Phillipson said:

    I am proud to announce that I will convene an International SEND Alliance in 2027, a coalition of countries, coming together across a series of summits, to chart a common path forward. 

    Under a shared mission to deliver opportunity for all children with SEND around the world, 

    […] our countries will compare experiences, share what works, and agree clear action plans that governments can take forward. 

    So, I urge all countries here today to join us, let’s come together on this shared challenge, so we can learn from one another, and build education systems of excellence and inclusion, fit for the 2030s and beyond.

    The alliance will meet at major UK-hosted international education events including Bett in January, the next Education World Forum in May, and the International Summit on the Teaching Profession to chart a path forward by learning from one another.

    Already, countries across the world are taking innovative approaches to support children with SEND.

    For example, in Norway, early intervention is written into law – teachers are trained to spot and respond to needs before problems escalate, keeping children who can thrive there in mainstream classrooms.

    Here in England, the Education for All Bill, announced in this week’s King’s Speech, will deliver high-quality education, health and care in every community from 2029 – including a new legal duty to put an Individual Support Plan in place for every child with SEND.

    The Education Secretary continued:

    In this government we see inclusion and high standards as what they are, not enemies but friends, not in conflict but in concert, one strengthening the other. 

    We are building a system in which children grow up together, go to their local school together, achieve and thrive together […] Because all children benefit from that inclusive approach, not just children with SEND.

    And our country will benefit too. By drawing from a deeper and wider pool of talent, we’ll make our country not just fairer but stronger. 

    By sending our children to school together, we’ll make our country not just stronger but kinder […] Because we can’t have a strong and inclusive society without a strong and inclusive education system.

    The new legislation will focus on:

    • Providing early support, strong protections and fairness and ensuring children get the support they need quickly through new legal duties to put an Individual Support Plan (ISP) in place for every child and young person with SEND and National Inclusion Standards.
    • Clearer protections for children with the most complex needs through reformed EHCP processes, Specialist Provision Packages and stronger oversight of Independent Special Schools.
    • Managing a smooth transition to the new system that is centred on fairness through clear transitional protections, including a triple lock to ensure no child loses effective support as the system changes. 

    When a Bill is announced in the King’s Speech, this is confirming the government’s intention to legislate, it is not the introduction of legislation – and the government is clear this process will not get ahead of the development of reforms through its landmark public consultation.

  • PRESS RELEASE : Change of His Majesty’s Ambassador to Mongolia – Edwin Samuel [May 2026]

    PRESS RELEASE : Change of His Majesty’s Ambassador to Mongolia – Edwin Samuel [May 2026]

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

    Mr Edwin Samuel has been appointed His Majesty’s Ambassador to Mongolia in succession to Ms Fiona Blyth MBE, who will be transferring to another Diplomatic Service appointment.

    Mr Samuel will take up his appointment during July 2026.

    Curriculum vitae

    Full name: Edwin Samuel

    2025 to 2026Visiting Academic, St Antony’s College, Oxford
    2022 to 2025 FCDO, Senior Adviser for the Gulf, Middle East and North Africa Directorate
    2021 to 2022FCDO, Indo-Pacific Tilt Strategy
    2020Royal Navy, Policy Adviser
    2020 Shrivenham, Defence Academy, Higher Command and Staff Course
    2019FCO, Communications Directorate, Soft Power Strategy and Counter-Daesh Comms
    2015 to 2019Dubai, HM Government Regional Arabic Media Spokesperson
    2014Riyadh, First Secretary, Language Training (Arabic)
    2011 to 2013Riyadh, First Secretary, Defence and Security
    2010 to 2011Brasilia, First Secretary, Global Issues
    2009FCO, Language Training (Portuguese)
    2007 to 2008 Damascus, First Secretary, Language Training (Arabic)
    2006 FCO, Security Policy Department
    2004 to 2005Berlin, Private Secretary to Her Majesty’s Ambassador
    2003 Secondment to German MFA
    2001 to 2003FCO, Desk Officer European Defence
    2000 to 2001 HSBC, International Manager Cadre
    1999 to 2000 Stockholm, EU Presidency Training for the Swedish Government
    1998 to 1999 Brussels, European Commission
    1997 to 1998Lincoln’s Inn, One New Square Chambers, Barrister