Tag: Press Release

  • PRESS RELEASE : The UK condemns Houthi attacks against Israel and their wider destabilising activity in the Red Sea – UK statement at the UN Security Council [July 2024]

    PRESS RELEASE : The UK condemns Houthi attacks against Israel and their wider destabilising activity in the Red Sea – UK statement at the UN Security Council [July 2024]

    The press release issued by the Foreign Office on 22 July 2024.

    Statement by UK Permanent Representative to the UN Ambassador Barbara Woodward at the UN Security Council meeting on the situation in the Middle East.

    The UK is deeply alarmed by the Houthi attack on Tel Aviv which saw an Israeli civilian killed in his home and 10 other civilians wounded. My Foreign Secretary condemned this reckless escalation in his statement to the UK Parliament last week. We call for urgent de-escalation.

    Since October 7th, the Houthis have launched UAVs and missiles towards Israel, in dangerous and illegal attacks. These actions risk a further deterioration in the stability and security of the region and we call upon the Security Council to condemn the Houthi attacks against Israel in addition to their wider destabilising activity in the Red Sea. This includes launching over 305 attacks against international shipping, impacting over 100 ships and killing innocent crew. We call for the immediate and unconditional release of the Galaxy Leader and its crew illegally detained by the Houthis since November 2023.

    In addition, we must not lose sight of the fact that Houthi actions, enabled by support from Iran, are part of a wider Iranian strategy to destabilise the region with its malign influence and use of proxies. We call upon Iran to cease its nefarious support to armed groups and terrorist organisations in the Middle East which only serve to increase the suffering of ordinary people.

    Finally, while we can confirm that there was no UK involvement in the Israeli strikes against the Houthis on 20 July, the UK remains resolute in its support to Israel’s right to self-defence in line with international law and international humanitarian law. The Houthis seek to use the situation in Gaza as justification for their reckless behaviour. Let me be clear, there is no justification for these attacks and more broadly there can be no military solution to the conflict in the Middle East. Yemenis are once again paying the price for the destructive actions of the Houthis and further escalation will only worsen an already dire humanitarian situation.

    A diplomatic solution in the region is the only way forward. We strongly support the ongoing efforts of Egypt, Qatar and the US to bring about a ceasefire in Gaza, get the hostages out and humanitarian aid in. The deal, as endorsed by this Council in resolution 2735, is the best chance to secure lasting peace. Innocent Palestinians continue to face unfathomable human suffering in Gaza, with a devastating impact on women and children. At least 120 hostages remain in horrific conditions. We urge both sides to show flexibility in negotiations and to recommit themselves to a renewed peace process resulting in a two-state solution. President, I reiterate the UK’s call for de-escalation and for meaningful progress to bring about lasting peace and security for the region.

  • PRESS RELEASE : Aid access in Syria should be granted for as long as it is needed – UK statement at the UN Security Council [July 2024]

    PRESS RELEASE : Aid access in Syria should be granted for as long as it is needed – UK statement at the UN Security Council [July 2024]

    The press release issued by the Foreign Office on 22 July 2024.

    Statement by Deputy Political Coordinator Laura Dix at the UN Security Council meeting on Syria.

    First, as you’ve made clear, the humanitarian situation across Syria remains dire, borne out of over a decade of conflict and the actions of the regime. This includes its recent decision to blockade aid into Rukban camp, which has led to severe food scarcity. We call on the regime to permit commercial access into Rukban camp and to ensure all routes for humanitarian access – including into North West Syria – are sustained and predictable. Short-term, last-minute decisions are not appropriate as the UN continues to make clear. Access should be granted for as long as humanitarian needs demand it.

    Second, in light of the UN sanctions report published last week, I wanted to underscore that our sanctions against the Assad regime have a clear purpose: they are designed to hold to account those responsible for committing abhorrent atrocities over the last 14 years, including perpetrators of serious human rights violations and chemical weapons use. We have taken clear steps to ensure that sanctions and any tools aimed at holding the Assad regime accountable do not impact the wider Syrian population or the delivery of humanitarian support. We resolutely support those affected by the ongoing devastating conflict.

    Third, the only route out of this crisis is via a comprehensive and sustainable political settlement. This month’s parliamentary elections in Syria were held with the aim of sustaining Assad’s dictatorship and giving a semblance of popular legitimacy to his unreformed and undemocratic regime. In response, we have seen protesters inside Syria boycott the elections and demand a fairer and more transparent process. Legitimate elections in Syria can only be a product of a genuine political process in line with UNSCR 2254, which allows for the participation of all eligible Syrians, including members of the diaspora.

    President, I end by recalling that it is in Assad’s power to end this intolerable conflict and to take responsibility for the human rights violations and abuses that Syrians have endured. It is time to deliver on the legitimate demands of the Syrian people and to make a genuine commitment to peace in line with resolution 2254.

  • PRESS RELEASE : Skills England to transform opportunities and drive growth [July 2024]

    PRESS RELEASE : Skills England to transform opportunities and drive growth [July 2024]

    The press release issued by the Department for Education on 22 July 2024.

    New body launched to bring together key partners to meet the skills needs of the next decade across all regions.

    The Prime Minister and Education Secretary have announced the launch of Skills England to bring together the fractured skills landscape and create a shared national ambition to boost the nation’s skills.

    The Education Secretary has also today (22 July 2024) appointed Richard Pennycook CBE, former chief executive of the Co-operative Group and lead non-executive director at the DfE, as the interim Chair.

    Skills are crucial to economic growth, with a third of productivity improvement over the last two decades explained by improvements to skills levels.

    But between 2017 and 2022 skills shortages in this country doubled to more than half a million, and now account for 36% of job vacancies.

    Skills England will bring together central and local government, businesses, training providers and unions to meet the skills needs of the next decade across all regions, providing strategic oversight of the post-16 skills system aligned to the government’s Industrial Strategy.

    Supporting local areas to develop the skilled workforces they need – in particular across construction and healthcare – is fundamental to the government’s mission to raise growth sustainably. By working with the Migration Advisory Committee, Skills England will also help reduce reliance on overseas workers.

    Prime Minister Keir Starmer said:

    Our skills system is in a mess, which is why we are transforming our approach to meet skills needs over the coming decades.

    They will help to deliver our number one mission as a government, to kickstart economic growth, by opening up new opportunities for young people and enabling British businesses to recruit more home-grown talent.

    From construction to IT, healthcare to engineering, our success as a country depends on delivering highly skilled workforces for the long-term. Skills England will put in place the framework needed to achieve that goal while reducing our reliance on workers from overseas.

    Education Secretary Bridget Phillipson said:

    Our first mission in government is to grow the economy, and for that we need to harness the talents of all our people to unlock growth and break down the barriers to opportunity.

    The skills system we inherited is fragmented and broken. Employers want to invest in their workers but for too long have been held back from accessing the training they need.

    Skills England will jumpstart young people’s careers and galvanise local economies. It will bring businesses together with trade unions, mayors, universities, colleges and training providers to give us a complete picture of skills gaps nationwide, boost growth in all corners of the country and give people the opportunity to get on in life.

    The organisation will identify the training for which the growth and skills levy will be accessible – an important reform, giving businesses more flexibility to spend levy funds on training for the skills they need, which employers have long been calling for.

    Skills England will be established in phases over the next 9 to 12 months to create a responsive and collaborative skills system.

    The Skills England Bill announced this week will transfer functions from the Institute for Apprenticeships and Technical Education (IfATE) to Skills England.

    This sits alongside work to simplify and devolve adult education budgets to mayoral combined authorities to ensure that they can address their adult skills needs directly and support growth in their areas.

    Next steps for establishing Skills England:

    • The first phase of Skills England’s launch involves setting up the organisation in shadow form within the DfE, and starting work on an assessment of future skills needs while building strong relationships with employers. A permanent board, Chair and CEO will be appointed in due course.
    • The route for employers to shape skills training is currently offered by the IfATEIfATE’s functions will transfer to Skills England, as part of the new organisation’s broader remit. IfATE will continue its important work in the interim as the transition of functions to Skills England is finalised.
    • Skills England will hold responsibility for maintaining a list of levy-eligible training to ensure value for money, and that the mix of government-funded training available to learners and employers aligns with the identified skills needs.
    • The government will also bring forward a comprehensive strategy for post-16 education to break down barriers to opportunity, support the development of a skilled workforce, and drive economic growth through our industrial strategy.
  • PRESS RELEASE : Business and Trade Secretary gives lift-off to over £100 million for greener air travel [July 2024]

    PRESS RELEASE : Business and Trade Secretary gives lift-off to over £100 million for greener air travel [July 2024]

    The press release issued by the Department for Business and Trade on 22 July 2024.

    Business and Trade Secretary Jonathan Reynolds has announced over £100 million of funding for cutting-edge aerospace research and development projects.

    • £103 million government-industry funding for cutting-edge new green aerospace projects, supporting thousands of high-wage jobs across the UK.
    • Funding delivered through Aerospace Technology Institute Programme to help pioneer groundbreaking new tech, including zero emission hydrogen flight and sustainable propulsion systems.
    • Business and Trade Secretary announces funding at launch of the 2024 Farnborough Airshow, reinforcing government’s commitment to championing aerospace and advanced manufacturing in new Industrial Strategy.

    Business and Trade Secretary Jonathan Reynolds has today (22 July) announced over £100 million of government-industry funding for cutting-edge aerospace tech projects to support greener air travel, at the launch of the 2024 Farnborough Airshow.

    It comes as the latest figures from the aerospace industry’s trade body ADS show the sector contributed £38 billion to the UK economy in 2023.

    Just under £103 million of funding in total, delivered through the Aerospace Technology Institute (ATI) Programme, has been announced for five aerospace R&D projects led by GKN Aerospace, Queens University, Rolls-Royce, Short Brothers and ZeroAvia.

    The projects will help pioneer innovations such as zero emission hydrogen-powered flight, new sustainable propulsion systems and turbine technologies, boosting thousands of high-skilled aerospace jobs across the UK and encouraging investment into the UK’s aerospace industry, as the Government prepares to launch its new Industrial Strategy.

    Business and Trade Secretary Jonathan Reynolds said:

    Our world-class aerospace sector added almost £40 billion to the economy last year, and by backing it to pioneer cutting-edge new technologies we’re delivering economic growth and supporting high-skilled jobs in every part of the UK.

    It’s fitting that I’m launching this new support here at Farnborough Airshow, where the best of British innovation is showcased on the global stage, reinforcing our commitment to placing innovation and manufacturing at the heart of our Industrial Strategy.

    Aerospace Technology Institute CEO Gary Elliott said:

    The ATI Programme is continuing to target investment in world-class research projects that will deliver benefit for UK aerospace: accelerating technology development, growing our manufacturing capability, strengthening our supply chain and ensuring that the sector continues to generate economic return to the UK.

    The projects announced today focus on advanced technologies that take us a significant step closer to sustainable aviation, from new lightweight materials to new fuel systems. We look forward to building on this investment in support of an ambitious Industrial Strategy.

    Rolls-Royce Director of Research and Technology Alan Newby said:

    The HOTLINE project, together with other projects that have been supported by the ATI, will improve the cost competitiveness and product performance of our current and future engines, vital for meeting not only industrial and government Net Zero targets but potential growth opportunities for the UK.

    Full details of ATI projects:

    • The ATI Programme is a joint government and industry investment. Its purpose is to competitively offer funding for research and technology development in the UK, to maintain and grow the UK’s competitive position in civil aerospace and accelerate the transition to net zero aviation.
    • The Department for Business and Trade has a dynamic approach to supporting the aerospace sector. Since 2013, government has co-invested with industry through the ATI Programme a total project cost of about £3.6 billion in total costs (grant and industry match funding). These projects have had 438 unique partners involved from across the UK, including 290 SMEs.
    • The Hot Section Lifting and Materials (HOTLINE) project – led by Rolls Royce, with project partners Cranfield University and the University of Birmingham will develop turbine technologies that reduce unit and life cycle costs. Total Project cost of £20.5 million.
    • Advanced Fuel Cell for Aviation Decarbonisation (AFCAD) – builds on ZeroAvia’s success with the Hyflyer I and II projects, to take the high temperature (HTPEM) fuel cell stacks technology to commercialisation stage, enabling zero emission hydrogen flight, with applications for rotorcraft and eVTOL. Total project cost of £17.5 million.
    • Scenic Composites – By developing a variety of high value testing and manufacturing equipment at the Advanced manufacturing Innovation Centre (AMIC), this project led by Queens University Belfast will build capability in the aerospace cluster in the Belfast region around composite materials. Total project cost of £10.9 million.
    • IVI – Spirit AeroSystems (Short Brothers) are leading this project with a key objective to produce lighter, more structurally efficient aerostructures with fewer parts, increasing fuel efficiency for a range of aircraft platforms, and enabling transition to new sustainable technologies. Total project cost of £10 million.
    • H2FlyGHT – led by GKN Aerospace and a UK-based consortium of major aerospace suppliers and academic partners, including Parker-Meggitt Aerospace and the universities of Nottingham and Manchester aims to develop and test a fully integrated liquid hydrogen fuel system and 2 megawatt cryogenic electrical propulsion system for the next generation of zero emission aircraft. Total project cost of £44 million.
  • PRESS RELEASE : Situation in Bangladesh – FCDO Parliamentary Under-Secretary of State’s statement [July 2024]

    PRESS RELEASE : Situation in Bangladesh – FCDO Parliamentary Under-Secretary of State’s statement [July 2024]

    The press release issued by the Foreign Office on 22 July 2024.

    FCDO Parliamentary Under-Secretary of State Catherine West gave a statement on the current situation in Bangladesh.

    Catherine West, Parliamentary Under-Secretary of State at the Foreign, Commonwealth & Development Office (FCDO), said:

    The UK is deeply concerned by the violence we have seen in Bangladesh in recent days, with reports of hundreds killed and thousands injured. The loss of life is unacceptable. Peaceful protestors must not be subject to violence.

    The rights to protest, to peacefully assemble and to express different political views are rights which the UK holds dear and must be protected.

    Access to the internet and communications services must be restored quickly so people in Bangladesh can be reconnected with their families and friends in the UK and across the globe.

    We urge an end to the violence and loss of life and call on all sides to find ways to restore calm across Bangladesh, including by establishing a pathway for constructive political dialogue in the interests of the people of Bangladesh.

    Our thoughts are with everyone affected. The people-to-people connections between our two countries are strong, with a strong Bangladeshi community in the UK contributing enormously.

  • PRESS RELEASE : UK soldiers test next generation of body-worn technology [July 2024]

    PRESS RELEASE : UK soldiers test next generation of body-worn technology [July 2024]

    The press release issued by the Ministry of Defence on 21 July 2024.

    • Major advances made in body-worn technology for UK soldiers.
    • Improving operational advantage by connecting soldiers to data tools and new technology.
    • A range of technologies, such as laser detection systems and on person drone control will enhance battle fighting tactics.

    The next generation of body-worn technology has been put through its paces by British soldiers, bringing a modernised advantage to the battlefield. The aim of the trials is to integrate available technology into wearable tech for soldiers, advancing battlefield awareness and allowing faster tactical decision making.

    This announcement comes as part of the new government’s commitment to procuring state-of-the-art defence capabilities. The Future Soldier programme delivers on the aim of adapting military equipment programmes to meet emerging requirements, as outlined in the launch of the Strategic Defence Review this week.

    Examples of the technologies being looked at by the Army include laser detection systems to warn if enemies are targeting personnel, drone thermal detection to identify enemies, and ground sensors to detect enemy movement with alerts sent to body-worn systems.

    The digital system is standardised and provides customised control that can be tailored to each individual mission.

    Troops from Leicestershire-based 2nd Battalion, The Royal Anglian Regiment, tested cutting-edge data visualisation tools, integrated sensors, and live intelligence feeds all connected in a single system.

    The trial, conducted by scientists from the Defence Science and Technology Laboratory (Dstl), demonstrates that even minor changes to infantry-level tactics with Command and Control, Communications, Computing and Information Systems, can vastly improve operational outcomes.

    Improved outcomes can include:

    • Increasing the tempo of a battle – outthinking the enemy by creating a faster understand, decide, act loop.
    • Increase situational awareness meaning better informed decision making based on real-time local operating picture of where friendly and enemy forces are, as well as other assets are on the battlefield.
    • Enhanced decision making – the ability to send data, such as images and full motion video, from the soldier to wider teams.

    Minster for Defence Procurement and Industry, Maria Eagle said:

    This government is clear in our commitment to advancing technology that ensures the safety and superiority of UK Armed Forces. This cutting-edge technology will bolster operational lethality and elevate battlefield awareness.

    I welcome the continued collaboration between government, industry, and scientists on this innovative programme.

    Dstl scientists are carrying out this research as part of the Future Integrated Dismounted Soldier Vision (FIDSV) with research into how the next generation of ‘digitally connected soldier’ technology can improve capability and operational advantage.

    The range of technologies tested includes:

    • A helmet mounted strobe alert system to identify friend or foe.
      • An electronic system that emits an identifiable beacon when it detects an incoming laser.
    • Laser detection system to warn if enemies are targeting personnel.
      • A system that detects the wavelengths of incoming lasers and warns the user.
    • On person drone control which gives the user the ability to control and pre-programme drones.
    • Drone thermal detection to aid enemy detection.
    • Laser range finder – a device on the weapon that calculates the range of an object/target.
    • Advanced digital day and night optics for weapons, powered via the weapons’ Picatinny rail.
    • Smart hub – the ‘brain’ of the integrated power and data supply for all digital devices.
    • Mesh network – a type of radio configuration that permits “hopping” from one soldier’s radio to another to enhance range.
    • Ground sensors to detect movement with alerts sent to body-worn systems.

    Dstl chief executive Dr Paul Hollinshead OBE MBA said:

    Dstl is working closely with industry to develop and integrate technologies that will transform our armed forces, making them more capable and lethal.

    Building on our decades of expertise, this work is delivering mission success, protecting the nation and helping it prosper.

    Jon Russell, Dstl’s Senior Principal Scientist on the research, said:

    This technology will protect the lives of our Armed Forces by improving operational capability by giving them the advantage over the enemy.

    It is great to see the Future Integrated Dismounted Soldier Vision is clearly proving how a soldier system containing multiple knowledge capabilities that are designed to combine crucial data to improve operational advantage.

    “Our aim is to develop the most capable armed forces in the world, by merging different technologies to advance battlefield awareness.”

    Regimental Sergeant Major (RSM) at the infantry Trials and Development Unit said:

    The trial, led by Dstl, was a showcase of future technologies and digital integration. The research has now advanced, bringing together industry to enhance capabilities with Command, Control, Communications, Computing and Information Systems.

    As the Army’s lead in dismounted close combat trials and development, we are at the forefront of improving operational advantage and look forward to supporting its future development.

    Dstl, in partnership with industry, will make use of the lessons learned from this latest testing on Salisbury Plain’s military training area to develop the need for future equipment for defence.

    The next phase will include vehicle mounted options, as well as develop a joint soldier system with UK allies. Further development and experimentation will continue over the next five years and will evolve as and when new technologies become available.

  • PRESS RELEASE : Chancellor vows ‘big bang on growth’ to boost investment and savings [July 2024]

    PRESS RELEASE : Chancellor vows ‘big bang on growth’ to boost investment and savings [July 2024]

    The press release issued by HM Treasury on 20 July 2024.

    • Chancellor launches landmark review to boost investment, increase pension pots and tackle waste in the pensions system.
    • New Pensions Bill confirmed in King’s Speech could boost pension pots by over £11,000, with further consolidation and broader investment strategies to potentially deliver higher returns for pensions.
    • An investment shift in defined contribution schemes could deliver £8 billion of new productive investment into the UK economy.
    • Action will be taken to unleash the full investment might of the £360 billion Local Government Pension Scheme to make it an engine for UK growth.

    The Chancellor Rachel Reeves has announced a landmark pensions review as part of the new Government’s mission to ‘boost growth and make every part of Britain better off’.

    Under plans unveiled by the new Chancellor, billions of pounds of investment could be unlocked in the UK economy from defined contribution schemes alone and pension pots for savers in defined contribution schemes could be boosted by over £11,000.

    The Review will also, working closely with the Minister of State at MHCLG Jim McMahon, look at how to unlock the investment potential of the £360 billion Local Government Pensions Scheme, which manages the savings of those working to deliver our vital local services, as well as how to tackle the £2 billion that is being spent on fees.

    The announcement comes ahead of the first Growth Mission Board on Tuesday. This will be chaired by the Chancellor and drive the Government’s work to achieve the highest sustained growth in the G7. New measures have already been announced to fix the planning system, the creation of a new National Wealth Fund and the overhaul of the listings regime to boost UK stock exchanges.

    The work announced today – focusing on investment – is the first phase in reviewing the pensions landscape and will be led by the first ever joint Treasury and Department for Work and Pensions Minister, Emma Reynolds (Minister for Pensions). The next phase of the review starting later this year will consider further steps to improve pension outcomes and increase investment in UK markets, including assessing retirement adequacy.

    The Chancellor and the Pensions Minister will chair a roundtable with the pensions industry on Monday to start intensive industry engagement for the Review.

    Chancellor of the Exchequer Rachel Reeves said:

    Despite a very challenging inheritance, this new Government is getting on with the job of delivering our mandate to get the economy growing so we can make every part of our country better off.

    The review we are announcing is the latest in a big bang of reforms to unlock growth, boost investment and deliver savings for pensioners. There is no time to waste. That is why I am determined to fix the foundations of our economy so we can rebuild Britain and improve people’s lives.

    Deputy Prime Minister Angela Rayner said:

    After putting in years of hard graft serving their communities, the very least our frontline workers deserve – millions of whom are low paid, millions of whom are women – is dignity and security in retirement.

    That’s why we want to make sure their hard-earned money works harder for them so we ensure they receive the pensions they have earned, whilst unlocking growth across our economy.

    Pensions Minister Emma Reynolds said:

    As the first ever joint Treasury and DWP Minister I am uniquely placed to tackle the twin challenges of productive investment and retirement outcomes.

    Over the next few months the review will focus on identifying any further actions to drive investment that could be taken forward in the Pension Schemes Bill before then exploring long-term challenges to ensure our pensions system is fit for the future.

    There is so much untapped potential in our pensions markets, with an industry worth around £2 trillion. The measures we have already set out in our Pension Schemes Bill will help drive higher investment and a better deal for our future pensioners.

    Legal & General Group Chief Executive António Simões said:

    As the UK’s largest manager of money for pension clients, we welcome the ambition set out by the government today. Driving pensions capital into areas such as science, technology and infrastructure can help support better returns for millions of retirement savers, as well as stimulate much needed long-term growth for the economy. Having recently launched our own fund offering Defined Contribution savers access to high growth private market sectors, we look forward to continuing to work closely with government on the next stages of reform to help unlock further funding routes to power UK businesses, communities and society. We also strongly welcome the Government’s intention to consider the adequacy of overall pension provision in the next stage of the review.

    BVCA Chief Executive Michael Moore said:

    We are very encouraged that the Government has brought forward their Pensions Review so quickly. The Chancellor has a real opportunity to deliver economic growth by facilitating increased investment in UK businesses to the benefit of returns to pension savers as well as the wider economy.

    Legislative and policy changes, including further consolidation of pension schemes to increase pension schemes’ ability to deploy capital into UK private capital funds are vital, as is greater industry partnership.

    The BVCA’s Investment Compact has already brought together over 100 growth equity and venture capital firms committed to working with pensions schemes to consider effective structures that attract investment.

    If the Government is ambitious and considers a wide range of options in this review we are optimistic that this will deliver the clear roadmap we have called for, building on the work of the BVCA’s Pensions and Private Capital Expert Panel.

    Aviva Director of Workplace Savings and Retirement Emma Douglas said:

    We welcome the government’s determination to undertake a pensions review as an early priority. We fully support government’s ambition to get pension funds invested in a way that both supports UK growth and improves outcomes for savers. We see this as an important next step and look forward to working with government and industry on the Review.

    Phoenix Group CEO Andy Briggs said:

    The announcement of a pensions review by the government is much needed and is welcome news. Phoenix Group has committed to allocate 5% of assets in our default funds to unlisted equities by 2030 which will allow UK savers to invest in a more diversified portfolio. Our key priority is to deliver good outcomes for our customers and we are confident that Phoenix Group could invest up to £40 billion to support the economic growth agenda whilst keeping policyholder protection at its core.

    With only one in seven people in the UK saving enough for a decent standard of living in retirement, we are happy to see that this review will expand to look at pension adequacy. This is vitally important for people across the UK and we hope this will include a commitment to increasing auto-enrolment contributions.

    Defined contribution schemes will be managing around £800 billion in assets by the end of the decade and the Review will explore ways to increase their investment into productive assets. Even a 1 percentage point shift of assets into productive investments could mean £8 billion of new productive investment to grow the economy and build vital infrastructure by the end of the decade.

    This would also help savers using these schemes build up better retirement pots as productive assets are more likely to provide higher returns. Immediate action has already been taken to boost retirement savings through the Pensions Bill, which introduces a Value for Money Framework to promote better governance and achieve higher returns – boosting the pension pot of an average earner who saves over their lifetime in a defined contribution scheme by over £11,000.

    The first stage of the review will examine actions to support greater productive investment and better retirement outcomes, including through further consolidation and encouraging at-scale schemes to increase returns through broader investment strategies.

    The Local Government Pension Scheme (LGPS) in England and Wales is the seventh largest pension fund in the world, managing £360 billion worth of assets. Its value comes from the hard work and dedication of 6.6 million people in our public sector, mostly low-paid women, working to deliver our vital local services. Pooling this money would enable the funds to invest in a wider range of UK assets and the government will consider legislating to mandate pooling if insufficient progress is made by March 2025.

    To cut down on fragmentation and waste in the LGPS, which spends around £2 billion each year on fees and costs and is split across 87 funds – an increase in fees of 70% since 2017, the Review will also consider the benefits of further consolidation.

    The first stage of the review will report in the next few months and consider further measures to support the Pensions Bill. It will take account of the need to prioritise gilt market stability, liquidity and diversity. It will then broaden out to consider the wider pensions landscape to strengthen security in retirement. In the meantime, immediate action has been taken through new laws announced to Parliament in The King’s Speech.

    Barclays CEO C. S. Venkatakrishnan said:

    We welcome the Government’s timely review of the pensions sector. Pensions reforms are critical to unlocking institutional investment in growth equity, and alongside a streamlining of listing requirements, will give a significant boost to UK capital markets and growth. Building institutional demand is also an important signal in encouraging private share ownership.

    Association of British Insurers Director General Hannah Gurga said:

    This review is an important opportunity to provide much needed long-term strategy for the significant role the UK pensions sector plays in investment and economic growth. We welcome the holistic approach with the interests of savers going hand in hand with further boosting investment in the UK. Good outcomes for savers and providing stability must ultimately be at the heart of the reforms and we look forward to working with the government to achieve this.

    M&G plc CEO Andrea Rossi said:

    A Pensions Review is long overdue and to be welcomed. M&G has a rich heritage of investing in the UK and there are significant opportunities ahead to give the real economy a boost over the next decade and beyond. We know from experience, through our PruFund offer, that a large pooled fund gives savers access to a wider range of productive assets that aims to maximise benefits over the long-term. Consolidation, combined with the role of advice, has huge potential to align the interests of savers with the UK’s growth ambition. We look forward to supporting the Government on this landmark review.

    Border to Coast CEO Rachel Elwell said:

    Our focus is on delivering a strong and sustainable LGPS to enable it to pay the pensions of the 6.6 million local government workers in an affordable and sustainable manner.  Through the commitment and support of our Partner Funds, Border to Coast has developed innovative and cost-effective investments, while cutting Private Market fees by almost 30%.   We welcome the opportunity to work with the Government on a co-ordinated review to consider how the LGPS can continue to deliver for hard-working members, generate even greater value to local taxpayers, and deliver productive investment in the UK.

    Nest CEO Ian Cornelius said:

    Nest members represent a third of the UK workforce. Why wouldn’t we want to help invest in their jobs, their communities, and the infrastructure they use? Nest already invests more than £8.5bn into the UK.  As one of the world’s biggest economies, there are further great investment opportunities available to pension schemes like Nest and we welcome the opportunities being announced to explore increasing investment in the UK.

    Pension Protection Fund CEO Michelle Ostermann said:

    Pension consolidation, and a fresh approach, can unlock billions in new UK growth-supporting investments and support the UK gilt market whilst securing the retirement incomes of many more pension members.  We welcome the launch of the government’s review, marking the start of an important process, and look forward to playing our part.

    Pensions and Lifetime Savings Association Director of Policy and Advocacy Nigel Peaple said:

    It is positive the Government has acted quickly to initiate its promised review of our pensions savings system. Pension schemes already invest one trillion pounds in the UK economy, with this amount expected to grow as our defined contribution system matures. With the right regulatory framework and Government action to ensure a healthy pipeline of investible opportunities, we look forward to working with Ministers to create a pension system that works for the country and for savers.

    Pensions & Private Capital Expert Panel Chair and co-founder of IQ Capital Kerry Baldwin said:

    An early and ambitious review of the pensions landscape is an extremely important step in prioritising returns for UK savers and driving economic growth. The Chancellor’s Pensions Review will add further impetus to the work of the Investment Compact for Venture Capital and Growth Equity, which has brought together the private capital and pensions industries to support pension savers and to encourage investment from pension funds into unlisted equities.

    There has been significant progress through this collaboration.  We are already developing a greater understanding of the ways we can work together to deliver new options for UK pension savers at the same time as supporting high growth, innovative UK companies with new sources of capital. The Review offers us the opportunity to develop this shared agenda further and deliver better outcomes for all the stakeholders.

    TheCityUK CEO Miles Celic said:

    Creating the right investment environment is critical both for improving people’s retirement incomes and for boosting growth across the UK. The government’s new Pensions Review will be an important mechanism to help deliver this. We look forward to working closely with government and regulators to ensure that an effective long-term strategy that supports financial resilience is developed.

    Royal London Group Chief Executive Barry O’Dwyer said:

    Pensions already play an important role in supporting UK economic growth, and the review announced by the Chancellor is a welcome opportunity to consider reforms that could strengthen this further. We are particularly pleased the review will focus on delivering better retirement outcomes for people, as this must always be the main priority of the pensions system. We are also encouraged that the next phase of the review will examine retirement adequacy, as creating a long-term plan for increasing contributions will have a major impact on improving retirement outcomes and helping to finance growth.

    Citi UK CEO Tiina Lee said:

    We welcome the Government announcing a pensions review to boost investment in the UK economy.

    The UK is home to the second-largest pool of long-term capital in the world. Based on Citi’s experience with global investors, increasing pension fund investment will reinvigorate funding in British companies and infrastructure projects and bring real benefits to our economy and society.

  • PRESS RELEASE : The UK is ready to work with regional partners across the globe to build stability – UK statement at the UN Security Council [July 2024]

    PRESS RELEASE : The UK is ready to work with regional partners across the globe to build stability – UK statement at the UN Security Council [July 2024]

    The press release issued by the Foreign Office on 19 July 2024.

    Statement by UK Permanent Representative to the UN Ambassador Barbara Woodward at the UN Security Council meeting on cooperation between the UN and regional organisations.

    I will make three points. First, the UK supports regional organisations playing a role in upholding peace and security in their regions. This includes regional peacekeeping partnerships that reflect the UN’s common values and principles, including respect for human rights. For example, the EU’s Operation Althea and the OSCE’s operation in Bosnia has helped facilitate the implementation of the Dayton Peace Agreement. The OSCE is undertaking important work on a wide array of security issues in Central Asia and the South Caucasus.

    Second, to carry out this role effectively, regional organisations need to be responsive to the needs of their members, and act in line with the UN Charter. To the extent that the these organizations are willing to do this, they can play a constructive role in their regions. All States have a sovereign right to choose their own security partnerships, including military alliances. Participation cannot be coerced. “Collective security” does not mean a sphere of influence, and “cooperation” does not require subjugation of sovereignty. Russia’s aggression against Georgia in 2008, and against Ukraine in 2014 and 2022, undermines the role of regional organisations in the neighbourhood, particularly the CSTO. Georgia and Ukraine withdrew from CIS due to this violation of their sovereignty.

    Third, the UK warmly welcomes the Central Asian region’s strong engagement with the UN, underlined by the Secretary-General’s regional tour this month, and the work of UN bodies such as UNDP and UNOCT in the region. We look forward to next week’s consultations on UNRCCA, which makes a valuable contribution to security in the region, including counter-terrorism, and women, peace and security. The UK also values our own relations with the Central Asian states. Earlier this year, we launched a regional climate programme that will help improve Central Asia’s climate resilience by strengthening regional cooperation on water and energy. And we look forward to COP 29 in Azerbaijan. There are no binary choices in partnerships – the UK is ready to work with regional partners across the globe to build stability and security, promote growth and tackle global challenges.

  • PRESS RELEASE : Russia’s war threatens food security – UK statement to the OSCE [July 2024]

    PRESS RELEASE : Russia’s war threatens food security – UK statement to the OSCE [July 2024]

    The press release issued by the Foreign Office on 19 July 2024.

    Justin Addison, UK Delegation to the OSCE, tells the OSCE’s Economic and Environmental Committee (EEC) that Russia is prioritising its own aims above global food security.

    Mr Chair,

    The UK delegation would like to thank the Austrian chair of the EEC for convening this session to discuss food security. As you rightly said at the start, conflict situations in regions key to global food trade can severely impact food security.

    Ukrainian grain exports are crucial in ensuring global food security and the resilience of global grain markets. Before Russia’s illegal full-scale invasion, Ukraine accounted for around 10% of global wheat exports and 12% of corn and barley exports.

    Russia has cynically attempted to prevent Ukraine from exporting its grain, prioritising its own aims above global food security. In 2023, it deliberately obstructed and then withdrew from the Black Sea Grain Initiative, after which it deliberately attacked Ukraine’s grain storage and export infrastructure.

    However, these attempts have failed. Ukraine’s military successes have now pushed back Russia’s Black Sea Fleet, enabling it to resume exports from its Black Sea ports. Since last summer, Ukraine has exported 36 million tonnes of agricultural produce and 17 million tonnes of other cargo through the Black Sea. Through all routes, Ukraine has now exported all its harvest from 2023.

    There is ample evidence that Russia is also systematically acquiring grain from occupied Ukrainian territory and selling it on, with farmers forced to sell their produce to occupation authorities. This is grain which Ukraine should rightfully be supplying to world markets, instead of either being transferred to Russia for consumption or sold abroad, passed off as Russian grain.

    All buyers of Russian grain, including those represented in this committee, should consider these facts when making purchasing decisions.

    Russia often likes to claim that Western sanctions are hindering its agricultural exports. We have always been clear that the target of our sanctions is Russia’s war machine and not its food and fertiliser sectors. The UN and other partners have taken significant steps to ensure that Russian food is able to access world markets.

    Mr Chair, food security is another casualty of Russia’s unnecessary and unprovoked war, and Ukraine’s response is another example of their resistance in the face of such aggression. Ukraine’s ability to export and trade freely, efficiently and economically is vitally important in stabilising global food prices and preventing global food shortages.

    This aim will only be achieved when President Putin decides to end this senseless war and fully withdraws from Ukrainian territory.

    Thank you.

  • PRESS RELEASE : UK to restart funding to UNRWA [July 2024]

    PRESS RELEASE : UK to restart funding to UNRWA [July 2024]

    The press release issued by the Foreign Office on 19 July 2024.

    • Foreign Secretary David Lammy has announced that the UK will restart funding to UNRWA in order to get aid as quickly as possible to those who need it in Gaza
    • in statement to MPs, Lammy said UK aid funding to Gaza is a “moral necessity in the face of such a catastrophe”
    • the Foreign Secretary also reiterated calls for an immediate ceasefire to secure the release of hostages and end the suffering in Gaza, following his visit to the region earlier this week

    The Foreign Secretary has announced that the UK will lift the pause on funding to the UN Relief and Works Agency (UNRWA), the key aid delivery body operating in Gaza.

    In his first statement to MPs, the Foreign Secretary outlined that the UK will release £21 million to support its lifesaving work in Gaza and the provision of basic services in the region.

    This funding will go towards UNRWA’s flash appeal for Gaza and the West Bank, which focuses its resources on emergency food, shelter and other support for 3 million people, as well as its wider work supporting 6 million Palestinian refugees across the region.

    The Foreign Secretary said to Parliament:

    Humanitarian aid is a moral necessity in the face of such a catastrophe and it is aid agencies who ensure UK support reaches civilians on the ground.

    UNRWA is absolutely central to these efforts. No other agency can get aid into Gaza at the scale needed.

    I was appalled by the allegations that UNRWA staff were involved in the 7th October attacks. We are reassured that after Catherine Colonna’s independent review, UNRWA is ensuring they meet the highest standards of neutrality and strengthening its procedures, including on vetting.

    UNRWA has acted. Partners like Japan, the EU and Norway have now acted. This government will act too.

    The UK’s funding for UNRWA was paused in light of allegations by Israel that 12 staff were involved in the 7 October attack against Israel. Following an independent review by Catherine Colonna and the subsequent action plan UNRWA has provided setting out detailed management reforms, the government is confident that UNRWA is taking action to ensure it meets the highest standards of neutrality.

    Today’s announcement brings the UK into line with partners such as Germany, the EU, Sweden, Japan, France and other donors.

    UNRWA is the main provider of humanitarian relief within Gaza, and other UN and humanitarian actors depend on UNRWA’s distribution network to get aid to those who need it most. UNRWA has provided 1.15 million people facing devastating hunger in Gaza with food parcels.

    The Foreign Secretary spoke with UN Secretary General Guterres last night to confirm the UK’s decision to restart funding and discuss the UN’s vital role in providing humanitarian assistance in Gaza.

    International Development Minister Anneliese Dodds will meet UNRWA Commissioner General Lazzarini today to discuss how the funding will support UNRWA’s work and condemn the killing of almost 200 UNRWA workers in the conflict.

    International Development Minister Anneliese Dodds said:

    The situation in Gaza is intolerable and unacceptable and urgent action is needed to alleviate the suffering of civilians there.

    UNRWA is the only agency that can deliver lifesaving humanitarian aid at the scale needed. But it can only operate effectively if it has access to the whole of Gaza and it is safe for UNRWA staff to work there.

    That’s why we are calling for unfettered access for humanitarian organisations alongside an immediate ceasefire, the protection of civilians, the release of all hostages and a credible and irreversible pathway towards a two-state solution.

    The Foreign Secretary also set out in Parliament today his wider plan to reach an end to the conflict in Gaza. He made clear the immediate priority is a ceasefire complied with by both sides, the release of all hostages and a surge of aid into Gaza.

    The Foreign Secretary said to Parliament:

    Britain wants to see an immediate ceasefire. The fighting must stop. The hostages must be released. Much, much more aid has got to enter Gaza…. This horror must end, now.

    The Foreign Secretary raised the urgent need for the conflict to end during his meetings with Israeli and Palestinian leaders during his visit to Israel and the Occupied Palestinian Territories on 14 to 15 July.

    As part of the visit, the Foreign Secretary announced that the UK will provide another £5.5 million this year to UK-Med to fund their life-saving work in Gaza. This funding will be used to support the ongoing work of their field hospitals and the emergency department at Nasser Hospital.

    In the long-term, the Foreign Secretary outlined that the UK is focused on creating a pathway towards a two-state solution which guarantees security and stability for Israelis and Palestinians.

    He made clear that any long-term solution must include a crackdown on the rise in settler violence and settlement expansion and a reformed Palestinian Authority, given the powers and resources it needs to govern effectively.

    Background

    • the UK will provide £6 million to the Gaza flash appeal, through which UNRWA is specifically focusing its support to address the most urgent needs of more than 3 million people in Gaza and the West Bank
    • a further £15 million with be disbursed to UNRWA’s programme budget to provide basic services in the Occupied Palestinian Territories and wider region
    • last week, the UK signed a joint statement alongside more than 117 member states including the US, Germany, Jordan, Kuwait and Slovenia, making clear their shared commitment and support to the “vital and indispensable role” of UNRWA in providing life-saving aid to generations of Palestinian refugees
    • the UK’s funding for UNRWA was paused in light of allegations by Israel that 12 staff were involved in the 7 October attack against Israel. The government is assured the UN agency is taking action to ensure it meets the highest standards of neutrality, after seeing the independent investigation by Catherine Colonna, and the subsequent action plan UNRWA has provided setting out detailed management reforms
    • the UK’s position is now in line with partners such as Germany, EU, Sweden, Japan, France, Canada, The Netherlands, Australia, Italy, Austria, Finland, Iceland, Romania and Estonia