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Tag: Press Release

  • PRESS RELEASE : £34 million funding boost for Greater Manchester A34 improvements [November 2023]

    PRESS RELEASE : £34 million funding boost for Greater Manchester A34 improvements [November 2023]

    The press release issued by the Department for Transport on 30 November 2023.

    Funding will help to reduce congestion, improve connectivity and generate more than £72 million in benefits for Greater Manchester and Stockport.

    • government confirms almost £34 million to tackle congestion, reduce journey times and improve connectivity on the busy A34 corridor, supporting housing, economic growth and jobs
    • follows £1.2 billion to repair roads in the North West and improve journeys for all through Network North plans
    • pedestrians and cyclists can enjoy fresh opportunities for active, sustainable travel thanks to new pedestrian and cycle pathway along the route

    Millions of people in Greater Manchester and Stockport will benefit from reduced congestion and better connectivity thanks to nearly £34 million in government investment to deliver crucial improvements to the A34 between Cheadle and Handforth.

    Today (30 November 2023), Roads Minister, Guy Opperman, visited Stockport to lay the first spades in the ground as he confirmed works can start on the A34 corridor improvement scheme.

    With the A34 long plagued by traffic bottlenecks, the £33.6 million government investment will tackle congestion and reduce local journey times, particularly to Manchester Airport, and is expected to generate more than £72 million in direct economic benefits for Greater Manchester and Stockport.

    The project will also benefit those who choose to walk and cycle by creating a new segregated pedestrian and cycle route running along the A34, providing new opportunities for active and sustainable travel.

    The A34 improvements follow £1.2 billion announced earlier in November to repair roads across the North West, part of the unprecedented £8.3 billion boost from Network North to improve journeys for all and resurface over 5,000 miles of roads across England.

    Roads Minister, Guy Opperman, said:

    We have invested nearly £34 million into improving the A34, easing congestion and improving safety for local drivers while helping to improve connections to grow the economy across Stockport, Greater Manchester and the North West.

    It was great to visit Cheadle today and hear first-hand how our funding will help improve one of Stockport’s key roads as we work hard to keep this country moving and back drivers.

    On top of the government’s £33.6 million funding boost, Stockport Council and local third-party funders will provide just under £10 million for a total of £43 million joint investment in the scheme.

    The improvements will boost access to the Cheadle Royal Business Park and the Stanley Green business area, and include a new pedestrian subway for pupils and staff at Kingsway School, giving parents peace of mind that their kids can walk safely to school.

    Councillor Mark Roberts, Deputy Leader of Stockport Council, said:

    This latest milestone in the project is a vote of confidence in the borough and fantastic news for Stockport.

    This work aims to encourage and support more sustainable forms of transport and more accessible and safer routes while also improving junctions and traffic flow on a road area that has been a challenge for many years.

    We believe this new scheme will help to encourage active travel by encouraging and enabling our residents to make healthier choices when they travel around our borough, as well as for those that need to use a car.

    Councillor Grace Baynham, Cabinet Member for Highways, Parks and Leisure Services, said:

    The A34 is a vital route in the borough, and this investment will bring a host of benefits to not only the A34 corridor, but Stockport as a whole.

    Construction will start as soon as possible and will be delivered in phases to minimise disruptions for all road users. The package of improvements is set to be completed by spring 2027.

    The improvements to the A34 also come alongside the Plan for Drivers announced in October, which includes £70 million to keep traffic flowing, updating 20 mph zone guidance for England to help prevent inappropriate blanket use, and measures to speed up the rollout of electric vehicle charging.

  • PRESS RELEASE : Fattah-2 missile unveiling – E3 joint statement [November 2023]

    PRESS RELEASE : Fattah-2 missile unveiling – E3 joint statement [November 2023]

    The press release issued by the Foreign Office on 30 November 2023.

    The UK, France and Germany have issued a joint statement in response to Iran’s announcement on the unveiling of the Fattah-2 missile system.

    E3 statement on Iranian Fattah-2 missile announcement:

    The E3 – France, Germany and the United Kingdom – condemn the unveiling of a further new ballistic missile variant by Iran on 19th November. Iran continues to develop its missile programme despite repeated international calls to halt it, and after years of disregarding UN restrictions.

    Iran’s continued development of its ballistic missile programme follows continued nuclear escalation, beyond all credible civilian justification, and previously conducted research on nuclear weapons delivery. These escalations also highlight the grave threat Iran poses to global and regional security.

    The E3 remain committed to taking every diplomatic step to prevent Iran from developing nuclear weapons and to holding Iran to account for its destabilising activity around the region and internationally.

  • PRESS RELEASE : OSCE Ministerial Council Plenary 2023 – UK statement [November 2023]

    PRESS RELEASE : OSCE Ministerial Council Plenary 2023 – UK statement [November 2023]

    The press release issued by the Foreign Office on 30 November 2023.

    UK Minister for Armed Forces James Heappey says the UK will ensure that Ukraine prevails and that OSCE principles should be the foundation of peace in Europe.

    Thank you, Foreign Minister Osmani.

    I wanted to begin by paying  tribute to you, for your personal leadership of the OSCE in such difficult times. And to the Secretary General and her staff.

    Our thoughts are with those OSCE personnel cruelly detained by Russia. They must be released, immediately.

    As our new Foreign Secretary said at dinner last night, we face a daunting set of challenges. But these only make clear why we must back the OSCE.

    The return of war to Europe only underlines the enduring value of this institution.

    OSCE principles of sovereignty, territorial integrity, and non-use of force should be the foundation of peace on the European continent.

    Russia has trampled on these principles with devastating results.

    Ukraine is fighting not just for its freedom but the right of all nations to make sovereign choices free from coercion.

    Sustaining Ukraine’s success means sustaining our support.

    The UK will continue to provide the economic, military, humanitarian, and diplomatic support to ensure that Ukraine prevails.

    We want them to secure the lasting peace that their people deserve and that the European continent needs.

    Nor can we waver in holding Russia to account for its actions against OSCE principles and commitments. Commitments that it co-wrote.

    The OSCE has played a key role through the Moscow Mechanism reports in exposing the appalling reality of Russian atrocities in Ukraine.

    Given the crucial role of the OSCE in holding Russia to account, it is no surprise to see their continued efforts to undermine this organisation.

    We are delighted that in Malta we have a highly qualified Chair in Office.

    But we also need an agreed and appropriate budget.

    And above all we need institutional leadership as well.

    All four job holders are carrying out their mandates extremely effectively and should be extended for at least a year.

    The OSCE was forged in the middle of the Cold War.

    Since then, it has had Britain’s full support.

    Russia is failing in its illegal war.

    And failing in its attempts to disrupt this organisation.

    We must deliver a strong, functioning and adequately resourced OSCE.

    We owe it to the OSCE’s founders, to our citizens, and to future generations to have an effective Organization.

  • PRESS RELEASE : Lionesses trailblazing success recognised with £30 million fund [November 2023]

    PRESS RELEASE : Lionesses trailblazing success recognised with £30 million fund [November 2023]

    The press release issued by the Department for Culture, Media and Sport on 29 November 2023.

    New £30 million fund to deliver approximately 30 new facilities to support more women and girls into grassroots sport.

    • New £30 million fund to deliver approximately 30 new state of the art 3G pitches at sites supporting women’s and girls’ teams across England
    • Culture Secretary announces investment as she joins Lionesses training session at St George’s Park, following UEFA EURO 2022 and FIFA World Cup 2023 success
    • Move underlines major Government drive to get 2.5 million more adults and 1 million more young people active by 2030

    Thousands of women and girls across England are set to benefit from a substantial £30 million cash injection from the Government and The Football Association (FA) to turbocharge the development opportunities for the next generation of Lionesses.

    Following their triumph at UEFA EURO 2022 and their run to the final of FIFA World Cup 2023, the Government has announced an additional £30 million that will build approximately 30 new state-of-the-art 3G pitches and accompanying facilities. These sites will be designed to prioritise women’s and girls’ teams across England. They will be delivered by the Government, the Premier League and The FA’s Football Foundation.

    Reserved peak-time slots, women and girls only evenings and priority booking for women’s and girls’ teams will be introduced at every one of these sites to drive up participation and support the demand to play whatever the motivation. The facilities will provide dedicated female changing rooms, shower facilities and accessible toilets.

    The Government is providing £25 million funding, with The FA contributing £5 million, to further cement the Lionesses and Government’s shared target of inspiring more women and girls to get into sport and physical activity. The Government recently published its new sport strategy which set out its ambitious aim to get 2.5 million more adults and 1 million more children active by 2030. Former Lioness Jill Scott sits on the National Physical Activity Taskforce to advise the Government on how to achieve this ambition.

    The Culture Secretary made the special announcement to the Lionesses squad in person following a training session at St George’s Park, the home to England’s national football teams. It comes ahead of the team’s crucial UEFA Women’s Nations League match against the Netherlands at Wembley Stadium on Friday 1 December.

    Culture Secretary Lucy Frazer said:

    The Lionesses display incredible talent and have achieved highly prized success. Their Euros victory gripped the nation, their success getting through to the World Cup final lifted the national mood.

    During the World Cup I said that we would do everything possible to support women and girls’ football so we can watch our Lionesses roar on the world stage for generations to come. Today, along with The FA I am launching a £30 million fund to make sure the next generation of girls have equal opportunities to get into sport.

    Building on our unprecedented support for grassroots facilities, this is just the latest move in our commitment to invest in women and girls’ grassroots sport facilities, and ensure the squad’s legacy lives long into the future.

    Today’s funding uplift comes on top of the Government’s existing investment of more than  £400 million in grassroots sports across the UK. Alongside investments in park tennis courts and swimming pools, the multi-sport grassroots facilities programme – which has so far delivered upgrades to 2,200 different facilities – requires 40% of funding goes to supporting participation by under-represented groups, such as women and girls and those with disabilities.

    The new Lionesses Futures Fund builds upon that commitment, with the Football Foundation building on its existing pipeline in 2024/25 to invest in 30 new state-of-the art artificial grass pitches.

    FA CEO Mark Bullingham said:

    We are delighted to work alongside DCMS to commit this funding to the Football Foundation as it will make a tangible difference to women’s and girls’ football. The biggest obstacle to participation is access to pitches and this investment will provide high quality facilities in communities across the country that need them the most.

    This funding will only be made available to facilities with women’s and girls’ football provision at their core. The local pitch is where it all starts and we hope this will help women and girls from all communities and of all ages to play the sport. For some a game of football will be simply a source of happiness and health, for others it might be a competitive challenge and for a few it will be the start of a journey to the top of the game. Whatever the motivation these facilities are designed to support the players.

    The Lionesses were crucial to this funding and it again showcases the impact they have on our country. Their performances on the pitch have driven societal change and equal opportunities, and this is another tangible example of the legacy they continue to create. We’re proud to work alongside them and are grateful for everything they continue to do.

    England’s FIFA World Cup 2023 Captain Millie Bright said:

    We’re proud to have been able to give the nation a lot to cheer in the last 18 months through what we’ve achieved on the pitch but we’ve been clear we want to drive change off the pitch too.

    One of our collective biggest motivations and core values is for females across the country to have equal opportunity. We are really pleased to see the commitment towards this funding and the promise that this will be prioritised for the growth of women’s and girls’ football so whatever the motivation to play, there is a safe and accessible area for females to go to.

    Robert Sullivan, CEO of the Football Foundation said:

    Thanks to the ‘Lionesses Futures Fund’ our ambition to deliver more facilities that prioritise access for women and girls to play football has been accelerated. This new fund is an exciting next step in our determination to support the rapid growth of the women and girls’ game.

    Over 8,500 women and girls’ football teams are playing at sites that have received funding from the Football Foundation, whether that be for new goalposts, improved grass pitches or brand-new changing pavilions and 3G pitches. From the roots up we want to deliver better pitches ensuring healthier lives and stronger communities. Thanks to the funding of the Government, the Premier League and The FA we will ensure every community has a great place to play.

    Following the Lionesses winning the UEFA EURO 2022 tournament, the Government, Premier League and The FA announced they would honour their achievement by naming 23 grassroots facilities delivered by the Football Foundation across the country after the entire Lioness squad. Former Lioness Jill Scott and current squad members Ella Toone and Rachel Daly have so far had sites named in their honour in Newcastle, Wigan and Harrogate.

    The move was then followed up by a commitment from the Prime Minister to respond to the Lionesses’ call for equal access to football  in schools for boys and girls. The Government responded to these calls and continues to make progress on achieving its commitment to equal access to PE and sport for girls in schools, supported by £600 million through the PE and School Sports Premium.

    In 2022, the Government commissioned former Lioness Karen Carney MBE to conduct a major review on the future of the domestic women’s game. Her Review delivered a series of recommendations on the route to lift minimum standards and deliver bold and sustainable growth at elite and grassroots levels. The Government is due to publish its official response in the coming weeks.

  • PRESS RELEASE : British people smuggler jailed after casino receipt blunder [November 2023]

    PRESS RELEASE : British people smuggler jailed after casino receipt blunder [November 2023]

    The press release issued by the Home Office on 29 November 2023.

    A British man who smuggled 4 Albanian migrants into the UK in his campervan has been jailed for 15 months after being foiled by a receipt from a Belgian casino.

    Border Force found the men hidden in the showers and bunks of Oozy Hughes’ van when it was stopped at Harwich Port in March 2018.

    Hughes, also known as Mark Newton, was arrested for facilitating illegal entry to the UK. When interviewed at Chelmsford Police Station, he claimed he had hired the van to drive to Spain and returned to the UK by ferry from Santander.

    However, his lies began to unravel when officers discovered the receipt from a casino in northern Belgium in his van, showing he had been there earlier that day to participate in a ‘Fantastic Fridays’ competition to win a 100-gram gold bar.

    A subsequent investigation uncovered further evidence against him. GPS data from the campervan, which had been hired 2 days earlier, proved it had travelled through Belgium to the Netherlands, not Spain as Hughes had claimed.

    Home Office Criminal and Financial Investigation teams also obtained text messages and call records from his mobile phone.

    One message, sent on the day of the smuggling attempt, read “Holland Casino”.

    Several calls had been made on the same day, including 2 to numbers the Home Office had linked to a Belgian people smuggling ring.

    Further evidence recovered from the campervan included a receipt for a fuel purchase in Belgium and a parking ticket from Rotterdam from the day of Hughes’ arrest.

    Hughes, who made no mention of knowing anyone in Belgium or the Netherlands when interviewed, was subsequently charged with facilitating illegal entry to the UK.

    He pleaded guilty and was sentenced at Chelmsford Crown Court today.

    Chris Foster, Deputy Director of Criminal and Financial Investigations at the Home Office, said:

    Today’s sentencing follows a complex and long-running investigation by my officers who have worked hard to bring this investigation to a positive conclusion.

    This criminal worked with organised gangs overseas in his attempt to exploit our border. I’m pleased to see that he has been brought to justice and grateful to my teams for their tireless work on this case.

  • PRESS RELEASE : Government introduces new Post Office Compensation Bill [November 2023]

    PRESS RELEASE : Government introduces new Post Office Compensation Bill [November 2023]

    The press release issued by the Department for Business and Trade on 29 November 2023.

    The government has today introduced the Post Office (Horizon System) Compensation Bill to the House of Commons.

    • New legislation will ensure all those exposed to the IT scandal do not miss out on compensation
    • Following feedback from the Horizon IT Inquiry, government takes action to enable paying back claimants past arbitrary deadline
    • The Post Office scandal is one of the biggest miscarriages of justice in history and new law will ensure victims get the compensation they deserve

    The government has today [29 November 2023] introduced the Post Office (Horizon System) Compensation Bill to the House of Commons to ensure that the trailblazers who exposed the scandal do not miss out on compensation because of an arbitrary deadline.

    The Horizon IT Inquiry, chaired by Sir Wyn Williams, is responsible for ensuring there is a public summary of the failings which occurred with the Horizon IT system at the Post Office leading to the wrongful suspension, termination of postmasters’ contracts, prosecution and conviction of postmasters.

    Following recommendations from Sir Wyn, Ministers have brought forward legislation to allow compensation to be paid under the Group Litigation Order (GLO) scheme past the 7 August 2024 deadline if needed.

    Minister for Postal Affairs Kevin Hollinrake said:

    The Post Office Scandal is widely described as the biggest miscarriage of justice in our history, and it is imperative that the victims get the justice and compensation they deserve.

    I am determined that lessons are learnt from this scandal to prevent anything like this ever happening again. This Bill will ensure postmasters aren’t tied to an arbitrary deadline when making their claims or unnecessarily pressurised.

    The government is determined to make compensation claims as soon as possible, and by the current deadline of August 2024. However, time needs to be taken to assess more complex claims, so postmasters receive full and fair compensation and are not unduly rushed into making a decision on their claims.

    The GLO Scheme was launched in March 2023 and was designed to compensate postmasters who exposed the Post Office Horizon Scandal from the 1990s.

    Lord Arbuthnot, Member of the Horizon Compensation Advisory Board, said:

    I welcome the principle of the Government’s Bill lifting the deadline on compensation payments under the Group Litigation Scheme.

    We shall have to look at the precise details, but the Bill confirms that the Government does intend to provide full and fair compensation to the sub-postmasters and will not be deflected from that by arbitrary timescales.

    Nevertheless, speed of payment is of the essence, and the Advisory Board will do all we can to ensure that payments are made as early as possible.

    Today’s update builds on this government’s action to seek to right the wrongs of the past, including our announcement in September 2023 in supporting the Post Office to make an upfront offer of £600,000 to postmasters whose Horizon-related conviction has been overturned.

    In total, £132 million has been paid to over 2,700 claimants across the Horizon Shortfall Scheme, Overturned Convictions Scheme and Group Litigation Order scheme.

  • PRESS RELEASE : UK Special Envoy calls for politicians to deliver for all the citizens of Bosnia and Herzegovina [November 2023]

    PRESS RELEASE : UK Special Envoy calls for politicians to deliver for all the citizens of Bosnia and Herzegovina [November 2023]

    The press release issued by the Foreign Office on 29 November 2023.

    The UK Prime Minister’s Special Envoy for the Western Balkans Lord Stuart Peach paid a visit to Bosnia and Herzegovina (BiH) from 26 to 29 November 2023.

    Lord Peach began with a visit to the Srebrenica Memorial Centre where he heard about the Centre’s efforts to create a long lasting, world renowned place of research and history. In his meeting with young people working at the Memorial Centre he emphasised the vital role of this institution in ‘helping all of us to understand what happened, how to explain it, how to build dialogue and how to learn lessons to prevent any repeat’.

    In Sarajevo, Lord Peach met with a range of government and non-governmental representatives, as well as the representatives of the International Community including Commander of the EUFOR General Major Habermayer and the Head of the EU Delegation/EUSR Sattler. In separate calls with BiH Presidency Chairman Zeljko Komsic and member Denis Becirovic, he reiterated the UK’s continued support to BiH’s Euro-Atlantic path and to BiH efforts towards greater security, stability and prosperity for all.  In conversation with Mayor Karic and the Sarajevo City Assembly Speaker Jasmin Ademovic Lord Peach welcomed their initiative to support victims of GBV across the country and to promote greater protection for vulnerable groups.

    At the conclusion of his visit, Lord Peach noted the experience and commitment to the country’s progress shown by civil society and some political leaders. He encouraged his interlocutors to remain committed to constructive cooperation, dialogue and compromise, as the only way to deliver for citizens.

    Lord Peach reflected on his visit saying:

    As I depart from my visit to BiH, I urge all in government to continue the positive momentum for all citizens. In our disturbed world, now more than ever, we should work together on our values and a better future. Not to give in and join in ethnic division, hate speech and those who revel in the past. The young people of this country deserve a better future.

  • PRESS RELEASE : David Craig and Tony Hall appointed as Trustees to The Natural History Museum Board [November 2023]

    PRESS RELEASE : David Craig and Tony Hall appointed as Trustees to The Natural History Museum Board [November 2023]

    The press release issued by the Department for Culture, Media and Sport on 29 November 2023.

    The Prime Minister has appointed David Craig and Tony Hall as Trustees of The Natural History Museum Board for a term of four years.

    David Craig

    Appointed from 01 November 2023 until 31 October 2027.

    David has 30 years of experience in financial markets data and technology and is seen as a world expert in the data, technology and market infrastructure required to drive sustainable markets.

    David Craig is co-chair of the Taskforce for Nature-related Financial Disclosures (TNFD) and Advisory Board member of the Sustainable Markets Initiative (SMI) launched by His Majesty King Charles III. He is a member of the IAPB (International Advisory Panel for Biodiversity Credits) and recently joined the Board of the Natural History Museum as digital and innovation Trustee.

    David was the founder and CEO of Refinitiv, one of the world’s largest data and technology providers for financial markets. He was previously founder and CEO of the Governance, Risk and Compliance (GRC) business and head of strategy at Thomson Reuters and Reuters plc. He spent 8 years as a partner at McKinsey focusing on technology and financial services clients.

    David is a private investor in natural capital, Board Advisor to Triple Private Equity, director of the Green Finance Institute PMO in London and has recently been advising the Bank of England on Data and Nature Risks.

    Tony Hall

    Appointed from 01 November 2023 until 31 October 2027.

    Tony Hall, Lord Hall of Birkenhead CBE  was Director General of the BBC for nearly eight years and before that Chief Executive of the Royal Opera House. He was Chair of the Cultural Olympiad in 2012, sitting on the Board of LOCOG.

    Tony was also Deputy Chair of Channel 4, inaugural chair of Creative and Cultural Skills Council, and Chair of the Theatre Royal Stratford East. Since leaving the BBC he sits on the Communications Select Committee in the Lords as a cross bencher, is Chair of the City Of Birmingham Symphony Orchestra, Chair of the social work charity Frontline and  a Trustee of the National Trust. He is the author of two books – on coal and nuclear power – and has just been awarded the Pierre de Courbetin medal for outstanding service to the Olympic movement.

    Remuneration and Governance Code

    Trustees of the Natural History Museum are not remunerated. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments. The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. David Craig and Tony Hall have not declared any significant political activity.

  • PRESS RELEASE : Trustee reappointed to Royal Museums Greenwich [November 2023]

    PRESS RELEASE : Trustee reappointed to Royal Museums Greenwich [November 2023]

    The press release issued by the Department for Culture, Media and Sport on 29 November 2023.

    The Prime Minister has reappointed Alastair Marsh as Trustee of Royal Museums Greenwich.

    Alastair Marsh

    Appointed for a four year term commencing 01 July 2023.

    Alastair Marsh stepped down as Group Chief Executive Officer of Lloyd’s Register Group on 31 December 2020 after 13 years, having been both Group CFO and Group CEO during this time.

    Safety and risk are at the heart of the LR Group, which began as Lloyd’s Register of Shipping, a marine classification company, and continues to be one of the four key global providers of this service today.

    Alastair is a qualified Chartered Accountant and prior to joining LR, worked for Price Waterhouse before holding a number of senior financial management positions within the high-tech manufacturing, chemicals, software and ICT sectors.

    Alastair was appointed Chairman of the Private Equity backed Accountancy Services group Xeinadin in March 2021, and a Non-Executive Director of the Hong Based Ship Management Group Wallem in July 2022. He is also a Trustee of the Royal Museums Greenwich, where he Chairs the Audit and Risk Committee.

    He is Chairman of the Finance Committee of the Worshipful Company of Shipwrights, and is a Younger Brother of Trinity House.

    Remuneration and Governance Code

    Trustees of the Royal Museums Greenwich are not remunerated. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments. The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Alastair Marsh has not declared any significant political activity.

  • PRESS RELEASE : Autumn Finance Bill published to cut tax and back business [November 2023]

    PRESS RELEASE : Autumn Finance Bill published to cut tax and back business [November 2023]

    The press release issued by HM Treasury on 29 November 2023.

    The Autumn Finance Bill 2023 has been published to enshrine a raft of landmark tax changes into law.

    Following last week’s Autumn Statement for Growth, the Autumn Finance Bill 2023 has been published today (Wednesday 29 November 2023) to enshrine a raft of landmark tax changes into law.

    Measures in the Bill back British business by cutting and simplifying tax to help them invest for less, making full expensing permanent – an effective £11 billion a year corporate tax cut.

    It also simplifies R&D and extends the Enterprise Investment Scheme and Venture Capital Trust schemes by an extra ten years each to 2035, ensuring younger companies can attract the finance they need today to become the unicorns of tomorrow.

    The majority of tax changes in the Bill will take effect from April 2024.

    Financial Secretary to the Treasury, Nigel Huddleston, said:

    “This Bill marks our next step in making the UK into the best place in the world to do business – and that’s the way we grow our economy and drive up living standards for all.

    “We have the lowest rate of corporation tax in the G7, and full expensing effectively cuts it further by £11 billion a year – the biggest British business tax cut in modern British history to help firms invest for less.”

    Permanent full expensing effectively cuts corporation tax by £11 billion per year and ensures that the UK will continue to have both the lowest headline corporation tax rate in the G7 and the most generous capital allowances in the OECD group of major advanced economies, including the United States, Japan, South Korea and Germany. The Autumn Statement is expected to result in an extra £20 billion of investment per year by the end of the decade.

    Permanent full expensing helps companies to continuously invest for less by allowing them to deduct 100% of the cost of a wide range of plant and machinery – such as lorries, drills and office chairs – from their profits before tax. For every pound a company invests in plant or machinery, their taxes are cut by up to 25p.

    Since the introduction of the super deduction – the predecessor to full expensing introduced in 2021 – investment in the UK has grown the fastest in the G7.

    As well as reforms to capital allowances, the Chancellor Jeremy Hunt announced other measures that are also featured in today’s Bill to cut and simplify tax to boost investment and get the economy growing. These include:

    • Changes worth £280 million a year to simplify and improve R&D tax reliefs. The government will merge the current R&D Expenditure Credit and SME schemes.
    • Legislating for more generous support for loss-making R&D intensive SMEs as announced in spring.
    • Extending the sunset clause for the Enterprise Investment Scheme and the Venture Capital Trust scheme to 6 April 2035. -For the creative sector, reforming the film, TV and video games tax reliefs to refundable expenditure credits.
    • Expanding the ‘cash basis’ – a simplified way for over four million smaller, growing traders to use a simpler method of calculating their profits and pay their income tax.

    The Bill received its first reading in Parliament on Monday 27 November 2023. It will now follow the normal passage through Parliament.

    Further information

    • Read the Autumn Finance Bill 2023.
    • The Bill also legislates for several tax changes which have been previously announced and consulted upon.
    • In March 2021, the former Chancellor announced the super-deduction, the biggest two-year business tax cut in modern British history, under which companies saved up to 25p in each pound they invested. Then at Spring Budget 2023, the now Chancellor introduced temporary full expensing, a three-year capital allowances policy which also delivered up to a 25p saving for every £1 invested.
    • To provide certainty, when announcing full expensing, the Chancellor was clear that his ambition was to make it permanent when fiscal conditions allowed. At the Autumn Statement, the Chancellor has delivered on this by confirming he will make full expensing permanent. The biggest business tax cut in modern British history over a five year period.
    • The changes to National Insurance, which will take effect on 6 January 2024 for employees and 6 April for self-employed people, is being legislated through a separate Bill to the Autumn Finance Bill 2023.