Tag: Press Release

  • PRESS RELEASE : British-Arab Economic Summit 2023 –  Lord Ahmad’s keynote speech [November 2023]

    PRESS RELEASE : British-Arab Economic Summit 2023 – Lord Ahmad’s keynote speech [November 2023]

    The press release issued by the Foreign Office on 21 November 2023.

    Minister for the Middle East, Lord Tariq Ahmad, gave a speech at the British-Arab Economic Summit in London.

    Good morning, and to all our guests who are joining us from across the Gulf, from across the Middle East and North Africa, on behalf of the British government, Ahlan wa Sahlan, you are most welcome here.

    And as my dear colleague and friend, Baroness Symons did, may I also congratulate you. You do a tremendous amount of work. Liz is often lobbying me on the importance of this organisation, and I assure you that being here today is testament also, to how across government, across parties, indeed as a country, we regard the importance of these kind of meetings in strengthening our relationship.

    I also congratulate the Secretary General and actually congratulate the organisers because you not only have one Ahmad on stage, but when you look across the stage I believe we have 3 today, including the Secretary General of the Arab League. So there’s great organisational capacity and capability put in by the team.

    As we join here this morning in the spirit of friendship, in the spirit of collaboration, it would be remiss of me, indeed for any of us, not to begin on reflecting on what is happening right now across Israel and Gaza and indeed sadly in the West Bank as well.

    The intensity of what’s happening is reflected on the level of engagement. I myself have just returned from Bahrain where the Manama Dialogue was taking place. In recognising the important role Bahrain play in that respect, the Dialogue itself – and the Secretary General who is here, he and I were actually on the same panel – was dominated by events in the Middle East. Equally, after that I immediately fast footed over to Doha. And there are important talks taking place and I was able to engage directly with the Qatari Foreign Minister and leadership team there. And I, again acknowledge and recognise the crucial role Qatar are playing at this important time.

    In bridging that particular gap, we need to move forward. Suffering in Gaza is going on for far too long. No one – unless you are directly impacted – can comprehend the pain and suffering. I visited Israel and the Occupied Palestinian Territories 10 or 11 days ago, and I saw directly the challenges which were being faced by people in the West Bank and Gaza. It’s really hard to comprehend the innocent Palestinian lives that are being lost. The women. The children.

    Liz, you talked about how grateful we are, but also we recognise the strength of the ambassadorial representation to the United Kingdom. We really do get the cream of the crop, if I can put it that way. And looking across I can see 3 of my great friends, the ambassadors of Egypt, Jordan and Kuwait sitting there and I’m sure there’s others here as well.

    Thank you for all you are doing, because it is important at this time that our conversations are frank and candid where we have different perspectives. But recognise that ultimately the goal we all want to see is peace in the Middle East.

    And let me be very clear – and make it very personal, and I speak as a Muslim, if I may: any act of terror by anyone, anywhere, including those committed by Hamas, are against every sense of our common humanity, against every sense of the faith I follow, indeed, of any faith or belief around the world. But equally, we should now really focus and ensure that what’s happening with the suffering of the people of Gaza is put to an end.

    And on this, if I may particularly commend my dear friend, Manar Abbas, who plays an incredible role as Ambassador of Jordan for the work that Jordan is doing. I also recognise through the Ambassador of Egypt – and again thank you Sherif for all you do – the role that Egypt is currently playing in providing that glimmer of hope currently through the Rafah crossing.

    And I make no excuses or apologies for focusing my initial comments on those particular events, because Your Excellencies, Your Royal Highnesses, friends, if we do not address that central, pivotal issue, we will not see progress and we will be back here again.

    In my time currently serving as the Minister of State for Middle East and North Africa, every day, every ounce of my effort, everything that we’re seeking to do is to be focussed on trying to shift that dialogue. Peace is not impossible. It’s the difficult pathway ahead, but you know what? We should never give up hope.

    We should pray and work every sinew of our efforts, everything we have in whatever role in business, in NGOs, in diplomacy, in politics, whoever we are, wherever we are, to do our bit to actually try and deliver that vision for a lasting, sustainable peace.

    Ladies and gentlemen, your excellencies, hard as it is to remove oneself from those particular issues, we also recognise, importantly, that our discussions here today will centre on so many important issues like artificial intelligence. Indeed, the Prime Minister only a few weeks ago hosted an important international conference in that respect. It was the former Foreign Secretary who brought it to the United Nations as an issue.

    But that’s not where we are alone. From trade to health, from security to finance. We are working together to tackle the challenges we face. One particular one that I focussed on already, but also the numerous challenges of climate, which we all face together, but also importantly with all of you. It is the people that matter of unlocking the immense potential and opportunities that lie ahead.

    As I reflected on what I was going to say this morning, just last week, for example, I hosted the UK Algeria Strategic Dialogue alongside my dear friend, Foreign Minister Attaf, where we focussed on opportunities to increase our burgeoning trade relationship. Our trade relationship, and I’m just using this as one example, because it’s fresh in my mind from last week, has grown by 24% since 2022 with Algeria. Currently at £3 billion, but with ambitious plans to do more. Companies such as AstraZeneca, Unilever, GSK, Petrofac are already well established in Algeria and many are expanding their operations.

    And this is why this series of structured dialogue, looking at all aspects of our relationships, is important. We’ve just celebrated the 70th anniversary of the Kuwaiti Investment Office. We’ve had royal visits in. We’ve had strategic dialogues with Kuwait as well. And I’m thankful to you, Bader, for the immense effort you’ve been putting in since your arrival. Many of you will remember his predecessor. But one thing is very important – that the energy of the new Ambassador has been reflective of the strength of our bilateral relationship as well.

    But equally, we have had other structural dialogues with Bahrain recently and Tunisia, where we focussed on areas such as climate, education, transport and much more as well. And as I alluded earlier, both myself and the Secretary General were just at the Manama Dialogue, where important conversations took place on all of these particular issues and more. And it was reflective of the strength and indeed the depth of the intent. As we see this morning on how important people regard these important organisations, but also the convening of such meetings.

    Just focusing on global health, the UK has a proud record of working with the Arab world and across the MENA region to strengthen systems in developing countries, drive innovations in care, develop new vaccines. On food security, today, our Prime Minister is hosting a global summit just a short distance from here. Indeed, I’ll be speaking at that bit later on alongside our friends from the United Arab Emirates and Somalia. Galvanising action to end hunger.

    And a year ago, the United Kingdom launched a partnership with Saudi Arabia, with the King Salman Relief to tackle food insecurity in Somalia. We’re already seeing results with 130,000 vulnerable people being supported directly. And we are signing not just in terms of trade relationships, but development relationships with our partners across the Middle East and North Africa. Because together, the sum of the whole, we can deliver so much more.

    Of course, this is also when we look at the issues of COP28, which have been mentioned. And congratulations to Egypt. They took on the chair from us and this exchange of baton is important. And going on to the UAE, we work with the Arab world directly because we have to accelerate green growth. And we are working with countries across the piece to strengthen areas such as renewable energy and green industry, including we’re now seeing in Amman I believe, electric buses on the road as well.

    And finally, just on the UK-GCC trade agreement, again at the Manama Dialogue, I met with the Secretary General, my dear friend Jasem, who is the Secretary General of the GCC, and we are progressing well.

    For the economies of the Arab world to become less dependent on carbon and fossil fuels, we must open doors for entrepreneurs – many of you here today – to take advantage of the technologies. Opportunities we can only grasp by removing barriers and facilitating growth and working with our Gulf partners. And that’s why, for example, in very practical terms, we are – and indeed we are piloting right now with Qatar – the new visa free agreements that we’ve reached with several countries across the Gulf. And that’s demonstrable.

    We shouldn’t just talk about things. We should help to facilitate action that deliver that people-to-people links. And a trade deal in my mind with the GCC, will boost our collaboration across a huge range of sectors, creating many business opportunities and importantly jobs on both sides and attracting new investment.

    UK exports to Arab countries in 2022 was £38 billion, an increase of 20%. But there’s so much more that can be achieved.

    In conclusion to all of you, I say: I hope your deliberations today are both productive and do deliver. There is much we can do together. Collaboratively, collectively, working together towards common goals. And I’m sure there will be many engaging discussions because after all – and a politician would say this – it’s only through talking, but dialogue matters ultimately when we can deliver on those conversations and discussions. And it’s forums like this that help to make it happen. And together we can. Thank you so much.

  • PRESS RELEASE : UK Minister visits Cuba to agree new cooperation agreement [November 2023]

    PRESS RELEASE : UK Minister visits Cuba to agree new cooperation agreement [November 2023]

    The press release issued by the Foreign Office on 21 November 2023.

    Minister for the Americas & the Caribbean, David Rutley MP, arrives in Cuba.

    During his visit, Minister Rutley will sign a new Political Dialogue and Co-operation Agreement (PDCA) between the UK and Cuba. The agreement sets a framework for future dialogue between the two countries on a range of issues, including sustainable development, the environment, and human rights.

    Minister Rutley will meet Cuban Foreign Minister, Bruno Rodríguez during his visit and will attend a meeting with the Heads of UN agencies in Cuba, including the United Nations Development Plan, the World Food Program, and UNICEF.

    During his trip, the Minister is also scheduled to meet local entrepreneurs, as well as members of the Cuba Chevening alumni community to learn about the social and economic situation in Cuba.

    FCDO Americas Minister, David Rutley MP said:

    As part of our commitment to strengthening the UK-Cuba relationship, I look forward to signing a Political Dialogue and Co-operation Agreement that will see us engage on issues important to both sides such as human rights and the embargo.

    UK Ambassador to Cuba Sir George Hollingbery said:

    We are delighted to welcome Minister Rutley on his first official visit to Cuba and we look forward to discussing a wide range of issues that are of mutual benefit to the UK and Cuba.

  • PRESS RELEASE : New UK and Republic of Korea clean energy partnership to accelerate net zero transition [November 2023]

    PRESS RELEASE : New UK and Republic of Korea clean energy partnership to accelerate net zero transition [November 2023]

    The press release issued by the Department for Energy Security and Net Zero on 21 November 2023.

    UK and Republic of Korea to strengthen cooperation on low carbon technologies and civil nuclear.

    • Partnership will be signed in London by Energy Security Secretary Claire Coutinho and RoK’s Minister for Trade, Industry and Energy, Bang Moon Kyu
    • agreement will bolster cooperation on low carbon technologies, civil nuclear, and tackling climate change
    • builds on existing energy and climate agreements between the 2 nations, as part of efforts to accelerate the global transition to net zero

    new Clean Energy Partnership between the UK and the Republic of Korea (RoK) will be agreed tomorrow (Wednesday 22 November) to boost energy security and accelerate the clean energy transition.

    The partnership will be signed in London by Energy Security Secretary Claire Coutinho and RoK’s Minister for Trade, Industry and Energy, Bang Moon Kyu. It will see the UK and RoK strengthen cooperation on shared ambitions across the clean energy transition, low carbon technologies, civil nuclear, and domestic climate policies. The new partnership will promote UK-Korea business collaboration, addressing barriers to trade and encouraging mutual development of each other’s energy sectors.

    The 2 countries will also double down on commitments made under the Paris Agreement to limit global warming to 1.5 degrees, to work together to phase out unabated coal power from energy systems to achieve net zero by 2050.

    The partnership comes alongside South Korean businesses injecting more than £10 billion of new investment into the UK, backing renewable energy and infrastructure projects across the country, and supporting more than a thousand highly skilled jobs across the renewables supply chain.

    Energy Security Secretary Claire Coutinho said:

    The UK and the Republic of Korea already have a strong relationship on energy security and tackling climate change.

    The new partnership we will sign will see us collaborate even more closely, driving forward shared plans to accelerate clean energy sources, like renewables and nuclear power.

    This will help us make the green transition, while supporting the injection of more than £10 billion into the UK economy from South Korean businesses and the thousand skilled jobs that come with that.

    The partnership will see both countries commit to:

    • strengthening cooperation on civil nuclear, including on large scale, small scale and advanced reactors, decommissioning and waste management, and supply chains – important as both nations develop clean energy sources, and reduce the global nuclear industry’s dependence on Russia
    • sharing information and lessons learned on offshore wind to support UK and RoK’s ambitions, collaborating on barriers to deployment and exploring commercial opportunities through the annual Offshore Wind Policy Dialogue
    • exploring shared priorities for UK-RoK hydrogen collaboration, building on engagement through existing forums
    • reinforcing existing cooperation on grids and infrastructure between Korea Electric Power Corporation (KEPCO), Ofgem and The National Grid to enhance existing technical, policy, R&D and commercial exchange
    • enhancing R&D cooperation via the UK-RoK Science, Technology and Innovation Partnership, and to deepen cooperation via other channels including Mission Innovation

    The clean energy partnership will elevate existing areas of bilateral cooperation on energy between the 2 countries, in particular building on the UK-RoK Civil Nuclear Dialogue and the previously agreed UK-RoK Offshore Wind Memorandum of Understanding to accelerate offshore wind deployment.

    These agreements will advance the Republic of Korea’s transition to clean energy while creating high-value jobs in the UK’s green supply chain.

    Already, RoK has a target of 14.3 GW of offshore wind by 2030 – with UK companies winning a significant number of RoK offshore wind engineering contracts. Additionally, there are a number of investment commitments from UK and RoK companies, helping to accelerate offshore wind development:

    • RoK’s SeAH Wind Ltd is making a £650 million investment to build a new factory and manufacture offshore wind monopiles in Teesside, creating up to 750 jobs by 2030
    • UK offshore wind developer Corio Generation, with a portfolio exceeding 30GW and a total value of approximately £146 billion across 10 countries, is expanding its offshore wind presence, particularly in the UK and Republic of Korea
    • in February, BP entered the South Korean offshore wind market, establishing a joint venture and acquiring a 55% stake in Deep Wind Offshore’s early-stage offshore wind portfolio, including four projects across the Korean peninsula with a potential generating capacity of up to 6GW

    Louise Kingham, Head of Country at BP said:

    BP is delighted to support early-stage offshore wind opportunities in South Korea, working in partnership with stakeholders for the country’s energy transition.

    This further investment and closer collaboration follows over 3 decades of the UK and RoK working together on advancing nuclear power generation, underpinned by the Nuclear Cooperation Agreement made in 1991.

  • PRESS RELEASE : UK and South Korea to launch talks on new trade deal as Korean businesses back Britain with £21 billion of investment  [November 2023]

    PRESS RELEASE : UK and South Korea to launch talks on new trade deal as Korean businesses back Britain with £21 billion of investment [November 2023]

    The press release issued by the Department for Business and Trade on 21 November 2023.

    Talks launch tomorrow [Wednesday 22 November] on an upgraded trade deal with South Korea.

    • UK and South Korea to launch negotiations on an upgraded, modern free trade agreement to boost trade between the two countries
    • South Korea is the 13th biggest economy in the world and its import demand is set to rapidly grow, driving further demand for first-rate UK goods and services
    • UK and South Korea to also announce record £21 billion of Korean investment in green energy and infrastructure projects across the UK, creating more than 1,500 highly skilled jobs

    Business and Trade Secretary Kemi Badenoch will tomorrow [22 November] launch talks on a modernised trade deal with South Korea to boost trade and strengthen our relationship with a key ally.

    It comes as Korean businesses commit £21 billion of investment into the UK, backing renewable energy and infrastructure projects across the country and supporting more than 1500 highly skilled jobs.

    South Korea is the 13th largest economy in the world and its import demand is set to grow rapidly. With around 45 million middle class consumers and an import market expected to grow by 45% by 2035, it presents massive opportunities for UK companies.

    The UK and South Korea are both major modern economies with big digital sectors and the current trade deal, negotiated more than a decade ago, doesn’t include digital chapters that reflect the modern economy.

    With nearly 80% of UK services exports to Korea delivered digitally in 2021, securing modern digital provisions could unlock big opportunities for UK businesses.

    The UK’s trade with South Korea has more than doubled in current prices since our existing trade deal was agreed in 2011. An upgraded trade deal is expected to boost our £16 billion annual trading relationship with South Korea, supporting jobs and livelihoods up and down the UK.

    Speaking ahead of the launch, Business and Trade Secretary Kemi Badenoch said:

    The government is upgrading our trade deal with South Korea to ensure that our trading relationship plays to the UK’s strengths as an advanced, high-tech economy. This refreshed, modernised deal will boost our world-leading services sector, while also creating new opportunities for UK exports such as in our world leading food and luxury goods sectors.”

    The Business and Trade Secretary will launch negotiations alongside Korean Minister for Trade, Industry and Energy Bang Moon Kyu at the UK-Korea Business Forum at Mansion House as part of the state visit by Korean president Yoon Suk Yeol.

    At the event, the UK and Korea will also announce a record £21 billion of investments in green energy and infrastructure projects across the UK. With foreign direct investment from Korea standing at £1.9 billion in 2021, this new investment package showcases the strength of the UK-South Korea trading relationship and will create more than 1500 skilled jobs and drive innovation across the country.

    This includes:

    • £9.7 billion investment by the Republic of Korea Sovereign Wealth Fund into UK assets over the next 10 years to fund UK renewables, green infrastructure and waste management projects;
    • £2 billion by Shinhan Financial Group to drive investment into renewable energy and infrastructure projects across the UK;
    • £650 million by wind turbine manufacturer SeAH Wind into a state-of-the-art monopile manufacturing facility at the Teesside Freeport site, creating 750 high-skilled jobs by 2030;
    • £150 million by food and drink company SPC to establish 200 cafés across the UK, creating 400 UK jobs and employing 200 local businesses in the wider supply chain;
    • £90 million invested by Hanwha Phasor in the UK by 2024, of which £18 million is going to its new European Space Research and Development Hub in Cambridge, creating 100 highly skilled jobs

    Minister for Investment Lord Johnson said:

    Just weeks after my hugely productive trip to Seoul, I’m thrilled to see Korean investors committing £21 billion to exciting new projects which will create jobs and spur economic growth across the UK.

    I’m hugely focused on securing greater partnerships with sovereign wealth funds, and so I greatly welcome the Korea Investment Corporation’s £9.7 billion for renewable energy, fintech and life sciences – three sectors the UK is leading the world in.

    As we will see at next week’s Global Investment Summit, the UK is one of the best places in the world to invest thanks to the huge growth and innovation that we are fostering in our science and tech sectors. The investments secured today are yet further proof of that and how we continue to strengthen our trade and investment ties with South Korea and the wider Asia Pacific region.”

    British brands are also thriving in the Korean market. World-leading UK technology and green energy companies will announce more than £2.5 billion of business wins to South Korea, with Bentley and Diageo also expected to announce more than £200 million worth of contracts in the country this year following support by the Department of Business and Trade.

    A new deal would also benefit the nearly 7,000 UK businesses exporting goods to Korea, of which 85% were Small and Medium Enterprises (SMEs). The new agreement is expected to include dedicated support for smaller businesses by digitalising and simplifying customs procedures.

    The UK will also work to secure simple and forward-looking rules of origin which provide continuity and long-term certainty while helping as many businesses as possible to benefit from reduced or zero tariffs when exporting to South Korea.

    Lord Mayor of the City of London Professor Michael Mainelli said:

    It is an honour that this exciting trade communique between two modern economies has been announced here at the Mansion House. The Republic of Korea is a rapidly growing economy with significantly advanced digital sectors. Financial services is the second largest services trade exported from the UK to the Republic of Korea and an upgraded trade deal can further bolster opportunities across Britain.

    Additionally, as one of the world’s largest services exporters, this agreement will be key to the UK’s digital transformation ambitions, not just for large firms and conglomerates but also for small and medium sized enterprises seeking to benefit from streamlined and digitalised procedures with customers and businesses in the Republic of Korea.”

    Chief Executive Officer at TheCityUK Miles Celic said:

    This is a significant step in modernising, strengthening and deepening our partnership with South Korea. It is an opportunity to secure strong digital trade provisions, fostering more robust collaboration between our nations in the exciting growth technologies of tomorrow.”

    Korea is a top-three global producer of vital goods such as semiconductors and ships, giving it a key role in supply chains. Deepening our trade links with dynamic Indo-Pacific economies like Korea could mitigate against future economic shocks and builds on the UK’s tilt to the region following our accession to the major CPTPP trading group.

    The UK is already a top destination for Korean green investment and Korean companies are utilising a high level of UK expertise in offshore wind as they look to construct the largest offshore wind farm by 2030. A significant share of Korean offshore wind engineering contracts have been won by UK firms and upgrading our trade deal has the potential to strengthen this collaboration.

    The news comes as the UK is set to host around 200 of the world’s leading investors at the Global Investment Summit, which will showcase the UK as one of the best places in the world to invest and do business, driving billions of pounds of new investment into every corner of the economy and our leading sectors including science and technology.

    Background

    • Statistics and data in this document have been sourced from:
      • ONS Imports and exports of services by country, by modes of supply, UK: 2023
      • IMF World Economic Outlook: October 2023
      • DBT Global Trade Outlook – February 2023 report
      • ONS UK total trade: all countries, seasonally adjusted: April to June 2023
      • HMRC UK trade in goods by business characteristics 2021
    • UK total trade (imports plus exports) with South Korea was £16.1bn in the 12 months to end of June 2023, an increase of £8.7bn (118%) in current prices compared to 2011.
    • The £21 billion investment includes:
      • The Korea Investment Corporation (KIC) plans to invest £9.7 billion in the UK by 2033 as part of an investment collaboration with the Department for Business and Trade. The South Korean sovereign wealth fund will invest in key areas including renewable energy, fintech and life sciences.
      • Korea Development Bank plans to deploy £3 billion through their operations in the UK over the next five years. These businesses will encompass a wide array of financial activities, including but not limited to syndicated loans, project finance, fixed income investments, trade finance, derivatives, and venture capital.
      • KB Kookmin Bank are expanding their UK holdings, allocating a further £2 billion over the next 3 years.
      • Hana Financial Group are increasing their UK holdings, aiming to deploy a further £2.5 billion into UK project finance, green infrastructure, investment banking and securities by 2028. Hana Financial Group will open a Global Treasury Centre in 2024 to support their global foreign exchange trading business in London.
      • Shinhan Bank will sign an MoU with the Department for Business and Trade to invest more than £1 billion in infrastructure and ESG sectors in the UK over five years. Shinhan Bank will collaborate with other Shinhan Financial Group companies to invest an additional £1 billion, totalling £2 billion of investment in the UK.
      • NongHyup Bank (NH Bank) are opening their first UK branch which will grow its assets to £700 million over the next seven years. The UK branch will be based in London, with NH Bank’s first overseas FX trading desk.
      • Britain’s Vertical Aerospace has announced the expansion of its contract with South Korea’s Hanwha Aerospace to include the engineering and manufacturing of advanced tilt and blade-pitch systems, essential components for Vertical’s flagship electric vertical take-off and landing (eVTOL) aircraft, the VX4. Both companies will enhance the partnership throughout the development and certification process and will look to explore more business opportunities as the programme develops. This partnership is projected to be valued at over $1 billion following the commencement of large-scale production of the certified VX4 aircraft.
  • PRESS RELEASE : £320 million plan to usher innovation and deliver Mansion House Reforms [November 2023]

    PRESS RELEASE : £320 million plan to usher innovation and deliver Mansion House Reforms [November 2023]

    The press release issued by HM Treasury on 21 November 2023.

    The Chancellor has announced a £320 million plan to drive innovation and unlock the first tranche of investment from his Mansion House Reforms.

    • New investment vehicles tailored to the needs of pension schemes to support investment into the UK’s most promising high-growth companies.
    • Latest step in delivering the Chancellor’s Mansion House Reforms unlocking £75 billion
    • Expected to provide an extra £1,000 a year for the average earner that starts saving from 18

    The Chancellor has announced a £320 million plan to drive innovation and unlock the first tranche of investment from his Mansion House Reforms.

    A raft of measures – which are expected to provide an extra £1,000 for people’s pension pots every year – will help pension funds invest in high growth, innovative companies to deliver for savers and grow the economy.

    The government is supporting new investment vehicles tailored to the needs of pension schemes, allowing investment into the UK’s innovative companies.

    £250 million will be committed to two successful bidders under the Long-term Investment for Technology and Science (LIFTS) initiative, subject to contract. This will provide over a billion pounds of investment from pension funds and other sources into UK science and technology companies.

    To complement private investment vehicles, a new Growth Fund will be established within the British Business Bank. The Growth Fund will draw on the BBB’s strong track record and a permanent capital base of over £7 billion to give pension schemes access to opportunities in the UK’s most promising businesses.  This has been welcomed by 8 pension schemes and fund managers as a potentially valuable addition to the market.

    Building on the recent BVCA Venture Capital Investment Compact, the package also includes measures to further strengthen the UK’s renowned venture capital industry. A new Venture Capital Fellowship scheme will support the next generation of world-leading investors in our VC funds, similar to the successful US Kauffman Fellowship.

    The Chancellor, Jeremy Hunt, said:

    “Innovation is the key to our future success as a nation and its vital that we do all we can to help companies start, scale and grow in the UK.

    “Tomorrow’s Autumn Statement will be a huge step towards delivering our Mansion House Reforms and unleashing the full potential of our pensions industry.

    It comes as the Chancellor is convening representatives from several universities and investors at University College London (UCL) East where they will endorse a new set of ‘best-practice policies’ that are recommended by the independent review of spinouts.

    The Chancellor is to inject £20 million to foster more ‘spin-out’ companies, firms created using research done in universities. He is also providing at least £50m additional funding for the British Business Bank’s successful ‘Future Fund: Breakthrough’ programme – that will provide direct investment to support these innovative companies to scale up.

    Spin-out companies raised £5.3 billion in investment in 2021-22 alone. Today’s announcements are designed to increase investment for the future and help ensure researchers in our world-leading universities have the tools they need to start, scale, and grow innovative new businesses in the UK.

    The independent review – led by Irene Tracey, Vice-Chancellor of Oxford University and Andrew Williamson, Managing Partner of Cambridge Innovation Capital – recommends innovation-friendly policies that universities and investors should adopt to make the UK the best place in the world to start a spin-out company.

    In the past, many spin-outs deals were created from scratch, which is both inefficient and sometimes fails to learn the lessons from previous success stories. Today’s recommendations aim to speed up the process and build on TenU’s University Spin-out Investment Terms (USIT) Guide by recommending 10-25% university equity for life sciences spinouts, and 10% or less for less IP-intensive sectors, common in software.

    The Chancellor has accepted all the recommendations and will set out his full response as part of the Autumn Statement tomorrow.

    This move will help deliver the Prime Minister’s pledge to grow the economy by supporting our world-leading university research institutions, which generate around £10 billion a year for the economy.

    Further information

    Supportive statements for the Independent Review of Spin-outs

    • Chancellor, Jeremy Hunt, said:

    “Innovative, globally competitive businesses like Oxford Nanopore are making a huge contribution to our economy.

    “It’s critical that we harness this potential and give universities the tools they need to translate cutting edge research into exciting UK businesses that start and grow in the UK.”

    • Science and Technology Secretary, Michelle Donelan, said:

    “Turning new ideas and innovations into blossoming businesses is the bedrock of a vibrant economy and our £20m investment will drive more successful UK spinout companies like Oxford Nanopore and Darktrace, ensuring world-class research translates into world-leading industries.

    “At the same time, we need clear rules on the stakes held by universities which offer world class facilities and expertise to get those companies off the ground, so we can back future generations of innovators, in turn creating more local jobs and growing our economy.”

    • Co-leads for the independent review Professor Irene Tracey CBE, FRS, FMedSci, Vice-Chancellor of the University of Oxford, and Dr Andrew Williamson, Chair of the Venture Capital Committee at the British Private Equity & Venture Capital Association (BVCA) and Managing Partner of Cambridge Innovation Capital, said:

    “The UK’s world-class university sector is a crucial driver of economic growth and innovation. Over the past eight months, we have engaged extensively with the major stakeholders in the UK’s university spin-out ecosystem. Today’s publication of our review and its recommendations are the culmination of this extensive work. We propose a set of spin-out terms and practices designed to foster a more collaborative and sharing environment among academia, entrepreneurship, and investment.

    “Our hope is that this will increase the number of spin-outs, reduce the time to negotiate licenses, and increase the spin-out’s success rate. It was a privilege to contribute to this report and we are extremely grateful to our colleagues for their willingness to engage in the review, and especially the advisory board. Across diverse sectors, including AI, quantum computing, advanced therapeutics, diagnostics, and climate tech, university spin-outs across the UK are rapidly generating economic growth, societal impact, and fulfilling career opportunities for the next generation.”

    • Responding to the recommendations set out in the Independent Review of Spin-outs Anne Lane, CEO of UCL Business (UCLB), said:

    “For 30 years, UCLB has created successful spinout businesses from UCL’s ground-breaking research, which have raised £2.75 billion investment in the last 5 years alone.  As well as creating jobs and economic impact, these spinouts scale up solutions to complex societal challenges, from reducing carbon emissions to therapies for rare hereditary diseases.

    “The recommendations published in this review will help universities harmonise the creation of spinouts. We look forward to working even closer with fellow universities, government, and the investment community to ensure a healthy and sustained flow of investment back into academic research whilst supporting the emerging world-changing businesses of the next 30 years.”

    • Professor Sir Anton Muscatelli, Principal and Vice-Chancellor of the University of Glasgow, said:

    “I very much welcome the findings and recommendations of this Review and believe wholeheartedly in the untapped potential for innovation and entrepreneurship within our universities across the UK. Our institutions are at the forefront of the groundbreaking R&D which can drive productivity and economic growth across the country, and to be globally competitive we must ensure we are creating a framework which is investor-friendly, founder-friendly, nurtures university spinouts and unleashes this untapped potential.

    “Universities like mine are developing the technologies needed to fuel the UK’s economy and tackle the greatest challenges facing the world, so it is very welcome to see the UK Government recognise the integral role our institutions can play in facilitating the creation of new ventures to bring new ideas and breakthrough innovations to market. As a sector we look forward to working together with the Government in the months ahead to deliver the ambitions set out in the Review.”

    • Michael Moore, Chief Executive, British Private Equity and Venture Capital Association said:

    “The independent university spin-out review is a hugely welcome statement of intent. Private capital has an important role to play by bringing both investment and expertise together to transform the world class research in UK universities into world class businesses. The recommendations in this review can help to generate ways to get more capital working together with the best ideas to achieve that.”

    • Julia Hawkins, Partner at LocalGlobe said:

    “Turning the UK’s world-leading science and innovation into viable global businesses takes so much more than just IP and investment. We applaud the recognition in this review that founders benefit from the support of experienced investors, who are also seasoned company builders. At Phoenix Court we co-founded the Newton Fellows program to help train the next generation of investors and entrepreneurs, and we especially welcome spinout founders and investors. We are also working with interns from PhD/Postdoc programs who are looking to gain experience of the investment and entrepreneurship worlds, and we want to do more in this area. And we have long argued that founders should not give up too much equity in their businesses and are delighted to have joined the TenU working group to recommend appropriate terms to help spinouts achieve market competitive terms that both incentivise and reward.”

    • Steve Bates OBE, CEO of the UK BioIndustry Association (BIA), said:

    “Spin-outs are the lifeblood of life science innovation ecosystem. This report shows that the UK university spin-out process is getting simpler, faster, and more repeatable. This is creating a virtuous circle of increased deal flow, more life science companies and investor confidence in the UK.

    “People moving easily both ways between academia and industry is key to successful research translation. This report demonstrates practically just how highly-connected the UK’s unique life science innovation ecosystem is.  It’s because of this collaboration that I’m confident the report’s recommendations will be delivered.”

    • Tim Bradshaw, CEO of the Russell Group, said:

    “We’re pleased this review highlights the enormous value spin-outs have added to the UK economy and demonstrates the vital role universities play in commercialising research and enabling new enterprises across a range of industries to flourish.

    “These businesses simply would not exist without the resource, skills, and investment of our world-leading universities as well as support from the investor community and Government.

    “In turn, university spin outs have created thousands of high value jobs right across the country, and we are eager to do even more.

    “We look forward to working closely with the Government and investors to build on the momentum from this review to ensure we can not only sustain but hopefully grow the already thriving UK spin-out eco-system.”

    • Vivienne Stern, CEO of Universities UK, said:

    “We welcome this review’s recognition of the positive impact and important role that university spin outs have on driving growth and supporting the national and local economy. We support the ambitions of the review for universities, investors and Government to come together and work collaboratively to maximise opportunities for university spinout activity. University spin outs create thousands of jobs across the UK and will play an important role in driving the economic growth and local regeneration that the country needs.”

    British Business Bank

    • The British Business Bank (BBB) has engaged widely with the market to explore the case for government to play a greater role in establishing investment vehicles to allow pension schemes to invest quickly and effectively in UK unlisted growth companies, building on the skills and expertise of the BBB’s commercial arm.
    • The organisations, listed below, have confirmed that they are supportive of the government’s ambitions to encourage additional institutional investment into UK venture and growth assets, and that a government established vehicle run by the BBB could be a valuable addition to the market, alongside other vehicles that already exist or are in development.
    • They have also confirmed their availability for continued engagement with the BBB to help design this vehicle to meet schemes’ needs, alongside the wider work of government and the market to establish suitable vehicles.
    • Aviva, L&G, M&G, Smart Pension, Aegon, Phoenix, AON and USS
  • PRESS RELEASE : Ukraine’s resilience and the support of its international partners will remain strong – UK statement at the UN Security Council [November 2023]

    PRESS RELEASE : Ukraine’s resilience and the support of its international partners will remain strong – UK statement at the UN Security Council [November 2023]

    The press release issued by the Foreign Office on 21 November 2023.

    Statement by Ambassador James Kariuki at the UN Security Council meeting on Ukraine.

    Thank you, President. I also thank Assistant Secretary-General Jenča and Mr Hollingsworth for their briefing.

    Russia continues its relentless attacks on Ukraine’s ports and grain infrastructure. It is a deliberate attempt to strangle the Ukrainian economy, with total disregard for the impact on food. It follows Russia’s cynical withdrawal from the Black Sea Grain Initiative, driving up global food prices and risking the lives of the world’s most vulnerable.

    The cost of Russia’s war to global food supplies is staggering. In just one month, Russia destroyed over 280,000 tonnes of grain – enough to feed over a million people for a year. Agriculture production costs have increased, and landmines have reduced the land available to farm. In front-line oblasts, households involved in agricultural production have reduced by a quarter.

    As well as its attack on food, Russia is repeating its strategy of attacking critical infrastructure in winter, attempting to break resolve by depriving the Ukrainian people of electricity, heat, water and vital medical services. Russia will not succeed.

    Ukraine’s resilience and the support of its international partners will remain strong. The United Kingdom will continue to work with Ukraine and our partners to ensure Ukraine is able to export its grain. The ‘Unity Facility’, launched last week between Marsh McLennan’s UK division and the Ukrainian Government, will provide affordable shipping insurance for grain and other critical food supplies globally from Ukraine’s Black Sea ports. Ships are sailing and Ukraine’s grain is being exported.

    This week, the UK hosted a Global Food Security Summit galvanising action to tackle the causes of food insecurity and malnutrition and unlock our diverse resources for a more resilient, food-secure future. We welcome Ukraine’s summit next week, which will drive support for the Grain from Ukraine initiative.

    As my Foreign Secretary said in Ukraine last week, Russia thinks it can wait this war out and that the West will eventually turn its attention elsewhere. This could not be further from the truth. The UK and our partners will support Ukraine and its people for as long as it takes for them to achieve victory and a just peace.

    I thank you.

  • PRESS RELEASE : Media Bill to maximise potential of British TV and radio [November 2023]

    PRESS RELEASE : Media Bill to maximise potential of British TV and radio [November 2023]

    The press release issued by the Department for Culture, Media and Sport on 21 November 2023.

    Culture Secretary promises to remove “Sword of Damocles” anti-free press laws as she opens Second Reading of the Media Bill.

    New measures added to ensure a wide range of TV genres continue to be shown by the UK’s main broadcasters, and to protect free access to crown jewel sports events
    Bill will help Britain’s public service broadcasters (PSBs) make more hit shows and ensure they are prominently shown on smart TVs and via streaming sticks
    A new Ofcom-regulated Video-on-demand Code for major streamers such as Netflix, Amazon Prime Video and Disney+ will better protect children and most vulnerable
    TV and radio audiences could see more high quality British programmes hitting screens and speakers as new laws to maximise the potential of UK broadcasters are debated in Parliament today (Tues 21 Nov).

    The Media Bill, which has its Second Reading in the House of Commons today, will update decades-old legislation to unleash the power of British broadcasters to attract bigger audiences in the UK and abroad, empowering them to invest in new talent and technology while supporting the government’s ambition to grow the creative industries by £50 billion and one million jobs by 2030.

    Among the Bill’s measures, the PSBs are set to gain more control over their TV schedules and on-demand offerings through more flexible rules on the types of programmes they are required to show, allowing each PSB to focus more on the content it is uniquely positioned to deliver.

    Following feedback on the draft Bill, the laws will now require PSBs to ensure an “appropriate range of programme genres” are available on their services, protecting against a potential reduction in specialist genres of shows – such as religious, science and arts programming. A specific requirement for PSBs to continue to broadcast news and children’s programming is included.

    The Bill will ensure British audiences continue to access free live coverage of our biggest sporting moments, like the Fifa World Cup and the Olympic and Paralympic Games. A loophole which could have seen unregulated streaming services bypass the regime that protects free access to these major sport events will be closed, after Ministers updated the Bill.

    The new definition of “relevant services” ensures that TV-like services not currently captured by the listed events regime but providing live content to UK audiences via the internet, will now be captured. This will ensure the rights for listed events continue to be offered on fair and reasonable terms to PSBs as sport audience viewing habits evolve.

    Opening the debate, Culture Secretary Lucy Frazer is expected to say:

    We are in a golden age for the silver screen and our public service broadcasters are a major reason why. Whether it’s reality shows like the Great British Bake Off and I’m A Celebrity, or dramas like Time, Happy Valley or Broadchurch – our public service broadcasters have proven they can go toe-to-toe with the streaming giants.

    But success today is never a guarantee of success tomorrow. The rise of streaming giants and on-demand content, YouTube and smartphones, tablets and Tik Tok have combined to reshape our whole broadcasting landscape.

    It is our job to enact reforms that keep our broadcasters at the top of their game in the years ahead. This Bill will do that by levelling the playing field, removing threats to their sustainability and opening up new opportunities to maximise growth and unlock potential.

    This Bill has media freedom at its core. Section 40, and the possibility of publishers having to pay the legal costs of the people who sue them, even if they win, has hung over our media like a Sword of Damocles. This Bill removes the sword for good.

    S4C Chief Operating Officer Elin Morris said:

    The Media Bill will confirm S4C’s position as a multi-platform Welsh-language content provider across the UK and beyond.

    The new framework will ensure that indigenous languages, including Welsh, are part of the new public service remit for television in the UK.

    The Bill will extend legislation for online TV viewing and ensure that S4C Clic is available on connected TVs and prominent on TV sets in Wales.

    This will allow us to further develop our services and place Welsh-language content on the main platforms across the UK.

    Other measures in the Media Bill
    The legislation will support our world-class public service broadcasters – the BBC, ITV, Channel 4, Channel 5, STV and S4C – through new requirements for their apps and content to be shown prominently on popular smart TVs and streaming sticks.

    Audiences will benefit from stronger protections from harmful or age-inappropriate shows through a new Ofcom regulated Video-on-demand Code on the biggest streaming platforms and new requirements for subtitling, audio description and signing to cover mainstream on-demand services.

    UK radio will receive new protections to ensure services are easily accessible on smart speakers – from major national stations to the smallest community stations – and obsolete red tape putting an unnecessary burden on commercial radio services will be removed.

    Laws which threatened to force newspapers to pay both sides’ costs in any legal proceedings, even if they won, will be repealed via the Bill. The Bill will boost S4C, the Welsh language broadcaster, by allowing it to broaden its reach in the UK and beyond and offer its content on a range of new digital services.

    As announced earlier this month, Channel 4 will get new freedoms to make and own its content to boost its long-term sustainability, while new safeguards for production companies would protect millions of pounds of investment in programmes made by independent TV producers across the UK.

  • PRESS RELEASE : Seizure of MV Galaxy Leader by the Houthis: UK statement [November 2023]

    PRESS RELEASE : Seizure of MV Galaxy Leader by the Houthis: UK statement [November 2023]

    The press release issued by the Foreign Office on 21 November 2023.

    The UK government has issued a statement condemning the unlawful seizure of MV Galaxy Leader by the Houthis in the Red Sea.

    A Foreign, Commonwealth and Development Office spokesperson said:

    The United Kingdom condemns the unlawful seizure of MV Galaxy Leader by the Houthis in the Red Sea and we call for the immediate, and unconditional, release of the ship and its crew.

    Iran has long provided military and political support to the Houthis. We have made it clear to Iran that it bears responsibility for the actions of its proxies and partners. Iran must actively restrain these groups to prevent the conflict escalating across the region.

    The UK is committed to ensuring the safety of shipping in the region, including through our contribution to the International Maritime Security Construct (IMSC) and Combined Maritime Forces (CMF).

  • PRESS RELEASE : UK and South Korea to agree new partnership to redefine and strengthen ties for next generation [November 2023]

    PRESS RELEASE : UK and South Korea to agree new partnership to redefine and strengthen ties for next generation [November 2023]

    The press release issued by 10 Downing Street on 20 November 2023.

    A major long-term agreement that will redefine the relationship between the UK and a critical Indo-Pacific partner will be signed by the Prime Minister and the President of the Republic of Korea this week.

    • Leaders to agree new Downing Street Accord, deepening cooperation between the UK and the Republic of Korea, and strengthening ties with the critical Indo-Pacific partner
    • State visit by President Yoon Suk Yeol will see the launch of negotiations on an upgraded Free Trade Agreement and flagship semi-conductor partnership to secure robust supply chains for the future
    • Partnership will also focus on increasing technology sharing, defence cooperation and supporting regional security at sea, on land and in cyberspace
    • Visit brings £21 billion investment into the UK with South Korean firms backing renewables and infrastructure projects across the country, plus a further £3bn worth of trade

    A major long-term agreement that will redefine the relationship between the UK and a critical Indo-Pacific partner will be signed by the Prime Minister and the President of the Republic of Korea this week.

    The Downing Street Accord, which follows the signing of similar partnerships with Singapore and Japan earlier this year, will deepen the relationship between the UK and South Korea, and see the two countries step up cooperation on technology, defence and security.

    President Yoon Suk Yeol will begin his three-day state visit this morning (Tuesday), which will include a bilateral with the Prime Minister and signing of the Accord at Downing Street tomorrow. The visit coincides with 140th anniversary of diplomatic relations between the UK and Korea, as well as the 70th anniversary of the armistice of the Korean war.

    Trade and investment is expected to be a key focus of the visit, with the Prime Minister set to host key Korean investors at Downing Street this evening, and Trade Secretaries from both countries preparing to sign an agreement to launch the negotiations for an upgraded modern, world-leading Free Trade Agreement (FTA) on Wednesday.

    A future-proofed FTA, fit for the technology driven landscape of the coming decades, will pave the way for new digital trade and rules of origin chapters and look to streamline existing complex arrangements, as well as digitising customs procedures.

    Already the world’s 13th largest economy, the Republic of Korea has around 45 million middle class consumers and an import market expected to grow by 45% by 2035. Trade between both countries has more than doubled since the first FTA was agreed in 2011, with the exchange of goods and services now worth £16bn a year.

    The launch of negotiations comes as South Korean businesses commit more than £21 billion of new investment into the UK, backing renewable energy and infrastructure projects across the country, and a further £3bn worth of trade. The trade and investment boost will support more than 1500 highly skilled jobs. The major investment pledge fires the starting gun on the Government’s flagship Global Investment Summit being held in London next week.

    The investment also underpins a new Clean Energy Partnership between the UK and Korea, which will drive efforts to triple renewable energy capacity globally. The partnership will also see accelerated collaboration on a large scale, small scale and advanced civil nuclear reactors, reinforcing resilience on energy grid infrastructure, and exploring opportunities on hydrogen collaboration and offshore wind.

    Prime Minister Rishi Sunak said:

    Long term, global partnerships are vital to our prosperity and security, both today and in the future. As two nations focussed on innovation, harnessing new technologies and defending the international rules-based order, the UK and Republic of Korea are natural partners.

    Through our new Downing Street Accord, we will drive investment, boost trade and build a friendship that not only supports global stability, but protects our interests and lasts the test of time.

    These close ties have already propelled £21 billion of investment between our countries, and I know a Free Trade Agreement fit for the future will only drive further investment, delivering on my promise to grow the economy and support highly skilled jobs.

    The future-focussed Accord also includes agreements to work closer together to harness the potential of critical technologies like AI, quantum and semiconductors to create jobs and unlock economic growth, alongside up to £4.5 million in joint research funding, led by the Royal Society.

    It comes after the UK handed over the baton for next year’s AI Safety Summit to South Korea to co-host the 2024 conference, following the inaugural Bletchley Park summit earlier this month.

    Innovate UK will also invest more than £8.5 million, matched by Korean agencies, creating joint innovation programmes with the Republic of Korea, driving the development and commercialisation of critical technologies, including for the first time – semiconductors. This investment will improve the supply chain resilience of semi-conductors, which are essential to everyday technology, including phones, computers, cars and hospital equipment. for the long-term.

    Defence cooperation and shoring up the security of the Indo-Pacific is also expected to be on the agenda for this week’s visit, with both countries’ militaries pledging to step up joint training and operations to create the most comprehensive exercise regime between the UK and any partner other than the US.

    Under the Accord, the Republic of Korea is also expected to agree to join with British ships on sanctions patrols, authorised by the UN Security Council, to uphold of the rule of law in the region. The DPRK relies on illegal smugglers in order to bypass international sanctions, many of which were introduced to block imports and exports which could be used to support its nuclear weapons programme.

    The enforcement action will be the first bilateral sanctions action the two nations have conducted together against the DPRK, and paves the way for multilateral sanctions operations with the US and other allies in the future.

    That enforcement action will be underpinned by new defence and cyber partnerships, which will strengthen defence industry and intelligence agency ties. The cyber partnership will bolster both countries’ ability to detect, disrupt and deter malicious actors, while the defence partnership will improve industrial collaboration and supply chain integration, allowing for greater defence capability development.

    Science ministers from both countries are also expected to sign a new Memorandum of Understanding on space cooperation, bringing our space industries closer together and paving the way for joint space endeavours. The UK and South Korea will work together on satellites, tackling space debris and earth observation technology.

  • PRESS RELEASE : Defence Secretary Grant Shapps Franco-British Council Defence Conference remarks [November 2023]

    PRESS RELEASE : Defence Secretary Grant Shapps Franco-British Council Defence Conference remarks [November 2023]

    The press release issued by the Ministry of Defence on 20 November 2023.

    Defence Secretary Grant Shapps addressed attendees at the Franco-British Council Defence Conference reception alongside French Defence Minister Sébastien Lecornu after their bilateral meeting on 20 November 2023.

    Ladies and gentlemen and to my now friend, Sébastien, it’s wonderful to have you here in London and thank you for joining us at the magnificent ambassador’s residence. And thank you to you for welcoming us here this evening.

    And it’s a timely moment to be here because this year we not only commemorate 80 years since D-Day, it’s actually 120 years since the signing of our Entente Cordiale.

    What precisely is it that makes our entente so special? It was after all, supposed to be nothing more than an informal understanding. And yet it survived the loss of millions during the Great War.

    It was the animating spirit that flowed through the heroic soldiers of the Free French on D-Day. And, in our own century, it has remained, and been reanimated by the Lancaster House Treaties of 2010.

    Perhaps the best answer to this entente conundrum was provided by Ferdinand Foch, the Supreme Allied Commander of the combined British, French and American forces in World War 1.

    Foch, whose statue stands proudly just 20 minutes walk from here, once said: “The moral factor is the most important in war.”

    This, to me, is the crux. We share the same values: liberty, equality, fraternity. Values that are embedded in our DNA. And values that mean there is far more despite some bumpy times, that unites us than divides us.

    You saw that in the magnificent state visit that has already been referenced where Their Majesties the King and Queen visited France earlier this year.

    And, since becoming Defence Secretary, I’ve had the pleasure of seeing our entente in action. Today our forces are operating across air, land and sea.

    Our industries are pushing the boundaries of technologies in everything from complex weapons to Maritime Mine Counter Measures and missiles.

    And our great Combined Joint Expeditionary Force is coming into its own. Able to muster more than 10,000 at a moments’ notice, it has created the structures to allow us to plan and operate together and over the few months the Griffin exercises will train our people to cope with the intensity of maritime warfare anywhere in the world.

    However, I think we need to acknowledge that world is rapidly changing, the threats that we face are increasing.

    120 years ago, Foch wrote “Truly enough, a new era had begun, the era of national wars, of wars which were to assume a maddening pace”.

    Words that seem especially prescient today with Ukraine fighting to kick Russian invaders out of their own country and Israel pursuing the Hamas terrorists in Gaza, those who brought mass slaughter to the people of Israel on October 7.

    That ‘maddening pace’ that he talked about as being fuelled both by ideology and realpolitik.

    Hamas shares an ideology with that of Daesh and al Qaeda offshoots that are growing in influence across Sub Saharan Africa for example.

    Behind Hamas lies the malign shadow of Iran which continues to pull the strings of its other proxies, no matter whether it’s Palestinian Islamic Jihad; Hezbollah in Lebanon and the Houthis of Yemen or the militants of different locations from Iraq to Syria.

    And as Iran and North Korea send suicide drones and artillery to Russia, Russia invites Hamas to the Kremlin.

    Meanwhile, the Kremlin has a “no limits partnership” with China. And China, in the midst of massive military and economic expansion, has a mutual defence treaty policy with North Korea.

    Collectively, these nations seek to rewrite the international order in their own image.

    If we are to respond then we must follow Foch in showing resolution, courage and commitment. And I think that means three things.

    First, showing our wholehearted backing for Ukraine.

    The media focus might have switched on to the Middle East but our focus, as Sébastien and I discussed today, has not.

    Putin’s success wouldn’t just be a disaster for Ukraine and of course her neighbours, it would give autocrats everywhere the green light to ride rough shod over the international rules-based system which is why I told President Zelenskyy, when I visited him in Kyiv earlier this year, our support remains absolutely unwavering.

    As winter draws on, we know Ukraine can expect more attacks.

    So, the international community must continue working with coalition colleagues to keep providing Ukraine with equipment and ammunition that she requires.

    And we must keep combatting Russia and their campaign of disinformation which seeks to make others forget Ukraine’s plight.

    Second, we must shore up our international order, which means continuing to bolster NATO, which is the bedrock of our European shared defence.

    Next year the Alliance marks its 75th anniversary and it remains in rude health, much strengthened by the partnerships with countries like France.

    It has played a pivotal role in reassuring our Eastern European allies and deterring further Russian aggression.

    Indeed, much to Putin’s chagrin, NATO is now stronger than it was before he invaded, with the addition of Finland and soon, we very much hope, Sweden as well.

    But there is more to do.

    Whether reinforcing deterrence and defence along the Alliance’s Eastern and Northern flanks or providing greater reassurance to nations like Moldova who have greatly been affected by Russia’s war.

    Finally, we must elevate the entente.

    France is already the UK’s closest ally in Europe, but, as this year’s Defence Command Paper refresh and the Franco-British summit in March underlined, ours is a relationship which has room to grow still.

    As the threat of extremism rises again, we can increase our efforts to share intelligence, counter terror and combat the cyber misinformation that poisons our national debate.

    We can do more on capabilities too, pressing ahead with the Future Cruise and Anti-Ship Weapon programme that we discussed this afternoon, and pursuing the innovations that will help to deliver directed energy weapons, deep precision strike and future combat air systems.

    Lastly, there’s more we can do on operations as well.

    I already talked about CJEF is up and running but we must think about adapting it to operate in ever more contested areas such as the High North.

    And, of course, we are looking forward to future coordinated carrier deployments in the Indo-Pacific.

    Not merely a means of mutually supporting each other’s task groups, improving the interoperability of our embarked helicopters and testing our un-crewed autonomous vehicles at sea.

    But, for the first time, a demonstration of complementary and persistent European presence in a region of critical importance when we do so.

    But Sébastien I think this is all just the start.

    And that’s why you’re here today. It’s why we’ve had those excellent discussions this afternoons. We’ve got our brightest brains I’m told from the military, government, industry and academia, even one of two members of the press from both sides of the Channel.

    Opportunity abounds for us and we need your help deciding where we go next.

    Next year’s momentous anniversaries are about much more

    than honouring the past, as important as that is. They offer us important insights into our future.

    Now, by the end of the Great War, Field Marshall Foch was leading both the French and British forces to victory.

    And on the base of his statue in London the following words are inscribed “I am conscious of having served England as I served my own country”.

    He understood that our collective strength lay, not in the might of our arms, but in the strength of our shared values.

    I have no doubt that as long as we keep those principles of freedom, justice and democracy uppermost in our minds, then we will not simply follow Marshall Foch in preserving our entente cordiale but, 120 years on, transform it into an entente supreme that merits a third plaque on the wall outside.

    Sébastien, thank you very much indeed.