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  • Nick Thomas-Symonds – 2023 Speech on Conclusion of CPTPP Negotiations

    Nick Thomas-Symonds – 2023 Speech on Conclusion of CPTPP Negotiations

    The speech made by Nick Thomas-Symonds, the Shadow Trade Minister, in the House of Commons on 17 April 2023.

    I am of course grateful to the Secretary of State for giving me advance sight of her statement, but having listened, the detail is paper thin. The published negotiating strategy from the UK Government was limited and even the policy paper that was published alongside the announcement on 31 March is very general indeed. The Secretary of State herself has been on the airwaves questioning the projections of her own Department that this offers 0.08% to our GDP. And while there has finally been progress in the CPTPP accession talks, this does not make up for the failure to deliver the India trade deal, or indeed the US trade deal, promised by the end of last year. Perhaps the Secretary of State can tell us when that US deal might be completed, given that negotiations are now not expected even to begin until 2025.

    We on the Labour Benches are pro-trade, pro-business and pro-worker. Accessing new markets is essential, and it is particularly welcome because of the Government’s dreadful record on trade. The Office for Budget Responsibility forecasts that UK exports are due to fall by 6.6% this year, which is a more than £51 billion hit to the UK economy. That will only further impact on our public services, which are already under incredible pressure, and make the cost of living crisis even worse.

    What exactly Ministers have agreed to in these accession talks will need to be scrutinised carefully, because I have watched Ministers come into this Chamber to laud trade deals, only to criticise them when they leave office or, in the Prime Minister’s case, when they are temporarily out of office—he said the Australia deal is “one-sided.”

    This announcement was slipped out on the last day before recess. Of course it is great that the Secretary of State is here, but answers are needed. First, other countries that have joined CPTPP have secured important safeguards and support for their producers. It is vital that Ministers set out the details of what they have negotiated. In her statement, the Secretary of State mentioned that all trade deals involve a quid pro quo, but she did not say what the quid pro quo is in respect of CPTPP.

    Specifically, New Zealand put in place side letters with all the other signatories to opt out of the investor-state dispute settlement mechanism, which could give investors from abroad the right to sue the Government for choosing to regulate in a particular area. The Government seem to have excluded ISDS with Australia and New Zealand, but not with the other countries. Why have they done that, and what assurance can the Secretary of State give that the Government can legislate in the interests of the British people without the threat of being sued under this mechanism?

    The Secretary of State mentioned maintaining certain protections for agriculture, but can she be more specific? What particular support will the Government offer to the agricultural sector and when, particularly given the strong feeling that Ministers sold out our farmers to get the Australia deal over the line? Have specific conditions been put in place to address concerns about the importation of palm oil, which has been linked to deforestation?

    The Secretary of State did not even mention the devolved Governments in her statement. What engagement does she proposes to have with them? What detailed assurances can the Government provide that the CPTPP agreement will not undermine the Windsor framework?

    The Secretary of State also mentioned our influence as a member of CPTPP. We know that China applied to join in September 2021, so what assurances on economics and security have Ministers asked for from existing members in respect of China’s application?

    The Secretary of State also mentioned the chapters in CPTPP, including on workers’ rights, on which she will know there are concerns in particular member countries. How will Ministers assure us that the strongest possible workers’ rights are adhered to, to ensure that UK workers operate on a fair playing field and that vulnerable workers internationally do not face exploitation?

    I know that the Secretary of State does not accept the estimate that accession is worth 0.08% of GDP but, rather than debate the figure, what proactive steps will the Government now take to support our exporters to ensure the figure is driven up?

    Kemi Badenoch

    I am very grateful to the right hon. Gentleman for his questions. I know it must be difficult to sit on the Opposition Front Bench and find a way to celebrate while we agree this fantastic trade deal. The Labour Front Bench look like they have been sucking lemons. I am thrilled to be able to answer pretty much all his questions.

    First, the right hon. Gentleman claims that this deal has happened at the expense of the India free trade agreement, but I stood at this Dispatch Box and told him that it is about the deal not the day. I know the Labour Front Bench would like us to rush into a deal that does not get the best for this country so that they have something to criticise, but we are not going to do that. We are going to negotiate a free trade agreement that is of mutual benefit and meets the needs of both UK and Indian citizens.

    The right hon. Gentleman is right to say that we have not got a US FTA, but that is because the US is not doing FTAs with any countries; this has nothing to do specifically with the UK. When Administrations change, we cannot control what the partner country wants to do. So instead of just moaning, we have got on and signed memorandums of understanding with US states. Indeed, the Minister of State, Department for Business and Trade, my hon. Friend the Member for Mid Worcestershire (Nigel Huddleston) is not here today because he is on a plane to Oklahoma to sign such a deal. I am pleased to let the House know that.

    The right hon. Gentleman talks about a quid pro quo, and this is absolutely right. One trade lesson 101 that I would like to give him is: you cannot agree a trade deal where you get everything you want and tell the people on the other side that they can have nothing. If he has a formula for negotiating a deal where we can sell everything to other countries and they cannot sell anything to us, he should come to the Floor of the House and explain how that can be done. A quid pro quo means having a deal that is of mutual benefit: we open our markets and they open theirs. When the legal text is done and we sign the agreement, there will be plenty of time to scrutinise—[Interruption.] He is chuntering from a sedentary position, “What is it? What is it?”. I would like him to read the statement or listen to it. We have said that 99% of goods will be tariff-free. That is something that we have negotiated across all parties. We have also talked about what we get from rules of origin.

    The right hon. Gentleman was clearly listening to me on the radio when he heard me dispute the 0.08% figure. That is not because the figure is wrong; it is because it is doing something different from what he thinks it is doing. It is a model, not a forecast. What we do with models is quite different from what we do with forecasts. The model he is touting at the moment is not tailored for the specific behaviour and dynamics of the UK economy, it uses data from 2014 and it excludes growth in the membership of the bloc to those who have applied. So what we should not look at is the 0.08% figure, as it is purely a measure of what would happen if we did not have this trade deal—that is how the model works, and models are not forecasts. Instead, I ask him to focus on the facts, which I have repeated time and time again: the global middle class is going to be coming from the Indo-Pacific; we are talking about 500 million consumers; and by 2050, it is going to outstrip the European Union. We are getting in from the ground up and we are going to be shaping the future of the UK for future generations. This is not about trying to grow trade in the next five minutes. I have used the example previously, but this is like investing in a start-up and complaining that it is not brought any money in as soon as you have signed the agreement. We are thinking about the future, not the past.

    The right hon. Gentleman also mentioned what we are doing for the agricultural sector, and I point to what the National Farmers Union said. We know that British farming is not going to succeed unless we can export. We have created an exporting deal; this is not just about the exports, but the services. All of that is going to benefit farmers and the agricultural sector, to the point that the NFU has come out to support this deal. I hope that Opposition Members can do that, even though it was us who negotiated it. I would like it if they would think about the country and not just about party politics.

  • Kemi Badenoch – 2023 Statement on Conclusion of CPTPP Negotiations

    Kemi Badenoch – 2023 Statement on Conclusion of CPTPP Negotiations

    The statement made by Kemi Badenoch, the Secretary of State for Business and Trade, in the House of Commons on 17 April 2023.

    With your permission, Madam Deputy Speaker, I will make a statement on the progress of negotiations for us to join the comprehensive and progressive agreement for trans-Pacific partnership.

    I am delighted to announce that since we first launched consultations in 2018, and after nearly two years of talks, the UK has substantially concluded negotiations to accede to the CPTPP. We will become the first country to join since the original partnership was founded. I am also pleased to tell the House that we are delivering on our post-Brexit agenda for a modern, free-trading global Britain, and that this agreement represents the future of global trade. Our negotiators have spent 21 months working painstakingly, and often through the night, to secure the best deal for the UK, and that is what they have done. This is an outstanding deal for our country, giving access to a fast-growing economic bloc that will allow us to sell our goods and services without giving up control of our laws.

    Before I continue my statement, let me thank former Secretaries of State for International Trade. I thank my right hon. Friend the Member for North Somerset (Dr Fox), who developed this strategy and without whom today would not have been possible. I thank my right hon. Friend the Member for South West Norfolk (Elizabeth Truss), who first appointed me as Trade Secretary, and who launched the negotiations and ensured throughout her tenure that this was a deal that would be delivered. I thank the present Minister of State, Foreign, Commonwealth and Development Office, my right hon. Friend the Member for Berwick-upon-Tweed (Anne-Marie Trevelyan), for her support and invaluable advice. I also thank my current and former Trade Ministers.

    I am told that Their Excellencies the Japanese and Vietnamese ambassadors are with us today. It should not go without saying that both countries were extremely supportive of our accession. I thank the ambassadors and their countries, and the various negotiators and working groups, for everything that they did to help the UK to accede today.

    The CPTPP will act as a gateway to the Indo-Pacific, one of the most dynamic and fastest-growing regions on Earth. The Indo-Pacific is expected to account for the majority of global growth by 2050. The CPTPP will grow nearly 40% faster than the EU over the next three decades, and membership of the bloc will enhance access to a market of more than 500 million consumers for the UK’s goods and services. That is why I described the CPTPP as representing the future of global trade. The brilliant terms that we have secured mean that British businesses will be able to target these dynamic economies, which will account for 15% of global GDP once the UK has joined. As the partnership grows, so will its role in shaping the rules of global trade. This alliance will help us to confront growing protectionism and unfair trading practices, putting us in a stronger position to withstand global shocks.

    British businesses will enjoy new opportunities as part of the CPTPP. For instance, 99% of current UK goods exports to its members will be eligible for tariff-free trade, new tariff reductions with countries such as Mexico and Canada will boost export opportunities, and a new free-trade deal with Malaysia will open up a £330 billion economy to the UK.

    We will benefit from reduced red tape and simplified customs procedures across the bloc, and from modern rules of origin that offer British businesses new export opportunities and could help support UK efforts to diversify critical supply chains. We have all seen what can happen to supply chains when economic shocks happen. This global flexibility with like-minded partners will help British firms to become more resilient and protect economic security. For supply chains, this partnership is the future of global trade.

    As a Minister who represents a rural constituency, I understand the concerns farmers may have about trade agreements because they have told me about them many times, so I know that Members representing agricultural communities will be delighted with the opportunities the CPTPP presents. I would like to put on record my thanks to the President of the National Farmers Union, Minette Batters, for recognising the opportunity to, as she puts it,

    “get more fantastic British food on plates overseas”.

    As the world’s demand for meat and dairy changes, having better access to growing and dynamic economies in other parts of the globe will protect British farmers and food producers into the future.

    Our farmers will benefit from increased market access on these products, including through tariff free exports to Mexico for beef, pork and poultry and new zero-tariff access to Canada’s butter and cream market, which we did not have under our existing EU roll-over agreement. Our cheesemakers will have new market access to additional shared quotas, equating to about 7.5 times the amount we currently export to Canada, and our distillers will benefit from the elimination of tariffs of around 80% on UK whisky to Malaysia within 10 years. So for food and drinks exports, the partnership represents the future of global trade.

    The UK is already a services superpower. Our digital, financial and legal services, among many others, are the envy of the world. This world-leading agreement will help them to grow further still. In future, a British firm will be able to operate on a par with a Vietnamese one without setting up a Hanoi branch. British firms will face less red tape in doing trade and business travel will become smoother and easier. For the modern services and tech economy, the partnership represents the future of global trade.

    As you will know, Madam Deputy Speaker, no trade agreement comes without a quid pro quo, but we have taken our time to get this deal right for the UK and we never compromise on food quality or animal welfare standards. Joining CPTPP is no different. We will not have to change our standards to join, including on chlorine-washed chicken and hormone-fed beef, as many detractors would like to have the British public believe. We have also made sure that our high environment and labour standards are protected, so the CPTPP agreement includes comprehensive chapters for environmental protections, anti-corruption and improving workers’ rights. We have secured appropriate protections for the UK producers, reducing import tariffs in a manner proportionate to the market access we have received, and maintaining protections where needed.

    Membership will enable us to shape the future of the agreement, including its future membership, and it will increase our influence and that of the wider bloc in setting the rules of the global economy. CPTPP shows how sovereign countries can uphold high standards without being subject to foreign court rulings or membership fees.

    Parliament will rightly want ample opportunity to scrutinise this deal before ratification. My Department will follow the process set out in the Constitutional Reform and Governance Act 2010. Parliament will also have the opportunity to scrutinise any implementing legislation, as was the case with the recent Trade (Australia and New Zealand) Act 2023. The people of this country have voted for the future of global trade, not the past. On goods, on services, on supply chains, on growth and on rules-based trade without ceding sovereignty or losing control of our borders, this agreement lives up to that instruction. We are securing a place for the UK in the future of global trade, and I commend this statement to the House.

  • Andrew Mitchell – 2023 Statement on Vladimir Kara-Murza

    Andrew Mitchell – 2023 Statement on Vladimir Kara-Murza

    The statement made by Andrew Mitchell, the Minister of State at the Foreign, Commonwealth and Development Office, in the House of Commons on 17 April 2023.

    I am most grateful to my hon. Friend for raising this urgent question. I share her concerns about the case of Vladimir Kara-Murza, a Russian opposition politician, journalist and activist, and a British national, who has today been sentenced on clearly politically motivated charges and faces 25 years in prison. His detention is yet another example of Russia’s efforts to shut down dissent over the war in Ukraine and to silence opposition voices.

    I pay tribute to Mr Kara-Murza, a champion for human rights who has shown immense courage in speaking out against the aggression of the Russian state. I also want to recognise his wife Evgenia and commend her for her tireless efforts to promote her husband’s cause.

    Mr Kara-Murza has on numerous occasions, both in Russia and abroad, set out the facts of Russia’s military actions in Ukraine, an invasion witnessed by the whole world. He has now been convicted of spreading false information about the Russian armed forces and of participating in the activities of an undesirable organisation. On top of this, he is further convicted of high treason. The charges brought against him are symptomatic of the Russian state’s repression and blatant censorship of anyone who dares criticise it.

    Mr Kara-Murza is one of over 500 individuals arrested by the Russian authorities for criticising the war in Ukraine. The repression of opposition voices and of those condemning Russia’s illegal invasion of Ukraine is a glaring attempt to control discourse on the matter. His Majesty’s Government condemn the politically motivated sentencing of Mr Kara-Murza and of all those who speak out against Russia’s invasion of Ukraine. I echo the Foreign Secretary and the Minister for Europe in continuing to call for his release.

    Politically, the UK has been at the forefront of efforts to pressure Russia to release Mr Kara-Murza. Since his initial arrest in April last year, we have continued to condemn publicly his politically motivated detention and to call for his release. We have raised Mr Kara-Murza’s case repeatedly both with the Russians directly and in international fora, including the Organisation for Security and Co-operation in Europe and the United Nations. Today, Foreign Office senior officials have summoned the Russian ambassador. They will make it clear that the UK considers Mr Kara-Murza’s detention to be contrary to Russia’s international obligations on human rights.

    Mr Kara-Murza’s welfare remains a priority for the Foreign Office and we continue to push for consular access. Diplomatic officials at the British embassy in Moscow have repeatedly attended the court building and, where permitted, the courtroom. His Majesty’s ambassador was present at the court today when the verdict was given and delivered a statement to Russian media and spectators.

    Consular officials remain in contact with Mr Kara-Murza’s family and their lawyer to ensure that our actions remain aligned with his wishes. I can assure my hon. Friend the Member for Rutland and Melton (Alicia Kearns) that we will continue to raise Mr Kara-Murza’s case at every appropriate moment and to call for his release.

  • Steve Barclay – 2023 Statement on NHS Strikes

    Steve Barclay – 2023 Statement on NHS Strikes

    The statement made by Steve Barclay, the Secretary of State for Health and Social Care, in the House of Commons on 17 April 2023.

    I am grateful to the hon. Gentleman for his question. On its first part, we will not have firm figures on the number of patient appointments postponed until later today, because the NHS guidance has been to allow trusts a full working day to collate the data on those impacts. We do know from the previous three-day strike that 175,000 hospital appointments were disrupted and 28,000 staff were off. There is an initial estimate that 285,000 appointments and procedures would be rescheduled, but it is premature to set out the full impact of the junior doctors’ strike before we have that data. I am happy to commit to providing an update for the House in a written statement tomorrow. In the coming days, I will also update the House on the very significant progress that has been made on the successful action taken over recent months to clear significant numbers of 78-week waits, which resulted from the covid pandemic.

    It is regrettable that the British Medical Association junior doctors committee chose the period immediately after Easter in order to cause maximum disruption, extending its strike to 96 hours and asking its members not to inform hospitals as to whether they intended to strike, thus making contingency planning much more difficult. Let me put on record my huge thanks to all those NHS staff, including nurses and consultants, who stepped up to provide cover for patients last week.

    I recognise that there are significant pressures on junior doctors, both from the period of the pandemic and from dealing with the backlogs that that has caused. I do want to see a deal that increases junior doctors’ pay and fixes many of the non-pay frustrations that they articulate. But the junior doctors committee co-chairs have still not indicated that they will move substantially from their 35% pay demand, which is not affordable and indeed is not supported by those on the Opposition Front Bench.

    Let me turn to the second part of the hon. Gentleman’s question and the steps we are taking to prevent further strike action in the NHS. We have negotiated a deal with the NHS Staff Council; it is an offer we arrived at together, through constructive and meaningful negotiations. It is one on which people are still voting, with a decision of the NHS Staff Council due on 2 May. The largest union, Unison, has voted in favour of it, by a margin of 74% in favour. So we have agreed a process with the trade unions, which I am keen to respect, and we should now allow the other trade unions to complete their ballot, ahead of that NHS Staff Council meeting on 2 May.

    Wes Streeting

    Thank you, Mr Speaker, for granting this urgent question.

    Finally, the invisible man appears; the Secretary of State was largely absent last week during the most disruptive strikes in NHS history. He was almost as invisible as the Prime Minister, who previously said he does not want to “get in the middle” of these disputes—what an abdication of leadership during a national crisis. An estimated 350,000 patients had appointments and operations cancelled last week—that is in addition to the hundreds of thousands already affected by previous rounds of action. Having failed to prevent nurses and ambulance workers from striking, the Government are repeating the same mistakes all over again by refusing talks with junior doctors. Patients cannot afford to lose more days to strikes. The NHS cannot afford more days lost to strike. Staff cannot afford more days lost to strikes. Is it not time for the Secretary of State to swallow his pride, admit that he has failed and bring in ACAS to mediate an end to the junior doctors’ strike?

    Last week also saw the Royal College of Nursing announce new strike dates with no derogations and a new ballot. What does the Secretary of State plan to do to avert the evident risks to patient safety? Government sources briefed yesterday that they are prepared to “tough it out”. That is easy for them to say. Will the Secretary of State look cancer patients in the eye, while they wait for life-saving treatment, and tell them to tough it out, as they are the ones who will pay the price for his failed approach?

    Finally, writing in The Sun on Sunday, the Secretary of State said that he is worried about patient safety, but he offered no plan to get this matter resolved. He is not a commentator; he is nominally the Secretary of State for Health and Social Care with the power and responsibility to put an end to these strikes. When will he put his toys back in the pram, stop blaming NHS staff, sit down with junior doctors and negotiate a fair resolution to this terrible, damaging and unprecedented dispute?

    Steve Barclay

    The shadow Secretary of State seems to ignore the fact that we have negotiated a deal with the NHS Staff Council, and it is a deal that it has recommended to its members. Indeed, the largest health union has voted in favour of the deal—indeed it is his own health union that has voted in favour of it—and yet he seems to suggest that we should tear it up even though other trade unions are voting on the offer, and their leadership had recommended it.

    Secondly, the shadow Secretary of State says that we should sit down and negotiate. We have made an offer of 10.75% for last year, compared with the Labour Government in Wales, who have offered just 7.75%, which means that, in cash terms, the offer in England is higher than that put on the table by the Welsh Government, whom, I presume, he supports. He says that he does not support the junior doctors in their ask of 35%, and neither does the leadership there. We need to see meaningful movement from the junior doctors, but I recognise that they have been under significant pay and workforce pressures, which is why we want to sit down with them.

    The bottom line is that the deal on the table is reasonable and fair. It means that just over £5,000 across last year and this year will be paid for a nurse at the top of band 5. The RCN recommended the deal to its members, but the deal was rejected by just under a third of its overall membership. It is hugely disappointing that the RCN has chosen not to wait for the other trade unions to complete their ballot and not to wait for the NHS Staff Council, of which it is a member, to meet to give its view on the deal. It has chosen to pre-empt all that not only with the strikes that come before that decision of the NHS Staff Council, but by removing the derogations—the exemptions—that apply to key care, including emergency care, which is a risk to patient safety.

    Trade unions are continuing to vote on the deal. The deal on the table is both fair and reasonable, including just over £5,000 across last year and this year for nurses at the top of band 5. The deal has been accepted by the largest union in the NHS, including, as I have said, the shadow Health Secretary’s own trade union. It pays more in cash to Agenda for Change members than the deal on the table from the Labour Government in Wales. It is a deal that the majority of the NHS Staff Council, including the RCN’s own leadership, recommended to its members. We have always worked in good faith to end the disruption that these strikes have caused and we will continue to do so. None the less, it is right to respect the agreement that we have reached with the NHS Staff Council and to await its decision, which is due in the coming weeks.

  • Andrew Griffith – 2023 Speech to the Innovate Finance Global Summit

    Andrew Griffith – 2023 Speech to the Innovate Finance Global Summit

    The speech made by Andrew Griffith, the Economic Secretary to the Treasury, on 17 April 2023.

    Good morning, everyone.

    Let me start by thanking Innovate Finance for inviting me and for organising such a fantastic conference.

    As ever, you really are kicking off UK Fintech Week in style.

    And it’s wonderful to be in this beautiful space – Guildhall – a venue constructed in the fifteenth century. It is a reminder of the proud and storied history of the financial services industry in this country.

    As Economic Secretary, my objective is to ensure that the UK is the most innovative, most international and most business-friendly economy anywhere in the world.

    I want the UK to prioritise growth, risk taking and wealth creation and to celebrate it for the moral good that it is.

    And as we chart our way forward with the ability of being able to make our own rules for the first time in decades, it has never been more important that financial services are at the heart of those efforts.

    That is certainly the objective that the Chancellor, the Prime Minister and I all share for the sector.

    Innovation – all of you in the dynamic fintech community – has a huge role to play.

    Bank accounts, payment services, the ability to borrow, save into a pension or other investments, buying insurance, or the provision of tools to understand finances better or to shop around offer enormous benefits to their users.

    They create ladders of opportunity, the ability to transfer wealth over a lifetime, the chance to provide for our old age or they can shield us from some of the adverse events that life can throw at us.

    Whilst I am proud to have many large and longstanding firms in the sector, it is rare that legacy firms have the ability to innovate at the pace required to make the most of changing technologies and keep us internationally competitive.

    Our Fin Tech community is vital for the economy in improving productivity, creating choice, and reaching into new under-served segments of the market.

    Which is why I am glad that as a location for Fin Techs to base themselves, on many fronts the UK is leading the way.

    Indeed, the sector continues to go from strength to strength.

    Data from Fintech Labs shows that almost half of Europe’s fintech unicorns are based here in the UK.

    And Innovate Finance found that last year, the sector attracted more investment than the next thirteen European countries combined.

    Our own commitment to supporting UK fintech is reflected in the actions we took, working with the Bank of England, to facilitate the private sector sale of the UK arm of Silicon Valley Bank to HSBC last month.

    I know many of you in this room were directly affected by the collapse of SVB and I am glad that we were able to act decisively to secure an outcome which protected your capital and ensured continuity of banking services.

    Throughout that intense period, I and other Ministers were accessible and constantly communicating with the sector.

    Government isn’t perfect but I hope that when the chips were down we demonstrated the benefits of being a sovereign nation with the agility to make its own decisions fast.

    But that is just the start.

    Our belief in this sector is also evident in the proactive steps we are taking to ensure that you continue to thrive in the years ahead.

    Importantly, the Government will reflect on the submissions to the Payment Services Call for Evidence and introduce an agile regulatory framework for payments and e-money that promotes growth and supports an internationally competitive payments sector.

    We’re also fostering innovation by making the UK a safe jurisdiction for cryptoasset activity.

    We set out plans in our wide-ranging consultation published in February, and we want to pro-actively support the use of distributed leger technology and tokenisation where it makes sense.

    At the same time, I was pleased to launch the Treasury’s joint consultation with the Bank of England, on how to move forwards with a sovereign or central bank digital pound.

    Private wholesale digital currencies are likely to come to market first and we are already creating the legislation to enable those which are fiat backed and used for settlement in the current Financial Services Bill going through Parliament right now.

    And we have the upcoming Financial Market Infrastructure Sandbox, which will help industry adopt and scale digital solutions that could radically change the way markets operate. That will be up and running this year.

    CFIT

    One of the most important steps we have taken to support financial innovation over the past two years has been implementing Ron Kalifa’s fintech review.

    Since being appointed, I have upped the pace of delivery and a few weeks ago we launched the new Centre for Finance, Innovation, and Technology – CFIT – in Leeds, a city where fintech adds £710 million to the local economy.

    CFIT is backed by £5 million of Treasury seed funding, along with an additional £500,000 from our partners at the City of London Corporation.

    It’s central task is to bring together industry players – entrepreneurs, policymakers, investors, and academics – into coalitions to address some of the trickiest challenges facing the sector.

    I am delighted to announce today that CFIT’s first coalition will look at Open Finance and how unlocking financial data can benefit SMEs and consumers.

    Everyone in this room understands how data can radically empower individuals and businesses alike.

    McKinsey estimate that opening up financial data could boost UK GDP by a useful 1.5% by 2030 so CFIT has my full support as they go after that opportunity.

    Open Banking

    Open finance would obviously be the next development beyond the existing Open Banking ecosystem, which is one of the most dynamic and exciting anywhere in the world.

    There are over 7 million regular active users of Open Banking in the UK and over a billion successful API calls every month. It’s spawned thousands of new businesses and products.

    Those who are close to it, know that this is a key moment for the Open Banking regulatory regime.

    We’ve done a lot of work over the last year through the Joint Regulatory Oversight Committee to set out the next steps to ensure Open Banking continues to go from strength to strength.

    This morning, the Committee set out its recommendations, with a vision of a data sharing market which is competitive and scalable for the long term.

    To achieve this, we will move Open Banking on to a sustainable regulatory framework, which the Government intends to develop through the Data Protection and Digital Identity Bill which has its second reading in Parliament today.

    Open Banking will also transition to a new entity, with a broad-based, equitable funding model and high standards of corporate governance. Today we set out how we plan to get this transition started this year.

    But we can’t spend all our time and energy on governance models.

    So we also set out an ambitious roadmap of actions for the next few years, again starting immediately. By Q3 this year, there will be tangible progress across the board, on key themes such as mitigating the risks of financial crime and promoting new services, including variable recurring payments.

    Let me be clear as I know some folk have been worried: this will be the year of delivery on the next generation of Open Banking.

    Our plan is ambitious but achievable, and I am committed to maintaining our country’s leadership in this field. We won’t rest on our laurels, and I want to encourage all of you to work with me to build on the success that Open Banking has been so far.

    Artificial Intelligence

    If data is one limb that has the potential to transform the financial services sector, the application of artificial intelligence is the other.

    Although there are already many deployments and uses in the financial sector, my belief is that we are barely getting started.

    AI can help firms to identify and prevent fraudulent transactions, detecting suspicious patterns in real time.

    By analysing data on market trends, customer behaviour, and other factors, AI algorithms can identify potential risks and provide recommendations for risk mitigation strategies.

    It can help investment managers to make more informed decisions, driving better returns for savers.

    And AI can power new customer service features, such as chatbots, which can deliver personalised support quickly and efficiently.

    This technology has immense potential to transform the financial services sector.

    And that is why the Government recently published its White Paper on AI which details our plans to make the UK the most trusted and pro-innovation system for AI governance in the world.

    This builds on our recent £900 million investment to build an exascale supercomputer and to establish a new AI Research Resource. These will provide significant compute capacity that many in this room may wish to take advantage of.

    Launch of the UK Fintech Census

    But even as we support the fintech community here in the UK, it is vital that we help our firms to expand internationally.

    That’s why my final announcement today is the launch of the UK Fintech Census, in collaboration with the City of London Corporation and Innovate Finance.

    It is designed to tailor our support for you as we make the most of the UK’s access to international markets.

    When you think about it, no other country on earth combines a seat on the Permanent Council of the UN with membership of NATO and AUKUS, a trade deal with the EU, accession to the Comprehensive and Progressive Trans-Pacific Partnership and being a founder member of the Commonwealth.

    The Census aims to help you make the most of these opportunities by seeking your feedback on three simple points:

    What international markets do you want to break into?

    What are the main challenges that you face?; and

    What further support and services would you like to see?

    The Census opens today and will run for five weeks, aiming to reach all 2,500 fintechs in the UK.

    And, in order to make it a useful and actionable data set, we will repeat the Census annually.

    Conclusion

    In conclusion, ladies and gentlemen I hope you are as excited about the opportunities as I am for you.

    UK fintech is in a great place today.

    But it’s our job, as a Government, to ensure that that success continues and we reach new heights… a mission to which, I assure you, we are utterly committed.

    I am a do-er by nature: I have worked in disruptive businesses for most of my life and I want to deliver concrete actions that help this sector to thrive.

    You’re already effective at telling us what you think – and I challenge myself and the team on a daily basis what more we can do to help.

    So please let’s keep working well together so that at next year’s Global Summit – and many more to follow – we’ll all be able to look back on many more fantastic years for UK fintech.

    Thank you very much.

  • Mark Harper – 2023 Statement on Plans for New Smart Motorways Cancelled

    Mark Harper – 2023 Statement on Plans for New Smart Motorways Cancelled

    The statement made by Mark Harper, the Secretary of State for Transport, in the House of Commons on 17 April 2023.

    The government has announced that all plans for new smart motorways have been cancelled.

    This will mean that the 11 schemes already paused from the second Road Investment Strategy (2020 to 2025) and the 3 earmarked for construction during the third Road Investment Strategy (2025 to 2030) will be removed from the government’s road-building plans in recognition of the current lack of public confidence felt by drivers and cost pressures.

    While no new stretches will be converted, work on the M56 J6 to J8 and M6 J21a to J26 will go ahead as planned given they are already over three-quarters constructed.

    The government and National Highways will continue to invest £900 million in further safety improvements on existing smart motorways. This includes installing stopped vehicle detection technology on every all lane running smart motorway which has now been completed, adding an additional 150 emergency areas across the network by 2025 and investing in giving motorists clear advice when using existing smart motorways.

    The government will also continue to deliver against its other commitments as set out in its response to the Transport Select Committee in January 2022.

    This government will continue to ensure that our roads remain among the safest in the world – helping drivers not just to be safe, but crucially, to feel safe and confident when driving.

    The following schemes have been cancelled

    RIS2 (2020 to 2025) paused schemes

    New all lane running smart motorways

    M3 junctions 9 to 14

    M40/M42 interchange

    M62 junctions 20 to 25

    M25 junctions 10 to 16

    Dynamic hard shoulder to all lane running conversions

    M1 junctions 10 to 13

    M4/M5 interchange (M4 junctions 19 to 20 and M5 junctions 15 to 17)

    M6 junctions 4 to 5

    M6 junctions 5 to 8

    M6 junctions 8 to 10a

    M42 junctions 3a to 7

    M62 junctions 25 to 30

    RIS3 (2025 to 2030) pipeline schemes

    M1 North Leicestershire

    M1 junctions 35a to 39 Sheffield to Wakefield

    M6 junctions 19 to 21a Knutsford to Croft

  • Rishi Sunak – 2023 Speech on Mathematics

    Rishi Sunak – 2023 Speech on Mathematics

    The speech made by Rishi Sunak, the Prime Minister, in London on 17 April 2023.

    It’s great to be back at the London Screen Academy to celebrate the global powerhouse that is our film and television industry.

    From Star Wars to Game of Thrones…

    …007 to Top Gun Maverick…

    …you name it, we make it.

    And right here is where we’re training up the next generation of BAFTA winners…

    ….the producers, set designers, visual effects specialists…

    …who are going to ensure the UK remains one of the most creative countries in the world.

    Now the reason I’ve come here to talk about maths, is not just because I like maths.

    But because what I am setting out today is a fundamental part of how we need to change our country for the future.

    Now, one of my five priorities is economic growth.

    And if we are going to grow our economy not just over the next two years, but the next twenty…

    …we simply cannot allow poor numeracy to cost our economy tens of billions a year…

    …or to leave people twice as likely to be unemployed as those with competent numeracy.

    So, we have to fundamentally change our education system…

    ….so it gives our young people the knowledge and skills they need…

    …and that our businesses need…

    …to compete with the best in the world.

    And there’s no better example of that than in our creative industries.

    Because what’s the biggest skills shortage holding our film industry back?

    As you heard from Gillian, it’s a shortage of technical skills.

    And so what have the London Screen Academy put on the curriculum for their 16-to-19 year olds?

    Maths.

    Why?

    Because you can’t make movies without maths.

    You can’t make visual effects without vectors and matrices.

    You can’t design a set without some geometry.

    You can’t run a production company without being financially literate.

    And that’s not just true of our creative industries. It’s true of so many of our industries.

    In healthcare, maths allows you to calculate dosages.

    In retail, data skills allow you to analyse sales and calculate discounts.

    And the same is true in all our daily lives….

    …from managing household budgets to understanding mobile phone contracts or mortgages.

    We also know the benefits of maths for employability and earnings.

    Even just basic numeracy skills can increase your earnings by around £1,600 a year.

    Put simply, without a solid foundation in maths, our children risk being left behind…

    …shut out of the careers they aspire to; and the lives they want to lead.

    Now in the decade or so, we’ve gone up 10 places in the international league tables.

    And maths has become the most popular of all A-Levels.

    But it’s still the case that the UK is one of the least numerate countries in the developed world.

    More than 8 million adults have numeracy skills below those expected of a 9 year old.

    And around a third of our young people don’t pass maths GCSE.

    And it’s not just that we’re not good enough at maths…

    ….there’s a cultural issue here too.

    I’ll be honest, when my daughters first heard me talk about them doing more maths they weren’t too excited.

    And that’s just it.

    We make jokes about not being able to do maths.

    It’s socially acceptable.

    We say things like: “Oh, maths, I can’t do that, it’s not for me” – and everyone laughs.

    But we’d never make a joke like that about not being able to read.

    So we’ve got to change this anti-maths mindset.

    We’ve got to start prizing numeracy for what it is – a key skill every bit as essential as reading.

    So my campaign to transform our national approach to maths is not some nice to have.

    It’s about changing how we value maths in this country.

    And changing the way our education system works to deliver it…

    ….so that all our children get these vital skills for life.

    Now, parents and teachers listening to this will want to know what that means for our children today.

    So let me tell you.

    We’re in the process of making maths more accessible, building our children’s confidence, so they don’t fear maths.

    We’re creating more sector specific content that can excite young people about the relevance of maths for the careers that they aspire to…

    …to help teachers bring maths to life in the classroom…

    …from building sets for school plays to calculating the angles of free kicks or the speed of a formula one car.

    We’re extending our Maths Hubs – unique partnerships of expert schools that support maths teaching.

    And we’re strengthening maths in primary schools…

    …including with a new fully funded professional qualification for those that are teaching it.

    But we also need to address a very specific problem that’s causing us to fall behind the rest of the world.

    We are one of the few developed countries where young people don’t routinely study some form of maths up to the age of 18.

    They do it in Australia, Canada, France, Germany, Finland, Japan, Norway and America.

    Why should we accept any less for our children?

    Of course, we shouldn’t.

    That’s why I set out in January we are going to change the way our system works…

    …so that everyone in our country will study some form of maths all the way to 18.

    Now let me be absolutely clear – I am not saying the answer is A-Level maths for everyone.

    But we do need to work out the maths our young people should study.

    So we’re going to look at what 16-18 year olds around the world are learning.

    And we’re going to listen to employers and ask them what they say the maths skills are that they need.

    That’s why today I am appointing a new expert group….

    …who will help us identify that core maths content that our 16-to-18 year olds need…

    ….and whether we need a new specific qualification to support that.

    But to repeat: that will not be A-Level maths for all.

    And let me also be clear that we’re not going to deliver this change overnight.

    We’re going to need to recruit and train the maths teachers.

    We’re going to work out how to harness technology that we need to support them.

    And we’ll need to make sure this maths is additional to other subjects – not instead of them.

    Just as here at the London Screen Academy, they don’t teach maths instead of the arts – they teach both.

    Because they are complementary not contradictory.

    So it will take time to implement this change.

    But we are taking the first step today by identifying the maths content that will give our 16-to-18 year olds the skills they need to get on in life.

    And when we have that, then we’ll come back with a detailed plan to deliver it.

    I’ll just finish on a personal note.

    Every opportunity I’ve had in life began with the education I was so fortunate to receive….

    …and maths was a critical part of that.

    And I knew it was important then.

    And when I look at how the world is changing, it’s only going to be more important for my children – and yours.

    So I won’t sit back and allow this cultural sense that it’s ok to be bad at maths to put our children at a disadvantage.

    We’ve got to change this.

    We’ve got to value maths, and what it can do for our children’s futures.

    Giving our children a world class education is the single most important thing we can do.

    It’s the closest thing we have to a silver bullet….

    …the best economy policy, the best social policy, the best moral policy.

    That’s why I’m proud that it’s our policy, and I will never stop striving to achieve it.

  • Steve Barclay – 2023 Letter to General Secretary of the Royal College of Nursing

    Steve Barclay – 2023 Letter to General Secretary of the Royal College of Nursing

    The letter sent by Steve Barclay, the Secretary of State for Health and Social Care, to the General Secretary of the Royal College of Nursing on 16 April 2023.

    Dear Pat,

    Thank you for your letter of 14 April.

    The offer that we arrived at together through negotiations in March, and which as the General Secretary of the Royal College of Nursing you recommended to your members, is a fair and reasonable settlement that acknowledges the dedication of NHS staff.

    It would mean that a nurse at the top of Band 5 would get over £5,000 in extra pay across last year and this year – including over £2,000 in bonus payments arriving as a lump sum in pay cheques by the summer.

    After you recommended the deal be accepted, I am disappointed that given the turnout, a rejection from less than half of your members was sufficient for a narrow rejection overall.

    This offer was of course negotiated with and put to all Agenda for Change trade unions. Unison’s members decisively accepted it on Friday, and other unions are yet to conclude their consultations. I hope that this fair and reasonable offer will secure their members’ support, and I will therefore await the collective outcome and extraordinary Staff Council meeting that will follow. As you know from when you and your colleagues negotiated this offer, the lump sum payments for 2022/23 are payable if the NHS Staff Council ratifies this offer.

    Given that you supported the offer we reached together, and that your ballot saw a very narrow result, I am also both disappointed and concerned that the Royal College of Nursing has chosen to announce 48 hours of continuous strike action without consultation of other Staff Council unions or waiting for the full Staff Council consultation to complete. The decision to refuse at this stage any exemptions for even the most urgent and life-threatening treatment during this action will, I fear, put patients at risk.

    We have so far worked together constructively, and I hope this can continue. The strike action you have called will cause significant disruption at a time when the NHS is already under extreme pressure. I urge you to reconsider your planned strike on 30 April – 2 May and, like the remainder of the Agenda for Change unions, wait until the collective outcome of the extraordinary Staff Council meeting.

    I would therefore welcome a meeting with you to discuss how we can avoid this escalatory action – recognising that the offer we negotiated with you and other unions stands, and I hope to see it implemented in the interests of all Agenda for Change staff once other consultations conclude.

    Yours ever,

    RT HON STEVE BARCLAY MP

  • Grant Shapps – 2023 Comments on Energy Sources

    Grant Shapps – 2023 Comments on Energy Sources

    The comments made by Grant Shapps, the Secretary of State for Energy Security and Net Zero, on 16 April 2023.

    The UK has been at the very heart of global efforts to support Ukraine, defeat Putin and ensure neither him nor anyone like him can ever think they can hold the world to ransom over their energy again.

    This is the next vital step, uniting with other countries to show Putin that Russia isn’t welcome anymore, and in shoring up our global energy security by using a reliable international supply of nuclear fuel from safe, secure sources.

    But this is one side of the equation – the other is the need to invest in clean, cheap and secure energy sources, and our Powering Up Britain plan will do just that.

    We must stop being reliant on expensive and imported fossil fuels and focus on smarter energy solutions. The UK is already a world-leader when it comes to renewables, a fact recognised by the investors I have met in the Republic of Korea and Japan this week.

    In flying the flag for UK PLC, I want to be crystal clear that the expertise we have from having the four biggest wind farms off our shores is available to support countries looking to invest in their supplies – something that will benefit them, create green jobs and opportunities at home and boost energy security around the world.

    And I want us to work ever-closer together with countries like Republic of Korea and Japan as we invest more in nuclear technologies like Sizewell and Small Modular Reactors, opening up opportunities to invest in the UK and with it, the job opportunities in our local communities.

  • Michael Gove – 2023 Statement on Freeports in Wales

    Michael Gove – 2023 Statement on Freeports in Wales

    The statement made by Michael Gove, the Secretary of State for Levelling Up, Housing and Communities, in the House of Commons on 23 March 2023.

    Today the UK and Welsh Governments have jointly announced that there will be two new Freeports in Wales: Celtic Freeport and Anglesey Freeport.

    This is an important moment for people across Wales. Freeport status will support the creation of high skilled jobs, drive growth and level up parts of our great country that have been previously overlooked. Each freeport, subject to business case, will be backed by up to £26 million in UK Government funding, and a range of tax incentives, including locally retained business rates to upgrade local infrastructure and stimulate regeneration. This is alongside a generous package of trade and innovation support for businesses locating there.

    These two new freeports will unlock significant funding for Wales, helping to boost the economy and ensuring the benefits are felt from Anglesey to Port Talbot and Milford Haven. They will help to create tens of thousands of new jobs, boost business, and unleash potentially billions of pounds of investment in the local areas and beyond. The strong bids from the Celtic and Anglesey sites compellingly demonstrated how they will use freeport status to regenerate their local communities, establish hubs for global trade, and foster an innovative environment.

    Freeports are at the vanguard of levelling up: driving growth and bringing opportunity and prosperity to the communities that surround them. The new freeports in Wales will build on the UK Government’s successful freeport programme in England, where all eight freeports are open for business, and in Scotland where two new green freeports have recently been announced.

    The Government remain committed to ensuring that the whole of the UK can reap the benefits of our freeports programme. As well as freeports being set up in England, Scotland and Wales, we also continue discussions with stakeholders in Northern Ireland about how best to deliver the benefits associated with freeports there.