Tag: Speeches

Therese Coffey – 2022 Speech to the CLA Business Conference

The speech made by Therese Coffey, the Secretary of State for Environment, Food and Rural Affairs, at the Oval cricket ground in London on 1 December 2022.

It is a great pleasure to be to here with you today making my first public outing outside of Parliament since returning to Defra.

I’ve always found the CLA to be a sensible voice at local and national level, and it’s had the great judgement to hiring Sarah Hendry as your director general, who was one of my best civil servants I ever worked with, during my first time at Defra when I spent 3 years there. It’s good to be back.

The CLA have been at the forefront of thinking imaginatively, ambitiously, and practically about the future of farming for well over a hundred years now never mind since the British people voted to leave the European Union. You’re right Mark to reference your Rural Powerhouse Report. And it’s important that we continue to use documents like that with potential policy ideas and long may it continue.

I thought it might be worth turning straight away to some of the comments made by Mark Tufnell and Professor Sally Shortall now. Some may not know this, when I was first in the role at Defra as Environment Minister, I asked to do more about rural life, and so I actually created the extra bit of rural life opportunities, and it is important that we have that focus in our department. Lord Benyon is our Rural Affairs Minister but I can assure that we all represent rural areas, we’re very conscious of the points that you’ve laid out. In Cumbria I think is the situation with the 16 plus bought instead of the daily trips to and from the college, recognising the opportunities to have. And indeed, some of the work I did at DWP, when we were in the framing of the levelling up framework that Michael Gove of course, pioneered, former Defra Secretary of State, and is leading once again in Government. One of the things I pointed out to my colleagues is that quite often you see a map of where people are considered to have really low income, and are not very well off and not particularly productive, and it really surprised them to hear that the district council areas with lowest median salary, were all rural, including the Prime Ministers own constituency, his council, was the third lowest median salary in the country. And that recognises quite a lot of the fact that the predominant sectors there are agricultural and tourism. And if you’re working in there rather than perhaps being the owner of one of the enterprises then the salaries are not as high as we’d like I’m sure.

I want to stress that I will be having this important focus, and I know that all our Ministers are similarly engaged, recognising that we want to make sure that the prism of rural life is reflected and considered, particularly in things like levelling up, and the shared prosperity fund as we move forward.

Turning to what Mark said, as he’s pointed out, overcoming barriers to business success is the main theme of this conference today, and while most of my comments will be about the farming side of your members interests, I think it’s a reflection that it’s absolutely critical that we get growth going again in this country and I do see the rural economy as a part of that. And I like to think that what we have done in the last 12 years, it may not be all complete I get that, but extending internet and broadband access that’s largely done; we still need to improve the mobile phone connection; I know that for farmers they welcome the fact that we’re adjusting taxes so that we can spread over 5 years instead of the annual tax return. And I thought that would be useful towards the cash flow challenges that sometimes come, as we see different outcomes every season.

But indeed also, we have rightly kept the inheritance tax exemption under agricultural. But I think we’ve also tried to strive to help businesses find more sector diversify. I know that we’ve already changed planning rules and guidance to allow more use of our buildings, and I do want to point out that primarily it is the local government and local councils that make decisions on individual local planning applications, and to some extent the national planning policy framework will of course help guide that, but it is their decision on exactly where and how through their local plans they support the rural economy to thrive.

And as I say, Lord Benyon is the rural affairs Minister, and I can assure you my time in 12 years as being a member if Parliament for Suffolk coastal where I’ve seen Grade 4 land – I’m not quite sure if Grade 5 land has been used – but Grade 4 land is used for very productive production of much of the food that gets eaten in this country, and indeed extending the seasons to get through crops of potatoes every year I think is particularly special. I continue to learn and I do see the CLA, pretty much every year at the Suffolk Show, and I’m very delighted to go and meet them as well as other my constituents.

Now turning to the more broad substance, I know that there are many pressures that are coalescing right now that impact your businesses, whether that’s flooding and droughts that we’ve seen, outbreaks of pests and diseases, or indeed the global challenges affecting prices, energy and supply chains and we should be very clear the aftershock of covid I’m afraid will still be with us for some time and I cannot give you any timeline exactly on how long the illegal invasion of Ukraine will carry on but we know there will be consequences and there are consequences right now and that’s why the Government is making changes to its energy strategy to try and mitigate.. Those things will not come straight away apart from some of the support schemes that are already in place.

But it is why we have set out urgent new measures and change on how we’ve dealt with avian influenza.

It’s why we hope that the support we’re trying to give to farmers, recognising the rising input costs for feed and energy through a range of measures, whether that’s continuing the mini budget last year reinstated, the fuel duty and VAT cuts, and in terms of action to reduce business rates and indeed the businesses energy support scheme.

So, knowing cashflow is probably the critical thing that we will help an enterprise keep going or not, it’s why to support farmers’ cashflows we changed BPS payment to twice a year, for the first time ever, and that’s only thanks to leaving the EU that we’ve been able to make those changes.

We paid out £677 million out to you earlier this year. And a further £620 million will be paid from today. And I want to assure you that the Farming Minister, Mark Spencer, is meeting retailers and processors regularly, to encourage them to recognise that the burden of higher input costs is falling heavily on farmers.

Thinking of these global impacts, I don’t think anywhere in the world has felt these more keenly than in Ukraine, traditionally the breadbasket of Europe.

Amidst the turmoil of war, it is truly extraordinary that the farmers of Ukraine have managed to get so much of the harvest in. And at time when Ukrainians themselves are suffering so much I was really pleased that we were able to support this initiative to get grain from Ukraine to some of the poorest and most vulnerable people in the world. And I genuinely think that what they’ve done is an act of global humanity at its very best.

That’s why at the weekend I was proud to join the conference and to send a contribution of £5m to Ukraine to support this initiative on behalf of the Government, the British people, and indeed particularly on behalf of farmers.

Now I’m less than 2 months into the role, there is still a lot that I’m still working through at Defra. And while having spent 3 years in the department before I’m now the Secretary of State and have a much wider range of issues to tackle.

But I felt it was important for me to be clear about our intentions for the future. So, I’ll cut to the chase.

As we made clear in our manifesto, one of the biggest bonuses of leaving the EU, was the opportunity to free our farmers from the bureaucratic Common Agricultural Policy and move to a system as we set out in our manifesto based on spending public money in a way that helps us to secure the public good.

I like to think we have already started cutting back the red tape that has held you and us back, scrapping the three-crop rule and greening requirements that really did so little for nature, because that actually caused real headaches for you without really much outcome.

We certainly have guaranteed the annual farming budget over this Parliament but in return we want to support you to farm in a way that safeguards high standards of animal welfare and protects and enhances our natural environment. So we make timely progress towards meeting our vital targets to halt the decline of nature in our country during this decade and ultimately to reach net zero by 2050 – making progress with every carbon budget, securing the clean and plentiful water that we need to build the resilience of our businesses, our food system, and our whole country to the impacts of a changing climate, so that we can secure the strong foundation of our whole economy – and the engine of our rural economy as well.

Farming is the backbone of our second largest manufacturing sector, it bring jobs to every county, and does play a vital role in rural communities across our country.

That is why we decided, in good faith, to review our plans, to make sure that we achieve the greatest possible impact for our environment, that we would secure the biggest bang for our buck in the way we spend tax payer’s money, and so that it is easy and attractive for farmers get involved.

I know you need certainty, you need to plan ahead for future investment cycles. But I also want to be clear we recognise the needs that we may need to be agile and retain the dynamism that we have set in motion so we make sure that we are funding schemes that work in terms of the outcomes and in terms of take up.

That is why we will continue to work together to iterate and improve our approach over time.

And I think back to when I was in the role before and I was told how HLS was the best designed scheme in Europe, and the problem was hardly anyone took it up, and that’s something we really need to avoid.

So turning to the next steps, where decades, even generations of hard-won experience have given us a strong sense of what already works. I’m very clear we don’t need to reinvent the wheel.

It’s important that we support your stewardship of our shared stock of natural capital across our brilliant landscapes and reflect the immense contribution you make to your communities and also respect the way of life that you cherish.

I am pleased to tell you that the review is now complete and that we are moving ahead with the transition, on the same timescale and with three schemes.

All the funding that we are taking out through reductions in BPS over time will continue to be made available to farmers through a combination of one-off grants and ongoing schemes and the advice you need to get your business on the right footing for the future.

As we make those planned, steady reductions to BPS payments, we will offer payment to you to take action through our three environmental land management schemes.

And our aim, across those schemes, is not ‘one size fits all’ but a range of options so everyone can find a combination that works for them.

So whether you’re a commoner, upland farmer, or small family farm, and whether you’re a landowner or a tenant farmer recognising elements of the Rock review.

As your president said, the choice is not producing food or doing environmental schemes, it’s about making space for nature and that must go alongside sustainable food production.

They are not mutually exclusive. They can be symbiotic.

And we need to embrace the complexity that holds the key to getting the critical decisions right on how we can make the most of our land to achieve all the things we want to do from planting forests and protecting peatlands to producing food.

We can bolster sustainable, resilient food production and protect our shared natural heritage and our rural heritage. We need to build more of the homes that people need while we also get on with tackling the causes and the impacts of climate change as well as improving the state of nature.

And we will have those honest conversations with you about how we maximise those multiple benefits for land.

So, turning to our three schemes.

As we reduce the amount being spent on BPS we will be adding options to our current offer so that by 2024, farmers will have access to the full range of actions they can be paid to take on their land.

For our Sustainable Farming Incentive – our aim is to get as many of you as possible signed up.

The initial phase is now live – and is focused specifically on securing the health of our soil that is critical to food production and to reducing inputs so that we support the natural world from the ground up.

And we will build on that with more standards each year so you can choose more options for your business.

I’m really pleased that over 30,000 farmers are now involved in our simplified, streamlined, and I hope overall, enhanced Countryside Stewardship scheme – that’s a 94% increase in three years. Something must be working.

We have listened to your concerns, we’ve learned from your experiences and I hope we’ve made a lot of improvements – but we know there’s a lot more to do.

I want to build on that success, by developing Countryside Stewardship, so we achieve the same ambitious outcomes that we intended to deliver through Local Nature Recovery but instead to have an enhanced version of the Countryside Stewardship scheme that is already part of thousands of farm businesses rather than introducing a whole new process.

That is the right thing to do and the smart thing to do with public money as we develop the markets that will draw in finance from all sources.

With the first 22 Landscape Recovery pilot projects up and running for our third scheme that holds true at scale as well.

And it seems to me to be common sense that when communities come together locally or businesses come together to create the sort of wildlife corridors that are critical to the connectivity as well as the diversity and abundance of species and to the health of our waterways, the impact that they achieve together will be greater than the sum of its parts and as a consequence you will be rewarded accordingly.

My priority is to make sure that we make it as simple and straightforward as possible for us succeed and, let’s be straight forward about this, in my view, farmers are the original friends of the earth. You are the stewards; you are the custodians of our countryside.

I will tell anyone that will listen that our British farmers are outstanding in their field. We produce high quality food that is well-known around the world and working with nature – not against it is the natural instinct of every farmer I have ever had the pleasure of meeting.

You look after more than 70% of our land. We cannot make these changes to improve the environment or get to net zero without you

That’s why we want to work with you to tackle this together so we help the environment, backing the frontrunners and helping everyone to bring up their baseline.

Sadly, there will still be and still are polluters who let the side down and end up threatening these collective efforts.

And frankly if they don’t accept our support, we will tackle them head on, but we want to focus on all of you and help you take your businesses into the future.

So, we are getting you the cutting-edge kit and the expert advice you need to improve productivity, health and welfare.

We are investing in your connectivity, with new trials confirmed today to beam broadband into the hardest to reach rural areas directly from satellites in space

As well as tripling the value of vouchers available under the Gigabit Broadband Voucher Scheme from early next year.

We are funding the Institute for Agriculture and Horticulture so we can create the conditions we need to retain generations of experience, develop promising talent, and indeed attract fresh blood into the sector.

And of course, we will back the world-class British science and innovation that is key to improving productivity and resilience, and we will make the most of new legislation that will confirm our newfound freedom to make sure British expertise leads the way on the precision breeding that is so important for food security around the world.

In all of this, I am committed to making sure that we give you the clarity, certainty and support that I know you need.

So early in the new year, I can’t make the announcements today, we will be saying more about what we’ll be offering to pay you to do in the next phase of all the schemes.

And with the time it takes to get an SFI application done and dusted, it’s already been slashed from 6 months during the pilot to under 2 weeks for the full scheme – and often much less than that. My hope is that you will find it relatively quick and easy to identify a set of actions that works for your business, sign up for payments and crack on with your plan to make your business more resilient, more sustainable, more profitable, and indeed more productive in the months and years ahead.

Lastly, I want to thank all of you who are working with us on the development of these schemes and for your continued engagement – as well as for all the other sterling work that you do.

I can assure you we remain as ambitious as ever – on all fronts and it is essential that we continue to work together to get this done and get it right.

I know we can do it.

And we have to make this work, to tackle climate change, improve the state of nature, support our rural communities and to make sure the way we produce food is sustainable and resilient for the future.

Thank you – and I wish you all the best for the rest of your conference.

December 1, 2022
Andrew Griffith – 2022 Speech at the TheCityUK’s National Conference

The speech made by Andrew Griffith, the Economic Secretary to the Treasury, in Edinburgh on 1 December 2022.

Introduction

Good morning, everyone. And thank you, of course, to Miles and TheCityUK for the opportunity to be here.

You don’t need me to remind you of the uniquely constructive role TheCityUK plays on behalf of this great industry.

I want to thank you, among many other things, for your forward-looking research.

And I note, for instance, your recent Six-point Plan for Growth for the Sector, and your statistics on financial services across the UK – which are invaluable for our understanding of the breadth and depth of this industry.

That’s particularly relevant because of where we are today.

Not too long ago we could have closed our eyes, taken a deep breath, and known for certain that we were in Auld Reekie.

The geographical giveaway these days is the sound of clicking of computer mice echoing from the offices of RBS, Standard Life, Baillie Gifford, Abrdn and Scottish Widows. And Blackrock, JP Morgan Chase, HSBC and more.

Because this city, as we all know, is a financial services powerhouse.

The second largest financial services cluster in the UK after London. More than 50,000 people – one seventh of the entire workforce – employed in banking, insurance and pensions, asset management and FinTech. And an increasingly important centre of excellence for sustainable finance and investment.

And to avoid accusations of favouritism, let me also praise Glasgow where recent growth in the sector has attracted global attention, and made it the third largest financial centre in the UK behind London and Edinburgh. While green finance credentials, the fintech cluster and a developed talent pool extend beyond Edinburgh and Glasgow to Perth, Stirling, Dundee and Aberdeen too.

Of course, this is nothing new. Scots and Scotland have been pioneering financial services for centuries.

Adam Smith gave us the intellectual framework. Nicknamed both ‘the Father of Economics’ and ‘the Father of Capitalism’, Smith is said to have expressed disappointment that he didn’t achieve more in life. Which seems a little bit harsh.

John Law – an inveterate gambler and duellist – dreamt up paper money… claiming – and I quote – that ‘I have discovered the secret of the philosopher’s stone: it is to make gold out of paper’.

Robert Wallace and Alexander Walker – presbyterian clergymen both, and founders, of course, of what became Scottish Widows – created the first insurance fund, based on actuarial and financial principles rather than mercantile gambling.

Robert Fleming, of the eponymous bank, left school at 13 – not that I’m advocating that – and went on to become one of the world’s leading investors and pioneer of investment trusts.

You get the point. For whatever reason – and I suspect there are many – Scotland has been at the leading edge of this intellectually and practically for a long time.

Financial services and the Union

The larger point here is that it’s no coincidence that Scotland and the UK’s financial services industry have evolved – and thrived – together over the last two centuries.

That’s just one of the countless reasons why I’m a Unionist – and why this Government is utterly committed to bolstering the Union.

And, by the way, the Autumn Statement of a fortnight ago made good on that commitment by boosting UK-wide devolved administration funding by £3.4 billion over 2023-4 and 2024-5.

But I don’t want this to be a political speech. I want it to be a celebration of this extraordinary industry, and clear statement of intent regarding the future.

If you can’t tell, I am determined to do everything I can to help this industry succeed. And I share that determination with the occupants of both Number Ten and Number Eleven Downing Street.

And given the contribution you already make to the UK, why wouldn’t we feel that way?

One pound of every ten of the UK’s economic output – a higher proportion than in France, Germany or the US. Hundreds of thousands of jobs. Billions in taxes supporting our vital public services.

And while I may be the City Minister, that doesn’t just mean the City of London. Yes, it’s Edinburgh and Glasgow and Aberdeen. But it’s Manchester, Cardiff, Belfast, Newcastle and Birmingham too. Because two-thirds of financial services jobs are outside London, serving vast numbers of people who’ve never even set foot in the Square Mile.

The government’s ambition

As an industry, you are at the forefront of our minds.

When we ask ourselves what, in a globally competitive marketplace, we want to be good at, you are a huge part of the answer.

The big picture ambition is straightforward: financial stability, fiscal sustainability and growth.

In the Autumn Statement, the Chancellor outlined five areas for growth: digital technology, life sciences, green industries, advanced manufacturing and financial services. And, when you think about it, even the first four of those rely on financial services – for their day-to-day operations as well as investment capital.

On the bank surcharge, the Autumn Statement confirmed the position we announced last year, underlining the government’s commitment to maintaining competitiveness and encouraging growth within the banking market.

We also published a consultation response setting out the final policy approach on Solvency II. This will deliver a more tailored, clearer and simpler regulatory regime, better suited to the unique features of the UK market.

The reforms we’re making are as follows: cutting the risk margin significantly, with a 65% cut for long-term life insurers; maintaining the existing fundamental spread; increasing investment flexibility by overhauling matching adjustment eligibility rules; and slashing red tape.

The ABI have said the reforms we have made could unlock over £100 billion from UK insurers for productive investment.

On that note, we’ve also listened to industry’s proposals, and created the Long-Term Asset Fund to help unlock access to long-term illiquid assets.

We believe that’ll mean a significant boost to the productive capacity of the UK economy – including much-needed infrastructure and decarbonisation products.

Long-term investments in illiquid assets can be an incredibly important part of a portfolio. A regulatory environment that is too focused on short-term, liquid assets or low costs at the expense of quality is a problem.

Another positive with that, of course, is helping pension savers to diversify their investments, and access higher long-term returns.

I should also say that the work on LTAFs is best understood in the context of wider work on the UK funds regime review, which seeks to make the UK a more attractive location for funds domicile.

I’ve been really keen for some time to see the launch of the first LTAFs. And am delighted to reveal today that the first firm has submitted an LTAF application to the Financial Conduct Authority.

My personal view is that good decision-making is sometimes about appropriate risk-taking. In government we should take calculated risks – to get the very best outcomes for the people of this country. And I celebrate those who do the same in business.

Refining ESG

Another thing I’d flag is the fact that we’re introducing new sustainability disclosure requirements which take a climate-first approach to sustainability reporting, in turn helping people to make informed investment decisions. We will do this in a proportionate and UK-tailored manner while in step with international standards.

The FSM Bill

Part of the context for all our efforts to boost the sector is, of course, our departure from the European Union.

And we’re seizing related opportunities there too.

That’s the point of the Financial Services and Markets Bill which is making its way through Parliament more-or-less as I speak.

The headline goals are tailoring financial services regulation to UK markets to bolster the competitiveness of the UK as a global financial centre, while delivering better outcomes for consumers and businesses.

You’ll be pleased to know that I’m not going to take you through every sub-clause of the Bill – that’s available on Parliament TV if you’re interested – but let me at least sketch out the most salient points.

First, the implementation of the Future Regulatory Framework Review – with new objectives for the regulators to facilitate growth and competitiveness, and the repeal of retained EU law to enable reforms to key areas of financial services regulation, including Solvency II and MiFID. The result will be a comprehensive, domestic model of regulation.

Second, harnessing new technologies safely and responsibly. With an FMI Sandbox to facilitate experimentation and the development of best practice.

Third, we’re implementing the outcomes of the Wholesale Markets Review – removing unnecessary restrictions on where and how trading can happen whilst maintaining high standards of regulation.

I also want to take this opportunity to reiterate the government’s commitment to taking forward the recommendations from Mark Austin’s Secondary Capital Raising Review.

The Treasury is working with BEIS on these recommendations and on reforms to corporate governance more broadly. This will help to enhance the international competitiveness of UK capital markets and support the growth ambitions of companies listed on them.

In addition, you may have noticed that the PRA published their consultation yesterday on their proposals to implement the remaining post-financial crisis banking reforms known as Basel 3.1.

In parallel, the government has also published its own consultation on the Basel 3.1 reforms… setting out the legal changes we’re considering, and seeking views on improving aspects of the Capital Requirements Regulation, particularly in terms of equivalence, resolution and overseas exchanges.

This is a huge package of reforms, which we know will have far reaching impacts and so we ask you to please continue to engage with both the PRA and the Treasury on these important issues. As ever, we want your insights and your advice.

Let me also just say a few words about the powers of the financial services regulators, who do a fantastic job.

The government is absolutely committed to their operational independence.

We were considering the introduction of a so-called ‘Intervention Power’ in the Financial Services and Markets Bill. But last week decided not to proceed with the Intervention Power.

Our view, in short, is that existing provisions in the Bill are sufficient to allow the UK to seize the opportunities of Brexit, by tailoring financial services regulation to UK markets to bolster our competitiveness.

We are also using the Bill to strengthen our already high standards for Central Counterparties – or CCPs – ensuring the Bank of England, have the powers they need to determine the regulatory standards for these firms and also upgrading our resolution regime.

We are making changes to ensure that the UK remains an open, global financial centre for clearing. In fact, just yesterday a statutory instrument was laid in Parliament extending two transitional regimes for overseas central counterparties, or CCPs.

Two years ago, the Prime Minister told a Mansion House audience that the UK already had “one of the world’s most robust regulatory regimes for central counterparties.”

He also said that there was “no reason of substance why the UK cannot or should not continue to provide clearing services for countries in the EU and around the world”.

And that is as true today as when he said it.

The opportunity

Ladies and Gentlemen,

That’s a lot of hard graft done already – and I want to thank colleagues at the Treasury and across the industry for getting us this far.

But let me be clear that we’re only just getting started.

Our goal, plain and simple, is to be home to the most open, well-regulated and technologically advanced capital markets in the world.

We want to reposition financial services for a time of great change so that they can contribute even more to this country’s long-term prospects.

That’ll mean, for instance, a further package of reforms repealing EU law, and replacing it with rules tailor-made for how things are done here.

It doesn’t mean deregulation for deregulation’s sake but it will mean selectively looking for ways we can use our freedoms to be more agile and competitive.

I’m incredibly excited about what we can achieve.

We think it is only by expanding our ties with markets around the world – from the most advanced to the fastest -growing – that we boost growth and productivity here at home.

The UK has an abiding interest in a prosperous and productive Europe, with many shared interests, and we continue to have valuable relationships with our EU partners.

But the success of Brexit has given us a clear opportunity to strengthen ties with advanced markets beyond Europe, from the US to Singapore, Japan to Australia.

At the same time, we need to deepen links with the fastest growing markets across Asia, Africa and Latin America. Links that will have an important impact on the UK’s future prosperity.

Our proposition is to increase the range of markets and consumers that benefit from the UK’s innovative financial services offering – including by looking to the markets of the future.

Fintech and crypto

The government is also committed to retaining the country’s global leadership position in fintech.

In the first half of this year, investment in the sector was a record £7.8 billion, 24% up on the same period last year. Meaning, in turn, that fintechs in the UK attracted more funding than the rest of Europe combined.

There’s also, of course, the opportunities presented by distributed ledger technology and blockchain.

You may have heard my predecessor, John Glen, setting out our ambitions on crypto in April.

He said this: “If crypto-technologies are going to be a big part of the future, then we – the UK – want to be in on the ground floor.”

We’re driving forward this agenda and I continue to chair the crypto-engagement group to hear from industry and share progress.

Yes, there are questions about the future of crypto – but we’d be foolish to ignore the potential of the underlying technology. For me, recent events in the crypto market reinforce the case for timely, clear and effective regulation.

The Financial Services and Markets Bill already enables us to establish a framework for regulating cryptoassets and stablecoins in the UK, and we will be consulting on a world-leading regime for the rest of the cryptoasset market later this year.

Financial education

Another thing I wanted to touch on is financial education. It’s away from the everyday hustle and bustle of the financial markets, but an important element of the path to sustainable success.

According to the Money and Pensions Services’ UK Strategy for Financial Wellbeing, more than five million children ‘do not get a meaningful financial education’. While ‘poor financial wellbeing, affecting tens of millions of people, is holding the UK back’.

We’re already committed to increasing the number of children and young people receiving meaningful financial education, as MAPS’ five-point plan to improve the UK’s financial wellbeing by 2030.

Our view is also that the better our young people understand finances early on, the more likely they are to be able to make a professional contribution to this industry later in life.

Conclusion

Ladies and Gentlemen,

I hope you’ll agree with me that that’s a pretty full slate of activity – and a clear statement of our ambition for financial services.

The story of UK financial services – so much of it written here in Scotland – is already dynamic and proud.

We have everything we need to thrive long into the future: the talent, the experience and the ambition.

I’m excited by that. And I am thrilled to be on this journey with you.

Thank you very much.

December 1, 2022
Ian Blackford – 2022 Statement on Standing Down as SNP Leader at Westminster

The statement made by Ian Blackford, the SNP Leader at Westminster, on 1 December 2022.

I have today informed SNP MPs that I will not be restanding as leader of the Westminster parliamentary group at our AGM next week.

After more than five years in the role, now is the right time for fresh leadership at Westminster as we head towards a general election and the next steps in winning Scotland’s independence.

During my time as leader, the SNP won a landslide victory in the 2019 general election, with an increased share of the vote and MPs, and support for independence has continued to grow with polling this week showing a majority in favour.

While I am stepping down as Westminster leader, I will continue in my role as the MP for Ross, Skye and Lochaber, and I have also accepted a new role at the centre of the SNP’s independence campaign, leading on business engagement.

I would like to thank our MPs and staff for all their support over the past five years. Whoever replaces me as Westminster leader will have my full support as, together, we stand up for Scotland’s interests and democratic right to choose our future in an independence referendum.

December 1, 2022
Rosie Cooper – 2022 Statement Standing Down as MP for West Lancashire

The statement made by Rosie Cooper, the Labour MP for West Lancashire, on 30 November 2022.

I have today stood down as MP for West Lancashire to take up the role as Chairman of Mersey Care NHS Foundation Trust.

Representing West Lancashire in Parliament for the past 17 years has been the greatest honour of my lifetime. I am immensely grateful for the confidence that my constituents placed in me, across 5 elections, to be their voice in Westminster.

I leave with a heavy heart, knowing that despite my efforts to distance myself from events in the past, the choice of broadcasters to re-tell this story is out of my control. I hope in the future, production companies will be more considerate of the effect that these programmes and the publicity campaign surrounding them, will have on the victims of crimes regardless of how public that crime was.

I am, however, thrilled to be moving on to a new role within the NHS. Protecting and improving the health service has always been a great passion of mine. I am taking up this responsibility at a time when the challenges facing the NHS have never been more apparent.

December 1, 2022
Stewart Hosie – 2022 Speech on Independent Adviser on Ministerial Interests

The speech made by Stewart Hosie, the SNP MP for Dundee East, in the House of Commons on 30 November 2022.

When the Government published their policy paper on revisions to the ministerial code on 27 May, it said that there would be “an enhanced process” for the initiation of investigations under the ministerial code, that the independent adviser could initiate his or her own investigations, that there would be a more specific reference to the adviser in the ministerial code, and that there would be a duty on Ministers to provide all the information necessary to allow the adviser to discharge his or her duties. However, it turns out that the Prime Minister is not offering potential candidates any enhanced powers, meaning that advisers will not be able to launch their own investigations, and that confirms the blocking of the expansion of powers by his predecessor. So it is a simple question: why are the Government reneging on their own policy statement of May this year, making it more difficult to appoint an independent adviser?

Alex Burghart

I refer the right hon. Gentleman to the answer I gave a few moments ago. He seems terribly well informed, but he seems to have stopped short of reading Lord Geidt’s response to the changes in the terms of reference, where he said that

“this would be a workable scheme”.

November 30, 2022
Alex Burghart – 2022 Speech on Independent Adviser on Ministerial Interests

The speech made by Alex Burghart, the Parliamentary Secretary at the Cabinet Office, in the House of Commons on 30 November 2022.

The Government welcome the opportunity to stress again the importance of the role of the independent adviser and this Government’s commitment to it. The Prime Minister has been very clear that the appointment of a new independent adviser is a priority and that the appointment process is under way. Hon. Members will understand that an appointment of this nature is significant and has to be done well. Much as hon. Members might wish me to, it would not be appropriate for me to comment further on specifics of what is an ongoing appointments process. Let me assure hon. Members: the adjudication of issues of ministerial conduct does not stop because the independent adviser is not yet in post. Conduct matters and conduct issues will be dealt with quickly and appropriately, irrespective of that appointment process.

That is what hon. Members will have seen with regard to complaints made against the Deputy Prime Minister. On receipt of formal complaints by the Cabinet Office, the Prime Minister requested that an independent investigation be conducted by an individual from outside Government, and Adam Tolley KC has been appointed to conduct the investigation. The terms of reference have now been published. The process is under way, and Mr Tolley will provide his report to the PM in due course. It is right that these matters are investigated fully, but it would not be right to comment further on them when that process is ongoing.

I would also like to reassure hon. Members that the process of managing the interests of Ministers continues in the absence of an independent adviser. The permanent secretary, as the policy expert on each Department’s remit, leads the process in their Department in the absence of an independent adviser. The Cabinet Office is able to provide advice in line with precedent. All relevant interests are declared by Ministers upon taking office and are kept up to date at all times. The publication of the list of Ministers’ interests is the end point of the ministerial interests process, and it takes place at regular intervals to make the public aware of the relevant interests of Ministers.

I will end by reiterating that as soon as there is an update on the process to appoint an independent adviser on Ministers’ interests, the Government will update the House.

November 30, 2022
Angela Rayner – 2022 Speech on Independent Adviser on Ministerial Interests

The speech made by Angela Rayner, the Deputy Leader of the Labour Party, in the House of Commons on 30 November 2022.

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

How many times have I heard, “Soon; jam tomorrow; mañana, mañana”? We need the Prime Minister, who promised to appoint an independent ethics adviser as one of his first acts, to actually deal with this issue. Yet despite Ministers being accused of bullying and intimidation, or being reappointed despite security breaches, there is still no adviser. It is clear that ethics and integrity are not a priority for the Government, despite the Prime Minister’s words.

We are told that recruitment is under way, but apparently no one will accept this poisoned chalice. So can the Minister tell us how many candidates have been approached and how many have refused the job? Will the Prime Minister follow his disgraced predecessors by denying the so-called independent adviser the power to launch their own investigations? Or does he have no plan to restore standards? Will he just preserve the rotten regime that he inherited?

What on earth is the system in the meantime? Who will investigate the allegations of Islamophobia made by one serving Minister against another? The Minister mentioned the Deputy Prime Minister, who had to demand an investigation into himself because the Prime Minister was too weak to do so. How many formal complaints have now been made? The Minister mentions Adam Tolley. Why is he not allowed to proactively investigate the so-called informal complaints? Will he investigate allegations made by the former permanent secretary? And who will finally get to the bottom of the dangerous use of private emails by Ministers?

No. 10 said in reference to the Home Secretary that it could not investigate breaches under previous Administrations. But that is what is happening now with the Deputy Prime Minister, so why not? Why now is there an excuse for refusing to investigate the Home Secretary’s breach? Will the Prime Minister appoint a truly independent watchdog?

Alex Burghart

It is wonderful to hear the right hon. Lady’s interest in this matter today. As it happens, we had a debate on this very issue in Westminster Hall yesterday. The House will be shocked to hear—

Mr Speaker

Order. I am here, Minister, not over there—and I hate to say it, but there is nobody even standing on that side.

Alex Burghart

Thank you for the reminder, Mr Speaker.

The House will be shocked to hear that the right hon. Lady was not present at that Westminster Hall debate—[Interruption.] Because it was about the ministerial code, which is the subject of the urgent question. The right hon. Lady and her hon. Friends did not bother to show up, and they missed the opportunity to hear the hon. Member for Rhondda (Chris Bryant) speak very pertinently on this subject. Not only was the right hon. Lady not there, but her Front-Bench colleagues did not turn up to ask questions, either.

The right hon. Lady refers to rumours in the press, but let us look at the facts. The Prime Minister has been in office for 31 days. On his first day, he said he would make an appointment. He has made repeated assurances in this place and other places, as have members of the Cabinet, and that has continued in yesterday’s debate, at Prime Minister’s questions and for this urgent question.

The right hon. Lady talks about the powers of the independent adviser, but I remind her that in May this year, Lord Geidt said that we had come up with “a workable scheme”. I have to say that it is starting to sound very much like the Opposition cannot take yes for an answer. We are going to have an independent adviser who will have the powers they need. They are going to be appointed very soon.

November 30, 2022
Marsha De Cordova – 2022 Speech on the National Eye Health Strategy

The speech made by Marsha De Cordova, the Labour MP for Battersea, in the House of Commons on 29 November 2022.

I beg to move,

That leave be given to bring in a Bill to require the Secretary of State to publish a national eye health strategy for England; and to require that strategy to include measures for improving eye health outcomes, for reducing waiting times for eye health care, for improving patient experiences of eye health care, for ensuring that providers of eye health care work together in an efficient way, for increasing the capacity and skills of the eye health care workforce, and for making more effective use of research and innovation in eye health care.

The Bill would ensure that regardless of where one lives, everyone can access the right care where and when they need it, eliminating the postcode lottery and addressing the inequalities in access to eye care services. An estimated 2 million people are living with sight loss in the UK. We rely on our eyes every day, yet we do not give much thought to our eye health until our vision changes.

A report earlier this summer showed that 17.5 million adults in the UK had not had an eye test in the past two years, as recommended. Anyone can be impacted by sight loss, and Members from across the House will have hundreds of constituents affected. Fifty per cent. of all sight loss is avoidable and 250 people begin to lose their sight every day, with a shocking 21 people a week losing their sight due to a preventable cause.

Eye care services in England are under intense pressure due to huge backlogs as a result of the pandemic, demand from an ageing population and low recruitment and retention of all groups of the ophthalmology clinical workforce. More than 650,000 people are on the waiting list in England, of whom 37% have been waiting for over 18 weeks and over 4% have been waiting for more than a year—that is, 26,000 people who have been waiting for more than 12 months to see a specialist.

Ophthalmology has been the busiest NHS out-patient clinic for the past three years. Delays to diagnosis and treatment can lead to a complete loss of sight. For example, patients with age-related macular degeneration can experience rapid and sometimes complete central vision loss within weeks if not treated. As well as the social and emotional impact of sight loss, there is a huge economic cost to the UK economy, which is estimated to be £36 billion annually.

To respond to the crisis in eye health, the Government can commit to implementing a national eye health strategy for England that would include measures to improve eye health outcomes, reduce waiting times, improve patient experiences, increase the capacity and skills of the workforce and make more effective use of data, research and innovation.

In the first instance, the Government could seek to appoint a single Minister with responsibility for eye health rather than having the current situation where multiple Ministers are responsible.

The strategy should include the following areas. First, there should be an eye health and sight loss pathway to require care and support for those with sight loss, focusing on the provision of non-clinical community support to complement the work of community optometrists, ophthalmologists in hospitals and rehab officers. The pathway must focus on the physical and emotional impacts of being diagnosed with sight loss, as research has shown that people affected are likely to experience poor mental health lifetime outcomes such as depression and anxiety. It should not only address geographical eye health inequalities, but ensure more equity of access to eye care among communities and populations more at risk of being unable to access NHS sight tests, including people who are homeless and people with a learning disability.

The second area is to improve connections between primary and secondary care, with an emphasis on integrated care systems and on improving the relationships and collaboration across the two services so that they can work more effectively together while ensuring timely and accurate referrals. That would significantly improve patient experiences and health outcomes.

The third area is workforce expansion. Limited capacity is a particular concern in eye care because there is a significant shortage of eye doctors. Back in 2018, the Royal College of Ophthalmologists revealed that 434 additional specialist posts were required to meet demand, and we know that the situation is now even worse. The World Health Organisation’s Workforce 2030 plan recognises the fundamental role of the workforce in improving health outcomes. A national strategy for eye health must address that issue, placing emphasis on the recruitment, training and upskilling of medical and non-medical eye health professionals.

The fourth area is health intelligence and data. Meaningful action starts with good-quality data, but for too long population data has not been used effectively to pinpoint the location of need and places where opportunities for change can be found. A strategy should involve focusing on robust data collection to inform decisions and improve the delivery of the service. Advances in research and technology, from how people are diagnosed to how they receive treatment, must be incorporated. Effective and efficient methods are available, but they are not being used. A strategy would change that.

Finally, the fifth area is raising awareness of eye health by creating better public health messaging. Nearly 2 million people each year turn up at an accident and emergency department or try to get a GP appointment for a problem that could be dealt with by visiting a community optometrist. We need campaigns to raise awareness of the importance of maintaining good eye health and to educate the public on the differences between eye screening and eye tests, along with improved signposting on where to go for help, should one need it.

Health strategies have delivered positive outcomes in Scotland, as they have in England for other diseases, but at present England is the only country in the UK without an eye health strategy. It is important to note that for such a strategy to be successful and of value, it must be designed in collaboration with stakeholders, including blind and partially sighted people, civil society groups, care providers and the industry. It must also have sufficient resource and investment.

Given the scale of the problems, it is in the Government’s interest to commit to a strategy. The benefits would transform lives, alleviate pressures on the health service and reduce economic costs. We should make it our goal to ensure that no one loses their sight unnecessarily. I thank everyone who has contributed to the Bill, including the partnership The Eyes Have It, the Thomas Pocklington Trust, industry leaders such as Specsavers and Roche and, most importantly, people living with sight loss. The sector has been united in the call for a national eye health strategy. It is time for the Government to act.

Question put and agreed to.

Ordered,

That Marsha De Cordova, Kate Osamor, Bell Ribeiro-Addy, Sir Stephen Timms, Rosie Duffield, Janet Daby, Kim Johnson, Ian Byrne, John McDonnell, Clive Lewis, Dr Rupa Huq and Jim Shannon present the Bill.

Marsha De Cordova accordingly presented the Bill.

November 30, 2022
PRESS RELEASE : Regulatory Horizons Council (RHC) publishes independent recommendations on the future regulation of neurotechnology and AI as a medical device [November 2022]
The press release issued by the Department for Business, Energy and Industrial Strategy on 30 November 2022.
The Regulatory Horizons Council (RHC) has published 2 independent reports today (30 November 2022) on the regulation of neurotechnology and AI as a medical device, to encourage the safe and rapid development of these 2 key technologies.

The Business Secretary, Grant Shapps, has written to the Regulatory Horizons Council welcoming the reports, saying:

Technological innovation is fundamental to the government’s plans for unlocking growth.

I am committed to growing the UK’s global reputation for regulatory best practice and capitalising our Brexit freedoms. Building on plans outlined in the Innovation Strategy and by the Taskforce on Innovation, Growth and Regulatory Reform, I intend to foster a regulatory approach that will promote innovation, growth and inward investment.

The work of the Regulatory Horizons Council is a key part of modernising our approach to regulatory reform.

Neurotechnology is an umbrella term that includes a wide range of devices that record or alter the activity of the nervous system. This includes promising medical applications that could improve the lives of thousands of people in the UK enduring health conditions such as Parkinson’s, Alzheimer’s, depression, rheumatoid arthritis and cardiac illnesses.

From mind-controlled drones to devices that improve focus and reduce fatigue, emerging applications in the non-medical field could redefine how we interact with one another and leverage the potential of the human brain in unprecedented ways.

The RHC’s new neurotechnology report suggests an interactive taxonomy to guide future conversations on neurotechnology governance and makes 14 regulatory reform recommendations to:

establish a proportionate regulatory framework that encourages the safe commercialisation of medical neurotechnologies and addresses under-regulation concerns in the non-medical sector; and

build an anticipatory governance framework to address forward-looking privacy, ethical and security challenges.

Artificial intelligence as a medical device (AIaMD) is another emerging technology with widespread healthcare applications, such as supporting the early detection of cancers, and providing risk estimates of the likelihood a patient will develop a condition such as heart disease.

The safe use of AI in medical devices has the potential to create efficiencies and cost savings in NHS processes through automation of routine tasks, and can detect predictors of disease with greater speed and accuracy than health professionals.

The RHC AIaMD report outlines the challenges and current gaps in the regulation of AI as a medical device and provides recommendations on developing a regulatory framework that balances the needs for effectiveness, safety and equity, with the importance of ensuring that high-quality AIaMD innovations are brought to patients.

The RHC is now undertaking a prioritisation exercise to identify its next programme of work. As part of this, it has accepted BEIS’ commission to undertake a review of the regulation of quantum technologies.

Creating a regulatory environment that promotes innovation and growth of the UK quantum industry will enable the UK to lead the debate in international fora, and ensure that quantum technologies are used for the benefit of UK society – with global productivity gains from quantum anticipated to be worth $100 billion annually within the next few decades.

Requests for more examination (relating to technological innovation), in areas you would like the Regulatory Horizons Council to investigate further, can be made by completing this form.
November 30, 2022
Andrew Griffith – 2022 Speech on Illegal Money Lending

The speech made by Andrew Griffith, the Economic Secretary to the Treasury, in the House of Commons on 29 November 2022.

It is a pleasure to speak in this debate. I congratulate my hon. Friend the Member for Blackpool North and Cleveleys (Paul Maynard), who has a distinguished record in advocating for this subject that is matched only by his distinguished record in speaking up for his constituents.

As my hon. Friend so persuasively explained, loan sharks—he prefers to call them illegal money lenders, so I will do so going forward—can at best use unfair, hidden fees and sky-high interest rates and, at worst, some of the much more aggressive practices that he talked about. The Government recognise many of the concerns that he outlined, and I recognise them from stories that I have heard.

Illegal money lenders prey on the most vulnerable people, which is one of the saddest things about this particular form of crime. As we heard in the case of Michelle, it causes the victims great harm and distress, as well as inflicting damage on the wider communities—sometimes, those communities already face adversity—in which they operate. It is a devastating crime.

This is not a novel issue affecting only some. Only recently, I too met the Centre for Social Justice, including Matthew Greenwood, who has produced an excellent report, to listen to the findings about the prevalence of illegal money lending in England. I want to be absolutely clear with the House that lending money without Financial Conduct Authority authorisation is a crime. We want to clamp down on this immoral and damaging practice, and that is why, as my hon. Friend mentioned, the Treasury funds the illegal money lending teams across the UK. Those teams include specialist local trading standards officers who operate nationally and work alongside the FCA in maintaining standards in the consumer credit market. They can draw on geographically dispersed community intelligence officers, who are crucial in identifying local illegal money lenders, who disproportionately operate in low-income communities, and clearly, by the nature of the crime—my hon. Friend mentioned that there is often a family and friends link—can be hard to detect.

Since the teams were established in 2004, they have prosecuted over 400 cases of illegal money lending and the associated criminality that accompanies it, and have caused nearly £90 million of illegal debt to be written off. That is a huge number, but there is more we can do.

Jim Shannon

I thank the Minister for the comprehensive and detailed response he is giving, which I think is what the hon. Member for Blackpool North and Cleveleys (Paul Maynard) is looking for. I mentioned the issue in Northern Ireland in my previous intervention. I know that the Minister may not have had an opportunity to speak to anyone in Northern Ireland, whether in policing and justice or in the Police Service of Northern Ireland, but if he has, can he give any indication of what discussions he has had with those in Northern Ireland, where paramilitaries seem to be the moneylenders, about how we can take those bloodsuckers—which is what they are—out of society and off the backs of the local people?

Andrew Griffith

I thank the hon. Member for his intervention. I have not had that opportunity: I am a relatively new Minister, but one who has already had impressed upon him the gravity and prevalence of this situation. I will undertake to understand the situation not just in England, but in all parts of our Union, including with the Police Service of Northern Ireland. Of course, if we are going to tackle this problem, it is right to tackle it in every corner of the Union and make sure there is no hiding place.

The Government have increased funding since the Treasury took over responsibility in 2017. That funding has gone up by 37%, and this year, the Government will provide around £7 million to the teams. I understand the desire of my hon. Friend the Member for Blackpool North and Cleveleys for more resources to be put into this area. I will take that away, meet with the teams and those responsible, and see what more we can do, whether that is simply a question of resources and priorities or whether some legislative changes could be examined. I cannot make any promises at the Dispatch Box today, but I will do that for my hon. Friend as we seek to bear down on this issue.

Those teams also provide support to victims and education to those who are most at risk, and they tell me that they have helped over 30,000 people through that process. They undertake community work, warning people like Michelle, my hon. Friend’s constituent, of the risks of loan sharks—perhaps that term is okay in this colloquial context—or illegal moneylenders. They also support people through the provision of legal and affordable credit, which is something I am very keen to increase. As my hon. Friend impressed on me, we have to work upstream, providing safe, legal and low-cost alternatives to cut off the demand for this product at source. I want consumers to build resilience through having a savings buffer, as well as getting young children into the savings habit at a very early age, as I did. That is a great life gift to give to somebody, and we are well placed to do so through the provision of things like credit unions—safe, legal and affordable credit when people need it.

Jim Shannon

The Minister is incredibly gracious in giving way, and I am not going to hold up the debate for much longer. I just want to say that I was very fortunate to have a mother who, when I was 16, gave me my first £10. I went down to the Northern bank, as it was then—it is now Danske bank—and that was the first stage in my savings. That instilled a habit in me, and probably in all my brothers and sisters, of saving and being able to pay our debts.

Andrew Griffith

I commend the hon. Gentleman and his mother—he probably would not be where he is today if not for that brilliant savings habit established at an early age. I had a National Savings and Investments blue book; I used to go along to the post office, put in my pound and get a little entry into that book.

I do not mean to digress—not every part of the United Kingdom has an important fixture, a date with destiny, shortly—but I share the passion of my hon. Friend the Member for Blackpool North and Cleveleys about getting people into the savings habit. I will be meeting soon to understand more about the opportunity presented by community development finance institutions, which provide a local, place-based alternative source of credit to people. Also, as my hon. Friend mentioned, there is the brilliant Help to Save scheme, and it would be a delight to work with him to see how we can upscale that—I am sure that he has great insights into it. The scheme is very creditable. It does a good job, and I am delighted to learn that it has helped more than 350,000 individuals. However, as we learned on the prevalence of illegal lending, there is a great deal more to do, and I am keen to understand that scheme more. I recently met the management team of National Savings and Investments at its new offices just around the corner from here. It operates that scheme on behalf of the Department for Work and Pensions, and that could provide a great opportunity.

I know that people across the United Kingdom are worried at this time about the cost of living. Some of them are seeing their disposable incomes decrease or be squeezed. We are fully alive to the fact that that may induce people to turn to illegal lenders. To help the most vulnerable, we have announced £37 billion of support for the cost of living this financial year. We have taken decisive action to support millions of households and businesses with rising energy costs this winter through the energy price guarantee and the energy bill relief scheme. I know that my hon. Friend would say that there is always more to be done, and that the Prime Minister would say that, however generous the Government wish to be, there is a limit to how much we can do. We seek to get the balance right.

In addition to the energy price guarantee, millions of the most vulnerable will receive £1,200 of support through the £400 from the energy bills support scheme, the £150 from the council tax rebate and a one-off £650 cost of living payment. I hope that that gives my hon. Friend some reassurance about how seriously we take this issue and how we are putting the taxpayers’ money where our mouth is, in terms of helping the most vulnerable and trying to keep them out of the clutches of illegal money lenders. I undertake to him to continue to work hard to introduce safe, legal and affordable alternatives, as well as to be relentless in our pursuit of those who would try to exploit this opportunity.

November 30, 2022