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Tag: Speeches

  • John Glen – 2020 Speech to the TheCityUK Conference

    John Glen – 2020 Speech to the TheCityUK Conference

    The speech made by John Glen, the Economic Secretary to the Treasury, on 19 November 2020.

    Good morning everyone

    It’s a real privilege to speak to you all today.

    While I immensely value the way that technology has enabled us to communicate with one another over the past months…

    I very much look forward to talking to you live and in person again – just as I have in the past.

    The theme of today’s event is revitalisation.

    Or perhaps, to borrow the phrase the Chancellor used last week, a “new chapter”.

    But before I turn to that subject – I’ll start with a moment of reflection.

    I’ve been Economic Secretary for almost three years now.

    That might not sound very long – but believe me it is aeons in politics.

    A lot has changed since I started in the job – both within the financial services sector and more widely but over the past eight months, Covid-19 has transformed our lives.

    I don’t underestimate for one moment, the test of leadership this pandemic has presented to you all – the people at the helm of this vitally important industry.

    But you’ve risen to the challenge.

    As the Chancellor said last week, the past months have shown your sector at its best.

    It’s your industry that has safeguarded the savings and pensions of millions of people through the choppiest waters imaginable.

    It’s your frontline workers, in banks and call centres, who have helped people access the vital financial services they need.

    And it’s your sector that has helped the Government swiftly and efficiently issue £60 billion of loan payments that have helped keep one million businesses afloat.

    So, thank you for everything you’ve done and continue to do.

    We’re acutely aware of the disruption caused by the further restrictions, that we recently had to introduce to combat the virus.

    We are grateful for your patience and we’ll be setting out further detail on our next steps as soon as possible.

    But now I want to look slightly further ahead.

    New Vision for FS

    And I’m particularly glad to speak to you today because this event is very timely.

    This moment, as we come to the end of the Transition Period, and begin our economic recovery from coronavirus marks the start of a new chapter for this country’s financial services industry.

    And last week the Chancellor, began that chapter, by setting out the Government’s vision for the future of the sector.

    It’s a vision of an open industry, where British finance and expertise drives trade, commerce and prosperity with partners in Europe and around the world.

    A technologically advanced industry, that uses all its ingenuity and talent to deliver better outcomes for consumers and businesses.

    A greener industry, that harnesses innovation and finance to tackle climate change and protect our environment.

    And above all, an industry that serves the people of this country, acting in the interests of communities and citizens creating jobs, supporting businesses, and driving growth as we direct all the strength of this country towards economic recovery.

    Needless to say, this vision will be based on world-beating regulation that is agile and responsive, along with safe and stable markets.

    Last week I laid the legislative foundations of that vision with the Financial Services Bill.

    While the Chancellor announced new policy in three areas that underpin our vision: Openness, technology and green finance.

    Openness to international markets

    I’ll turn to the first point – openness.

    Our approach is very simple. We want to become the most open and competitive financial services centre in the world.

    And our most urgent task right now is to give certainty on our approach to regulation.

    To achieve that, we need to decide on our approach to equivalence; one of the central mechanisms for managing our cross-border financial services activity within the EU and beyond.

    We strongly believe it is in the UK and EU’s mutual interest to reach a comprehensive set of decisions on mutual equivalence.

    As I think you know, our ambition had been to manage these decisions cooperatively with the EU.

    However, it has become clearer that there are many areas where the EU is not prepared to even assess the UK in the short to medium term – despite having a wealth of information at its disposal.

    We’ve no wish to politicise this situation but we simply can’t allow the uncertainty to rumble on interminably – that’s no good for industry or the economy.

    It’s time for us to move forward and do what’s right for the UK.

    That’s why last week we published a set of equivalence decisions for the EU and EEA member states, based on outcomes based proportionate assessments.

    It’s a step that should provide the certainty and stability you, as industry, need, and deliver our goal of open, well-regulated markets.

    We’ve taken a principled approach, aiming to be open, predictable and transparent, as we’ve made those decisions.

    In addition, we’ve published a detailed framework for our general approach to equivalence, taking a technical, outcomes-based approach which prioritises stability openness and transparency.

    It’s important too that our UK businesses benefit from a level playing field, as far as possible.

    As I’m sure you’re aware, UK financial services businesses cannot currently reclaim input VAT on exports to the EU.

    So, to make sure UK financial services exports to the EU remain competitive, we will treat them the same as exports to other countries.

    This means UK firms will be able to reclaim input VAT on financial services exports to the EU – support worth £800 million per year.

    And just as we are focused on providing certainty to financial services after the Transition Period we also want to help your industry seize new opportunities outside the EU.

    Earlier this year we took a major step forward with our partnership with Switzerland.

    While we recently had a productive economic and financial dialogue with India – and hope to hold a dialogue with Brazil before the end of the year.

    We’ve also just signed a trade deal with Japan that goes further than the EU’s financial services deal, and that will take effect in January.

    And financial services are a key feature of talks with other partners, such as the US, Singapore, Australia and New Zealand.

    In addition, last week we announced our intention to launch a call for evidence on our overseas regime…

    This will allow us next year, to tailor our future approach to enable market access to investment funds from other countries.

    And to build on the 113,000 jobs already supported by the asset management industry, we’ve also said we are going to publish a consultation on reforming the UK investment funds regime.

    We’ve also heeded the investment industry’s request that we make it easier to invest in longer term, illiquid assets, such as infrastructure.

    I know this is also an area of interest for TheCityUK.

    So, I was delighted that last week we set out our ambition to have a Long Term Asset Fund and have it up and running within a year.

    This won’t just be good for savers and the industry.

    It will also be good for the UK, boosting investment in the vital infrastructure that will support our economic recovery.

    Technology

    While our investment industry is one of the jewels of our financial services sector, so is our thriving fintech industry…

    a sector that has generated 76,000 jobs, right around the country.

    So, now let me turn to the next part of our vision for financial services – technology.

    We want to reach our full potential in this area.

    That’s why we’re looking forward to studying the recommendations of Ron Kalifa’s independent review, on how the UK can become the leading destination for starting up, growing and investing in FinTech firms.

    In addition, we continue to take a leading role in the global conversation on Central Bank currencies…

    with the Treasury and the Bank of England considering whether and how central banks can issue their own digital currencies.

    On that note, we’re going to launch a consultation on our regulatory approach to StableCoins.

    And this will help us seize the opportunities of this emerging form of payment but ensure it meets the same minimum standards as more traditional methods.

    While we’re on that subject, we’ve all seen how digital and contactless payments are helping to keep the economy moving throughout the pandemic.

    And through our Payments Landscape Review, we’ve been considering the new challenges and risks that arise from this rapid switch to these new forms of payments.

    We do have some work to do on this front.

    So, I’m delighted that we received over 60 responses to the review to help inform our decisions. And we’ll be setting out our next steps early in 2021.

    Green Finance

    I’ll move on now to the last area of policy I’d like to discuss today – harnessing the power of financial services to tackle climate change.

    This is a real personal priority of mine.

    In fact, last time I spoke to you, I talked about the need to turn this challenge into a spur for technological, economic and social progress.

    Because we really do want to take a lead here.

    That’s why last year we launched the Green Finance Strategy – to mobilise investment in clean and resilient growth.

    And now as we prepare to host the COP 26 UN climate conference next year and the G7 conference, we have a real chance to shape the future agenda in this area.

    So, I’m delighted that last week we announced our intention to introduce mandatory Taskforce on Climate Related Financial Disclosures, requirements across the economy by 2025, with a significant portion of requirements in place by 2023.

    This is a really significant moment. It makes this country the first to go beyond ‘comply or explain’ or ‘as far as able’ requirements while the UK’s TCFD Taskforce Interim Report, also published last week, sets out how we will meet this important commitment.

    We’ve also said that we’ll issue our first ever green sovereign bond.

    I know that it’s something some of you have been calling for some time – so I’m delighted to show you that we’ve made progress on this front.

    Wider Programme of Regulatory Reform

    These policies begin a new chapter for financial services.

    And they are part of an ambitious programme of regulatory reform being undertaken by the Government.

    Because now we’ve left the EU, we have the opportunity to take back control of decisions governing the sector and to be guided by what is right for the UK – to regulate differently and regulate better.

    As I mentioned earlier, last week, the Financial Services Bill had its second reading in Parliament, marking the next stage of our reform agenda.

    The Bill will deliver several existing government commitments and will help ensure the UK maintains its world leading regulatory standards, as well as ensuring our openness with international markets.

    And, we’re also taking a fundamental review of our Financial Services Regulatory Framework.

    This will allow us to consider how we may need to change the way we make and shape our future rules, now we have left the EU while building on the strengths of our existing framework and on the role played by our independent financial service regulators.

    We’re also carrying out a number of other reviews in areas that we know are a priority for industry…

    including looking at the Solvency II Directive to make sure it properly reflects the unique features of the UK insurance sector.

    So, as you can see, we are at the start of a new chapter.

    And while all of this is going to keep me and my team busy.

    It’s not a job for us alone. It’s going to take the collective efforts of us all.

    And I really do mean all of us – from the biggest bank to the smallest fintech start-ups in every part of the country.

    Indeed, as the Chancellor said last week financial services are not synonymous with the City of London.

    That’s why, over the coming weeks, I’ll be making a point of meeting those of you based outside of the Capital, as I know that you are going to play a crucial part in realising our vision.

    I’ll wind up by saying that I really do mean that it is a privilege to talk to you today.

    And I very much look forward to working with you all over the weeks and months ahead so we can together make this next chapter for your sector even better than the one before.

    Thank you.

  • Alok Sharma – 2020 Speech on Climate Action

    Alok Sharma – 2020 Speech on Climate Action

    The speech made by Alok Sharma, the Secretary of State for Business, Energy and Industrial Strategy, on 19 November 2020.

    It is a pleasure to join you today.

    And to participate in the opening of Mock COP.

    I want to thank everyone who has worked so hard to deliver this event.

    And I applaud your dedication and commitment to tackling climate change.

    Across the world, young people are leading the charge on climate action.

    We see this, in projects like the Resilient40.

    Which is amplifying the voices of over 60 youth leaders, from 29 African countries in vital climate change discussions.

    Or indeed the Resolution Project, which supports student entrepreneurs with over 300 social ventures in more than 80 countries.

    From recycling solutions in Ethiopia.

    To water management in Brazil.

    And household biogas generation in Nepal.

    Young people are on the frontline of global climate action.

    And this is absolutely vital.

    For the future of our planet.

    And for the success of COP26 next November.

    The gravity and urgency of the situation we face demands that COP26 marks the moment

    when the world unites together behind a fair, resilient and zero emissions future.

    And that means governments committing to ambitious emission reduction targets, and adaptation plans.

    It means donor countries living up to their obligations.

    And fulfilling the commitments that they have made to the global South to put $100 billion a year into international climate finance.

    And it means listening to diverse voices in the negotiations.

    So that we are ensuring the interests of young people, as well as Civil Society as a whole, are heard loud and clear.

    From both the global South and North.

    To achieve this, I have been clear that we want civil society groups to be at the heart of both our preparations for COP, and the summit itself.

    That is why I met with young people and civil society organisations on a visit to the UN in New York earlier in the year.

    And I commit to meeting groups which comprise young people and civil society in every country that I visit going forward.

    It is also why we have established the COP26 Civil Society and Youth advisory council.

    Where young activists, NGOs, indigenous peoples and faith groups are very much part of our conversations in planning COP26.

    We are also supporting our COP partners, Italy.

    Both in their preparations for the Pre-COP and of course the Youth Event next September.

    And in the launch of their Youth4Climate series.

    Helping to support and amplify the work of young climate activists.

    Because such activism plays a really vital role.

    Although the commitments required in the Paris Agreement need to be made by national governments, success will belong to each and every one of us.

    Reaching net zero will only be achieved through a joint effort.

    And for this civil society is absolutely vital.

    You are vital in pushing all of us to go further: governments and regions; businesses and cities; schools and universities.

    By raising awareness, generating support, and asking us to do more.

    That is one of the great benefits of this Mock COP.

    It will show governments and organisations around the world the appetite that exists for ambitious climate action from young people.

    So I will finish with this ask: keep up that momentum.

    Keep showing us what is possible.

    And keep advocating for climate action in your home countries.

    Because if you do, the job of negotiators, who are urging countries around the world to make more ambitious commitments, becomes much easier.

    As does the work of the Race to Zero campaign.

    Which is encouraging non-state actors, such as businesses, cities, regions and universities around the world to commit to net zero as soon as possible.

    And if we work together in this way, I believe COP26 will mark the moment when the potential of the Paris Agreement is fulfilled.

    Thank you.

  • Dominic Raab – 2020 Statement on Israeli and Palestinian Co-operation

    Dominic Raab – 2020 Statement on Israeli and Palestinian Co-operation

    The statement made by Dominic Raab, the Foreign Secretary, on 19 November 2020.

    Restoring cooperation is an important and constructive step towards peace. This is welcome progress and shows both sides are willing to put the needs and security of Israelis and Palestinians first.

    We need to build on this momentum through further dialogue and compromise to move towards a lasting solution to the conflict.

  • John Healey – 2020 Comments on the Integrated Defence Review

    John Healey – 2020 Comments on the Integrated Defence Review

    The comments made by John Healey, the Shadow Defence Secretary, on 19 November 2020.

    The PM promises a welcome and long overdue upgrade to Britain’s defences after a decade of decline since 2010. He is right to ‘end an era of retreat’ after the last two defence reviews have been a cover to cut defence spending by £8 billion and the size of the Armed Forces by 40,000 full time troops. This has weakened the foundations for this new funding.

    The MoD’s challenge now is delivery, delivery, delivery. Ministers must make sure they put the new money to best use and avoid the mistakes of the past. They must close the £13 billion black hole in the defence budget, make good the big shortfall in troop numbers and build new military equipment in Britain.

    There are big decisions that can no longer be ducked in the Integrated Review, including on tanks, aircraft for our carriers and the size of the Armed Forces.

    Unlike previous reviews, Forces personnel must be at the heart of the Integrated Review. High tech weapons systems are essential but highly-trained Service personnel are indispensable.

  • Nick Thomas-Symonds – 2020 Comments on the Behaviour of Priti Patel

    Nick Thomas-Symonds – 2020 Comments on the Behaviour of Priti Patel

    The comments made by Nick Thomas-Symonds, the Shadow Home Secretary, on 19 November 2020.

    These revelations could not be more serious.

    This has all the hallmarks of a cover up from the Prime Minister and raises fundamental questions about his judgement.

    His actions are all but condoning bullying in the workplace. In any other area of life this would not be acceptable. Yet again, it seems to be one rule for them and another for everyone else.

    The report needs to be published in full immediately and both the Prime Minister and Home Secretary must come before Parliament to answer questions on this mess.

  • Len McCluskey – 2020 Comments on Jeremy Corbyn

    Len McCluskey – 2020 Comments on Jeremy Corbyn

    The comments made by Len McCluskey, the General Secretary of Unite the Union, on 18 November 2020.

    I am astonished at the decision to withdraw the PLP whip from Jeremy Corbyn. This is a vindictive and vengeful action which despoils Party democracy and due process alike and amounts to overruling the unanimous decision of the NEC panel yesterday to readmit him to the Party.

    This action gives rise to double jeopardy in the handling of the case and shows marked bad faith. The unity of the Labour Party around the need to implement the EHRC recommendations in full is being recklessly undermined.

    The continued persecution of Jeremy Corbyn, a politician who inspired millions, by a leadership capitulating to external pressure on Party procedures risks destroying the unity and integrity of the Party. I urge Keir Starmer in the strongest terms to pull back from the brink.

  • Wendy Morton – 2020 Comments on UK Support to Central American Hurricane Response

    Wendy Morton – 2020 Comments on UK Support to Central American Hurricane Response

    The comments made by Wendy Morton, the Minister for the European Neighbourhood and the Americas, on 18 November 2020.

    The impact of these hurricanes has been devastating, especially as the same region has been hit twice in a matter of weeks. Our thoughts are with those who have lost their loved ones and their homes.

    The UK is increasing support to help those in need, through both our humanitarian and military assistance, providing life-saving shelter, clean water and medicine to people in desperate need.

  • Ben Wallace – 2020 Speech at the Defence Space Conference

    Ben Wallace – 2020 Speech at the Defence Space Conference

    The speech made by Ben Wallace, the Secretary of State for Defence, on 18 November 2020.

    Good afternoon, it’s a great pleasure to speak to you at the end of what has clearly been a fascinating and wide-ranging conference.

    The variety of speakers – over 45, from the UK and overseas, and military and civilian sectors, as well as academia and private industry – shows just how important space is, right across today’s society.

    Such importance risks dependence and vulnerability, but it also creates opportunity and offers advantages.

    That is why the Prime Minister has such a clear vision for the UK as a Great Science power, with credibility and ambition in Space at its heart. #F This conference has demonstrated how defence will play a central part in achieving that vision.

    We’ve heard from the Chief of the Air Staff about modern society’s dependence on space services.

    And we have been reminded how our adversaries are increasingly seeking to weaponise space.

    In recent years more countries have used Anti-Satellite weapons.

    Earlier this year, alongside the US Chief of Space Operations, I called out Russia’s aggression in orbit.

    But space weapons are not our only concern. Ground-based lasers and jammers could also pose a significant threat to our satellites. And their supporting infrastructure on the ground also remains a serious target.

    No wonder one of the constant refrains you have heard throughout this conference and, indeed, throughout this year of Covid, has been the importance of resilience.

    Commander UK Strategic Command set out how we must become more resilient in space if we are to establish the ‘digital backbone’ and achieve Multi Domain Integration.

    And we have now recognised space as an operational domain, driving the development of capabilities to increase resilience and competitiveness.

    We are, of course, not the only ones and you’ve heard from many of our Allies in the US, France and NATO, are also alongside us, and they are going to be part of that journey as well.

    But there are those steps through which I want the UK MOD to now lead on this journey:

    First, our ability to mobilise.

    We must recognise our vulnerabilities. Understand our reliance on space – whether for imagery, communications, or navigation. And, in the event that we lose access to our satellite services, have a contingency plan ready.

    So, we’re working very closely with the UK Space Agency to create a National Space Operations Capability.

    It will improve the way we share data.

    It will help us act unhindered to secure our national interests in space.

    And, alongside our UK Space Command, it will enhance defence’s ability to generate and operate its own equipment.

    Second, resilience will be about modernising what we have – strengthening our existing capabilities.

    That’s why we are bringing SKYNET into defence ownership. It will give our personnel the tools to operate a world-leading satellite constellation and ensure they stay at the cutting-edge of space experience and expertise.

    And that’s why, back in July, we awarded a contract worth £500-million for SKYNET 6A. This new, more advanced satellite capability will provide continued communications support to the UK’s deployed forces for many years.

    Meanwhile, we’re continuing the hunt for the latest space innovations.

    I am delighted that our first ever International Space Pitch Day was so successful, and congratulations to the winning bids.

    With innovations from space weather to space domain awareness, I wish these ten companies every success as they move forward with defence contracts.

    Finally, resilience will be about transforming for the future. Going further and faster. Developing next-generation and generation-after-next, technology and the people and structures to exploit them.

    That’s why we’ve created the Defence Space Enterprise Portfolio.

    Bonding brilliant industry expertise with MOD’s Space Directorate and our world leading DSTL.

    Transforming the latest research into game changing space innovations.

    Not only deterring dangers but fast-tracking innovative kit to bring to the frontline of space.

    Because resilience may be our watchword. But it goes hand in hand with opportunity.

    Our evolving National Space Strategy will help us deliver those grand ambitions and defence will play its part – mobilising, modernising, and transforming.

    So exciting times lie ahead. Last year we celebrated 50 years since the UK’s first venture into Space.

    Since then the dynamism of you – our great British scientists, military and industrial experts – has not wavered.

    And your continuing commitment will ensure that in the coming decade Global Britain takes its place as a Space Power in the new Space Age.

  • Peter Kyle – 2020 Comments on the Victims’ Code

    Peter Kyle – 2020 Comments on the Victims’ Code

    The comments made by Peter Kyle, the Shadow Victims and Youth Justice Minister, on 18 November 2020.

    Any attempt to improve clarity on victims’ rights is welcome. However, the Government needs to go further and give these rights legal force, as the Victims’ Commissioner has argued.

    It has now been five years since the Conservatives first promised a Victims’ Law. Through their inaction and mismanagement of the criminal justice system, this government has prioritised offenders over those most impacted by crime.

    This cannot go on. There is no excuse for further dither and delay.

  • Mark Logan – 2020 Speech on the National Security and Investment Bill

    Mark Logan – 2020 Speech on the National Security and Investment Bill

    The speech made by Mark Logan, the Conservative MP for Bolton North East, in the House of Commons on 17 November 2020.

    It is a great privilege to follow my hon. Friend the Member for Tonbridge and Malling (Tom Tugendhat). I especially agree with him that the Minister and his team have been exceptionally good at communicating this over the past weeks, so long may that continue.

    With the right clarifications, I stand to support the Second Reading of the Bill. It is incumbent on all of us here to think in terms of the contribution we can make to our collective livelihoods—a contribution of security, a contribution of transparency and a contribution of prosperity. On prosperity, the Minister and other colleagues have been working hard to assuage some of my concerns. I gravitate towards this side of the House because I believe in opportunity—the opportunity that overseas investors see in the UK to grow market share, reach new customers and develop cutting-edge technology, thanks to access to the brightest brains on the planet, and a confidence that a penny put into Britain today can become a pound tomorrow. We do not want the Bill to herald in uber-protectionism by stealth; otherwise I would have great difficulty in subscribing to it.

    Foreign direct investment is a powerful contributor to the UK. Indeed, conservative estimates show that FDI has created over two Boltons-worth of jobs. That is 600,000-plus jobs, as the Minister actually told me last night, so I hope that is correct. Over 57,000 new jobs were created as a result of FDI in 2018-19 alone. The “World Investment Report 2019” showed that the total value of the UK’s inward investment stock was $1.89 trillion—the third highest in the world, and worth more than the figures for Germany and France combined. Indeed, the northern powerhouse has been one of the top winners from FDI. Manchester has been recognised as Europe’s fifth best large city for business, ranking ahead of places such as Rotterdam. Bolton is a significant recipient of FDI through, for example, the £250 million ​redevelopment of the Crompton Place shopping centre, and this is central to our town’s rebirth. We need to be on the ball, as the value of the UK’s inward FDI has been falling. In 2016, the value of inward FDI was equal to 10% of GDP, which fell to 2% in 2018. I welcome the new Office for Investment, as we must not lose out to friendly competitors on our own doorstep. FDI contributes so much to our economy and society.

    Moving on to security and transparency, the Bill seeks to contribute by putting the UK on a similar footing to other major economies, such as the US, France and Germany. Indeed, the CFIUS regime in the US reviews certain foreign investments in businesses to determine whether such transactions threaten to impair US national security. That is a sound premise and one that every nation state should embody: protecting one’s core sovereign interest. Indeed, the Bill aims to offer more security for British businesses and people and protection from actors or, indeed, actresses harbouring malign intent.

    I appeal to the Minister to ensure that the Government will only use their brand- spanking-new powers exclusively on national security grounds and not for broader economic or political measures. Mission creeping may lead to capital seeping. I encourage the Minister to articulate how to safeguard against spurious applications of the new powers. Some analogous screening systems are viewed as not transparent, such as those that do not give parties the opportunity to debate the conclusions. I understand the intention of our own UK version is to allow a quicker, slicker investment process for investors.

    I also understand that a new digital portal will be made available to investors, and the Government have committed to a 30-working-day service timeline. Along with mandatory notification of investments in key sectors, that provides much-needed transparency for firms, while providing proportionate defence against those targeting sensitive UK assets.

    Finally, my humble contribution to today’s debate will imminently fly towards the Minister, like a not quite national security-protected Airbus paper plane. Alas, I have penned a mnemonic. According to Hansard, the word “mnemonic” has only been used once in this House, and without actually producing one. This could be an epic fail, so the House should brace itself. I will give way to the Minister if he would like to intervene straight away or, indeed, anyone else in the Chamber who can rhyme off the 17 industries that may feature in this final legislation. If not, forever hold your peace. Silence—great. It goes like this, and it does not roll off the tongue. It is CQC—which we are all very familiar with—CASCADED MS TEAM. C is for communications. Q is for quantum technologies. C is for computing hardware. I could go on, but I will simply repeat again: CQC CASCADED MS TEAM. That, hon. Ladies and Gentlemen, along with the Bill’s contribution to security, transparency and prosperity, is how I would like to personally contribute to today’s debate.