Tag: Treasury

The press release issued by HM Treasury on 9 December 2025.

The G7 Finance Ministers met virtually on 8 December 2025.

We, the G7 Finance Ministers, held a virtual meeting on 8 December 2025, together with the Heads of the International Monetary Fund (IMF), World Bank Group (WBG), Organisation for Economic Cooperation and Development (OECD), and Financial Stability Board (FSB). We were also joined by Canada’s Minister of Energy and Natural Resources and Finance Ministers, or their representatives, from Australia, Chile, Mexico, India, and the Republic of Korea for parts of the meeting.

We welcomed the recent announcements at the G7 Energy and Environment Ministers’ Meeting that seek to secure resilient supply chains for critical minerals. Stable and reliable supply chains are essential to drive economic growth and security, and we will continue to collaborate with international allies and industry partners to reduce single-source dependencies and strengthen our economic resilience. We look forward to further discussions on how we can create a high standards market that will secure our supply chains.

We agreed that the use of non-market policies and practices to disrupt critical minerals supply chains can have significant negative global macroeconomic consequences. They can increase price volatility and undermine global growth prospects and stability, competitiveness and national and economic security. We expressed deep concern with the application of export controls on critical mineral supply chains and committed to work together to diversify and derisk supply chains.

Reaffirming the G7’s unwavering support for Ukraine in defending its territorial integrity and right to exist and its freedom, sovereignty and independence, we welcomed an update from the IMF on the situation in the country and the newly announced Staff Level Agreement. We will continue to work together to develop a wide range of financing options to support Ukraine, including potentially using the full value of the Russian Sovereign Assets, immobilized in our jurisdictions until reparations are paid for by Russia, to end the war and ensure a just and lasting peace in Ukraine. Our action will remain consistent with our respective legal frameworks. We will continue to support the Ukrainian authorities’ commitment to implement reforms, notably addressing informality, tackling corruption, and improving governance including in the state-owned enterprise sector. Together with other partners, we stand ready to support a new IMF program. We also stand ready to amplify the pressure on Russia should peace talks fail. We agreed on the importance of maintaining Ukraine at the top of the G7 agenda under France’s upcoming G7 presidency.  

We agreed on the importance of strengthening G7 coordination with international partners and will continue to enhance our collective security and resilience.

The press release issued by HM Treasury on 9 December 2025.

Britain’s leading founders – including CEOs from Huel and Moneybox – head to No10 to celebrate the government’s multi-billion-pound pro-growth business package.

• Comes as the Budget unlocks billions for innovative firms and delivers the biggest shake-up of entrepreneur tax incentives in a generation.
• Alex Depledge to stay on as UK’s first Entrepreneurship Adviser, supercharging Chancellor’s reforms to support scale-ups and deliver the modern Industrial Strategy’s ambition to make Britain one of the best places in world to do business.

The Chancellor welcomed the UK’s top entrepreneurs to No10 Downing Street last night (8 December), celebrating a bold new plan to back homegrown founders and continue making Britain one of the best places in the world to scale a business as part of the government’s modern Industrial Strategy. 

Founders, investors and innovators from across the UK – including meal-in-a-bottle firm Huel, savings app Moneybox and crime-busting tech company Quantexa – heard the Chancellor’s message loud and clear: economic growth is the government’s number one mission, and Britain’s entrepreneurs will be central to delivering it. 

Last night’s reception follows the Budget, which delivered the most ambitious package for scale-ups in more than a decade: sweeping reforms to tax incentives so firms can attract world-class talent and investment, billions in long-term backing for science and technology firms, and changes to public procurement so taxpayer money is used to drive innovation. 

That builds on efforts to cut burdensome rules and regulation holding back investment and innovation, with the Chancellor setting out how the government will deliver a 25% cut in the administrative cost of regulation over this Parliament worth £6 billion a year to businesses. 

The Chancellor also confirmed that Alex Depledge MBE will continue as her Entrepreneurship Adviser until summer 2026, driving forward reforms to remove the barriers scale-ups face – from accessing finance to navigating complex regulation – so strategically important companies can realise their potential.

Chancellor of the Exchequer, Rachel Reeves, said:

This government backs our entrepreneurs. That’s why we’re overhauling the rulebook – modernising tax incentives, unlocking billions in investment and making it easier for founders to hire, build and grow. Because when British businesses thrive, so does our economy.

Alex Depledge MBE said:

High-growth companies power national growth — if we’re serious about expanding the economy, this is the lever to pull. We don’t need handouts; we need a system that backs the people willing to take risks.  

This Budget is a real step-change, and I’m genuinely excited to keep working with the Chancellor to clear the obstacles that stop scale-ups from reaching their full potential.

The government is doubling eligibility for key schemes such as the Enterprise Management Incentive  and raising investment limits under the Enterprise Investment Scheme. EMI hasn’t been updated in 15 years – and these changes will help high-growth firms reward teams, attract world-class talent and pull in more early-stage capital, boosting Britain’s competitiveness.

Tom Leathes, CEO and Co-Founder of Motorway.com, said:  

The changes to the EMI scheme will make a huge difference. When Motorway hit 250 employees, we suddenly couldn’t offer new joiners the same equity opportunity as our early team. These reforms fix that. Extending option lifespans to 15 years and doubling the employee cap gives UK scale-ups far more firepower to compete for world-class talent much longer into the journey. 

People who join scaling companies take a bet – and when it works, they should share in what they helped build. This is exactly the kind of policy that helps British companies scale and succeed for the long term.

Joshua Western, CEO and Co-Founder of Space Forge, said:

As a European advanced materials company, focused on providing a sovereign, secure and sustainable supply of semiconductor materials to the continent, Space Forge is pleased to be involved with boosting British entrepreneurship. 

It is more important than ever to support entrepreneurship to deliver capability and growth and Space Forge is proud to be a part of that story across the European continent. The entrepreneurship budget announcements by the Chancellor are an important step in recognising the growth engine that start-ups are for the economy.

Alongside this, the government has launched an in-depth conversation with founders and investors about how the tax system supports entrepreneurs, ensuring it rewards people who take risks, reinvest in their businesses and create jobs. This work sits alongside the Entrepreneurship Prospectus, setting out a long-term plan to make the UK the easiest place to start and scale a business. 

A £7 billion injection into UK Research & Innovation (UKRI) will help the UK’s most promising companies push breakthroughs from lab to market, while targeted programmes ensure high-growth firms can access the scale-up capital they need without leaving the UK. 

A new £130 million Growth Catalyst from Innovate UK will deliver grants and hands-on support to cutting-edge science and tech firms. A previous version of this programme turned £156m of grants into £1.55bn of follow-on investment – a tenfold return. 

Meanwhile, the British Business Banks will invest £5 billion in growing companies, crowding in billions more private capital and supporting firms through the risky “Valley of Death” stage so they can scale, hire and export from British soil.

The press release issued by HM Treasury on 9 December 2025.

Taxpayers lost £10.9 billion to fraud and error as the previous government’s pandemic response left the front door open to fraud, an independent report reveals today (9 December 2025).

• Independent Commissioner finds last government’s support schemes left the front door open to covid fraud with £10.9 billion lost to pandemic fraudsters
• Government has already actioned recommendations in Covid Counter Fraud Commissioner’s report – including new fraud powers and voluntary repayment scheme
• Further action planned to retrieve lost funds and prevent repeat of mistakes in future crises

The Covid Counter Fraud Commissioner, Tom Hayhoe’s, final report to Parliament finds many schemes – including Bounce Back Loans – were rolled out with huge fraud risks and no early safeguards – costing the taxpayer millions.

Weak accountability, bad quality data and poor contracting were identified as the primary causes of the £10.9 billion pound losses – which were enough to fund daily free school meals for the UK’s 2.7 million eligible children for eight years.

Chancellor Rachel Reeves appointed Tom Hayhoe in December 2024 to ensure mistakes of the past are never repeated, with this government already recouping almost £400 million of covid support cash.

Chancellor, Rachel Reeves said:

Leaving the front door wide open to fraud has cost the British taxpayer £10.9 billion — money that should have been funding our public services, supporting families, and strengthening our economy.

We have started returning this money to the British people and we will leave no stone unturned in rooting out the fraudsters who profited from pandemic negligence.

The government has already actioned many of the Commissioner’s early proposals. These include: 

• A voluntary repayment scheme, launched in September, giving claimants until 31 December to pay up. 
• Tougher sanctions powers through the Public Authorities (Fraud, Error and Recovery) Bill, which became law on 2 December. 
• Specialist fraud recovery teams to track down suspected fraudsters and recover taxpayer cash, from 2026.

Josh Simons, Cabinet Office Minister, said: 

We’re taking more action to bring fraudsters to justice and make the state the hardest possible target: giving investigators new powers to take on cases, using artificial intelligence to speed-up counter-fraud work, and setting up a repayment scheme to claw back money into the public purse.

The report highlights that counter fraud controls were ‘inadequate’ and only improved later in the pandemic. Hayhoe makes further recommendations to ensure the country is prepared for further crises that need an economic response from government –  emphasising that future preparation and robust controls will provide the best value for money for taxpayers.

The government will consider the report in full and respond early in the new year.

The press release issued by HM Treasury on 4 December 2025.

This is the first use of the Domestic Counter-Terrorism Regime to disrupt funding for Pro-Khalistan militant group Babbar Khalsa.

• Assets of the individual have been frozen, and they are banned from running UK companies. 
• A group supporting terrorism has also been hit by an asset freeze.

The UK has today announced an asset freeze and director disqualification against Gurpreet Singh Rehal (REHAL) who is suspected of belonging to organisations involved in terrorism in India. HM Treasury has also announced an asset freeze against a group, Babbar Akali Lehar, for promoting and supporting the same terrorist group.

HM Treasury assesses REHAL is involved in Babbar Khalsa and Babbar Akali Lehar’s terrorist activities, including promoting and encouraging, carrying out recruitment activities for, providing financial services to as well as supporting and assisting those organisations, including through purchasing weapons and other military materiel.

HM Treasury also assesses that Babbar Akali Lehar is associated with, and involved in, Babbar Khalsa’s terrorist activities by promoting and encouraging and carrying out recruitment activities for the group and itself.

All funds and economic resources in the UK owned, held or controlled by REHAL or Babbar Akali Lehar are now subject to an asset freeze. These designations will prevent all UK persons and entities from dealing with any funds or economic resources owned, held or controlled by either REHAL or Babbar Akali Lehar; or making funds, economic resources and financial services available to or for their benefit. This includes any of the entities they own or control, without a licence from HM Treasury or an applicable exception.

REHAL is also subject to director disqualification sanctions which prohibit him from acting as a director of a company or directly or indirectly taking part in or being concerned in the promotion, formation or management of a company.

Today’s action is the result of close collaboration between HM Treasury and policing partners, demonstrating the government’s determination to protect both national security and the peaceful communities affected by terrorism. 

Economic Secretary to the Treasury Lucy Rigby KC MP said:

We will not stand by while terrorists exploit Britain’s financial system. This landmark action shows we are prepared to use every tool at our disposal to choke off funding for terrorism – wherever it occurs and whoever is responsible. The UK stands firmly with peaceful communities against those who promote violence and hatred.

Further information 

• The Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019 (the Regulations) allow HM Treasury to freeze assets and impose restrictions on individuals and entities suspected of involvement in terrorism. This helps prevent terrorist financing and protects the UK’s financial system from abuse. 
• From 4 December 2025, it is prohibited to: 
• Deal with funds or economic resources owned, held or controlled by Babbar Akali Lehar, Rehal, or his organisations.
• Make funds, financial services or economic resources available to them.
• Allow Rehal to act as a director or take part in company management.
• Violations carry penalties of up to seven years’ imprisonment on indictment, or civil penalties of up to £1 million or 50% of the breach value – whichever is greater. 
• The designation extends to organisations owned by Rehal namely; Saving Punjab CIC (company number: 13892609), Whitehawk Consultations Ltd (company number: 15662866) and unincorporated organisation/association Loha Designs.  

About Babbar Khalsa and Babbar Akali Lehar

Babbar Khalsa (which also uses the name Babbar Khalsa International) is a proscribed terrorist organisation. HM Treasury assesses Babbar Akali Lehar to be an “involved person” under the regulations.

The press release issued by HM Treasury on 24 November 2025.

250 Neighbourhood Health Centres to bring patient care closer to home and bring end to postcode lottery of healthcare access.

• £300 million of funding for NHS technology to support work of staff and boost their productivity.
• At the Autumn Budget the Chancellor will take the fair choices to cut NHS waiting times, cut national debt and cut the cost of living – continuing record investment into the NHS.

The Chancellor will double down on the government’s commitment of continuing to slash NHS waiting times in this week’s Budget – today confirming the investment for hundreds of new Neighbourhood Health Centres that will deliver healthcare direct to people’s doorsteps across the country.

At the Budget on Wednesday the Chancellor will set out how the government will take the fair choices to deliver on the country’s priorities to cut NHS waiting times, cut debt and cut the cost of living.

250 new health ‘one stop shops’ will bring the right local combination from GPs, nurses, dentists and pharmacists together under one roof to best meet the needs of the community, starting in the most deprived areas.

The centres will be part of a new Neighbourhood Health Service that will provide end-to-end care and tailored support – improving access to GPs, helping to prevent complications and avoid the frustration of being passed around the system. 

As the Neighbourhood Health Service moves more outpatient care out of hospitals, these centres will provide space for clinics in communities across the country – bringing an end to the postcode lottery of access to healthcare.

Patients will get treatment minutes from home instead of travelling miles to often hard to reach hospitals, so the NHS is organised around patients’ needs – rather than patients organising their lives around the NHS.

Neighbourhood health services will initially focus on improving access to general practice and supporting people with complex needs and long-term conditions – like diabetes and heart failure – in the areas of the highest deprivation. As the programme grows, it will expand to support other patients and priority cohorts.

With construction delivered by a dynamic new approach between the public and private sector, involving both repurposing current estate and new buildings, Neighbourhood Health Centres are a key part of the government’s plan to build an NHS fit for the future, one that fits around people’s lives and is an integral part of their community.

Chancellor of the Exchequer Rachel Reeves said:

At the Budget I’ll set out how we’ll deliver on the country’s priorities to cut NHS waiting times, cut debt and cut the cost of living.

We’re driving down waiting lists by bringing healthcare to patients’ doorsteps and turbocharging NHS productivity with cutting-edge technology.

Our record investment, combined with ruthless efficiency and reform, will deliver the better care and better outcomes our NHS patients deserve.

At the Budget, Rachel Reeves is also set to turbocharge the drive to get waiting lists down by funnelling millions of pounds into upgrading technology in the health system – improving productivity so nurses and doctors can focus on caring for patients and speeding up how quickly patients are treated.

£300 million of new capital investment will go into NHS tech, with new digital tools to be rolled out to NHS staff to support their work and improve productivity – by automating administrative tasks and providing swifter access to patient information, as well as ensuring better staff communication and better coordinated care. This will give nurses, physios, doctors, and other staff more time to care and less time on admin.

Productivity for hospital care such as A&E and surgery is up 2.4% this year, meaning patients are being seen and treated more quickly across the health service. Achieving 2% productivity growth will unlock £17 billion savings over the next three years to be reinvested into the NHS in England to improve patient care.

Health Minister, Karin Smyth said:

Neighbourhood Health Centres fundamentally reimagine how the NHS works – bringing care closer to home and making sure the NHS is organised around patients’ needs, not the other way round.

The Chancellor is rightly boosting investment in the NHS after we inherited a health service on its knees – with Lord Darzi’s investigation uncovering a £40 billion black hole. But funding will only get us so far. We need to use every measure available to us, which is why we’re leveraging in private investment to construct some of these centres, making the most of all expertise and every tool at our disposal.

Our new NHS Rebuild approach will give the health service the investment it needs, repurposing and building a new generation of Neighbourhood Health Centres across the country. It will go hand in hand with reform and efficiency – ensuring proper value for money for taxpayers.

The government has already announced sweeping reforms to the NHS with 18,000 posts cut and NHS England merged back into the Department of Health in order to focus investment at the frontline. The move, which is already underway, will, save over £1bn a year by the end of the Parliament – enough to fund 115,000 extra hip and knee operations.

This government has already made significant progress to get the NHS back on its feet, cutting the waiting list by over 200,000 – the biggest reduction in over 15 years – delivering an extra 5.2 million appointments and providing 135,000 more cancer diagnoses within the 28-day target. This progress is only possible with the funding the NHS has already seen from this government, which is built on further in this Budget.

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Further information

Ruth Rankine, director of primary care the NHS Confederation said:

The creation of a Neighbourhood Health Service has the potential to empower the NHS to deliver even more patient-first, joined-up care.

Working in partnership with local authorities, the VCSE sector and other partners is key to maximising the impact of these services, so it is welcome that the government is committed to ensuring local leaders have the flexibility to shape them to meet the specific needs of their communities. Bringing teams together under one roof can significantly improve services for the public and patients and provide more cohesive relationships between health and care professionals.

Innovative use of existing estate across the whole of the NHS as well as local authorities, with the potential for new private sector investment, will support the delivery of neighbourhood services and ensure patients can access them more easily closer to home.

• The NHS Neighbourhood Rebuild programme will deliver the Neighbourhood Health Centres through a mixture of refurbishments to expand and improve sites over the next three years, and new-build sites opening in the medium term.
• The new Neighbourhood Health Centres will be delivered through a combination of Public-Private Partnerships and public investment to bring together infrastructure expertise from different sectors to deliver new facilities on time and on budget – so patients across England get faster treatment in new and convenient buildings. By delivering through a combination of private and public investment the government will be able to build further evidence and compare different models of delivery whilst updated accounting treatment will ensure these are recognised up front in public accounts.
• Lord Darzi’s investigation in the summer of 2024 uncovered a £40 billion black hole in the NHS, and we have already uplifted NHS capital budgets by more than 20% over the SR period (23/24-29/30) to start addressing this. NHS England, NHS Providers, and NHS Confederation have all called for additional routes for infrastructure delivery to be made available to further support the repair and transformation of the NHS estate.
• The government’s new programme – NHS Neighbourhood Rebuild – will give the NHS the tools and opportunity it is asking for, repurposing and building a new generation of Neighbourhood Health Centres across the country that are and free at the point of use.
• More than 100 centres will be opened by 2030 including refurbishments to the Alfred Barrow Health Centre in Barrow-in-Furness, the Stockland Green and Summerfield Primary Care Centres in Birmingham, the Jubilee Gardens Centre in Ealing .
• This government will only supplement public investment with private investment where it provides value for money to the taxpayer. This new PPP model will learn lessons from past and current PPP models, and include improvements so that taxpayers get proper value for money.
• Public-private partnership programmes are used internationally, to support delivery of infrastructure.

The press release issued by HM Treasury on 24 November 2025.

Leading lawyer, Catherine Howard, appointed to advise Chancellor on the next phase of planning and infrastructure reforms as she vows to ‘do what it takes to get Britain building’.

• Extra expertise at the Treasury to help government kickstart economic growth to deliver an economy that works for working people – and rewards working people.
• Comes as part of government commitment to create conditions to attract long-term private sector investment into UK infrastructure, including landmark planning reforms and backing of a third runway at Heathrow

Leading planning lawyer Catherine Howard has been appointed to advise Chancellor Rachel Reeves to help drive through the next phase of the government’s planning reforms with new Housing Secretary, Steve Reed, to ‘get Britain building.’

The Chancellor has vowed that the Autumn Budget will focus on building an economy that works for working people by taking action to reduce inflation, keep a grip on the public finances and kickstart economic growth.

With the Planning and Infrastructure Bill going through Parliament and barriers to private investment being torn down, the Chancellor is pushing ahead to create the conditions to secure vital long-term investments in UK infrastructure and support Britain’s economic renewal.

Specialising in major infrastructure projects, Catherine is currently a Partner at Herbert Smith Freehills Kramer LLP, with expertise in Development Consent Orders which provide planning permission for nationally significant infrastructure projects, environmental regulation, and Judicial Reviews.

Chancellor of the Exchequer, Rachel Reeves, said:

I am determined we do what it takes to get Britain building, unlock private investment and deliver an economy that works for working people – and rewards working people.

I look forward to working with Catherine to deliver this.

Catherine Howard said:

It is a privilege to take on this position as the Chancellor’s Infrastructure and Planning Adviser, helping the government to achieve a step-change in how we deliver major infrastructure and housing.

With the right framework in place, good decision-making can enable swift progress – improving our natural environment and supporting the government’s Growth Mission. The Planning and Infrastructure Bill makes major strides towards this goal. I look forward to working with stakeholders to consider how we build on this important agenda.

Catherine was initially appointed to work up to four days a week on an unpaid basis until the Autumn Budget. Catherine’s term has been extended until the 1 January 2026 to continue to support the governments planning agenda. Her terms of appointment remain unchanged.

Established processes for the declaration and management of interests have been followed in respect of this appointment. Catherine has confirmed she has not taken part in any political activity in the last five years.

The press release issued by HM Treasury on 13 November 2025.

Megan Greene has been reappointed as an external member of the Monetary Policy Committee for a second term.

• Megan Greene has been reappointed as an external member of the Monetary Policy Committee (MPC) by the Chancellor of the Exchequer, Rachel Reeves.
• Her three-year term was due to end on 4 July 2026. Following her appointment for a second term, Megan will continue to hold the post until 4 July 2029.

The Chancellor of the Exchequer, Rachel Reeves, said:

I am pleased to reappoint Megan Greene to the MPC. Her reappointment provides welcome stability at a crucial time, and I fully support the Bank of England in bringing inflation down.  I am confident that Megan’s skills and background in financial markets will remain an asset to the MPC.

Governor of the Bank of England, Andrew Bailey, said:

I welcome the reappointment of Megan Greene to the MPC. Megan has made a significant contribution to the Committee’s work at an important time. I’m pleased it will continue to benefit from her insight and expertise in the years ahead.

About Megan Greene

Megan is an external member of the MPC and Senior Fellow at the Watson Institute, Brown University, as well as at Chatham House. She teaches at London Business School and advises the San Francisco Federal Reserve, Rebuilding Macroeconomics, and Econofact. She is also affiliated with the Council on Foreign Relations and the Bretton Woods Committee.

Previously, Megan was Global Chief Economist at Kroll and at John Hancock Asset Management, a Senior Fellow at Harvard Kennedy School, and a Financial Times columnist. She has served on the International Advisory Committee of the Hong Kong Stock Exchange.

She holds a BA in Political Economy from Princeton and an MSc in International Relations from the University of Oxford (Nuffield College).

About the Monetary Policy Committee

The independent MPC of the Bank of England makes decisions on the operation of monetary policy. It comprises the Governor of the Bank of England, 3 Deputy Governors, the Bank of England’s Chief Economist, and four external members. External members, appointed by the Chancellor, may serve up to two three-year terms.

The appointment of external members to the MPC is designed to ensure that the Committee benefits from thinking and expertise in addition to that gained inside the Bank. Each member of the MPC has expertise in the field of economics and monetary policy. They are independent and do not represent particular groups or areas.

About the appointment process

Reappointments are not automatic, and each case is considered on its own merits. This reappointment was made by the Chancellor of the Exchequer, in line with the requirements of the Governance Code for Public Appointments.

Megan Greene confirmed she has not engaged in any political activity in the last five years.

The press release issued by HM Treasury on 20 October 2025.

Billions will be unlocked to build affordable homes, power communities and connect the countryside, as the Chancellor joins forces with pension providers and insurers to drive growth in every region.

• 20 of Britain’s largest pension providers and insurers set to launch Sterling 20 group at first-ever Regional Investment Summit on Tuesday. 
• Investment drive kicks off with Legal & General (L&G) and Nest committing billions to build more affordable housing, improve broadband connections in rural areas and provide scale-up finance for growing businesses. 
• Chancellor set to meet providers and Australia’s biggest fund in Birmingham as government ramps up efforts to drive regional growth and put more money into people’s pockets through the Plan for Change.

The Sterling 20 – a new investor-led partnership between 20 of the UK’s largest pension funds and insurers – will be established at the Regional Investment Summit in Birmingham on Tuesday, working with the government and City of London Corporation to channel the nation’s savings into key infrastructure and fast growing businesses in key modern Industrial Strategy sectors like AI and fintech. 

L&G have kicked off this investment drive with a £2 billion commitment by 2030, delivering around 10,000 more affordable homes for hardworking families and supporting the creation of 24,000 jobs nationwide.  

Nest, who represent a third of the UK workforce, will also provide Schroders Capital with £500 million – of which £100 million is expected to be channelled into UK investments in the coming years. In addition, Nest will invest £40 million to deliver gigabit-capable fibre broadcast to remote areas in Scotland and Norther England – delivering high-speed reliable broadband to rural homes and businesses in hard-to-reach communities. 

Chancellor of the Exchequer Rachel Reeves said:   

This is about getting Britain building again – bringing our savings, our investors and our regions together to deliver the homes, infrastructure and industries that will drive growth and create good jobs in every corner of the country.   

Our country’s pension funds are some of the biggest in the world. When they invest in Britain, everyone benefits – from the construction worker on site, to the small business on the high street, to the saver seeing their pension grow. Sterling 20 shows what can be achieved when we all pull in the same direction to build a stronger economy that works for, and rewards, working people. 

António Simões, Group Chief Executive, Legal & General, said:  

As a long-term investor in the UK economy, L&G has a proud history of using pension capital to develop assets that deliver strong financial returns and lasting social impact. Our £2 billion commitment, targeted at housing, infrastructure, and urban regeneration, will help unlock the investment needed in productive assets across the country – creating jobs, strengthening communities, and driving both regional and national growth. 

Ian Cornelius, CEO of Nest, said:

Every decision we make puts our members and their long-term outcomes first. We believe private assets can play a key role in delivering strong, consistent returns for them.  

That’s why the UK, with its exceptional investment opportunities, is a cornerstone of our strategy. From major infrastructure projects to ambitious small businesses, our investments are helping support economic growth across the country. We have already committed around £4 billion to UK private markets, and by 2030 we expect this to rise to around £12 billion. A strong pipeline of opportunities will be essential to realising this growth for the benefit of our members and the UK economy. 

Alastair King, Lord Mayor of London, said:   

The Mansion House Accord marked a pivotal step in pension investment reform – building on the foundations of the Mansion House Compact and signalling a clear industry commitment to channel investment directly into UK growth. 

This next stage transforms commitment into deployment by uniting the UK’s leading investors around a shared vision and coordinated strategy with government. British enterprise, from AI to renewable energy and infrastructure, is primed for investment. The Mansion House Accord signatories have stated their intent to deliver on the Accord’s promise to give British savers a meaningful stake in Britain’s growth while increasing returns.

The Regional Investment Summit will also see the AustralianSuper, Australia’s largest pension fund and 17th largest in the world, increase its investment into the UK housing market.   

The fund will meet with the Chancellor at the Regional Investment Summit, as the Government seeks to reinforce the UK as an attractive investment destination for the billions of pounds it will deploy outside of Australia in the coming years. Ahead of this, AustralianSuper has announced a new UK living investment platform dedicated to investment in rental homes as part of its ambition to invest £8 billion of new capital into the UK over the next five years 

Damian Moloney, Deputy Chief Investment Officer at AustralianSuper:  

The Superannuation Mission offers a valuable opportunity to share insights, deepen collaboration and build on the strong investment ties that exist between Australia and the UK. 

As the launch of our new £500m UK Living Platform demonstrates, AustralianSuper continues to view the UK as a key global investment destination. With the Fund on track to grow its UK assets to £18 billion by 2030, we look forward to further facilitating investment between the two countries for the benefit of members.” 

Minister for Pensions Torsten Bell said:

Our pensions system is one of the UK’s great strengths. We’re stepping up the pace of pension reform to support not just British pension savers but the British economy, supporting investment to deliver the growth of communities up and down the country.” 

Tom Pearce, Chief Executive Officer, Rothesay said:

The Sterling 20 is a fantastic initiative which will enable the UK’s largest asset owners to deploy capital more effectively into the critical infrastructure and national priorities which are so vital to our economic growth. As the UK’s largest specialist pensions insurer, Rothesay invests at scale across the country and we are committed to working with the government to deliver the innovative solutions which will unlock even greater volumes of domestic investment from our sector.

Andrea Rossi, CEO of M&G Plc, said:

“UK pension providers have a great opportunity to drive economic growth and give savers the returns they need for retirement. The Sterling 20 Group offers a powerful platform for institutional investors to shape the country’s future from long-term investment in housing, infrastructure or strategic national projects. As a UK-listed savings and investment company investing £100 billion domestically, we are proud to be playing our part.

Andy Briggs, CEO, Phoenix Group, said:

Through the Sterling 20 we are helping to unlock billions in long-term investment that will support communities, build critical regional infrastructure, and fuel innovation across the UK. This is about putting our customers’ savings to work in ways that grow their pensions and grow the economy. This landmark initiative brings together the scale and strength of the UK’s pension and insurance sector to invest in Britain’s future.

The formation of the Sterling 20 comes as pension providers ramp up their investment in Britain. It builds on July’s Mansion House Accord, which saw 17 providers representing 90% of active defined contribution scheme savers, commit to invest at least 5% of their main default funds in UK private markets. This commitment will unlock over £25 billion for new UK housing infrastructure and high-growth industries.  

All 17 signatories of the Accord, alongside annuity providers Rothesay and PIC, and the Pension Protection Fund have signed up to form the Sterling 20. 

Working with the Office for Investment, the Sterling 20 and Australian Superannuation Scheme – who manage a combined £5 trillion in assets – driving growth, creating jobs and putting more money in people’s pockets. Even a small shift towards investing in UK infrastructure would unlock billions. 

The Office for Investment’s unique position as a bridge between government, investors and local leaders will allow it to match transformational investment opportunities with capital. It will leverage its visibility across the UK landscape to create a pipeline of opportunities that meet the Sterling 20 and Australian Superannuation Scheme’s investment ambitions and drive growth in every region of the country.

Further information

• The members of the Sterling 20 are: Aegon; Aon; Aviva; L&G; LifeSight by WTW; Mercer; M&G; NatWest Cushon; Nest Corporation; NOW Pensions; People’s Partnership; Phoenix Group; Royal London; Smart Pension; SEI; TPT; USS – Universities Superannuation Scheme; Rothesay; PIC – Pension Insurance Corporation; PPF – Pension Protection Fund. 
• The Mansion House Accord is a voluntary pledge by seventeen of the UK’s largest workplace pension providers. Jointly led by the ABI, Pensions UK and the City of London Corporation with the support of the government, signatories agreed to allocate 10% of default defined contribution pension funds into private markets, with 5% committed to the UK.
• The Mansion House Compact is a voluntary pledge by 11 defined contribution pension providers to allocate at least 5% of default funds to unlisted equities by 2030. For providers signed up to the Accord and Compact, progress under the Compact counts towards meeting the Accord’s goals.

The press release issued by HM Treasury on 19 October 2025.

• Greater Manchester, West Midlands and Glasgow City Region backed to the tune of £50 million each to support local innovation priorities from life-saving medicines to clean fuels that can cut bills
• Further life sciences investment in state-of-the-art West Midlands facilities to create jobs and boost Britain’s health resilience, with valuable medicines made on home shores
• Comes ahead of Chancellor’s landmark Regional Investment Summit bringing businesses and governments together to turbocharge our economy as part of our Plan for Change.

New cash boosts of £20 million each for Greater Manchester, West Midlands and Glasgow City Region will help to deliver more of the regions’ game-changing local innovations like robotics to unlock new medicines or AI that can spot illnesses earlier, the Science and Technology Secretary has announced today (Sunday 19 October), ahead of this Tuesday’s landmark Regional Investment Summit in Birmingham.

The funding package will give local leaders in these 3 areas access to a total of £50 million each to fund innovations in science and technology in their local areas, like the next lifesaving medicine or cheaper fuels that can keep bills down.

The new funding for 3 regions is the latest commitment from the government’s £500 million Local Innovation Partnerships Fund (LIPF) and builds on the initial £30 million earmarked for each place in June’s Spending Review, along with 7 others across the UK, including Cardiff City Region, Belfast-Derry/Londonderry and West Yorkshire.

We are also inviting further bids of up to £20 million from high potential innovation clusters in all other regions of the UK. This will support local leaders to invest in local innovation strengths – from advanced manufacturing and life sciences to digital technologies and clean energy – and in turn back our Industrial Strategy to boost jobs.

Taken together, this month’s bumper LIPF funding package will back teams across the country to scale-up and drive forward more discoveries, recognising the benefits they bring to people’s everyday lives – from keeping us healthy, to reducing delays on our commute, to building a greener planet with cheaper bills.

This additional funding will enable more spinouts like Chemify in Glasgow, which was backed by government funding, to help create the world’s first ‘Chemputation’ facility – merging AI-powered molecular‑design engines with industrial robotics to speed up discovery of medicines and materials.

Elsewhere, regional funding has boosted Greater Manchester’s growth into a global AI hub, connecting university technical expertise to start-ups and SMEs so they can turn early-stage ideas into viable products – from tech which can predict disease progression earlier to work on net zero innovations to decarbonise buildings.

And in the West Midlands, the additional funding could enable more projects like Biochar CleanTech, taking organic residues like sawdust or fallen trees and converting them into usable low‑carbon products.

The projects launched under the predecessor Innovation Accelerators programme has delivered more than £140 million of private investment and hundreds of jobs, creating more opportunities for people to get on.

This comes ahead of the Regional Investment Summit which will bring together business leaders, major investors, policymakers, regulators, regional mayors and other local leaders to showcase the breadth and depth of opportunities to invest, expand and create jobs right across our nations and regions.

Ahead of the Summit, the Chancellor has pledged that no region will be locked out of the investment, jobs and growth being delivered as part of the government’s Plan for Change.

Science and Technology Secretary Liz Kendall said:

The UK is blessed with incredible science and tech talent behind everything from life-saving vaccines to cleaner fuels that could cut bills in the years to come, improving the lives of people up and down the country.

These prized sectors are also major drivers of economic growth in local communities. By backing those with the knowledge to home in on local strengths and supporting valued businesses in building the facilities that can set our country apart, we can lead the next generation of life-changing discoveries.

This government’s message ahead of this landmark Regional Investment Summit is loud and clear – the UK is open for business.

Chancellor Rachel Reeves said:

The world’s brightest talents and most innovative businesses can be found in every corner of the UK, but years of chronic underinvestment have held them back.

Not anymore. We are putting a stop to this unfairness by investing in every part of the country. From Glasgow to Birmingham, we are fuelling innovation through our Plan for Change, delivering skilled jobs, and building an economy that works for, and rewards working people.

Mayor of Greater Manchester, Andy Burnham, said:

Greater Manchester has an extensive innovation ecosystem, with outstanding sector strengths in areas like advanced materials, life sciences and AI, and world-leading companies, universities and research institutions. This additional funding is a welcome boost that will help us unlock the potential of our growth-driving sectors and build on our outstanding productivity growth in recent years.

In piloting the Innovation Accelerator we were able to use local knowledge and understanding to translate research and development funding into business growth, new jobs and private sector investment. We look forward to using the Local Innovation Partnerships Fund to make an even bigger impact.

To further support innovative growth in the regions, the government is also announcing the first 2 investments to be delivered through round one of the Life Sciences Innovative Manufacturing Fund (LSIMF), which is set to unlock over £30 million in joint public-private investment.

Medicines manufacturer Sterling Pharmaceuticals is investing in a 60,000 sq ft state-of-the-art new manufacturing and R&D centre in Birmingham. Medtech company Biocomposites, meanwhile, is bringing forward a new manufacturing facility at Keele. Besides creating and safeguarding dozens of high-skilled jobs, these facilities will ensure that valuable medicines are made here in the UK, bolstering the country’s resilience to health emergencies.

Backed by major corporations including Eon, Lloyds, KPMG, HSBC and IBM, the Regional Investment Summit will be co-hosted by the Chancellor, the Business and Trade Secretary, and West Midlands Mayor Richard Parker, with business leaders, international investors, and policymakers from home and abroad in attendance.

Notes to editors

The expression of interest for the competition opened on 6 October, and UKRI published further guidance to help potential applicants prepare.

Up to £520 million is being made available through LSIMF over the next 5 years, with further investments to be announced in due course.

Ten regions across the UK have already received backing through the Local Innovation Partnerships Fund. These include 7 innovation hubs in England such as Greater Manchester, West Midlands, and West Yorkshire, alongside Glasgow City Region in Scotland, Cardiff Capital Region in Wales, and an innovation corridor linking Belfast and Derry-Londonderry in Northern Ireland. Each of these areas has been earmarked for at least £30 million to invest in their regional innovation strengths.