Tag: Treasury

The press release issued by HM Treasury on 6 July 2026.

Joint statement from the United Kingdom, the Netherlands, Finland and Poland.

Ahead of the Ankara NATO Summit the United Kingdom, the Netherlands, Finland, and Poland reiterate our shared commitment to strengthen defence financing and improve the cost-efficiency of defence spending to transform our collective defence capabilities. In light of the rapidly evolving international security environment and the consequences of Russia’s aggression against Ukraine, we shall act together to be prepared to address future threats. We remain committed to supporting Ukraine in defending its sovereignty and resisting Russian aggression.

We are making significant progress to develop the new Multilateral Defence Mechanism together with partners. The MDM is an innovative new financing model intended to accelerate defence investment, stimulate joint procurement, and aggregate demand in critical defence capabilities, with the ultimate objective of meeting the military needs of like-minded allies. We aim to move quickly to formal Treaty negotiations, respecting individual members’ ratification processes, while maintaining the shared ambition of setting up the MDM by 2027. We have benefitted from the support of a wider group of allies in developing the technical details of the model.

To further progress the MDM, the UK, the Netherlands, Finland and Poland will therefore:

• work with core partners to expand the MDM into a broader coalition of participants;
• build on technical development and move to the next phase of mechanism design and development with subscribed partners during the Autumn
• ensure that emerging approaches to international defence financing are aligned and complementary, including by working with other NATO allies on aligning our efforts for increased capability and interoperability

Chancellor of the Exchequer Rachel Reeves said:

Defence procurement in Europe is too fragmented, expensive and slow. That’s why I’ve been working to establish the Multilateral Defence Mechanism will enhance collaboration, to improve procurement and strengthen our collective deterrence.

In a world which is changing around us, we are strongest when we work in lockstep with our allies. I am glad to welcome Poland to the Multilateral Defence Mechanism to bolster our defences and keep us and our allies safe.

The press release issued by HM Treasury on 1 July 2026.

Communities that have been under-invested in and overlooked for decades are now getting a fair hearing as the Chancellor pushes forward with her overhaul of how investment decisions are made by government.

Rachel Reeves has written to mayors today [30 June] to update on new action being taken one year on from the review of the Green Book to ensure projects in all parts of the country get the backing they deserve and strengthen confidence in how government invests where they live.

The Green Book – the government’s guidance on value for money of investments – was updated in February to ensure decisions are no longer based solely on single metrics such as benefit-cost ratios but take into account the full range of economic and social impacts that matter for growth. That could include how favourable the business environment is or where there are higher levels of innovation.

Findings of an independent review into the discount rate have also been published, ensuring the government is taking a fair view of long-term investment decisions.  Business case guidance has also been streamlined and cut by more than half, cutting through government ‘sludge’ and reducing unnecessary red tape. 

The government is working in lockstep with regional leaders in Plymouth, Birmingham, Liverpool and Port Talbot to progress place-based business cases – putting local priorities and local expertise at the centre of appraisal. 

In Plymouth work on the place-based business case is ongoing to maximise the impact of the government’s defence investments, in Birmingham, on coordinated investments in health, housing and skills, in Liverpool, on unlocking investment in infrastructure to drive growth and ramp up housebuilding, and in Port Talbot, to break down barriers in the system to growth.

For the first time, business cases for major projects and programmes are being published consistently, strengthening transparency so the public can see how decisions are made and ensure they have confidence that every pound is delivering maximum value. 

These reforms will shape decisions on the likes of Northern Powerhouse Rail, ensuring wider considerations like the impact on local growth, jobs and prosperity are taken into account. It will also support mayors with investing £900 million of local growth funding more effectively over the next four years.

In her letter, Chancellor of the Exchequer, Rachel Reeves, told mayors:

This work sits at the heart of the government’s commitment to drive growth and increase living standards in every region.  I am grateful for the continued partnership between central government and mayors in shaping and delivering this crucial agenda. 

While there is more to do to fully embed these changes, we are on the path to building a system that supports better decisions, strengthens confidence in how investment is allocated, and helps deliver the long-term growth that communities across the UK both need and deserve.

This follows the Chancellor’s Mais lecture – where she identified regional growth as one of her three economic priorities.

The press release issued by HM Treasury on 29 June 2026.

Taskforce set up by government to encourage young people to claim their Child Trust Funds.

• Nationwide, HSBC UK, Sheffield Mutual and One Family among members of new taskforce meeting for first time as government takes action to reunite young people with unclaimed Child Trust Funds  
• The Taskforce will improve coordination across government and industry to encourage more young people to access their unclaimed matured funds 
• More than 750,000 young people have unclaimed accounts worth £2,200 on average

Hundreds of thousands of young people could soon be reunited with unclaimed savings worth more than £1.6 billion, as the government launches a new push to trace matured Child Trust Funds (CTFs).

Around 6.3 million Child Trust Fund accounts were opened for children born between 1 September 2002 and 2 January 2011, predominantly by parents and guardians, with the remainder established by HMRC. Accounts can go unclaimed for a number of reasons difficulty locating them, people forget they have them, or a decision to leave the funds invested for the time being.

Child Trust Funds were introduced to give every child a financial asset at adulthood, and this government is doing everything it can to make sure young adults are aware of and can access their accounts.

To make this happen, Economic Secretary to the Treasury, Rachel Blake MP, has convened a new Child Trust Fund Taskforce, bringing together CTF providers and the Government to drive a coordinated effort to increase reunification of accounts. 

Members of the Taskforce will include One Family, Coutts, Nationwide, HSBC UK, Pilling, The Coventry (Co-operative), Sheffield Mutual, Unity Mutual, Forester, Healthy Investments and The Share Foundation – with the first meeting happening today. 

More than 750,000 young adults still have unclaimed matured accounts, holding £2,200 on average. The funds were originally set up by the government for those born between 1 September 2002 and 2 January 2011. The Taskforce will improve coordination across government and industry to encourage more young people to access their unclaimed matured CTFs.  

Rachel Blake, Economic Secretary to the Treasury, said:

Too many young people are missing out simply because they are not aware of where their Child Trust Fund is or how to access it. 

We are acting to fix that by bringing government and industry together – improving coordination and making it easier for people to find and claim what’s rightfully theirs.

JP Marks, HMRC’s Chief Executive and First Permanent Secretary, said:

Many young people have Child Trust Fund accounts with an average £2,200 waiting to be claimed. This is their money, and we want to do all we can to help them find and access it. 

If you think you have one, you can use the ‘Find my Child Trust Fund’ tool on GOV.UK to find out where your account is held.

The Taskforce will bring providers together to improve tracing approaches, test more effective engagement with young people, and drive practical actions that lead to more accounts being claimed.  

Today’s move builds on existing action to tackle unclaimed matured accounts, including ongoing HMRC communications campaigns and direct letters going out to eligible 21-year-olds. 

Anyone born between 1 September 2002 and 2  January 2011 can search for their account on GOV.UK. The search is free, requires only a National Insurance number, and takes minutes. Those aged 18 or over can access funds immediately. 

Jim Islam, Chief Executive Officer, OneFamily, said:

We welcome the creation of the Child Trust Fund Taskforce to help more young people access their savings. We know from our own experience that making this process as easy as possible is essential and we look forward to working together with government and industry partners.

Child Trust Funds have already provided a valuable financial boost to millions of individuals who have claimed their accounts as they enter adulthood, making a real difference to people’s lives.

We’re committed to playing our part in helping people who have not yet claimed. Anyone born after 1 September 2002 who has already turned 18 will have a Child Trust Fund, and can search for their account on the government website.

Philip Kurtenbach, Head of Product Management & Governance, Wealth & PB, HSBC UK said:

At HSBC UK, we’re committed to putting customers at the heart of everything we do. We know that having a fund to support young people as they start adult life can make a real difference – opening up opportunities at a pivotal moment in their lives. That’s why we’re supporting the HMT Taskforce as the industry comes together to ensure the funds reach those they were intended for.

Richard Stocker, Head of Savings, Nationwide said:

Nationwide is pleased to be part of the Child Trust Fund taskforce and fully supports its aims. We remain committed to working collaboratively across the industry to build on the progress made so far and deliver a meaningful outcome on this important issue.

Notes to editors

• The Child Trust Fund scheme was introduced in 2005 to give every child a financial asset for the future. It applied to eligible children born between 1 September 2002 and 2 January 2011, with the Government making a payment into each account. 
• Accounts began maturing on 1 September 2020, and more than 750,000 matured accounts remain unclaimed, with an average value of about £2,200. Many eligible young people, now aged 15 to 23, may not know they have an account. The total value of unclaimed funds runs into hundreds of millions of pounds. 
• The Taskforce aims to break down barriers to opportunity and give young people the best start to adult life. It also aligns with the National Youth Strategy, which identifies financial insecurity as a key pressure and calls for practical action.

The press release issued by HM Treasury on 23 June 2026.

A new government counter-fraud squad has launched investigations against those who defrauded the public during the Covid pandemic.

• New enforcement unit pursues billions lost to British taxpayers during pandemic
• Recovery efforts intensify as nearly 2,000 company directors banned and 86 criminals prosecuted
• Investigators will be able to search properties, seize assets, and recover money directly from the bank accounts and wages of those who cheated the system

The Public Authorities Fraud Investigation and Enforcement Service (PAFIES) has begun pursuing suspected fraudsters, armed with the strongest investigatory tools in a generation.

Now, new powers will give investigators the ability to search the premises of suspected fraudsters and seize money directly from fraudsters’ bank accounts if they do not pay back what they owe. On top of that the window to pursue Covid fraudsters has been doubled from six to twelve years with all new powers becoming available to the government fraud squad this autumn.

The further action comes as measures introduced at the 2024 and 2025 Budgets are calculated to have protected £7.5 billion of public money from fraud over two years.

Chancellor Rachel Reeves said:

“In contrast to the last government, who left the door open to £10.9 billion of pandemic era fraud and error, we have taken action to protect £7.5 billion of public money.

“My message to those who owe the public purse money is clear – those who profited, will pay.”

Satvir Kaur, Parliamentary Secretary in the Cabinet Office said: 

“Those who chose to exploit a national crisis to line their own pockets now have nowhere left to hide.
“Our decision to go after those who have cheated the system as part of our wider crackdown on fraud against public services has already helped save £7.5 billion. We will use every tool at our disposal to protect public money and fund the frontline services the British people rely on.”

The crackdown comes as the Chancellor announced the government’s response to the Covid Counter Fraud Commissioner’s final report, which laid bare the full scale of pandemic fraud. £10.9 billion— money that should have funded the NHS and our schools — was initially lost to fraud.

Nearly 2,000 company directors have already been banned and 86 criminals prosecuted to date.

Powers from the PAFER Act 2025 extended the limitation period for civil claims relating to Covid fraud against public authorities from six years to twelve, meaning that suspected fraudsters can be pursued until 2032.

The Act will also give the government fraud squad powerful new tools to tackle fraud, including enhanced investigation, search-and-seizure, and information-gathering powers, with the authority to compel information from third parties.

It also introduces civil financial penalties to accelerate enforcement and enables the direct recovery of fraud-related debts from earnings and bank accounts following a PSFA investigation.

Those who did not respond to Voluntary Repayment Scheme last year will now face the full force of the new powers in the autumn.

A Covid fraud reporting website, set up in September last year, has received over 1,000 reports of suspected fraud.

The press release issued by HM Treasury on 23 June 2026.

Professor Jonathan Haskel CBE has been nominated as candidate for the Chair of the Office for Budget Responsibility (OBR).

Today, the Chancellor has announced Professor Jonathan Haskel CBE as her nominated candidate for the Chair of the Office for Budget Responsibility (OBR)

Professor Haskel is a Professor of Economics at Imperial College London. His research focuses on productivity and growth, and he has held senior roles across academia, public policy and independent oversight.

He served as an External Member of the Bank of England’s Monetary Policy Committee from 2018 to 2024, a non-Executive Director of the UK Statistics Authority from 2016 to 2022, and an External Member of the Reporting Panel of the Competition and Markets Authority from 2001 to 2009.

The Treasury Committee approves all appointments to the Budget Responsibility Committee, including the Chair. Professor Haskel will appear before the committee for a pre-appointment hearing in due course and it is anticipated he can could take up his post in good time to oversee the OBR produce its forecast alongside the Budget later this year.

In the interim, Budget Responsibility Committee members Professor David Miles and Tom Josephs will continue to lead the OBR. 

Chancellor of the Exchequer, Rachel Reeves, said:

Jonathan Haskel is an outstanding nominee for Chair. His depth of expertise in economics and his track record of independent, rigorous analysis make him exactly the right person to lead the OBR – supporting the credibility of our fiscal framework and ensuring our economy is underpinned by sound public finances. 

Professor Jonathan Haskel said:

I am honoured to be nominated as the next Chair of the OBR. The OBR plays an indispensable role in maintaining the transparency and integrity of the UK’s public finances, and I am committed to upholding that. I would thank the Imperial College staff and students I have worked with over the past years. I also want to thank Professor David Miles and Tom Josephs for their outstanding leadership of the OBR during this period.

The OBR has executive responsibility for producing the official UK economic and fiscal forecasts, assessing the Government’s performance against its fiscal rules, and reporting on the sustainability of and risks to the public finances. As an independent institution, the OBR is committed to providing objective, transparent and impartial analysis. 

As with all Treasury appointments, the recruitment process was designed to ensure the most qualified candidate was appointed from the broadest possible pool of applicants.

Further information

• Professor Haskel’s appointment will be confirmed subject to the Treasury Select Committee’s pre-appointment scrutiny and consent, in line with the requirements of the Governance Code for Public Appointments.
• Jonathan Haskel has been Professor of Economics at Imperial College Business School since 2008. His research focuses on productivity and growth. He served as an External Member of the Bank of England’s Monetary Policy Committee from 2018 to 2024, a non-Executive Director of the UK Statistics Authority from 2016 to 2022, and an External Member of the Reporting Panel of the Competition and Markets Authority from 2001 to 2009. He has held academic positions in both the UK and the United States.

The press release issued by HM Treasury on 19 June 2026.

Chancellor and Chief Secretary to the Prime Minister announce new drive to use power of public spending to strengthen national security and economic resilience.

• New procurement guidance will protect national security and enhance supply chain resilience across critical sectors
• Government separately confirms £5 billion in contracts awarded to British firms since March, accelerating delivery of the modern Industrial Strategy in priority sectors, and supporting growth in key industries
• Communities across the country to benefit from Farnborough to Huddersfield, and Edinburgh to Solihull

Every year the government spends around £400 billion on public procurement, and for far too long this spending has been focused too narrowly on short-term requirements and upfront costs.

This has left the UK exposed to global shocks, with recent events showing the fragility of global supply chains. This new guidance draws a line under that approach and works to protect the UK’s national security and build resilience in critical sectors.

Through the new guidance, the Chancellor, alongside the Chief Secretary to the Prime Minister, highlight the power of public spending to safeguarding sovereign capability, supporting businesses, jobs, and skills across the UK, with real money going straight to communities from Farnborough to Huddersfield, and Edinburgh to Solihull.

The Chancellor will also today confirm that British founded-firms have already seen a £5 billion surge in new government contracts since March, targeting high-growth sectors central to the Industrial Strategy.

Chancellor of the Exchequer Rachel Reeves said:

We have the right economic plan – using the power of public procurement to protect our national security and strengthen the UK’s economic resilience.

British companies are delivering the innovation and resilience we need in a more uncertain world. This government will continue to back British businesses as we strengthen our national security and economic resilience.

Chief Secretary to the Prime Minister Darren Jones said:

From the closure of the Strait of Hormuz to Russia’s invasion of Ukraine driving up energy bills, recent events show why we need to protect our national security, and invest in home-grown British expertise and industry to secure our sovereign capability.

For too long, governments have prioritised short-term buying decisions that leave us vulnerable to the actions of others. This guidance will change that. From shipbuilding in Barrow to steel in Scunthorpe, we will make national security a priority and back British businesses and jobs.

Technology Secretary Liz Kendall said:

Every child deserves access to world class support with their schoolwork, regardless of where they’re from or what their parents can afford. Today we are making that a reality.

These six British companies are developing world-leading AI that genuinely works in the classroom – safe, effective, and built around the needs of both pupils and teachers.

Up to 450,000 disadvantaged children will benefit from this ambitious investment. This government is breaking down barriers to opportunity and giving every young person the best start in life.

Cabinet Office Minister Chris Ward said:

This government is determined to make every penny of our procurement budget work for British businesses and national security. This is another big step toward that, and to boosting growth and resilience across the country”.

Since March, the government has awarded a number of new deals to British firms including:

• A new digital platform to support RAF pilots in flight
• AI fraud detection tools to help HMRC identify tax errors faster
• Essential road and vehicle recovery services on the strategic road network.

Up to 450,000 disadvantaged pupils are set to benefit from future-generation technology in AI tutoring from 2027. Six British organisations are among those selected and will receive £1.8 million to help build the next generation of safe and effective AI tutoring tools that will set the global standard for effective AI models.

Mayoral Strategic Authorities are also playing a crucial role in the new push, such as with West Yorkshire Combined Authority and Greater Manchester Combined Authority procuring new local electric buses and steel from UK businesses.

New guidance on national security and resilience

The new guidance sets out the process for departments to use the national security exemption within the Procurement Act 2023 in key sectors to support the country’s national security and economic resilience. To support this new approach, the government has appointed dedicated Sector Leads in key departments across Whitehall. 

These Leads will support Ministers and oversee upcoming procurements, so they can appropriately apply the national security exemption for contracts – supporting national security and stronger supply chains, while helping ensure the UK is better prepared in an increasingly uncertain world.

Alongside this, the Treasury will be writing to accounting officers across government on the importance of protecting national security through future spending decisions. This will provide guidance on the use of the exemption to deliver value for money.

Both new pieces of guidance are consistent with our international trade agreements and complement the government’s work with international partners to improve the security and resilience of key sectors, ensuring that we can collectively respond to global challenges.

This includes recognising that our global trading partners and close allies will often have suppliers well-placed to help us meet our security needs. Our approach is built on collaboration; trusted international partners and global suppliers are at the heart of our procurement strategy, bringing the innovation and resilience we need to stay secure.

The government also announced the publication of the Supply Chain Centre’s mission statement and action plan this week, setting out a new cross-government approach to securing the inputs the UK economy relies on and boosting supply chain resilience.

Kate Shoesmith, Director of Policy and Insights, British Chambers of Commerce:

 “The world order has shifted dramatically in the last five years and a stronger government focus on economic security and supply chain resilience is one we support.

Our Chambers are involved in infrastructure projects across the UK and know how investment in British firms can be transformative for local economies and communities.

One third of all the money that government spends is on procurement so its potential to shift the dial is huge.

Opening the system up to more SMEs is also one of the best and quickest ways to increase the impact this spending has. Chambers will be keen to get involved in the supply chains for these projects to maximise that effect.

The press release issued by HM Treasury on 19 June 2026.

Communities in former coalfield areas of Britain will benefit from new jobs and business opportunities, as the Chancellor confirms investment in projects that support local talent and boost growth.

• Former coalfield areas in England, Scotland and Wales are set to get a share of £13.5 million to construct new industrial developments for businesses.
• Projects will create hundreds of new jobs and support thousands more, bringing opportunity to areas that have suffered decline overseen by previous governments for decades.
• Investment is part of this Government’s plan to build a stronger and fairer economy by creating the conditions for growth through local investment.

Cowdenbeath in West Fife, St Helens in Merseyside and Seven Sisters in Neath Port Talbot are among six locations that have been selected to get a share of £13.5 million – breathing new life into areas neglected for decades by previous governments.

The money from the Government’s Growth Mission Fund will pay for half of the construction costs of new industrial developments which will house small and medium-sized businesses. The Coalfields Regeneration Trust – a charity dedicated to creating jobs and injecting growth into coalfield areas – will fund the other half.

Former coalfield areas have been selected to receive this funding as the Chancellor pushes to return jobs, opportunities and investment to areas that were once a hub of industry.

The funding will support entrepreneurs in those areas who want to start their own business – or business owners who want to expand their company – in their hometown, rather than feeling forced to go to the next biggest town or city with a stronger economy.

Chancellor of the Exchequer, Rachel Reeves, said:

These areas have been overlooked for decades by the previous government. Our investment in new industrial developments is one way we’re making it a stronger business destination where jobs and opportunity are created, not wasted.

If you are an entrepreneur in a former coalfield area wanting to start your own business – or are already a business owner there wanting to expand your company – we are backing you.

Andy Lock, Chief Executive of the Coalfields Regeneration Trust, said:

This is fantastic news for coalfield communities, and this investment will deliver benefits for many years to come. 

Our industrial developments will create hundreds of jobs and economic growth for the coalfields, while the income generated will support more grassroots community organisations and vulnerable people in the coalfields. 

This funding will change thousands of lives in coalfield communities, taking us another step forward to address the challenging legacy of the pit closures.

The investment is part of the Chancellor’s work to build a stronger and fairer economy, making previously overlooked parts of the country better places to live, work and start a business.

Subject to approval of the final business cases, the six areas set to receive funding are:

• Cowdenbeath (Perth Road): 51,000 square feet of light industrial units will be built along with a substation and 87 car parking spaces. 103 jobs will be created on site with hundreds more supported.
• St Helens (Robins Lane, Sutton Fold): 32,000 square feet of light industrial units will be built alongside 54 car parking spaces. 64 jobs will be created on site with hundreds more supported.
• Thoresby (Thoresby Vale Colliery): A 22,500 square foot industrial development is proposed once the site is purchased – expected later this summer.
• Ashington (Ashwood Business Park): 49,500 square foot industrial development is proposed once the site is purchased – expected later this summer – and planning permission secured.
• Resolven (Vale of Neath Business Park): A 30,000 square foot industrial development is proposed once the site is purchased – expected later this summer – and planning permission secured.
• Seven Sisters (Nant y Cafn Business Park): A 45,000 square foot industrial development is proposed once the site is purchased – expected later this summer – and planning permission secured.

Once complete, sites will be self-sustaining, with rent revenue reinvested back into the local communities.

Welcoming the investment in Cowdenbeath, Secretary of State for Scotland Douglas Alexander said:

We are immensely proud of Scotland’s coalmining heritage. The UK Government’s partnership with the Coalfields Regeneration Trust develops new businesses, creates jobs, and generates revenue to support local communities, ensuring these communities are not just part of Scotland’s past, but will play a leading role in its future. The UK Government is backing them to achieve that.

Stephen Percy-Robb, Chief Executive of Fife Chamber of Commerce said:

We strongly welcome this investment in Cowdenbeath and Fife’s wider coalfield communities, recognising both their proud industrial heritage and future potential.

Creating high-quality industrial space in former coalfields will help local businesses grow and ensure talent can stay and succeed within the area. 

Fife Chamber of Commerce looks forward to working with partners to maximise the opportunities this brings for jobs, enterprise and long-term economic growth.

Welcoming the investment in Resolven and Seven Sisters, Secretary of State for Wales Jo Stevens said:

As a result of this investment, people and businesses in former South Wales coalfield communities will receive greater access to the jobs and opportunities they deserve. 

For too long, these communities have been left behind – with many people having been forced to leave their local areas to seek employment elsewhere. 

The UK Government is acting to stop this cycle, by delivering jobs, prosperity, and growth right across Wales. We are backing our coalfield communities with the support they need, helping local businesses thrive, and ensuring our coalfield communities reap the benefit of a strengthened and fairer UK economy.

Dr Fiona Withey, COO, Chambers Wales South East South West and Mid, said:

Chambers Wales SESWM fully supports this commitment to rebuilding prosperity where it matters most in our region. This investment is a powerful catalyst for renewal in Wales’ former coalfield communities.

By backing new industry, expanding businesses and local entrepreneurs, it will create jobs, attract further investment and unlock opportunities in areas long overdue for economic revival. Chambers Wales SESWM fully supports this commitment to rebuilding prosperity where it matters most.

Welcoming the investment in St Helen’s, Paul Cherpeau, CEO of Liverpool Chamber of Commerce, said:

This is really encouraging news for the wider St Helens area and helps to reinforce confidence among local businesses about the economic growth potential of the plans for Parkside. 

It also strengthens opportunities to drive investment, support innovation, and fast-track major property developments in the borough through the Liverpool City Region’s new Industrial Strategy Zone.

Given its proximity to major motorways and the existing manufacturing base, Newton le Willows is perfectly positioned to attract engineering and advanced manufacturing businesses, creating highly-skilled jobs and training opportunities, and boosting the local supply chain for generations to come.

The Growth Mission Fund, from which this investment comes, is focused on supporting projects that have been previously overlooked which contribute to local growth, create jobs, support the regeneration and maintenance of heritage and culture assets, or other important local policy objectives.

Almost three hundred areas across the country are also receiving up to £5.8 billion of Pride in Place funding over the next ten years, helping to revitalise local areas through building thriving places, strengthening communities and putting local neighbourhoods back in control of their own areas.

This includes St Helens, which will benefit from up to £40 million of flexible funding for Newton-le-Willows and the Town Centre East and Fingerpost neighbourhood. This allows the community to invest in things like youth clubs, libraries, community grocers, cultural venues, and health and wellbeing services.

The press release issued by HM Treasury on 18 June 2026.

Dan Labbad has been reappointed as Chief Executive and Second Commissioner of The Crown Estate. Anne Kavanagh and Clare Shine have also been reappointed as Board Members of The Crown Estate Board.

On the recommendation of the Prime Minister and Chancellor of the Exchequer, Dan Labbad has been reappointed as Chief Executive and Second Commissioner of The Crown Estate, to serve a third four-year term from 1 January 2028. Anne Kavanagh and Clare Shine have also been reappointed as Board Members of The Crown Estate Board for second terms of four years.

Dan has served as CEO of The Crown Estate since 2019. Prior to The Crown Estate, Dan held a number of senior positions at the global property and infrastructure group Lendlease, including Group Chief Operating Officer and the dual roles of Chief Executive Officer, International Operations and Chief Executive Officer, Europe. Dan has actively championed sustainability and technology throughout his professional life, having previously served as a director of the Green Building Council of Australia and as Chairman of the UK Green Building Council.

In addition to her existing responsibilities on the Board, Anne will take on additional responsibilities as Commissioner with special responsibility for England, to ensure the Board’s decisions reflect the conditions, priorities and opportunities in England.

This follows the passage of the Crown Estate Act 2025, which provides for the appointment of Commissioners who, either solely or alongside their wider Board responsibilities, can support the Board’s understanding of English, Welsh and Northern Irish interests. This helps to ensure The Crown Estate’s strategic objectives are aligned with the conditions in each nation. Linked to this, the Crown Estate Act 2025 also increased the maximum number of Commissioners from eight to twelve in line with modern corporate governance standards.

On 19 May 2026, Michael Plaut OBE was announced as being appointed to The Crown Estate Board to serve a four-year term from 1 July 2026 as Commissioner with special responsibility for Wales. A further announcement on a Commissioner with special responsibility for Northern Ireland will be made in due course.

This non-executive appointment process was carried out in accordance with the Code of Practice published by the Commissioner for Public Appointments. All appointments have been approved by His Majesty The King, following recommendation by the Prime Minister and Chancellor of the Exchequer.

All appointments are made on merit, and political activity plays no part in the selection process. However, in line with the original Nolan recommendations, there is a requirement for appointees’ political activity to be made public. Dan, Anne, and Clare confirmed that they have not engage in any political activity in the last five years.

The press release issued by HM Treasury on 16 June 2026.

Government has today set out in further detail what Chris Woolard will focus on and deliver.

The published Terms of Reference, Terms of Reference – Wholesale Digital Markets Champion (PDF, 209 KB, 3 pages), sets out how he will lead industry in driving the adoption of digital technologies across UK markets, increasing competitiveness, driving down cost and enhancing resilience.

On 21 April, the government appointed Chris Woolard CBE as the Wholesale Digital Markets Champion to provide market leadership and support industry progress on the development of a tokenised wholesale financial markets ecosystem, as well as to support the government’s work to deliver a more efficient and competitive financial sector.

Following a meeting between the Economic Secretary to the Treasury and Chris to discuss the forward plan for this work, the Government is today publishing the Terms of Reference for this role, setting out how the Champion will work in partnership with industry and government to accelerate the digitalisation of UK wholesale financial markets.

Under the Terms of Reference, the Champion will provide leadership to co-ordinate the sector’s wider implementation of digital as outlined in the Wholesale Financial Markets Digital Strategy, which was published on 15 July 2025 as part of the Leeds Reforms. The strategy covers the immediate steps to optimise UK markets by replacing outdated processes, as well as medium to longer term steps to transform UK markets by realising the benefits of emerging technologies, particularly the adoption of tokenisation through use of distributed ledger technology (DLT).

The Champion will:

1. Establish a cross-industry taskforce, with representatives from across the market ecosystem, to provide input and support.
2. Deliver a report to the Chancellor, developed with the sector, covering how UK wholesale markets can best adopt tokenisation and other related technologies, as well as how the sector and government can ensure DLT interoperability.
3. Promote the delivery of the Wholesale Financial Markets Digital Strategy across the sector.
4. Co-ordinate with the Chairs of the other workstreams (on AST and DEMAT) as they implement their programmes to deliver T+1 and remove paper shares.

The Terms of Reference sets out a clear timetable for delivery. The Champion will provide an initial forward look, including plans to establish the industry taskforce, by July 2026. A full report on DLT adoption and interoperability will be submitted to the Chancellor by July 2027. The appointment will run for 18 months, with ongoing work to support implementation of the strategy across the sector. The role is unpaid.

The press release issued by HM Treasury on 12 June 2026.

Plans for a new champion for mutuals and co-ops have been unveiled in a speech by the Economic Secretary to the Treasury in Birmingham today.

Rachel Blake gave her backing to the growth of the mutuals and co-ops sector and doubling its size at the Co-op Congress today – an annual event which brings together leaders, practitioners, and innovators to explore shared challenges and opportunities.

Mutuals and co-operatives are businesses or organisations owned and run by their members, and they play an important role in strengthening local economies and giving people a stake in the places they live and work.

The appointment of a new champion would help raise the profile of the sector and represent their interests across government.

Across the UK, there are more than 8,400 registered co-operative and community benefit societies, collectively holding around £223 billion in assets and 12 million memberships.

This is part of the Government’s plan to fulfil its commitment to doubling the size of the sector and follows the Department for Business and Trade’s call for evidence on co-operatives and non-financial mutuals earlier this year.

It also comes shortly after the introduction of the Financial Services and Markets Bill to parliament which includes credit union common bond reforms. They will make it easier for credit unions to expand and broaden their membership which will allow more people access to affordable credit and a safe place to save.

Rachel Blake MP, Economic Secretary to the Treasury, is expected to say today:

We want to see the co-operative and mutual sector grow and thrive. 

We are committed to unlocking the full potential of the sector to support inclusive growth across the UK economy. This has been a priority from the beginning.  

We are making real progress.

Minister for Small Business & Economic Transformation, Blair McDougall MP, said:

Co‑operatives and mutuals have a vital role to play in our Small Business Plan, rebuilding pride in place in the UK and supporting workers and communities.

By appointing a Co‑operatives and Mutuals Champion, we will shine a light on this model, breaking down barriers to businesses, and back our ambition to double the size of the sector.