Tag: Treasury

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.

The press release issued by HM Treasury on 27 May 2026.

The Government has published a list of 125 everyday essentials – including fruit, oils and core pantry staples – targeted for tariff reductions, alongside uprating mileage rates to support working people with the cost of living.

• Government launches consultation on suspending tariffs on OVER 100 everyday essentials with the full list now available.
• This Government is the first in 15 years to uprate mileage rates for 3 million people who use their own vehicle for work, saving over £120 a year for a worker doing 6,000 business miles.
• The support is an additional saving for motorists following the Chancellor’s third extension to the fuel duty freeze which has put another £120 back into their pocket since last year.

Working people are set to benefit from further cost of living support, as the Government publishes a list of over 100 everyday essentials set to see targeted cuts to tariffs alongside uprating mileage rates for the first time in 15 years.

The consultation is seeking views from businesses and other stakeholders on the potential impacts of a second package. It covers a wide range of everyday essentials, from fresh fruit and vegetables, oil and baked goods, to chocolate, sauces, and soft drinks.

The list of 125 items include garlic, avocados, mangoes, nectarines, vegetable oil, olive oil and baked beans. This builds on the tariff suspension announced in April.

In parallel, we are also seeking views on whether suspension of tariffs on certain fertilisers could help farmers cope with the impact of rising fertiliser prices as a result of the conflict in the Middle East.

Chancellor of the Exchequer, Rachel Reeves, said:

The war in Iran isn’t our war, but one we will need to respond to, and my priority is keeping prices down for households and businesses.

That’s why we’re freezing fuel duty, increasing the mileage rate for the first time in 15 years and slashed VAT temporarily this Summer to help reduce the cost of days out.

This comes as carers, plumbers, builders and millions of other workers across the country who use their own vehicle on the job will have cheaper journeys after the Chancellor uprated mileage rates last week.

In the largest ever uprating of the rates a 10p per mile increase in tax‑free mileage rates for this tax year, backdated to April 2026, has been introduced to ease the cost of living for hardworking Britons.

Increasing the tax free per mile rates from 45p for the first 10,000 miles to 55p per mile will save around £120 for a worker doing 6,000 business miles. Up to two million employees and one million self-employed people will benefit.

This is in addition to savings drivers will make from the Chancellor’s further extension to the fuel duty freeze until the end of the year. That’s the third time Rachel Reeves has frozen fuel duty to support motorists, saving them £120 since last year.

Recognising how farmers and hauliers have been particularly exposed to high fuel prices, and their importance to UK supply chains, more relief has been announced.

For farmers and others who use red diesel and rebated biodiesel, the rate for those fuels has been cut by over a third – the lowest in over two decades. For hauliers, a road tax holiday has been put in place for a year from 1 July.

Transport Secretary Heidi Alexander said:

We are a government firmly on the side of drivers, and that means acting when hardworking people are being left out of pocket.

The people who use their own vehicle for work are the backbone of our country – the carers, the tradespeople and the public sector workers who keep services running. For too long, they have been expected to shoulder rising costs with support that simply has not kept up.

We’re doing all we can to ease everyday pressures on working people – that means real money back in their pockets and delivering for the people who keep Britain moving.

Andrea Egan, General Secretary, Unison said:

This simple measure will provide immediate help for countless frontline workers in public services. Particularly at a time when living costs are going through the roof once again.

People who need their own cars for work have been left thousands of pounds out of pocket for far too many years.

UNISON has campaigned hard for this long overdue change. It’s good to know the chancellor has listened to the concerns of staff penalised by frozen rates.

There’s still more to do to ensure no one is losing out and the union will continue to campaign for more over the coming months.” 

This follows a much wider package of support rolled out by the Chancellor last week branded ‘Great British Summer Savings’. It includes free bus travel for 5–15-year-olds in England, VAT slashed on children’s meals in restaurants, and VAT cut for all admissions to theatres, theme parks and other attractions.

This will help families enjoy the weekend treats, days out and staycations that make life enjoyable during the cost-of-living squeeze caused by the war in the Middle East while supporting the businesses that depend on summer footfall.

Cutting £150 on average of costs from household energy bills, freezing prescription charges and rail fares, and increasing the national minimum and living wages by hundreds of pounds are some of the actions taken at the Budget that are continuing to support families each month.

The press release issued by HM Treasury on 26 May 2026.

Nigel Topping, Tania Songini and Marianne Økland have been reappointed as Non-Executive Directors (NEDs) of the National Wealth Fund by the Financial Secretary to the Treasury.

The National Wealth Fund (NWF) is playing a central role in investing public money in the UK’s future, and over the next five years aims to mobilise over £100 billion of finance into the UK economy supporting the government’s growth mission.

Following the appointment of a new CEO, Olly Holbourn, and three new Non-Executive Directors last year, the NWF has, under this leadership, published its 5 year strategic plan (March 2026) and moved into its next phase of delivery.

The NWF Board, chaired by Chris Grigg, has been central to this progress. These reappointments provide continuity and stability to the Board, as the organisation builds on the recent changes and continues to deliver its objectives.

The NWF invests in a range of capital-intensive projects, businesses and assets, using debt, equity and guarantees, addressing market weaknesses and crowding in private investment to unlock growth and clean energy projects that otherwise would not have gone ahead. 

Financial Secretary to the Treasury, Lord Livermore said:

I am pleased to reappoint Nigel Topping, Tania Songini and Marianne Økland to the Board of the National Wealth Fund. Their combined expertise across industry, energy and financial markets will continue to support the NWF’s work delivering investment and growth across the UK.

Chair of the National Wealth Fund, Chris Grigg, said:

I welcome the reappointment of Nigel, Tania and Marianne. They have each made a strong contribution to the Board, and their experience and insight will continue to be valuable as the organisation builds on recent progress and delivers its strategic plan.

These reappointments have been made following a formal process and with the approval of the Financial Secretary to the Treasury and the Prime Minister. Reappointments are not automatic and are made on merit, in line with the Governance Code on Public Appointments.

Nigel Topping brings extensive experience across industry and climate leadership. He has held senior roles in UK manufacturing and industrial businesses and has played a leading role in driving the transition to a net zero carbon economy. Nigel served as the UK’s High-Level Climate Action Champion for COP26 and continues to hold a number of advisory and leadership roles in climate and energy. He brings strategic insight, a strong external network, and deep expertise in industrial decarbonisation to the NWF Board.

Tania Songini has significant experience in the energy sector, particularly in renewable power generation and distributed energy systems. She has held senior leadership roles within Siemens’ energy business across the UK and northwest Europe, and currently holds a number of non-executive positions across the energy sector. As Chair of the NWF Remuneration Committee, she has played a key role in aligning organisational objectives with shareholder priorities. Tania brings strong commercial, operational and sector expertise to the Board.

Marianne Økland brings deep banking and capital markets expertise, developed through senior roles at global financial institutions including JP Morgan and UBS. She has extensive experience in structuring and raising debt capital and in complex financial transactions. Marianne also brings strong technical knowledge of banking risk frameworks and economic capital, providing valuable challenge and oversight to the Board as the NWF’s portfolio grows in scale and complexity.

The NED’s current terms are due to expire in June 2026. Following the reappointment process, Nigel Topping will serve a further four-year term, Tania Songini a two-year term, and Marianne Økland a one-year term.

The press release issued by HM Treasury on 21 May 2026.

The Government has announced new funding packages for the ceramics and chemicals sectors, worth £120 million and £350 million respectively.

• Business Secretary announces new funding packages for chemicals and ceramics sectors, boosting stability and economic resilience.
• £350 million Critical Chemicals Resilience Fund will support strategically important producers and sites, strengthen critical supply chains and help support thousands of skilled jobs.
• Ceramics package worth £120 million will back energy efficiency, decarbonisation and long-term competitiveness in sector vital to UK manufacturing.

The Government has today (21 May) unveiled a major new funding package to revitalise British industry and shore up the UK’s long-term economic resilience.

Thousands of UK jobs across British industry are set to be secured thanks to £350m of Government support for strategically important chemicals producers and sites alongside a separate £120m scheme for the ceramics sector.

The funding – targeted at strategically important parts of the economy that keep vital everyday UK infrastructure running, support thousands of skilled jobs and protect Britain’s economic security – is designed to help firms stay competitive, modernise infrastructure, decarbonise, and transition their energy supplies from gas to electricity.

Business Secretary Peter Kyle said:

At a time of global uncertainty it’s never been more important to ensure Britain’s resilience and back the industries our country depends on, and this funding will support thousands of jobs and put businesses on a secure footing for the long term.

This is what a strategic state looks like: acting swiftly with targeted support in the national interest and giving certainty to the industries crucial to both our everyday lives and our economic future.

Chancellor of the Exchequer Rachel Reeves said:

The chemicals and ceramics industries underpin our economic resilience and support skilled jobs across the UK.

We have the right economic plan. It includes backing those workers, backing the communities that depend on them, and backing British industry for the long term.

The £350 million Critical Chemicals Resilience Fund will back the UK’s most strategically important chemical producers – the firms that supply the critical inputs relied on by sectors including food, energy, water and healthcare.

The fund has been designed to keep these key producers and sites competitive, put businesses on a more sustainable footing and strengthen supply chain resilience. It will be developed in partnership with industry representatives and independent experts.

The Government will continue to work hand-in-hand with industry to ensure broader policy delivers decarbonisation and not deindustrialisation. We are committed to tackling unfair foreign trade practices, and Ministers will urgently convene the chemicals industry to explore potential trade defence action.

The Government is also committed to driving down regulatory costs faced by the industry. We have already cut back the need for UK businesses to buy expensive and unnecessary data, cutting transition costs while maintaining health and environmental protections. We will work with the industry to identify where the UK can go further to reduce regulatory costs and remove duplicative procedures for businesses.

Chief Executive of the Chemical Industries Association Steve Elliott said:

The Government rightly included the chemical industry as a key foundational sector in its Industrial Strategy for the country. Today’s announcement of a £350m fund to be made available to chemical businesses underpinning our critical national infrastructure and wider resilience is therefore a very welcome first step in turning those words into action.

Much is needed – both in terms of policy and funding support – to address the industry’s energy, carbon reduction and broader regulatory costs – and the Government’s additional commitment to work in partnership with the industry to tackle those huge competitiveness challenges is also encouraging.

A separate package for the ceramics sector will include £120m of support to back capital investment in energy efficiency and decarbonisation projects, as well as provide operational support for successful applicants to the fund who require additional support to manage increased costs.

Ceramics are not only crucial for housebuilding and everyday items like plates, bowls and smartphone screens but strategic industries such as advanced manufacturing, defence and tech, backed by the UK’s Modern Industrial Strategy.

Their ability to operate at very high temperatures and resist corrosion make them vital for products from armour plates to plane engine coatings, and hip implants to space shuttle panels.

Support for the ceramics sector will be open to eligible UK manufacturers across subsectors including refractory products, clay building materials, household ceramics and technical ceramics.

The support will also help modernise an industry with proud UK heritage and a major local employer in communities from Stoke-on-Trent to Devon. The Government will work closely with the industry on delivery of the support, with further details to be confirmed shortly in the summer.

In a fresh call today, Ministers are also urging ceramics producers to engage with the Trade Remedies Authority, who can impose tariffs, to provide evidence where they believe existing trade remedy measures are not enough, or to support new investigations.

CEO of Ceramics UK Rob Flello said:

Ceramics UK is delighted by this landmark decision by the Government which recognises the fundamental role of our sector in the UK economy.

Ceramics are critical to the UK economy in the manufacture of vital products such as steel, glass and other high temperature products, as well as items that are used daily in homes and businesses across the UK.

Now, working with our members as the voice of the industry, Ceramics UK looks forward to working closely with Ministers and civil servants in designing and implementing the measures outlined in the Business Secretary’s statement of intent.

Our priority is to ensure that the scheme works for all members of Ceramics UK, from the smallest ceramics companies through to the largest organisations, creating a sustainable future for our industry.

Charlotte Brumpton-Childs, GMB National Secretary, said:

GMB has been calling for the Government to step up support for energy intensive industry.

This is a hugely welcome step in the right direction and will be reassurance to workers in our chemicals and ceramics industry that Government is finally listening.

These announcements, targeted at longer-term economic resilience, come alongside temporary help the government has announced to support people and businesses this year.

These steps entail a near term cost but HM Treasury has confirmed that the overall package will not increase borrowing in the medium term. All costings will be subject to certification in the next OBR forecast in the usual way.

Background:

• The Government will work with industry to design and shape the Critical Chemicals Resilience fund to deliver the greatest impact. The fund will be developed in collaboration with independent experts and industry, which we expect to start in summer 2026 and made available over a multi-year period, with further details to be set out shortly.
• Today’s announcement follows recent Government action to back the chemicals sector, including a £120 million package to protect vital chemical production at Grangemouth, and restarting production at the Ensus bioethanol plant in Teesside to protect CO2 supplies.
• Applications to the ceramics package are expected to open in the summer once final design work is complete.
• The strategic new support comes on top of the Government’s action to tackle industrial energy costs through the British Industrial Competitiveness Scheme (BICS) and the British Industry Supercharger, which will save thousands of UK businesses hundreds of millions of pounds on their energy costs.

The press release issued by HM Treasury on 20 May 2026.

Bill introduced to Parliament this week will unlock growth and investment across the country and boost protections for consumers.

• Wider access to credit unions for consumers, simplifying regulation and reducing the number of regulators are some of the changes being brought forward.
• This is part of the Government’s plan to build a stronger and fairer economy, building on good growth in the first quarter of this year.

British business will become more globally competitive, growth and investment will be unlocked across the country and greater protections will be put in place for consumers under new legislation that has been introduced to Parliament this week.

The Financial Services and Markets Bill will modernise how the sector is regulated, and enable it to grow and lend more to businesses. It will also make consumer protections fit for the digital age – all while maintaining high standards on regulation and oversight, supporting the UK’s position as a leading global financial centre.

The Bill will include a power, pending the outcome of an independent review, to ensure the Government can protect access to face-to-face banking where communities rely on it. And widening access to credit unions so more people can access safe and affordable finance are among the changes.

Simplifying regulation and reducing the number of regulators is among the changes being made to support businesses, so decisions are made quicker and their growth isn’t held back.  The Bill will also support lending and investment including by updating the statutory framework underpinning the ring-fencing regime.

This is part of the Government’s wider plan to build a stronger and fairer economy for all, building on good growth in the first quarter of this year.

Economic Secretary to the Treasury, Rachel Blake, said:

Our financial services sector is world-leading, creating jobs, boosting growth and firing up our economy in Leeds, Manchester, Edinburgh and London.

This Bill will unlock even more growth in the sector, making red tape less burdensome to business and boosting protections for consumers – part of our plan to build a stronger and fairer economy.

The Bill will ramp up protections and accessibility to finance for British consumers by:  

• Modernising consumer protections and redress arrangements. Consumers will be better protected when something goes wrong and terms and conditions will have to be worded in simpler terms so everyone can understand them. Reforms to the Financial Ombudsman Service will allow people to resolve disputes faster and with greater certainty. 
• Allowing credit unions to expand by improving the rules on who can become a member. This will allow credit unions to serve more people and communities, widening access to affordable finance and supporting the Government’s aim to double the size of the mutual and co-operative sector.  
• Ensuring access to in-person banking services for the future. Subject to an independent review, the Government will take the power to ensure communities retain their access to face-to-face banking where they need it. This is particularly important for rural communities and pensioners who are not online.

The financial services sector will also be supported to innovate and grow by:

• Simplifying regulation and reducing the number of regulators. Responsibilities of the Payment Systems Regulator will be absorbed by the Financial Conduct Authority. This means firms will have fewer overlapping regulators to deal with and will see faster decision making, allowing them to grow faster.
• Ensuring that the administrative burden on firms is proportionate while keeping important consumer and market protections. This includes reducing the overall burden of the Senior Managers and Certification Regime – the framework that holds senior leaders in financial firms personally accountable – by 50 per cent. This will free up firms to focus on serving customers and invest in growth, rather than dealing with overly burdensome compliance processes.  
• Supporting lending and investment by updating the statutory framework underpinning the ring-fencing regime. This regime requires major banks to separate their UK retail banking services from investment banking activities. The reforms will unlock more finance for UK businesses, especially smaller businesses who will be able to access finance more easily.

The press release issued by HM Treasury on 20 May 2026.

Chancellor announces further reforms on judicial review of major infrastructure projects.

The Chancellor is expected to announce sweeping reforms that will give Parliament the authority to approve critical energy schemes and better protect infrastructure projects from judicial review.

The proposed changes – on which a policy note is published today – are intended to reinforce the UK’s energy security, drive down consumer bills and support the government’s central mission of economic growth.

The headline proposal would allow Parliament to designate and approve the most important clean energy projects as being of ‘Critical National Importance’ (CNI), reducing the exposure from judicial review on all but human rights grounds. This would help deliver the government’s commitment to accelerate new infrastructure development and drive growth, including much-needed projects like new power stations and offshore wind farms.

For all other nationally significant infrastructure – including transport and water projects – the government will introduce a fixed legal challenge window, at the end of which the planning consent could be updated to address any legitimate issues.

This would reduce the potential grounds for judicial review – and where any continue to be pressed, courts would be able to make use of existing reforms to deny permission where it was clear the claim was without merit. The law would also be changed to require the courts to refuse permission for a judicial review to proceed on any issues not brought up during the consenting period or in the challenge window – meaning that developers can then proceed with full confidence that no successive spurious challenges can be raised at a later stage.

Taken together the reforms are set to build on protections already passed into law through the Planning and Infrastructure Act, as the government seeks to end the practice of serial meritless legal challenges clogging up the courts. Of 167 Development Consent Order decisions made since 2008, just six were quashed following a challenge – with many more failed processes costing developers, taxpayers and the economy billions in delays and wasted time.

The new CNI route would apply exclusively to clean energy projects, reflecting the national urgency of the UK’s need to get off the fossil fuel rollercoaster. All other major infrastructure projects would benefit from the fixed-window route.

The government is also expected to allow promoters of smaller energy projects to apply directly to the Planning Inspectorate, rather than having to go through local councils. This will support faster decision-making on important generation and transmission projects that all contribute to our country’s energy resilience.

A Treasury spokesperson said:

For too long, vital infrastructure delivery has been delayed by judicial reviews of projects the country needs. The Chancellor won’t stand for it any longer and is bringing forward bold changes to support delivery.

She is clear that Parliament must take back control – to get Britain building the power plants, wind farms and grid connections that will bring bills down, strengthen our energy security, and deliver growth in every part of our country.

Lord Banner KC, author of the Independent review into legal challenges against Nationally Significant Infrastructure Projects said:

I was pleased to see the Prime Minister act on the recommendations of my review into legal challenges of nationally significant infrastructure projects last year, and these reforms are already bearing fruit. It was however clear from the many people I spoke to in the course of that work and since that there is a strong case for going further if we are to meet the scale of our infrastructure challenge.

These proposals, which draw on the democratic mandate of the legislature, are a further bold step, and I look forward to supporting their development ahead of the government bringing forward legislation.

Robbie Owen, Partner, Pinsent Masons said:

This initiative by the government is welcomed and chimes with the case made out during the passage of the Planning and Infrastructure Bill last year that Parliament should have a role in relation to the consenting of critical national infrastructure projects. I look forward to seeing the detail but giving Parliament the authority to approve critical energy schemes and better protecting infrastructure projects from judicial review is essential if we are to deliver these much-needed projects within the timescale required.

John Myers, Director, YIMBY Alliance said:

Britain can’t afford to keep losing years to legal challenges that delay clean energy and public transport for working people. These reforms should improve democratic participation and keep the courts open to genuine concerns while stopping spurious suits from driving up costs for the families who need this infrastructure built.

Catherine Howard, Partner, Herbert Smith Freehills Kramer said:

We’re already seeing results from the Government’s judicial reviews reforms. The dismissal of the Stonestreet Green Solar judicial review in just 4 months based on a court ruling of ‘totally without merit’, and yesterday’s dismissal of the Luton airport judicial review after it missed the new shorter timescales for appeals, have given a real boost to developer confidence. I applaud the Government’s action and ambition on judicial review.

The ability for developers to choose to make applications direct to the Planning Inspectorate is greatly to be welcomed. We know that some councils are consistently making decisions which fail to apply Government policy, however clearly framed. The delay and cost this causes benefits no one. There is already a precedent for direct applications and swift and efficient decision-making by PINS where councils are in special measures. Expanding this right makes sense given the challenges and opportunities in the current political climate.

David Lawrence, Co-founder, Centre for British Progress said:

Judicial reviews to Nationally Significant Infrastructure Projects have driven up the cost of building Britain’s energy infrastructure and delayed vital clean energy projects. The Chancellor’s reforms tackle these rising costs, protecting consumers from higher bills and accelerating the transition to British-made clean energy.

Dhara Vyas, Chief Executive, Energy UK, said:

Planning reform for clean energy is critical and still needs to strike a balance between a process that allows proper scrutiny of applications without unduly restricting the country’s ability to build the infrastructure necessary to strengthen our energy security, boost our economy, and help stop energy bills being at the mercy of global events. 

We warmly welcome today’s announcement that builds on earlier pledges of reform in relation to the National Planning Policy Framework, the Planning and Infrastructure Act, and the Fingleton Review. Judicial Review will still have a vital role to play but in its intended purpose of ensuring the right legal process has been followed – rather than to re-examine the whole application again. These reforms will ensure fairness remains within the planning process while enabling the much-needed roll-out of clean energy infrastructure to be accelerated.

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More information

Today’s announcement builds on a series of decisive steps the Government has already taken to reduce the scope for meritless legal challenges to delay critical infrastructure projects:

The Planning and Infrastructure Act reduced the number of attempts a claimant can make to bring a legal challenge from three to one for meritless claims.

Amendments to the Civil Procedure Rules, which came into effect in October 2025, tightened procedural requirements for nationally significant infrastructure project (NSIP) cases.

Further procedural reforms announced in October 2025 set clear target timescales for NSIP cases in the High Court and Court of Appeal, with cases heard by judges with appropriate planning expertise.

In response to the Fingleton Review, the Government has also committed to two further areas of reform: developing a government-backed indemnification scheme to give developers greater financial certainty when facing legal challenge; and extending NSIP judicial review reforms to other major planning regimes, including those under the Town and Country Planning Act.