Tag: Treasury

The press release issued by HM Treasury on 20 November 2023.

The government has today (20 November) launched England’s third Investment Zone in West Yorkshire focussed on Huddersfield, Bradford and Leeds, which will help to create more than 2,500 new jobs across the region over the next five years, and could unlock £220 million in investment.

• West Yorkshire’s new Investment Zone focused on Huddersfield, Bradford and Leeds could create more than 2,500 new jobs over five years across the region and unlock over £220 million of investment.
• Initial investment from a health tech company that supports patients to minimize hair loss during chemotherapy.
• Chancellor to extend the programme of Investment Zones from five to 10 years and double the envelope of funding and tax reliefs on offer.

The Chancellor is also confirming the Investment Zones programme in England will be extended from five to 10 years, with the envelope of government funding and tax reliefs on offer now doubled to £160 million.

Growing the economy and making the long-term decisions to deliver the change the country needs is a priority for the Prime Minister. The announcements today are part of wider plans expected in the Chancellor’s Autumn Statement this week where he will reveal reforms to reignite growth by unlocking more private investment and getting people back into work.

West Yorkshire will host one of 12 Investment Zones across the UK. It’s based around the region’s universities in Leeds, Bradford and Huddersfield and the cluster of life sciences businesses thriving in the area.

This includes the pioneering health tech company, Paxman Scalp Cooling, which supports patients to minimise hair loss during chemotherapy by manufacturing specialist hair caps. It is investing £5 million to bring their innovative health tech products to global markets and alongside it, the digital healthcare company Dedalus is investing £21 million to deliver digital and diagnostic tools for the NHS.

As a result of the Investment Zone, revamped sites specialising in health tech and digital will open up around West Yorkshire, unlocking over 2,500 jobs and over £220 million of investment across the region over the next five years.

This can be used flexibly between spending on interventions such as skills, research and development and local infrastructure, dependent on local need, and tax incentives such as 100% Stamp Duty Land Tax relief, an enhanced structures and buildings allowance at a rate of 10% per annum, an enhanced 100% first-year capital allowance, employer National Insurance Contributions relief, and 100% business rates relief.

Alongside this, the window to claim Freeport tax reliefs in England will be extended from five to ten years until September 2031, providing greater certainty to businesses looking to invest, delivering growth and jobs, and levelling up the economy.

The UK Government will work with the Scottish and Welsh governments with the intention of delivering the same extension to Investment Zones and Freeports in Scotland and Wales and will continue to work with stakeholders on how best to support investment in Northern Ireland.

Chancellor of the Exchequer Jeremy Hunt said:

“We are changing our country for the long term, driving economic growth across all corners of the UK.

“It will mean thousands more jobs in the exciting industries of the future backed up by better infrastructure, and communities to be proud of.”

The Chancellor launched West Yorkshire’s Investment Zone alongside West Yorkshire Mayor Tracy Brabin at Paxman Cooling where they met executives and discussed the future growth of the company.

West Yorkshire Mayor Tracy Brabin said:

“We know that devolution is working for West Yorkshire and this new investment zone is further recognition of that from the government.

“Home to NHS England, our region’s digital and health tech businesses are driving forward innovation and transforming the lives of patients world-wide.

“This investment is a massive vote of confidence in our top-tier universities and talented graduates and will help our mission to build a stronger, brighter region that works for all.”

The West Yorkshire Life Sciences Investment Zone will benefit from a range of interventions which include skills training and business support to encourage more business investment. The plan will boost innovation in the area’s thriving healthcare sector and create a talent pipeline at the forefront of technological advances.

Richard Paxman OBE, CEO of Paxman Scalp Cooling, said:

“This news is incredibly exciting for the region and our health tech sector, and will only further attract investment in a sector that changes lives and makes a real impact commercially and socially.

“Paxman has invested significantly in the region over the past 5 years, attracting over £10 million of foreign direct investment. Now, we are more committed than ever before in increasing our presence and investment in Huddersfield – providing further employment growth and delivering additional investment in research and development.”

Daryll Goodall, Managing Director UK and Ireland at Dedalus, said:

“We are delighted to be a key part of the West Yorkshire Investment Zone. As a Global Healthcare company, Dedalus work closely with local Universities and Hospital Trusts in the West Yorkshire area to help bring new products from Europe to the UK healthcare market, and using our team in Leeds we develop products specifically for the UK.

“We are excited about the future, having the opportunity to implement our ORBIS electronic patient record (EPR) in the UK, and continuing to develop local healthcare applications like OneResponse, a mobile EPR for ambulance services in the UK, and PatientAide, a mobile app for clinicians providing them with access to key services and patient information.”

John Naybour, CEO of Eventum Orthopaedics, said:

“With £4.5 million raised so far, including investment from the Northern Powerhouse, Eventum is celebrating the successful launch of Quadsense, a groundbreaking product developed with invaluable support from the Universities of Leeds and Bradford.

“Recognized as the new frontier in total knee surgery at the American Association of Knee and Hip Surgeons, Quadsense has attracted huge interest in the global orthopaedic community, and has set the benchmark for our second innovative product which we are developing in collaboration with Leeds Beckett University.”

Businesses set to benefit from the investment zone include health tech companies like Eventum Orthopaedics, which works to improves patients’ experience of knee surgeries and is setting up 5 major orthopaedic hospitals in the UK, as they look to expand to markets in the US and New Zealand.

The government will continue to work with the West Yorkshire Combined Authority and local authorities to co-develop the plans for their Life Sciences Investment Zone, including agreeing specific interventions to drive long-term growth, ahead of final confirmation of plans.

With over 600 life sciences companies, 250 MedTech firms and over 90 digital health enterprises, West Yorkshire is a place where ideas come to fruition and innovative products and solutions are tested, embedded and scaled locally and internationally.

Building on this strength, the region’s Investment Zone includes four universities and is part of the government’s vision to drive growth in the sectors of the future including advanced manufacturing, green industries, digital and technology.

At Spring Budget, the Chancellor announced eight places in England as eligible to host an Investment Zone. Each was invited to identify an Investment Zone that offered an imaginative partnership between local government and a university or research institute in a way that catalyses emerging innovation clusters.

Five more Investment Zones are still to be announced in England – ensuring that there are engines for growth and opportunities for talented people across the country.

Today’s news follows the first Advanced Manufacturing Investment Zone in South Yorkshire, announced in July, which has backing from Boeing and partners with an investment worth over £80 million. Liverpool City Region was also confirmed as being England’s second Investment Zone, focussed on Life Sciences.

There will also be two Investment Zones in Scotland, in the Glasgow City Region and the North East of Scotland. Work is ongoing between Scottish Government and the Department for Levelling Up Housing and Communities to commence the development of these Investment Zones in Scotland jointly with local partners.

The government is also working in partnership with the Welsh Government to deliver the Investment Zone programme in Wales and will continue to work with stakeholders on how best to deliver the benefits in Northern Ireland.

Further information

Freeports

• 8 successful English Freeports locations were announced at Spring Budget 2021. 23 of 24 English Freeport tax sites have now been designated, with the majority of tax sites being designated in late 2021 and early 2022.
• Earlier this year, the government announced two Green Freeports in Scotland and two Freeports in Wales. We are continuing to engage stakeholders about how to bring the benefits of the Investment Zones and Freeports programmes to Northern Ireland.
• The window to claim Freeport tax reliefs will be extended for English Freeports, is conditional on agreement of delivery plans with each Freeport.

The press release issued by HM Treasury on 18 November 2023.

The Chancellor will set out the case for reform across public services to unlock productivity.

The press release issued by HM Treasury on 17 November 2023.

The government has today announced £4.5 billion in funding for British manufacturing to increase investment in eight sectors across the UK. The funding will be available from 2025 for five years, providing industry with longer term certainty about their investments.

The press release issued by HM Treasury on 10 November 2023.

The UK has today, 10 November 2023, agreed an historic joint statement with 48 countries to help combat criminals using crypto-assets to evade and avoid billions in missing tax.

• UK leads on first of its kind global commitment to combat offshore crypto tax evasion
• Minister Victoria Atkins praises international cooperation to close gap in global tax system and potentially recoup hundreds of millions of pounds in lost revenue
• landmark agreement follows UK leadership on historic G20/OECD global tax deal agreed in 2021, that clamps down on corporate tax avoidance and will ensure the right tax is paid in the right place

The Crypto-Asset Reporting Framework (CARF), spearheaded by the UK, is the OECD’s latest flagship tax transparency standard. It will mean crypto platforms will need to start sharing taxpayer information with tax authorities, which currently they do not do, ensuring these authorities can exchange information to enforce tax compliance. The CARF is expected to take effect in time for exchanges with other countries to start from 2027.

Today’s milestone follows 2021’s two pillar global tax agreement, which aims to ensure that the right tax is paid by businesses where they operate and cracks down on large multinational enterprises avoiding tax through a 15% global minimum rate.

Financial Secretary to the Treasury, Victoria Atkins, said:

“I am proud that the UK is once again demonstrating leadership on tackling global tax evasion, helping to secure the revenue that’s essential for the public services we all use.

“Today we are sending out a strong message that we will not allow criminals to use crypto to avoid paying their fair share.”

The CARF will build on the existing system tax authorities use to share information with each other, called the Common Reporting Standard. This has already been hugely successful in tackling offshore tax evasion, with almost £100 billion in additional tax revenue recovered from traditional financial assets since its inception in 2014.

The new framework announced today will be essential to counter the increasing level of tax avoidance brought about by the rapid growth of the global crypto market, with some estimates suggesting that tax non-compliance on crypto-asset holdings could range from as high as 55% to 95%.

The UK, which stands to potentially recoup hundreds of millions of pounds as a result of the CARF’s implementation, used its position as a global leader in tax transparency to scope, negotiate and finalise provisions for CARF while galvanising international support.

The press release issued by HM Treasury on 8 November 2023.

Up to £15 million of reallocated funding made available in Northern Ireland to respond to flooding – supporting affected businesses and aiding clean-up costs.

The press release issued by HM Treasury on 27 October 2023.

The landmark change will mean more criminal proceeds are recovered.

• New standards for confiscating proceeds of crime confirmed today to ensure crime does not pay.
• Landmark change requires countries to have non-conviction confiscation powers already in use in the UK.
• More criminal proceeds to be recovered as implementation of higher minimum standards enable improved cross border cooperation.

International action on confiscating the proceeds of crime is to be toughened after a global standard setter today, 27 October, unveiled new rules that represent a major step forward in the fight against economic crime.

The Financial Action Task Force (FATF) as the global Anti-Money Laundering standard setter has announced it is adopting a new set of strengthened standards for seizure and confiscation, as a two-year project co-led by the UK reached its conclusion.

Law enforcement needs a suite of tools to disrupt and disincentivise criminals and strip them of their ill-gotten gains. Over 200 countries worldwide are signed up to the new wide-ranging standards, which for the first time include requirements for non-conviction based confiscation – a useful alternative or supplement to criminal proceedings and an already well used route in the UK to disrupt crime.

The UK’s domestic confiscation powers have been expanded in recent years, leading to the record recovery of almost £340m in 2022 to 2023 – a 75% increase compared to £194m in 2017 to 2018. Of this, £160.1 million was recovered using the UK’s non-conviction based powers.

Treasury Lords Minister Baroness Penn said:

“These new requirements for countries around the world make a difference here at home too – helping disrupt economic crime even when it crosses borders.

“Britain has been consistently driving higher standards in recovering proceeds of crime at the international table and the news today is both long overdue and hugely welcome.”

Security Minister Tom Tugendhat said:

”Criminals shouldn’t be allowed to enjoy their ill-gotten gains. Stripping them of their profits sends a clear signal that we will not tolerate their actions.

“The new standards set by the Financial Action Task Force are an important step in the right direction and send a powerful message.

“We will continue working with the global community to proactively target criminals, take their dirty money and use it for the public good.”

Further information

• The full text of the changes is to be published by the Financial Action Task Force in the coming months. The FATF was set up by the G7 in 1989 to tackle dirty money from drug trafficking. Its mandate has since expanded to look at illicit financial flows across different crime types.
• The Government’s second Economic Crime Plan committed to “Strengthen[ing] international asset recovery standards to improve cross-border asset recovery outcomes”. The updated standards deliver on this commitment.
• Under the Proceeds of Crime Act 2002 (POCA) £339.1 million of assets were recovered from Confiscation, Forfeiture, and Civil Recovery Orders in the financial year 2022 to 2023. This represents another high year of asset recovery and is a 75% increase compared to £193.8 million in 2017 to 2018.
• Of this, £160.1 million was recovered using the UK’s non-conviction based powers – £97.2 million was recovered through Forfeiture Order receipts; and £62.9 million was recovered through Civil Recovery Order Receipts, the highest value ever recorded, driven by a £53.9m order obtained by the National Crime Agency (NCA).

The press release issued by HM Treasury on 12 October 2023.

The Chancellor will attend key multilateral meetings, as well as hold talks with economic partners from around the world.

• Jeremy Hunt, Chancellor of the Exchequer, is in Marrakech, Morocco, for the International Monetary Fund and World Bank Annual Meetings
• Chancellor will attend key multilateral meetings, as well as hold talks with economic partners from around the world
• Chancellor to reaffirm UK’s commitment to fiscal responsibility ahead of Autumn Statement next month

Chancellor of the Exchequer Jeremy Hunt is in Marrakech, Morocco, today and tomorrow (Thursday 12 and Friday 13 October) for the International Monetary Fund (IMF) and World Bank Annual Meetings. He will discuss global economic issues and how to ensure international financial institutions are delivering for all member states, including the most vulnerable, as well as showcase the UK’s leadership on international development.

The Chancellor will also discuss the UK’s economic strategy, highlighting the need to fight inflation and make fiscally responsible decisions. He will reiterate Britain’s backing of international humanitarian causes such as Morocco’s earthquake relief effort, in addition to support for Ukraine following Russia’s illegal invasion and for Israel in the wake of the recent terrorist attacks.

Chancellor of the Exchequer Jeremy Hunt said:

“I’m in Marrakech to discuss the global fight against inflation, and how we are putting Britain back on the path to growth.

“It is because of our solid economic foundation at home that we can support our friends around the world. I am full of admiration for the Moroccan people’s resilience following the terrible earthquake in September, and want to reiterate Britain’s backing to support the victims.”

Also in attendance at this year’s IMF Annual Meetings are Andrew Mitchell, Minister for Development and Africa at the Foreign, Commonwealth and Development Office, and Andrew Bailey, Governor of the Bank of England.

The UK remains committed to supporting Morocco following the devastating earthquake in September, and has allocated a funding package worth up to £10m in response to this and the floods in Libya. A British search and rescue team, as well as a medical assessment team, were also deployed in the days immediately after the natural disaster to support the Moroccan authorities in the affected areas.

The meetings are one of the IMF’s twice-yearly centre pieces for international economic policy. This year’s are the first set to be held outside of Washington D.C. since 2018, when they took place in Bali, Indonesia. They are also the first IMF Annuals held in Africa since 1973, which were in Nairobi, Kenya.

The press release issued by HM Treasury on 11 October 2023.

John Glen spoke to experts in artificial intelligence to discuss the technology’s potential.

The press release issued by HM Treasury on 10 October 2023.

The Chancellor Jeremy Hunt has appointed Michèle Dix CBE – a former managing director of Crossrail 2 and director of planning at Transport for London – to the National Infrastructure Commission (NIC).

The NIC provides impartial, expert advice to government on major long-term economic infrastructure challenges and Michele Dix will bring years of experience in transport, engineering, and planning.

Chancellor of the Exchequer Jeremy Hunt said:

“We need high quality infrastructure to deliver growth and boost productivity. Michèle will help ensure that the National Infrastructure Commission has the right skills and talent to help deliver the infrastructure we need.”

Sir John Armitt, Chair of the National Infrastructure Commission, said:

“Michèle brings a wealth of knowledge of the transport and planning spheres, and she joins us at an important time just as we publish the second National Infrastructure Assessment.

“Michèle’s experience in developing world class public transport systems will help inform the Commission’s ongoing work advising government on how best to promote economic growth across all regions.”

Michèle Dix BSc, PhD, CEng, FICE, FCILT, FCIHT, CBE is currently Non-Executive Director of Crossrail International, Non-Executive Director of the Major Projects Association, and visiting professor at Bartlett School of Planning at University College London.

At Transport for London, Michèle had been Managing Director of Crossrail 2 until October 2021 and had previously been Managing Director of Planning. Michèle started her career at the Greater London Council after completing her PhD in transport and land use planning.

Dr Dix has confirmed she has not engaged in any political activity in the last five years.

The press release issued by HM Treasury on 5 October 2023.

Scammer was due a large financial compensation award but Official Receiver worked with partners to ensure funds were used to repay his victims.

John Gerard Metcalfe, from Essex, was declared bankrupt in 2013 following legal action after he defrauded several individuals and at least one company as part of an investment scam he had run, which saw the victims lose over £2 million.

Metcalfe was subsequently convicted of fraud offences in 2017 and the Crown Prosecution Service (CPS) obtained a compensation order, meaning that he was required to pay as much as he had funds for at the time. It also meant that if Metcalfe came into money at a future date, the CPS could order additional money to be distributed, ensuring that the victims and creditors could receive full compensation.

However, in 2023, the Official Receiver, responsible for overseeing Metcalfe’s bankruptcy, became aware that Metcalfe had received a £3.75 million pay-out from the Foskett Panel, an independent committee set up in 2020 following a banking scandal involving a billion-pound fraud at the Reading branch of HBOS between 2003 and 2007.

Although Metcalfe had been discharged – as normal – from bankruptcy after one year in 2014, the fraud which led to the compensation award had happened prior to the Bankruptcy Order and the pay-out was therefore an asset in his bankruptcy, with payments due to his creditors and victims.

The Official Receiver was also contacted by the Eastern Region Special Operations Unit and the CPS, who had learnt of the pay-out from Metcalfe’s solicitor. The CPS, police and the Official Receiver worked together closely, resulting in Metcalfe agreeing to take part in the CPS Voluntary Reparation process, which provides for compensation to be paid to victims, and in place of a costly formal Proceeds of Crime Act 2002 (POCA) application to court.

It was agreed that the best approach was to pay his remaining victims as creditors in the bankruptcy. As a result, the compensation awarded by the Foskett Panel was paid to the Official Receiver, allowing over £2 million to be returned to the victims of his investment scam. In addition, other creditors have also been repaid and the taxpayer also received around £750,000 which was owed to HMRC.

Joe Sullivan, Official Receiver at the Insolvency Service, said:

Although this bankruptcy case dates back ten years, I am very happy both the victims and creditors are finally able to get their money back. That is testament to the hard work of the team, and I am especially pleased in this case that John Metcalfe’s victims have been repaid after his appalling scam.

Nick Bentley, Financial Investigation Manager at ERSOU’s Regional Organised Crime Unit, said:

Our unit works closely with police forces across eastern England – in this case Essex Police – to ensure that crime doesn’t pay, and individuals who have made money through illicit means are ordered to repay their ill-gotten gains.

We will continue to work with partner agencies and use POCA legislation to ensure, wherever possible, victims of economic crime are compensated.

Mark James-Dawson, Specialist Prosecutor of the CPS Proceeds of Crime Division, said:

This case shows that even when criminals have been convicted and sentenced, the CPS will continue to pursue them for their ill-gotten gains – even if they come into money years after committing their crimes.

Our Voluntary Reparation scheme is a mechanism by which we can secure compensation for victims after the criminal and confiscation proceedings have finished, when further assets come to light. Through joint working with the police and Insolvency Service, we were able to recover significant funds from Metcalfe which will be used to compensate victims of this crime, money which they thought they’d never see again.

Background

• John Metcalfe is of Essex. His date of birth is February 1958.