Tag: Treasury

The press release issued by HM Treasury on 2 October 2025.

Experts in investment, risk management and local and central government have been appointed to the National Wealth Fund Board, as it moves into a new chapter.

Catherine Cripps, Tom Riordan, and Joseph Schull have been appointed as new Non-Executive Directors by the Chancellor Rachel Reeves as the National Wealth Fund focuses on scaling up delivery: increasing the capital it deploys, expanding into new sectors, and building stronger regional investment pipelines. 

Over the past year, the National Wealth Fund (NWF) has been at the forefront of investing public money in the UK’s future,  supporting the government’s mission to put more money into the pockets of working people through our Plan for Change. It is now set to move into a new chapter under the leadership of Oliver Holbourn, who takes up the role of CEO on 1 November.  

The National Wealth Fund Board, chaired by Chris Grigg, has been central to the organisation’s progress to date, and the appointment of Catherine, Tom and Joseph will significantly add to its capabilities.

Chancellor of the Exchequer, Rachel Reeves said:  

I would like to congratulate Catherine, Tom and Joseph on their appointments as Non-Executive Directors of the National Wealth Fund.

They bring exceptional track records to the NWF’s Board, spread across Investment, Risk Management and Local and Regional Government. Each of them will further strengthen an already capable and experienced Board as it supports our mission to boost economic growth and living standards through our Plan for Change.

Chair of the National Wealth Fund, Chris Grigg said: 

I am delighted to welcome Catherine, Tom, and Joseph to the Board. Each brings vital expertise and perspective that will strengthen our ability to deliver on the NWF’s ambitious objectives, as we scale up our investment activity to support the government’s growth and clean power missions.

Catherine Cripps said:

It is a privilege to take up this role and support the NWF on its critical mission to drive growth and investment in the UK.

Tom Riordan said:

I’m delighted to be joining the team at the National Wealth Fund at such an exciting time and I’m looking forward to helping them deploy capital and create jobs that benefit the whole country.

Joseph Schull said:

I am delighted to join the NWF Board as it begins a new chapter and I look forward to supporting its mission to act as a catalyst for the growth of the UK’s digital businesses and green economy across the country.

Biographies

Catherine Cripps is a seasoned investment management professional, having held senior leadership roles at major institutions and smaller, entrepreneurial businesses. She has built a diverse board portfolio, serving on listed company boards, private equity backed businesses, government agencies and major international subsidiaries. Catherine currently Chairs Polar Capital Technology Trust plc and is a Non-Executive Director of Pool Re Insurance Company Ltd, Goldman Sachs International & Goldman Sachs International Bank 

Tom Riordan brings extensive experience across central and local government. He began his career in government, subsequently serving as Chief Executive of a regional development agency. He later became Chief Executive of Leeds City Council, overseeing significant regeneration and public service transformation. Tom currently serves as Second Permanent Secretary at the Department for Health and Social Care and will undertake the NED role alongside this position. 

Joseph Schull is Co-Founder and Managing Partner of private equity firm Corten Capital. Previously, Joseph was Head of Europe at Warburg Pincus and a member of the firm’s Executive Management Group, responsible for overseeing investments in multiple sectors, with a focus on technology.  Joseph is an experienced board member, having served as both an investment director and a non-executive director.  He brings over 25 years of investing and business building expertise as well as strategic insight to NWF’s Board.

The press release issued by HM Treasury on 23 September 2025.

Chancellor Rachel Reeves will declare the UK ‘open for business’, following a £110 billion investment surge from major financial services firms in the past week alone.

• £3 billion investment from Revolut will create 1,000 new high-skilled jobs in the UK, including a new global headquarters in London.
• This latest commitment takes total investment from major financial services companies to over £110 billion – in a single week, following announcements by Blackstone, BlackRock and PayPal. 
• At the opening of the new London HQ the Chancellor declares UK ‘open for business’ as Leeds Reforms push Britain to the front of global race for financial services businesses, which will help put more money in people’s pockets through the Plan for Change.

Global fintech leader Revolut will today (23 September) open its new global headquarters in Canary Wharf, setting out plans to invest £3 billion in the UK and create 1,000 high-skilled jobs over the next five years. 

This comes on the heels of last week’s £100 billion investment from asset manager Blackstone, £7 billion from BlackRock and £1.25 billion in inward investment from leading US financial firms including PayPal and Bank of America – generating 1,800 new jobs in major cities including London, Edinburgh, Belfast, and Manchester. 

The wave of investment from financial services companies comes just months after the Chancellor cut needless financial red tape to ensure the UK wins the global race for financial services investment as part of the modern industrial strategy.

Chancellor of the Exchequer, Rachel Reeves, said:

The UK is well and truly open for business under this government. Through our Leeds Reforms we’re making Britain the best place for financial services companies to do business, pushing us ahead in the global race for investment and putting more money in people’s pockets through the Plan for Change.

Nik Storonsky, CEO and Co-founder of Revolut, commented:

Our mission has always been to simplify money for our customers, and our vision to become the world’s first truly global bank is the ultimate expression of that. From our roots here in the UK, we’ve grown to serve over 65 million customers globally, and today’s opening of our new Global HQ in London is the launchpad for our future. This HQ will be central to driving our growth towards our next milestone of 100 million customers.

To power that journey from our home market, we are investing £3 billion in the UK over the next five years. This commitment will not only create 1,000 new jobs but will also fuel the innovation from our London hub that will help us deliver on our global ambitions.

The major investments from financial services firms over the past week include:

• Blackstone is aiming to invest in excess of £100 billion of assets in the UK over the next decade. This includes their £10 billion investment in a data centre in Blyth. 
• BlackRock expects to allocate over £7 billion to the UK market next year on behalf of its clients and is investing £500 million into enterprise data centres across the country. 
• Bank of America is set to create up to 1,000 new jobs in Belfast, marking its first-ever operation in Northern Ireland — a major milestone that underscores the region’s growing role in global financial services. 
• Citi Group today confirms it is investing £1.1 billion across its UK operations, including a further commitment to growing its presence in Northern Ireland where the bank is already one of the top employers in Belfast now employing over 4,000 people — firmly establishing Belfast as a major technology powerhouse. 
• In Manchester, S&P Global are investing over £4 million into their Manchester offices which will support 200 permanent jobs boosting their nearly 3,000-strong UK workforce. 
• As part of the UK’s expanding fintech and digital innovation sector, PayPal is announcing a £150 million investment in product innovations and growth that will benefit customers throughout the UK, reinforcing Britain’s position as a key market for the brand globally.

These investments in the UK are a vote of confidence in the UK’s economic plan, built on stability, investment and reform.  

The Leeds Reforms set out the widest ranging reforms to financial regulation in over a decade, making the UK more attractive to global financial services firms. 

This includes new support for fintech introducing tailored support to help FinTechs, with new start-ups getting a single regulatory point of contact to help them through the scale-up phase. The contact will be able to provide technical support to help them understand the regulatory requirements they need to meet in order to grow.   

Revolut’s investment marks its commitment to the UK, where it has grown to become a global fintech leader with more than 10,000 employees and revenues of over £3 billion.  

The company now serves over 65 million customers worldwide, including 12 million in the UK, and has set its sights on reaching 100 million customers globally by mid 2027. Revolut’s success exemplifies the strength of the UK’s fintech sector, which boasts around 3,000 firms supporting tens of thousands of skilled jobs nationwide.

The press release issued by HM Treasury on 22 September 2025.

Rachel Reeves has fired the starting gun on the government’s landmark Regional Investment Summit, pledging that “no region will be locked out of investment”.

• Chancellor pledges that landmark Regional Investment Summit will attract investment, jobs and growth that makes people better off wherever they live in the country.
• With one month to go, Eon, Lloyds and KPMG, HSBC and IBM have already been confirmed as sponsors for the Birmingham summit.
• Comes as Mayor of the West Midlands and Leader of Birmingham City Council announce launch of the biggest Mayoral Development Corporation in the country to create tens of thousands of jobs and add billions to the local economy.

Rachel Reeves has fired the starting gun on the government’s landmark Regional Investment Summit, pledging that “no region will be locked out of investment”.

The summit will bring together business leaders and major investors with policymakers, regulators, regional mayors and other local leaders to showcase the breadth and depth of opportunities to invest, expand and create jobs right across our nations and regions.

Building on the 10 Year Infrastructure Strategy and Industrial Strategy, the summit will highlight the UK’s regional investment opportunities in areas such as housing, infrastructure, AI and energy. It will show how this government is reversing the underinvestment some parts of the country have suffered for too long which will deliver jobs and economic growth that puts more money in the pockets of people who live there.

With the most recent figures showing business confidence and investment appetite in the UK is at record highs, the Chancellor has pledged that no region will be locked out of the investment, jobs and growth being delivered as part of the government’s Plan for Change.

Chancellor of the Exchequer, Rachel Reeves, said:

Under this government no region will be locked out of investment.

Business confidence is at its highest level since 2015, private sector activity expanded at the fastest pace in a year in August, and top CFOs have ranked the UK as the top investment destination in the world.

Our opponents want to talk down Britain’s economy. But whilst the economy isn’t broken, for many it feels stuck, which is why I’m determined to attract more investment into every region of the UK so we can build an economy that works for, and rewards, working people.

Backed by major corporations including Eon, Lloyds, KPMG, HSBC and IBM, the summit will be hosted in Birmingham on Tuesday 21 October, and will be co-hosted by the Chancellor, the Business and Trade Secretary, and West Midlands Mayor Richard Parker, with business leaders, international investors, and policymakers from home and abroad in attendance.

Business and Trade Secretary, Peter Kyle, said:

The UK has become the world’s most attractive investment destination, and this Summit is a prime opportunity to show investors why Britain is truly the best place to do business.

We have the most open, stable and connected economy in the world – backed by our modern Industrial Strategy – and our Plan for Change is encouraging more international companies to invest here, helping to deliver growth and jobs in every region of the UK.

Richard Parker, Mayor of the West Midlands, said:

The first Regional Investment Summit is a chance to show the world the strength of the West Midlands and all our regions – we are brimming with opportunities for investors.

This Summit is about putting our ideas, our people, our opportunities and our businesses on the map – and I’m excited to welcome partners from the globe to see first-hand why the West Midlands is the place to invest.

This comes as Richard Parker, alongside the Leader of Birmingham City Council, John Cotton, today (22 September) announces the launch of the biggest and most ambitious Mayoral Development Corporation in the country.

It will incorporate the £3 billion Birmingham Sports Quarter, the £4 billion Birmingham Knowledge Quarter, the HS2 station at Curzon Street, the £2 billion Smithfield development, and a major creative industries hub in Digbeth.

This new corporation – part of a wider Mayoral Development Zone – will create tens of thousands of jobs and add billions to the local economy.

The government’s modern Industrial Strategy is also helping to deliver long-term growth right across the UK by driving investment into the economy and hardwiring stability for investors, giving them the confidence to plan not just for the next year, but for the next 10 years and beyond.

Further information

The business confidence figures referenced are:

• UK business confidence is at its highest level since 2015 and hiring intentions increased for a fourth month in a row in August and wage growth expectations also increased to their highest levels since 2018. (Lloyds Business Barometer)
• In August, UK private sector activity expanded at the fastest pace in a year. (The S&P Global UK Composite Purchasing Managers’ index)
• In July, UK CFOs ranked the UK as the joint top investment destination (alongside India)—up from 5th place in December— with sentiment boosted by a UK-US trade deal. (Deloitte)

Additional quotes

Minister for Investment, Jason Stockwood, said:

The West Midlands is a powerhouse for investment, and this Summit will zero in on the region’s world-leading strengths in sectors like advanced manufacturing and life sciences to drive growth and create new opportunities in the industries of the future.

Unleashing the full potential of the UK’s regions is at the heart of our modern Industrial Strategy, and this Summit will deliver growth that will unlock good new jobs for working people, putting more money in people’s pockets and in turn boosting prosperity across local communities.

Chris Norbury, Chief Executive Officer E.ON UK, said:

The West Midlands is a huge part of E.ON’s DNA with our offices, strategic energy partnership and innovation all already thriving in this region.

So, it’s fantastic to be supporting events like the Regional Growth Summit and see the West Midlands showcasing how sustainable energy can drive real growth in green skills, jobs and the economy.

Local collaboration between government and businesses is key to accelerating more affordable, secure energy and net zero delivery, and as such, events like this are key to building those collaborative relationships.

Ian Stuart, CEO of HSBC UK, said:

At HSBC, we are determined to support UK businesses’ growth ambitions, both at home and abroad. As the world’s leading bank for international trade, we know that the dynamism of UK business is integral to the future health of the economy.

HSBC supports the Government’s ambition to cement the UK’s position as a science and tech superpower. The summit will highlight the very best of the region’s innovative businesses, driving inward investment and growing our exports around the world to create jobs and drive the economy.

Jon Holt, Group Chief Executive and UK Senior Partner KPMG, said:

This Summit will be a fantastic moment to spotlight the strength and opportunity of the UK’s regions and their crucial role in helping drive national economic growth.

KPMG’s heritage lies in our regional businesses and every day we work with brilliant companies across the country.

The West Midlands is well-placed to host this Summit and showcase the skills, innovation and talent on offer in the region, and provide a springboard for regional growth.

Charlie Nunn, Group Chief Executive, Lloyds Banking Group, said: 

The UK’s regions are the powerhouses of innovation, investment and growth.

We’re proud to support the inaugural Regional Investment Summit, which highlights the strength of local partnerships and the opportunities they create.

Through the breadth and depth of our relationships with businesses across the country, Lloyds Banking Group is helping to unlock regional potential, attract investment, and fuel the UK’s long-term prosperity.

The press release issued by HM Treasury on 1 September 2025.

Professor John Van Reenen has been appointed by the Chancellor as an adviser on economic growth.

He previously worked as Chair of the Chancellor’s Council of Economic Advisers before returning to his role as Ronald Coase School Professor at the London School of Economics. John will now report directly to the Chancellor as a direct ministerial appointment, continuing to focus on the Plan for Change’s growth mission.

Chancellor Rachel Reeves said:

We have fixed the foundations by securing economic stability, delivering three major trade deals and becoming the fastest growing economy in the G7 – but we still have work to do to build an economy that works for working people.

John’s continued commitment will help us deliver the government’s mission to kickstart economic growth and raise living standards right across the country.

He brings extensive experience from his background in academia where he has focussed on productivity, how companies perform, and the impact of innovation, as well as from his year supporting the government’s growth mission in his prior tole.

John Van Reenen said:

I am delighted to continue working with the Chancellor in this advisory role – utilising my research and experience to help drive forward productivity, investment and ultimately growth into the UK.

John will work one day a week without pay. The appointment will begin in September and last for 12 months. (The appointment may be extended.)

Established processes for the declaration and management of interests have been followed in respect of this appointment. The Terms of Reference for this appointment can be found here: Terms of reference: John Van Reenen (PDF, 41.3 KB, 1 page).

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

Chancellor bolsters business expertise at the Treasury with three new appointments to the Board of Directors.

Three experienced business leaders from retail, tech and communications have been appointed to the Board of Directors at the Treasury by the Chancellor Rachel Reeves.

Former Chairman of John Lewis Sir Charlie Mayfield will play a lead role on the Treasury’s Board of Directors alongside banking and regeneration entrepreneur Edward Twiddy and economics communications specialist Jenny Scott.

They will use their business expertise and experience to help the Treasury run as efficiently as possible, ensuring it effectively supports economic growth, the government’s number one mission.

All of the appointees will commence their terms on 1 September 2025, each serving an initial three-year term.

Chancellor of the Exchequer, Rachel Reeves said:

I’m really pleased to welcome Sir Charlie Mayfield, Edward Twiddy and Jenny Scott to the board, as we build on our partnership working with business. Between them, they bring a huge amount of experience and fresh thinking. Their insights will be invaluable as we focus on growing the economy to deliver for working people as part of our Plan for Change.

Sir Charlie Mayfield is an experienced Chair and business executive as the former Chairman of John Lewis Partnership. Sir Charlie has over 20 years’ experience in the private sector and 7 years within the public sector as Chair to the UK Commission for Employment and Skills. He brings extensive leadership skills including a strong track record in change management, both in developing talent and capability, and in driving technology-led transformation.

Edward Twiddy is Chair of Northstar Ventures, a Newcastle-based venture capital firm. He also co-founded the leading fintech start up, Atom Bank back in 2014 when the technology was in its infancy after spending 13 years as an official at the Treasury. Edward has extensive leadership experience in both executive and non-executive roles, with a strong focus on enterprise and innovation.

Jenny Scott co-founded and owns strategic communications advisory firm Apella Advisors. Jenny previously held senior communications posts at the Bank of England, shaping and guiding communications across all policy areas during the financial crisis and the Brexit referendum. Before joining the Bank, Jenny was the Economics Correspondent at the BBC and went on to present BBC2’s ‘The Daily Politics’ with Andrew Neil.

About the appointment process

Sir Charlie Mayfield, Edward Twiddy and Jenny Scott have been appointed by the Chancellor following a fair and open recruitment process run by HM Treasury.

The Treasury is committed to appointing a diverse range of people to public appointments and continues to take active steps to attract the broadest range of suitable applicants for posts.

The press release issued by HM Treasury on 12 August 2025.

Northern Ireland is set for a transformative boost as Chancellor Rachel Reeves visits Belfast to confirm a package of investments designed to fix the foundations for long-term prosperity. The Chancellor’s visit marks a major milestone in delivering the Government’s Plan for Change, with new funding targeted at the sectors driving Northern Ireland’s future: creative industries, defence, and safer communities.

Headline investments confirmed today include:

• £310 million in new UK Government funding for Northern Ireland’s City and Growth Deals, confirmed in June’s Spending Review and now allocated to support high-growth sectors.
• £137 million in new funding to tackle paramilitarism and organised crime, removing barriers to investment and growth.
• £100 million new private sector investment from Thales, supporting expansion and up to 200 new jobs in the defence sector.
• The largest real-terms settlement for the Northern Ireland Executive since the Belfast Agreement, averaging £19.3 billion per year until 2029.

During her visit to Studio Ulster – home to the world’s most advanced virtual production studio – the Chancellor celebrated Northern Ireland’s creative sector, which is benefiting from £25.2 million of UK Government investment through the Belfast City Region Deal. This investment underpins Northern Ireland’s reputation as a global leader in film, TV, and digital innovation, supporting high-value, high-skill jobs and attracting international productions such as Game of Thrones and Line of Duty.

Chancellor, Rachel Reeves said:

Northern Ireland is brimming with talent and ambition, from cutting-edge film studios to world-class defence manufacturing. Today’s investments are about fixing the foundations for future prosperity – backing the sectors that will create good jobs, drive economic growth, and allow communities to thrive.

This is a turning point. Every pound we invest here supports good jobs, strengthens our economy, and boosts the United Kingdom’s standing on the world stage, with Northern Ireland at its heart.

Later today, the Chancellor will visit Thales’ Castlereagh site, where she will highlight the defence sector’s role in supporting Ukraine and strengthening the UK’s security. Thales’ £100 million expansion will open a third facility and create up to 200 new jobs, adding to the 900 skilled roles already supported by UK Government defence spending in Northern Ireland. The government’s commitment to increase defence spending to 2.6% of GDP will further secure the region’s place at the heart of the UK’s industrial future.

Secretary of State for Northern Ireland, Hilary Benn said:

With world-class strengths including in advanced manufacturing, cyber, defence and the creative industries, and access to the EU market, Northern Ireland is perfectly placed to seize the opportunities ahead.

That is why we are committed to supporting Northern Ireland to fulfil its potential through the City and Growth Deals, our Industrial Strategy, local growth funding and the record settlement for the Executive of £19.3 billion per year, which is the largest in the history of devolution.

Northern Ireland will also benefit from increased UK-wide research and development and aerospace funding, supporting 21,000 R&D jobs and 5,000 in aerospace.

Recently, the UK Government announced that Belfast and Derry-Londonderry will receive at least £30m to unlock new, locally-led innovation through the new Local Innovation Partnerships Fund. The £500m fund will empower local leaders, making the most of communities’ expertise to grow the economy.

What’s new:

• £310 million for City and Growth Deals is new funding confirmed in the June Spending Review and now allocated for delivery.
• £137 million to combat terrorism, paramilitarism and organised crime, is new investment.
• Other commitments, including £185 million for public service transformation and £2 million for integrated education, were previously set out and are now being delivered as part of the Plan for Change.

Professor Declan Keeney, Chief Executive of Studio Ulster, said:

Studio Ulster, as a globally unique facility, stands at the frontier of world-class storytelling and future-facing innovation. The UK Government’s significant investment and today’s visit together recognise the critical role this facility plays in boosting local skills, attracting international investment, and expanding economic opportunity for communities across Northern Ireland.

Professor Paul Bartholomew, Vice-Chancellor of Ulster University, said:

This is more than a studio. It’s a symbol of what’s possible when partnerships come together across government, industry and education. With such continuing commitment to the City and Growth Deals, together we can continue to deliver impactful projects that connect innovation to opportunity.

Nigel MacVean, Managing Director, Integrated Air-space Protection Systems (IAS) of Thales in the UK, said:

I welcome the news of this increase in defence spending. The support for highly skilled jobs within the defence sector will help to empower us to accelerate innovation, expand our reach, and deliver even greater value to our customers and partners, both in the UK and with our internationally. We remain committed to driving excellence and making a meaningful impact with this strengthened foundation.

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More information

• The Belfast City Region Deal is one of four Northern Ireland City and Growth Deals receiving a share of the £310 million new funding.
• Studio Ulster is a landmark £72 million virtual production complex developed by Ulster University, underpinning Northern Ireland’s position as a global leader in screen innovation and creative economy growth.
• CoSTAR Screen Lab at Studio Ulster is part of a £75 million UKRI network driving innovation in gaming, TV, film, and digital entertainment.
• The largest real-terms settlement for the Northern Ireland Executive since the Belfast Agreement averages £19.3 billion per year until 2029.

The press release issued by HM Treasury on 7 August 2025.

Chancellor Rachel Reeves will outline how £143 million of UK Government funding will secure over 130 disused coal tips in Wales on a visit to Port Talbot today, Thursday 7 August.

• Chancellor to visit coal tip site in Wales to see the work being done to protect families and businesses from disused coal tips.
• UK Government and Welsh Government work hand in hand to secure coal tip sites, with more than 130 sites benefiting from funding this year.
• Funding for the Welsh Government of over £22 billion per year agreed between 2026-27 and 2028-29 as part of this year’s Spending Review, including an additional £5 billion for resource and capital.

Disused coal tips remain a legacy of Wales’ coal industry, and present severe risks for Welsh communities from landslides or flooding. Just last November, a disused coal tip in Cwmtillery, Blaenau Gwent, partially collapsed, forcing around 40 homes and families to be evacuated.

The £118 million provided at the Spending Review by the Chancellor to protect Welsh communities comes in addition to £25 million from last year’s Autumn Budget, amounting to £143 million to deliver the essential funding to protect existing homes whilst enabling new areas of land to be secured for future house building by the Welsh Government. When combined with funding from the Welsh Government, £220 million has now been invested to make coal tips in Wales safe.

Chancellor of the Exchequer, Rachel Reeves said:

I know the scars that coal tip disasters have left on Welsh communities. This £143 million investment will protect families and communities from the risks posed by disused coal tips, whilst opening up sites to build new homes for hard-working Welsh families.

These sites need to be safe, and this funding demonstrates how we are delivering our Plan for Change, putting the safety of working people first and supporting economic growth.

Welsh Secretary, Jo Stevens said:

Ensuring coal tips across Wales remain safe is of the upmost importance. We want to ensure that communities who are close to coal tips can be confident that their homes and businesses are properly protected.

This £118 million is in addition to £25 million which has already been provided by the UK Government and is an example of how two governments working in partnership are delivering for the people of Wales.

These areas previously may not have been in scope for new homes due to the presence of these coal tips but by securing tips and minimising the risk of their collapse, new homes could now be built and can deliver for working families. These new homes will provide the critical infrastructure that underpins economic growth, as this investment today drives forward future productivity and higher living standards.

The Spending Review in June also delivered a record investment into Wales, which is an integral part of the UK Government’s plans to unlock growth across the whole of the UK. The Welsh economy is already worth £93 billion per year.

The Spending Review delivered at least £445 million to enhance rail across Wales, including at Padeswood on the Borderlands Line and through upgrading the Core Valley Lines, as part of the 10-year Infrastructure Strategy. The UK Government funding also includes providing £48 million over four years to the Welsh Government to work with them to upgrade the Core Valley Lines.

Through the Plan for Change the UK Government is investing in Wales’s economic potential and unique contribution to the UK, including across the clean energy of its natural resources. Up to £80 million was also confirmed as port investment to support floating offshore wind deployment in Port Talbot, subject to final due diligence.

Welsh Government Finance Secretary, Mark Drakeford said:

We welcome the extra investment from the UK Government for this vital work to protect communities living with the legacy of our industrial past. This builds on previous years of Welsh Government funding and brings combined Welsh and UK Government funding to £220 million. We have long made the case for fair funding to address the impact of coal tips, protect homes, businesses and create new economic opportunities.

Nick Rolfe, Regional Director, Wales, Walters UK said:

The Walters Group is proud to be a key partner in this important work to secure, improve, and make safe disused coal tips across Wales. This significant investment from the UK Government, working alongside the Welsh Government and here at Dyffryn Rhondda with Neath Port Talbot County Borough Council, shows a strong commitment to protecting our communities and dealing with the legacy of our industrial past.

As a proud Welsh company with a long history of working in these communities on environmental and regeneration projects, we understand how important this work is. The funding is not only crucial for keeping our environment safe and protected for future generations but also for giving local people peace of mind and confidence in the future of this area for the community and visitors that make use of  the active travel routes that run the length of this project.

Further information:

• The Spending Review delivered a record settlement for Welsh public services, with the Welsh Government’s largest settlement, in real terms, since devolution in 1998.
• The Welsh Government is receiving £22.4 billion per year on average between 2026-27 and 2028-29, including an additional:
  • £1.6 billion per year on average through the operation of the Barnett formula, with £1.4 billion resource between 2026-27 and 2028-29 and £0.2 billion capital between 2026-27 and 2029-30.
  • £444 million targeted funding between 2026-27 and 2029-30, with £44 million resource and £400 million capital, including for essential work to keep coal tips maintained and safe, City and Growth Deals and enhancements to the Core Valley Lines.
• This means the Welsh Government will continue to get over 20% more funding per head than the equivalent UK Government spending in the rest of the UK. This reflects the differing needs of Wales.

The press release issued by HM Treasury on 1 August 2025.

Chancellor Rachel Reeves will outline how the Spending Review will give Scotland a jobs boost, as she visits RAF Lossiemouth and St Fergus Gas Plant today.

The UK Government is investing in defence and clean energy to protect existing jobs and create thousands more, while keep the UK secure. Increasing defence spending to 2.6%, could lead to around 0.3% higher GDP in the long run, equivalent to around £11 billion of GDP in today’s money, according to government estimates.

RAF Lossiemouth shows how investment in defence delivers for ordinary families. The Moray base has undergone a huge transformation in recent years and military personnel and civilian workers now work together keep our fighter jets and sub-hunting aircraft in the air.  The addition of three new E-7 Wedgetail aircraft to the RAF’s fleet will see even more jobs created by Boeing at the base, where the Chancellor will meet with some of the over 200 Boeing teammates who work alongside RAF personnel.

Chancellor, Rachel Reeves said:

We’re seizing the huge potential and opportunities that Scotland has on offer. Whether it’s in defence to keep the UK safe, or clean energy to power all corners of the country, this government is backing Scotland with billions of pounds of investment to grow the economy and create jobs.

Scottish Secretary, Ian Murray said:

The UK Government is investing in defence to ensure Britain’s security and deter our adversaries and drive economic growth.

This investment is a massive jobs opportunity for Scotland – this ‘defence dividend’ is good news for Scotland, where it will help create skilled jobs, drive economic growth and help tackle the critical skills gaps facing the country in sectors such as nuclear, construction, maritime and project management.

The Spending Review also saw investments that will make Scotland the home of the UK’s clean energy revolution. While Acorn is still subject to final investment decision, this £200 million is just the beginning to this government’s commitment to investing in Scotland and has the potential to safeguard 18,000 North Sea jobs whilst creating 15,000 new ones in Scotland’s clean energy transformation.

Great British Energy will also be headquartered in Aberdeen, to drive clean power generation across the UK. Boosting homegrown energy will also make the UK more secure.

The Chancellor’s visit comes as defence spending rises to 2.6% of GDP and figures from 23/24 reveal that MOD spend maintains 26,100 skilled jobs across Scotland. The Spending Review also committed £250 million to secure the future of HMNB Clyde – the first stage of a multi-decade, multi-billion renewal project and all three Clyde shipyards are currently fulfilling contracts for the Royal Navy.

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Further information:

• The Spending Review delivered a record settlement for Scottish public services, with the Scottish Government’s largest settlement, in real terms, since devolution in 1998. Scottish Government’s settlement is growing in real terms between 2024-25 and 2028-29. This translates into an average of £50.9 billion per year between 2026-27 and 2028-29.

Maria Laine, President United Kingdom, Ireland & Nordic region, Boeing, said:

Boeing has a long-standing presence in Scotland including at RAF Lossiemouth, the home to the UK’s P-8 Poseidon fleet and where the E-7 Wedgetail will be based when it enters service. As a key partner of the UK Armed Forces, Boeing welcomes the defence spending increase and has seen first-hand how defence infrastructure investments, such as the £100 million Atlantic Building and new E-7 facilities at RAF Lossiemouth, can deliver for local jobs, suppliers and UK national security.

Michelle Ferguson, Director, CBI Scotland, said:

Scotland’s energy and defence sectors are vital to our economy, driving investment and supporting thousands of skilled jobs. The Chancellor’s announcement of £200 million for the Acorn energy project is very encouraging, but businesses are eager for final approval to unlock its full potential and secure North Sea jobs. Increased defence spending will further boost Scotland’s skilled workforce and create growth opportunities across key supply-chain. Close collaboration between the Scottish and UK governments will be essential to fully realise these benefits, driving forward national security and Scotland’s transition to a resilient, low-carbon economy.

Mark Sommerfeld, UK Director of the Carbon Capture and Storage Association, said:

The Chancellor’s visit to Acorn further highlights the importance of CCUS in securing the future of our foundational industries and delivering a secure low carbon power system – both in Scotland and across the UK. The Government’s commitment to CCUS means that thousands of skilled jobs will be protected, with thousands more created across our industrial heartlands – delivering economic growth and clean power.

To maintain global leadership in CCUS and realise the full benefits for our industrial communities, we need to see clear deployment pathways for both Acorn and Viking CCS, as well as other projects developing at pace across the UK. By doing so, the Government can deliver on its economic growth mission and climate goals.

Katy Heidenreich, Offshore Energies UK Supply Chain and People Director said:

We share the Chancellor’s commitment to Scotland’s energy future. Our industry plays a vital role in delivering jobs, growth, and energy security through the production of homegrown energy.

Government support for projects like Acorn is crucial. The UK Government has committed £200 million in development funding to Acorn — Scotland’s flagship carbon capture and storage initiative — marking a major milestone in advancing the country’s decarbonisation strategy. The project is expected to support around 15,000 jobs during peak construction and repurpose 175 miles of pipeline infrastructure to transport CO₂ from central Scotland to storage.

The press release issued by HM Treasury on 25 July 2025.

IMF endorses Plan for Change growth mission and fiscal reforms.

• The IMF’s Article IV surveillance report has stated that economic recovery in the UK is underway, with growth projected at 1.2% in 2025 before gaining momentum next year.
• The IMF also endorsed the government’s fiscal plans which it says strike a balance between supporting growth and safeguarding fiscal sustainability, and the Growth Mission covers the right areas to lift productivity.

Since the election the government has been clear on the need to kickstart economic growth, built on stability and investment to deliver on the Plan for Change. The publication of the IMF’s first Article IV surveillance report on the UK economy since last year’s election reveals that the UK’s economic recovery is underway, and will see the third fastest economic growth in the G7 and the fastest growth among European G7 countries.

The IMF have also endorsed the government’s fiscal framework as growth-friendly, as well as appropriately accommodating spending pressures and investment needs, while safeguarding fiscal sustainability.

Structural reform and government strategy 

Through the Growth Mission, the government is restoring stability, increasing investment, and reforming the economy to drive up prosperity and living standards across every region of the UK.

The IMF recognised the bold reforms that we have launched since taking office in July 2024. We have been clear that planning reform is central to unlocking private investment. The IMF has stated that the UK’s new industrial strategy has real potential to unlock private investment and boost UK productivity in key sectors.

Trade, global integration, and external environment 

Given the high level of uncertainty emanating from the external environment, the IMF has stated that the government should continue advocating for a stable global trading system and welcomes recent efforts to strike trade agreements with key partners, including the EU, India, and the US, demonstrating a commitment to finding common ground and establishing a more predictable environment for UK exporters.