Tag: Treasury

The press release issued by HM Treasury on 23 March 2023.

The Bill enshrines the Chancellor’s pro-business tax and employment measures that were announced at the Budget into law.

• The Spring Finance Bill 2023 was published today (23 February) legislating for tax changes announced at the Budget.
• Bill delivers the Chancellor’s pro-business tax and employment measures to help grow the economy.
• Generous tax package for businesses worth over £27 billion to come into force on the 1st  April – UK capital allowances regime remains top of the OECD.

The Bill enshrines the Chancellor’s pro-business tax and employment measures announced at the Budget into law.

The measures in the Spring Finance Bill 2023 reward businesses that invest and innovate, recognising how they support growth.

They include two new major capital allowances – full expensing and a 50% First Year Allowance – worth £27 billion over the next three years and amounting to an effective £9 billion a year corporation tax cut for companies.

The Bill also includes pensions tax changes to support 15,000 doctors and other highly-skilled individuals to stay in work, as well as the Brexit Pub Guarantee, an increase in Draught Relief from August to ensure the duty on an average pint of beer at the pub does not increase. Tax incentives to help the creative sector and the new 50% domestic Air Passenger Duty rate are also featured in the Bill.

Financial Secretary to the Treasury Victoria Atkins said:

“This Finance Bill will drive forward our commitment to making the UK the best place to do business.

“It cuts corporation tax for businesses by £9 billion a year and is expected to boost investment by 3% helping grow the UK economy.”

With the new 25% corporation tax rate coming in for the top 10% most profitable companies from 1 April, to help get debt down after hundreds of billions in Covid-19 and energy bills support, and the super-deduction ending, the Chancellor used his Spring Budget to ensure that the UK’s tax system fosters the right conditions for enterprise, investment and growth.

Jeremy Hunt confirmed two major capital allowances – 100% full expensing and a 50% First Year Allowance – which ensures that the UK’s capital allowances regime continues to be the joint most competitive in the G7 and OECD. Together these are worth £27 billion over the next three years. An effective £9 billion a year corporation tax cut for UK businesses.

Full expensing lets taxpayers deduct 100% of the cost of certain plant and machinery investments from their profits before tax. It is available from 1 April 2023 to 31 March 2026. It provides the same generosity as the super-deduction, saving firms up to 25p in every £1 of qualifying investment and is for main rate assets – such as construction, warehousing and office equipment.

The 50% First-Year Allowance lets taxpayers deduct 50% of the cost of other plant and machinery, known as special rate assets, from their profits during the year of purchase. This includes long life assets such as solar panels and lighting systems.

The Office for Budget Responsibility predict together that these capital allowances changes will increase investment by 3% during each year it is in effect.

The Spring Finance Bill 2023 also delivers on the Prime Minister’s priority to cut NHS waiting lists so people can get the care they need more quickly, by removing tax-barriers that the medical community have made clear stop doctors working. On 6 April 2023, the pensions annual tax-free allowance will increase by 50% from £40,000 to £60,000, the Money Purchase Annual Allowance will rise from £4,000 to £10,000, and the Lifetime Allowance charge will be removed. The Office for Budget Responsibility estimate around 15,000 individuals will remain in the labour market as a result of the changes to the annual and lifetime allowances, many of whom will be highly skilled individuals, including senior doctors in the NHS.

As well as reforms to capital allowances and pensions tax, the Chancellor Jeremy Hunt announced other measures that are also featured in today’s Finance Bill to boost investment and get the economy growing. These include:

• Confirming an increase in Draught Relief to ensure the duty on an average pint of beer at the pub does not increase, and confirming duty rates for other alcohol will go up by RPI (10.1%) on the same day that historic alcohol duty simplification reforms and new reliefs take effect (1 August 2023). Only possible by leaving the EU.
• OECD Pillar 2 Global Minimum Tax rules in the UK – internationally agreed by 135 jurisdictions in October 2021 – will help protect the UK tax base against aggressive tax planning and reinforce the competitiveness of the UK by levelling the playing field for UK firms.
• Extending creative sector reliefs. Theatres, orchestra and museums and galleries will benefit from a further 2 years of tax relief rates of 45%/50%. The museums and galleries exhibitions tax relief sunset clause will be extended for a further 2 years to allow these organisations to fully benefit from the extension of the highest rates.
• Air passenger duty reforms. From 1 April 2023, a new domestic band will apply to flights between airports in England, Scotland, Wales and Northern Ireland, cutting APD by 50% to bolster UK connectivity. A new ultra long-haul band will also take effect, ensuring that those who fly the furthest, and have the greatest impact on emissions, incur the most duty.

The Bill received its first reading in Parliament on Tuesday 21 March, with the majority of measures coming into effect for financial year 2023-24. It will now follow the normal passage through Parliament.

The press release issued by HM Treasury on 22 March 2023.

HMRC has published new simplified VAT guidance for overseas sellers sending goods to the UK.

HM Revenue and Customs (HMRC) has published simplified VAT guidance for overseas sellers, with a new translation aimed at Chinese retailers that sell goods online into the United Kingdom.

The guidance, Selling goods using an online marketplace or direct to customers in the UK has been translated into simplified Mandarin to support sellers exporting goods from China to comply with UK import and VAT regulations.

In 2022, the UK imported £83.3 billion in goods and services from China and Hong Kong. Online shopping accounted for 26.5% of all UK retail sales in 2022, with a substantial number of goods being bought from international sellers via online marketplaces.

HMRC is encouraging UK agents and shipping companies to share the simplified guidance with their customers.

The information explains when and how VAT and import duties must be charged to customers by international sellers. It explains the different processes for direct to customer sales, and for sellers using online marketplaces.

Marc Gill, HMRC’s Director for Individuals and Small Business Compliance, said:

We have been working closely with international partners to better understand what information overseas sellers need in order to comply with their UK tax obligations.

We have acted on feedback from businesses to simplify and compile this online guidance into one, easily accessible place on GOV.UK. We have also recently published a simplified Mandarin translation of our guidance following research conducted with Chinese businesses.

By making our VAT and import duty rules easier to understand, we will be able to increase tax compliance levels for online sellers. We are asking UK freight, customs and shipping agents to help us reduce the tax gap by sharing this simplified guidance with their customers. By working together, we can help everyone pay the right amount of tax at the right time.

HMRC’s updated guidance has been published following detailed consultation and research with overseas sellers and brings together all relevant guidance in one place on GOV.UK. By making the process clearer and easier to follow, it will support overseas sellers to comply with their tax obligations and help HMRC to reduce the tax gap.

In 2018, HMRC signed an updated Memorandum of Understanding (MOU) with the General Administration of Customs China (GACC). During the 10th UK-China Economic and Financial Dialogue in 2019, HMRC agreed to provide Chinese businesses with appropriate tax and customs guidance.

In 2020, HMRC commissioned research with Chinese online sellers. The report, Knowledge and attitudes of online sellers in China to UK tax compliance, was published in 2021. Recommendations from that research led to the development of new guidance and its translation into simplified Mandarin.

The press release issued by HM Treasury on 16 March 2023.

The annual Women in Finance report published today shows the finance sector is making great strides in increasing female representation in finance in senior management roles.

The press release issued by HM Treasury on 16 March 2023.

A £27 billion tax cut for business and a trio of freezes to help families with the cost-of-living headlined the Chancellor’s Spring Budget.

• A £27 billion tax cut for business through radical ‘full expensing’ policy and capital allowances reform which will drive investment and growth.
• This government will simplify tax for SMEs with over 340,000 businesses in Scotland set to benefit.
• The broad shoulders of the UK mean that measures to ease cost-of-living burden will help more than halve inflation with the extension of Energy Price Guarantee kept at current level, and duties on fuel and a pub pint both frozen.
• Biggest ever set of reforms to remove the barriers that stop those on benefits, older workers, and those with health conditions who want to work from working.
• The government is launching the refocused Investment Zones programme to catalyse 12 high-potential knowledge-intensive growth clusters across the UK, including four across Scotland, Wales and Northern Ireland.

A £27 billion tax cut for business and a trio of freezes to help families with the cost-of-living headlined the Chancellor’s Spring Budget today, Wednesday 15 March.

Aimed at achieving long-term, sustainable economic growth that delivers prosperity with a purpose for the people of the United Kingdom, the Spring Budget breaks down barriers to work, unshackles business investment and tackles labour shortages head on.

Many of today’s decisions on tax and spending apply in Scotland, Wales and Northern Ireland. As a result of decisions that do not apply UK-wide, the Scottish Government will receive around an additional £320 million over 2023-24 and 2024-25.

Chancellor of the Exchequer, Jeremy Hunt said:

“Our plan is working – inflation falling, debt down and a growing economy.

“Britain is on a lasting path to growth with a revolution in childcare support, the biggest ever employment package and the best investment incentives in Europe.”

Scottish Secretary Alister Jack said:

“Today the Chancellor has set out a Budget which continues cost of living support and will deliver sustainable, long-term growth, helping us halve inflation and reduce our national debt.

“Maintaining the Energy Price Guarantee until June will save the average family £160 a year and gives certainty over their bills until summer. We’ve also made changes to Universal Credit to help people get back to work.

“Other UK Government direct investment in Scotland includes £8.6 million for Edinburgh’s world-class festivals, more than £1 million for five new vital community ownership projects, and investment in Scotland’s innovative high tech sector. The Chancellor has also confirmed there will be Investment Zones in all parts of the UK, building on Scotland’s two new Freeports.”

The Chancellor announced the government will pay the childcare costs of parents on Universal Credit moving into work or increasing their hours upfront, rather than in arrears – removing a major barrier to work for those who are on benefits. The maximum they can claim will also be boosted to £951 for one child and £1,630 for two children – an increase of around 50%.

The Chancellor went on to set out plans to continue to support households with cost-of-living pressures including keeping the Energy Price Guarantee at £2,500 for the next three months and ending the premium that over 4 million households pay on their prepayment meter, bringing their charges into line with comparable customers who pay by direct debit. Taken together with all the government’s efforts to help households with higher costs, these measures bring the total support to an average of £3,300 per UK household over 2022-23 and 2023-24.

To help household budgets further, the planned 11 pence rise in fuel duty will be cancelled and the 5p cut will be maintained for another twelve months, saving a typical driver another £100 on top of the £100 saved so far since last year’s cut.

The generosity of Draught Relief has also been significantly extended from 5% to 9.2%, so that the duty on an average draught pint of beer served in a pub both does not increase from August and will be up to 11 pence lower than the duty in supermarkets. The commitment to duty on a pub pint being lower than the supermarket has been termed the “Brexit Pubs Guarantee” by the Chancellor, and will support over 2,500 pubs and bars in Scotland.

The Chancellor also set out a comprehensive plan to remove the barriers to work facing those on benefits, those with health conditions and older workers. An increase in the pensions Annual Allowance from £40,000 to £60,000 and the abolition of the Lifetime Allowance will remove the disincentives to working for longer.

In line with the government’s vision for the UK to be the best place in Europe for companies to locate, invest and grow, a new first-in-Europe ‘full expensing’ policy will be introduced to boost business investment in an effective cut to corporation tax of £9 billion per year. This makes the UK the joint first most competitive capital allowances regime in the OECD and the independent Office for Budget Responsibility (OBR) forecast that this will increase business investment by 3% for every year it is in place. Mr Hunt signalled an intention to make this scheme – which covers equipment for factories, computers and other machinery – permanent when responsible to do so.

Accompanying forecasts by the OBR confirm that with the package of measures Mr Hunt set out today, the economy is on track to grow with inflation halved this year and debt falling – meeting all of Prime Minister Rishi Sunak’s economic priorities. This comes alongside the confirmation that there are no new tax rises within the Spring Budget.

Childcare

Significant reforms to childcare will remove barriers to work for parents receiving Universal Credit not working due to caring responsibilities, reducing discrimination against women and benefitting the wider economy in the process.

• Childcare costs of parents moving into work or increasing their hours on Universal Credit paid upfront rather than in arrears, with maximum claim boosted to £951 for one child and £1,630 for two children – an increase of around 50%.

Employment

The Chancellor set out a comprehensive plan to remove the barriers to work facing those on benefits, those with health conditions and older workers.

• Experienced workers such as senior doctors will benefit from an increase in the pensions annual allowance from £40,000 to £60,000.
• The Lifetime Allowance will also be abolished altogether, simplifying the tax system through taking thousands out of the complexity of pension tax and stopping over 80% of NHS doctors from receiving a tax charge for any additional hours worked.
• The midlife MOT offer will be expanded and improved to ensure people get the best possible financial, health and career guidance well ahead of retirement. There will be an enhanced digital midlife MOT tool and an expansion of DWP’s in person midlife MOTs for 50+ Universal Credit claimants, aiming to reach 40,000 per year.
• A DWP White Paper on disability benefits reform will herald the biggest change to the welfare system in the past ten years. By abolishing the Work Capability Assessment in Great Britain we will separate level of benefit entitlement from an individual’s ability to work.
• Strengthening work search and work preparation requirements for around 700,000 lead carers of children aged 1-12 claiming Universal Credit in Great Britain.
• Increasing the Administrative Earnings Threshold (AET), which determines how much support and Work Coach time a claimant will receive based on their earnings, for an individual claimant, from 15 to 18 hours at National Living Wage and removing the couples AET in Great Britain. Over 100,000 non-working or low-earning individuals will be asked to meet more regularly Work Coach support to move into work or increase their earnings.
• The application and enforcement of the Universal Credit sanctions regime will be strengthened, by providing additional training for Work Coaches to apply sanctions effectively, including for claimants who do not look for or take up employment, and automating administrative elements of the sanctions process to reduce error rates and free up work coach time.
• Elsewhere, international talent will be attracted through a new migration package that includes adding five construction occupations to the Shortage Occupation List.

Enterprise

The Chancellor put forward a plan to boost innovation, drive business investment and hold down energy costs.

• A ‘full expensing’ policy introduced from 1 April 2023 until 31 March 2026 and an extension to the 50% first-year allowance in the same period – a transformation in capital allowances worth £27 billion to businesses over five years.
• A £500 million per year package of support for 20,000 research and development (R&D) intensive businesses through changes to R&D tax credits.
• Generous reforms to tax reliefs for the creative sectors will ensure theatres, orchestras, museums and galleries are protected against ongoing economic pressures and even more world-class productions are made in the UK.
• The Medicines and Healthcare products Regulatory Agency (MHRA) will receive £10 million extra funding over two years to maximise its use of Brexit freedoms and accelerate patient access to treatments. This will allow, from 2024, the MHRA to introduce new, swift approvals systems, speeding up access to treatments already approved by trusted international partners and ground-breaking technologies such as cancer vaccines and AI therapeutics for mental health.
• All of the recommendations from Sir Patrick Vallance’s review into pro-innovation regulation of digital technologies, published alongside Spring Budget today, are to be accepted.
• £900 million of funding for an AI Research Resource and an exascale computer – making the UK one of only a handful of countries to have one – and a commitment to £2.5 billion ten-year quantum research and innovation programme through the government’s new Quantum Strategy.

Levelling Up

To level up growth across the UK and spread opportunity everywhere, local communities will be empowered to command their economic destiny.

• Business rates retention expanded to more areas in the next Parliament.
• Deliver 12 Investment Zones across the UK including 4 across Scotland, Wales and Northern Ireland; support local growth projects in every nation of the UK.
• We will also provide £8.6 million of funding to support the Edinburgh Festivals, and £1 million for 5 community projects in Scotland, including Aberfeldy Sports Club in Perthshire, repairs to the Inveraray Pier, and a community grocery shop and cafe in the Kyle Lochalsh in the Highlands.

The press release issued by HM Treasury on 15 March 2023.

Budget measures announced by the Chancellor are set to put powers and money in the hands of communities most in need.

Budget measures announced by the Chancellor are set to put powers and money in the hands of communities most in need, to help achieve the Prime Minister’s objective to grow the economy and level up across the UK. These measures will deliver more jobs, better services and more opportunities for local people.

A ground breaking devolution package and funding for community projects in the Budget will help further our ambitions to spread opportunity more equally.

The measures build on our place-based approach, as set out in the Government’s Levelling Up White Paper, to ensure targeted measures which best suit the unique economy, geography and expertise of each area.

The Government will be working closely with local leaders in key areas to help attract investment and unleash economic potential. These initiatives include:

Trailblazer devolution deals

• Two new trailblazer devolution deals will see money and powers handed directly to the Mayors of the West Midlands and Greater Manchester, including a direct funding settlement, devolution of post-19 skills funding and functions and greater control of the affordable homes programme.
• A new framework will ensure that decision-makers in areas with devolution deals are accountable to their residents and deliver value for money.
• These agreements are designed to pave the way for future deals in other Mayoral regions.

Investment Zones

• 12 Investment Zones across the UK to drive business investment and levelling up, each backed with £80 million over five years including generous tax incentives. Investment Zones will be based around research institutions such as universities and will be focused on driving growth in one of the UK’s key sectors.
• Eight places in England have been shortlisted to develop proposals in collaboration with the UK Government including the East Midlands; Greater Manchester; Liverpool; the North East; South Yorkshire; the Tees Valley; the West Midlands; and West Yorkshire.
• We are also working closely with the devolved administrations to establish how Investment Zones in Scotland, Wales and Northern Ireland will be delivered.

Levelling Up Partnerships

• The rolling out of Levelling Up Partnerships to provide bespoke place-based regeneration in an initial twenty of England’s areas most in need of levelling up over 2023-24 and 2024-25.
• Areas will be invited to form partnerships include the City of Kingston upon Hull, Sandwell, Mansfield, Middlesbrough, Blackburn with Darwen, Hastings, Torbay, Tendring, Stoke-on-Trent, Boston, Redcar and Cleveland, Wakefield, Oldham, Rother, Torridge, Walsall, Doncaster, South Tyneside, Rochdale, and Bassetlaw.
• This will build on the success of deep dives in Grimsby, which saw cross-government working to help avoid the effective closure of the town’s fish processing sector, and in Blackpool, which unlocked a £100 million regeneration plan.
• Partnership locations have been selected based on the analysis in the Levelling Up White Paper which considered places in England against four key metrics: the percentage of adults with Level 3+ qualifications; Gross Value Added (GVA) per hour worked; median gross weekly pay; and healthy life expectancy.
• The Government will consult with the Devolved Administrations and local government to explore potential options in Scotland, Wales, and Northern Ireland.

Through the Budget the government is also providing money for levelling up projects which will deliver benefits to communities, including through:

• Grants for 16 regeneration projects across England, worth a combined £211 million, in Blackburn with Darwen, Blackpool, East Suffolk, Kirklees, London Borough of Waltham Forest, North East Lincolnshire, Northumberland, Redcar and Cleveland, Rotherham, Salford, Sandwell, Tameside, Telford and Wrekin, Tendring, Wigan and Wolverhampton. These are regeneration projects that can start to spend and deliver quickly, including funding to revitalise town centres and transform derelict buildings for use by communities. These projects, including regeneration of Tipton town centre and a new skills and education campus in Blackburn, will help encourage investment, deliver high quality jobs and level up opportunities. Since the conclusion of the Levelling Up Fund round two, the department has identified further funding to support shortlisted regeneration and town centre bids that were originally made into the Fund.
• £161 million directly to Mayoral Combined Authorities for 32 regeneration projects in city regions across England, including business premises and food science facilities in Tees Valley, and major transport upgrades in the West Midlands. This funding is designed to give Mayors the resources they need to level up their areas and strengthen devolution
• Levelling up projects in the North West worth around £58 million in total, including transport connectivity improvements in Rossendale. Following the second round of the Levelling Up Fund, in which the full £2.1 billion allocation was awarded, the department is using unallocated departmental budgets to fund three further bids which narrowly missed out.
• 30 projects across the UK which will receive a total of £7.73 million from the Community Ownership Fund, bringing valued neighbourhood assets back to the community, including Tollesby playing fields in Middlesbrough and Inveraray pier in Argyll & Bute.

The Spring Budget 2023 takes DLUHC’s overall Levelling Up funding – including our flagship funds and grants – to more than £11 billion. This does not include the billions of pounds of investment from across Government into schools, transport and other services.

The press release issued by HM Treasury on 15 March 2023.

HM Treasury has announced that the Medicines and Healthcare products Regulatory Agency (MHRA) will receive £10 million to help bring innovative new medicines and medical technologies to UK patients more quickly.

A total of £10 million has been awarded to the Medicines and Healthcare products Regulatory Agency (MHRA) to help bring innovative new medicines and medical technologies to UK patients more quickly, HM Treasury has announced today. The funding will be used to accelerate routes for bringing innovative medical products developed in the UK onto the market, as well as those made and approved by other trusted regulatory partners globally.

The funding over the next two years will support development of a thorough but shortened process to speed up the approval process for cutting-edge treatments developed in the UK with the greatest opportunity to meet the UK’s healthcare priorities, such as cancer vaccines and AI-based therapeutics for mental ill-health.

It will also support the establishment of an international recognition framework, allowing the MHRA to capitalise on the expertise and decision-making of trusted regulatory partners and provide patients with fast-track access to best-in-class medical products that have been approved in other countries.

The MHRA will still be responsible for the approval of all ‘recognition route’ applications, ensuring that all products are of sufficient quality to be licensed in the UK and it will operate a robust process promoting patient safety and access to improve the health of the UK population.

Using the Agency’s pre-existing international partnerships developed through the Access Consortium and Project Orbis, the first regulatory partners that the MHRA intends to build new recognition routes with are the FDA, in the USA, and with the PMDA, in Japan.

Dr June Raine, MHRA Chief Executive, said:

“We greatly welcome the £10 million funding announced by HM Treasury today, which will be used to fund our ongoing innovation work and to accelerate the development of ground-breaking global recognition routes, which will give UK patients faster access to the most cutting-edge medical products in the world.”

“This cash injection will ensure that we have access to the best resources, talent, and infrastructure to deliver this ambitious vision for patients across the UK.”

Steve Barclay, Secretary of State for Health and Social Care, said:

“Technology is transforming our care for patients, delivering faster and more accurate diagnoses. This new funding will accelerate the delivery of cutting-edge treatments like cancer vaccines and new artificial intelligence technology that will make therapy more accessible to those who suffer from mental health conditions.

“It will also fast-track access to medical products that have been approved in other countries by trusted regulatory partners, ensuring we continue to provide the best, most innovative and safest treatments in the UK.”

The MHRA is a global leader in regulatory innovation. The MHRA Innovation Office was established in 2013 to provide healthcare innovators with access to world-class regulatory knowledge, expertise, and experience from within the MHRA. The Agency is continually building new, international partnerships to ensure that innovative treatments reach patients as quickly as possible. Scientific progress has been made at the Agency through highly successful internationally collaborative schemes such as the Access Consortium, which has enabled an approval for the vision-loss medicine faricimab, and Project Orbis, from which there have been eight approvals for new cancer medicines.

The press release issued by HM Treasury on 15 March 2023.

Millions of households will get more support with high energy bills to help ease the cost of living, the Chancellor has announced today ahead of the Spring Budget.

The press release issued by HM Treasury on 13 March 2023.

Silicon Valley Bank (UK) Ltd has today been sold to HSBC.  HSBC is headquartered in London, is the largest bank in Europe and is one of the world’s largest banking and financial services institutions, serving 39 million customers globally.  Customers of SVB UK will be able to access their deposits and banking services as normal from today.

This transaction has been facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the Banking Act 2009.  No taxpayer money is involved, and customer deposits have been protected.

Making use of post-crisis banking reforms, which introduced powers to safely manage the failure of banks, this sale has protected both the customers of SVB UK and taxpayers.

The UK has a world leading tech sector, with a dynamic start-up and scale-up ecosystem and the government is pleased that a private sector purchaser has been found.

Chancellor Jeremy Hunt said:

“The UK’s tech sector is genuinely world-leading and of huge importance to the British economy, supporting hundreds of thousands of jobs. I said yesterday that we would look after our tech sector, and we have worked urgently to deliver on that promise and find a solution that will provide SVB UK’s customers with confidence.

“Today the government and the Bank of England have facilitated a private sale of Silicon Valley Bank UK; this ensures customer deposits are protected and can bank as normal, with no taxpayer support. I am pleased we have reached a resolution in such short order.

“HSBC is Europe’s largest bank, and SVB UK customers should feel reassured by the strength, safety and security that brings them.”

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

The Bank of England announced on Friday that Silicon Valley Bank UK is set to enter insolvency, following action taken by its parent company in the United States. The Bank of England confirmed in its announcement that Silicon Valley Bank has a limited presence in the UK and does not perform functions critical to the financial system.

The government and the Bank understand the level of concern that this raises for customers of Silicon Valley Bank UK, and especially how it may impact on cashflow positions in the short term.

The UK has a world leading tech sector, with a dynamic start-up and scale-up ecosystem. The government recognises that, given the importance of Silicon Valley Bank to its customers, its failure could have a significant impact on the liquidity of the tech ecosystem.

The government is treating this issue as a high priority, with discussions between the Governor of the Bank of England, the Prime Minister and the Chancellor taking place over the weekend. The government is working at pace on a solution to avoid or minimise damage to some of our most promising companies in the UK and we will bring forward immediate plans to ensure the short term operational and cashflow needs of Silicon Valley Bank UK customers are able to be met.

The press release issued by 10 Downing Street on 10 March 2023.

Prime Minister Rishi Sunak and President Emmanuel Macron expected to agree new approaches to challenges including migration, energy security and the threat from Russia.

The Prime Minister, President Macron and British and French Cabinet ministers will gather in Paris today for the UK-France Summit. Talks will focus on fortifying our partnership to tackle shared challenges including stopping small boats, securing our domestic energy supplies and protecting our people against the threat from Russia and elsewhere.

At the first bilateral summit of British and French leaders since the coronavirus pandemic and Putin’s full-scale invasion of Ukraine, the Prime Minister and President Macron will discuss how to transform our deep and historic alliance so we are fully equipped to tackle the threats of the future.

Over the past decade the UK and France have routinely been NATO’s first and second biggest European contributors. We are the only European allies to be permanent members of the UN Security Council and the only nuclear powers in the region. The UK and France therefore have a responsibility to work together to guarantee Europe’s security.

Since 2010, the expansive defence partnership between the UK and France has been driven by the agreements made in the Lancaster House Treaties, treaties which established France as the UK’s closest defence and security partner other than the United States.

Under the Lancaster House treaties the UK and France established the Combined Joint Expeditionary Force (CJEF), which sees more than 10,000 British and French personnel ready to deploy together in response to a crisis. The CJEF sits alongside the UK’s other alliances in Europe, including the Joint Expeditionary Force of northern European nations and NATO – all tangible demonstrations of the UK’s commitment to uphold the continent’s security and prosperity.

The UK will further that commitment next year by hosting the fourth gathering of the European Political Community – a meeting of likeminded European leaders with shared values to coordinate on some of the most pressing geopolitical issues we face.

The Prime Minister said:

Our deep history, our proximity and our shared global outlook mean that a firm partnership between the UK and France is not just valuable, it is essential.

From tackling the scourge of illegal migration to driving investment in one another’s economies the work we do together improves the lives of each and every person in our countries. Beyond that, the UK and France also have a privileged role as defenders of European and global security.

As we face new and unprecedented threats, it is vital that we fortify the structures of our alliance so we are ready to take on the challenges of the future. That is what we will do at the UK-France Summit today.

Russia’s actions pose the biggest threat to European, and global, security. The Prime Minister and President Macron will hold discussions today on strengthening NATO to protect our people as well as bolstering Ukraine’s self-defence, both now and in the long-term.

As part of their talks, the Prime Minister and President Macron are expected to agree to further enhance UK-France military interoperability and industrial cooperation, including agreeing to scope the co-development of next-generation deep precision strike weaponry – the kind of long-range capability which NATO needs to protect against the growing threat from Russia.

To support Ukraine in their struggle for their sovereignty, the Prime Minister and President Macron are also expected to agree to further coordinate both the supply of weapons to Ukraine and the training of Ukrainian Marines. The UK has already trained 11,000 troops since last summer, and we recently expanded our training to include Ukrainian pilots. Bolstering these efforts through further joint UK and French training could see thousands more Ukrainians brought to battlefield readiness.

The Prime Minister and President Macron will also discuss the role that NATO members can play in providing Ukraine with the security assurances they need to defend themselves in the long-term.

Beyond our immediate neighbourhood, the UK and France are also the European nations with the largest presence in the Indo-Pacific – a region crucial for our protection and prosperity, whose security is indivisible from that of Europe.

The Prime Minister and President Macron will discuss how to combine our strengths in the area to ensure permanent presence of likeminded European partners. This includes establishing the backbone to a permanent European maritime presence in the Indo-Pacific through the sequencing of more persistent European carrier strike group presence – coordinating the deployment of France’s Charles de Gaulle aircraft carrier, and the UK’s Queen Elizabeth and Prince of Wales carriers.

Alongside discussions on deepening the defence partnership between our countries, the leaders will also look at ways to transform our cooperation on issues including tackling illegal migration. This will build on the agreements made in 2022 to make the small boat route across the Channel unviable, save lives and dismantle organised crime groups while preventing illegal migration further upstream.

Last year our partnership with the French stopped more than 30,500 illegal crossings – nearly twice as many as in 2022.