Tag: Treasury

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

The latest Tax-Free Childcare statistics reveal more than 405,000 families used the scheme in December 2022.

More than 405,000 families saved on childcare costs in December thanks to Tax-Free Childcare and HM Revenue and Customs (HMRC) is urging those yet to sign up not to miss out.

The latest figures revealed by HMRC show £41.5 million in government top-up payments were made to working families across the UK in December 2022 and an increase of more than 77,500 families using the scheme compared to December 2021. Each family saved up to £2,000 a year per child or £4,000 if their child is disabled.

Tax-Free Childcare is a financial support for working families with children up to the age of 11, or 16 if their child has a disability. The government top up can be used to pay for any approved childcare including holiday clubs, breakfast and after school clubs, child minders and nurseries.

Opening a Tax-Free Childcare account is quick and easy and can be done at any time of the year.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

We want to help families get the most out of their finances and Tax-Free Childcare can help pay towards their childcare costs. Search ‘Tax-Free Childcare’ on GOV.UK to get started.

For every £8 paid into the Tax-Free Childcare account, families automatically receive an additional £2. Families can save up to £500 every three months (£2,000 a year) for each child or £1,000 (£4,000 a year) if their child is disabled.

More than one million families in the UK are entitled to some form of government childcare support and the government is encouraging those eligible not to miss out on their entitlements. Families can find out more about Tax-Free Childcare via the Childcare Choices website.

The government is offering help for households. Check GOV.UK to find out what cost of living support, including help with childcare costs.

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

Thomas Whyte claimed £50,000 Bounce Back Loan for dormant Scottish restructuring business, and withdrew cash before firm was wound up.

Thomas Whyte, 76, from Carluke, was the sole director and shareholder of Fortress Restructuring Ltd until it was wound up following an Insolvency Service investigation in February 2021.

In May 2020, Whyte applied for a £50,000 Bounce Back Loan for the company, stating on the application that its turnover was £250,000.

In October 2020 representatives of Fortress Restructuring Ltd advised the Insolvency Service that it had no trading address, had never traded and was not currently trading.

Following the liquidation, investigators discovered that up to the end of April 2019, accounts filed with Companies House showed that Fortress Restructuring Ltd was dormant, and the company’s only asset was £100 share capital.

On the day Whyte applied for the loan, the company in fact had just £203 in its bank account, and less than £1,000 had been received into it over the preceding year.

The Secretary of State for Business petitioned for the company to be wound up in the public interest, and the petition was presented at the Court of Session and issued publicly in the Gazette on 1 February 2021, with a copy emailed to Whyte four days later.

Thomas Whyte denied to the Insolvency Service that he had received the petition until late February, although he acknowledged receipt of the email on 5 February 2021, and between 5 and 16 February the balance on the company bank account reduced from £28,150 to a little over £1,590 with payments made to Whyte, the company accountant and others.

The Secretary of State accepted a disqualification undertaking from Thomas Whyte on 7 February 2023 after he did not dispute he had applied for a Bounce Back Loan for his company to which it was not entitled, and had disposed of substantial funds when he knew, or ought to have known, the company was being wound up.

His ban begins on 28 February 2023 and lasts for 10 years. The disqualification prevents him from directly or indirectly becoming involved in the promotion, formation or management of a company, without the permission of the court. The Insolvency Service investigation did not find evidence that warranted any disqualification action against any other individuals in relation to Fortress Restructuring Ltd.

The company’s liquidator has recovered £37,500 from Whyte towards the £50,000 owed.

Rob Clarke, Chief Investigator at the Insolvency Service, said:

Bounce Back Loans were for trading companies adversely affected by the pandemic and to be spent on legitimate business expenses.

The fact that Fortress had filed dormant accounts, and only £949 had passed through its bank account should have made it abundantly clear to Thomas Whyte that his company was not entitled to a £50,000 loan, yet he took it anyway and used the majority of that money for his own benefit.

We thank the liquidator for their efforts which have seen £37,500 recovered, and repeat that we will not hesitate to take action against directors who have abused Covid-19 financial support in this manner.

The press release issued by HM Treasury on 7 February 2023.

A digital pound is likely to be needed in the future according to a consultation paper published today by HM Treasury and the Bank of England.

• the Treasury and the Bank of England are consulting on a potential digital pound, or central bank digital currency (CBDC)
• a digital pound would be issued by the Bank of England and could be used by households and businesses for everyday payments in-store and online
• if introduced a digital pound would be interchangeable with cash and bank deposits, complementing cash
• no decision has been taken at this stage to introduce a digital currency

The Bank of England will now take forward further research and development work and the public are being invited to give their views on the scheme to be taken forward.

The consultation is being launched because both HM Treasury and the Bank want to ensure the public have access to safe money that is convenient to use as our everyday lives become more digital, while supporting private sector innovation, choice and efficiency in digital payments.

Chancellor of the Exchequer, Jeremy Hunt said:

While cash is here to stay, a digital pound issued and backed by the Bank of England could be a new way to pay that’s trusted, accessible and easy to use.

That’s why we want to investigate what is possible first, whilst always making sure we protect financial stability.

Governor of the Bank of England, Andrew Bailey, said:

As the world around us and the way we pay for things becomes more digitalised, the case for a digital pound in the future continues to grow. A digital pound would provide a new way to pay, help businesses, maintain trust in money and better protect financial stability.

However, there are a number of implications which our technical work will need to carefully consider. This consultation and the further work the Bank will now do will be the foundation for what would be a profound decision for the country on the way we use money.

What would a digital pound look like?

• It would replicate the role of cash in a digital world, so that it is risk-free, highly trusted and accessible
• £10 of a digital pound would always be worth the same as £10 of cash
• Issued by the Bank of England, widely available and convenient to use
• Subject to rigorous standards of privacy and data protection – neither Government nor the Bank would have access to personal data and holders would have the same level of privacy as a bank account
• Accessed through digital wallets offered to consumers by the private sector through smartphones or smartcards
• Intended for payments, online, in-store, and to friends and family, rather than savings, with no interest paid on holdings
• Initial restrictions on how much an individual or businesses could hold

Countries around the world are considering similar proposals including the Eurozone and the US and China.

Unlike cryptoassets and stablecoins, the digital pound would be issued by the Bank of England and not the private sector. We are separately already legislating to protect Access to Cash.

This means that it will have intrinsic value and not be volatile, unlike unbacked cryptoassets as there would be a central authority to back it.

The needs of vulnerable people are being considered in the digital pound design process ensuring that it would be simple and straightforward to use and understood and trusted by the public as a form of money.

A decision about whether to implement a digital pound will be taken around the middle of the decade and will largely be based on future developments in money and payments. The earliest stage at which the digital pound could be launched would be the second half of the decade.

The press release issued by HM Treasury on 3 February 2023.

The United Kingdom and international coalition partners have announced price caps on Russian oil products.

• The Price Cap Coalition of the G7, the European Union and Australia have set caps on the price of seaborne Russian oil products, effective from 05 February 2023.
• High-value Russian exports such as diesel and gasoline, will be capped at $100 while lower-value products such as fuel oil will be capped at $45.
• Chancellor Jeremy Hunt hails the efforts of the UK and its allies in throttling the revenues fuelling Vladimir Putin’s illegal war in Ukraine.

The UK and its coalition partners will only provide services facilitating the maritime transport of refined oil products originating in Russia if the goods are traded at or beneath the cap levels of $100 for high-value products like diesel and $45 for low-value products like fuel oil. These prices will be kept under review.

This follows the $60 price cap on Russian crude oil that came into force on 5 December last year. Initial signs suggest that the crude oil cap is successfully curtailing Putin’s ability to use revenues from oil sales to finance his illegal war while minimising disruption to global supply. Russia’s flagship crude oil is now selling around $40 lower than global benchmarks.

The UK government has already introduced an import ban on Russian oil products; therefore, the caps will not be used by the UK.

Chancellor of the Exchequer, Jeremy Hunt, said:

“Undermining Putin’s war machine through further sanctions on its funding streams will ensure the Russian government faces the full consequences of its unjustifiable actions.

“The UK has already banned the import of Russian oil products, and we stand shoulder to shoulder with our allies in continuing to pile the pressure on Putin’s revenues while standing in solidarity with the Ukrainian people.”

G7 finance ministers agreed to capping the price of Russian seaborne oil and refined oil products in September 2022 as a way of undermining Putin’s ability to fund his illegal war in Ukraine through inflated global oil prices, while ensuring that third countries can continue to secure affordable oil.

The UK has been front footed in its engagement with international allies and has worked closely with industry and US partners to lead design of the caps. This collaboration has been key given the major role of UK services in facilitating maritime trade. For example, the UK is a global leader in the provision of protection and indemnity (P&I) insurance cover which relates to third-part liability claims – 60% of the global cover provided by the International Group of the P&I clubs is written in the UK.

Given the number of varied oil products on the market, two caps have been introduced to cover two categories of refined oil products. ‘Premium-to-crude’ products are those of high export value often used for transport and electricity generation, such as kerosene-based jet fuel and diesel, while ‘discount-to-crude’ pertains to products of a lesser value like naphtha. The two-cap approach has been introduced as this is the simplest to implement and most workable for industry.

To implement the price caps, the government has laid domestic legislation and published UK guidance to help industry prepare for and implement the requirements of each cap. The guidance will be periodically updated.

The press release issued by the HM Treasury on 1 February 2023.

HMRC has revealed that 11.7 million customers filed their tax return for the 2021 to 2022 tax year by 31 January.

A record 11.7 million customers submitted their tax returns on time, HM Revenue and Customs (HMRC) has revealed.

On 31 January, 861,085 customers filed online to meet the deadline, some with minutes to spare. There were 36,767 customers who filed in the last hour before the deadline, but the peak hour for filing on the day was 16:00 and 16:59, when 68,462 customers submitted their tax return.

More than 12 million customers were expected to file a Self Assessment tax return for the 2021 to 2022 tax year. HMRC is urging customers who missed the deadline to submit theirs as soon as possible or risk facing a penalty.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

Thank you to the millions of customers and agents who got their tax returns in on time. Customers who have yet to file, and who are concerned that they will not be able to pay in full, may be able to spread the cost of what they owe with a payment plan.

Search ‘pay my Self Assessment’ on GOV.UK to find out more.

The Self Assessment payment deadline was also 31 January. If customers are yet to pay any outstanding tax, HMRC is urging them to do so as soon as possible. There are many ways for customers to pay, including online, using the HMRC app, by bank transfer, or at their bank. Payment options are listed at GOV.UK.

Customers can plan ahead for their 2022 to 2023 tax bill and set up a regular payment plan to help spread the cost. HMRC’s Budget Payment Plan enables customers who are up to date with previous payments to make regular weekly or monthly contributions towards their next tax bill.

A Budget Payment Plan is different from payments on account, which are usually due by midnight on 31 January and 31 July.

Customers need to be aware of the risk of falling victim to scams and should never share their HMRC login details with anyone, including a tax agent, if they have one. HMRC scams advice is available on GOV.UK.

The press release issued by HM Treasury on 1 February 2023.

The plans will provide clarity to consumers and businesses.

• The government will set out ambitious plans to robustly regulate cryptoasset activities – providing confidence and clarity to consumers and businesses alike
• Consultation proposals include strengthening rules for crypto trading platforms and a robust world-first regime for crypto lending
• Announcement delivers on financial services roadmap by embracing technological change and innovation, delivering on the Prime Minister’s plan to grow the economy

Ambitious plans to protect consumers and grow the economy by robustly regulating cryptoasset activities have been announced by the government.

Cryptoassets – commonly known as ‘crypto’ – are a relatively new, diverse and constantly evolving class of assets that have a range of potential benefits, as well as posing risks to the consumer.

As is common in emerging technology markets, the crypto sector continues to experience high levels of volatility and a number of recent failures have exposed the structural vulnerability of some business models in the sector.

Our robust approach to regulation mitigates the most significant risks, while harnessing the advantages of crypto technologies. This enables a new and exciting sector to safely flourish and grow, boosting jobs and investment.

Economic Secretary to the Treasury, Andrew Griffith said:

“We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes cryptoasset technology.

“But we must also protect consumers who are embracing this new technology – ensuring robust, transparent, and fair standards.”

Under plans set out by the government today (1 February), it will seek to regulate a broad suite of cryptoasset activities, consistent with its approach to traditional finance.

These proposals will place responsibility on crypto trading venues for defining the detailed content requirements for admission and disclosure documents – ensuring crypto exchanges have fair and robust standards.

The proposals will also strengthen the rules around financial intermediaries and custodians – which have responsibility for facilitating transactions and safely storing customer assets. These steps will help to deliver a robust world-first regime strengthening rules around the lending of cryptoassets, whilst enhancing consumer protection and the operational resilience of firms. As part of this approach, the consultation will seek views on improving market integrity and consumer protection by setting out a proposed crypto market abuse regime.

In addition, to address industry concerns about the small number of Financial Conduct Authority (FCA) authorised cryptoasset firms who can issue their own promotions, HM Treasury is also introducing a time limited exemption. Cryptoasset businesses that are registered with the FCA for anti-money laundering purposes will be allowed to issue their own promotions, while the broader cryptoasset regulatory regime is being introduced.

This approach delivers on the original policy intention of the measure to promote innovation, enhance consumer protection and ensure that cryptoasset promotions can be held to equivalent standards as promotions of financial services products with similar risk profiles.

Further information

• Today’s consultation (published 1 February) will close on 30 April 2023, after which, the government will consider feedback and work to set out its consultation response. Once legislation is laid, the Financial Conduct Authority will consult on its detailed rules for the sector
• In April 2022, the then Economic Secretary, John Glen MP, set out ambitious plans for the UK to become a global hub for cryptoasset technology
• Today’s announcement delivers against these plans, positioning the UK as a safe jurisdiction for cryptoasset activity to take place, fostering innovation and providing firms clarity over the planned regulatory framework.
• The consultation builds on previous HM Treasury proposals, which focused on stablecoins and the financial promotion of cryptoassets
• Proposals are centred around a number of important cryptoasset activities – including exchange activities, custody activities and lending activities, which the government is intending to bring into the regulatory perimeter for financial services
• For each activity the consultation sets out key design features of the regime covering themes such as prudential requirements, data reporting, consumer protection, location policy and operational resilience
• The consultation paper also proposes regimes for a range of cross-cutting issues which apply across cryptoasset activities and business models, including market abuse and cryptoasset issuance and disclosures

The press release issued by HM Treasury on 30 January 2023.

David McGuinness, 41 of the Sutton Coldfield area of Birmingham, was sole director MC-Dalt Scaffolding Services Ltd, which was incorporated in 2017 with its registered office in Erdington in Birmingham.

In May 2020, McGuinness applied for and received a Bounce Back Loan of £50,000 on behalf of the company. Bounce Back Loans were a government scheme to help keep businesses afloat during the Covid-19 pandemic, whereby companies could apply for loans of up to 25% of their 2019 turnover, up to a maximum of £50,000.

He then applied to dissolve the business two months later, which led to the Insolvency Service opening an investigation.

Investigators found that McGuinness had stated the company’s turnover as nearly £300,000 when its accounts for 2019 showed turnover of less than £20,000. The company would therefore have only been entitled to a Bounce Back Loan of around £4,000.

Compounding this, instead of using the Bounce Back Loan money for proper company use, the day after receiving the funds he instead transferred nearly £15,000 out of the company’s account, with the bank reference ‘Dave’. A further £35,000 was transferred to various third-parties.

When applying to dissolve the company, McGuinness was legally required to notify interested parties and creditors, such as a bank with an outstanding loan, within seven days and that a failure to do so could result in a criminal prosecution. He did not follow this advice however.

On 13 December 2022 the Secretary of State for Business, Energy and Industrial Strategy accepted a disqualification undertaking from David McGuinness after he did not dispute he had abused the Bounce Back Loan scheme by claiming money to which his business was not entitled.

His ban lasts for 11 years and began on 3 January 2023. The disqualification prevents him from directly or indirectly becoming involved in the promotion, formation or management of a company, without the permission of the court.

Peter Smith, Deputy Head of Insolvent Investigations at the Insolvency Service, said:

The Bounce Back Loan scheme was set up to support businesses in genuine need during the pandemic, and David McGuinness clearly abused it by making false declarations to his company’s bank.

This lengthy disqualification is a sign that we take such abuse extremely seriously and will act to tackle wrongdoing by these directors.

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

HM Treasury and the Bank of England are opening the Energy Market Financing Scheme (EMFS) for applications.

The EMFS was announced on 8 September, and in The Growth Plan the then Chancellor confirmed that it will provide a 100% guarantee to commercial banks to provide additional lending to energy firms.

Delivered with the Bank of England, this scheme addresses the extraordinary liquidity requirements faced by energy firms operating in UK wholesale gas and electricity markets as a result of margin calls.

Energy prices have been high and volatile this year. As a result, large amounts of collateral are required to enter into contracts firms use to effectively insure themselves from price fluctuations, or otherwise firms must accept large credit exposures to their counterparties.

The details of the scheme were announced on 17 October, and firms can apply via the Bank of England.

The application window will remain open until noon GMT on 27 January 2023; however, guarantees will last for 12 months from when an application is approved. Firms are encouraged to engage the Bank of England in advance of the deadline if considering an application as part of forward planning at: EMFS-Applications@bankofengland.co.uk.

The scheme is aimed at providing a backstop to support energy firms facing large and unexpected margin calls. Pricing and conditions will reflect this objective. The scheme will provide resilience to energy markets and therefore help to reduce the eventual cost for businesses and consumers.

Further details on the structure of the scheme can be found on the Bank of England’s website and the market notice. To apply to the scheme please contact EMFS-Applications@bankofengland.co.uk

Scheme Eligibility

As part of the application process, firms will need to demonstrate that they meet the eligibility criteria.

The EMFS is intended to support energy firms  who are facing short term liquidity challenges but would be otherwise in sound financial health. Eligibility will be considered based on the following criteria:

• Firms must demonstrate they are in sound financial health (firms must be otherwise solvent and solvency will be assessed through robust due diligence processes)
• Firms must be licenced by either Ofgem (or have an entity in the Energy Firm’s group that is Ofgem-licenced) or the Utility Regulator in Northern Ireland (or have an affiliate of the Energy Firm that is licenced by the Utility Regulator of Northern Ireland)
• Firms must also have a pre-existing relationship with an approved commercial bank or banks

In addition, firms must also demonstrate they are making a material contribution to UK energy markets, in line with criteria set out in the market notice.

Eligibility will be assessed by the Bank of England and an Advisory Committee convened by HMT, who will make a recommendation for the Chancellor to make a decision to approve or reject each application.

Eligible firms who wish to apply for a guarantee will be required to comply with a set of policy conditions, such as restrictions on executive pay and capital distributions, when they draw down on the facility. For the full list of conditions, please refer to the market notice.

Energy firms that are ultimately owned by banks, building societies, insurance companies, and other financial sector entities regulated by the Bank of England or the Financial Conduct Authority will not be eligible. Firms within groups that are predominantly active in business subject to financial sector regulation will also not be eligible.

Energy firms will not be eligible if state-owned entities, national governments, regional governments and/or municipalities hold, directly or indirectly, more than 25 per cent of its issued securities and/or voting rights, and/or if such entities exercise direct or indirect control over the energy firm.

If the ownership of the firm changes so that the above criteria for exclusion are met, no further loans shall be advanced under the scheme.

Application process

Firms can apply to the scheme for the next three months. Each loan facility agreement will last up to 12 months and will begin from when the guarantee is issued by the commercial lender.

Applications will be assessed initially by the Bank of England, and then by Advisory Committee, who will make a recommendation for the Chancellor to decide whether to approve or reject an application.

To apply for the scheme, please email EMFS-Applications@bankofengland.co.uk. For further details on the scheme, please visit here.

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

Chris Skidmore has been appointed to help accelerate the development and deployment of emerging technologies in key UK growth sectors.

• Rt Hon Chris Skidmore MP has been appointed by the Chancellor to support Sir Patrick Vallance’s work to accelerate the development of emerging tech
• a former Minister for Energy and Clean Growth, Chris Skidmore will advise on new regulations to promote innovation
• Chris Skidmore’s appointment comes shortly after he published Mission Zero, the independent review of net zero

Five leading experts have already been appointed to support Sir Patrick Vallance, working with industry to identify any barriers to innovation and getting emerging technologies to market.

Chris Skidmore will support Jane Toogood on green industries, such as Zero Emissions Vehicles and energy infrastructure.

Chris Skidmore is Chair of the government’s independent Net Zero Review and the Conservative MP for Kingswood. He has previously held positions as Minister of State at the Department for Business, Energy and Industrial Strategy, at the Department for Education, and at the Department of Health and Social Care.

His Mission Zero review identified the critical role that technologies such as hydrogen, fusion, and carbon capture and storage will have in achieving net zero, and these all will require agile regulatory approaches so that they can be deployed rapidly and safely in the UK. Chris Skidmore will bring insights from his review to Sir Patrick Vallance’s work.

As set out at the Autumn Statement, the Government Chief Scientific Adviser and National Technology Adviser, Sir Patrick Vallance, is reviewing existing rules to develop a pro-innovation regulatory approach that allows the UK to fulfil its ambition to become a science superpower and world leader in key growth sectors, including green industries.

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

Chancellor Jeremy Hunt today set out his vision for long-term prosperity in the UK, calling on businesses in key growth areas to invest in the UK and expressing his desire to make the UK an attractive site for innovators and entrepreneurs.

Chancellor Jeremy Hunt called on businesses to invest in the UK and promised long-term thinking to make the UK the next Silicon Valley

– he outlined a vision to drive for growth as one of the government’s five priorities – doing so by encouraging enterprise, tackling poor productivity, and getting more people into better paid jobs right across the country

– digital technology, green industries and life sciences among those identified as growth sectors that can help realise a more innovative economy

Speaking at Bloomberg’s European headquarters in London, the Chancellor opened his speech on the economy by highlighting one of the UK’s major growth sectors – technology – before revealing that the opening section of his speech had been written by ChatGPT, the AI software that was released late last year.

Getting the economy growing faster is one of the government’s five priorities, as set out in Prime Minister Rishi Sunak’s New Year address. Mr Hunt outlined how he intends to deliver upon that over the coming years, ahead of the Spring Budget due on 15th March.

The Chancellor Jeremy Hunt said:

“Our plan for this year remains to halve inflation, grow the economy and get debt falling.

“But all three are essential building blocks for much bigger ambitions for the years beyond.

“World-beating enterprises to make Britain the world’s next Silicon Valley.

“An education system where world-class skills sit alongside world-class degrees.

“Employment opportunities that tap into the potential of every single person so businesses can build the motivated teams they need.

“And opportunities spread everywhere just as our talent is spread everywhere.”

The Chancellor went on to call on businesses in the key growth sectors of Digital Technology, Green Industries, Life Sciences, Advanced Manufacturing and Creative Industries to increase their investment in the UK, with the Chief Scientific Adviser Sir Patrick Vallance already leading work on how we should change regulation to better support safe and fast introduction of new emerging technologies.

The Chancellor added:

“If anyone is thinking of starting or investing in an innovation or technology-centred business, I want them to do it in the UK. I want the world’s tech entrepreneurs, life science innovators, and clean energy companies to come to the UK because it offers the best possible place to make their vision happen.

“And if you do, we will put at your service not just British ingenuity – but British universities to fuel your innovation, Britain’s financial sector to fund it and a British government that will back you to the hilt.”

Digital Secretary Michelle Donelan said:

“I believe that Britain is uniquely placed in the world to become the number one home for tech – one where entrepreneurs have both the stability, but also the freedom, to invest and innovate.

“We have a clear vision for where this country is going, and a government that is prepared to match that ambition with action. That’s why this year we’re bringing forward new laws to transform digital markets, free up businesses to innovate with data, and set out our strategy for globally important semiconductors.”

Business Secretary Grant Shapps said:

“We stand at the cusp of a new age, facing a technological revolution that will transform the world as deeply as the industrial revolution did in the nineteenth century.

“The UK has an opportunity to be at the forefront of this revolution, building upon our world-class research infrastructure and open markets to scale up the business titans of the future here in Britain, in everything from AI to quantum, from robotics to biotechnology.”

The Chancellor set out his aim to increase enterprise, supporting businesses by using our new-found Brexit freedoms to review regulations in key growth sectors to make it easier for companies to innovate, alongside the importance of competitive business taxation.

He reiterated the importance of employment and tackling economic inactivity, helping more people into work and filling the vacancies in the jobs market. He also outlined ambitions to help more disabled people and those with mental illnesses into work, and a pensions system that encourages continued workforce participation. The Work and Pensions Secretary is thoroughly reviewing issues holding back workforce participation, with a report due to conclude shortly.

The Prime Minister and the Chancellor have both placed enormous importance on education, with £2.3 billion of additional funding for 23-24 and 24-25 announced at the Autumn Statement and continued implementation of the government’s skills reforms. The government has already made progress with T-levels, boot camps and apprenticeships.

And finally the aim of levelling up everywhere across the UK, ensuring that all areas feel the benefits of economic growth with empowered local areas and reducing the time it takes to build new infrastructure. Already the Levelling Up Fund has awarded £3.8 billion to projects across the UK and the UK Government is working to launch Freeports in every country in Britain, with several already operating in England and the locations of two having recently been announced in Scotland.

The Secretary of State for BEIS Grant Shapps and Secretary of State for Culture Media and Sport also delivered keynote speeches at the event.