Tag: Treasury

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.

The press release issued by HM Treasury on 24 July 2025.

Charles Donald stepping down after successfully leading UKGI as its CEO since early 2020.

Charles Donald has announced today (24 July) that he will step down from his role as CEO of UK Government Investments (UKGI) in early 2026 after over five years of leading the company.

UKGI is the government’s centre for expertise in corporate governance and corporate finance, providing expert advice and solutions to the government, including financial interventions into corporate structures and corporate finance negotiations.

As CEO, Charles oversaw a significant expansion of UKGI’s activities during the pandemic including the establishment of the Covid Interventions Resolution Group which supported the Bank of England’s £85 billion Covid Corporate Financing Facility.

The addition of AWE, BBC Commercial, Eutelsat, Octric, the National Wealth Fund, NESO, Network Rail, Reclaim Fund Limited, Sheffield Forgemasters and Sizewell C to UKGI’s governance portfolio also happened during Charles’ time as CEO.

He was a key player in securing the Treasury’s full exit as a shareholder in NatWest Group in May 2025.

Economic Secretary to the Treasury, Emma Reynolds, said:

Charles has been an excellent CEO of UKGI, having led an impressive expansion of its important work to provide advice and support to the Government on complex corporate governance and corporate finance matters.

I wish him well and look forward to UKGI’s continued work to support our number one mission – delivering economic growth.

Charles Donald, outgoing CEO of UKGI, said

It has been an extraordinary privilege to be the CEO of UKGI since early 2020.

My objective was to continue building the expertise in corporate finance and corporate governance that UKGI brings to government as well as to ensure that UKGI continued to be an effective bridge between Whitehall and the City.

I am proud to have had the opportunity to grow and further professionalise an organisation of such skilled and dedicated experts who support departments as government’s in-house corporate finance and corporate governance advisory function.

Vindi Banga, Chair of UKGI, said:

I am profoundly grateful to Charles for his leadership and commitment to UKGI over the past seven years.

It has been a privilege to work with Charles as he has led UKGI in support of some of government’s toughest challenges, with his characteristically calm leadership style, wisdom, and immense professional expertise.

The recruitment process for Charles Donald’s successor will be launched shortly.

The Board, led by Vindi Banga, is leading the process and as part of a well-ordered succession, Charles will support the transition to the new CEO following their appointment.

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Further information

• UKGI is the government’s centre of expertise in corporate governance and corporate finance. It provides expert advice and leading solutions that inform and translate government’s decisions into effective outcomes in the national interest.
• UKGI acts as shareholder representative for, and leads the establishment of, UK government most complex and commercial arm’s length bodies on behalf of sponsor departments. It advises on major UK government corporate finance matters, including financial interventions into corporate structures and corporate finance negotiations; it analyses and advises on the UK government’s contingent liabilities and advises on major UK government corporate finance matters, including financial interventions into corporate structures and corporate finance negotiations.
• UKGI is owned by HM Treasury and independently managed with a Board comprised predominantly of independent non-executive directors. UKGI works closely with both the private and public sectors, advising and interacting with ministers, Parliament, and Whitehall departments.

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

HM Treasury has confirmed today (23 July) that Lord Gerard Lemos CMG CBE will be stepping down from his role as Chair of the Board for National Savings and Investments (NS&I) with immediate effect.

Lord Lemos has been a member of the House of Lords since January 2025. Prior to this, he was appointed to the NS&I Advisory Board as Chair from 1 April 2024 on a three-year term but will be stepping down with immediate effect to take up an appointment in the Whip’s Office within the House of Lords.

Non-Executive appointments to NS&I’s Board, including the Chair, are regulated by the Office of the Commissioner for Public Appointments. The process to identify an Interim Chair will follow the Governance Code for Public Appointments and HM Treasury will seek to confirm the Interim Chair as soon as possible.

Further information

NS&I is an arm’s length body of HM Treasury, responsible for raising cost-effective finance for the government through the retail savings market.

The role of NS&I’s Non-Executive Directors, including the Chair, is set out in the Framework Document agreed between HM Treasury and NS&I. The Chief Executive Officer remains responsible for the day-to-day operations of NS&I and ensuring that NS&I is run on the basis of the standards set out in Managing Public Money, including terms of governance, decision-making and financial management.

As the Minister responsible for NS&I, the Economic Secretary to the Treasury is responsible for determining the overall policy and performance framework within which NS&I operates. Further information can be found in the Framework Document.

The press release issued by HM Treasury on 17 July 2025.

The Economic Secretary to the Treasury has today confirmed the reappointment of Marjorie Ngwenya as an External Member of the Prudential Regulation Committee (PRC).

Marjorie will serve a further three-year term, from 5 September 2025 to 4 September 2028.

The Economic Secretary to the Treasury, Emma Reynolds, said:

I am pleased to confirm the reappointment of Marjorie Ngwenya to the Prudential Regulation Committee. During her first term, Marjorie made significant contributions to the Committee’s work, and her continued service will help to ensure that the committee retains the benefit of her extensive industry experience and expertise, so it can deliver on the government’s mission to regulate for growth.

Further information

• Marjorie is a former chairperson of the Canon Collins Trust (UK) and a trustee of the Legal Resources Centre (South Africa).
• Marjorie is a past President of the Institute and Faculty of Actuaries (IFoA) and served on the IFoA’s governing council for eight years. In her executive career, she was a member of the Group Executive Committee of Liberty Group in South Africa, serving as Chief Strategist. Prior to that, she was Chief Risk Officer for Old Mutual’s African Operations.
• Marjorie has not engaged in any political activity in the last five years.

About the Prudential Regulation Committee

The Prudential Regulation Authority (PRA) supervises banks, insurers and major investment firms. The PRA’s most important decisions are taken by the Prudential Regulation Committee, chaired by the Governor of the Bank of England.  The Committee comprises the Governor of the Bank of England; Deputy Governors for Financial Stability, Markets and Banking, and Prudential Regulation; the Chief Executive of the Financial Conduct Authority; a member appointed by the Governor with the approval of the Chancellor; and six other external members appointed by the Chancellor.

The press release issued by HM Treasury on 17 July 2025.

Chancellor launches new Infrastructure Partnership with South Africa, opening up significant investment and export opportunities for UK firms.

British businesses will have more opportunities to expand, invest and export to South Africa through a flagship partnership launched today, 17 July.

At an event in Durban, Chancellor Rachel Reeves hailed the agreement as having the potential to be transformative for the best and brightest British firms doing business in the country who had long been looking for government support in unlocking commercial opportunities in areas like architectural design, engineering, and professional and business services.

The UK is the biggest international investor in South Africa, but businesses have faced challenges such as project delays due to blockers on infrastructure delivery. British expertise will be brought in to unblock these barriers on building, speeding up a pipeline of projects which British firms are well-placed to win tenders for. This will help growth and development in South Africa, and also help Britain get better return on its investments in the country.

This model of Government-to-Government (G2G) Infrastructure Partnership has previously delivered strong growth and jobs in countries such as Peru, with companies such as Arup and Turner & Townsend building a track-record of international delivery and bringing economic growth to the UK.

The Chancellor saw first-hand how those two businesses have already been showcasing British expertise in designing, planning and building infrastructure in South Africa during her visit in February to the V&A Waterfront in Cape Town – a site expansion project which Arup and Turner & Townsend won the contracts for.

Chancellor of the Exchequer, Rachel Reeves said:

This is exactly what our Plan for Change is all about – backing British businesses who have been held back for too long to compete and win on the global stage.  By unlocking these opportunities, we’re opening doors for British expertise in engineering, design and project management, creating a pipeline of work in South Africa to support good jobs paying decent wages.

When British businesses thrive abroad, it strengthens our economy at home – delivering security for working people and putting more money in their pockets. That’s the foundation of sustainable growth that our Plan for Change is designed to deliver.

South Africa’s Minister of Public Works & Infrastructure, Dean Macpherson, said:

This landmark partnership with the UK reflects our vision to ensure that public assets deliver real value for our people and to turn South Africa into a construction site which will help grow our economy and create jobs. By injecting technical expertise and delivery support into stalled projects within the Department of Public Works & Infrastructure, we are turning neglected buildings and land into opportunities for job creation, economic growth, and restored dignity.

This agreement is about far more than bricks and mortar; it’s about ensuring every rand spent on public assets advances the public good, accelerates infrastructure delivery, and grows our economy.

Funded with a mix of UK ODA and non-ODA, the G2G Partnership will formalise UK support via technical assistance for new initiatives to improve South Africa’s management of public assets, accelerate project delivery in selected local municipalities, and launch an initiative to bring in external consultants to drive major projects and override longstanding inefficiencies.

The G2G Partnership enhances the thriving collaboration between the UK’s Department for Business and Trade, the Foreign, Commonwealth & Development Office and South Africa’s Department of Public Works & Infrastructure. It builds on the close business relationship between both countries and paves the way to unlocking new export opportunities for UK businesses, primarily in the professional and business services and infrastructure sectors, bringing economic growth to the UK.

Today’s announcement also further builds on the UK’s Growth and Investment Partnership with South Africa, a first-of-its-kind collaboration initiated by Foreign Secretary David Lammy during his visit to Cape Town in November 2024. Projects announced to date through the Growth and Investment Partnership include initiatives around inclusive agriculture, export promotion, and rail reform delivered by Crossrail international.

It comes as Prime Minister Keir Starmer and German Chancellor Friedrich Merz signed the UK-Germany Treaty in London this afternoon. Included within this is a commitment for public financial institutions in the UK and Germany to work together in mobilising private capital into high-growth industries, opening up opportunities for innovative British businesses. Reeves will mark the agreement in a meeting with her counterpart Vice-Chancellor Lars Klingbeil, in Durban later this afternoon.

Coupled with the launch of the UK-SA Infrastructure Partnership, the agreements recognise infrastructure as key to growth and that cooperating with international partners to invest in that infrastructure is a route to delivering the UK Government’s Industrial Strategy: with more good jobs and more money in the pockets of working people across our countries.

Business and Trade Secretary, Jonathan Reynolds said:

Our Modern Industrial Strategy, and Trade Strategy, are about playing to the UK’s strengths.

Our businesses lead the way in engineering and major infrastructure projects, and partnerships like these help unlock new exports, investment and job-creating contracts.

This Government-to-Government Partnership builds on the UK’s thriving business relationship with South Africa and shows how our Plan for Change is paving the way for growth at home by unlocking new opportunities abroad.

As the government unlocks infrastructure pipelines abroad, it has today published its pipeline of infrastructure projects at home through the National Infrastructure and Service Transformation Authority.

The 10-Year Infrastructure Strategy includes investment of at least £725 billion into infrastructure over the next decade across eight growth-driving sectors where Britain holds a cutting-edge on the world stage, while the landmark Planning and Infrastructure Bill will also speed up and streamline the delivery of new homes and critical infrastructure – cutting unnecessary red tape which stifles delivery. The measures in the Bill are expected to boost the UK economy by £7.5 billion over the next 10 years – with planning reforms having the largest positive growth effect from a single measure ever scored by the Office for Budget Responsibility.

The press release issued by HM Treasury on 15 July 2025.

Red tape cut and savers supported to invest as Chancellor rewires financial system to boost growth.

Working people will be equipped with the support they need to invest and grow their savings, under plans to rewire the financial system to attract investment, create good skilled jobs across the country and put more money into people’s pockets.

Banks will send investment opportunities to savers with cash sitting in low-interest accounts for the first time, and major financial institutions – including high street banks – are backing an advertising campaign that will highlight the opportunities of investing for consumers who are able to do so.

Under current trends, moving £2,000 from these accounts to stocks and shares could make millions of people over £9,000 better off in 20 years’ time.

The plans to boost people’s savings and the economy were unveiled by the Chancellor at a summit of top finance executives in Leeds today as she set out the widest ranging reforms to financial regulation in over a decade – backing one of the key eight growth driving sectors of the future identified in the Government’s modern Industrial Strategy published last month.

The Chancellor told executives that, having delivered stability and a sustainable strategy for investment, it was time for the UK to “double down on its global strengths” through reform to make sure it stays ahead in the global race for business investment and the good skilled jobs they bring.

Chancellor of the Exchequer, Rachel Reeves said:

We fixed the public finances and stabilised the economy. Now we need to double down on our global strengths to put the UK ahead in the global race for financial businesses – creating good skilled jobs in every part of the country and helping savers’ money go further through our Plan for Change.

Business Secretary, Jonathan Reynolds said:

Financial Services are a UK success story, and one of the eight sectors we identified with the biggest potential for growth in our modern Industrial Strategy.

This sector plan will help make the UK the number one destination for financial services by 2035 and is all about delivering on our Plan for Change to boost the economy and put more money in people’s pockets.

Economic Secretary to the Treasury, Emma Reynolds said:

Helping people take advantage of better returns from investing is key to better financial health, giving them a stake in a growing economy and connecting promising businesses with capital. These reforms will make the UK the best location for financial services firms and tear down barriers to investment to growing our economy and making families better off.

The Leeds Reforms tear down the barriers to attracting investment in the finance sector by reintroducing informed risk-taking into the system, cutting unnecessary red tape, driving more finance into public markets and actively helping international companies to set up in the UK.

This will position the UK as the number one destination for financial services companies by 2035, attracting business from around the world to harness the knowledge, talent and expertise in financial services hot spots from Glasgow to Leeds, and help the UK achieve an ambitious target to double the growth rate in UK net exports in these services over the next decade.

Unlocking retail investment

The UK has the lowest level of retail investment among G7 countries, meaning savers are not getting the best bang for their buck and UK businesses are starved of an important source of capital.

Stocks and shares have performed significantly better than cash savings accounts in recent decades. According to some industry estimates, more than 29 million adults across the UK have cash sitting in a low-interest rate account offering around 1% – while the average return for stocks and shares over the last 10 years is around 9%. If those savers invested £2000 today, they could have £12,000 in 20 years’ time. This compares to £2,700 if they held this money in a cash account offering 1.5% at the current interest rate, making them over £9,000 better off.

The industry-led ad campaign will help to explain the benefits of investing, and from April 2026 the Financial Conduct Authority will roll out Targeted Support – allowing banks to alert customers about specific investment opportunities to consider shifting money from a low-return current accounts to higher-performing stocks and shares investments.

Alongside a review of risk warnings on investment products to make sure they help people to accurately judge risk levels, this will guide people through a key barrier to investing – getting lost between large number of investment products on offer.

The Government will continue to consider reforms to ISAs and savings to achieve the right balance between cash savings and investment.

As a first step, the Government will allow Long Term Asset Funds to be held in Stocks & Shares ISAs next year, allowing more individuals to invest in assets that will support the UK’s future success, like innovative businesses and infrastructure – which can also deliver better returns.

Cutting red tape to attract investment and drive growth

Businesses will be welcomed to the UK with open arms and unnecessary financial red tape that stalls inward investment and slows growth will be drastically cut under the plans.

A new concierge service within the Office for Investment will harness UK networks globally to actively court international financial services companies, creating a one-stop-shop to promote the UK and provide tailored support to help businesses plan where to invest based on their needs – better harnessing specialist clusters across the country from asset management in Edinburgh, to Fintech in Leeds and Cardiff, and insurance in Norwich and Norfolk.

First-time buyers will be supported to get on the housing ladder, with the Bank of England allowing more lending at over 4.5 times a buyer’s income – which could help 36,000 more people buy a home over its first year and are helping Nationwide support an additional 10,000 first-time buyers by lowering income thresholds for its popular ‘Helping Hand’ mortgage from tomorrow. Simplified mortgage lending rules being considered by the Financial Conduct Authority will also make it easier for existing borrowers to remortgage, while the introduction of a permanent government-backed Mortgage Guarantee Scheme will secure the availability of high loan-to-value mortgage products in times of economic uncertainty.

The Financial Ombudsman Service will be returned to its original purpose as a simple, impartial dispute resolution service which quickly and effectively deals with complaints against financial services firms under today’s reforms instead of acting as a quasi-regulator, with its decisions more closely aligned to the Financial Conduct Authority’s rules. This takes action on a key business complaint about the unpredictable and inconsistent nature of redress action, boosting firms’ confidence to invest and innovate.

The Senior Managers and Certification Regime – which was originally intended to address failures in individual accountability and culture that contributed to the 2008 financial crisis – has been implemented in a way that creates unnecessary costs for business. Today’s reforms will help deliver a commitment to radically streamline the regime, cutting the burden on firms in half.

The Financial Conduct Authority’s Consumer Duty rules were also intended to raise standards in how finance companies treat retail consumers, but today affect the way businesses interact with other businesses – such as investment banks and asset managers. The Financial Conduct Authority will therefore assess how the Consumer Duty applies to these wholesale firms.

Freeing capital for investment

Capital will be freed up for banks to invest in the UK.

International banks and investors will benefit from greater certainty as the UK backs Bank of England reforms to raise the MREL threshold – the minimum amount of money and certain types of debt that a bank must have – to £25–40 billion, freeing up billions for lending and investment.

New Basel 3.1 banking rules will be introduced from January 2027 in a way that supports UK competitiveness, with UK-focused lenders given the clarity they need to plan and invest, while the requirements are delayed for the largest firms’ investment banking activities to ensure the UK is aligned with how other jurisdictions implement the rules.

The ring-fencing regime – which separates banks’ retail and investment banking activities – will be reformed. The Economic Secretary will lead a review looking at how changes can strike the right balance between growth and stability, including protecting consumer deposits.

This comes alongside a major review by the Financial Policy Committee of bank capital requirements. The review will inform work by the Government and Bank of England to ensure UK banks can compete internationally and provide vital investment in the economy whilst maintaining the international regulatory standards which are crucial to securing financial stability.

Promoting innovation and making the UK the Fintech capital of the world

Bespoke support will be provided to firms as they start, scale and list, and a pipeline of skills will support financial services firms to seize tomorrow’s opportunities for growth.

Financial business will receive intensive support through the start-up phase, helping them create a proven concept and attract growth funding.

A single regulator point of contact will also help these businesses through the scale-up phase, providing technical support to help understand requirements and speeding up regulator responsiveness.

Businesses will also benefit from better access to finance, with the Government recently uplifting the British Business Bank’s financial capacity to £25.6 billion.

The sector will also be supported by a better pipeline of skills, with a new Global Talent Taskforce helping attract top international talent to the UK, funding for 50 PhD students through the £187 million TechFirst programme to align their research with the needs of key players in the sector and a new financial services skills compact led by the Financial Services Skills Commission to ensure skills needs are met.

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More information

• The Financial Services Growth and Competitiveness Strategy sector plan can be found on the Treasury’s website.
• Major financial services firms have agreed to support the campaign on retail investment: Barclays, NatWest, HSBC, Lloyds Banking Group, AJ Bell, Hargreaves Lansdown, Vanguard, Freetrade, Octopus Money, Robinhood UK, Trading 212, St James’s Place, Interactive Investor, Schroders and the London Stock Exchange. The Investment Association will provide the secretariat to the campaign. The Money and Pensions Service (MaPS), the Financial Conduct Authority (FCA) and HM Treasury will support the campaign in an advisory capacity.
• Figures for how much a saver could benefit from investing in stocks and shares are illustrative. They are not a guarantee of future returns.
• The UK will aim to double the real growth rate in net exports of financial services between 2025 and 2035 compared to the last decade (2014-2024). This would mean financial services net exports going from a compound annual growth rate of 1.37% to 2.7%, a cumulative increase in annual financial services net exports of 30% between 2025 and 2035.
• The full collection of Industrial Strategy sector plans can be found here.

Mike Reigner, Chief Executive Officer, Santander UK said:

We welcome the announcement of the Leeds Reforms today, which set out a positive vision for UK financial services. The changes outlined within the package are important steps to modernising the UK’s regulatory architecture, and will enable banks like ours to support our customers better and drive growth within the wider economy.

Sir Charles Roxburgh KCB, Chair, Lloyd’s said:

Today’s announcements by the Chancellor — focused on streamlining regulation, reducing burdens on firms, and enabling innovation and growth — are a real boost for the London insurance market. The Government’s clear support for our sector, and its recognition of specialty insurance and reinsurance as a Frontier Industry in its Modern Industrial Strategy, strengthen my confidence in Lloyd’s continued success at the heart of the market.

Hannah Gurga, Director General, ABI said:

The Leeds Reforms set a constructive and positive path to accelerating investment and growth in the UK economy. Closer alignment between the FOS and FCA, alongside a streamlined Senior Managers and Certification Regime, are critical steps towards delivering the clarity and regulatory environment our industry needs to thrive. It’s encouraging to see the vision set out in the Financial Services Growth and Competitiveness plan, and we look forward to working with the government, regulators and wider industry to help cement the UK’s status as the world’s leading financial centre.

António Simões, Group CEO, L&G said:

Driving long-term economic growth and prosperity requires action today and this package is another step in the right direction. Connecting investment capital to the most compelling opportunities, streamlining regulation whilst maintaining standards and protection, and support for consumers to save in ways that will better benefit them in the future is the kind of intervention we need. Now we must keep up the pace and ambition to turn these plans into tangible action that makes a difference on the ground and in people’s pockets.

Chris Cummings, Chief Executive, the Investment Association said:

The Leeds Reforms bring together an ambitious programme for financial services reform, which aims to modernise capital markets, cut regulatory red tape and broaden the benefits of investing to more people across the UK – in turn delivering investment-led growth and improved financial resilience for UK households. We called on the government to undertake bold reforms to strengthen the UK’s retail investment culture and they have done so. Better communication of the returns investing brings is key if we’re to empower more people to invest, and we’re proud to take part in the industry-led campaign to raise awareness of the benefits of investing and the review of risk warnings. We’re also extremely pleased that Long-Term Asset Funds will now be incorporated into the Stocks and Shares ISA – a reform we have long called for to broaden access to private markets.

Drazen Jaksic, Chief Executive Officer, Zurich UK said:

We welcome the Chancellor’s commitment to building a stronger, more resilient UK economy. The focus on sustainable growth, investment in innovation, and fostering long-term confidence is closely aligned with Zurich’s own priorities. As one of the UK’s leading insurers, we stand ready to work together with policymakers, customers, and partners to help deliver on these goals. We look forward to further engagement with the government to ensure the insurance sector remains robust, innovative, and able to meet the evolving needs of people and businesses across the UK.

David Postings, Chief Executive, UK Finance said:

Financial services are vital to the UK economy and I strongly welcome the Chancellor’s support for our sector as one of the UK’s global strengths.

We submitted a range of ideas to government to help support growth and the UK’s position as a global financial centre. Across many of these key areas the Chancellor has listened and delivered significant positive change.

Reforming the Financial Ombudsman Service, streamlining regulation in areas such as the Senior Managers and Certification Regime and the Consumer Duty, and supporting work by regulators to unlock capital for lending, will all help to drive investment and create a more pro-growth operating environment.

Having a regulatory system that allows for appropriate risk-taking is vital to ensuring the sector can better support UK businesses, consumers and the government’s growth mission.

Charlie Nunn, CEO, Lloyds Banking Group said:

We welcome the ambition shown in the Leeds Reforms to unlock investment, boost financial resilience, and support long-term economic growth. As a sector, we have a vital role to play in helping customers make the most of their money and in facilitating investment and innovation that benefits communities and businesses across the UK.

The press release issued by HM Treasury on 15 July 2025.

The Chancellor of the Exchequer has today announced the appointment of Oliver Holbourn as the new Chief Executive Officer of the National Wealth Fund, to lead it through its next chapter.

Oliver brings more than 25 years of experience across banking, strategy, and public financial investments including CEO roles at RBS International and, formerly, UK Financial Investments.

The National Wealth Fund is the government’s principal investor and policy bank. It is at the forefront of investing public money and mobilising private capital to help deliver on the government’s growth and clean energy missions.

Since its launch in October 2024, the National Wealth Fund has committed £2.5 billion, supporting 10,700 jobs. It also has expanded firepower, with £5.8 billion of additional capital to deploy. The NWF’s economic capital limit has been increased allowing it to take on greater risk, providing greater flexibility over its investments to support more projects to access private finance.

The Chancellor recently set this government’s Strategic Priorities for the National Wealth Fund over this Parliament. Under Oliver Holbourn’s leadership, the National Wealth Fund will enter a new phase of delivering these priorities: significantly increasing the amount of capital it deploys; expanding into new sectors; and trialling Strategic Partnerships with Mayoral Strategic Authorities to develop richer pipelines for regional investment.

This appointment followed a fair and open recruitment process, and he is expected to take up his post on 1 November.

Chancellor of the Exchequer, Rachel Reeves said:

I would like to congratulate Oliver on his appointment as CEO of the National Wealth Fund.

Oliver brings a wealth of private sector expertise and public service experience to this critical role. His expertise will be instrumental in delivering the government’s growth and clean energy missions.

I would like to thank John Flint for his leadership in successfully transforming the UK Infrastructure Bank into the National Wealth Fund and for laying a strong foundation for its future growth.

Incoming CEO of the National Wealth Fund, Oliver Holbourn said:

The National Wealth Fund has an important role to play in the economic success of the UK; so I am deeply honoured to be taking the reins as Chief Executive at such a pivotal time.

I am excited to get to work – using the NWF’s expertise and resources to partner with businesses, investors, mayoral combined and local authorities, and ministers and stakeholders to mobilise private investment alongside public sector finance. This will help drive sustainable economic growth across the UK and support the clean energy transition.

Chair of the National Wealth Fund, Chris Grigg said:

Oliver is the ideal person to lead the Fund into our next phase. He is passionately committed to our mission, brings a rare combination of senior leadership across both the public and private sectors, and has a background in banking, which is at the heart of what we do.

I look forward to working with Oliver to realise the full potential of our expanded mandate, delivering the Government’s ambitions for growth and clean energy, underpinned by the new Industrial Strategy.

Biography

Oliver Holbourn was until very recently the CEO of RBS International Holdings, a subsidiary of the NatWest Group, where he was on the Group Executive Committee for over four years.

With over 25 years of experience across investment banking, government investments, and strategic leadership. Oliver brings deep expertise in managing capital to deliver public value having previously served as Chief Executive Officer of UK Financial Investments (UKFI), where he was responsible for managing the government’s shareholdings in RBS, Lloyds and UK Asset Resolution, overseeing complex, high-value shareholdings on behalf of the UK taxpayer.

Earlier in his career, Oliver spent over a decade at Bank of America, latterly as Managing Director of Equity Capital Markets for the UK, Ireland, and South Africa. His career has been defined by a strong track record in financial leadership, capital markets, and public sector engagement.

The press release issued by HM Treasury on 15 July 2025.

Red tape swept away in biggest financial regulation reforms in a decade to boost homeownership and put more money into people’s pockets through the government’s Plan for Change.

• Nationwide set to widen access to its ‘Helping Hand’ mortgage from Wednesday, supporting 10,000 extra first-time buyers thanks to Chancellor’s Leeds Reforms.
• Reeves: Benefits of a thriving finance sector will be felt all over Britain

The Chancellor is expected to announce the biggest set of reforms to financial regulation in a decade at a summit of top finance executives in Leeds today, as part of the government’s mission to kick start economic growth and support more first-time buyers.

Red tape holding back the competitiveness of the UK financial sector will be swept away under the Leeds Reforms, addressing long-standing industry complaints.

The changes will see Britain become the top destination for finance firms over the next decade, attracting inward investment from across the globe to create good, skilled jobs around the country.

Prospective homeowners will be given a leg up onto the housing ladder under the plans, with regulators acting on the Chancellor’s push to regulate for growth.

More mortgages will be available at over 4.5 times a buyer’s income following Bank of England recommendations that some banks and building societies offer more high loan-to-income mortgages – creating up to 36,000 additional mortgages for first-time buyers over the first year.

This change means that Nationwide will be able to make its popular ‘Helping Hand’ mortgage available to people with lower incomes. From Wednesday, eligible first-time buyers can apply for the mortgage with a £30,000 salary, down from £35,000, and joint applicants with a £50,000 combined salary – down from £55,000. This will support an additional 10,000 first-time buyers each year.

This comes alongside the creation of a permanent mortgage guarantee scheme, delivering on a Manifesto commitment and ensuring high loan-to-value mortgages continue to be available in times of uncertainty, as well as a review of Financial Conduct Authority lending rules that could allow a prospective buyers’ record of paying rent on time to show they can afford mortgage repayments.

The reforms will be unveiled in Leeds ahead of the Chancellor’s Mansion House speech this evening.

Speaking in the City of London, Chancellor of the Exchequer Rachel Reeves is expected to say:

This is the foundation of an economy, and a country, that is more active and more confident.

Where people and businesses look to the future and talk about hope about opportunity.

Assured of their own capability, and of the ability of our country to boldly face the challenges that lie ahead.

And certain of the prize if they succeed.

Of higher wages and higher living standards.

The renewal of Britain in every home and every high street.

To put it simply: a Britain that is better off.

She will add on homeownership:

I welcome the recent changes the Financial Policy Committee has announced to the loan-to-income limit on mortgage lending, which the PRA and FCA are implementing immediately.

With an instant impact for consumers, such as Nationwide offering its ‘Helping Hand’ mortgage to more first time-buyers – supporting an additional 10,000 each year.

She will conclude:

Today, I have placed financial services at the heart of the government’s growth mission.

Recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving.

And I have been clear on the benefits that that will drive.

With a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.

The press release issued by HM Treasury on 14 July 2025.

The world’s largest fund of its kind will support vulnerable children and families across the country.

• Chancellor launches new £500m Fund to break down barriers to opportunity for up to 200,000 vulnerable children and young people and deliver Plan for Change.
• World’s largest fund of its kind will boost pupil achievement and could fund programmes to reduce reoffending or provide specialist workers for children struggling with exclusion, mental health or crime.
• Better Futures Fund will run for ten years, with plans to raise another £500 million from local government, social investors, and philanthropists on top of government’s funding
• The launch is backed today by groups including Save the Children UK, The King’s Trust and Oxford University’s Blavatnik School of Government.

Struggling and vulnerable families and children are to be given a better start in life after a new government fund was announced today (Monday 14 July), which will provide them with the support and funding needed to access a better education, a safe home, and the caring supportive environment they need to flourish.

The Better Futures Fund will support up to 200,000 children and their families over the next ten years by bringing together government, local communities, charities, social enterprises, investors, and philanthropists to work together to give children a brighter future.

It could fund providing support in schools to improve attendance, behaviour and overall achievement of pupils, intervening to free children from a life of crime, and offering employment support to secure their futures.

The fund, which is the largest of its kind in the world, will be launched by the Chancellor of the Exchequer Rachel Reeves at a visit to a school today in Wigan, hosted by the charity AllChild. It could fund providing support in schools to improve attendance and behaviour, intervening to free children from a life of crime, and offering employment support to secure their futures.

By investing in early support to tackle challenges like school absence, addiction and re-offending, the fund will help give children the stability and opportunity they need to thrive – delivering on a key part of the Prime Minister’s Plan for Change to give every child the best start in life.

It comes ahead of the government hosting the first Civil Society Summit this week, where the government will set out a comprehensive plan on how this government will partner with experts from outside the traditional corridors of power to create solutions that work for real people – all through the principles of fairness, collaboration and trust.

Chancellor of the Exchequer Rachel Reeves said:

I got into politics to help children facing the toughest challenges. This fund will give hundreds of thousands of children, young people and their families a better chance. For too long, these children have been overlooked. Our Plan for Change will break down barriers to opportunity and give them the best start in life.

Culture Secretary Lisa Nandy said:

This groundbreaking Better Futures Fund represents a major step in partnering with the impact economy, which has long played an important role in strengthening communities and driving inclusive growth.

As part of the Plan for Change, we’re bringing together government, local authorities, charities, social enterprises and philanthropists to create a powerful alliance that will transform the lives of vulnerable children and young people.

We owe them the best start in life. Together we will break down barriers to opportunity, ensuring those who need support most aren’t left behind and have the chance to reach their potential.

Social Outcomes Partnerships have already been used with success across the UK, with over 180 commissioners using the model across the country. The Greater Manchester Better Outcomes Partnership (GMBOP), for example, works with young adults in the Greater Manchester area who are at risk of homelessness.

AllChild’s projects have already halved persistent school absences, and 80% of children have improved emotional wellbeing. Other programmes like the Skill Mill offer paid work experience and qualifications, reducing reconviction rates from 63% typically to 8% and three quarters of those in the programme progress to further employment, education or training.

This fund is a big step in the government’s work with the impact economy – unlocking extra resources from philanthropy, social investors and businesses to tackle urgent social challenges. Today’s announcement comes as the government’s Child Poverty Strategy is to be published in autumn to ensure it delivers fully funded measures that tackle the structural and root causes of child poverty across the UK.

The launch is backed today by groups including Save the Children UK, The King’s Trust and Oxford University’s Blavatnik School of Government.

Today’s announcement is informed by consultation with the Social Impact Investment Advisory Group and other representatives from civil society, purpose-driven business, and local government. Over the coming months Government will build on this and develop a strategic approach to working with the impact economy, who have long played an important role across the UK economy in unlocking innovation, driving inclusive growth and strengthening community resilience.

Chief Secretary to the Treasury Darren Jones said:

Partnering with impact capital to tackle child poverty was a personal priority for me coming into government – which is why I set up the Social Impact Investment Advisory Group to advise on the development of this brilliant fund, which we’ve been delighted to support as a government. I’d like to thank Dame Elizabeth Corley for chairing the group and all the members for their hard work.

Louisa Mitchell MBE, Chief Executive Officer, AllChild said:

I warmly welcome the government’s Better Futures Fund as a pivotal step toward transforming how we support children and families across the country. It’s vital that children engage with the right support and opportunities, at the right time, in the right way. Holistic support that is rooted in each child’s local community, builds on their strengths, and places trust and relationships at the heart of delivery.

I hope this fund will be a catalyst for a new way of working – one which prioritises prevention, shared accountability for locally identified outcomes, and genuine cross-sector partnerships. This is how we can ensure every child no matter where they live has the support and opportunities they need to flourish.

Richard Rigby, Head of UK Government Affairs, The King’s Trust said:

At The King’s Trust, we know that timely support can change the course of a young person’s life. Potential is everywhere but opportunity is not. The Better Futures Fund is an investment in the potential of young people who are too often left behind. We welcome this commitment to early intervention and collaboration with organisations like ours to tackle inequalities and help young people build brighter, more secure futures. By getting behind young people, we can all help to make the UK a healthier, wealthier, more positive and cohesive place.”

Further details on the fund will be set out in due course. It will be delivered by the Department for Culture, Media and Sport.