Tag: Treasury

The press release issued by HM Treasury on 28 April 2025.

Protections will support small businesses to grow, putting more money into people’s pockets through the Plan for Change.

Millions of people and small business owners will be better protected against their bank account being closed, as the government goes further and faster to drive growth and delivers security for working people through the Plan for Change.

Banks and other payment service providers will be required to give customers at least 90 days’ notice before closing their account or terminating a payment service – an increase from the two months currently required – under new rules expected to come into force for relevant new contracts from April 2026.

Banks will also need to provide a clear explanation to customers in writing, so people can challenge decisions, such as through the Financial Ombudsman Service.

The new rules will give customers more time to challenge decisions they disagree with and find a new bank if their account is closed. This will support small businesses which have complained about their account being closed without reason at short notice – leaving them no time to complain or find a replacement bank.

Economic Secretary to the Treasury, Emma Reynolds, said:

Delivering economic security for working people is at the heart of our Plan for Change and strengthening protections against debanking will protect people’s and businesses’ access to banking services.

Under the new rules, customers will receive more notice of account closures, be entitled to an explanation as to why their account has been closed and have more opportunity to challenge such decisions.

The nine largest personal current account providers in the UK are already legally required to offer basic personal bank accounts to people who legally reside in the UK who do not have or are not eligible for an account. The new rules will help to ensure continued access to basic banking services for the most vulnerable.

The legislation will support existing protections, including those which prohibit a bank from discriminating against a UK consumer based on political opinions or beliefs when accessing a payment account.

By ensuring a more predictable access to banking and other payment services, the government is reinforcing its commitment to the millions of individuals and businesses across the UK who rely on these vital services.

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The new legislation being brought forward subject to Parliamentary approval would apply to all payment service providers who decide to terminate payment service contracts without a definite expiry date, including bank account closures. They will apply to contracts agreed from and including 28th April 2026, when the legislation is expected to come into force.

The measures will be subject to certain exceptions, for example, to enable payment service providers to comply with their obligations under financial crime law.

The new rules will also apply to the termination of basic personal bank accounts from and including 28th April 2026.

 

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

British businesses will be supported to trade freely as the Chancellor chooses to act on practices that undercut fair trade, such as the dumping of cheap goods into the UK.

The government announced immediate action by the Trade Remedies Authority (TRA), the body responsible for defending the UK against certain unfair international trade practices.

The Chancellor also announced her intention to review the customs treatment of Low Value Imports, which allows goods valued at £135 or less to be imported without paying customs duty.

Some of Britain’s best-known retailers such as Next and Sainsburys, have called to amend the treatment, arguing that it disadvantages them by allowing international companies to undercut them.

Speaking in Washington D.C. at the annual IMF Springs meetings, Reeves was clear that an open global economy is crucial for UK growth, the number one priority of the government’s Plan for Change.

She said that free and open trade is good for the UK, but fairness needs to be injected into the global economic system.

Gains from global economic growth have not been equally shared both at home and abroad, and more needs to be done to tackle the rise in non-market practices that harm working people’s incomes.

Chancellor of the Exchequer, Rachel Reeves, said:

The world has changed, and we are in a new era of global trade.

We must stand up for free and open trade – crucial to deliver our Plan for Change to make everyone better off. We must help businesses keep their access to trade around the world.

This government is meeting the moment to protect fair and open trade. Following recent announcements reducing tariffs and support for the zero-emissions vehicles industry, today’s package will help businesses compete fairly with international exporters, supporting a world economy that provides stability and fairness for working people and businesses alike.

Today’s (23 April) support comes in addition to recent action taken by the government recently to support industry and businesses navigate tough global economic headwinds.

This includes action to protect British steelmaking, as the UK vows to take a strategic approach to the forthcoming industrial strategy so the economy that can make, sell, and buy more in Britain.

As part of the Spring Statement tariffs were suspended on 89 foreign products – ranging from pasta, fruit juices and spices to plastics and gardening supplies – over the next two years.

The Prime Minister announced earlier this month that the Zero Emission Vehicle Mandate is changing to make it easier for industry to upgrade to make electric vehicles while delivering the manifesto commitment to stop sales of new petrol and diesel cars by 2030.

Business and Trade Secretary Jonathan Reynolds said:

This government won’t stand idly by while cheap imports flood our markets and harm British industries. That is why I met with the TRA recently to agree urgent steps to tackle these issues in real time to deliver quicker protections for firms.

This is about standing up for our national interest, and as part of our Plan for Change, creating a level playing field where UK businesses can thrive and grow.

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Low Value Imports

• Many of Britain’s most well-known domestic retailers have criticised the customs treatment of Low Value Imports.
• They argue that it gives preferential tariff treatment to firms who manufacture and warehouse their goods overseas and then ship directly to UK customers – paying no tariffs.
• Listening to the concerns the Chancellor will review this regime. Officials will engage stakeholders from next month to consider the impact on UK consumers, minimising administrative costs and other factors.
• For stakeholders looking to engage the government on the review of the customs treatment of low value imports, please contact lowvalueimports@hmtreasury.gov.uk.

Theo Paphitis, Retail Entrepreneur, said:

This is a much-needed injection of confidence for retailers and a common sense move to protect the UK economy. The sector has been crying out to level the unfair playing field and is a welcome, positive and strong step in the right direction by the Chancellor. This shows the government is listening and responding to UK business.

George Weston, Chief Executive of Associated British Foods, said:

We welcome the Chancellor’s plan to review the customs treatment of Low Value Imports. The abolition of the favourable tax treatment of low value imports would be a significant step forwards in the government’s support for British businesses. We have long advocated for the closure of this tax loophole which undermines many UK companies that make a substantial contribution to the British economy, to the British high street and to the British Government’s own revenues.

Alex Baldock, CEO of Currys PLC said:

Today’s government announcement is encouraging. All retailers selling to UK consumers should play by the same rules. If you want to sell to UK consumers, then abide by UK standards, and pay UK tax, just as UK retailers do.    Today, low-value shipments delivered from abroad straight to UK consumers avoid import duty, often evade VAT, and can fail to meet safety standards. There’s a growing risk of unsafe and tax-dodging product being dumped in the UK, as tariffs bite and the US and EU close their own import duty loopholes. I’m pleased that the government is urgently reviewing the low-value shipment loophole, and that they’re committed to levelling the playing field between British and overseas retailers.

Improved Global Trade Data

• Dumping of cheap goods into the UK is where foreign exports are sold into the UK at lower than market rates, harming UK producers as a result.

The government announced immediate steps the Trade Remedies Authority (TRA) – which defends the UK against certain unfair international trade practices – will take to mitigate risks to the UK economy:

• The TRA will be surging resources into its pre-application office by pulling in the best and the brightest analysts, lawyers and accountants from across the Civil Service to support British businesses. The pre-application office advises and supports businesses with the evidence the TRA needs to launch cases. Staff will shift more focus to work with businesses on the ground, especially small and medium companies, to help them report and evidence unfair trade practices where they see them happening.
• The TRA will act to enhance it’s monitoring of emerging trade risks; including new surveillance and data gathering measures. This will help the government spot and tackle the potential dumping of cheap goods into the UK.
• The TRA are going to work to reduce the time it takes them to carry out investigations and implement measures – to deter harmful imports and help bring action quicker to British businesses.

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

The Chancellor has pledged to “stand up for Britain’s national interest”, as she heads to Washington DC for her first spring meetings of the International Monetary Fund (IMF).

During a three-day visit to the United States, Rachel Reeves is set to hold meetings with G7, G20 and IMF counterparts about the changing global economy. She will make the case for open trade that provides stability for businesses and security for working people. The Chancellor will underline the importance of tackling barriers to trade to kickstart economic growth, supporting businesses and putting more money in working people’s pockets.

Earlier this month the Chancellor announced over £400 million of trade and investment deals with the Indian Government across a range of business sectors, including defence, financial services, education, and development. In recent weeks the government has acted to save British Steel, safeguarding the future of steelmaking in the UK and protecting 2,700 jobs in Scunthorpe and up to 37,000 jobs in the wider supply chain, announced a £20 billion boost to UK Export Finance which will give thousands of British access to government-backed financing and announced new measures to give British car makers certainty and stability, and to support them on the transition to electric vehicles. Earlier this month over 3 million workers in shops, restaurants and workplaces across the UK received a pay boost worth £1,400 a year for an eligible full-time worker, while also rolling out free breakfast clubs in primary schools putting £450 a year in the pockets of working parents and protecting the payslips of working people from higher taxes.

She will hold discussions with finance ministers about the opportunities to strengthen economic ties with Britain, including members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Talks with European finance ministers will also focus on going further and faster to increase defence spending and improve cooperation in response to continued Russian aggression and the invasion of Ukraine.

Reeves will hold her first in person meeting with her US counterpart Treasury Secretary Scott Bessent about working together to deepen the UK-US economic partnership through a new trade agreement.

In Washington, the Chancellor will also meet with business leaders to talk about the government’s Plan for Change to kickstart economic growth. She will champion Britain as the best place to live, work and grow a business, highlighting the government’s ambition to go further and faster to tackle the barriers to investment. By backing the builders not the blockers, through reforms to the National Planning Policy Framework – which alone is expected to deliver an extra 170,000 homes by 2029/30, as well upcoming the Planning and Infrastructure Bill and a government pledge to cut the administrative cost of regulation on business by a quarter, making Britain the best place to do business and drive economic growth.

Speaking ahead of her visit, Chancellor of the Exchequer Rachel Reeves said:

The world has changed, and we are in a new era of global trade. I am in no doubt that the imposition of tariffs will have a profound impact on the global economy and the economy at home.

This changing world is unsettling for families who are worried about the cost of living and businesses concerned about what tariffs will means for them. But our task as a government is not to be knocked off course or to take rash action which risks undermining people’s security.

Instead, we must rise to meet the moment and I will always act to defend British interests as part of our Plan for Change. We need a world economy that provides stability and fairness for businesses wanting to invest and trade, more trade and global partnerships between nations with shared interests, and security for working people who want to get on with their lives.

The press release issued by HM Treasury on 16 April 2025.

New CEO brings wealth of infrastructure leadership experience to new body supporting the implementation of the government’s 10-year infrastructure strategy.

The National Infrastructure and Service Transformation Authority (NISTA) has today announced the appointment of Becky Wood as its new Chief Executive Officer.

Last October, Chief Secretary to the Treasury Darren Jones announced plans to create a new National Infrastructure and Service Transformation Authority (NISTA), bringing together the former Infrastructure and Projects Authority (IPA) and National Infrastructure Commission (NIC).

Formally launched at the beginning of this month, NISTA will look to fix the foundations of our infrastructure system by bringing strategy and delivery under one roof, addressing the systemic delivery challenges that have stunted growth for decades.

Supporting delivery of our roads, railways, schools and hospitals, it will help overcome the barriers to delivery of UK infrastructure, as well as provide expertise on private finance and implementing the 10-year infrastructure strategy.

With extensive experience in infrastructure leadership, particularly in the UK transport and international sectors, Becky will bring significant expertise, skills and knowledge to the role.

Darren Jones, Chief Secretary to the Treasury said:

I am delighted that Becky is going to lead NISTA as the new CEO, she brings a wealth of experience from the public and private sector overseeing some of the biggest transport projects around the world in the past decade. Her appointment is an important milestone for NISTA’s work in getting a grip on infrastructure delivery, powering growth across the country and delivering on our Plan for Change.

Sir John Armitt, Chair of the NISTA Council of Expert Advisors said:

I am pleased to welcome Becky on board to lead NISTA. We are at a critical moment for transforming how we plan and deliver the nation’s infrastructure, and Becky’s leadership will be vital for building an effective and credible institution that can do just that. I look forward to working closely with her in the coming months.

Becky Wood, NISTA Chief Executive Officer said:

It is an honour to be appointed to a role that has so much potential to make a vital difference to the everyday lives of people across the UK, ensuring robust delivery of infrastructure and enabling growth.  I am very much looking forward to joining the team in June.

Becky will formally take up her role as CEO in June 2025.

Notes to editors:

• The National Infrastructure and Service Transformation Authority, formally launched on 1 April 2025, brings together the functions of the Infrastructure and Projects Authority and National Infrastructure Commission, under HM Treasury NISTA is part of a three-pronged approach to addressing the fundamental constraints to infrastructure investment, sitting alongside the 10-year infrastructure strategy, which sets out a long-term plan for the country’s infrastructure, and the new Planning and Infrastructure Bill to unblock planning constraints.
• She is currently a partner at the consultancy firm EY, and prior to that was a Commercial Advisor at the Infrastructure and Projects Authority. For ten-years Becky oversaw major infrastructure developments at the Department for Transport, serving as the Senior Responsible Officer for the Crossrail, Thameslink and Intercity Express programmes. She also has valuable international experience, having worked on significant infrastructure programmes across both public and private sectors in Australia and New Zealand.
• Last week, we also announced that the Chief Secretary to the Treasury Darren Jones had set up a new Council of Expert Advisors to support the work of the National Infrastructure and Service Transformation Authority (NISTA).
• For further information, please visit NISTA on gov.uk.

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

The UK makes second £752 million payment to Ukraine through the Extraordinary Revenue Acceleration Loans for Ukraine scheme.

A £752 million payment has today (14 April) been sent to Ukraine through the Extraordinary Revenue Acceleration Loans for Ukraine scheme. The funding will support Ukraine to procure vital military equipment, including urgently needed air defence. This comes as Russia continues its air assault on Ukraine, striking the city of Sumy.

The loan, which will be paid for through the profits of sanctioned Russian sovereign assets in the EU, forms part of a wider £2.26 billion loan agreed between the Chancellor and Minister Marchenko on 1 March.

The payment highlights the UK’s steadfast support to Ukraine whilst building on the Chancellor’s Spring Statement pledge to go further and faster to protect our national security and maximise the economic growth potential of the UK defence sector. The equipment support and maintenance elements will be mainly spent in the UK, boosting the UK economy and skilled jobs.

Rachel Reeves, Chancellor of the Exchequer said:

The world is changing before our eyes, reshaped by global instability, including Russian aggression in Ukraine.

A strong Ukraine is vital to UK national security and this second tranche of funding will help put them in the strongest possible position, and contribute towards our collective security.

Defence Secretary, John Healey MP said:

2025 is the critical year for Ukraine and this is the critical moment. This is the moment for our defence industries to step up, and they are; a moment for our militaries to step up, and they are; a moment for our Governments to step up, and we are.

This new tranche of funds is part of our £4.5 billion of military support this year – more than ever before – and will be used to buy urgently needed air defence, artillery, and parts to help repair vehicles and equipment to get them back into the fight.

We are stepping up support for Ukraine to deter Russian aggression and bolster Britain’s national security as the foundation of our Plan for Change.

Today’s payment forms the second part of the UK’s £2.26 billion loan, which has been spaced into three separate tranches to give Ukraine more flexibility and allow them to swiftly adapt to the ever-changing battlefield. The first payment was made on 6 March, with the final payment to follow in 2026.

The multi-billion payment forms part of the UK’s contribution to the Extraordinary Revenue Acceleration Loans for Ukraine scheme, which is a G7 commitment to collectively support Ukraine through a total of $50 billion.

It follows a £450 million surge in military support that was announced by the UK last week, which includes £350 million from this year’s record £4.5 billion military support funding for Ukraine. Further funding is being provided by Norway, via the UK-led International Fund for Ukraine.

In addition to providing financial support, the Ministry of Defence will also support Ukraine to procure the equipment needed to fight Russia’s invasion. This will include a new ‘close fight’ military aid package – with funding for radar systems, anti-tank mines and hundreds of thousands of drones – worth more than £250 million, using funding from the UK and Norway.

The government’s Plan for Change will see UK defence spending increased to 2.5% of GDP by 2027. The UK’s world-leading defence sector is vital to the economy, supporting 430,000 high-skilled, high-paid jobs across the UK and strengthening our security. 68% of defence spending is outside of London and the South East, benefitting every nation and region of the UK.

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

The Chancellor announces a multi-billion-pound increase in government-backed financing.

British businesses across the country have today been given further stability and certainty with access to new support through a multi-billion-pound increase in government-backed financing as the world enters a new era of global trade.

The new package will give UK Export Finance (UKEF) the power to expand financing support for British businesses by £20 billion, with small businesses also able to access loans of up to £2 million through the British Business Bank’s Growth Guarantee Scheme.

Thousands of companies are expected to benefit from the move, including those directly affected by tariffs – with iconic British brands like Rolls Royce through to local businesses like Alicat Workboats previously benefitting from similar programmes.

Today’s boost reaffirms government’s commitment to free and open trade, and means an £80 billion boost for businesses, meaning they can access government-backed finance and support to grow their presence both domestically and overseas, create new jobs and drive economic growth as part of the Plan for Change.

New measures come as prime minister goes further and faster to boost growth, working in partnership with business to deliver it.

This week alone has seen swift and decisive action from the government to protect UK businesses and workers by:

• Taking action to keep British Steel operating, saving thousands of jobs
• Increasing flexibility on the zero-emission vehicle (ZEV) mandate to help British carmakers
• Cutting the red tape that slows down clinical trials in the life sciences sector
• Investing up to £600 million in a new Health Data Research Service
• Backing a £30 million package to support the reopening of Doncaster Sheffield Airport which is expected to support 5,000 jobs and boost the economy by £5 billion

Chancellor of the Exchequer, Rachel Reeves said:

The world is changing, which is why it is more important than ever to back our world-leading businesses and support them to navigate the challenges ahead.

Today’s announcement will do that just, with thousands of businesses right across the country set to benefit.

We are going further and faster to boost growth, but we cannot do it alone. Only by working with businesses will we achieve our Plan for Change and put more money into people’s pockets.

Business and Trade Secretary, Jonathan Reynolds said:

Our message to British business is clear – we’ve got your back. This package, backed by the British Business Bank and UKEF, will be a crucial shot in the arm to exporters and small firms looking to trade around the world.

Within a changing world, we need to adapt, and as part of our Plan for Change, this Government is responding. These changes will help to boost growth support jobs and supercharge thousands of businesses across all four corners of the country.

UKEF will also offer businesses partial loan guarantees through more flexible uses of its Export Development Guarantee, helping to mitigate the impact of new tariffs and associated economic uncertainty. Of the £80 billion, up to £10 billion will be allocated to ensure that businesses significantly impacted in the short term by the current situation have access to the finance they need to grow.

The British Business Bank will also expand its Growth Guarantee Scheme by £500 million, which will provide vital finance for smaller businesses as they look to invest and grow. This scheme provides the lender with a 70% government-backed guarantee against loans or other types of finance, enabling lenders to support smaller businesses that would struggle to obtain financing through traditional means – and has so far enabled more than £2.1 billion of lending.

This comes on top of £1 billion of funding for British Business Bank programmes for this financial year, confirmed at Autumn Budget 2024. This includes additional support for smaller housebuilders through the ENABLE Build programme, funding for Start Up Loans and additional funding for three equity programmes supporting innovative high growth businesses

This week, the Chancellor and Business and Trade Secretary also took part in the 13th UK-India Economic and Financial Dialogue (EFD) in order to strengthen ties between the two countries. In addition to India, the UK is negotiating trade deals with partners including the Gulf Cooperation Council, South Korea and Switzerland, which will give businesses more opportunities than ever before to expand into new markets.

The press release issued by HM Treasury on 11 April 2025.

Following the Court of Appeal judgement on 17 March on matters with significant readout across to this issue, the government is updating on the publication of the consultation on the tax treatment of predevelopment costs.

At Autumn Budget 2024, the government committed to publishing a consultation on the tax treatment of predevelopment costs. On 17 March, the Court of Appeal handed down its judgement in the case of Orsted West of Duddon Sands (UK) Limited and others v HMRC.

Following the Court of Appeal judgement on 17 March on matters with significant readout across to this issue, the publication of the consultation on the tax treatment of predevelopment costs is being postponed. The government is considering the implications of the judgment for the consultation. To give stakeholders and government time to reflect on the judgement, the government will determine its next steps in respect to this consultation in due course.

In the interim, the government welcomes views on what this judgement means for you or the businesses you represent. Do let us know via predevcosts@hmtreasury.gov.uk

The press release issued by HM Treasury on 10 April 2025.

The Chancellor Rachel Reeves has confirmed the reappointment of Nikhil Rathi as Chief Executive of the Financial Conduct Authority (FCA) for a second five-year term until September 2030.

Nikhil Rathi will lead the FCA as it continues to drive reform to make the UK the best place to do business by removing unnecessary, outdated and duplicate regulations – whilst ensuring consumers are protected from detriment and can be confident in markets.

Last December, the Prime Minister and Chancellor set the FCA the challenge of coming up with ideas to boost economic growth.  Since then, the FCA, under the leadership of Nikhil Rathi, has stepped up to this challenge to come up with a series of policy changes to boost growth, which will have benefits in the real economy. This includes making it easier for people to get on the housing ladder through changes to the rules on mortgages and extra support to help financial services firms start and grow in the UK.

The Chancellor has since doubled down on the agenda to reform regulation with the radical Regulatory Action Plan. This cuts red tape by pledging to reduce the administrative cost of regulation on business by a quarter, to make Britain the best place in the world to do business.

The government started this programme of regulatory reforms by merging the Payment System Regulator primarily into the FCA to allow a more coordinated and streamlined approach, with a payments sector that promotes innovation and competition.

Chancellor of the Exchequer, Rachel Reeves, said:

Nikhil Rathi has been crucial in this government’s efforts to reform regulation so it supports growth and boosts investment – I am delighted he will be continuing his leadership of the FCA. We want the FCA to go further and faster to deliver this government’s Plan for Change and we look forward to continuing to work together to achieve this.

Chief Executive of the Financial Conduct Authority, Nikhil Rathi, said:

I am honoured to be reappointed by the Chancellor. The FCA does vital work to enable a fair and thriving financial services sector for the good of consumers and the economy. I am proud of the reforms we have delivered to support growth, bolster operational effectiveness, set higher standards and to keep our markets clean and open. While we must go further and faster in this age of volatility, the UK is well placed as a major international financial centre.

Chair of the Financial Conduct Authority, Ashley Alder, said:

I am delighted Nikhil has been reappointed. He’s the right leader in testing times. His exemplary first term as chief executive has ensured the FCA is an organisation transformed. We’ve set a new standard for consumer protection, made it easier for businesses to access capital and quicker for firms to get authorised. That provides the solid foundation to deliver our ambitious new strategy – to deepen trust, rebalance risk, support growth and improve lives.

The government will continue to work closely with regulators to ensure they are regulating for growth, not just risk.

The FCA will publish its second report on how it has embedded its growth and competitiveness strategy later this summer.

In the meantime, the FCA is continuing to examine the financial services regulatory landscape and working to eliminate any unnecessary rules that hold back growth.

The press release issued by HM Treasury on 9 April 2025.

£400m of trade and investment wins are set to boost the British economy and deliver economic growth and security for working people as the government vows to back British business through uncertain global times.

Today (Wednesday 09 April), the Chancellor and Business and Trade Secretary took part in the 13th UK-India Economic and Financial Dialogue (EFD), marking a significant moment in unlocking opportunities as the two countries look to strengthen economic ties and secure a Free Trade Agreement and Bilateral Investment Treaty.

Rachel Reeves, Chancellor of the Exchequer, said:

In a changing world, it is imperative we go further and faster to kickstart economic growth. We have listened to British businesses, which is why we’re negotiating trade deals with countries across the world, including India, so we can support them and put more money in people’s pockets as part of our Plan for Change.

Our relationship with India is longstanding and broad and I am delighted with the progress made throughout this dialogue to develop it further.

Today’s EFD was Chancellor Reeves’ first with India. It saw the signing of a joint statement unlocking cooperation across a range of business sectors, including defence, financial services, education and development, and strengthened governmental collaboration across growth, economic resilience and international financial issues.

The government is working to make Britain the best country in the world to do business, already bringing in more stability, offering an open trading economy and creating the right conditions for investment.

At the London Stock Exchange today, the Chancellor and her Indian counterpart set out plans to generate growth, improve our Financial Services ties and deepen policy cooperation on the UK Industrial Strategy, tax, sustainable finance and illicit finance.

The total commercial package from this dialogue is made up of new announcements worth £128m in export deals and investments, as well as recent deals worth £271m. This includes:

• Paytm, India’s largest digital payment app, announced plans to invest in the UK to accelerate access to affordable digital payments and credit for small businesses.
• Barclays Bank PLC India announced on 18 March a further capital injection of over £210M into its Indian operations, affirming its long-term commitment to India. This capital investment will grow its businesses across the Investment and Private Banking in India.
• HSBC Bank will expand its presence from the current 14 cities to 34 cities in India. This significant expansion will enable the bank to cover approximately 95% of India’s wealth market, reinforcing their commitment to India.
• Standard Chartered Bank today announced that it has shifted to larger office premises at GIFT City, reinforcing its long-term commitment to India’s premier international financial services hub.
• Mphasis, an Indian tech business, are setting up a quantum centre of excellence in London and exploring an office in Nottingham which will support 100 jobs.
• British International Investment Plc (BII) is committing $10m to the agritech start up, Grow Indigo, to pilot an innovative carbon credit programme to promote regenerative agricultural practices in India.
• WNS, a global digital-led business transformation services company founded in India with a $2.7bn market cap, will expand their London HQ presence with a new office and open a state-of-the-art AI design hub to expand the UK’s AI and digital talent pool to drive growth and create jobs.
• Revolut announced that they are gearing up for launch in India later this year, following authorisation this week from Reserve Bank of India.
• UK firm Wise announces plans to open a new office in Hyderabad, India as part of broader mission to transform the trillion-pound international money movement market.
• Prudential’s announcement of launching their first fully owned global services hub in Bengaluru and third joint venture in India establishing a standalone health insurance business.
• British International Investment invest $15m investment in vehicle dedicated to investing in India based on inclusion-focused early-stage companies.
• The UK welcomes India paving the way to allow Indian companies to list internationally and exploring listing at the London Stock Exchange. The India-UK Financial Partnership published its report ‘Catalysing Bilateral Growth: Connecting India and the UK’s Equity Capital Markets report’. The report aims to lay the foundation for advancing capital account connectivity and strengthening confidence in both markets and will be presented following the EFD.
• Coventry University announced today that it is set to become the first English university to be granted a licence to open a campus in India, as UK universities are being granted licences to open a campus in India’s new GIFT city. And the London School of Economics announced that Tata Trusts is continuing its enduring partnership with LSE by awarding a Corpus Grant to support scholarships for Indian students at the School.
• Agreement for both sides to continue excellent collaboration as co-chairs of the G20’s Framework Working Group and to work closely together to promote discussion and build consensus around responses to risks to the global macroeconomic outlook.
• New ambitions set for joint investments in green enterprises, tech start-ups and climate adaptation building on the success of the UK-India Green Growth Equity Fund (GGEF).

Secretary of State for Business and Trade Jonathan Reynolds and Minister Sitharaman also today hosted a business roundtable, bringing together key leaders from the financial and professional business services sectors including Tide, HSBC, Aviva, Vodafone, WNS, and Mizuho International. Attendees recognised the strength of the economic relationship between the UK and India, as well as the opportunity for closer collaboration – including through an ambitious trade deal.

Areas for collaboration on defence were also identified, as both sides looked forward to the finalisation of the India-UK Defence Industrial Roadmap, set to strengthen ties between industrial sectors and integrate supply chains.

Secretary of State for Business and Trade Jonathan Reynolds said:

I was delighted to meet with Minister Sitharaman, hear from businesses, and discuss how we can strengthen the strong economic bonds between our two nations.

Both the UK and India are committed to delivering economic growth and giving businesses the confidence and stability they need to expand.

That is why we are continuing to negotiate towards an ambitious trade deal that unlocks opportunities both at home and abroad for British businesses and supports our Plan for Change.

The UK and India have strong economic, cultural, and education links, with India being a key trading partner for the UK with over £40bn worth of UK-India trade last year alone. The UK’s long-standing programme of EFDs with India is the critical forum to deliver continuous economic gains over time.

The EFD follows a recent visit to Delhi by Jonathan Reynolds, the Secretary of State for Business and Trade, which relaunched UK-India trade negotiations.

Keshav R. Murugesh, Group CEO, WNS said:

The UK and India stand as natural partners, and this re-energized trade and investment relationship marks a pivotal stride in our already strong alliance. The potential before us is immense. By formalizing our collaboration in pioneering fields like AI, we will not only fuel innovation and generate high-skilled jobs in both our nations, but also solidify our joint leadership in this transformative era. This is indeed a thrilling chapter for the UK-India partnership.

Bill Winters, Group Chief Executive, Standard Chartered said:

In the face of global developments, it is imperative that we think creatively and act in partnership. The UK and India’s focus on strengthening financial ties and deepening cooperation between our governments, regulators, industry leaders and experts, plays an important role in driving economic progress, setting global benchmarks for stability and innovation and paving the way for greater trade and investment in both countries.

The Rt Hon The Lord Mayor of London, Alderman Alastair King,

We had a highly constructive discussion with Hon. Minister Nirmala Sitharaman and The Rt. Hon. Jonathan Reynolds, joined by leaders from across the financial services sector. There is a strong, shared commitment to deepen our economic partnership and drive greater prosperity—particularly in key areas such as green finance, infrastructure investment, and fintech.

Global trade is entering a new era, where strategic alliances and trade agreements are more crucial than ever. As we look ahead to the UK-India Economic and Financial Dialogue and continue FTA negotiations, our focus remains on sustaining momentum and delivering tangible outcomes in the months to come.”

David Schwimmer, CEO, LSEG said:

LSEG is honoured to host the 13th UK-India Economic and Financial Dialogue at the London Stock Exchange as part of our continued support for initiatives that promote collaboration and connectivity between UK and Indian financial markets. Through deepened partnership, the governments and regulators from both countries can help to build an environment which delivers real benefits to their financial markets and economies.

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

Red tape will be cut for asset managers, as the Chancellor goes further and faster to drive growth through the Plan for Change.

Following the Prime Minister’s commitment to cut the administrative cost of regulation on business by a quarter last month, the Treasury will consult on changes to rules governing Alternative Investment Fund Managers (AIFMs).

It will be focused on removing unnecessary barriers to investment by making rules less onerous for AIFMs. This will save asset managers millions in time, money and resource – while freeing them to help the UK’s most exciting businesses scale up, grow and create jobs.

Emma Reynolds, Economic Secretary to the Treasury, said:

We want to bring security to working people by going further and faster to drive growth through our Plan for Change.

That means making Britain the number one place to do business and tearing down unnecessary barriers to investment, such as costly regulation that prevents asset management firms from growing and provide capital for businesses across the country to grow.

Simon Walls, Interim Executive Director of Markets at the FCA, said:

We want rules, better tailored to UK investment managers. These could allow them to operate more efficiently, further supporting competition, competitiveness and economic growth.

It’s part of our wider work to streamline the regulatory regime for asset managers, to support the continued competitiveness of our world-leading financial services as outlined in our new strategy.

Michael Moore, Chief Executive of the British Venture Capital Association, said:

We welcome the government’s consultation on developing a simpler and more competitive system for alternative investment fund managers (AIFMs). More effective, less burdensome regulation will make the UK private capital industry more globally competitive and help it to boost investment from the UK and international investors into growing British businesses.

This consultation is an important step in securing the UK’s status as one of the world’s leading private capital hubs. We look forward to engaging on the principles and the detail of the changes, but this provides the opportunity to create a real boost for the Government’s growth mission by developing the UK’s private capital fund ecosystem and increasing inward investment in UK SMEs.

Together with the FCA we plan to refresh outdated regulatory thresholds. The consultation will take place over the next 9 weeks, providing hedge funds, private equity firms, and investment trusts the opportunity to contribute to the development of a more streamlined regulatory environment.

Currently, firms face a suite of new regulatory burdens once they hold 100 million euros in assets, which can discourage some firms from growing and financing more investment across the country.

This inadvertent cliff edge means that smaller asset management firms immediately have to sign up to the same rules as the biggest firms once they reach this threshold, bringing about large costs.

The consultation aims to create a more graduated regime, where only the largest firms – with the value of over £5 billion are subject to the full scope of requirements, with the majority of firms subject to much less prescriptive rules, helping to reduce admin costs for those businesses.

Once the consultation has concluded, feedback from the asset management sector will be used to design draft legislation which will then be shared with asset management businesses next year.

Further information

• The consultation is open from Monday 7th April to Monday 9 June – access the consultation portal here.