Tag: Treasury

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.

The press release issued by HM Treasury on 4 April 2025.

Outside dining and later opening hours on the menu as government backs British pubs, clubs and restaurants with moves to slash burdensome red tape in the hospitality sector.

Pubs, clubs and restaurants are set to be released from burdensome red tape which has stifled business as government ‘backs the British night out’.

Action includes moves to improve the application of licensing laws and strengthening businesses’ competitiveness, giving diners, pub and party-goers more time and more choice to enjoy what British hospitality has to offer.

It includes a landmark pilot that could see more alfresco dining and later opening hours in London, as the Mayor of London is granted new “call in” powers to review blocked licensing applications in nightlife hotspots.

If successful, this approach could be rolled out to other mayors across England, working closely with their own local police forces.

The package of measures will seize the opportunities on offer in the UK hospitality sector, which employs over three million people and is worth around £62 billion to the British economy. It comes as the government continues to go further and faster to drive economic growth and get more money in working people’s pockets, a key focus of the Plan for Change.

Businesses have long indicated that the current licensing system lacks proportionality, consistency, and transparency – creating barriers to growth and investment for business.

Blockers to growth include businesses being banned from extending licensing hours for late night drinking and anti-competitive blockages from other businesses.

Chancellor of the Exchequer, Rachel Reeves, said:

British businesses are the lifeblood of our communities. Our Plan for Change will make sure they have the conditions to grow – not be tied down by unnecessarily burdensome red tape.

We’ve heard industry concerns and we’re partnering with businesses to understand what changes need to be made, because a thriving nighttime economy is good for local economies, good for growth, and good for getting more money in people’s pockets.

Deputy Prime Minister, Angela Rayner, said:

We promised to clear the way to economic growth in our Plan for Change and that’s exactly what we’re doing. We’re already reforming planning to back the builders, not the blockers. Now we want to do the same for the nighttime economy which has been neglected for so long.

Our pubs, restaurants, and live music venues are the beating heart of our cultural life, so it is vital they are given every chance to survive and thrive.

That’s why it’s time to give the Mayor of London new powers to back the capital’s pubs and clubs, as part of our plan to give mayors the tools they need to drive growth. Too often, we have seen the complaints of a vocal minority of objectors promoted over the need for our country to grow – we are determined to change this.

Nick Mackenzie, CEO of Greene King and Chair of the British Beer and Pub Association, Kate Nicholls, National Chair of the Institute of Licensing CEO of UKHospitality, Michael Kill, CEO of Night Time Industries Association, and the police are all working with the government to rapidly explore and evaluate better licensing options for businesses right across the UK.

The group aims to transform the licensing system to one that better supports business growth and confidence, creating a better hospitality experience for Britons and visitors, whilst ensuring public safety and community interests remain adequately protected.

It will report back in six weeks with solutions informing the government’s work to kickstart economic growth as part of the Plan for Change.

Business and Trade Secretary, Jonathan Reynolds, said:

Businesses in our retail, hospitality and leisure sectors are foundational to our economy and our high streets. They are big employers in every community across the UK, offering accessible jobs and opportunities and providing spaces where communities can come together – they are the glue that binds us together as a society.

These measures will ensure that we support these vital sectors by delivering a business environment as part of our Plan for Change that allows them to operate profitably so that they can provide the jobs, investment and growth communities across the country need.

In addition to these steps, a new £1.5 million Hospitality Support Scheme has been launched to help get existing projects over the line and fill job vacancies in the sector.

This includes supporting the delivery of hospitality training facilities in prisons, which will help to address skills gaps and provide prison leavers with a fresh start and opportunities on release, reducing unemployment and the £18 billion cost of reoffending.

These new steps are part of the government’s wider work to kickstart economic growth, boost productivity and put more money in working people’s pockets as part of the Plan for Change.

Nick Mackenzie, CEO of Greene King, Chair of the British Beer and Pub Association and Co-Chair of the Licensing Taskforce, said:

Licensing regulations provide a clear example of how well-intentioned legislation can inhibit economic growth, with excessive restrictions often limiting premises’ ability to respond to changing circumstances and customer demand.

I am looking forward to working with the hospitality minister as we speak to stakeholders from within the industry and beyond to understand current frustrations and limitations.

I hope that we can address existing concerns and create a licensing system that reduces unnecessary red tape, accelerates the licensing process and unlocks opportunities for premises to drive economic growth across the UK.

The Mayor of London, Sadiq Khan, said:

I am delighted that the government is looking to grant London greater powers over licensing.

This significant decision would allow us to do more to support the capital’s pubs, clubs, music venues and other parts of the visit and tourist scene. It would boost tourism, stimulate growth and deliver new jobs both in London and across the country.

This is more evidence that we now have a government that wants to work with the capital and recognises the role that we can play in delivering economic prosperity and support Londoners as we build a better London for everyone.

Kate Nicholls, Chief Executive of UKHospitality and National Chair of the Institute of Licensing, said:

Cutting red tape and improving hospitality’s competitiveness is much-needed to unlock our sector’s potential to drive socially productive growth and create jobs. A new and improved licensing system that is fit for the 21st century will be a huge boost to the nation’s pubs, bars, restaurants and hotels.

I’m delighted that this expert group will be leading the review and coming forward with solutions that can unlock the high street’s potential, in addition to informing the government’s Industrial Strategy.

Emma McClarkin, Chief Executive of the British Beer Association said:

A review of the 2003 Licensing Act is long overdue.  We are currently working with MPs to pass an amendment to permitted licensing hours at times of major national events when Parliament is not sitting.  But this is just one example where the current law restricts the ability of pubs to respond to consumer demand and sell beer and other drinks in a responsible manner.

There will be many other simple changes that can be made to the Act that will ease the ability to do business and drive more sales, invest and grow.  I look forward to the quick implementation of the recommendations that the taskforce brings forward and urge the government to repeat this exercise across a number of other policy areas where urgent reforms are needed including business rates reform, packaging reform and much needed cuts to beer duty.

The press release issued by HM Treasury on 3 April 2025.

HM Treasury has today (3 April) announced the extension of Andrew Duff’s term as Senior Independent Director on the UK Government Investments (UKGI) Board for 12 months, from July 2025 to July 2026.

UKGI is the government’s centre of expertise in corporate governance and corporate finance.

Andrew Duff was first appointed to the UKGI Board as a non-Executive Director in July 2019, and was reappointed for a second term in July 2022. Alongside this he is also Chair of Sage Group Plc. Andrew spent most of his executive career in the energy industry, including as Chief Executive Officer of global energy company, RWE Npower.

Emma Reynolds, The Economic Secretary to the Treasury and City Minister, welcomed the extension:

I am pleased to announce the extension of Andrew Duff’s term as a non-Executive Director on the UK Government Investments Board. UKGI provides invaluable advice and support to the government on complex corporate governance and corporate finance matters.

Andrew’s significant executive experience including in the energy sector will help UKGI continue its important work supporting the government’s growth and clean energy missions.

Vindi Banga, Chair of UKGI, said:

Andrew has made significant contributions across the organisation, and I am delighted that his term on the UKGI Board has been extended for a further 12-month period. I look forward to working with him and the rest of the Board in supporting UKGI to deliver its strategy and objectives.

This reappointment is regulated by the Commissioner for Public appointments (OCPA) and is made in accordance with the Governance Code on Public Appointments published by the Cabinet Office.

This reappointment is made on merit and political activity played no part in the decision process. In accordance with the code, there is a requirement for appointees’ political activity (if any declared) to be made public. Andrew Duff did not declare any political activity.

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 27 March 2025.

The HMRC interest rates for late payments will be increased by 1.5% for all taxes from 6 April 2025 following a change in legislation.

This increase was announced at Autumn Budget 2024 and the change will take effect from 6 April 2025.

Information on the interest rates for payments will be updated shortly.

How HMRC interest rates are set

HMRC interest rates are set in legislation and are linked to the Bank of England base rate.

Late payment interest was set at base rate plus 2.5%. From 6 April 2025 this will increase to base rate plus 4.00% for most taxes.

Repayment interest is set at base rate minus 1%, with a lower limit – or ‘minimum floor’ – of 0.5% and remains unchanged.

The differential between late payment interest and repayment interest is in line with the policy of other tax authorities worldwide and compares favourably with commercial practice for interest charged on loans or overdrafts and interest paid on deposits.

The rate of late payment interest encourages prompt payment and ensures fairness for those who pay their tax on time, while the rate of repayment interest fairly compensates taxpayers for loss of use of their money when they overpay.

The press release issued by HM Treasury on 27 March 2025.

Wales to see new £250m investment into UK’s largest semiconductor facility, supporting hundreds of highly-skilled jobs in Newport and supporting the government’s Plan for Change.

Wales is set to benefit from a £250million investment from one of the world’s largest manufacturers of semiconductors that will be vital to the production of electric vehicles (EV), supporting the government’s Plan for Change in delivering more skilled jobs, and turbocharging the economy.

The Chancellor Rachel Reeves will welcome Vishay Intertechnology’s intention to invest on a visit to their Newport plant today (Thursday 27 March) – the UK’s largest semiconductor facility – as part of plans to develop large-scale compound semiconductor manufacturing in the country.

The investment will boost production at the state-of-the-art factory where it will make advanced Silicon Carbide semiconductors, an integral part of EV production. This advanced technology supports faster battery charging time, enabling a more efficient supply of energy to the motor and longer driving distances.

Vishay’s investment is expected to directly support over 500 high value, high skilled jobs in the region and indirectly support hundreds more in the wider supply chain.

It comes after the Chancellor’s Spring Statement yesterday where she vowed to bring about “new era of security and national renewal” to kickstart economic growth, protect working people and keep Britain safe. The Chancellor confirmed that the OBR has upgraded their growth forecast in 2026 and every year thereafter and people will be on average £500 a year better off by the end of this parliament compared to under the previous government, putting more money in people’s pockets.

Chancellor of the Exchequer, Rachel Reeves said:

Under this government the UK is open for business. This is exactly the type of investment that will help us grow the economy, create highly skilled jobs and boost opportunity for people across the country, as we deliver on our Plan for Change to get more money in working people’s pockets.

Supported by the government’s Automotive Transformation Fund (ATF), the investment will help secure domestic supplies of semiconductors critical to the UK automotive industry, and other key industries including renewable energy and defence, supporting the Industrial Strategy. It also strengthens the UK’s position in a competitive, global semiconductor landscape, supporting long-term growth for our economy.

It is a huge boost for the UK as a global hub for advanced manufacturing, which has the fastest growth in manufacturing productivity per job in the G7 between 2010-2023.

Business and Trade Secretary, Jonathan Reynolds said:

This is a huge vote of confidence in the Welsh economy and our plans to make Britain the destination of choice for investments in the industries of tomorrow. It will support local skilled jobs and raise living standards, showing our Plan for Change is working.

Vishay’s investment will help secure a domestic supply of semiconductors which are vital for our world leading automotive sector and support our clean energy industries – key growth driving sectors identified in our upcoming Industrial Strategy.

Secretary of State for Wales, Jo Stevens said:

This massive investment by Vishay and the UK Government is a huge boost for Wales’s world-leading semiconductor industry.

Earlier this month I was at Vishay to see the work they do on advanced manufacturing, renewable energy and defence industries – all key sectors in the Welsh economy.

This investment will build on that success to create and support hundreds of highly skilled and well-paid jobs, driving economic growth in south Wales and beyond and helping us deliver our Plan for Change.

Roy Shoshani, COO Semiconductors and CTO for Vishay said:

This is an exciting moment, and the start of our plans for growth in the UK. We can see through the development of the Industrial Strategy and the skilled workforce in Newport that there is a real opportunity to play to the UK’s strength in advanced semiconductors, delivering greater economic security and supporting Net Zero.

Ahead of her visit to Newport, the Chancellor will join the Invest in Women Taskforce roundtable with the Welsh First Minister which has secured over £250million of funding commitments to support female entrepreneurs in the UK.

Through the ATF, delivered in partnership with the Advanced Propulsion Centre (APC), the government continues to unlock private investment in UK automotive design, development, and manufacturing as the sector transitions to zero emission technology. To date, the ATF and APC funding programmes have leveraged over £6 billion of investment from the private sector.

The Autumn Budget confirmed over £2 billion for capital and R&D funding over five years for zero emission vehicle manufacturing and their supply chains. Building on the achievements of the ATF and APC programmes, this long-term commitment is a vote of confidence in the UK’s automotive industry, supporting investment and productivity growth across UK automotive.

Mike Hawes, SMMT Chief Executive said:

This significant investment in compound semiconductors is a huge contribution to the innovation and advanced technology necessary to drive the future of UK Automotive. British-made next-generation semiconductors will create jobs, support supply chains and enhance the UK’s strategic capabilities. Digitisation and decarbonisation are at the heart of the transition taking place amongst UK automotive manufacturers, and this investment can support that transition, aided by a comprehensive industrial strategy to deliver the growth the sector and the economy needs.