All living former First Ministers of Scotland – Nicola Sturgeon, Alex Salmond, Jack McConnell and Henry McLeish – have agreed to give oral evidence to Westminster’s Scottish Affairs Committee as part of its ongoing inquiry into intergovernmental relations.
The inquiry, named Intergovernmental Relations: 25 years since the Scotland Act 1998, is looking closely at the structures which underpin relations between the UK and Scottish Governments, including the new IGR framework introduced in 2022.
In sessions due to take place in the first half of 2024, MPs will have the chance to question Nicola Sturgeon, Alex Salmond, Jack McConnell and Henry McLeish on their experiences of intergovernmental relations between Edinburgh and London during each of their tenures as First Minister.
The witnesses led the Scottish Government during significant political events, including the 2014 independence referendum and the UK’s exit from the EU. The Committee will also be taking evidence from a number of former Secretaries of State for Scotland who have held the post since 1998.
So far, the inquiry has received written evidence from Tony Blair and Lord David Cameron, as well as hearing from former UK Government ministers and senior civil servants to assess whether the intergovernmental processes have delivered on the aspirations of politicians in 1998.
The Committee also questioned leading academics at the University of Glasgow and University of Stirling for their expert views on whether current intergovernmental processes are working effectively.
Alex Salmond will be questioned by the Committee on Monday 19 February.
The date of the other former First Ministers’ appearances will be confirmed in due course.
Chair of the Scottish Affairs Committee, Pete Wishart, said: “It’s a clear demonstration of the importance of this work that all living former Scottish First Ministers have agreed to appear in front of the Committee as part of the inquiry into relations between the UK and Scottish governments since 1998.
“Given that we will hear from all living former First Ministers of Scotland, we will be inviting all former UK Prime Ministers who have been in power since the implementation of the Scotland Act to appear in front of the Committee.
“I sincerely hope they will match the commitment of their Scottish Government counterparts and accept our invitation.”
‘Pint’ size wine stocked on Britain’s shelves for the first time ever thanks to new freedoms from leaving the European Union
Still and sparkling wine to be sold in 200ml, 500ml and 568ml ‘pint’ sizes in 2024
900 British vineyards set to benefit across the country from new freedoms
UK tipplers will soon be able to purchase ‘pint’ sized bottles of still and sparkling wine, as a new 568ml size is introduced to Britain’s supermarket shelves, pubs, clubs and restaurants, the Department for Business and Trade has announced today (27th December).
The move to introduce the 568ml size would sit alongside the 200ml and 500ml measures already available, offering more flexibility and choice for customers.
The UK’s wine sector is set for the boost as part of the Government’s smarter regulation programme to ensure regulations are up to date and agile,. The move comes following engagement with the industry, with businesses now being able to sell prepacked still and sparkling wine in 500ml and 200ml sizes as well as a new 568ml ‘pint’ quantity.
900 vineyards are set to benefit from the new freedoms, boosting production and supporting British businesses, which currently produce around 12.2 million bottles of still or sparkling wine a year*.
These optional reforms from Government are thanks to our new Brexit freedoms via the Retained EU Law (Revocation and Reform) Act 2023 and are wholeheartedly backed by industry wanting to reduce burdensome regulations.
The changes will help to boost innovation, increase business freedoms and improve choice for consumers.
Minister for Enterprise, Markets and Small Business Kevin Hollinrake said: “Innovation, freedom and choice – that’s what today’s announcement gives to producers and consumers alike.
“Our exit from the EU was all about moments just like this, where we can seize new opportunities and provide a real boost to our great British wineries and further growing the economy.”
Nicola Bates, CEO of WineGB said: “We welcome the chance to be able to harmonise still and sparkling bottle sizes and we are happy to raise a glass to the greater choice that allows UK producers for domestic sales.
“The Windsor Framework also means that newly packaged wine will be able to be sold by bars, restaurants and retailers in Northern Ireland – with products able to move in what is known as the retail “Green Lane”, under the Northern Ireland Retail Movement Scheme.”
In addition to announcing the deregulatory measure on wine, the Government has published a response to the consultation Choice on units of measurement: markings and sales. Following the extensive consultation, the Government has decided not to introduce any new legislation in this area. But new guidance has been issued to promote awareness and use of imperial measurements.
The Government will continue to keep this legislative framework under consideration, as part of a wider review of metrology EU derived legislation.
The new head of the European Movement in the UK (EMUK) will on Saturday mark the seventh anniversary of the disastrous vote for Brexit by urging Scots to boost the campaign to Rejoin the European Union.
Scotland voted 62-38 to Remain on 23rd June 2016, with current polls showing an even bigger majority – more than 70% – in favour of rejoining the EU and viewing Brexit in the words of Nigel Farage as “a disaster.”
Dr Mike Galsworthy, EMUK’s new chair, will urge a public meeting in Glasgow organised by the European Movement in Scotland to join in a “society-wide, cross-party campaign to propel Scotland towards its European future.”
Dr Galsworthy, founder of Scientists for EU and a leading grassroots campaigner, is spearheading a EMUK drive to expand its membership base, including in Scotland, as the scale of the economic and political damage wrought by Brexit visibly grows with each passing day.
“As European Movement grows at pace, I’m keen that we start building up local groups and membership all over the UK.
“Scotland has always been passionately pro-European and I am delighted to be visiting European Movement in Scotland (EMiS) to meet its team and promote its campaigning across an array of EU-related issues.
“Scotland has its own society-wide cross-party campaign to drive the country forward towards its European future. I’ll be talking about how we can extend and expand that.”
Dr Galsworthy’s visit comes in the immediate aftermath of MPs’ overwhelming vote – 354-7 – to back the privileges committee findings that Boris Johnson, Brexit’s architect, deliberately misled (lied to) the House of Commons – showing utter contempt for the body whose sovereignty he claimed to be restoring.
It also follows the publication by the Scottish Government of a new paper showing the scale of damage seven years on from the Brexit referendum.
These include:
· An expected loss of £3 billion every year in public revenues for Scotland.
· Food price inflation at a 45 year high with Brexit responsible for an estimated one third of it.
· Damaged trade with 44% of businesses in Scotland naming Brexit as the main cause of difficulties trading overseas.
· Staff shortages reported by 45% of tourism businesses in the Highland and Islands, as a result of the loss of freedom of movement.
The European Movement is growing. Membership has tripled in the last four years, reaching almost 20,000 and growing every day.
The EMiS meeting is at Strathclyde Business School, 199 Cathedral Street, Glasgow G4 0QU, at 6pm.
Further details, including for registration, can be found here.
Brexit has limited economic growth, restricted trade, increased food costs and diminished opportunities for young people, according to Constitution Secretary Angus Robertson.
Marking seven years to the day since the majority of people in Scotland voted to remain in the European Union, a paper has been published detailing the impact of Brexit, drawing from reports and official statistics.
These include:
an expected loss of £3 billion every year in public revenues for Scotland
food price inflation at a 45 year high with Brexit responsible for an estimated one third of it
damaged trade with 44% of businesses in Scotland naming Brexit as the main cause of difficulties trading overseas
additional estimated costs of up to £600 per consignment for some shellfish exporters as a result of trade barriers
staff shortages reported by 45% of tourism businesses in the Highland and Islands, as a result of the loss of freedom of movement
loss of access to supporting funds like the €96billion Horizon research programme and Common Agriculture Policy
less efficient law enforcement co-operation, without access to instant EU-wide alerts and intelligence and civil justice co-operation measures
more costly and difficult travel arrangements, with long transit delays, more obstacles for touring artists, and roaming charges reintroduced by most operators
Mr Robertson said: “Seven years after people in Scotland resoundingly rejected Brexit, the Scottish Government has published a paper that lays clear the damage it has inflicted.
“Brexit means Scotland has now left the world’s biggest single market and no longer enjoys freedom of movement, resulting in labour shortages across the NHS, agriculture, and our hospitality sector.
“Consumers and businesses continue to face a cost of living crisis driven by rampant food inflation, while produce rots in the ground, and obstructive trade barriers that are making it harder to import and export goods from the EU.
“Scotland’s rural and research sectors have lost out on hundreds of millions of pounds worth of EU funding, which the UK Government has been unable to match. A generation of young Scots have been deprived of life-changing exchange opportunities to study abroad.
“While we will continue to do all we can to mitigate this damage through our long-standing ties with European neighbours, the fact remains that the only way to meaningfully reverse this damage and restore the benefits Scotland previously enjoyed, is for an independent Scotland to re-join the European Union.”
‘they are determined to use the proceedings against me to drive me out of Parliament’
Former Prime Minster Boris Johnson has announced that he is standing down as an MP, with immediate effect.
The announcement came this evening after Johnson received a report from the House of Commons Privileges Committee into whether he misled Parliament over lockdown parties at Downing Street.
THIS IS JOHNSON’s STATEMENT:
I have received a letter from the Privileges Committee making it clear – much to my amazement – that they are determined to use the proceedings against me to drive me out of Parliament.
They have still not produced a shred of evidence that I knowingly or recklessly misled the Commons.
They know perfectly well that when I spoke in the Commons, I was saying what I believed sincerely to be true and what I had been briefed to say, like any other minister. They know that I corrected the record as soon as possible; and they know that I and every other senior official and minister – including the current Prime Minister and then occupant of the same building, Rishi Sunak – believed that we were working lawfully together.
I have been an MP since 2001. I take my responsibilities seriously. I did not lie, and I believe that in their hearts, the Committee know it. But they have wilfully chosen to ignore the truth, because from the outset, their purpose has not been to discover the truth, or genuinely to understand what was in my mind when I spoke in the Commons.
Their purpose from the beginning has been to find me guilty, regardless of the facts. This is the very definition of a kangaroo court.
Most members of the Committee – especially the chair – had already expressed deeply prejudicial remarks about my guilt before they had even seen the evidence. They should have recused themselves.
In retrospect, it was naïve and trusting of me to think that these proceedings could be remotely useful or fair. But I was determined to believe in the system, and in justice, and to vindicate what I knew to be the truth.
It was the same faith in the impartiality of our systems that led me to commission Sue Gray. It is clear that my faith has been misplaced. Of course, it suits the Labour Party, the Liberal Democrats and the SNP to do whatever they can to remove me from Parliament.
Sadly, as we saw in July last year, there are currently some Tory MPs who share that view.
I am not alone in thinking that there is a witch hunt under way, to take revenge for Brexit and ultimately to reverse the 2016 referendum result.
My removal is the necessary first step, and I believe there has been a concerted attempt to bring it about. I am afraid I no longer believe that it is any coincidence that Sue Gray – who investigated gatherings in Number 10 – is now the chief of staff designate of the Labour leader.
Nor do I believe that it is any coincidence that her supposedly impartial chief counsel, Daniel Stilitz KC, turned out to be a strong Labour supporter who repeatedly tweeted personal attacks on me and the government.
When I left office last year, the government was only a handful of points behind in the polls. That gap has now massively widened.
Just a few years after winning the biggest majority in almost half a century, that majority is now clearly at risk.
Our party needs urgently to recapture its sense of momentum and its belief in what this country can do.
We need to show how we are making the most of Brexit and we need in the next months to be setting out a pro-growth and pro-investment agenda. We need to cut business and personal taxes – and not just as pre-election gimmicks – rather than endlessly putting them up.
We must not be afraid to be a properly Conservative government.
Why have we so passively abandoned the prospect of a Free Trade Deal with the US? Why have we junked measures to help people into housing or to scrap EU directives or to promote animal welfare?
We need to deliver on the 2019 manifesto, which was endorsed by 14 million people. We should remember that more than 17 million voted for Brexit.
I am now being forced out of Parliament by a tiny handful of people, with no evidence to back up their assertions, and without the approval even of Conservative party members, let alone the wider electorate.
I believe that a dangerous and unsettling precedent is being set.
The Conservative Party has the time to recover its mojo and its ambition and to win the next election. I had looked forward to providing enthusiastic support as a backbench MP. Harriet Harman’s committee has set out to make that objective completely untenable.
The Committee’s report is riddled with inaccuracies and reeks of prejudice, but under their absurd and unjust process, I have no formal ability to challenge anything they say.
The Privileges Committee is there to protect the privileges of Parliament. That is a very important job. They should not be using their powers – which have only been very recently designed – to mount what is plainly a political hit job on someone they oppose.
It is in no one’s interest, however, that the process the Committee has launched should continue for a single day further.
So I have today written to my Association in Uxbridge and South Ruislip to say that I am stepping down forthwith and triggering an immediate by-election.
I am very sorry to leave my wonderful constituency. It has been a huge honour to serve them, both as Mayor and MP.
But I am proud that after what is cumulatively a 15-year stint, I have helped to deliver, among other things, a vast new railway in the Elizabeth Line and full funding for a wonderful new state of the art hospital for Hillingdon, where enabling works have already begun.
I also remain hugely proud of all that we achieved in my time in office as prime minister: getting Brexit done, winning the biggest majority for 40 years and delivering the fastest vaccine roll out of any major European country, as well as leading global support for Ukraine.
It is very sad to be leaving Parliament – at least for now – but above all, I am bewildered and appalled that I can be forced out, anti-democratically, by a committee chaired and managed, by Harriet Harman, with such egregious bias.
ONE of Johnson’s last acts – a final two-fingered salute to the British people – was to reward his cronies with peerages and other ‘honours’.
Some of Boris Johnson’s closest allies – including Priti Patel and Jacob Rees-Mogg – were awarded peerages in the former PM’s honours list, published just hours before Johnson stepped down as an MP.
Former secretaries of state Simon Clarke and Mr Rees-Mogg were knighted, while Ms Patel was made a dame.
Controversial Tees Valley Mayor Ben Houchen and London Assembly member Shaun Bailey are among seven new peers.
No serving MPs were given peerages, thus avoiding tricky by-elections for the Tories. But there will now be one in Mr Johnson’s own constituency of Uxbridge and South Ruislip and another one in Nadine Dorries’ constituency.
Johnson devotee Nadine Dorries was not put forward for the House of Lords, despite widespread speculation she would be on the published list.
Ms Dorries stood down as an MP “with immediate effect” just an hour before the honours list was released, oddly enough.
The report is based on an inquiry undertaken between July 2022 and March 2023. The inquiry involved 12 oral evidence sessions, with a total of 43 witnesses, as well as 58 written submissions.
The report examines the overarching state of the post-Brexit relationship between the UK and EU, and how this might be developed in the future, across four themes:
The overall political, diplomatic and institutional relationship;
the foreign policy, defence and security relationship;
energy security and climate change; and
mobility of people.
After years of tension and mistrust, recommendations focus on actions to be taken as a priority as part of a reset of UK-EU relations following the recent agreement of the Windsor Framework.
The Committee’s key findings and recommendations are as follows:
The political, diplomatic and institutional relationship
The opportunity the recent improvement in the mood around UK-EU relations this presents for a reset of UK-EU relations should, following years of tension and mistrust, must be grasped.
There should be a considerable increase in engagement between the UK and the EU. This should include greater use of existing institutional structures such as the TCA Specialised Committees. There would also be value in holding regular UK-EU summits. The UK’s participation in the new European Political Community is welcome.
The foreign policy, defence and security relationship
Cooperation between the UK and the EU has been close and productive in response to the Russian invasion of Ukraine. Nevertheless, the ad hoc approach to sanctions coordination with the EU should be replaced by a more formal mechanism.
The Government’s decision to participate in the Military Mobility project under the EU’s Permanent Structured Cooperation (PESCO) is welcome. It should consider future opportunities for defence cooperation with the EU that are complementary to NATO as they arise.
The Government should approach the EU with the aim of establishing appropriate structured cooperation arrangements on external affairs.
Energy security and climate change
Energy trading between the UK and the EU has continued without much disruption despite the energy security challenges experienced in Europe following Russia’s invasion of Ukraine. However, an agreement should be reached to guarantee that energy flows can continue in the event of a critical supply shortage.
The UK and the EU should cooperate closely on the installation of additional interconnectors, including in the North Sea, which are needed to ensure future energy security.
There would be mutual benefits to be gained from the UK and the EU linking their respective Emissions Trading Schemes and the Government should approach the EU about this possibility. The Government should also engage closely with the EU in relation to the latter’s proposal for a Carbon Border Adjustment Mechanism (CBAM).
Mobility of people
The end of free movement of people between the UK and the EU has had a major impact on business and professional travel. Government guidance on business and professional mobility should be made more straightforward to navigate and interpret.
The substantial decline in school visits from the EU to the UK since 2019 is regrettable. To address this the Government should reintroduce a youth group travel scheme that would not require pupils travelling on school visits from any EU country to carry individual passports.
Post-Brexit barriers to mobility have had a disproportionate impact on younger people. The Government should approach the EU about the possibility of entering an ambitious reciprocal youth mobility partnership, similar to existing schemes with other jurisdictions such as Australia and Canada.
Lord Kinnoull, Chair of the Committee, said: “The UK’s post-Brexit relationship with the EU has regrettably come under significant strain over the period since the TCA came into force, characterised by tension and mistrust.
“While the recent change in mood for future UK-EU relations following the announcement of the Windsor Framework is welcome, there is now the opportunity to move the relationship forward to the mutual benefit of both the UK and the EU.
“A particular theme running through our Future UK-EU Relationship report evidence was the significant impact of post-Brexit barriers to mobility young workers and professionals in the early stages of their careers, emerging artists, as well as students across different educational levels. Making progress here will benefit all in the short term but especially in the long term.
“The Committee feels that it is now time to address the considerable lack of structure in the foreign policy, security and defence relationship. Here we particularly recommend means of seeking to make sanctions bite harder through analysis and enforcement cooperation.
“Another area we looked into was energy. Here again we have made many recommendations which will help our long term energy security.
“We have also made a number of recommendations about the current institutional relationship and how improvements can be made”.
Martyn Day MP, a member of the Petitions Committee, has been asked by the Committee to open the debate. MPs from all parties can take part, and the Government will send a minister to respond.
We call upon the Government to hold a Public Inquiry into the impact of Brexit
The petition, which has more than 137,000 signatures, states: “The benefits that were promised if the UK exited the European Union have not been delivered, so we call upon the Government to hold a Public Inquiry to assess the impact that Brexit has had on this country and its citizens.”
In its response to the petition, provided on 5 December 2022, the Government said: “The UK’s departure from the EU was a democratic choice and the UK-EU institutions are functioning as intended. The Government does not believe this to be an appropriate subject for a public inquiry.”
What are petitions debates?
Petitions debates are ‘general’ debates which allow MPs from all parties to discuss the important issues raised by one or more petitions, and put their concerns to Government Ministers.
Petition debates don’t end with a vote to implement the request of a petition. This means MPs will not vote on whether to hold a public inquiry into the impact of the UK’s exit from the European Union.
Petition debates are scheduled by the Petitions Committee. Only e-petitions started on the parliament petitions site are considered by the Petitions Committee.
Humza Yousaf will appoint a senior figure to head up Scottish Government strategy for re-joining the EU and is planning to stage a European summit in Scotland if he is elected SNP leader and First Minister.
In a letter to David Clarke, chair of the European Movement in Scotland, Mr Yousaf says: “If elected as First Minister I would seek to rebuild closer relationships with the EU as a matter of priority, bringing Scotland back to Europe, where we belong. I would envision having someone in place to lead this strategy.”
He adds: ” We want to re-join Europe because we want to re-join the scientific research community as well as build transparent trading standards and regulations that sit within the EU. It is also, vitally, about working on issues of climate change and biodiversity on land and sea at a European level to ensure best practice and shared responsibilities.”
Mr Yousaf tells Scotland’s leading pro-European campaign that the person leading the strategy of re-joining “as a small independent country” would be tasked with rebuilding the infrastructure “to help us transition back into Europe.” He does not rule out making this a cabinet-level role, he adds.
“I am confident we will return to Europe. We must. I must be very clear regarding my unwavering commitment to Europe, however. If elected as First Minister, I would work firmly with the belief that the only way Scotland can return to Europe is as an independent country. I will re-affirm the case to the people of Scotland, then, that our place in Europe is as a small independent country.”
The current health secretary says he intends hosting a European summit in Scotland is he wins the three-cornered contest.
“We would intend to engage in honest dialogue with not only our fellow EU partners the Greens/ European Free Alliance, but other EU groups that are open to democracy and furthering social justice across Europe,” he explains.
He also confirms that the SNP will set up its own permanent office in Brussels as a way of “establishing our presence as a small European nation at the heart of Europe and ensuring Scotland’s case for returning to Europe be heard by our European neighbours.”
David Clarke, chair of the European Movement in Scotland commented: “Europe should be centre stage of any political discussion in this country.
“Brexit has been the disaster we always knew it would be. There is but one way to overcome the chaos and economic deprivation of the last few years and that is to re-join the European Union as soon as possible. We applaud any politician from any party willing to tell this truth and to take steps to put this into action.”
As the ‘continuity candidate’, Yousaf has the backing of a raft of senior SNP politicians in his bid to become party leader and First Minister, but whether he will have the support of rank and file members who are looking for a radical change in direction in the fight for independence is another matter.
SNP members will have the opportunity to have their say when voting opens tomorrow.
Opposition parties have already made up their minds:
ONLY INDEPENDENCE CAN TAKE SCOTLAND AND VOTERS IN EDINBURGH NORTH AND LEITH BACK INTO THE EU, SAYS DEIRDRE BROCK
Local MP Deidre Brock has highlighted the findings of a recent poll that suggest 70% of people in the constituency agreed that Britain was wrong to leave the EU.
More than half strongly agreed, with just 15% disagreeing and 15% not expressing a view. The poll found opposition to Brexit in Edinburgh North & Leith was the seventh highest out of all 650 constituencies in the UK.
It follows the result in 2016 where every constituency and local authority in Scotland voted to remain, with 62% of Scots backing continued membership of the EU, including an estimated 78% of voters in Edinburgh North & Leith. Recent polls have suggested the figure across Scotland is now as high as 72% as the damage of Brexit hits hard.
Commenting, Deidre Brock MP said: “People in Edinburgh North & Leith and Scotland as a whole voted overwhelmingly to remain in the EU in 2016.
“Instead we’ve been dragged out against our will and forced to endure the economic hardship that’s come with it.
“Brexit has been a disaster for my constituency and for Scotland, decimating industries, exacerbating the Tory-made cost of living crisis and allowing Westminster to ride roughshod over Holyrood with blatant powergrabs.
“Three years in and the UK has nothing to show for it but a declining economy and falling reputation abroad.
“People in Edinburgh North & Leith deserve better with a return to the EU that only the full powers of independence can deliver.”
Chancellor Jeremy Hunt will set out a long-term plan for prosperity made possible by Brexit.
Hunt will make the case against “declinism”, with the UK growing faster than France, Japan and Italy since 2010.
He will also confirm post-Brexit reforms to unlock £100bn of private investment this decade will be implemented in the coming months.
Chancellor of the Exchequer Jeremy Hunt will today set out his approach to tackle poor productivity and boost growth, using the new freedoms won by Brexit as a catalyst.
Following the Prime Minister New Year address outlining his five priorities which include growing the economy, halving inflation and getting debt down – the Chancellor will speak about how this will be accomplished.
Delivering the speech at Bloomberg’s European headquarters in London, Mr Hunt will caution against an attitude of “declinism” about Britain and set out the case for optimism as the UK aims to play a leading role in Europe and across the world in the industries of tomorrow. Since 2010 the UK economy has grown faster than France, Italy and Japan, and since the EU referendum the UK economy has grown at around the same rate as Germany.
The Chancellor will also confirm that post-Brexit reforms to Solvency II will be implemented in the coming months, which could unlock £100 billion of additional investment into the UK’s most productive assets this decade – such as clean energy and UK infrastructure.
Chancellor Jeremy Hunt is expected to say: “Our plan for the years that follow is long term prosperity based on British genius and British hard work.
“[And] world-beating enterprises to make Britain the world’s next Silicon Valley.”
The Chancellor will also caution against declinism, with the UK aiming to play a leading global role:
“Declinism about Britain was wrong in the past – and it is wrong today.
“Some of the gloom is based on statistics that do not reflect the whole picture.
“Like every G7 country, our growth was slower in the years after the financial crisis than the years before it. But since 2010, the UK has grown faster than France, Japan and Italy. Since the Brexit referendum, we have grown at about the same rate as Germany.
“If we look further ahead, the case for declinism becomes weaker still. The UK is poised to play a leading role in Europe and across the world in the growth sectors which will define this century.”
The Chancellor will focus on key growth industries, including Digital Technology, Green Industries, Life Sciences, Advanced Manufacturing and Creative Industries – areas where Britain has a competitive advantage to build on further.
Mr Hunt will also set out some of the challenges the UK faces, including poor productivity, and set out a plan to long-term prosperity, using the UK’s new-found Brexit freedoms to support growth and entrepreneurship.
In the Autumn Statement, the Chancellor set out the government’s strategy for boosting growth by investing in our people, in the infrastructure that connects our country, by creating the right environment for business investment, and by supporting our world-leading financial services companies and innovators.
To further support investment across our economy, the Chancellor also announced a decision to proceed with reforms to Solvency II – an EU Directive that governs the amount of funds British insurers are required to hold in reserve. The Association of British Insurers suggest the Chancellor’s reforms are expected to unlock up to £100 billion of private investment this decade into UK infrastructure and clean energy, such as nuclear power.
And in December, the Chancellor went further and announced the Edinburgh Reforms – a package of reforms to drive growth and competitiveness in the UK’s financial services sector, while retaining our commitment to high international standards. This included the publication of our ambitious plan for repealing and reforming EU law for financial services.
The Chancellor is also expected to say: “Confidence in the future starts with honesty about the present, and we should not shy away from the biggest challenge we face which is our poor productivity. Our plan for long term prosperity tackles that challenge head on.
“It is a plan necessitated, energised and made possible by Brexit which will succeed if it becomes a catalyst for the bold choices we need to take.
“Our plan for growth is a plan built on the freedoms which Brexit provides. It is a plan to raise productivity. It is a plan to use the proceeds of growth to support our public services at home, to support businesses in the new low carbon economy and to support democracy abroad. It is the right course for our country and the role in the world to which we aspire.”
With a UK tech sector worth one trillion dollars the Chancellor will call on other businesses to consider the UK as a place for investment by tech entrepreneurs, life science innovators and energy companies.
The UK is an attractive location for tech investment; the recently announced digital markets regime aims to open the UK’s digital markets up to greater competition and spur increased innovation across the sector. The regime is an alternative to the EU’s Digital Markets Act – the UK’s proposals are widely regarded as more proportionate, targeted and flexible than the EU’s.
This month PwC surveyed more than 4,400 top chief executives in 35 countries and found that the UK has risen the joint third most important country to invest, behind only the US and China and equal with Germany.
