HM Revenue and Customs (HMRC) is reminding customers in Scotland to get ready to meet the Self Assessment deadline, after more than 656,000 filed their tax returns on time.
In Scotland, 656,547 customers filed their returns for the tax year 2020 to 2021 by 31 January 2022.
The deadline to submit a tax return for the 2021 to 2022 tax year and pay any tax due is 31 January 2023. Customers do not need to wait until the new year to begin their tax return. Starting early means more time to access guidance and webinars to help complete the return and find out what tax they owe, so they can budget.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “There is still time to complete your tax return ahead of the deadline and there are videos and guidance available online to support you with your Self Assessment. Search ‘help with Self Assessment’ on GOV.UK to find out more.”
HMRC has produced guidance notes and YouTube videos to help customers understand how to complete their return quickly and easily.
paying through PAYE tax code (subject to eligibility)
paying via online banking
Those who are unable to pay their tax bill in full can access support and advice on GOV.UK. HMRC may be able to help by arranging an affordable payment plan, known as Time to Pay. Customers should try to do this online; go to GOV.UK for more information. Alternatively, they can contact the helpline.
Yesterday (December 1) marked World AIDS Day, which has been recognised and celebrated by all United Nations (UN) Member states since its inauguration in 1988.
The day also constitutes an official global public health campaign as designated by the World Health Organisation (WHO).
This puts Edinburgh alongside almost 500 other cities around the world who have signed up to the Declaration and are committed to achieving Sustainable Development Goal 3.3 of ending the HIV epidemic by 2030.
Council Leader Cammy Day also took a rapid HIV test in his office, administered by Waverley Care, in order to raise awareness, encourage regular testing and keep the conversation going about HIV and sexual health more broadly.
Our other partners Waverley Care and CREW 2000 also offer a wide array of support services in the city; including drop ins, advice, C:card (free condom/sexual health supplies), counselling and more.
SX (part of Waverley Care) offered confidential HIV testing in the city centre yesterday. From 9am-5pm they were be in Waverley Market and from 5-7pm at CREW 2000 on Cockburn Street.
Waverly Care also have further information on World AIDS Day in Edinburgh including fundraising, events and partnerships.
Council Leader Cammy Day said:“I was delighted to sign Edinburgh up to the Fast-Track Cities initiative alongside Grant Sugden of Waverley Care. This represents our city’s commitment to reducing and eventually eradicating HIV and the stigma associated with it.
“I’d encourage everyone to get tested regularly and have open and honest conversations with their friends, families, and peers about HIV.
“I would like to pay tribute to Waverley Care, Crew 2000, NHS Lothian and all our other partners for the fantastic and essential work that they are carrying out in the Capital.”
Grant Sugden, CEO of Waverly Care, said: “I am delighted that Edinburgh has committed to becoming a Fast-Track City. This is a vital step towards reaching a Scotland with zero new HIV transmissions by 2030.
“Waverley Care is incredibly pleased to be leading on Fast-Track Cities in Scotland. We are joining up Scotland’s cities to work together to reach shared goals for HIV transmission elimination, and Edinburgh has an important part to play in this.
“Edinburgh was once known as the ‘AIDS capital of Europe’, and while we have come incredibly far, more work must be done on areas such as such as HIV stigma and increasing access to testing.
“We hope Edinburgh’s commitment will accelerate progress to reach HIV targets and eliminate HIV transmission by 2030.”
Emma Crawshaw, CEO of Crew 2000, said:“World AIDS day helps us highlight that we can all play a part in working together to end the shame and stigma attached to AIDS/HIV: we know this can be one of the biggest barriers to people accessing prevention, protection, testing support and treatment.
“Having no detectable virus in your blood due to effective HIV treatment means that the virus can’t be passed on. Scotland is on its way to becoming one of the first countries in the world to achieve zero HIV transmissions by 2030.
“We support Councillor Day’s motion to commit to the Fast Track Cities Initiative, ending HIV-related stigma and new HIV transmissions, and to sign the Paris Declaration committing to coordinated sharing experience and taking action across and between health boards to achieve this goal.”
Dona Milne, Director of Public Health and Health Policy, NHS Lothian, said:“NHS Lothian is committed to stamping out the stigma associated with HIV and Hepatitis C, and we are fully supportive of the Paris Declaration.
“As Edinburgh officially makes a commitment to become a Fast Track City on World Aids Day, we hope that this initiative will make Lothian, and indeed Scotland a kinder place for people living with HIV and hepatitis C, while also encouraging Scotland to be more open about sexual health.”
José M. Zuniga, President and CEO, of International Association of Providers of AIDS Care (IAPAC), said: “As Edinburgh signs up to the Fast-Track Cities network this World AIDS Day 2022, we commit to work shoulder-to-shoulder with you to achieve the UNAIDS 95-95-95 and other related targets.
“We also applaud the city’s commitment to place people at the centre of the HIV response, including by prioritizing the goal of getting to zero HIV-related stigma and discrimination.”
In a report published yesterday, the Committee says that without an indication of the potential scale of all costs associated with the Bill, it is difficult to assess whether the proposed National Care Service is either affordable or sustainable.
The cross-party Committee is therefore calling on the Scottish Government to provide “much needed clarity” and to bring forward fully costed plans at least two weeks before the Stage 1 vote on the Bill, scheduled for March 2023.
Finance & Public Administration Committee Convener Kenneth Gibson said: “The Finance Committee has significant concerns over the costings in the Financial Memorandum (FM) to this Bill. The FM in its present form does not provide an overall estimate of the cost of creating a National Care Service.
“A large number of decisions are yet to be made, and no estimate of costings has been provided for VAT liability, transfer of assets and staff, and the creation of a nation-wide digital health and social care record. All of which has the potential to result in significant costs.
“The Committee appreciates the Scottish Government’s intention to co-design the service with those most closely affected. That work could, however, have been undertaken prior to the introduction of primary legislation.
“Major Bills should not be implemented via secondary legislation, or through business cases, which cannot be subject to the same in-depth, formal scrutiny as Financial Memorandums to bills.
“The significant gaps highlighted throughout our report have frustrated the parliamentary scrutiny process.
“We are therefore calling for a revised Financial Memorandum, with detailed costings, at least two weeks before Parliament considers the Bill at Stage 1.”
Independent Living Fund (ILF) Scotland, the public body that provides funding support to young disabled people living in Scotland, has awarded over £10m of funding to more than 5,000 people through its life-changing Transition Fund over the past five years.
ILF Scotland marks these milestones ahead of the United Nations International Day of Persons with Disabilities (03 December) whose theme for 2022 is Transformative solutions for inclusive development: the role of innovation in fuelling an accessible and equitable world.
The Transition Fund, administered by ILF Scotland, is for disabled people aged between 16 and 25 and aims to help young people develop their independence, confidence, and participation within their communities. Since 2017, funds have been used for new activities and experiences that will improve the transition period from childhood into adulthood.
The Transition Fund’s 5-year anniversary and achievements of the young people who have benefited from this transformative funding were celebrated at an event on 30 November at the Glasgow Science Centre.
This was attended by nearly 200 young disabled people and their families from across Scotland and supported by Maree Todd MSP, the Scottish Government’s Minister for Public Health, Women’s Health and Sport.
Peter Scott OBE, ILF Scotland Chief Executive Officer,commented:“We are proud to celebrate five years of the Transition Fund, which has had a profound impact on more than 5,000 young disabled people from across every local authority in Scotland.
“The theme of International Day of Persons with Disabilities 2022 holds so much meaning to us and our recipients. Our funding support is truly transformative, helping to enhance confidence, independence and participation in Scotland’s communities and society at large, with a real drive towards ‘trying something new”.
“Since its inception in 2018, we have provided funding support to young disabled people across every Local Authority in Scotland. The number of applications and the value of funds awarded increased during the COVID-19 pandemic, with more young disabled turning to the Transition Fund for support.
“ILF Scotland also reported a rise in community participation after receiving funding from those young disabled people otherwise at risk of isolation.”
Maree Todd MSP, Minister for Public Health, Women’s Health and Sport added: “It was a real privilege to join ILF Scotland in celebrating the achievements of young people and the first five years of the Transition Fund.
“The Scottish Government fully recognises the challenges that many young disabled people experience as they transition to adult life and we are determined to improve the support offered to young people during this important period of their lives.
“I am therefore delighted to announce the launch of the ILF Scotland Transition Fund Technology Grant. This grant will be easy to apply for and offers the applicant the opportunity to get an iPad, a Surface Go 3 tablet or a Chromebook laptop to enable them to overcome digital isolation and connect with online and physical communities.”
New for 2022, the Technology Grant has been introduced to build on the Transition Fund’s financial support and meet demand from those applying for technology to help them stay connected. ILF Scotland staff can offer guidance to those applicants requiring specific technology as part of this new support.
A memorial pole brought to Scotland nearly a century ago will be returned to its place of origin in what is now British Columbia, Canada.
The House of Ni’isjoohl Memorial Pole has been on display in what is now the National Museum of Scotland since 1930. During a visit from a delegation of Nisga’a representatives to Edinburgh in August, a request for its transfer to the Nisga’a Nation was made.
The request was formally agreed by the Board of Trustees of National Museums Scotland and subsequently approved by the Cabinet Secretary for the Constitution, External Affairs and Culture.
Dr Chris Breward, Director of National Museums Scotland said: ““We are committed to promoting understanding and dialogue with respect to those parts of the Museum’s collection associated with our nation’s colonial history and its difficult legacies.
“The fact that our Trustees have agreed to this request demonstrates our readiness to act on this commitment. We are pleased to have reached this agreement and to be able to transfer the Memorial Pole to its people and to the place where its spiritual significance is most keenly understood. We hope this is not the end of the process but the next step in a fruitful and ongoing relationship with the Nisga’a.”
Sim’oogit Ni’ijoohl (Chief Earl Stephens) of Nisga’a Nation said: “In Nisga’a culture, we believe that this pole is alive with the spirit of our ancestor. After nearly one hundred years, we are finally able to bring our dear relative home to rest on Nisga’a lands.
“In means so much for us to have the Ni’isjoohl memorial pole returned to us, so that we can connect our family, nation and our future generations with our living history.”
Ian Russell, Chair of the Board of Trustees of National Museums Scotland, said: “The decision to transfer objects which are in our care is not to be taken lightly. Following careful consideration in line with our Procedure for Considering Requests for the Permanent Transfer of Collection Objects from Non-UK Claimants, the Board approved the request.
“Having subsequently sought and now received the required approval from the Scottish Government, we have informed the Nisga’a Nation and will now begin to make arrangements for the transfer of the Pole to the Nisga’a Museum.”
Cabinet Secretary for the Constitution, External Affairs and Culture, Angus Robertson said: “I welcome the decision taken by National Museums Scotland’s Board of Trustees to return the Ni’isjoohl memorial pole to its place of origin. It follows a deeply moving recent meeting with the Nisga’a delegation when they came to Scotland to explain the huge importance of the pole to their culture, people and community.
“I would like to thank National Museums Scotland’s Board for their speedy but careful consideration of the request and for reaching such a positive outcome and also the Nisga’a delegation for helping us to understand the memorial pole’s history and importance to them.
“It has been a pleasure to give the required ministerial consent to enable National Museums Scotland to proceed with the transfer of ownership to the Nisga’a Museum”
Sigidimnak’ Nox Ts’aawit, Dr. Amy Parent, Canada Research Chair in Indigenous Education and Governance, Tier 2, said:
“Our hearts have been moved with the commitment to return our family’s cultural treasure, which enables us to create a new story to re-right a colonial wrong with the honour, dignity and solidarity of the Scottish Peoples who are walking beside us on our decolonizing journeys.”
Following the decision, staff at National Museums Scotland will begin planning the complex task of safely removing the 11-metre pole from its display location and preparing it for transport to British Columbia.
The Ni’isjoohl Memorial Pole was carved from red cedar in 1855 by artist Oyea Tait and his assistant carver, Gwanes, in memorial of Ts’aawit, a Nisga’a chief of British Columbia, Canada. It shows a series of interlocking figures relating to Ts’aawit’s family history through his ancestors, family crests, and his clan.
The pole originally stood in front of the house of Ts’aawit’s relatives in Ank’idaa village on the Nass River. Today the Nisga’a Memorial Pole is on display in the Living Lands gallery at the National Museum of Scotland.
In 1929, Marius Barbeau purchased the pole from its Nisga’a owners on behalf of the Royal Museum of Scotland, which later became the National Museum of Scotland. It went on display the following year. Barbeau was an ethnographer and curator at the National Museum of Canada from 1911-1949.
On Wednesday, 30 November, officers from Musselburgh and Edinburgh carried out a pre-planned operation in the Drylaw area of Edinburgh, resulting in the arrest of a 16-year-old male youth.
He was charged with a number of offences, including a series of housebreakings, theft of motor vehicles and drug offences.
The offences took place across East Lothian, West Lothian, Edinburgh and Falkirk areas between September and November 2022.
He was due to appear at Edinburgh Sheriff Court yesterday (Thursday, 1 December).
Detective Inspector Laura White, Lothian and Scottish Borders CID, said “You may be aware of appeals we have issued locally over the past few weeks about housebreakings and thefts of high-performance vehicles.
“We are grateful for the support we have had from members of the public that has assisted us in our investigations. Housebreaking is a particularly upsetting crime for the families involved, and the subsequent misuse of the stolen vehicles on our roads places us in danger.
“We are committed to working together to identify those responsible and bring them to justice as part of our ongoing commitment to tackling acquisitive crime.”
If anyone wishes to report any suspicious activity in the local community to Police, please contact us via 101 or anonymously via Crimestoppers on 0800 555 111.
December and January are common months for children to confide in Childline about abuse for the first time
Childline, which is run by children’s charity NSPCC, has been called the ‘fourth emergency service for children’ by its founder Dame Esther Rantzen
The helpline for children stays open 24/7 all year, even on Christmas Day
Charity relies on volunteers and public donations as two children a minute contact the service
Over the past year Childline has delivered 15,515 counselling sessions to children across the UK, including more than 600 in Scotland, where they have spoken about the abuse they have suffered or are experiencing.
In 2,267 of those counselling sessions children revealed abuse for the first time, ever.
And of these, a fifth of disclosures took place during December 2021 and January 2022, with the youngest child just nine years old.
As the Christmas school holidays are fast approaching the charity is gearing up to keep its 13 Childline bases open 24/7 over the festive period, so they can be there whenever a child chooses to disclose.
When children talk about the sexual, emotional, physical or domestic abuse affecting them for the first time with Childline counsellors, often the same emotions and feelings are described. These include shame, being scared, or worried they were the ones that had done something wrong. Others shared they didn’t know how to tell adults in their life.
In the last year, the counselling service run by the NSPCC, has also seen:
A 20% increase in the number of children under 11 being counselled for sexual abuse, when compared to the year before.
More boys revealing online sexual abuse – 45% more than the year before.
Last December a 12-year-old girl from Scotland told a Childline counsellor:
“There is a lot of trouble in my house and I want it to stop. Mum and dad are always shouting, fighting and dad hits mum. Dad smashed the house up today and I was sent upstairs, but I could hear everything. I could hear mum crying – none of this is her fault. I want him to go. Everyone says, ‘Happy Christmas’ but mine was horrible.”
And a 16-year-old girl from Scotland revealed: “My mum’s been really abusive with me lately and I can’t imagine spending the Christmas holidays with her. I need to focus on revising for my mock exams during the school break, but I know this won’t be possible in such a toxic environment.
“She makes me feel like a burden and threatens to kick me out if I get out of line. I’ve tried telling her how she makes me feel, but she just deflects it and makes me feel guilty for bringing it up. I don’t know how I’ll cope and I worry for my mental health.”
The NSPCC is releasing its latest Childline data about abuse as it launches its ‘Be here for children’ Christmas appeal, which shows why it is vitally important Childline stays open over the festive period, as statutory services close down.
The charity is growing increasingly concerned to see the number of children needing support, in particular for abuse and neglect, when the system is struggling to cope, and the cost-of-living crisis will likely leave more families needing help this Winter.
Last year, Police Scotland recorded more than 5,500 crimes of child sexual abuse. The NSPCC says this data underlines the importance of the Scottish Government making child protection a national priority in 2023.
Amber (not her real name) was sexually abused by a family member when she was 9 years old. She’s been working with the NSPCC to raise awareness of child abuse and the importance of speaking out.
She said: “Christmas was just another day to me, and I resented it. It’s a time usually considered for family and celebration. But for me, it felt like a very dark and lonely place, and ultimately, it meant having to spend time with my abuser.”
Amber can’t remember why she decided to call Childline and speak out about the abuse she was experiencing, but knew she needed someone to help her.
“I couldn’t find the words to tell my mum. But Childline finally made me feel like someone understood. When you disclose, the one big fear is that no-one will believe you. But the counsellors I spoke to were so empathetic, helpful, and kind. They knew I was telling the truth. And they gave me that bravery, that reassurance that people would believe me, and that I was doing the right thing by speaking out.”
In its new TV advert, the NSPCC highlights that on average, two children a minute contact Childline. For these children, Christmas can be the worst time of year.
The advert is based on real calls from children. Through three seemingly ordinary family scenes at Christmas we see what’s really going on for the children, with stories of loss, domestic abuse, and sexual abuse.
Dame Esther Rantzen, Founder of Childline said: “I truly believe Childline is the fourth emergency service for children. We are there when children disclose abuse, we are there when they are feeling suicidal, we are there 24/7 when others aren’t.
“Our service relies heavily on volunteers and donations to be here for children, and like everyone else we are starting to feel the effects of the cost of living.
“Every minute, two children will contact us, and its vital no call goes unanswered, particularly over Christmas when most services close leaving those children who are struggling isolated and scared.”
“It is essential that Childline is here as a vital lifeline for those children and that they can get the help they need and deserve even on Christmas day.”
Peter Wanless, CEO of the NSPCC, said:“The Christmas holidays can be one of the most difficult times of the year for children, and they often need somewhere to go to confide. It is vitally important they know that Childline is here for them throughout the holidays to provide free and confidential help and advice.
“It is crucial that everyone recognises they have a part to play when it comes to keeping children safe from abuse, including government. 2022 has been a year where the importance of child protection has come to the forefront, 2023 needs to be the year of meaningful change.”
Help us be here for all children this Christmas by visiting the NSPCC website to donate. Together, we can keep children safe
The Childline service is here for children every day, even on Christmas Day. Children can contact Childline 24 hours a day, 7 days a week, 365 days a year.
When a child needs help, Childline can be a lifeline. When a child feels like they have nowhere else to turn to, it’s vital that the NSPCC is here, ready to listen and support children across the UK.
This year’s Small Business Saturday takes place on 3rd December and it is an opportunity to support and promote small businesses in Scotland.
To celebrate Scottish knitwear, Dovecot Studios has invited local designers to take over the pop-up space in-store.
Highlights include Custom Loop, an app developed by Jeni Allison which enables people to personalise knitted scarfs or baby blankets, gansey knits by Di Gilpin, machine knits by Jennifer Kent, and cashmere throws by Kinross-based Todd and Duncan.
Jeni Allison, a knitwear brand based in Edinburgh, utilises and celebrates the historic successful innovation in knitwear which Scotland is famous for by creating contemporary garments and accessories. Orders can be placed in-store and online.
The creator, Jeni Allison, said: “Whilst working for a luxury knitwear manufacturer in the Scottish Borders I saw an opportunity to develop a product which would allow customers to design their own knitwear whilst also making knitwear manufacturing more sustainable.
“Custom Loop is a web-based application which makes it easy for people to customise knitted products and for factories to make the knitted goods to order, eliminating waste from excess stock. By having an input into the design of the product customers also feel more emotional attachment to it, and hopefully keep it longer as a result.
“Running my business through the pandemic and now during the cost of living crisis, is challenging, and a main benefit of Custom Loop is I only pay for stock which has already been purchased, making my business both more environmentally and financially sustainable.
“It’s really important that places like Dovecot exist to introduce the work of small businesses to a larger like-minded audience, especially as social media reach is getting smaller and smaller for small businesses.”
Shoppers will find a variety of brands such as Jennifer Kent studio, which specialises in modern knitwear, accessories and interior products and the Fife-based Di Gilpin, which creates one-off pieces and special commissions desired by private clients, fashion designers, and the catwalk, with a single Di Gilpin garment requiring as long as two months to complete!
The pop-up at Dovecot will also feature Todd and Duncan, founded in 1867: a Kinross-based brand that specialises in cashmere and uses traditional methods with a modern approach. Today they are the only Scottish spinner offering cashmere yarn to fashion houses and quality manufacturers worldwide.
The pop-up coincides with Dovecot’s exhibition; KNITWEAR CHANEL to Westwood. The exhibition showcases over 150 inspirational knitwear pieces from the collection of Mark and Cleo Butterfield as well modern Scottish pieces from the Studio of Di Gilpin and La Fetiche.
Outwith the pop-up, shoppers can find gift ideas produced by Scottish makers and business, including a selection of jewellery, textiles, books, cards, homeware and Edinburgh Printmaker prints – to name a few.
From next month Dovecot will also be introducing a selection of stock produced by Garvald members – a creative community and charity supporting adults with learning disabilities made here in Edinburgh.
The pop-up shop will remain open up until March 2023.
Sarah Boyack Scottish Labour MSP for Lothian region will be at Dovecot Studios this Saturday and she encourages people in Edinburgh to join her.
She commented: “Scotland’s culture organisations are facing ‘a perfect storm.’ Before they even got a chance to recover from the pandemic, they have been hit hard by soaring bills and the chaos of the cost of living emergency.
“The impact on individual artists and makers is unimaginable. In a hostile economic environment, most people can hardly keep afloat, let alone run a viable, small business. The pressures are huge.
“It’s fantastic that Dovecot Studios gives local brands inspired by and celebrating Scotland’s rich cultural heritage and provenance the opportunity to showcase and sell the products right here in Edinburgh.
“Small businesses will face ‘a bleak winter’ – unfortunately, there will be many people who, no matter how much they want to support local makers, they simply can’t afford to do so.
“But if you can, Scotland has a remarkable tradition in arts and crafts – this Small Business Saturday is an excellent opportunity to support them.”
Musselburgh Racecourse will see out 2022 with two Christmas racedays on Mondays 5 and 19 December before preparing for an expected sell-out occasion on New Year’s Day.
The Festive Jumps meeting on Monday (5 December) is an £80,000 seven race card with the feature race the two-mile Everyrace Live on Racing TV juvenile hurdle, supported by a £15,000 three mile handicap hurdle.
Members of the neighbouring Elite Loretto Choir will get racegoers into the festive spirt with a selection of seasonal tunes and representatives from the East Lothian Foodbank (ELF) will be at the racecourse to raise funds.
Supported by the Trussell Trust, ELF are working to provide Christmas boxes for local families to ensure they have the ingredients to enjoy a festive meal. As part of a continued partnership with ELF, the racecourse will provide a free adult ticket to the race meeting on Tuesday 3January for all recipients living in the Musselburgh area.
The £50,000 Christmas Jumper Race Day on 19 December is another seven race card with the feature race the £10,000 Watch on Racing TV novice handicap chase over 2 miles 4 furlongs. Musselburgh staff will be wearing Christmas jumpers and are encouraging race goers to do the same, with prizes for the best festive jumpers.
Aisling Johnston, Musselburgh Racecourse marketing manager, said: “Monday racing in the run up to Christmas can be a nice escape from the frenzy of city centre shopping, but we will be doing our bit to spread good cheer and to get race goers in to the festive spirit.
“We are happy to welcome again East Lothian Food Bank and to support them supporting local families, and we are delighted that the talented choir from neighbouring Loretto School will be here on 5 December.
“At our meeting on 19 December we are hoping to see lots of race goers sporting Christmas jumpers at what will be our last race day of 2022 before we prep for the big meeting on New Year’s Day.”
Gates open on both days at 11am and general admission tickets priced £20 can be purchased online by visiting www.musselburgh-racecourse.co.uk
Economic Secretary, Andrew Griffith MP, hailed the crucial role Scotland plays in maintaining the UK’s position as a world leader in financial services as part of a speech given in Edinburgh today.
He also visited Scottish Widows following insurance industry reforms which could unlock over £100 billion of investment in UK infrastructure and green projects, including in Scotland.
Economic Secretary Andrew Griffith was in Edinburgh today, where he hailed the success of Scotland’s financial services sector and the strength of the Union.
Speaking at TheCityUK’s Annual Conference, the minister praised the energy and vitality of Edinburgh, the second biggest financial hub in the UK, with one seventh of Edinburgh’s workers – 50,000 people – employed by the sector.
Mr Griffith then visited life insurance and pensions firm, Scottish Widows, following reforms to regulation (Solvency II), which could unlock over £100 billion of investment in the UK over the next ten years, boosting infrastructure, green growth and Scottish jobs.
Economic Secretary to the Treasury, Andrew Griffith said: ““Scotland’s economy makes a crucial contribution to maintaining the UK’s position as a leading global hub for financial services – with Edinburgh and Glasgow the two largest clusters outside of the City of London.
“Our reforms to Solvency II have the potential to unlock over £100 billion of investment into the UK economy, including in Scotland – in things like infrastructure and sustainable energy.
“We are committed to maintaining the UK’s place as one of the most open and dynamic markets in the world – and will set out further plans for ambitious reform, in the coming weeks.”
Craig Thornton, Chief Investment Officer, Scottish Widows: “By working together the insurance industry, Government and the Prudential Regulation Authority will now be able to unlock a significant investment boost for the UK economy, while continuing to help people secure their financial futures.
“Scottish Widows has already invested around £3bn in social housing projects across the UK, however we will be able to invest billions more in projects which are vital to the growth of the economy and the transition to net zero.
“We’re looking forward to moving on to the next stage of the reform process at pace, which includes working with Government to accelerate the vital work of identifying suitable investment opportunities in the UK which will benefit from the recently announced changes.”
Solvency II is a set of regulations dictating how much financial reserves insurers have to hold against the risks included in their policies. It also dictates how they are required to report these risks to regulators.
The rules were implemented in 2016, and were a compromise between EU member states. Leaving the EU has enabled us to reform these rules to suit the unique features of the UK insurance market.
At the Autumn Statement, the Chancellor announced steps to reform the legislation that would unlock over £100 billion of investment in UK infrastructure, and drive down prices of life insurance products for consumers.
These included:
A 65% reduction in the risk margin for life insurers, and 30% reduction for general insurers. This will help free up capital on insurers balance sheets.
A significant increase in flexibility of the matching adjustment – freeing up money for long-term assets such as infrastructure.
A meaningful reduction in the current reporting and administrative burden on firms, such as doubling the thresholds at which the regime applies.
These steps act as a first course of the Government’s ambitious agenda to seize on our Brexit freedoms and reform our world leading financial services sector, so that it works in the interest of British people and consumers.
They also build on the measures within the Financial Services and Markets Bill – which grants the UK the power to repeal and replace hundreds of pieces of burdensome EU laws; protects access to cash for communities in Scotland; and compensate the victims of APP fraud.
