The Chancellor to convene first meeting of the British Infrastructure Taskforce to boost infrastructure investment.
Experts from some of the UK biggest finance institutions including HSBC, Lloyds and M&G will, alongside wider industry engagement, advise government on a long-term infrastructure investment strategy to benefit every corner of the UK.
Follows launch of a new body that brings infrastructure strategy and delivery together to address the systemic delivery challenges that have stunted growth for decades.
Private finance experts will meet the Chancellor at No11 Downing Street today to boost investment in infrastructure and drive growth nationwide.
Rachel Reeves will convene the inaugural meeting of the British Infrastructure Taskforce as part of a new approach that involves government working with business to design policy that will unlock private investment, including by building business confidence in UK infrastructure investments.
The Taskforce will explore different options to support the Government’s infrastructure goals to drive growth for the whole of the nation, and some of the UK’s biggest financial companies including LLoyds, HSBC, and M&G will be in attendance.
This Government has committed to turbocharge infrastructure investment across the width and breadth of the UK. Invitees have been selected to ensure a wide range of experience and expertise in UK infrastructure. This marks a significant shift in approach, with key businesses and stakeholders invited to work with the government to support the delivery of its infrastructure agenda.
It follows the announcement to launch a newly formed National Infrastructure and Service Transformation Authority (NISTA) which will bring a much-needed oversight of strategy and delivery under one roof, revolutionising the UK’s approach to infrastructure projects.
The NISTA will support the development and implementation of the ten-year infrastructure strategy in conjunction with industry which was outlined for the first time last week by the Chief Secretary Darren Jones.
The Chancellor of the Exchequer Rachel Reeves MP said:“Increasing investment in infrastructure is a vital part of delivering on our number one mission to grow the economy and create jobs.
“Just days after our International Investment Summit, we are delivering on our promise to work with business to drive growth across the country, and the expertise of this Taskforce will be invaluable in the weeks and months ahead.”
Chief Secretary to the Treasury Darren Jones MP said: ““We are serious about ending the cycle of underinvestment that has plagued our infrastructure systems for over a decade. The best way to do that is to design the solution with business in the room. That’s what this taskforce is all about.”
The Taskforce will meet regularly, offering insights that deliver long-lasting solutions for job creation, growth, and environmental goals.
This builds on the success of the International Investment Summit, which saw hundreds of top international investors attend the event, £63bn of confirmed investment into Britain, along with the launch of the £27.8 billion turbocharged National Wealth Fund.
Tracy Blackwell, CEO, PIC said:“We have a huge amount to invest and we want to invest more in Britain. There is no shortage of capital that can support the British economy’s capacity to grow.
“The right combination of policies and ideas will unlock that capital and boost growth. From planning reform and better use of public sector pension funds to a streamlining of institutions and regulations, there is a lot that Government can do to crowd in more private investment and deliver social value.
“It’s great to be in an ongoing conversation with the Chancellor about taking that agenda forward.”
Andrea Rossi, CEO, M&G plc said:“M&G has been an active investor in the UK for 175 years. Of the £100 billion M&G invests in the UK, infrastructure remains a core part of delivering sustainable returns for our savers, clients and shareholders.
“The UK’s clear focus on infrastructure presents a significant opportunity to deliver economic and social progress and we are delighted to contribute our expertise.”
Deepa Bharadwaj, Head of Infrastructure Europe, IFM Investors said: ““IFM is a major global infrastructure investor, a major investor in the UK, and is owned by pension funds.
“We look forward to solutions-based discussions that can unlock new investment across UK infrastructure sectors and themes”.
Stephen Cohen, Chief Product Officer, Blackrock said:“There’s a rapidly growing pool of capital to invest in infrastructure, but deploying it requires pragmatism in policy.
“We’re pleased to be working with the government in identifying policies that will support private investment.”
Charlie Nunn, CEO, Lloyds Banking Group said:“At Lloyds Banking Group, we are committed to helping the UK deliver the infrastructure the country needs, supporting jobs and growth.
“We welcome the British Infrastructure Taskforce’s focus on increasing investment in UK infrastructure and addressing some of the fundamental barriers that have existed to date.
“As the UK’s leading bank for project finance, we will work closely with the government in the development of this taskforce, ensuring the work supports communities, businesses, and industries across the regions and nations of the UK.”
Anne Richards, Vice Chair, Fidelity International said:“We have a shared ambition to drive growth in the UK by unlocking investment in infrastructure for the benefit of savers.
“Our best opportunity to achieve that is through collaboration with government and the industry.”
Andy Briggs, CEO, Phoenix Group said: “Over the last three decades there has been an underinvestment in the UK economy compared to other developed nations. I am delighted there is a growing consensus that in order to grow we need to work together to invest.
“The British Infrastructure Taskforce provides the opportunity for business and government to work on shared priorities, help finance the social and economic infrastructure the country needs for the future, and give potential for better returns for pension savers.”
The following attendees of the first Taskforce meeting discussed investment opportunities, financial mechanisms, and strategies to maximise economic value:
OVER 178 MILLION FREE BUS JOURNEYS MADE IN SCOTLAND IN 2023/24
ENGLAND’S ELDERLY WAIT AN ADDITIONAL SIX YEARS FOR FREE BUS PASS
SNP MSP for Edinburgh Pentlands Gordon Macdonald has welcomed figures showing 35,785,216 free bus journeys have been made in Edinburgh this year, thanks to the SNP protecting free bus passes for the over 60’s and those with disabilities, as well as introducing free bus travel for the under 22’s.
In Scotland, the SNP Government has consistently protected free bus passes for everyone over 60, and disabled people, while also extending the scheme to injured veterans. By contrast, in England, pensioners only receive their free bus pass upon reaching the state pension age of 66 – six years later than is the case in Scotland.
The free bus travel scheme for under 22s, introduced in 2022, is helping young people across Edinburgh access work, education, and further training, free of charge. No equivalent scheme exists anywhere else in the UK.
In Edinburgh 35,785,216 free bus journeys have been made under these schemes in 2023/24, contributing to the over 178 million free journeys recorded across Scotland this year.
Commenting, MSP for Edinburgh Pentlands Gordon Macdonald, said:“The delivery of almost 36 million free bus journeys across Edinburgh this year is a fantastic achievement, that demonstrates the SNP Government’s commitment to improving mobility for our youngest, oldest, and most vulnerable citizens.
“These free bus passes are a lifeline for many, helping people access essential services, education, and employment.
“While the UK Labour Government is determined to strip pensioners of their Winter Fuel Payment – the SNP Government is supporting our pensioners by protecting the free bus pass from age 60 – unlike in England, where it’s issued at age 66.
“While the UK Labour Government is busy increasing tuition fees in England, we’re supporting our young people by introducing free bus passes to support them going to work, school, education or further training.
“The SNP is committed to continuing to support all of Scotland – and it’s important to celebrate the difference that SNP policies are making here in Edinburgh, with 35,785,216 of free bus journeys made this year under the free bus travel schemes – part of over 178 million free bus journeys made across Scotland this year.”
25% increase in confirmed “Theft of Gas” cases last year
Stealing gas/electricity adds an extra £50 to energy bills*
Britain’s gas distribution networks (GDN) have joined forces with Stay Energy Safe, (powered by Crimestoppers) to raise awareness of the dangers of the ‘Theft of Gas’.
A new hard-hitting video has been produced for the campaign, showing a father tampering with their gas meter and is about to put his whole family in danger. The video has been shared through social media channels with the aim to raise awareness and hopefully make the illegal practise socially unacceptable.
The campaign will run throughout the winter and is supported by the gas industry to help people understand the dangers of tampering with a gas meter, what to look for and how to report it anonymously if you suspect theft.
Dave Garner, Director of Safety at gas distribution network Cadent said: “We want to make gas theft socially unacceptable, regardless of circumstances or situation – safety always comes first.
“Theft of gas has been around for a long time. However, we have seen a 25% increase in confirmed cases of theft of gas in the past year. We are concerned that the increase is part of the cost-of-living challenges we are all facing.
“The fact is, it is dangerous to tamper with your gas meter and only a qualified Gas Safe registered engineer should work on a gas meter or gas pipes.
“We are pleased to be working in partnership with Northern Gas Networks, SGN and Wales & West Utilities to bring this vital campaign to the forefront of everybody’s minds.”
What to look out for:
A gas meter should be flush against a hard surface with the on/off handle on the left-hand side. There should be a gas pipe coming from outside into the gas meter and one pipe going into the property and its appliances. If you see anything different from this, it could be that the meter has been tampered with and they are trying to steal gas.
Who to call:
Call the Stay Energy Safe service free on 0800 023 2777 or fill in the simple online form at www.stayenergysafe.co.uk. You can remain 100% anonymous.
Mark Loveday from Retail Energy Code Company, the not-for-profit organisation that owns and manages the key rules for operating in the GB retail energy market, and works with the energy industry to reduce energy theft, said: “The industry has seen an increase in reports of suspected gas theft over the years. Stay Energy Safe received 2,916 reports between April 2023 and March 2024. This figure has increased by 46% compared to April 2021 – March 2022.
“These figures are concerning, and we encourage people, ‘If you suspect it, report it 100% anonymously to Stay Energy Safe’. Gas meter tampering takes lives and it’s not worth it.”
In addition, all GDNs are reinforcing the dangers and signs of gas theft to its engineers during the campaign. They’re reminding colleagues of the issues to spot when working in the community to help identify any theft and keep the public safe.
Providers will have to ensure lending is affordable – stopping users from accumulating unmanageable debt
Rules deliver better protection for shoppers and clarity for innovative sector after years of uncertainty
Millions of shoppers are set to be protected by new rules for Buy-Now, Pay-Later products.
Buy-Now, Pay-Later products have become increasingly popular in recent years as they allow people to spread the cost of purchases over time, but users currently do not have access to a range of key protections provided by other consumer credit products.
The Government has today launched a consultation on proposals to fix this by bringing Buy-Now, Pay-Later companies under the supervision of the Financial Conduct Authority (FCA) and applying the Consumer Credit Act, ensuring users receive clear information, avoid unaffordable borrowing, and have strong rights when issues arise.
Economic Secretary to the Treasury Tulip Siddiq said: “Millions of people use Buy-Now, Pay-Later to manage their finances, but the previous government’s dither and delay left them unprotected.
“We promised to take action before the election and now we are delivering. Our approach will give shoppers access to the key protections provided by other forms of credit while providing the sector with the certainty it needs to innovate and grow.”
The new rules will allow the FCA to apply rules on affordability – meaning that Buy-Now, Pay-Later companies will have to check that shoppers are able to afford repayments before offering a loan, which will help to prevent people building up unmanageable debt.
Companies will also need to provide clear, simple and accessible information about loan agreements in advance so that shoppers can make fully informed decisions and understand the risks associated with late repayments.
Consumer Credit Act information disclosure rules will be disapplied so that the FCA can consult on bespoke rules that ensure users are given this information in a way that is tailored to the online setting in which Buy-Now, Pay-Later products are generally used.
Buy-Now, Pay-Later users will be given stronger rights if issues arise with products they purchase, making it quicker and easier to get redress. This includes applying Section 75 of the Consumer Credit Act, which allows consumers to claim refunds from their lender, and access to the Financial Ombudsman Service to make complaints.
Rocio Concha, Which? Director of Policy and Advocacy, said: “Which? has been a leading voice calling for the regulation of Buy Now Pay Later for years so it’s positive that new rules are coming in that should provide much-needed protections for users of these products.
“Our research found that many BNPL customers do not realise they are taking on debt or consider the prospect of missing payments, which can result in uncapped fees, so clearer information about the risks involved as well as the use of affordability checks and options for redress would be a win for consumers.
“We are keen to see legislation quickly passed to ensure that BNPL users are protected as strongly as consumers using other credit products.”
Sebastian Siemiatkowski, Co founder and CEO of Klarna, said: “Congratulations to Tulip Siddiq and the government on moving quickly!
“They have been working with the industry and consumer groups long before coming into office. We’re looking forward to carrying on that work to put proportionate rules in place that protect consumers while fostering growth.”
Michael Saadat, International Head of Public Policy at Clearpay said: “We welcome today’s update from City and FinTech Minister, Tulip Siddiq, on BNPL regulation.
“It is encouraging that HM Treasury has listened to industry feedback and evolved the previous framework to ensure a more proportionate approach to regulation.
“We have always called for fit-for-purpose regulation that prioritises customer protection, delivers much-needed innovation in consumer credit and that sets high industry standards across the board.
“We will continue to support the Government and the FCA to deliver fit-for-purpose regulation that ensures consumers are protected in a way that supports the UK’s thriving FinTech sector.”
Chris Woolard, Author of the 2021 Woolard Review, which looked at change and innovation in the unsecured credit market, said: “Today marks a significant milestone for consumer-focused financial regulation.
“The proposed package of regulation would implement the recommendations of the Review and mean millions of people up and down the UK will benefit from stronger financial protection as they borrow using BNPL, especially the most vulnerable in society. The incoming regulation will also provide long-term certainty and standards for the market.”
The consultation will be conducted quickly – closing on 29 November – to reflect the urgent need for action to protect consumers.
Final legislation is expected to be laid in Parliament in early 2025. Once the legislation is laid, the FCA will finalise the rules so they can take effect in 2026 – bringing clarity to the sector after years of uncertainty about how it will be regulated.
This follows the Prime Minister saying he would remove regulation that needlessly holds back investment and growth. Today’s announcement brings in much needed regulation that stops people spiralling into debt.
Justin Basini, Co-Founder and CEO of The ClearScore Group said: “We welcome this consultation to bring Buy-Now, Pay-Later borrowers under the same protections and creditworthiness assessments as other mainstream financial products such as credit cards and loans.
“It is a sensible step in ensuring that this new, important form of credit continues to provide much-needed flexibility for consumers while also managing any risks.”
Scotland’s leading Armed Forces charity, Poppyscotland, has put out a call for volunteers to step forward and make a difference across Edinburgh.
Every year, Poppyscotland runs the iconic Scottish Poppy Appeal, which provides the nation with the national symbol of Remembrance, the four-petalled Scottish Poppy.
Hundreds of volunteers step up annually to help organise the Scottish Poppy Appeal in their local area, volunteering their time to help distribute poppies and collecting tins, and arrange collections at supermarkets, shopping centres and other key locations.
This year, volunteers are needed in the capital to help organise the Appeal, with dedicated support from the Poppyscotland team. The charity is seeking members of the community, a community group, school, local business, or anyone who wishes to make a difference to Scotland’s Armed Forces community in the city.
The money raised during the Scottish Poppy Appeal goes directly to Poppyscotland’s Welfare services, supporting veterans, those still Serving and their families at times of need. This could include, for example, providing an emergency grant to stop a veteran losing their home, funding housing adaptations so that a disabled veteran can continue to live with their family, and much more.
Current Poppyscotland volunteer, Eilidh, said: “It has been really interesting getting to meet people who have Served or have had family Serving. They provide the most incredible stories. People just want to talk to you when they see you volunteer with Poppyscotland, so it never gets boring.
“Poppyscotland are amazing and have supported me with every step. Any time I have a slight worry or confusion, they’re there to help me out and they are some of the friendliest people I’ve met. I’ve loved everything about my experience to date.”
Poppyscotland’s Head of Fundraising and Learning, Gordon Michie, said: “Every year, we are so grateful for the generous support of the public. But our volunteers are the strength behind the Scottish Poppy Appeal. Their tireless dedication and professionalism means that the national symbol of Remembrance can be found across the nation.
“We have a dedicated team that look after our volunteers. This makes volunteering for Poppyscotland easy and stress free. But we need you to step forward so that we can continue to change lives for the better.”
Emergency donation of £250,000 to support relief efforts
Humanitarian aid efforts in the Middle East will receive funding of £250,000 in response to a Disasters Emergency Committee (DEC) Appeal.
DEC, Scottish Catholic International Aid Fund (SCIAF) and Mercy Corps will use the funding to support humanitarian activities as the situation in the region continues to deteriorate.
£200,000 will contribute to a fund shared between DEC’s 15 member organisations helping to provide food, water, medical assistance and shelter to displaced people in the region. SCIAF and Mercy Corps will each receive £25,000 to support aid activities.
First Minister John Swinney said: “Thousands of innocent people have been killed in the crisis in the Middle East, with millions more displaced and left without certainty about how to access to shelter, food, clean water and medical care.
“The humanitarian crisis in the Middle East continues to deepen and spread, and an immediate ceasefire and de-escalation of conflict is needed to prevent more innocent lives being lost and bring an end to the unimaginable suffering this conflict has caused.
“Urgent humanitarian aid must be provided to all those who need it, and this contribution from the Scottish Government will assist the Disasters Emergency Committee, SCIAF and Mercy Corps in ensuring it reaches as many people as possible. Members of the public can also pledge support and make donations to the DEC Appeal in a variety of ways and I would urge everyone to consider donating if they are in a position to do so.”
The DEC appeal for the Middle East launched today (17 October 2024).
Details are available on the DEC website for how to donate to the Appeal.
As a coalition of organisations that support vulnerable children and young people, we are deeply concerned in relation to proposed budget cuts to City of Edinburgh Council’s inclusion services.
There has been a massive increase in the number of pupils in Scotland’s schools identified with additional support needs (ASN), such as autism, dyslexia and mental health problems. In Edinburgh, this has seen the number of pupils with ASN almost treble in number between 2013 and 2023.
It has been estimated that over 40 per cent of primary school and over half of secondary school pupils in the capital now have an ASN.
Unfortunately, the necessary resourcing required for this group has not increased. For example, the number of ASN teachers in Edinburgh’s schools has declined by four over the period 2013 to 2023, from 170 to 166, despite the massive increase in the number of pupils with ASN.
Any further axing in staff, who are already overstretched and under-resourced, in supporting these pupils will prove absolutely devastating.
This will impact not only them, but also fellow pupils who will face reduced teaching time given the need to support those with ASN, as well as putting even more pressure on teachers and support staff.
We would urge City of Edinburgh Council to reconsider its approach, as this sticking plaster solution of budget cuts will simply lead to reduced life chances for these individuals, with the resultant impact on society and the economy.