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.”
UK government accelerates “skills passport” and with Scottish Government strikes deal for Great British Energy to work with Scottish public bodies
Energy Secretary visits Aberdeen as UK and Scottish Governments partner to make billions available in funding across the UK including for Scotland’s clean energy industry
UK and Scottish Governments strike new deal for Great British Energy to work with Scottish public bodies to support clean energy supply chains
UK Government also confirms the speeding up of delivery of a ‘skills passport’ to support oil and gas workers to move into offshore wind
The UK Government will take decisive action to help make available billions of pounds in funding across the UK including for Scotland’s clean energy industry, the Energy Secretary has pledged ahead of a visit to Aberdeen.
The Energy Secretary will visit Aberdeen with Great British Energy Chair Juergen Maier for the first time since the city was announced as the headquarters for the UK’s new publicly-owned energy company.
Following the visit, the UK Government is set to sign a new agreement with the Scottish Government today (Thursday 17 October) to boost Great British Energy’s ambitions to support clean energy supply chains and infrastructure.
By developing partnerships with Scottish public bodies in the clean energy sector – including Crown Estate Scotland, the Enterprise Agencies and the Scottish National Investment Bank – Great British Energy can deliver quickly and effectively, avoid duplication, and deliver maximum impact and value for money from Scottish projects.
Scotland has a strong pipeline of opportunities and is at the forefront of floating offshore wind development, and Great British Energy is in prime position to help accelerate this work by harnessing expertise in project development, investment and work with local communities.
Great British Energy has £8.3 billion of funding over this Parliament, and work is underway with the energy industry in Scotland to use this for public investment to create new private sector jobs and drive projects in Scotland.
Energy Secretary Ed Miliband said: “Scottish energy workers will power the United Kingdom’s clean energy future- including in carbon capture and storage, in hydrogen, in wind, and with oil and gas for decades to come as part of a fair transition in the North Sea.
“Unlike in the past we’re also working closely with the Scottish Government with a new agreement to ensure our publicly owned company Great British Energy is primed to accelerate clean energy investment in Scotland.”
This follows the announcement in the summer of a partnership between Great British Energy and The Crown Estate, covering England, Wales and Northern Ireland, which could support the leveraging of up to £30-60 billion of private investment.
Ahead of the visit, the UK Government has also confirmed that oil and gas workers will be supported to move more easily into careers in the renewable sector, including offshore wind, as the UK government accelerates delivery of a ‘skills passport’.
The passport is an industry led initiative overseen by RenewableUK and Offshore Energies UK and supported by the UK and Scottish Governments which will align standards, recognise transferable skills and qualifications and map out career pathways for suitable roles. A digital tool for workers is set to be piloted by January 2025.
The UK Government’s Office for Clean Energy Jobs is working closely with Skills England to support other British workers on the energy transition, which by 2030 could create hundreds of thousands of new jobs across the UK.
Many of the skills required for the transition already exist, with research from Offshore Energies UK showing that 90% of oil and gas workers have transferable skills for offshore renewable jobs.
Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said: “I welcome this collaborative agreement committing Great British Energy to work with our public bodies to maximise investment into Scotland.
“Scotland already has a strong pipeline of clean energy and supply chain opportunities, is at the forefront of floating offshore wind development, and has a depth of knowledge and experience on community & local energy. We look forward to working with Great British Energy to ensure it delivers real benefits for the people of Scotland and a just energy transition.
“To make sure that no offshore energy workers are left behind, the Scottish Government provided initial funding of £3.7 million between 2022 – 2024 for the development of the industry-led Skills Passport.”
Secretary of State for Scotland Ian Murray said: “The UK government will support our world class, world leading offshore workforce with the recognition they deserve and support the transition to renewable jobs in the future.
“This is an area the UK Government and Scottish Government can and should work in partnership to deliver for Scotland and harness the potential we have to truly lead the world in renewables jobs. That’s why we have set out to reset the relationship between Scotland’s two governments to deliver better outcomes for Scots.
“It should be easier to switch between oil and gas and renewables work offshore. The present situation, where training in one industry isn’t recognised in the other, cuts off opportunities for oil and gas workers. The fact some workers are paying out of their own pockets is scandalous.
“We need to cut that red tape and deliver a skills passport that allows offshore workers to move flexibly back and forth between both industries in the years and decades to come.”
Great British Energy Chair Juergen Maier said: “The clean energy transition is a huge opportunity for Scotland, which is already at the cutting edge of technology like floating offshore wind, and Great British Energy is well positioned to help accelerate the development of key supply chains and infrastructure.
“By working closely with the Scottish Government, alongside The Crown Estate in England, Wales and Northern Ireland, we can help to drive forward investment and create jobs across the country.”
RenewableUK’s Executive Director of Offshore Wind Jane Cooper said: “The upsurge in offshore wind jobs over the course of this decade and beyond creates excellent opportunities for highly-skilled oil and gas workers to bring their valuable experience to the clean energy sector.
“We’re working closely with our colleagues at Offshore Energies UK, and the UK and Scottish Governments, to make that transition as smooth as possible across all parts of the energy industry. The Energy Skills Passport is a great example of what we can achieve together and we’ll continue to look for other potential areas of work that can further support the transition of workers between sectors.”
David Whitehouse, Chief Executive Officer, Offshore Energies UK comments: “This package of announcements contains significant measures for firms, their workers and their supply chains across the UK.
“The skills passport is an important part of the toolkit industry is assembling in recognition of the integrated nature of the energy landscape. Those working in our domestic oil and gas sector have powered the country for the last fifty years and will play a critical role in our energy future.
“The sector is committed to working in partnership with government to leverage our industrial strengths to deliver a managed transition that creates opportunities for people and communities around the country.”
In Wales, the UK Government is already discussing how Great British Energy could work in partnership with their publicly-owned renewable energy developer, Trydan Gwyrdd Cymru, and other public bodies to deliver on shared priorities with the Welsh Government.
The UK Government is also working closely with the Northern Ireland Executive on opportunities for Northern Ireland, to help accelerate the clean energy transition across the United Kingdom.
Yesterday (Wednesday 16 October) the Energy Secretary also confirmed that Liz Ditchburn has been appointed as Chair of the North Sea Transition Authority, which regulates and influences the oil, gas, carbon storage and offshore hydrogen industries. Liz is a highly experienced public sector leader and will help to deliver the UK Government’s plans for a phased, responsible and prosperous energy transition in the North Sea.
A new strategy is being published to radically cut the number of single-use medical devices in the health service
Move to scrap single-use MedTech as Health and Social Care Secretary launches waste blitz
Tens of millions of disposable items are binned after just one use
MedTech companies incentivised to produce sustainable products – pumping millions back to NHS frontline and cash into economy
The government is launching a major crackdown on waste in the NHS to save millions of pounds a year, helping to divert more resources to frontline care.
A new strategy – the Design for Life Roadmap – is being published to radically cut the number of single-use medical devices in the health service and reduce our reliance on foreign imports.
Disposable medical devices substantially contribute to the 156,000 tonnes of clinical waste that the NHS produces every year in England alone. The roadmap paves the way to slashing this waste and maximising reuse, remanufacture and recycling in the NHS.
Doing so will create thousands more UK jobs and help transform the country into a life sciences superpower. As it stands, millions of devices like walking aids and surgical instruments are thrown away after just one use.
Harmonic shears – surgical devices which seal patients’ wounds using ultrasound waves – each cost more than £500 and around 90% of them are binned after a single use. Innovative companies are already purchasing these used devices and safely remanufacturing them at a lower price.
The government will encourage more of this kind of innovation to safely remanufacture a wider range of products and drive costs down, including by changing procurement rules to incentivise reusable products and rolling out examples where hospitals are already leading the way on cutting wasteful spending and practices.
Approximately £10 billion each year is spent on medical technology like this in the NHS, but too much of it is imported via vulnerable routes that risk disrupting patient care.
A Circular Economy Taskforce has already been created to foster more highly skilled green jobs and smarter use of our resources. An economy wide shift to a circular economy could add £75 billion to the economy and create 500,000 jobs by 2030.
Health and Social Care Secretary Wes Streeting said: “The NHS is broken. It is the mission of this government to get it back on its feet, and we can’t afford a single penny going to waste.
“Because the NHS deals in the billions, too often it doesn’t think about the millions. That has to change. This government inherited a £22 billion blackhole in the public finances, so we will have a laser-like focus on getting better value for taxpayers’ money.
“Every year, millions of expensive medical devices are chucked in the bin after being used just once. We are going to work closely with our medical technology industry, to eliminate waste and support homegrown medtech and equipment.”
The below case studies illustrate the potential savings:
Mid Yorkshire Trust uses 330,000 single use tourniquets in a year, but a single reusable tourniquet can be used 10,000 times. In a one-year trial, reusable alternatives saved £20,000 in procurement costs and 0.75 metric tonnes of plastic waste.
In Northampton Hospitals NHS Trust, a single Ophthalmology department saved 1,000 pairs of disposable scissors and £12,000 in a year by switching to reusable pairs. Single-use scissors are often used in surgical settings. NHS procurement data shows that several million pairs of single-use scissors were purchased by the NHS in a single year (2022-23). That is the equivalent of hundreds of pairs of scissors thrown away every hour.
Leeds Teaching Hospitals Trust saved £76,610 in costs purchasing 604 remanufactured Electrophysiology (EP) Catheters, and generated a further £22,923 for selling used devices for collection. If the same approach were to be scaled up across the UK, the NHS could save millions of pounds per year on EP catheters alone, just a few product lines among hundreds of thousands.
Harmonic shears are complex devices for performing surgical procedures and cost more than £500 each, yet around 90% are binned after a single use. Leeds University Teaching Hospitals Trust has demonstrated that companies can safely remanufacture them, giving up to 50% cost savings.
The Design for Life programme will reduce this kind of waste and achieve an NHS-wide move to sustainable alternatives– also supporting the government’s net zero goals.
A new roadmap sets out 30 actions to achieve this shift – including how the government will work with companies to encourage the production of more sustainable products, along with training for NHS staff on how to use them.
Taking this approach will mean more money can be spent in the UK, driving growth, creating more engineering, life sciences and research jobs – all while securing savings for the NHS budget.
Many of these products include precious metals such as platinum and titanium which are in high demand but go to landfill when they could be recovered and sold. A reduction in the amount of disposed single-use devices will also reduce the country’s carbon footprint and plastic pollution.
The government will encourage industry figures to innovate by making sure benefits of reusable MedTech are part of how the NHS chooses the products it buys.
Baroness Merron visited University College London Hospital yesterday (Tuesday, 15 October). The hospital is a member of the Circular Economy Healthcare Alliance, which advocates for sustainable practices within the NHS.
Health Minister Baroness Gillian Merron said: “Design for Life doesn’t just deliver on the Health Mission, to build an NHS fit for the future, it also delivers on our Growth Mission to make the UK a life science superpower and our commitment to get the NHS to net zero by 2045.“
She toured a mock operating theatre and was shown various sustainable products its NHS staff use – from simple products like gowns and scissors to sophisticated, expensive products like harmonic shears.
Professor Sir Stephen Powis, National Medical Director of NHS England, said: “While the NHS is treating record numbers of patients, we know there is much more to do to ensure taxpayers get value for money.
“The NHS made a record £7.25bn worth of efficiency savings last year and is targeting a further £9bn of savings for 2024/25. But we are rightly still looking for ways to get our money’s worth for every penny we spend.”
Total of £63 billion of private investment committed around International Investment Summit, more than doubling amount secured at 2023 Global Investment Summit
New investments today include £6.3 billion in UK data centres as well as world class UK university Imperial College London
Innovative investment projects announced over the last month across infrastructure, renewables and life sciences will create close to 38,000 new jobs across the UK
Nearly 38,000 UK jobs are set to be created across the UK after a total of £63 billion of investment was announced around today’s International Investment Summit, turbocharging growth and innovation across the country.
The record-breaking total figure more than doubles the £29.5 billion committed at last year’s Global Investment Summit and spans partnerships across the infrastructure and tech sectors, including over a billion pounds in new investments announced today by DP World, Associated British Ports (ABP) and Imperial College London.
Through serious, stable governance, the UK is attracting tens of billions of pounds of new investment which is crucial to the government’s driving mission of delivering economic growth. Today’s historic figure demonstrates that businesses have confidence in Britain as a place to invest.
The investments follow immediate action taken by the new government to reform planning, focus on AI and data centre expansion, and set a clear commitment to net zero by almost doubling the funding for renewable energy projects.
Four major tech firms based in the US have today announced £6.3 billion in UK data centres which is critical to enhancing the UK’s AI capacity – in turn fuelling Britain’s economic growth and spurring on AI development. Data centres store the vast amount of information and data needed to power AI, and store the information generated by AI to keep the systems running.
ABP, the UK’s largest port operator, has committed over £200 million to a joint investment with ferry company Stena Line in a new freight ferry terminal at the Port of Immingham, significantly boosting the capacity and resilience of UK trade with Europe. It is expected to create around 700 jobs during construction and around 200 permanent jobs once operational.
Leading UK university Imperial College London is also today announcing a £150 million investment to secure a new R&D campus to add to its rapidly expanding deep tech ecosystem in West London. The new campus will expand scale-up capacity in the WestTech Corridor, supporting the UK’s innovation sector and driving investment, economic growth and job creation.
Business and Trade Secretary Jonathan Reynolds said: “Global investors should be in no doubt that under this new government Britain is truly the best place to do business. The record-breaking investment total secured at today’s Summit marks a major vote of confidence in the UK and our stability dividend across industry and innovation.
“We’re determined to deliver economic growth in every part of the UK and these investments, together with our forthcoming Industrial Strategy, will give global businesses the certainty they need as we lead the charge for the innovation and jobs of the future.”
Chancellor of the Exchequer Rachel Reeves said: “After the investments secured as part of this summit, my optimism for Britain burns brighter than ever. It’s a sign of the confidence in the British economy.
“And it matters because it will support the growth of businesses big and small across the U.K. Helping them create new jobs and making people better off.
CEO of ABP Henrik L. Pedersen said: “We are delighted that the Development Consent Order (DCO) for the Immingham Eastern Ro-Ro Terminal (IERRT) has been granted in a timely way by the Secretary of State to allow us to move forward with investment.
“The IERRT project is a key component of our strategy to strengthen the UK’s supply chains and improve trade connectivity, whilst also bringing substantial economic benefits including the creation of hundreds of jobs during construction and ongoing operations.
“IERRT forms part of the intended £5.5bn pipeline of UK investment we have in front of us over the next 10 years and we look forward to working closely with the Government to deliver the right conditions to realise this investment.”
President of Imperial College London Hugh Brady said:“Imperial College London is investing in its ambitious vision for a new globally competitive deep tech innovation ecosystem in West London.
“The Imperial WestTech Corridor will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level supported by the Government’s emerging Industrial Strategy.
See below for a list of all the investments announced in the run-up to and during yesterday’s International Investment Summit:
Iberdrola doubling their investment in the UK, through Scottish Power, from £12 billion to £24 billion over the next 4 years. This includes £4 billion for the East Anglia 2 wind farm off the Suffolk coast which was unlocked by this Government’s expanded allocation at the most recent wind auction round. Iberdrola Executive Chairman Ignacio Galan CBE confirmed on Friday that the UK has become their largest Investment destination.
Blackstone confirmed a £10 billion investment in Blyth, Northumberland to create one of the largest artificial data centres in Europe, creating 4,000 jobs, including 1,200 roles dedicated to the construction of the site.
Amazon Web Services announced an £8 billion investment last month which is estimated to support around 14,000 jobs per year at local businesses, including those across the company’s data centre supply chain such as construction, facility, maintenance, engineering and telecommunications.
CCUS investors (including Eni, BP and Equinor) reached a commercial agreement with the government that will unlock £8 billion of private investment to launch carbon capture clusters in the heartlands of the North West and North East of England, directly creating 4,000 jobs and supporting 50,000 jobs in the long-term.
Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8 billion (Orsted) and £2.5 billion (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.
CyrusOne, a leading global data centre developer headquartered in the United States, announced plans to expand their investment into the UK to £2.5 billion over the coming years. Subject to planning permission, the two data centres should be operational by Q4 2028, projected to create over 1,000 jobs both directly and within its immediate design and construction value chain.
Octopus Energy have committed to a £2 billion investment in renewable energy generation, including four new solar farms in Bristol, Essex, East Riding of Yorkshire and Wiltshire that will power up to 80,000 homes as well as breaking ground on a new 12 MW battery in Cheshire which Octopus say will store enough power for nearly 10,000 homes every day.
SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, and expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.
CloudHQ is developing its new state-of-the-art £1.9 billion data centre campus in Didcot. The hyper-scale data centre is currently in development and will help meet the UK’s growing demand for AI and machine learning. It will create 1,500 jobs during construction, and 100 permanent jobs once fully operational.
Macquarie supporting investment of £1.3 billion into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.
ServiceNow also confirmed its commitment to the UK market, with plans to invest £1.15 billion into its UK business over the next five years. The investment will not only support the future development of AI in the UK, expanding its data centres with Nvidia GPUs for local processing data, but also support new office space as the company significantly grows into employee base beyond its current headcount of 1,000 employees.
Manchester Airports Group is investing more than £1.1 billion in London Stansted Airport to expand its existing terminal by around a third, help secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs. This includes around £600 million to extend the terminal and £500 million to deliver a suite of improvements to the existing terminal building and wider airport estate.
Eren Holdings confirmed a £1 billion investment in the redevelopment of Shotton Mill in Deeside, North Wales which is set to become the UK’s largest recycled paper manufacturing campus. This is expected to safeguard 147 jobs and create a further 220 when the site is fully commissioned.
Network Rail and London & Continental Railways are creating a new property company which will attract additional private and public sector investment with the potential to deliver brownfield regeneration schemes across the rail estate with a value exceeding £1 billion.
CoreWeave is building on its £1 billion investment announced in May and the opening of its European headquarters in London by investing a further £750 million-plus in the UK to support the demand for critical AI infrastructure. The investment in the UK is CoreWeave’s second largest investment in a country following the USA.
DP World are investing up to £1 billion in their London Gateway container port operation. This new investment will fund two additional berths and a second rail terminal. Once built, the berths will add vital transport capacity and increase the resilience of UK supply chains, enabling businesses to access domestic and international markets and supporting the Government’s growth and decarbonisation missions.
Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for civil and defence nuclear industries. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years.
BW Group proceeding with a £500 million investment, which includes new battery energy storage projects in Hampshire and Birmingham.
Eli Lilly and Company is collaborating with government through a memorandum of understanding which will see the pharmaceutical giant intending to commit £279 million to tackle significant health challenges – including obesity. Lilly also plans to launch the first ‘Lilly Gateway Labs’ innovation accelerator in Europe to support early-stage life sciences businesses to develop transformative medicines and technologies.
Associated British Ports (ABP), the UK’s largest port operator, has announced a £200+ million investment in a new freight ferry terminal at the Port of Immingham, boosting the capacity and resilience of UK trade with Europe. This is expected to create around 700 jobs during construction and 200 permanent jobs once operational.
Imperial College London investing £150 million to build The WestTech Corridor – a new innovation ecosystem in West London which will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level.
Haleon has received planning permission to develop a new £130 million Global Oral Health Innovation Centre in Weybridge, Surrey. This state-of-the-art facility will primarily support Haleon’s global oral health business by developing new products that advance consumers’ better everyday health.
Major investment deals set to be announced at inaugural International Investment Summit
Billions worth of investments in emerging growth sectors including AI and life sciences, and infrastructure are set to be unveiled by businesses and ministers at the government’s inaugural International Investment Summit today.
Ministers set to unveil billions worth of major investment deals in AI, life sciences and infrastructure
Follows investment of £24 billion in clean energy from business leaders hailing the UK’s “clear policy direction”
Comes as leading investors, CEOs, and politicians convene for inaugural International Investment Summit
PM vows to “do everything in my power to galvanise growth” as he pledges to “get rid of regulation that needlessly holds back investment”
World leading CEO’s and investors from across the globe will meet with ministers, First Ministers, and local leaders at the Guildhall – a historic landmark which has served as the ceremonial heart of the City of London for centuries.
Securing investment is central to the government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off.
The government has already secured tens of billions worth of investments within 100 days of being in office. The International Investment Summit will provide an opportunity to build on this progress and showcase the UK’s economic strengths.
The event will demonstrate that through serious, stable governance, the UK can establish enduring partnerships with businesses to boost investment and give investors the confidence they need to choose Britain.
In a sign of intent to deliver on its central promise, this government has immediately made a series of major interventions to restore economic stability and create the right conditions for growth and investment. Business leaders this week hailed the UK’s “clear policy direction” as they announced over £24 billion worth of investment in clean energy projects.
The government’s policy platform – including bolstering the Office for Investment, a robust Industrial Strategy, major planning reforms to unlock infrastructure and housing, and founding a National Wealth Fund to catalyse private money – will attract investment, kickstart growth, and unlock Britain’s potential.
In his keynote speech opening the summit, the Prime Minister will outline how the government will build on this work, with a vow to “do everything in my power to galvanise growth including getting rid of regulation that needlessly holds back investment.”
He is expected to say not enough has been done to make sure the UK is keeping pace with emerging industries. He will pledge to “upgrade the regulatory regime to make it fit for the modern age, making Britain fit to harness all opportunities.”
In his keynote speech, the Prime Minister will make his ‘pitch for Britain’. On the value of stability, the Prime Minister is expected to say: “It’s not just that stability leads to growth – though we all recognise that.
“It’s also that growth leads to stability. Growth leads to a country that is better equipped to come together and get its future back. That’s why it’s always been so critical to my project.
“We have a golden opportunity to use our mandate, to end chop and change, policy churn and sticking plasters that make it so hard for investors to assess the value of any proposition.
“We have the determination, the focus on clear long-term ends, a mission-led mindset that thinks in years, not the days or hours of the news grid, needed to unlock that potential. Do not doubt that.
“We are focusing on investment because the mission of growth, in this country especially, demands it. Private sector investment is the way we rebuild our country and pay our way in the world. This is a great moment to back Britain. This is great moment to back England, Scotland, Northern Ireland and Wales.”
On regulation, he is expected to say: “We’ve got to look at regulation where it is needlessly holding back the investment, to take our country forward.
“Where it is stopping us building the homes, the data centres, warehouses, grid connectors, roads, trainlines, you name it then mark my words – we will get rid of it.
“We will rip out the bureaucracy that blocks investment and we will make sure that every regulator in this country take growth as seriously as this room does.”
The government will ask the CMA to prioritise growth, investment, and innovation through their work as a priority and it will also be reviewing the focus of other major regulators.
The regulatory review is just one part of the government’s work ensuring Britain is at the front of the queue for emerging opportunities. It builds on the recent creation of the Regulatory Innovation Office, which will curb red tape for cutting-edge emerging technologies, speed up approvals, and allow them to be rolled out to the public safely and quickly.
These changes come at the same time as the government delivers on a key manifesto promise to establish a modern Industrial Strategy. Long called for by business, the strategy hardwires long-term stability for investors and plays to the UK’s strengths by focusing on eight growth-driving sectors.
The summit will involve sessions with ministers and business leaders to discuss how together we can ensure the UK capitalises on emerging growth sectors including health tech and AI, clean energy and creative industries, for the good of working people.
Confirmed speakers including Ruth Porat President & Chief Investment Officer of Alphabet, David A. Ricks Chair and CEO of Eli Lilly, Alex Kendall CEO of Wayve and Pushmeet Kohli Vice President of Research at Google DeepMind.
The Prime Minister will take part in an “in conversation” event with former CEO and chairman of Google Eric Schmidt, moderated by CEO of GSK Dame Emma Walmsley to discuss how the UK can seize the opportunities of AI to drive growth and productivity, and it’s potential to improve public services such as health and education.
The Chancellor will close the summit and take part in a panel event discussing investment opportunities in the UK with Group Chief Executive of USS Carol Young, Chairman and CEO of BlackRock Larry Fink and CEO of Brookfield Asset Management Bruce Flatt.
Attendees will then be invited to an exclusive reception at St Paul’s Cathedral attended by His Majesty The King.
Investment Minister Poppy Gustafsson OBE said: “It’s never been a better time to invest in Britain.
“This summit is a hugely significant moment to showcase the UK’s economic strengths on the world stage and I’m delighted to be part of the government’s important work to drive growth and investment across the UK.”
Mayor of London, Sadiq Khan said: “I’m delighted to be attending the International Investment Summit. With a new government, we are reclaiming Britain’s reputation as a magnet for global investment – bringing with it new technology, new ways of thinking and, crucially, new jobs across our country, meaning higher living standards.
“London and the UK are open for business, trade and investment. I will continue working with the Government to forge new partnerships, reset relationships and seize the opportunity to secure long-term investment so that we can build a better London for everyone and deliver the change Britain needs.”
Alex Kendall, Co-Founder and CEO of Wayve, said: “I’m delighted to join the inaugural International Investment Summit. The UK has a strong opportunity to lead in Embodied AI, especially in automated vehicles.
“We appreciate the Government’s proactive collaboration with industry on intelligent legislation like the AV Act 2024. Their sector-specific approach to AI regulation is the right way to encourage both investment and innovation.
“As we advance our Embodied AI technology into safe, reliable, production-ready software for global automakers, we look forward to continuing to work with the Government to harmonise global regulations and scale UK innovation internationally.”
Ruth Porat, Chief Investment Officer at Alphabet Inc, said: “Google is proud of our long history of meaningful investments in local talent, infrastructure and digital skilling in the UK which help everyone participate in the benefits of the digital economy.
“With the UK’s rich academic heritage, particularly in the sciences, it is well-positioned to capture the many opportunities that AI can deliver.
“The Investment Summit is an important moment to reflect on the progress to date, and how to best position the UK as a global leader in AI, with the economic and societal benefits this transformative technology can deliver today, and in the years ahead.”
The Business Secretary and Chancellor announce steps to deliver long-term growth through a modern Industrial Strategy, including appointing a Chair of the new Industrial Strategy Advisory Council
The Industrial Strategy will create a pro-business environment and play to the UK’s strengths, focusing on eight growth driving sectors including creative industries and financial services
Business Secretary Jonathan Reynolds pledges an end to instability “our modern Industrial Strategy will hardwire stability for investors and give industry the confidence to plan for the next 10 years and beyond”
Clare Barclay, CEO of Microsoft UK, will chair government’s new Industrial Strategy Advisory Council, which will provide expert advice developed in partnership with business, unions, and stakeholders from across the UK
Announcements come ahead of International Investment Summit which will bring together business leaders from around the globe to boost investment and growth
Government is also asking for business to help shape the industrial strategy with a green paper to develop the plans in partnership
The next generation of British industry has been fired-up and readied to reignite our industrial heartlands and kickstart economic growth, as the Government launches the first Industrial Strategy in seven years.
Business and Trade Secretary Jonathan Reynolds and the Chancellor of the Exchequer Rachel Reeves have published a green paper to kickstart delivery of the Government’s modern Industrial Strategy. The strategy will drive long-term growth in key sectors that is sustainable, resilient and distributed across the country.
Announcing the eight growth sectors will be the focus of the Strategy, alongside naming the new Industrial Strategy Advisory Council’s chair, the Business Secretary has promised to ‘give investors a ten year plan to choose Britain’.
The key sectors the government will focus its modern Industrial Strategy are on advanced manufacturing; clean energy industries, creative industries; defence; digital and technologies; financial services; life sciences; and professional and business services.
The green paper, which will be published tomorrow on the day of the International Investment Summit, will bring together UK leaders, high-profile investors and businesses from across the world. There, Reynolds is expected to tell delegates the Industrial Strategy will put Britain back on the global stage and help attract investment into the most productive parts of the UK economy.
Business and Trade Secretary Jonathan Reynolds MP said: “Our modern Industrial Strategy will hardwire stability for investors and give them the confidence to plan not just for the next year, but for the next 10 years and beyond.
“This is the next step in our pro worker, pro business plan which will see investors and workers alike get the security and stability they need to succeed.
“Clare’s wealth of talent and experience will help ensure the Industrial Strategy delivers its mission of unleashing the potential of high productivity sectors to spur growth, spread wealth, and drive-up employment across the UK.”
Chancellor of the Exchequer Rachel Reeves MP said: “I have never been more optimistic about our country’s potential. We have some of the brightest minds and greatest businesses in the world. From the creative industries and life sciences to advanced manufacturing and financial services.
“This Government is determined to deliver on Britain’s potential so we can rebuild Britain and make every part of the country better off.”
Clare Barclay, CEO of Microsoft UK, will chair the Industrial Strategy Advisory Council. The Council will inform the development of the Industrial Strategy through its expertise and latest evidence, working with business, trade unions, devolved governments, local leaders, academia and stakeholders.
In the King’s speech the Government committed to putting the Council on a statutory footing – giving it powers and responsibilities and ensuring it will be permanent and independent.
Ahead of establishing a statutory body, we are introducing an interim advisory Council. The first Council meeting and announcement of full membership is expected in the coming weeks.
Microsoft UK CEO Clare Barclay said: “As Chair of the Industrial Strategy Advisory Council, I will ensure the Council provides a clear and strong voice on behalf of business, nations, regions, and trade unions, as we invest for the future to ensure that our prosperity is underpinned by robust growth in key sectors right across the country.
“Whilst we fully embrace the industries of today, we must also have a clear plan for future growth, and the Advisory Council will play a central role in shaping and delivering this plan.”
The government has also identified eight growth-driving sectors for the Industrial Strategy, focusing on sectors the UK excels in today and will excel tomorrow.
Over the last 25 years, the top 30% of sectors ranked by productivity in 1997 were responsible for generating roughly 60% of the economy’s entire productivity growth. That’s why our Industrial Strategy will channel support to sectors and geographical clusters that have the highest growth potential for the next decade.
Our strategy will create a pro-business environment to capture a greater share of internationally mobile investment in strategic sectors and motivate domestic business to boost their investment and scale up their growth.
Businesses up and down the country will also be invited to respond to the Industrial Strategy Green Paper, which will be published tomorrow.
The consultation will provide stakeholders with the opportunity to inform the Strategy’s continued development and ensure it delivers tangible impact to people and communities right across the UK.
Views are sought from business, international investors, unions and any other interested parties, on the overall vision, approach to growth sectors and the policy levers needed to drive investment.
Make UK CEO Stephen Phipson said: “We live in a world which is massively different to a decade ago and simply leaving the economy and, industrial strategy, to the free market is an ideology which is long past its sell by date.
“This is a welcome first step in addressing the achilles heel of the economy which has left the UK an outlier among advanced countries. It sets out a clarity of vision for how the resources of Government and, in particular, each department can be convened towards a single objective of long term growth across all regions.
“With the welcome announcement of the Industrial Strategy Advisory Council Chair and, the Council being put on a statutory footing, industry will no longer fear the constant chop and change in policy we have seen over the last decade or so and can focus on the long term – it is important that the Government is delivering on its promises.”
WPP CEO Mark Read said: “WPP supports the Government’s objective to create and foster an investment environment that drives long-term growth.
“As a global marketing services company, we believe that the UK’s world-leading creative industries, powered by new technologies like AI and exceptional talent, can continue to play a key role in further advancing the UK’s investment case on the global stage.”
Airbus UK Chairman John Harrison said: “Airbus welcomes the inclusion of advanced manufacturing in the Government’s Industrial Strategy as a vital opportunity to build on the successful partnership between government and the aerospace sector.
“As one of the most technologically advanced businesses in the UK, we also welcome the strong focus on innovation, which is crucial to driving future growth and maintaining the UK’s global competitiveness in aerospace and defence.”
For businesses to invest and thrive they need confidence in their supply chains. So, we are also establishing a new supply chains taskforce in government that will work to assess where supply chains critical to the UK’s economic security and resilience – including those in the growth driving sectors outlined in the industrial strategy – could be vulnerable to disruption.
The taskforce will ensure that government works with business to address these risks, building the conditions required to deliver secure growth.
The UK Government wants the UK to be a prime investment opportunity for business. The Industrial Strategy, and the Industrial Strategy Advisory Council, will be key to giving investors the solid foundation on which to build.
The Government has announced additional funding to support Holocaust Memorial Day 2025
2025 will mark the 80th anniversary of the liberation of Auschwitz-Birkenau, with many Holocaust survivors expected to attend the national ceremony
Funding reflects the Government’s aim that the national commemorations should be seen by an audience of millions
The UK Government has announced additional funding for the Holocaust Memorial Day Trust to support the 80th anniversary of the liberation of Auschwitz-Birkenau.
Holocaust Memorial Day, marked each year on January 27th, is a day of reflection, remembrance, and education.
2025 will mark the 80th anniversary of the liberation of Auschwitz-Birkenau, which will be a particularly poignant occasion, highlighting the significance of remembering the atrocities of the past while fostering a future of understanding and unity.
Holocaust Memorial Day 2025 also marks the 30th anniversary of the genocide in Srebrenica, sending a strong reminder that hatred and intolerance have continued long after the Holocaust.
Faith Minister Lord Khan said: “We are absolutely committed to ensuring the lessons of the Holocaust are never forgotten. The 80th anniversary is a time for deep reflection, and to remember the six million Jewish men, women and children murdered by the Nazis.
“This funding will enable the Holocaust Memorial Day Trust to stage an event and ensure it is broadcast to millions – matching the significance of the moment. It will enable communities across the country to take part in this moment for reflection – and to hear directly from survivors who can bear witness to the appalling crimes committed by the Nazis.”
The Holocaust Memorial Day Trust’s Chief Executive, Olivia Marks-Woldman, said: “We are delighted that the Government’s commitment to Holocaust Memorial Day Trust means that we can reach even further in this significant year. The Holocaust Memorial Day 2025 commemorations will be engaging millions of people across the UK, in local communities, on social and traditional media, and at the UK Ceremony.
“Please join us in January to mark the 80th anniversary of the liberation of Auschwitz-Birkenau and the 30th anniversary of the genocide in Bosnia – to learn from the past, for a better future.”
The additional funds will help facilitate broadcasting the event, broadening access to people across the country for commemoration and reflection.
Last month, in his speech to the Holocaust Education Trust, the Prime Minister set out a new “national ambition” to ensure that every young person has the opportunity to hear recorded Holocaust survivor testimony.
Ahead of its curriculum review, the Government has also committed to ensure that the Holocaust remains on the curriculum and that state schools which are not currently required to follow the national curriculum also teach the Holocaust.
The additional funding of £80,000 is in addition to an annual grant of £900,000 given to HMDT – totalling £980,000 this year – which is provided for the annual ceremony and for support for thousands of local activities up and down the country to remember the Holocaust and subsequent genocides.
Statistics published today by the DWP, reveal that just 65% of older people who are entitled to Pension Credit were receiving the payment between April 2022 and March 2023.
Independent Age estimate that in Scotland this means that up to 70,000 older households could be missing out on the Pension Credit they are entitled to, with a combined value of £140 million.
We know there has been an increase in applications since the UK Government announcement that the Winter Fuel Payment would be means tested, but it is unclear how many of these will result in successful claims.
Both Governments must work together to address the issue of low take-up of Pension Credit and the unacceptably high levels of poverty in later life. Independent Age is urging the UK Government to review and ensure overall adequacy of the social security system for older people, to prevent pensioner poverty.
Alongside calling on the Scottish Government to introduce a pensioner poverty strategy for Scotland – setting out the actions that can be taken alongside with local authorities, to tackle poverty in Scotland.
Debbie Horne, Scotland Policy and Public Affairs Manager at Independent Age, said:“What is clear from the figures released today is that too many older people living on a low income are still missing out on Pension Credit in Scotland, and across the UK.
“There has been a disappointing lack of progress on Pension Credit take-up. We estimate that up to 70,000 older households could be missing out on Pension Credit between April 2022 and March 2023 worth a combined £140 million.
“Independent Age is urging the UK Government to maintain the Winter Fuel Payment in its current form until significant action can be taken to substantially increase Pension Credit take-up.
Previous strategies have not moved the dial, we can’t have more of the same. We need an innovative, evidence-based, long-term take-up strategy that maps out how older people living in, or on the edge of, poverty can access the financial support they are entitled to.
“It is too early to say what the impact of the recent increase in claims for Pension Credit will have on overall take-up rates. However, there is no room for complacency when an estimated 70,000 older households in Scotland are missing out on this much needed money and 150,000 live in poverty. In a socially just and compassionate society, we can and should do more.”
Ministers have unveiled the Employment Rights Bill to help deliver economic security and growth to businesses, workers and communities across the UK
Legislation introduced in Parliament to upgrade workers’ rights across the UK, tackle poor working conditions and benefit businesses and workers alike
Ahead of International Investment Summit, government reveals landmark reforms in under 100 days to boost pay and productivity, showing the benefits of a ‘pro-business, pro-worker’ approach
New balance for early months of a job at heart of pragmatic reforms to help drive growth in the economy and support more people into secure work
Employment Rights Bill will end exploitative zero-hour contracts and unscrupulous fire and rehire practices, while establishing rights to bereavement and parental leave from day one
Today (10 October) ministers have unveiled the Employment Rights Bill to help deliver economic security and growth to businesses, workers and communities across the UK.
Getting the labour market moving again is essential to economic growth with one in five UK businesses with more than 10 employees reporting staff shortages. Flexibility, for workers and businesses alike, is key to answering this challenge and is at the heart of the legislation to upgrade the law to ensure it is fit for modern life and a modern economy.
The existing two-year qualifying period for protections from unfair dismissal will be removed, delivering on the manifesto commitment to ensure that all workers have a right to these protections from day one on the job.
The government will also consult on a new statutory probation period for companies’ new hires. This will allow for a proper assessment of an employee’s suitability to a role as well as reassuring employees that they have rights from day one, enabling businesses to take chances on hires while giving more people confidence to re-enter the job market or change careers, improving their living standards.
The bill will bring forward 28 individual employment reforms, from ending exploitative zero hours contracts and fire and rehire practices to establishing day one rights for paternity, parental and bereavement leave for millions of workers. Statutory sick pay will also be strengthened, removing the lower earnings limit for all workers and cutting out the waiting period before sick pay kicks in.
Accompanying this will be measures to help make the workplace more compatible with people’s lives, with flexible working made the default where practical. Large employers will also be required to create action plans on addressing gender pay gaps and supporting employees through the menopause, and protections against dismissal will be strengthened for pregnant women and new mothers.
This is all with the intention of keeping people in work for longer, reducing recruitment costs for employers by increasing staff retention and helping the economy grow.
A new Fair Work Agency bringing together existing enforcement bodies will also be established to enforce rights such as holiday pay and support employers looking for guidance on how to comply with the law.
Deputy Prime Minister Angela Rayner said: “This government is delivering the biggest upgrade to rights at work for a generation, boosting pay and productivity with employment laws fit for a modern economy.
“We’re turning the page on an economy riven with insecurity, ravaged by dire productivity and blighted by low pay.
“The UK’s out-of-date employment laws are holding our country back and failing business and workers alike. Our plans to make work pay will deliver security in work as the foundation for boosting productivity and growing our economy to make working people better off and realise our potential.
“Too many people are drawn into a race to the bottom, denied the security they need to raise a family while businesses are unable to retain the workers they need to grow. We’re raising the floor on rights at work to deliver a stronger, fairer and brighter future of work for Britain.”
Business Secretary Jonathan Reynolds said: “It is our mission to get the economy moving and create the long term, sustainable growth that people and businesses across the country need. Our plan will give the world of work a much needed upgrade, boosting pay and productivity.
“The best employers know that employees are more productive when they are happy at work. That is why it’s vital to give employers the flexibility they need to grow whilst ending unscrupulous and unfair practices.
“This upgrade to our laws will ensure they are fit for modern life, raise living standards and provide opportunity and security for businesses, workers and communities across the country.”
Alongside the legislation, a ‘Next Steps’ document for the Make Work Pay Plan has been published outlining the government’s vision and long-term plans and setting out our ambitions for the plan to grow the economy, raise living standards across the country and create opportunities for all.
Ending one-sided flexibility
The legislation will level the playing field where all parties understand what is required of them and good employers aren’t undercut by bad ones.
The bill will end exploitative zero hours contracts, following research that shows 84% of zero hours workers would rather have guaranteed hours. They, along with those on low hours contracts, will now have the right to a guaranteed hours contract if they work regular hours over a defined period, giving them security of earnings whilst allowing people to remain on zero hours contracts where they prefer to. According to TUC research nearly two thirds of managers (64%) believe ending zero hours contracts would have a positive impact on their business.
Ending unscrupulous employment practices is a priority for this government and none more so than shutting down the loopholes that allow bullying fire and rehire and fire and replace to continue. The government is closing these loopholes and putting in place measures to give greater protections against unfair dismissal from day one, ensuring that the feeling of security at work is no longer a luxury for the privileged few.
This bill turns the page on the previously ineffective, costly and conflicting approach to dealing with industrial relations that has brought so much disruption to businesses and livelihoods. lt repeals the anti-union legislation put in place by the previous administration, including the Minimum Service Levels (Strikes) Act legislation that failed to prevent a single day of industrial action while in force.
Employment Rights Minister Justin Madders said: “We know that most employers proudly treat their staff well. However, for decades as the world of work has changed, employment rights have failed to keep pace, with an increase in one-sided flexibility slowing the potential for growth in the economy.
“The steps we’re taking today will finally right these wrongs, working in partnership with business and unions to kickstart economic growth that will benefit them, their workers and local communities.
“From tackling fire and rehire to ending exploitative zero hours contracts, we are delivering a modern economy that drives up living standards for families across the UK.”
Supporting working families
Too many people find that the current system isn’t compatible with the realities of everyday life, whether that’s raising children or supporting a loved one with a health condition. The government wants to make sure that everyone can get on in work and not be held back because work isn’t compatible with important family responsibilities.
That is why the government will:
Change the law to make flexible working the default for all, unless the employer can prove it’s unreasonable.
Set a clear standard for employers by establishing a new right to bereavement leave, with the entitlement sculpted with the needs of employees and the concerns of employers at the forefront.
Deliver stronger protections for pregnant women and new mothers returning to work including protection from dismissal whilst pregnant, on maternity leave and within six months of returning to work.
Tackle low pay by accounting for cost of living when setting the Minimum Wage and remove discriminatory age bands.
Establish a new Fair Work Agency that will bring together different government enforcement bodies, enforce holiday pay for the first time and strengthen statutory sick pay. It will create a stronger, recognisable single organisation that people know where to go for help – with better support for employers who want to comply with the law and tough action on the minority who deliberately flout it.
Beyond the bill
The Make Work Pay Plan doesn’t stop with this bill. Continuing to reform employment rights in line with changes to the economy and labour market is critical to maintaining growth, prosperity and opportunity. As an outlook to the future, the government has also today published a Next Steps document that outlines reforms it will look to implement in the future.
Subject to consultations, this includes:
A Right to Switch Off, preventing employees from being contacted out of hours, except in exceptional circumstances, to allow them the rest and get the recuperation they need to give 100% during their shift.
A strong commitment to end pay discrimination by expanding the Equality (Race and Disparity) Bill to make it mandatory for large employers to report their ethnicity and disability pay gap.
A move towards a single status of worker and transition towards a simpler two-part framework for employment status.
Reviews into the parental leave and carers leave systems to ensure they are delivering for employers, workers and their loved ones.
Responding to the government’s initiative, these businesses and employee groups have said:
Shirine Khoury-Haq, CEO of the Co-op, said: “We support the Government’s ambitions to strengthen rights for workers and value the co-operative approach to involve employers in the reforms.
“As the UK’s largest consumer co-operative, Co-op has long supported colleagues to have good working lives, with policies like our leading bereavement leave, day one right to request flexible working arrangements, and menopause support already in place. The positive impact of these policies is clear to see.
“Being able to support colleagues when they need it, and in particular women, parents and carers, helps retain valuable talent and makes good business sense. We look forward to continuing to work with Government to make work pay and to deliver economic growth.”
Paul Nowak, TUC General Secretary, said: “After 14 years of stagnating living standards, working people desperately need secure jobs they can build a decent life on.
“Whether it’s tackling the scourge of zero-hours contracts and fire and rehire, improving access to sick pay and parental leave, or clamping down on exploitation – this Bill highlights the Government’s commitment to upgrade rights and protections for millions.
“Driving up employment standards is good for workers, good for business and good for growth. While there is still detail to be worked through, it is time to write a positive new chapter for working people in this country.”
Jane van Zyl, CEO at Working Families, said: “As campaigners for better rights for working parents and carers, we’re pleased there is hope on the horizon for the millions who stand to benefit from the transformational changes in the proposed Employment Bill.
“Establishing workplace rights from day one and making flexible working the default could be the key to unlocking labour market mobility, with the promise of getting the economy moving and ensuring parents and carers are not held back in their careers.
“In addition, we welcome any strengthening of legislation that helps protect pregnant women and new mothers against losing their jobs unfairly at a vulnerable time in their lives.
“The proposals in the Plan to Make Work Pay have the potential to remove barriers in the workplace, give a better start for new parents and reduce gendered roles in caring. The message it sends that worker’s rights matter, and the willingness to address inequalities, is very promising.”
Simon Roberts, Chief Executive of Sainsbury’s, said: “As one of the UK’s largest employers we put our colleagues at the heart of everything we do. We see the clear link between engaged, motivated colleagues and business performance and that is why we have increased colleague pay by over 50% in the last 5 years.
“We share the Government’s vision of making work pay, enabling growth and driving productivity. We welcome today’s announcement and Government engagement with business to date and look forward to seeing progress on business rates reform, which would deliver real benefits for our colleagues, customers and communities.”
Peter Cheese, Chief Executive of CIPD, the professional body for HR and Learning & Development professionals, said: “We share the Government’s ambition to raise employment standards and job quality through the Employment Rights Bill as part of the wider Make Work Pay agenda.
“The changes being proposed represent the greatest update in employment legislation in decades. We’re pleased to see the ongoing commitment from Government to engage with the business community to work through the important details to ensure they have a positive impact for both employers and workers.”
Jemima Olchawski, CEO of Fawcett Society, said: “Today’s draft employment bill is a win for women. Fawcett and our members have campaigned long and hard to see government chart a new course for inclusive economic growth and to improve women’s working lives.
“We share this government’s ambition to ensure all women can thrive at work and fully contribute to the economy.”
Mark Reynolds, Mace Group Chair and Chief Executive, said: “Ensuring British workers are supported with strong employment rights benefits everyone – employers as well as employees.
“This package of reforms is a welcome insight into the Government’s plans and show that they have engaged extensively with businesses and taken a pragmatic approach. We’re pleased to support it; both on behalf of Mace and the wider construction industry. We look forward to working closely with the Government as they take these plans forward.”
Brian McNamara, CEO of Haleon, said: “It is crucial that the Government continues to engage with the business community on such an important piece of legislation and we welcome the dialogue to date.
“Haleon is committed to creating an inclusive culture that provides all employees with equal opportunities. This is central to our company strategy and will be core to our future success.”
Greg Jackson, CEO of Octopus Energy, said: “In formulating these proposals it’s clear that the government has listened to both workers and employers to create protections against bad practices while enabling good businesses to invest in growth and training.
“For example, the probation period will allow progressive employers to give a chance to people without typical experience or educational backgrounds, opening up new opportunities for them in great careers.”
Chris O’Shea, CEO of Centrica, said: “As the largest Unionised workforce in the energy sector, we are pleased to see the Government publish their landmark legislation providing more rights and flexibility to employees.
“At Centrica, we offer a range of policies to support our 21,000 colleagues including flexible working and health and wellbeing support from day one, a leading 10 days paid carers policy, our Pathway to Parenthood which offers comprehensive financial support towards fertility treatment alongside paid leave to for any fertility, adoption or surrogacy appointments, and additional support for neurodivergent colleagues.
“It’s the right thing to do and we want to help our employees and share best practices with others. Our experience shows that there is a clear business case for doing this with savings from increased retention and ensuring colleagues don’t have to take unplanned absences.”
Helen Dickinson OBE, CEO of the British Retail Consortium, said: “As the country’s largest private sector employer, employing three million people, the industry stands ready to work with government to ensure these reforms are a win:win for employers and colleagues, and maximise employment opportunities, investment, and growth.
“Many of the expected provisions, including stopping exploitative contracts and offering flexibility in employment, are things that responsible retailers already do. Introducing these standards for everyone means good employers should be competing on a level playing field.
“We look forward to engaging the government on the details, including around seasonal hiring and the use of probation periods.”
Kate Nicholls, CEO of UKHospitality, said: “I’m pleased the Government has recognised the importance of flexibility to both workers and businesses. This is crucial for hospitality, which employs 3.5m people and provides countless flexible roles for working parents, students, carers and many more.
“We look forward to continuing our engagement and consultation with the Government on its plans, which are not without cost, to get the details right for all parties.”
A BT Group spokesperson, said: “BT Group believes that a strong economy is one that works for everyone, and has already adopted many of the measures that will be covered by this legislation.
“It will be crucial to get the details right, to avoid unintended consequences and keep the UK competitive, and we welcome the constructive, consultative approach that the Government is taking.”
Not all employers’ organisations are rejoicing, however. The Federation for Small Businesses (FSB) says the legislation will be devastating for the industry.
Leaders from across the UK will come together in Scotland next Friday (11 October) as the Prime Minister convenes the first Council of Nations and Regions.
Prime Minister convenes leaders from across the UK for Council of the Nations and Regions in Scotland on Friday 11 October.
Council to focus on maximising opportunities to deliver investment and growth across the UK.
Comes as speakers are confirmed for the UK Government’s inaugural International Investment Summit.
Leaders from across the UK will come together in Scotland next Friday as the Prime Minister convenes the first Council of Nations and Regions.
Three days ahead of the International Investment Summit, the first Council will focus on investment and growth and is a key moment to ensure everyone is collectively playing their part to maximise the opportunity the Summit presents for the whole of the UK.
The Council brings together First Ministers, Northern Ireland’s First Minister and Deputy First Minister and regional Mayors from across England, as the UK Government forges new partnerships, resets relationships and seizes the opportunity to secure long term investment with the aim of boosting growth and living standards in every part of the UK.
Prime Minister Keir Starmer said: I’m determined to bring forward a new era of stability, trust, and partnership with businesses, investors, Devolved Governments, and local leaders to boost the economy and restore the UK’s reputation one of the best places in the world to do business.
“I’ve set out that we will be doing things differently, and that’s exactly why we are delivering our promise to convene the first Council of the Nations and Regions as we work as one team to maximise opportunities ahead of the Investment Summit.
“No more talking shops of the past. Genuine, meaningful, and focused partnership to change the way we do business, redefine our position on the world’s stage, and unlock the whole of the UK’s untapped potential to make everyone, everywhere better off.”
Tracy Brabin, Mayor of West Yorkshire, said: “This new era of genuine partnership working between the Government and Mayors will help us to unleash the potential of our great regions and boost growth.
“Mayors are champions of their regions at home and abroad, attracting investment, creating good jobs, and putting more money in people’s pockets. Our investments in transport, skills and homes, create the right environment for growth by connecting businesses to the talent and finance they need to succeed.
“Through partnership working and by listening to business, we’ll deliver the long-term investment our country needs to shake off stagnation and face the future with confidence.”
Local leaders as well as Heads of the Devolved Governments have also been invited and are expected to attend the International Investment Summit to forge new partnerships with businesses to unlock growth in every corner and every community across the UK.
The UK Government led inaugural International Investment Summit is expected to be opened by the Prime Minister where he will take part in an in conversation event with Eric Schmidt – the pioneer behind Google’s transformation from start up to one of the world’s most powerful companies.
Eric Schmidt, Former CEO & Chairman of Google KBE said: “Artificial intelligence represents one of the most transformative technologies of our time. It will change how economies everywhere function, and it will determine which countries stay competitive in the decades to come.
“Last year, when the UK hosted the first global summit on AI safety, the country displayed its commitment to being a leader in responsible innovation. Now, it has the opportunity to go even further and articulate a vision for the future where the UK is a hub for world-class talent.
“I’m looking forward to discussing with the Prime Minister how we can drive even greater investment in research and education to ensure the UK stays at the forefront of these technological breakthroughs.”
The Summit will gather UK leaders, high-profile investors and businesses from across the world at a historic venue in central London – with confirmed speakers including Ruth Porat President & Chief Investment Officer, Alphabet and Google, Alex Kendall, CEO of Wayve and Bruce Flatt, CEO of Brookfield Asset Management.
The event will provide an opportunity for the Government to establish enduring partnerships with businesses to boost investment in the UK and to give investors the certainty and confidence they need to drive growth.
It will be sponsored by Barclays, HSBC, Lloyds, M&G plc, Octopus Energy, and TSL.
Today’s announcement follows the Government confirming funding this week to launch the UK’s first carbon capture sites in Teesside and Merseyside.
In a boost for economic growth and protecting the environment, the new carbon capture and CCUS enabled hydrogen projects will create 4,000 new jobs, sustain important British industry, and help remove over 8.5 million tonnes of carbon emissions each year – the equivalent of taking around 4 million cars off the road.
C.S. Venkatakrishnan, Group Chief Executive, Barclays said: The International Investment Summit is an important opportunity for the Government to build further investor confidence based on its priorities for driving UK economic growth.
“The UK’s stability, skills and history of innovation make it an attractive investment destination. The private sector has an important supporting role in helping the economy. Barclays has made its largest ever capital investment in the UK to drive economic growth and we continue to connect both domestic and international investors with opportunities across the country.”
Georges Elhedery, Group CEO, HSBC said: “From SMEs to multinational corporates, UK companies’ enterprise, expertise and innovation present huge opportunities for partnership and economic growth.
“With our long history of helping UK customers trade with the world and international customers to invest in the UK, HSBC is pleased to support the International Investment Summit.”
Charlie Nunn, Group Chief Executive, Lloyds Banking Group said: “The UK business environment remains an innovative and dynamic destination for investors and global talent, and we are proud to support the International Investment Summit.
“Lloyds works with corporate and institutional clients from the UK and across the world – generating jobs and growth, attracting inward investment, and increasing exports. These are essential ways we are helping Britain prosper.”
Andrea Rossi, CEO, M&G plc said: “The UK has a clear national mission to drive economic growth and back wealth creation across every region of the country.
“At M&G, we have actively invested in the UK for 175 years, driving progress and helping people, businesses and communities thrive. We continue to support a range of companies, invest in critical infrastructure and play our part in boosting regional economies.
“The International Investment Summit is a crucial moment to put the UK back on the investor map, showcase market opportunities and reinforce how business and government can work in partnership.”
Greg Jackson, CEO of Octopus Energy said: “The UK is the vanguard of green innovation, brimming with the talent and technology needed to accelerate the global energy revolution.
“By investing in British renewables and clean tech, we’re not just creating greener energy for people but driving the solutions that will power the world. The International Investment Summit is a great opportunity to showcase the UK’s climate leadership and revolutionise the sector.”
Jackie Wild, TSL Group CEO said: “We are delighted to be a partner to the International Investment Summit. We founded TSL more than two decades ago with the vision of creating a British export model of technical engineering and construction excellence.
“We are proud to be delivering projects for international clients across the world to power the fourth industrial revolution.
“In addition, through the creation of SmartParc, our cutting edge, investable platform for food industry change, we continue to facilitate inward investment into the UK’s food industry to safeguard our national food security.”
