Chancellor to pledge to ‘fix the foundations of our economy’ as she unveils the spending inheritance left by the previous government.
Reeves to set out reforms to deliver economic stability and protect the public finances, as she announces date of Budget later this year.
Office of Value for Money formed to challenge government to deliver better value for money for taxpayers.
Chancellor of the Exchequer Rachel Reeves will this afternoon (Monday 29 July, after 3:30pm) vow to ‘fix the foundations of our economy’ as she publishes an audit of the spending inheritance left by the previous administration.
Accusing the previous government of ‘covering up the true state of the public finances,’ the Chancellor will announce immediate action to restore economic stability and deliver departmental savings this financial year.
The announcements will be a response to the findings of the Treasury’s spending audit, which shows that the previous government overspent this year’s budgets by billions of pounds after making a series of unfunded promises.
The Chancellor will confirm that she has commissioned an Office for Budget Responsibility forecast to coincide with a Budget and Spending Review to be held later this year.
The Budget will set out how the government’s robust fiscal rules will be met: balancing the current budget so that day-to-day costs are met by revenues and getting debt falling as a share of the economy by the fifth year of the forecast.
Speaking in the House of Commons later today, the Chancellor of the Exchequer Rachel Reeves is expected to say: “Before the election, I said we would face the worst inheritance since the Second World War.
“Taxes at a seventy year high. Debt through the roof. An economy only just coming out of recession. I knew all those things. I was honest about them during the election campaign. And the difficult choices it meant.
“But upon my arrival at the Treasury three weeks ago, it became clear that there were things I did not know. Things that the party opposite covered up from the country.”
She will add: “It is time to level with the public and tell them the truth.
“The previous government refused to take the difficult decisions. They covered up the true state of the public finances. And then they ran away. I will never do that.
“The British people voted for change and we will deliver that change. I will restore economic stability. I will never stand by and let this happen again.
“We will fix the foundations of our economy, so we can rebuild Britain and make every part of our country better off.”
The Chancellor will announce she is committing the government to one major fiscal event per year to put an end to ‘surprise budgets’ which have previously caused uncertainty for both the markets and family finances across the country.
A new Office of Value for Money will be established, using pre-existing civil service resource, to put an end to wasteful spending in government, providing targeted scrutiny of public spending so that value for money governs every decision government makes.
The Office will immediately begin work on identifying and recommending savings for the current financial year, while also establishing where targeted reforms of the system can ensure that poor value for money spending is cut off before it begins.
Reforms bearing down on waste in the public sector will also be announced today, driving efficiency through government departments and arms length bodies (ALBs). Immediate action will be taken to stop non-essential spending on consultants, alongside disposing of surplus estates and hastening delivering admin efficiencies in departments.
Earlier this month, the Government introduced the Budget Responsibility Bill at the King’s Speech to deliver economic stability by guaranteeing that never again can a government play fast and loose with the public finances.
The Bill ensures all significant fiscal announcements on tax or spending which are worth more than 1% of the UK’s GDP will be subject to scrutiny by the independent Office for Budget Responsibility. This will guard against large-scale unfunded commitments in the future.
FORMER Tory Chancellor Jeremy Hunt said the new Labour government is ‘peddling nonsense’. He added: “The books were wide open and what they show is a healthy, growing economy.”
The Conservatives claimed throughout the recent election campaign that Rachel Reeves secretly plans to raise taxes.
Plans to reveal which new hospitals, surgeries and treatment centres will be built in Scotland have been delayed.
In a letter to Holyrood’s finance committee, Cabinet secretary for Finance and Local Government Shona Robison explained: ‘To provide as much certainty as possible to parliament and wider stakeholders of our capital investment plans, I must wait until I have confirmed capital allocations from the new UK government”.
That confirmation is not expected until late Autumn – and, given the new Labour government’s warnings about a £20 bn. ‘black hole in the UK’s finances, it’s not expected to be good news.
Lothian Conservative MSP, Miles Briggssaid: “This further delay to finding out if SNP Ministers will reinstate the funding for a new Princess Alexandra Eye Pavilion is extremely disappointing.
“We urgently need a new eye hospital to improve the delivery of ophthalmology across the South East of Scotland.
“The decision by SNP Ministers not to reverse funding for a new hospital has been a disastrous decision and will ultimately lead to additional costs for the delivery of a new hospital.
“I will continue to lead calls for the funding for a new eye hospital. What we desperately need is to see some leadership from SNP Ministers.”
In this Account Commission briefing about Scotland’s Integration Joint Boards (IJBs), we report that community health and social care faces rising unmet need and managing the crisis is taking priority over prevention due to the multiple pressures facing the bodies providing these services.
IJBs plan and commission many vital community-based health and care services.
People
One in 25 people in Scotland receive social care.
Expected to rise sharply due to an ageing population – 76% of people receiving health and social care are aged 65 and over.
By mid-2045, the number of people aged 65 and over is set to grow by nearly a third.
Performance
Where data is available, nationally there has been a general decline in performance of services and outcomes for people.
Data quality and availability is insufficient to fully assess the performance of IJBs and inform how to improve outcomes for people who use services with a lack of joined- up data sharing.
Care
Community health and social care faces unprecedented pressures and financial uncertainty. We have not seen significant evidence of the shift in the balance of care from hospitals to the community intended by the creation of IJBs.
Finances
IJB funding has decreased by £1.1 billion (nine per cent) in real terms to £11 billion in 2022/23. The funding gap is set to triple in 2023/24.
IJBs are making savings by not filling staff vacancies and using their financial reserves, but this is not sustainable.
Staffing
Vacancies are at a record high. Nearly half of services report vacancies. A quarter of staff leave jobs within their first three months. And there is continued turnover in senior leadership.
Action is needed now
IJBS need to share learning to identify and develop:
service redesign focused on early intervention and prevention.
approaches focused on improving the recruitment and retention of the workforce.
improvement to the data available.
commissioning approaches that improve outcomes for people.
ensure that their financial plans are up to date.
IJBs need to work together and with other stakeholders to:
ensure that the annual budgets and proposed savings are achievable and sustainable.
ENGLAND’S SOCIAL CARE WATCHDOG ‘NOT FIT FOR PURPOSE
The Care Quality Commission (CQC), the body responsible for regulating adult social care services in England, is ‘not fit for purpose’, according to the health secretary Wes Streeting.
Health and Social Care Secretary Wes Streeting was responding to an independent review that identified ‘significant internal failings’ within the health and social care regulator.
The interim report, led by Dr Penny Dash, chair of the North West London Integrated Care Board, found the number of inspections being undertaken were well below pre-Covid levels.
It also revealed a lack of clinical expertise among inspectors, a lack of consistency in assessments and problems with the CQC’s IT system.
Commenting on her findings, Dr Dash said: ‘The contents of my interim report underscore the urgent need for comprehensive reform within the CQC.
‘By addressing these failings together, we can enhance the regulator’s ability to inspect and rate the safety and quality of health and social care services across England.’
Mr Streeting commented: ‘When I joined the department, it was already clear that the NHS was broken and the social care system in crisis.
‘But I have been stunned by the extent of the failings of the institution that is supposed to identify and act on failings. It’s clear to me the CQC is not fit for purpose.’ Kate Terroni, CQC’s interim chief executive, said the regulator accepts in full the findings and recommendations of the report.
‘Many of these align with areas we have prioritised as part of our work to restore trust with the public and providers by listening better, working together more collaboratively and being honest about what we’ve got wrong,’ she said.
‘We are working at pace and in consultation with our stakeholders to rebuild that trust and become the strong, credible, and effective regulator of health and care services that the public and providers need and deserve.’
The interim findings of the review of our operational effectiveness led by Dr Penelope Dash have been published this morning.In response, Kate Terroni, our interim chief executive, said: “We accept in full the findings and recommendations in this interim review, which identifies clear areas where improvement is urgently needed.
“Many of these align with areas we have prioritised as part of our work to restore trust with the public and providers by listening better, working together more collaboratively and being honest about what we’ve got wrong.
“We are working at pace and in consultation with our stakeholders to rebuild that trust and become the strong, credible, and effective regulator of health and care services that the public and providers need and deserve.
“Work is underway to improve how we’re using our new regulatory approach. We’ve committed to increasing the number of inspections we are doing so that the public have an up-to-date understanding of quality and providers are able to demonstrate improvement.
“We’re increasing the number of people working in registration so we can improve waiting times. We’re working to fix and improve our provider portal, and this time we’ll be listening to providers and to our colleagues about the improvements that are needed and how we can design solutions together.
“We’ll be working with people who use services and providers to develop a shared definition of what good care looks like. And we’re also developing a new approach to relationship management that enables a closer and more consistent contact point for providers.
“Additionally, to strengthen our senior level healthcare expertise, we have appointed Professor Sir Mike Richards to conduct a targeted review of how the single assessment framework is currently working for NHS trusts and where we can make improvements.
“Sir Mike’s career as a senior clinician, and a distinguished leader of high-profile national reviews, as well as his direct experience of driving improvement through regulation, make him uniquely placed to conduct this work.”
The Flow Country has been added to the UNESCO World Heritage List
Site to become world’s first peatland bog to gain world heritage status
Becomes Scotland’s first natural world heritage site, joining the likes of the Grand Canyon and the Great Barrier Reef
The Flow Country has become the UK’s newest UNESCO World Heritage Site, having been granted the accolade today, at the 46th session of the World Heritage Committee.
The landscape, which is widely considered to be the largest area of blanket bog in the world covering around 1,500 square miles in Caithness and Sutherland, has become the UK’s 35th UNESCO World Heritage Site and is the world’s first ever peatland site to gain world heritage status.
The site will also become Scotland’s first natural world heritage site and joins a very exclusive list of natural UNESCO World Heritage Sites, including The Grand Canyon and The Great Barrier Reef.
It will be the seventh Scottish site, joining St Kilda and the Forth Bridge, which attract hundreds of thousands of visitors to Scotland.
Due to the nature of the site, this listing is also expected to bring new opportunities for local people through the creation of green jobs in landscape restoration and conservation.
The Flow Country is home to a wide range of wetland and moorland species, including many birds, such as the red-throated diver, golden eagle and short-eared owl and has been considered to be of outstanding universal value due to its remarkable diversity, the home that it provides for these species and the role it plays in storing approximately 400 million tonnes of carbon in the north of Scotland.
UK Government Culture Minister Sir Chris Bryant said: “It is fantastic to see the UK adding two new sites to the World Heritage List in the space of a day – of historical and natural significance respectively.
“The Flow Country is one of our most precious resources, as a vital habitat for many species and a key site for carbon capture that continues to inform our understanding of how blanket bog can be used to help mitigate climate change.
“It is right to recognise this truly inspiring landscape and I look forward to working closely with counterparts in Scotland to showcase this important addition to our UK World Heritage Sites.”
Scottish Secretary Ian Murray said: “Scotland has a rich history of UNESCO World Heritage sites with six spread across our country from Heart of Neolithic Orkney to New Lanark, the Old and New Towns of Edinburgh to St Kilda and I am delighted the Flow Country has become Scotland’s seventh.
“Thanks to a strong endorsement from the UK Government the Flow Country, which has international importance as a habitat and for the diverse range of rare and unusual breeding birds it supports, is now the first peatland site on the World Heritage list.”
Acting Scottish Government Net Zero Secretary Gillian Martin said: “This is a truly momentous day for Caithness and Sutherland, and indeed Scotland as a whole.
“The Flow Country is an area of truly outstanding natural beauty and its diverse ecosystems and peatlands are a vital part of our efforts to combat climate change and nature loss. This new global prominence will help preserve the area for many generations to come.
“I want to congratulate the Flow Country Partnership and everyone who has worked so hard towards this tremendous achievement. Their passion and determination has not only elevated the Flow Country to UNESCO World Heritage Status, but has ensured its protection far into the future.”
Bid lead for the Flow Country World Heritage Site project and NatureScot Head of Operations for the North of Scotland, Graham Neville, said: “World Heritage status for the Flow Country is a momentous moment for Scotland’s people and their beloved landscape.
“This successful bid is testament to the hard work and determination of the Flow Country World Heritage project team as well as community members, scientific experts, businesses, landowners and public bodies from across the Flow Country who have been so generous with their time, knowledge and expertise to shape the bid for the benefit of the whole area.
“World Heritage Site status will lead to greater understanding of the Flow Country and raise the profile of Scotland’s peatlands globally for their value as biodiverse habitats and important carbon sinks. It is a wonderful recognition of the expert stewardship of farmers and crofters in maintaining this incredible ecosystem as a natural legacy for future generations.”
Professor Mike Robinson, Non-Executive Director, Culture at the United Kingdom National Commission for UNESCO says: “We are delighted that the Flow Country has been inscribed onto the UNESCO World Heritage List in recognition of its Outstanding Universal Value.
“World Heritage status recognises the global importance of the Flow Country and its peat bogs, not only as an important ecosystem for wildlife but also, through their carbon storage, as a critical defence against the impact of climate change. In this sense, World Heritage and the protection afforded to it will contribute directly to sustainable development.
Prime Minister Keir Starmer and Energy Secretary Ed Miliband announce first major partnership between Great British Energy and The Crown Estate to unleash billions of investment in clean power.
Prime Minister and Energy Secretary announce first major partnership between Great British Energy and The Crown Estate to unleash billions of investment in clean power
Great British Energy Bill to be introduced today to enable a company owned by the British people, delivering for the British people, backed by £8.3 billion of new catalysing investment over this Parliament
The Prime Minister and Energy Secretary today announced a new unprecedented partnership between Great British Energy and The Crown Estate, which has the potential to leverage up to £60 billion of private investment into the UK’s drive for energy independence.
Great British Energy will be at the heart of the government’s mission to make Britain a clean energy superpower. The company will be owned by the British people, for the British people, backed with £8.3 billion of new money over this Parliament to own and invest in clean power projects in regions across the UK.
It comes soon after the Energy Secretary has scrapped the ban on onshore wind and unblocked the production of cheap solar energy. Today’s announcement is yet more evidence of the Energy Secretary rolling up his sleeves to deliver clean energy and kickstart economic growth, so British bill payers and communities reap the benefits of clean, secure, home-grown energy.
Great British Energy’s first major partnership will be between two national institutions for the benefit of the British people.
The Crown Estate, which has a £16 billion portfolio of land and seabed, operates independently and returns its profits to the government, brings long-established expertise to the partnership, and new investment and borrowing powers recently announced by government.
Great British Energy will bring the critical strategic industrial policy that the state can provide, as well as its own ability to invest.
The Crown Estate estimates this partnership will lead to up to 20-30GW of new offshore wind developments reaching seabed lease stage by 2030, enough power for the equivalent of almost 20 million homes.
The partnership will boost Britain’s energy independence by investing in homegrown power, and with accompanying reforms to policy, cut the time it takes to get offshore wind projects operating and delivering power to homes by up to half.
This partnership will see the public sector taking on a new role undertaking additional early development work for offshore wind projects. This will ensure that future offshore wind development has lower risk for developers, enabling projects to build out faster after leasing and crowding in private sector investment. It will also help boost new technologies such as carbon capture and storage, hydrogen, wave and tidal energy.
It comes as the Department for Energy Security and Net Zero has published details of the company’s objective. Families across the country have suffered during the cost-of-living crisis, as the UK’s over-reliance on fossil fuel markets was exploited by Putin. Great British Energy is part of the government’s plans for clean power by 2030, so families and businesses are never left vulnerable again to spiking global prices.
The Prime Minister has confirmed that Great British Energy will be headquartered in Scotland and will back energy generation projects in the UK, bringing profits back to the British people. The UK Government is in discussions with the Scottish Government and Crown Estate Scotland on how Great British Energy could help to support new development and investment within Scotland.
The government is already legislating to give both Great British Energy and The Crown Estate the powers they need to rapidly deliver, with two Bills being introduced in Parliament today.
Prime Minister Keir Starmersaid: My government is laser focused on delivering change, to make people better off.
“This innovative partnership between Great British Energy and the Crown Estate is an important step toward our mission for clean energy by 2030, and bringing down energy bills for good.
“This agreement will drive up to £60 billion in investment into the sector, turbocharging our country toward energy security, the next generation of skilled jobs, and lowering bills for families and business.
“My mission led government is rolling up our sleeves to deliver for Britain.”
Energy Security and Net Zero Secretary Ed Milibandsaid: “Great British Energy comes from a simple idea – that the British people should own and benefit from our natural resources. Investing in clean power is the route to end the UK’s energy insecurity, and Great British Energy will be essential in this mission.
“The agreement with The Crown Estate will lead to more investment, cleaner power, more energy security, and is a statement of intent that it will be a permanent and transformative institution for our country.”
Chief Executive of the Crown Estate Dan Labbadsaid: “The Crown Estate exists to serve the national interest, including stewarding our natural resources to deliver a decarbonised, energy secure and sustainable future.
“With new powers and by partnering with government, we can drive greater investment into this future for our country, and with it support nature recovery and job creation.”
Great British Energy will have five key functions
Project development – leading projects through development stages to speed up their delivery, whilst capturing more value for the British public
Project investment – investing in energy projects alongside the private sector, helping get them off the ground
Local Power Plan – supporting local energy generation projects through working with local authorities, combined authorities and communities
Supply chains – building supply chains across the UK, boosting energy independence and creating jobs
Great British Nuclear – exploring how Great British Energy and Great British Nuclear will work together, including considering how Great British Nuclear functions will fit with Great British Energy
The Crown Estate has already helped the UK to become a global leader in the offshore wind sector, and is currently running one of the world’s largest commercial scale floating wind leasing programmes in the Celtic sea. This partnership will accelerate that leadership even further.
The Great British Energy Bill, which is being introduced in the House of Commons today, will support the creation of the new publicly owned company by setting out its objectives and ensuring it has access to necessary finances. The Secretary of State will also have the ability to set Great British Energy’s strategic priorities to ensure it remains focussed on the government’s aim to accelerate the delivery of homegrown clean energy power in the UK.
The Crown Estate Bill will modernise The Crown Estate by removing outdated restrictions on its activities so it can, for example, invest in digital technologies that will further enhance its award-winning spatial mapping of the seabed.
The Bill will also expand The Crown Estate’s investment powers and grant borrowing capabilities, unlocking significant investment in public infrastructure.
This includes essential marine investment to help support the acceleration and growth of offshore wind capacity by 2030 alongside supporting the regeneration of urban centres, such as its most recent example of a new Life Science partnership in central Oxford and nature recovery across its portfolio.
These reforms will secure the continued future success of the Crown Estate business and maximise the returns it generates for the public.
The announcements follow the government’s rapid action to set up a new Mission Control at the heart of government to deliver clean power by 2030, headed up by former Climate Change Committee chief executive Chris Stark.
A powerful display honouring the Ukrainian athletes who have been killed since Russia’s full-scale invasion has been unveiled today in Parliament Square.
More than 487 Ukrainian athletes have been killed, with the lives of former and aspiring Olympians, as well as the next generation of sporting talent, cut short.
Display comes ahead of the opening ceremony of the Olympic Games later this week.
Ahead of the 2024 Olympic Games in Paris, a display has been unveiled in Parliament Square to honour the lives lost from within the Ukrainian sporting community and to highlight the devastating consequences of the war in Ukraine.
Since Russia’s barbaric full-scale invasion of Ukraine in 2022, the conflict has claimed the lives of thousands of innocent Ukrainians, including 487 athletes. More than 4,000 athletes are still actively supporting the war effort.
Unveiled today in Parliament Square, the new 3D display brings to life the harrowing ‘487’ figure – though the true number is likely to be even higher. Surrounding the display, sporting equipment representing the disciplines of some of the 487 fallen athletes offers a stark reminder of the war’s devastating toll.
With only 140 athletes from Ukraine competing at this year’s Olympic Games in Paris, this marks the smallest representation ever in Ukraine’s summer Olympic history.
Among the athletes killed by Russian forces are Oleksandr Pielieshenko, who competed in weightlifting at the Rio 2016 Olympics and died defending his country in May this year.
Other casualties include promising young athletes like 11-year-old rhythmic gymnast Kateryna Diachenko, whose life was cut short by a Russian attack on her hometown of Mariupol at the onset of the war on 12 March 2022.
Foreign Secretary David Lammy said: “As the world gathers this summer to celebrate the very best of sporting talent, we must pause to remember the hundreds of Ukrainian athletes who are no longer with us or can no longer take part due to the war.
“We are drawing attention to the harrowing real life stories behind the 487 statistic to pay tribute to the fallen athletes as a timely reminder of this government’s iron-clad support for Ukraine and its people. We must support Ukraine’s fight for freedom.
“The defence of Europe begins in Ukraine and the outcome is down to our collective will. Now is the time to double down on our support so Ukraine not only wins the war, but can forge the bright and ambitious future that Ukrainians deserve.”
Heorhii Tykhyi, Spokesperson of the Ministry of Foreign Affairs of Ukraine, said: “Every Ukrainian athlete at the Olympics represents the Ukrainian will to win, Volia. By acting swiftly and with united efforts, the prospect of a world where Ukrainian athletes and citizens are free from the threats posed by Russia will be a reality.“
“The display comes just days after the Prime Minister hosted President Zelenskyy at Downing Street last week after the European Political Community summit. President Zelenskyy also met the Defence and Business Secretaries where they discussed the need for more cooperation and the need to boost industrial production for Ukraine.
The UK’s commitment to support Ukraine to resist Russian aggression is iron-clad. The Prime Minister announced his commitment to £3 billion a year of military support for Ukraine for as long as it takes. In total, the UK has committed almost £12.7bn in military, humanitarian, and economic support for Ukraine since February 2022.
Current and former Olympic athletes and coaches worldwide have also united in solidarity with Ukraine in light of the 487 figure, sharing their hopes for Ukraine to receive the support it needs to win.
This includes Sasha Cohen, former Ukrainian-American Olympic figure skater, Oksana Masters, Ukrainian-American Paralympic athlete, German Biathlete Jens Steinigen and coach Wolfgang Pichler, and former Ukrainian Olympic wrestler Oksana Rakhra.
Sasha Cohen, former Ukrainian-American figure skater, said: “I’ve always believed in the power of sport to unite and inspire. But today, I’m not just speaking as an athlete.
“I’m speaking as the daughter of a Ukrainian immigrant, my mother, Galina. I’ve grown up with stories of Ukraine, our culture, our people, and their resilience.
“Today, I stand in awe of the Ukrainian athletes participating in the Olympics and think of those who we are missing and have been lost to the war.
“Their courage, strength and determination embodies the spirit of my mother’s homeland and I stand with them in solidarity. Together, we can show the world the power of unity in sport.”
The projects come from the National Space Innovation Programme (NSIP) – designed to invest in high-potential technologies and drive innovation and growth
Five projects funded by the UK Space Agency across Scotland have been announced on the opening day of the Farnborough International Airshow, providing over £10.5 million in Scottish investment.
The projects come from the National Space Innovation Programme (NSIP) – designed to invest in high-potential technologies and drive innovation and growth in the space sector across the UK.
Two Scottish projects will receive £8.5 million of the total funding for UK Major Projects. These include funding for a sub-orbital rocket test by HyImpulse (Glasgow) from SaxaVord spaceport in Shetland.
A project led by Spire Global (Glasgow) will further develop technology to supply unique weather forecasting data to global numerical weather prediction centres.
Not only will the funding support the growth of UK space businesses and create new jobs, but it will enhance Scotland’s offering of space capabilities and services to international investors and major space players.
An additional three ‘Kick Starter’ projects across Scotland will receive £2.4million between them. These projects are designed to support technologies and applications that are in an earlier stage of development and increase their readiness for use in commercial and scientific endeavours.
These projects include a partnership between University of Strathclyde, UK Atomic Energy Authority and SJE Space, for a feasibility study into whether terrestrial directed energy drilling (plasmas/microwaves) could be adapted for space applications, specifically lunar exploration.
Speaking at the Farnborough International Airshow where he met with a number of Scottish exhibitors, Scottish Secretary Ian Murray said: “This is an exciting time for the Scottish space sector as we look forward to the first satellite launch from SaxaVord in Shetland later this year.
“The burgeoning industry plays a vital role in our economy and employs thousands of people across the country. It was fantastic to meet with some of them here and hear about their pioneering plans which could be a key driver for growth, jobs and investment in Scotland.
“Scotland is a major player in the international space industry and I am delighted the UK Government is continuing to back the sector with £10.9 million in funding for these five Scottish projects.”
Dr Paul Bate, CEO of the UK Space Agency, said: “These new projects will help kickstart growth, create more high-quality jobs, protect our planet and preserve the space environment for future generations.
“They go to the heart of what we want to achieve as a national space agency that supports cutting-edge innovation, spreads opportunity across the UK and delivers the benefits of space back to citizens on Earth.”
Chair of the UKspace trade association, John Hanley, said: “This investment into the space industry demonstrates the importance of funding through a national programme to unlock innovative collaborations in all parts of the UK.
“We hope this will further strengthen the sector and build upon the growth we have seen in recent years.”
This project will set out to conduct a vertical launch of a sounding rocket in the UK with the final goal being the build completion of the second stage of the orbital rocket ready for testing. HyImpulse, in partnership with Cranfield University, Birmingham University and the AVICON Partnership, intends to provide a fully vertically integrated launch service for a low-cost, fast, flexible, and reliable deployment of small satellites to low earth orbits.
Led by Spire Global in partnership with STAR-Dundee Ltd, the Met Office and RAL Space (UKRI STFC), this project will build on the prior developments of the Hyperspectral Microwave Sounder (HYMS) to move it towards an operational mission to supply weather forecasting data to global numerical weather prediction (NWP) centres and create unique weather products.
Kick Starter Projects
DIGGER – Drilling and Integrated GigaHertz-Generated Energy Resource for Lunar and Asteroid applications
Funding: £845,000
In partnership with University of Strathclyde, UK Atomic Energy Authority and SJE Space, DIGGER is a feasibility study into whether terrestrial directed energy drilling (plasmas/microwaves) could be adapted for space applications, specifically lunar exploration.
Direct Detection Receivers for Millimetre Wave Radiometry
Funding: £827,000
Led by UKRI / STFC / RAL Space in partnership with University of Glasgow and Spire Glasgow, the project will develop the critical low noise amplifier and detector technology which will be at the core of the next generation of atmospheric remote sensing instrumentation. This technology will go beyond gathering data for weather prediction, with use cases being developed in emerging fields such as security imaging, and theft prevention.
TARS-IOD: Flight-ready model for In-Orbit Demonstration of Tomorrow’s Astro-Robotic System
Funding: £804,000
Lodestar Space Ltd. will develop a platform-agnostic modular robotic arm to perform contact dependent dynamic space operations. Intended for flight on Momentus’ Vigoride platform, the partnership also involves Growbotics and the University of Glasgow to equip the UK with sovereign capabilities for inspecting, protecting, and repairing vital assets beyond Earth.
Professor Lord Darzi appointed to establish the state of the nation’s health service
Report will provide ‘raw and honest assessment’ of issues facing health service
Work will be led by Rt Hon Professor Lord Darzi, OM, KBE, a lifelong surgeon and innovator, independent peer and former health minister
Findings will feed into government’s 10-year plan to radically reform the nation’s health service
Health and Social Care Secretary, Wes Streeting, has ordered a full and independent investigation into the state of the NHS, to uncover the extent of the issues facing the nation’s health service.
Mr Streeting says he wants a ‘raw and honest’ assessment that will deliver ‘the hard truths’. He has appointed Professor Lord Darzi, a lifelong surgeon and innovator, independent peer and former health minister, to lead the rapid assessment, which will be delivered in September.
Its findings will provide the basis for the government’s 10-year plan to radically reform the NHS and build a health service that is fit for the future.
Health and Social Care Secretary, Wes Streeting, said: “Anyone who works in or uses the NHS can see it is broken. This government will be honest about the challenges facing the health service, and serious about tackling them.
“This investigation will uncover hard truths and I’ve asked for nothing to be held back. I trust Lord Darzi will leave no stone unturned and have told him to speak truth to power.
“I want a raw and frank assessment of the state of the NHS. This is the necessary first step on the road to recovery for our National Health Service, so it can be there for us when we need it, once again.”
Professor Lord Darzi said: “As every clinician and every patient knows, the first step to addressing any health problem is a proper diagnosis.
“My work will analyse the evidence to understand where we are today – and how we got to here – so that the health service can move forward.
“This is an important step to re-establishing quality of care as the organising principle of the NHS.”
Amanda Pritchard, NHS Chief Executive, said: “Frontline NHS staff are doing an incredible job, despite the huge pressures they face, to deliver care to over a million people every day, but we know that they face huge struggles and patients are not always getting the timely, high quality care they need.
“We will work closely with the government, independent experts and NHS staff to take a detailed look at the scale of the challenges and set out plans to address them – this comprehensive analysis will be an important step in helping us to build an NHS fit for the future.”
The Health and Social Care Secretary’s promise to fix the broken NHS was backed by action last week when he met with key figures across the health service.
This included meetings with junior doctors to discuss ending the strikes, and talks with the British Dental Association about rebuilding NHS dentistry.
He also visited a GP surgery in north London to see first-hand how the practice is delivering a patient-led service providing continuity of care – a key pillar of the government’s ambition to improve primary care.
Mr Streeting also set out his wider commitment to support the government’s growth mission by improving the health of the nation.
The aims are based on 3 key steps:
cutting waiting times to get people back to work
making the UK a life sciences and medical technology superpower
creating training and job opportunities through the NHS to deliver growth up and down the country.
Chancellor launches landmark review to boost investment, increase pension pots and tackle waste in the pensions system.
New Pensions Bill confirmed in King’s Speech could boost pension pots by over £11,000, with further consolidation and broader investment strategies to potentially deliver higher returns for pensions.
An investment shift in defined contribution schemes could deliver £8 billion of new productive investment into the UK economy.
Action will be taken to unleash the full investment might of the £360 billion Local Government Pension Scheme to make it an engine for UK growth.
The Chancellor Rachel Reeves has announced a landmark pensions review as part of the new Government’s mission to ‘boost growth and make every part of Britain better off’.
Under plans unveiled by the new Chancellor, billions of pounds of investment could be unlocked in the UK economy from defined contribution schemes alone and pension pots for savers in defined contribution schemes could be boosted by over £11,000.
The Review will also, working closely with the Minister of State at MHCLG, look at how to unlock the investment potential of the £360 billion Local Government Pensions Scheme, which manages the savings of those working to deliver our vital local services, as well as how to tackle the £2 billion that is being spent on fees.
The announcement comes ahead of the first Growth Mission Board on Tuesday. This will be chaired by the Chancellor and drive the Government’s work to achieve the highest sustained growth in the G7. New measures have already been announced to fix the planning system, the creation of a new National Wealth Fund and the overhaul of the listings regime to boost UK stock exchanges.
The work announced today – focusing on investment – is the first phase in reviewing the pensions landscape and will be led by the first ever joint Treasury and Department for Work and Pensions Minister, Emma Reynolds (Minister for Pensions). The next phase of the review starting later this year will consider further steps to improve pension outcomes and increase investment in UK markets, including assessing retirement adequacy.
The Chancellor and the Pensions Minister will chair a roundtable with the pensions industry on Monday to start intensive industry engagement for the Review.
Chancellor of the Exchequer Rachel Reeves said: “Despite a very challenging inheritance, this new Government is getting on with the job of delivering our mandate to get the economy growing so we can make every part of our country better off.
“The review we are announcing is the latest in a big bang of reforms to unlock growth, boost investment and deliver savings for pensioners. There is no time to waste. That is why I am determined to fix the foundations of our economy so we can rebuild Britain and improve people’s lives.”
Deputy Prime Minister Angela Rayner said: “After putting in years of hard graft serving their communities, the very least our frontline workers deserve – millions of whom are low paid, millions of whom are women – is dignity and security in retirement.
“That’s why we want to make sure their hard-earned money works harder for them so we ensure they receive the pensions they have earned, whilst unlocking growth across our economy.”
Pensions Minister Emma Reynolds said: “As the first ever joint Treasury and DWP Minister I am uniquely placed to tackle the twin challenges of productive investment and retirement outcomes.
“Over the next few months the review will focus on identifying any further actions to drive investment that could be taken forward in the Pension Schemes Bill before then exploring long-term challenges to ensure our pensions system is fit for the future.
“There is so much untapped potential in our pensions markets, with an industry worth around £2 trillion. The measures we have already set out in our Pension Schemes Bill will help drive higher investment and a better deal for our future pensioners.”
M&G plc CEO Andrea Rossi said: “A Pensions Review is long overdue and to be welcomed. M&G has a rich heritage of investing in the UK and there are significant opportunities ahead to give the real economy a boost over the next decade and beyond.
“We know from experience, through our PruFund offer, that a large pooled fund gives savers access to a wider range of productive assets that aims to maximise benefits over the long-term. Consolidation, combined with the role of advice, has huge potential to align the interests of savers with the UK’s growth ambition. We look forward to supporting the Government on this landmark review.”
BVCA Chief Executive Michael Moore said: “We are very encouraged that the Government has brought forward their Pensions Review so quickly.
“The Chancellor has a real opportunity to deliver economic growth by facilitating increased investment in UK businesses to the benefit of returns to pension savers as well as the wider economy.
“Legislative and policy changes, including further consolidation of pension schemes to increase pension schemes’ ability to deploy capital into UK private capital funds are vital, as is greater industry partnership.
“The BVCA’s Investment Compact has already brought together over 100 growth equity and venture capital firms committed to working with pensions schemes to consider effective structures that attract investment.”
Defined contribution schemes will be managing around £800 billion in assets by the end of the decade and the Review will explore ways to increase their investment into productive assets. Even a 1 percentage point shift of assets into productive investments could mean £8 billion of new productive investment to grow the economy and build vital infrastructure by the end of the decade.
This would also help savers using these schemes build up better retirement pots as productive assets are more likely to provide higher returns. Immediate action has already been taken to boost retirement savings through the Pensions Bill, which introduces a Value for Money Framework to promote better governance and achieve higher returns – boosting the pension pot of an average earner who saves over their lifetime in a defined contribution scheme by over £11,000.
The first stage of the review will examine actions to support greater productive investment and better retirement outcomes, including through further consolidation and encouraging at-scale schemes to increase returns through broader investment strategies.
The Local Government Pension Scheme (LGPS) in England and Wales is the seventh largest pension fund in the world, managing £360 billion worth of assets. Its value comes from the hard work and dedication of 6.6 million people in our public sector, mostly low-paid women, working to deliver our vital local services. Pooling this money would enable the funds to invest in a wider range of UK assets and the government will consider legislating to mandate pooling if insufficient progress is made by March 2025.
To cut down on fragmentation and waste in the LGPS, which spends around £2 billion each year on fees and costs and is split across 87 funds – an increase in fees of 70% since 2017, the Review will also consider the benefits of further consolidation.
The first stage of the review will report in the next few months and consider further measures to support the Pensions Bill. It will take account of the need to prioritise gilt market stability, liquidity and diversity. It will then broaden out to consider the wider pensions landscape to strengthen security in retirement. In the meantime, immediate action has been taken through new laws announced to Parliament in The King’s Speech.
Barclays CEO C. S. Venkatakrishnan said: “We welcome the Government’s timely review of the pensions sector.
“Pensions reforms are critical to unlocking institutional investment in growth equity, and alongside a streamlining of listing requirements, will give a significant boost to UK capital markets and growth. Building institutional demand is also an important signal in encouraging private share ownership.
Border to Coast CEO Rachel Elwell said: ““Our focus is on delivering a strong and sustainable LGPS to enable it to pay the pensions of the 6.6million local government workers in an affordable manner.
“Border to Coast has developed innovative and cost-effective investments, while cutting Private Market fees by almost 30%. There is an opportunity to build and expand on this, delivering greater value to local taxpayers, and delivering productive investment in the UK. We therefore welcome the opportunity to work with the Government on a co-ordinated review to deliver this.
“If the Government is ambitious and considers a wide range of options in this review we are optimistic that this will deliver the clear roadmap we have called for, building on the work of the BVCA’s Pensions and Private Capital Expert Panel.”
Chair of the Pensions & Private Capital Expert Panel and co-founder of IQ Capital Kerry Baldwin said: “An early and ambitious review of the pensions landscape is an extremely important step in prioritising returns for UK savers and driving economic growth.
“The Chancellor’s Pensions Review will add further impetus to the work of the Investment Compact for Venture Capital and Growth Equity, which has brought together the private capital and pensions industries to support pension savers and to encourage investment from pension funds into unlisted equities.
“There has been significant progress through this collaboration. We are already developing a greater understanding of the ways we can work together to deliver new options for UK pension savers at the same time as supporting high growth, innovative UK companies with new sources of capital.
“The Review offers us the opportunity to develop this shared agenda further and deliver better outcomes for all the stakeholders.”
TheCityUK CEO Miles Celic said: “Creating the right investment environment is critical both for improving people’s retirement incomes and for boosting growth across the UK.
“The government’s new Pensions Review will be an important mechanism to help deliver this. We look forward to working closely with government and regulators to ensure that an effective long-term strategy that supports financial resilience is developed.”
UK SPEARHEADS CRACKDOWN ON RUSSIA’S ‘SHADOW FLEET’
President Zelenskyy will be hosted by the Prime Minister at an extraordinary meeting of the Cabinet this morning
President Zelenskyy will be hosted by the Prime Minister at an extraordinary meeting of the Cabinet tomorrow morning, as the UK spearheads a major initiative to crack down on Russia’s ‘shadow fleet’.
The Ukrainian leader, who will be the first official visitor to Downing Street during Prime Minister Keir Starmer’s tenure, is expected to meet and brief the new Cabinet about the situation on the battlefield in Ukraine, and the need to ramp up Europe’s defence industrial base to outpace the Russian threat. The last foreign leader to address the Cabinet in person was President Clinton in 1997.
The meeting comes after the launch of a ‘Call to Action’ to disrupt the Russian fleet – which is enabling Russia to evade international sanctions – at the European Political Community summit yesterday.
Spearheaded by the UK, 44 European countries plus the European Union have agreed to work together to tackle the use of illegitimate vessels, which also pose significant security and environmental threats to European waterways.
The shadow fleet is made up of around 600 vessels and represents approximately 10% of the global “wet cargo” fleet. It carries approximately 1.7 million barrels of oil per day, generating significant funds to fuel Russia’s war machine.
Some of the ships are also alleged to double as Russian listening stations, while others are believed to be transporting weaponry to Russia.
The Prime Minister is expected to tell President Zelenskyy today that the UK will go further in the coming months to place a greater stranglehold on Putin’s war machine.
The two leaders are also expected to agree a Defence Export Support Treaty, which will be signed by defence ministers, to fire up both the UK’s and Ukraine’s defence industrial bases and increase military hardware and weaponry production.
The treaty will enable Ukraine to draw on £3.5 billion of export finance, to support its armed forces. It will also allow Ukrainian and UK defence companies to invest in further military capabilities and continue to rapidly innovate on new and novel military hardware.
The boost follows the opening of a major UK repair and overhaul facility in Ukraine to help sustain the war effort. BAE Systems opened the facility to allow Ukraine to return overhauled land vehicles back to the front line quicker.
The export finance is in addition to the £3 billion a year of UK support, announced by the Prime Minister at NATO, to support Ukraine’s defence for as long as it takes.
Prime Minister Keir Starmer said: “Ukraine is, and always will be, at the heart of this government’s agenda and so it is only fitting that President Zelenskyy will make a historic address to my Cabinet.
“Russia’s incremental gains on the battlefield are nothing compared with the collective international support for Ukraine, or the strength of ties between our people.
“And alongside our European partners, we have sent a clear message to those enabling Putin’s attempts to evade sanctions: we will not allow Russia’s shadow fleet, and the dirty money it generates, to flow freely through European waters and put our security at risk.”
The UK has also sanctioned a host of oil tankers today, which transport Russian oil. Among the new ships targeted are the ROCKY RUNNER (IMO 9288899), which sought to escape previous UK action by changing its operator.
This follows after UK action last month that halted tankers collectively responsible for transporting approximately 13 million barrels of Russian crude and oil products since January 2023, worth approximately $930 million.
The ‘shadow fleet’, also known as the ‘dark fleet’, poses serious maritime security and environmental risks. The vessels are often old and unsafe, and engage in dangerous and deceptive shipping practices, such as turning off location tracking systems, which flouts international maritime standards, and increases the likelihood of catastrophic incidents.
EPC states govern some of the world’s busiest and most important waterways, and dozens of incidents are known to have already taken place, such as onboard fires, engine failures, oil spills and collisions, and many of the vessels lack the appropriate insurance.
The UK has already taken robust action to restrict Russian revenues, including implementing the most severe package of sanctions ever imposed on a major economy – sanctioning more than 2,000 individuals and entities since Russia’s invasion of Ukraine, including 29 banks with global assets worth £1 trillion, more than 131 oligarchs with a combined net worth of more than £147 billion at the time of the invasion, and more than £20 billion worth of UK-Russia bilateral trade.
Action to disrupt and deter the shadow fleet comes after the UK contributed £40 million to NATO’s Comprehensive Assistance Package for Ukraine last week, ensuring Ukraine can access vital assistance for counter drone protection, demining of recaptured land and the medical rehabilitation of its injured military personnel. That followed the UK-administered International Fund for Ukraine placing new orders, worth £300 million, for 120,000 rounds of 152mm Soviet-era ammunition to bolster Ukraine’s defences against Russia.
The leaders are also expected to discuss the conclusion of UK – Ukraine negotiations to provide £181 million of support to Energoatom for the supply of nuclear fuel from Urenco.
