Press release: PM meeting with financial services firms

A Downing Street spokesperson said:

This afternoon the Prime Minister chaired a meeting of the senior executives from some of the world’s leading financial institutions to discuss the opportunities and challenges for the financial sector posed by Brexit.

The Prime Minister gave an overview of the UK’s position and updated on Brexit negotiations – including the UK’s aim to agree an implementation period by the end of March.

The Chancellor emphasised the need to make the interests of consumers and taxpayers central to the future regulatory relationship between the UK and EU.

The business leaders were united in emphasising the need for as much certainty as possible. The conclusion of phase one talks were deemed to have provided reassurance and the business leaders gave their views on how to maximise the benefits of an implementation period.

The Chancellor said that the UK’s financial services sector was an enabler of the real economy across Europe and that any moves to undermine it risked undermining Europe’s economies. There was agreement that fragmentation of the European market would likely benefit centres outside of Europe.

In her closing comments the Prime Minister asked that in their conversations in European capitals, the attendees emphasise the benefits for Europe as a whole of the UK’s financial centre.

Link: Press release: PM meeting with financial services firms
Source: Gov Press Releases

Press release: Minister for the Middle East statement on settlement plans across the West Bank

Foreign Office minister Alistair Burt said:

The UK strongly condemns the advancement by the Israeli authorities of plans and tenders for settlement units across the West Bank. We call on Israel to reconsider these proposals. Settlements are illegal under international law and undermine the physical viability of the two-state solution.

Further information

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Link: Press release: Minister for the Middle East statement on settlement plans across the West Bank
Source: Gov Press Releases

Press release: Dr Liam Fox holds UK-India talks as UKEF boosts trade finance support

International Trade Secretary, Dr Liam Fox, today met with the Indian Minister for Commerce and Industry, Shri Suresh Prabhu, to discuss greater cooperation between the 2 countries and identify barriers to trade and investment that must be addressed in order to boost future prosperity.

Ministers were joined by a delegation of senior UK and Indian officials for the 12th meeting of the UK-India Joint Economic and Trade Committee (JETCO), which will build on progress made by the UK-India trade working group that was established in 2016.

Dr Fox announced that the national export credit agency, UK Export Finance (UKEF), has more than doubled its financial support to enable UK businesses to trade with India. It means £4.5 billion will now be available for UK companies exporting to India as well as Indian buyers of UK goods and services.

India and the UK already enjoy a strong trading relationship, worth £15.7 billion in 2016, with UK exports to India amounting to £5.8 billion. Indian foreign direct investment (FDI) in the UK was worth £1.5 billion in 2016, while UK investment into India rose to £13.2 billion in 2016.

There is huge potential to expand bilateral trade and investment as the UK prepares to leave the European Union.

UK and Indian businesses, including UK engineering consultancy Arup and Indian infrastructure firm Infrastructure Leasing and Financial Services (IL&FS), also met alongside the JETCO to discuss ways of boosting co-operation in growing sectors such as advanced manufacturing and smart cities.

International Trade Secretary, Dr Liam Fox said:

I am delighted to be meeting with the Indian Minister and business leaders today, to map out how we will build a stronger trading relationship between our 2 nations. India is the world’s seventh-largest economy and the fourth largest investor into the UK, while UK investment in India grew by 8.8% in the year to 2016.

For the first time in 40 years, the UK is preparing for its own independent trade policy, and expanding our bilateral trade and investment with India will be central to that task. It’s in our shared interest to boost prosperity, generate jobs, develop skills, and enhance the competitiveness of both our countries.

As an international economic department, we will continue to work closely with the Indian government to break down the barriers to boosting trade. That includes more than doubling trade finance support for UK exporters and Indian buyers of our goods and services.

Following the talks, the ministers issued a joint statement setting out their vision for a continued trading partnership in which the 2 governments and businesses work hand-in-hand to achieve shared prosperity.

Notes to editors

UKEF support is made available in Indian rupees, allowing Indian buyers to access finance in their own currency and making sourcing from the UK even more competitive.

The UK will host the Commonwealth Heads of Government Meeting (CHOGM) in April, where 52 Heads of State and thousands of businesses will be in attendance. India will be central to UK efforts to reenergise the Commonwealth, representing over half its population, a huge growing economy and the world’s largest democracy.

Link: Press release: Dr Liam Fox holds UK-India talks as UKEF boosts trade finance support
Source: Gov Press Releases

Press release: UKEF extends support for UK exports to over 60 currencies

Overseas buyers of UK exports can now access UK government-backed finance in 62 pre-approved local currencies, Minister for Investment Graham Stuart MP announced today.

The support is available through UK Export Finance (UKEF), the UK’s export credit agency, and will help UK exporters compete for major overseas contracts, by allowing overseas buyers to access long-term finance in their local currency when they buy from the UK.

Graham Stuart MP said:

By giving UK exporters the flexibility to offer government-backed finance to their international customers in the currency of their choice, we are increasing the appeal of sourcing from the UK.

This world-leading offer from UK Export Finance gives buyers all over the world – from Bulgaria to Vietnam – the ability to ‘buy British, pay local.

The announcement builds on the expansion of UKEF’s local currency offering to 43 currencies in the Autumn Statement 2016, compared to fewer than 15 available in 2010.

Being able to access long-term finance is particularly beneficial for overseas buyers whose revenue and accounts are in their local currency, thereby helping to increase the competitiveness of a UK exporter’s offering.

UKEF can now offer pre-approved local currency financing in:

  • Bulgarian Lev
  • Colombian Peso*
  • Croatian Kuna*
  • Dominican Peso*
  • Ghanaian Cedi*
  • Jordanian Dinar*
  • Kazakhstani Tenge*
  • Mongolian Togrog*
  • Moroccan Dirham*
  • Nigerian Naira
  • Pakistani Rupee*
  • Panamanian Balboa
  • Philippine Peso
  • Romanian Leu
  • Serbian Dinar*
  • Sri Lankan Rupee*
  • New Taiwan Dollar
  • Trinidad & Tobago Dollar
  • Vietnamese Dong

*Support will be approved on a case-by-case basis

Media enquiries: Julia Beck, Strategic Communications Manager

Image credit: UK Parliament/CC 3.0

Link: Press release: UKEF extends support for UK exports to over 60 currencies
Source: Gov Press Releases

Press release: Green light for Hull’s £42m Humber flood scheme

Funding has been secured for a £42 million upgrade to the tidal flood defence scheme in the Humber Estuary – improving flood protection to 113,000 properties.

Led by the Environment Agency, the Humber Hull Frontages scheme will present an opportunity to review and improve a 19 kilometres stretch of tidal flood defences in the Humber Estuary to better protect homes and businesses that are at risk of flooding in Hull.

Floods Minister, Thérèse Coffey said:

This state of the art scheme is great news for homeowners and businesses along the Humber Estuary, especially for the city of Hull, as we both upgrade existing defences and add new defences extending protection.

It is a key part of our £430m flood defence investment programme for Yorkshire, better protecting thousands of homes and helping businesses to grow, thrive and create new opportunities – supporting the Government’s work on the Northern Powerhouse.

Proposed improvements in Hull will be supported by a further 4 kilometres of new and raised tidal defences on either side of the city in the East Riding of Yorkshire, at Hessle and Paull, delivered by East Riding of Yorkshire Council in partnership with the Environment Agency.

Helen Tattersdale, project manager at the Environment Agency, said:

Hull has a long history of being flooded from the Humber Estuary. This was seen most recently in December 2013 when a tidal surge flooded more than 260 properties when the city’s defences were overtopped.

By raising the existing defence walls and embankments, we are able to plan for the effects of climate change and bring them to the level needed to better protect the city from tidal flooding in future years.

Contractor BMM JV – a joint venture between BAM Nuttall and Mott MacDonald – has been appointed to develop a detailed design and build plan along Hull’s 19 kilometre waterfront. This work follows the review of existing flood defences along the banks of the Humber Estuary in Hull conducted by built environment consultants at Arup.

Donald Daly, project manager for Arup said:

Coastal Flooding is one of the most serious threats facing the UK. That’s why it is so important that Hull, the country’s largest at-risk urban area outside of London, has received government approval for additional tidal flood defences.

Using a range of technologies to collect and make sense of vast amounts of data, we’ve developed plans that will improve defences to account for anticipated changing weather patterns and sea level rises over the next 100 years.

BAM Nuttall Mott MacDonald Joint Venture is looking forward to delivering the flood alleviation project as part of its Water and Environmental Management Framework. Over the next few months, BMM JV and the Environment Agency will consult with landowners, businesses and local residents on key elements of their proposed designs.

Allan Rogers, BAM Nuttall National Framework Director said:

We are delighted to be involved with another significant flood alleviation scheme for the Environment Agency. It’s a scheme that will deliver outcome measures that will lessen the flood risk to business and homes. We are committed to delivering the scheme efficiently and with stakeholder issues in mind

The Humber Hull Frontages scheme is one of a number of tidal flood alleviation projects that form part of the Humber Flood Risk Management Strategy. The Environment Agency and local partners are now in the process of developing an advanced approach to managing flooding in tidal areas by the Humber for the next 100 years.

Subject to planning approval, work on the Humber Hull Frontages scheme will start next summer and will be complete by 2020.

It will be a long-term investment that will contribute to securing the viability of Hull and the wider Humber region, ensuring it retains its place as the eastern gateway to the UK economy.

Link: Press release: Green light for Hull’s £42m Humber flood scheme
Source: Environment Agency

Press release: Waste offences fine for Sunderland man

Malcolm George Holmes of Vicarsholme Close was due to stand trial on 9 January 2018 at South Tyneside Magistrates’ Court on charges that he failed to supply paperwork concerning the removal of waste. He pleaded guilty and was fined £990 with £2,010 costs.

Prosecuting on behalf of the Environment Agency, Chris Bunting told the court that in 2016 Environment Agency officers were investigating illegal waste activities on land at Sheepfolds Road, Sunderland, close to the Stadium of Light.

Acting as a property consultant, Holmes had found a tenant for the land on behalf of the landlord. The tenant went on to illegally dump and burn mixed waste on the site.

In May 2016, the landowner was given four weeks to clear the waste after it was abandoned by the tenant. During a meeting with officers, Holmes, who continued to act on behalf of the landowner, was given clear instructions that he must retain all waste transfer notes. Waste transfer notes provide proof that waste is disposed of legally via a licensed operator.

Although the site was cleared of waste, Holmes failed to supply the waste transfer notes, didn’t respond to a statutory notice requesting the missing documentation and, in court, Holmes admitted he never had the paperwork. The location of the waste, and whether it was legally disposed of, remains unknown.

Rachael Caldwell from the Environment Agency said:

Environmental laws are there to protect communities and the environment from pollution. Businesses getting rid of waste have a legal duty of care to show their waste has been correctly and legally disposed of.

We hope this case demonstrates the importance of environmental compliance. Anyone who breaks the rules will be pursued, and where repeated or significant breaches are found, we will prosecute.

In December, the former tenant of the site pleaded guilty to his part in the case and was ordered to pay a total of £1,730 in fines & costs.

Link: Press release: Waste offences fine for Sunderland man
Source: Environment Agency