Press release: International Trade Secretary launches FinTech investment drive

International Trade Secretary Dr Liam Fox MP today (Friday 15 June) launches a new drive to attract investment into the UK’s booming financial technology (FinTech) sector. Dr Fox’s Department for International Trade (DIT) will prioritise investment into FinTech, set up a UK FinTech steering board and connect companies with global investors.

The new drive comes during London Tech Week. It follows the Prime Minister’s announcement on Wednesday (13 June) that more than 1,600 new jobs will be created and £2.3 billion of private investment into the broader technology sector has been secured, showcasing the UK as the best country in the world to run a tech company.

Launching the new FinTech investment drive, International Trade Secretary Dr Liam Fox MP said:

The UK is a world leader in the FinTech sector, thanks to our highly-skilled and creative workforce, fair regulatory system and ease of doing business.

The sector has already attracted £1.8 billion worth of investment in 2017 – a 153% increase on the previous year and as an international economic department, DIT is putting technology and innovation at the heart of the UK’s global growth.

Financial services and technology are 2 of the UK’s leading industries, with FinTech playing an increasingly important role in tasks ranging from complex financial transactions to helping consumers give money to charity more easily.

DIT’s FinTech steering board brings together academics, industry experts, government and regulators to drive investment into the sector, which is at the forefront of the UK’s global technology and innovation proposition.

It will be chaired by the City of London’s Lord Mayor, Charles Bowman, and firms including Zopa, Neyber, EY, Innovate Finance and Santander will sit alongside government, regulators and academics from MIT and Oxford University.

Charles Bowman, Lord Mayor of the City of London and chair of DIT’s FinTech board, added:

FinTech is something that I am hugely passionate about, with the UK home to around 1,600 FinTech companies, and more than 50,000 related jobs in the Square Mile alone.

I look forward to exploring how we can further develop our world-leading FinTech offer and to helping shape the UK’s future FinTech trade and investment strategy.

The FinTech steering board

The board comprises of the following members:

  • Omar Ali: UK Financial Services Leader, EY
  • Giles Andrews: Co-founder and Chairman, Zopa
  • David Bartlett: Head of Financial and Professional Services Team, DIT
  • Charlotte Crosswell: CEO, Innovate Finance
  • Anna Wallace: Innovate Head of Department, FCA
  • Stephen Ingledew: Chief Executive, FinTech Scotland
  • Monica Kalia: Founder, Chief Strategy and Business Development Officer, Neyber
  • Alastair Lukies: Founding Partner, Motive Partners
  • Dan Morgan: FinTech Sector Specialist, DIT
  • Sigridur Sigurdardottir: Chief Customer and Innovation Officer, Santander
  • David L. Shrier: Associate Fellow, MIT and Oxford
  • Paul Stoddart: CEO Vocalink
  • Phil Vidler: Head of Global Markets, HM Treasury
  • Tomas Helm: FinTech Lead, DIT

The board will convene 4 times a year with the first meeting taking place during London Tech Week, a celebration of innovation that brings together a global gathering of thought leaders, entrepreneurs and tech champions.

For more information

Contact the DIT Media Team on 020 7215 2000

Follow us: @tradegovuk, gov.uk/dit

Link: Press release: International Trade Secretary launches FinTech investment drive
Source: Gov Press Releases

Press release: Spaghetti Junction on a plate! Award-winning chef celebrates iconic structure

Michelin-starred chef Glynn Purnell has created a mouth-watering dish based entirely on the ingredients which get from plot to plate at his Birmingham restaurant via the well-known structure.

The special dish, called ‘Truffled A38’, comprises celeriac, Maris Piper potatoes, double cream, fresh parsley, Berkswell cheese, garnished with truffle and seasoned with salt and ground ginger.

Glynn, affectionately known as the ‘Yummy Brummie’, created the dish specially for Highways England to mark the 50th anniversary of work starting to build the road, officially named Gravelly Hill Interchange.

View a video of Glynn creating the dish.

He and Highways England also aim to raise the profile of the 2018 Year of Engineering campaign designed to encourage more young people into the industry.

Glynn said:

It was a tremendous honour to be asked by Highways England to create a special dish as a tribute to Spaghetti Junction. I also took it very seriously as it means an incredible amount to me as a proud Brummie.

I use the road at least four to six times a day and for me it is more about traffic, it is symbolic of Brummies and their sense of humour which comes across in the name of the road. I’m proud to have a restaurant in Birmingham and Spaghetti Junction is an essential part of helping to get daily produce here to the restaurant from places across the country such as Cornwall.

My children always chuckle when I mention Spaghetti Junction to them because they imagine it is like a piece of spaghetti, a drawing on a piece of paper. But it’s important that they think about the world around them and how things are built and constructed.

It is great that the Year of Engineering is calling on youngsters to think about a career in the sector because without engineering we wouldn’t have the road and it is a crucial part of helping people to access the wonderful city of Birmingham. There will always people that poke fun and criticise it, but for me, the road does more good than bad and I think we’d be lost without it.

By bringing young people face to face with engineering experiences and role models, the Year of Engineering campaign aims to showcase the creativity and innovation of engineering careers and widen the pool of young people from all backgrounds who are willing to consider the profession, diversifying a workforce that is 91% male and 94% white.

Highways England’s emergency planning officer Frank Bird is responsible for managing traffic flows around the structure and has done so for the past 14 years. He was the lucky recipient when it came to tasting the dish.

Frank said:

It was a real earthy dish and it certainly showcased the variety that comes into the kitchen through Spaghetti Junction every day. It tasted delicious and it is a privilege to have someone like Glynn Purnell recognising the significance of the road and its role in serving the people of Birmingham and beyond.

The Year of Engineering is crucial in helping to get the budding engineers of tomorrow thinking about the world around them and the 50th anniversary of work starting to build Spaghetti Junction is testament to what can be achieved by talented engineers.

Any young people inspired to explore a career in engineering are encouraged to visit the Year of Engineering website which has further information.

The recipe for Truffled A38

  • Celeriac – Quartered
  • Maris piper potato – 1 large, peeled and washed
  • Double cream – 300ml
  • Fresh parsley – 1 tablespoon chopped
  • Berkswell Cheese – 30g grated
  • Truffle
  • Salt and ground ginger to season

Method:

  1. Using a vegetable spiralizer, prepare the celeriac and potato into vegetable “spaghetti”.
  2. Put the cream into a large sauté pan and reduce by half, add the celeriac and potato
    and cook over a medium heat for 2-3 minutes until al dente, add the cheese and stir in
    to incorporate.
  3. Add the parsley and season with salt and ground ginger.
  4. Using a pasta fork twist the vegetable spaghetti and place into a serving dish, spoon
    the creamy sauce over the top.
  5. Finish by grating fresh truffle over the top.

Spaghetti Junction in numbers

  • it is the interchange of the M6, A38, A38 (M) connecting Birmingham and the M6
  • work started to build the road in 1968
  • some of the columns elevating the structure reach some 80ft
  • Spaghetti Junction continues to hold international acclaim having formed the backdrop for filming for Ready Player One with some scenes filmed underneath the structure
  • the towering concrete columns, some reaching to 80 feet high, formed the ideal backdrop to the film, which was in cinemas earlier this year
  • for the filming, special templates featuring graffiti were stuck to the concrete structures and various props added into the set, including cars and tyres, with a ‘camp’ constructed for the new film
  • the film crew took considerable effort to protect the structure and ensure nothing was damaged during filming

About Glynn Purnell

  • Glynn first started cooking at the age of 14.
  • his first food related memory was cooking baked beans on toast with curry powder, a testament to his desire to experiment with different flavour combinations
  • on leaving school, he joined the Metropole Hotel at the National Exhibition Centre (NEC) where he would catch the No 966 bus to get to the venue
  • he started working as an apprentice and worked for six years in various departments
  • accolades include obtaining Birmingham’s first Michelin Star for Jessica’s in 2005.
  • Purnell’s has held a Michelin Star every year since 2009.

General enquiries

Members of the public should contact the Highways England customer contact centre on 0300 123 5000.

Media enquiries

Journalists should contact the Highways England press office on 0844 693 1448 and use the menu to speak to the most appropriate press officer.

Link: Press release: Spaghetti Junction on a plate! Award-winning chef celebrates iconic structure
Source: Gov Press Releases

Press release: UKEF appoints Samir Parkash as Chief Risk Officer

Samir joins UKEF from the Royal Bank of Scotland, where he most recently was the Managing Director for credit for large corporates, and previously led the bank’s credit functions for industrials and corporates in Asia Pacific. He has an extensive background in risk management in the banking sector, with more than 25 years’ experience across numerous geographies and sectors.

UKEF’s Chief Risk Officer is responsible for enterprise-wide risk management, including UKEF’s portfolio of up to £50 billion – safeguarding taxpayers’ money while at the same time ensuring that UKEF is able to offer the best support possible to its customers and their overseas buyers.

Louis Taylor, UKEF’s Chief Executive Officer, welcomed Samir to UKEF, saying:

I am very pleased to welcome Samir, who brings a wealth of experience to the role of UK Export Finance’s Chief Risk Officer. The government’s Export Strategy, due to be published in coming weeks, puts UKEF at its heart, and Samir will play a critical role, helping us provide world-class support for the UK’s world-class exporters at the same time as ensuring that taxpayers’ money is rigorously safeguarded.

Samir Parkash, Chief Risk Officer at UKEF, added:

I am delighted to be joining UK Export Finance at a time when the work of the department has never been more important – UKEF’s support can be transformative for its customers, and for the UK’s economy, jobs and prosperity. I look forward to playing my part, ensuring that UKEF continues to deliver for the UK’s export community.

Samir succeeds David Havelock, Chief Risk Officer at UKEF for more than 12 years, who retired at the end of March. David was appointed a Commander of the British Empire in the 2018 Queen’s Birthday Honours in recognition of his contribution to the UK’s export economy.

Background

UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade as an integral part of its strategy and operations.

Our mission is to ensure that no viable UK export should fail for want of finance or insurance from the private market. We provide finance and insurance to help exporters win, fulfil and ensure they get paid for export contracts.

We have supported exports in the aerospace, construction, oil and gas, mining and metals, petrochemicals, telecommunications, and transport sectors.

Our regional network of export finance managers support UK businesses to export. Our range of products includes:

  • Bond insurance policy
  • Bond support scheme
  • Buyer & supplier credit financing facility
  • Direct lending facility
  • Export insurance policy
  • Export refinancing facility
  • Export working capital scheme
  • Letter of credit guarantee scheme

Our country cover positions outline our current cover policy and risk appetite for each country

Media enquiries: Julia Beck, Strategic Communications Manager

Link: Press release: UKEF appoints Samir Parkash as Chief Risk Officer
Source: Gov Press Releases

Press release: Investment Minister opens new Steel & Alloy factory

Steel & Alloy’s new £27 million Popes Lane manufacturing site in Oldbury has been opened by the UK’s Minister for Investment Graham Stuart.

The new site provides another boost to the area with an initial 60 jobs being created, a number that could double based on further development at the site.

Popes Lane is situated at the heart of the Midlands’ motor industry, with products rolling off the assembly line destined for the likes of JLR, Honda and Nissan, and is seen by ministers as a strong vote of confidence in the region as the UK departs the European Union.

The new factory offers further good news for the Midlands, which attracted 225 FDI projects last year, creating more than 8,300 new jobs.

Minister for Investment, Graham Stuart, said:

A thriving Midlands Engine is essential to our national economic success and it is fantastic to see foreign investment boosting a long-standing UK company here in the Black Country.

The Midlands sits at the heart of the UK with key transport links as the M1, M6 and West Coast Mainline running through it. The Department for International Trade was set up by Theresa May to boost export, promote investment and reduce barriers to trade.

As an international economic department, we will continue to use our sector specialists, regional exporters and staff in 108 countries to attract investment to the Midlands and support higher growth and better paying jobs.

Steel and Alloy Managing Director, Mark Cooper, said:

The significant investment in Popes Lane, a state of the art steel processing centre, is an investment in the future of the automotive Industry in the Midlands. This will allow Steel & Alloy to meet the ever-changing needs of our customers and the industry as a whole for years to come.

Sandwell Council leader Councillor Steve Eling said it was an important day for Sandwell when Steel & Alloy acquired the site for such a significant development.

He said:

It is encouraging to see such an important development in Oldbury and we welcome the investment and new jobs the highly-successful company brings to the borough.

It is further confirmation that Sandwell and the Black Country remains at the heart of quality UK manufacturing.

Sandwell welcomes businesses wishing to expand and grow and we offer whatever assistance we can to assist them to invest in our borough.

We were able to support Steel & Alloy through the Growth and Spatial Planning Team and we are delighted that they have been able to construct a new modern factory in our area.

Popes Lane is the latest in a series of 40 global sites developed by Gonvarri Steel Services, the group which Steel and Alloy is a part of, that are strategically located close to the automotive industry which relies on the group’s products.

The government sees the Midlands Engine as a key driver of the UK economy, with the more than 775,000 businesses accounting for 21.6% of all England’s exports in 2016.

Further information

In the 2015 Autumn Statement £5 million was set aside over 4 years for trade and investment promotion in the Midlands Engine.

Activities

  • The Midlands Engine investment hub in Birmingham was launched in March 2017 and runs until 31 March 2019. Its priority is developing an FDI offer for the region, focusing on capital investment opportunities and particular sectors.
  • Local partners have been supported to create sector-based investment offers and attend events to promote the most significant sectors in the Midlands: automotive, rail, life sciences, cyber security, advanced materials, and tech.
  • Local partners have also been supported to exhibit at the MIPIM property show in Cannes on a pan-Midlands basis. In March 2018, the Midlands Pavilion was used to launch DIT’s updated Midlands Engine investment portfolio showcasing 24 projects worth over £11 billion.
  • Trade missions for Midlands businesses in key sectors have taken place to China (2), USA (2), Germany, UAE and Ireland. Further Midlands trade missions are being planned to USA (Boston & Maryland), Japan, Germany, China, UAE (Dubai) and India.
  • A specific Midlands Engine China engagement strategy (covering both Trade and Investment) has been created.
  • A network of Export Champions has been created – Midlands business leaders who have a track record of export success.

Link: Press release: Investment Minister opens new Steel & Alloy factory
Source: Gov Press Releases