Section 9 of the Public Service Pensions Act 2013 (c.25) applies to public service pension schemes established under that Act which require a revaluation of pensionable earnings, or a portion of such earnings accrued as a pension, by reference to a change in prices or earnings (or both) in a given period.
Link: The Public Service Pensions Revaluation Order 2018
Source: Legislation .gov.uk
The taskforce will progress the recommendations in the ‘Growing a Culture of Social Impact Investing in the UK’ report, published by an advisory group chaired by Elizabeth Corley.
The Prime Minister has asked the taskforce to provide a progress report to Matt Hancock, Secretary of State for Culture and John Glen, Economic Secretary to the Treasury by the summer. The government is also expected to announce its policy response in the summer.
The Prime Minister said:
The UK is a pioneer in impact investing. Our financial institutions have long-recognised the importance of using their investments to generate a positive social impact as well as a financial return.
The challenge now is for industry to unlock the capital to boost impact investment even further, finding solutions to some of the burning injustices we face as a society, and helping make sure the country works for everyone.
Social impact investing gives people the opportunity to put their money to work for social good, as well as financial return.
The taskforce will work on generating a faster rate of innovation in the financial services industry to provide products that give savers and investors the opportunity to make a social impact.
Elizabeth Corley, Vice-Chair of Allianz Global Investors said:
Government has a vital role to play in accelerating the development of UK social impact investing, so it is very encouraging to hear the Prime Minister voice her support for creating a culture of social impact investing in the UK and the work of the taskforce going forward.
With research showing that more than half of people in the UK are interested in purchasing social impact investment products but that only 9% have done so, this is a market with enormous potential, waiting to be unlocked by the type of focus and commitment announced today.
Today’s announcement follows a meeting the PM held last week with senior executives from some of the UK’s largest financial firms and impact investing pioneers, where she threw her weight behind social impact investment.
And the PM has asked Sajid Javid, Secretary of State for Housing to consider what measures government could take to unlock and boost social impact investment, particularly in tackling issues like left-behind parts of the country, homelessness and housing for vulnerable people.
Link: Press release: PM commissions industry taskforce on social impact investment
Source: Gov Press Releases
These Regulations amend the Communications (Television Licensing) Regulations 2004 (S.I. 2004/692) (“the CTLR 2004”) to make provision for a trial of a new TV licence to be known as a “Simple payment plan licence (not black and white only)” (a “simple payment licence”).
Link: The Communications (Television Licensing) (Amendment) (No. 2) Regulations 2018
Source: Legislation .gov.uk
Link: The Tax Credits and Guardian’s Allowance Up-rating etc. Regulations 2018
Source: Legislation .gov.uk
The EU Internal Market Sub-Committee takes evidence on Thursday 15 March at 10.10am
Link: Committee examines impact of Brexit on UK space sector
Source: Parliamentary News
A vehicle belonging to an organised gang operating in South East England has been seized by the Environment Agency and Thames Valley Police, as part of an ongoing waste crime investigation. The vehicle is believed to be linked to the operation of an illegal waste site in the Maidenhead area.
The seizure, which took place last week, comes as the Environment Agency and the police move forward in their investigation to capture those responsible for occupying land unlawfully and accepting tonnes of waste, often from unsuspecting sources, leaving behind the rubbish to be cleared at the expense of the landowner or taxpayer.
Illegal waste crime drains the UK economy of £1 billion each year in clean-up costs and lost tax revenues. It has a devastating effect on the environment and local communities with pest infestations and fires, which could lead to water and land contamination plus air pollution from smoke.
Nick Daykin, Environment Agency Enforcement Team Leader, said:
This is a great result in an ongoing investigation with Thames Valley Police to apprehend a group of unscrupulous individuals. The power to seize vehicles is a relatively new and is now an important weapon in our armoury for disrupting this type of criminal activity. This is a big message to the criminal fraternity: you set up site yesterday, we will have one of your vehicles off the road today and we will do it again tomorrow!
Using illegal waste dealers may seem tempting in terms of cost, but it can help fund organised crime. Everyone has a responsibility for their own waste and if your waste is found at an illegal site you could be facing fines of up to £5,000. To avoid this, we encourage members of the public and local businesses to ask their waste carrier for proof of their Waste Carrier’s Registration and to ask to see a ‘waste transfer note’ and if possible take a photo of it on their phone.
All press enquiries: 0800 141 2743
Link: Press release: Waste vehicle seized from gang
Source: Environment Agency
These Regulations make provision for calculating and imposing a levy on the holders of petroleum licences in respect of the period beginning on 1st April 2018 and ending on 31st March 2019 (“the relevant charging period”). The levy is payable to meet costs incurred by the Oil and Gas Authority (“the OGA”) in carrying out its functions as well as costs incurred by the Lord Chancellor in connection with the provision of Tribunals to consider appeals against the decision of the OGA.
Link: The Oil and Gas Authority (Levy) and Pollution Prevention and Control (Fees) (Amendment) Regulations 2018
Source: Legislation .gov.uk
These Regulations bring into force provisions in the Investigatory Powers Act 2016 (c. 25) (“the 2016 Act”) relating to the giving of national security notices and technical capability notices.
Link: The Investigatory Powers Act 2016 (Commencement No. 4 and Transitional and Saving Provisions) Regulations 2018
Source: Legislation .gov.uk
Baroness Fairhead, Minister of State for Trade and Export Promotion, said:
The UK is at the forefront of the civil aerospace industry and I am delighted that the Department for International Trade is backing this landmark contract, which will support the global success of Bombardier’s C Series programme and its operations in Northern Ireland.
This represents a double-first; it is the first time that UKEF has supported a C Series aircraft sale from Bombardier, who are a major investor and employer in Northern Ireland, and it is the first sale of the C Series to an Asian airline.
This contract clearly shows the value of support from UK Export Finance to those investing into the UK as they grow their international businesses.
The announcement comes at a historic moment for the UK and Asia, with two weeks to go until the UK Government hosts the GREAT Festival of Innovation in Hong Kong, designed to boost trade between the UK and Asia.
UKEF has worked in partnership with Canadian export credit agency, Export Development Canada (EDC), to provide Korean Airlines with financing to support the sale to date of two C Series aircraft, whose wings and parts of the fuselage – a significant proportion of the complete aircraft – are made at Bombardier’s site in Belfast. UKEF has provided reinsurance support to EDC for the UK elements of the aircraft.
Michael Ryan, President, Bombardier Aerostructures and Engineering Services, said:
The C Series aircraft is the market leader in the 100- to 150-seat segment and subject to significant global demand. This aircraft has advanced carbon fibre wings and advanced technology fuselage sections manufactured in Belfast. We are very proud to have secured our first C Series aircraft sale to an Asian airline and with the backing of UK Export Finance and Export Development Canada look forward to building on this success.
UKEF, Bombardier and EDC are planning to extend the programme, with further support likely to follow for future C Series deliveries to Korean Airlines scheduled for 2018.
Email
julia.beck@ukexportfinance.gov.uk
Telephone
+44 (0)7791 797810
Link: Press release: UKEF supports export of Bombardier aircraft made in Belfast
Source: Gov Press Releases
A round up of this week’s business in the Chamber and Westminster Hall
Link: This week in the Commons: 9 March 2018
Source: Parliamentary News
