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Press release: UK is making sure one million girls across the Commonwealth get a quality education

Almost one million vulnerable and marginalised girls in developing countries across the Commonwealth will receive the life-changing education they need to become the thinkers and leaders of the future, the Prime Minister announced today (Tuesday 17th April).

130 million girls around the world are missing out on school, and in Sub-Saharan Africa fewer than 1 in 20 poor, rural girls are on track to complete secondary school.

DFID’s Girls Education Challenge will make sure 920,000 girls continue their education through primary, secondary school and training, so they can fulfil their potential to play a transformational role in their communities, economies and political institutions.

Today’s announcement will also give a further 53,000 adolescent girls in developing countries across the Commonwealth, who have never attended or dropped out of school due to poverty, motherhood, disability or conflict, a second chance to learn through catch-up classes and vital skills training.

DFID is also launching a new research partnership with the Malala Fund and the UN Girls’ Education Initiative (UNGEI) to help governments better harness their own resources to break down barriers to education for the most marginalised girls.

International Development Secretary Penny Mordaunt said:

Girls across the Commonwealth have huge potential to be the world’s next generation of problem-solvers, innovators and leaders.

But too many girls are still missing out on school. That’s why the UK is working with our Commonwealth partners to make sure that every girl receives the life-changing quality education they need to achieve their full potential.

Getting girls into school, and then into good employment, allows them to play a transformational role lifting their communities out of poverty, growing their economies and shaping the future of their countries.

The Girls Education Challenge is making it easier and safer for girls to get to school, training and equipping good quality teaching staff, and working with communities and families to raise awareness of the vital importance of educating girls.

Through its new Policy Lab, the UK is also sharing its world-class education expertise, to support the Commonwealth to work together to deliver for girls.

Notes to editors

DFID is committing £212 million to provide almost one million vulnerable and marginalised girls in developing countries across the Commonwealth with 12 years of quality education so that they can fulfil their potential. The second phase of DFID’s Girls Education Challenge (£212 million) will:

  • Ensure 920,000 girls in Commonwealth countries transition through primary and secondary school and training so that they can get good jobs, support themselves and their families, and play a role in the growth of their countries.
  • Give 53,000 highly marginalised adolescent girls in Commonwealth countries, who have never attended or dropped out of school as a result of poverty, early marriage and pregnancy, disability or conflict, a second chance to learn literacy, numeracy and other vital life skills.
  • Launch a new Policy Lab to bring the UK’s world-class expertise to work in partnership with other countries and help Commonwealth countries deliver for girls – supporting developing countries to ultimately become self-sufficient and provide quality education. This will begin with a pilot of five countries.

DFID is also launching a new research partnership with the Malala Fund and the UN Girls’ Education Initiative (UNGEI) to help governments better harness their own resources to break down barriers to education for the most marginalised girls so they can progress through primary and secondary education.

Through the first phase of the Girls’ Education Challenge (GEC I) UK aid:

  • Supported over a million marginalised girls to get a quality education. Through the second phase of the GEC we will support the vast majority of these girls to continue with their learning through secondary school and training to give them the opportunity to complete a full 12 years of education.
  • Benefitted many more girls and communities through 37 different projects in 18 countries across Africa and Asia, many operating in conflict and crisis settings

This is just one part of DFID’s education work. In 2015-2017 DFID supported 7.1 million children to gain a decent education. This included at least 3.3 million girls.

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Link: Press release: UK is making sure one million girls across the Commonwealth get a quality education
Source: Gov Press Releases

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Press release: Government launches review of audit regulator

  • new comprehensive review to examine the role and powers of audit regulator, the FRC
  • Independent review to be led by Sir John Kingman
  • Findings will help assessment of the FRC’s governance, impact and powers

The government today (17 April 2018) launched an independent review of the Financial Reporting Council (FRC), the regulator for auditors, accountants and actuaries.

The review will be led by Sir John Kingman, who has extensive private and public sector experience. He will be supported by an advisory board which he will convene.

The root and branch review, due for completion by the end of 2018, will assess the FRC’s governance, impact and powers, to help ensure it is fit for the future.

The review aims to make the FRC the best in class for corporate governance and transparency, while helping it fulfil its role of safeguarding the UK’s leading business environment.

The review follows the announcement of Andrew Tyrie as the recommended new head of the Competition and Markets Authority, demonstrating the government’s determination that markets and the economy are working for consumers.

Business Secretary Greg Clark said:

The UK has a strong reputation as a dependable place to do business but this needs to be continuously updated and it’s important to ensure all of our regulators continue to drive high standards.

I am pleased to appoint Sir John who has a rigorous approach to bring to bear in leading this comprehensive review of the Financial Reporting Council. This review is part of the government’s Industrial Strategy aim of creating a business environment that ensures our regulators are fit for the future and our markets are working for consumers.

The review will include a consultation, asking for views on the FRC’s role in the British economy.

Read the Terms of Reference.

Link: Press release: Government launches review of audit regulator
Source: Gov Press Releases

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Press release: International Development Secretary: “Financial markets open the door to a future free from aid dependency”

International Development Secretary Penny Mordaunt will join President Kenyatta of Kenya to open trading at the London Stock Exchange today (17 April 2018) where she will praise the critical role financial markets play in supporting prosperity and growth across the Commonwealth – and welcome a new partnership between the London Stock Exchange and the Nairobi Securities Exchange.

Ms Mordaunt will unveil a partnership package between the Bank of England and central banks in Sierra Leone, Ghana and South Africa to share expertise, improve regulation and reduce the risk of bank failures. Expert Bank of England staff will help central banks develop sustainable financial systems that power local and regional growth, job creation and investment opportunities.

She will also announce UK funding to help developing countries raise investment from global capital markets in their own currencies, promoting investment and job creation.

International Development Secretary Penny Mordaunt said:

Healthy financial markets create opportunities for new investment, trade and jobs, playing a critical role in delivering the global prosperity that benefits us all.

What’s more, financial markets open the door to a future free from aid dependency. By building partnerships, sharing knowledge and opening up markets across the Commonwealth, we can defeat poverty, boost trade and investment, and deliver on the ambitions of countries that want to stand on their own two feet.

Dr Ernest Addison, Governor of the Bank of Ghana, said:

The Bank of Ghana is happy to be part of this technical cooperation programme with the Bank of England. We envisage benefitting from the Bank of England’s experience in dealing with financial stability and macroprudential regulation, to assess the full implications of macro issues on the financial system.

Joanna Place, Chief Operating Officer at the Bank of England said:

The Bank of England is excited to be embarking on this new partnership with the Bank of Ghana, the Bank of Sierra Leone and the South African Reserve Bank. In our increasingly interconnected global financial system, cooperation between central banks is critical to providing the financial stability on which all our citizens rely.

We look forward to supporting our counterparts in delivering their priorities in building this essential foundation for growth.

Ms Mordaunt will also welcome the launch of the Commonwealth Digital Finance Champions Group. By sharing expertise and knowledge, the Group will drive innovation to improve financial access for the most vulnerable and underbanked people in societies – for example, exploring ways to reduce the cost of sending remittances. The UK, Kenya, Ghana, Jamaica and Rwanda have all confirmed they will be founding members of the group.

Joe Mucheru, EGH, Cabinet Secretary for the Ministry of Information, Communications and Technology of Kenya said:

Kenya is hailed globally for its early and successful adoption of mobile money. The recent launch of mobile money interoperability in the country will contribute towards bridging the remaining margin to achieve total financial inclusion for all Kenyans.

I encourage the Commonwealth community to explore the potentials of applying cutting edge technologies such as blockchain for distributed ledgers and artificial intelligence as this can enhance public service delivery and boost economic growth, particularly for developing economies such as Kenya.

The event marks the second day of the Commonwealth Heads of Government Meetings – bringing together business, civic society and government leaders from across the 52 Commonwealth nations in London for a week of events, forums and discussions.

Notes to Editors

Central Bank Partnership announcement

  • The Bank of England will establish technical assistance partnerships with central banks – initially in in three Commonwealth countries at different stages of development: Sierra Leone, Ghana, and South Africa.
  • The UK will provide up to £2 million for tailored technical assistance, provided by expert Bank of England staff, across a range of central bank functions. In South Africa, focus will be given to the important financial hub role played by the country across southern Africa.
  • These partnerships will share expertise across the Commonwealth, improving the regulation and supervision of financial sectors and mitigating the risk and severity of economic recessions due to bank failures and crises.

Local Currency Bonds announcement

  • Access to finance is fundamental to driving growth in developing countries, but when companies seek finance abroad it is most often in foreign currencies – meaning companies take on the risks associated with potential negative currency movements. This leads to underinvestment, hampers job creation, and can lead to volatile prices for consumers.
  • Today’s £5 million announcement to support and work with developing countries will help them raise local currency finance through the London market. This will include technical assistance to help address regulatory barriers to issuing local currency bonds in London and other global financial centres.
  • The demand-driven support package will help countries such as Nigeria, Pakistan and Ghana to benefit from increased access to international finance, by:
  • Identifying key regulatory and political barriers to accessing local currency bonds;
  • Identifying and building commitment of key public authorities;
  • And providing advice on regulatory reform.

Digital Finance Champions Group announcement

*The UK is partnering with Commonwealth countries with ambition around digital finance, to share knowledge and expertise on how to transition to a digital economy in an inclusive and sustainable way. The inaugural meeting of the Group will take place in Q3 of 2018, where the founding members – including the UK, Ghana, Kenya, Jamaica and Rwanda – will agree on priorities and identify where support is needed.
* Possible areas of collaboration and support include:
* Implementing initiatives to bring down the cost of remittances – at an average of 8.4%, the cost of sending remittances in Commonwealth corridors is higher than the Global Goal target of 3%;
* Reducing costs and cutting down on corruption by digitising government payment systems;
* Implementing the new Guidelines for Investing in Responsible Digital Finance, which have been developed by CDC, the IFC and Goodwill.

Partnership between London Stock Exchange and Nairobi Securities Exchange

  • Today the London and Nairobi Exchanges have signed a Letter of Understanding with FSD Africa, a DFID-funded NGO based in Nairobi focused on financial sector development in Africa.
  • With support from FSD Africa, the two exchanges aim to bring the ‘Elite’ SME development programme, to East Africa.
  • More info on FSD Africa is available at: www.fsdafrica.org, and on the Elite programme at: www.lseg.com/elite.

General media queries

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Link: Press release: International Development Secretary: “Financial markets open the door to a future free from aid dependency”
Source: Gov Press Releases