The independent Fintech Strategic Review, which will be led by Ron Kalifa OBE, former CEO of Worldpay, will establish priority areas for industry, policy makers, and regulators to explore in order to support the ongoing success of the UK fintech sector.

The UK fintech sector is estimated to be worth around £7 billion to the economy and employs around 60,000 people up and down the UK. The review will help to ensure UK fintech has the resources to grow and succeed, that conditions are right for the widespread adoption of financial technology, and that the UK’s global reputation for innovation is maintained and advanced.

The Economic Secretary to the Treasury & City Minister John Glen said:

The UK is one of the leading places in the world to start and grow a fintech firm, and I am determined to ensure this continues. The sector is worth around £7 billion to our economy and will therefore be vital in ensuring both that the country bounces back post-Coronavirus, and continues to be at the forefront of financial innovation now we have left the EU.

This independent review will help us to uphold and enhance our global reputation, support growing firms, and promote the integration of new technologies across financial services to the benefit of businesses and their customers.

Ron Kalifa OBE, said:

Tech based solutions in financial services have experienced wide scale adoption in the UK, with growth fuelled by a favourable startup environment that supports entrepreneurship and innovation.

This Review will ascertain what is required to accelerate this change, to create a financial services ecosystem that is above all, sustainable, inclusive and world leading.

Technology has a vital role to play in the UK’s Covid-19 economic recovery. The fintech review will ensure that we can leverage this innovative technology to help consumers and businesses, through a joined-up strategy that combines investment, skills and policy to deliver it.

First announced at Budget 2020, the intention of this review is to establish priority areas for industry, policy makers, and regulators to explore in order to support the ongoing success of the UK fintech sector. The first meeting of the fintech review governance board took place today, attended by John Glen. Ron Kalifa as Chair will be assisted by the secretariat led by Innovate Finance and City of London Corporation.

Five workstreams will provide recommendations on: skills and talent, investment, national connectivity, policy, and international attractiveness. The review will be independent and is expected to report back to HM Treasury at the start of next year.

The UK fintech sector attracted £4.1bn in venture capital in 2019, and the market has been estimated to have grown by nearly 70% since 2015.

Further information

The terms of reference for the review are available here.

Aerospace jobs and supply chains across the UK will benefit from cutting-edge research and development projects announced today by the government and aerospace industry leaders.

Government grants totalling £200 million, delivered through the Aerospace Technology Institute (ATI) programme, will be matched by industry to create the total investment of £400 million in new research and technology, enabling ambitious projects to lift off and support the sector’s recovery from the coronavirus pandemic.

New projects set to receive funding will include developing high performance engines, new wing designs, ultra-lightweight materials, energy-efficient electric components, and other brand new concepts to enhance innovation within the sector. A project led by Williams Advanced Engineering in Oxford, for example, will develop ultra-lightweight seat structures that will reduce an aircraft’s fuel consumption.

The funding will also secure highly-skilled jobs in the UK’s aerospace sector and will benefit companies of all sizes from Caldicot in Wales to Bedlington in the North of England. Higher education institutions will also be a part of the projects, including the universities of Nottingham and Birmingham.

The funding was announced today by Business Secretary Alok Sharma at Farnborough Connect, the virtual version of Farnborough International Airshow.

Secretary of State for Business, Energy and Industrial Strategy Alok Sharma said:

We have an incredible aerospace industry right here in the UK that defines the way aircraft are manufactured globally.

This £400 million ATI investment will help secure our world-leading position in developing new flight technology to make air travel safer and greener into the future.

The successful projects that will receive a share of the government’s £200 million grant funding through the ATI programme, and match it with their own investment, include:

• wings: the UK is the home of Airbus wing design and manufacturing. Airbus-led projects (Broughton, Filton) will drive forward more efficient wing assembly, systems installation, digital design processes and a range of innovative wing concepts including folding wing tips
• engines: Rolls-Royce-led projects will support the development of the UltraFan engine technology, which will make a step change in the efficiency and environmental performance of aircraft
• power systems: the AEPEC project led by Safran Electrical & Power UK (Pitstone) will research how new electrical power systems can lead to more efficient energy usage
• cabin systems: an Oxford-based project led by Williams Advanced Engineering will develop ultra-lightweight seat structures for air travel, reducing the weight of aircraft

Stu Olden, Senior Commercial Manager for Defence, Aerospace & Emerging Markets at Williams Advanced Engineering, said:

A key benefit for us of the ATI support has been to enable accelerated development of the 3 companies involved in the consortium.

Additionally, by developing UK technologies and innovation, the ATI programme is enabling UK-based product development and, hopefully, future jobs. For Williams Advanced Engineering it has allowed us to participate in the aerospace sector as a non-traditional supplier.

During his speech today, the Business Secretary also announced the FlyZero initiative to kickstart exploration into zero-carbon emission commercial aircraft.

The FlyZero study will receive government funding and bring together around 100 experts to tackle issues involved in designing and building a commercially successful zero-emission aircraft. The study will create a strong basis for further research and development into a wide of technologies necessary for future flight, with the aim of securing future manufacturing in the UK.

This follows the launch of the Jet Zero Council, which brings industry and government together to make net zero emissions possible for future flights. The FlyZero study will feed into the work of the Council in defining and delivering this ambition.

Gary Elliott, Chief Executive of the Aerospace Technology Institute, said:

FlyZero represents an acceleration of the UK’s ambition to lead the world in green aviation. These are challenging but also exciting times for the aerospace sector; we need to help UK companies to recover while also creating new approaches to technology development and innovation.

FlyZero will engage a team of highly-skilled engineers and technologists from across the UK to look into how to design and build a zero emission commercial aircraft, with the solid aim of securing future manufacturing in the UK.

The UK was the first major economy to commit to achieving net zero emissions by 2050, and over the past decade, the UK has cut carbon emissions by more than any similar developed country. In 2019, UK emissions were 42% lower than in 1990, while our economy grew by 72%.

Note to editors

Projects approved by the ATI’s rigorous assessment programme create opportunities to secure jobs in research and manufacturing across the UK as well as sharing knowledge across industry and academia.

Further background on the projects:

• Airbus projects: Wing of Tomorrow will develop new technologies and manufacturing processes to produce the next generation composite wings and help Airbus’s leading position in the single aisle market. A critical part of the programme is to develop capability to manufacture more efficient, light weight carbon-fibre wings, at a rate much higher than previously possible
• Rolls-Royce projects: UltraFan will be the most efficient engine produced by Rolls-Royce and will use less fuel and produce lower CO2 emissions. Projects funded as part of the £200 million will drive efficiency and contribute towards shared government and industry ambitions on decarbonisation
• Williams Advanced Engineering: the AIRTEK project is focused on developing lightweight seat structures for the civilian aerospace sector. Williams Advanced Engineering, in a collaboration with JPA Design and SWS Certification, is developing new lightweight aircraft seats in order to reduce the weight of aircraft, which in turn will lead to airlines saving fuel and CO2
• Safran Electrical & Power UK: AEPEC: The Aerospace Electric Propulsion Equipment, Controls & Machines (AEPEC) project involves lead partner Safran Electrical & Power UK and its supply chain partners. They will develop electrical power systems to improve energy use on future aircraft, covering power generation, control systems, and other functions on more-electric aircraft

About the Aerospace Technology Institute

The Aerospace Technology Institute (ATI) is at the heart of UK aerospace R&T. Working collaboratively across the UK aerospace sector and beyond, the Institute sets the national technology strategy to reflect the sector’s vision and ambition. The ATI Programme is a joint government and industry commitment to invest £3.9 billion in research to 2026. In addition to the ATI Programme and FlyZero, the Institute also supports the supply chain through NATEP and aerospace start-ups through the ATI Boeing Accelerator.

Further information:

• small businesses will benefit from the continuation of the National Aerospace Technology Exploitation Programme (NATEP) whose next call is scheduled for October and the launch of the next R&D call for small business scheduled for November.
• at the same time as supporting R&D activities for SMEs the Supply Chain 21 Competitiveness and Growth programme remains open for applications to help businesses improve their competitiveness.

• The Chancellor of the Duchy of Lancaster has announced that government is setting up face covering production lines in cooperation with UK manufacturers
• Production has already started at two sites in England and Wales, with another site in Scotland starting production in the coming weeks
• Ten production lines have been procured and a further ten British production lines are being made with government support

Following the procurement of ten production lines, the government has been working with suppliers in Port Talbot and Blackburn to start producing high quality face coverings. Another site in Livingston in Scotland will also start manufacturing face coverings in the coming weeks.

The production sites will ensure that public demand for face coverings does not impact on the supply of higher-grade face masks for NHS front line staff.

The Chancellor of the Duchy of Lancaster Michael Gove said:

This is a major step to ensure that this country can meet any increase in demand for face coverings by working with British firms to establish the capability, capacity and skills required to manufacture these items at scale.

These production lines will be able to get millions of face coverings to the public, without putting any additional pressure on NHS supply chains.

It is fantastic to see companies in Lancashire, Neath Port Talbot and West Lothian coming together to provide face coverings for every corner of our United Kingdom.

The government has bought ten production lines, which include 34 tons of equipment and machinery, and following checks and testing at a machine manufacturer, DCR Machines in Leeds, the machines have been set up across the UK.

A further ten production lines have been commissioned from a UK automotive company, Expert Tooling and Automation Ltd, based in Coventry.

The manufacturers will produce millions of masks each week.

The first production lines are being established at:

• The British Rototherm Group, in Port Talbot, Wales.
• Cookson & Clegg, Blackburn
• Transcal, in Livingston, Scotland

Scotland Secretary Alister Jack said:

I’m delighted that a Scottish manufacturer is joining the UK wide effort to ramp up production of face coverings. The UK Government has secured extra production lines to ensure we can get high quality face coverings to those who need them without impacting supply of higher grade masks for front line health workers.

Secretary of State for Wales Simon Hart said:

As our economy bounces back from the coronavirus pandemic and people look to get back to work safely, it is vital that our supply of protective equipment meets demand.

Firms like Rototherm in Port Talbot will ensure we have a strong domestic manufacturing capability and that high-quality face coverings are available to everyone who needs them.

This is the first time that face coverings are being made at such scale in the UK.

Orders for the coverings have already been placed by a number of public and private sector buyers and the government is in discussions with a number of other retail companies on the purchasing of the items.

Additionally the critical materials for the manufacture of these masks are sourced from UK manufacturers

Government guidance to the public encourages the wearing of face coverings in enclosed public spaces, where it is less easy to socially distance, or where you are more likely to come into contact with people you do not normally meet. It is mandatory to wear face coverings on public transport and from 24th July, in England it will be mandatory to wear face coverings in shops and supermarkets. Both disposable and reusable face coverings made from cloth are suitable to be worn in shops and public transport.

Different regulations exist for wearing face coverings in different parts of the UK about which you can find out more on devolved government websites.

Schools across England are set to receive a £4.8 billion boost in 2021 compared with 2019, in the next step to level up funding across the country.

Funding figures released today (Monday 20th July) show how every pupil is to benefit from the second year of the Government’s school funding settlement worth a total of £14.4 billion over three years – the biggest increase in a decade.

Schools are already benefitting from this year’s increase of £2.6 billion, reflecting the first year of the settlement. The investment will continue to deliver on the Prime Minister’s pledge to level up education funding and give all young people the same opportunities to succeed, regardless of where they grow up or go to school.

Funding is being allocated through the transformative national school funding formula, which ensures schools from the largest city secondaries to the smallest community primaries are allocated funding more fairly to meet their pupils’ needs. This has replaced the unfair and outdated previous system, where schools with similar characteristics received very different levels of funding with little or no justification.

New data published today shows that two thirds of local authorities have now moved towards allocating their funding for schools based on the national funding formula, meaning that funding for schools is fairer.

Schools are also set to receive significant investment from the Government’s £1 billion Covid catch-up package next academic year, with guidance and funding for schools published today (Monday).

Prime Minister Boris Johnson said:

“Every child deserves a superb education – regardless of which school they attend, or where they happened to grow up. > > That is why we are providing additional funding now and for the future for every school – with those historically underfunded receiving the greatest increase. > > I want to again thank teachers, childcare workers and support staff for the brilliant work they have done throughout the pandemic, and for the preparations underway to welcome back all children from September. “Our £1 billion covid catch-up package, on top of these increases in per pupil funding, will help head teachers support those who have fallen behind while out of school, and deliver a superb education for all children across the country.”

Education Secretary Gavin Williamson said:

This year has been incredibly challenging for schools, teachers, and students due to the COVID-19 outbreak, with everyone working in education going to incredible lengths to support children and ensure they can get back to the classroom.

Not only are we confirming another year of increased and better targeted funding for our schools, but with our transformative national funding formula we are making sure the money is distributed fairly across the country so all schools can drive up standards. With two thirds of local authorities now having moved towards the national funding formula, it is time for the remainder to follow suit and ensure fairness for every child.

Our £1 billion Covid catch up fund comes on top of this £14.4 billion three-year school funding boost, meaning that this government is leaving no stone unturned in levelling up opportunities for every young person up and down the country.

Each secondary school will attract a minimum of £5,150 per pupil and each primary a minimum of £4,000 per pupil under the national funding formula from 2021, up from the £5,000 and £3,750 which schools are receiving this year in the first year of the funding settlement.

Extra funding for small and remote schools will increase by over 60 per cent, reflecting the financial challenges that these schools can face, and the unique role they play in local communities. Pupils and families in rural areas from Cumbria to Norfolk will benefit from support for their local schools to remain financially secure.

An additional protection built into the funding formula means every pupil, regardless of the amount of funding they currently receive, will attract a year-on-year increase of at least two per cent.

Most local authorities will see increases of over three per cent in the funding allocated per pupil, with only historically highly funded authorities seeing smaller increases.

Funding to cover increases to teacher pay and pensions worth £2 billion will also be included from 2021 rather than paid separately, reassuring schools that the funding will continue to be provided in their core budgets.

Whilst the number of councils moving closer to the national funding formula is significant progress, there is still more to do, and we will soon put forward plans to deliver funding to schools directly through the national funding formula so that all schools receive the funding they deserve.

Today the Government has also confirmed that allocations from the £650 million catch-up premium, one part of the overall £1 billion Covid catch-up package, will be based on the number of pupils and paid once a term over the 2020/21 academic year. A 1,000 pupil secondary school will receive £80,000 and a 200 pupil primary school will receive £16,000 to tackle the impact of lost teaching time on pupils as a result of the coronavirus pandemic.

Headteachers can decide how best to use their schools’ premium allocation to tackle the impact of lost teaching time on their pupils, but are encouraged to spend it on evidence-driven approaches including small group or one-to-one tuition, support over the summer, or additional support for great teaching.

Disadvantaged pupils in schools and colleges will also benefit from the second part of the catch-up fund, a £350m tutoring fund.

From the second half of the 2020/21 autumn term, the National Tutoring Programme will provide support to disadvantaged pupils aged 5-16 in two ways: schools in all regions will be able to access heavily subsidised tuition from organisations on a list of approved partners, while some of the most disadvantaged schools will be supported to employ in-house academic mentors to provide intensive support to pupils.

Teach First has joined a coalition of charities with investment from the National Tutoring Programme and today begins recruitment of the first cohort of academic mentors. These recruits will work in schools serving disadvantaged communities to support pupils through one-to-one and small group tuition next academic year.

As part of the tutoring fund, we will also provide a one-off, ring-fenced grant of up to £96M for colleges, sixth forms and all 16-19 providers, to provide small group tutoring activity for disadvantaged 16-19 students whose studies have been disrupted.

Russell Hobby, Chief Executive of Teach First said:

 “We’re honoured to join the National Tutoring Programme and kick-off recruitment of the first wave of academic mentors. Their salaries will be funded for schools and evidence shows that by working under the direction of experienced teachers they can be precisely deployed to support the children who need them most.”

Professor Becky Francis, CEO of the Education Endowment Foundation (EEF), said:

We are delighted to be working with colleagues at Teach First on the National Tutoring Programme. Their expertise in training and recruitment will complement the work of the programme partners.

The coronavirus pandemic has highlighted the vital role of schools at the heart of communities, a role which will only continue as the sector works to mitigate against the impact of school closures in the next school year and beyond. School leaders will need to make difficult decisions about what to prioritise in the coming months, so it is right to recognise the tremendous strain the pandemic has placed on the sector, and on the necessary level of support, through this catch-up package.

Our short guide aims to provide evidence and signposts to additional resources that schools can use to support those decisions.

Leora Cruddas, CEO of the Confederation of School Trusts, said:

We are pleased that there will be a rise in per-pupil funding in England in 2021. It is very important that there is also an increase in funding for special education needs where the sector has felt significant cost pressures. It is important that education funding is not left behind during the response to the global pandemic.

• The UK Government has secured early access to 90 million vaccine doses from the BioNTech/Pfizer alliance and Valneva with more in the pipeline as part of its strategy to build a portfolio of promising new vaccines to protect the UK from Covid-19
• In addition, treatments containing Covid-19-neutralising antibodies have been secured from AstraZeneca to protect those who cannot receive vaccines
• UK public encouraged to sign up to a new NHS website to make it quicker and easier for potential volunteers to join vital studies that could help save lives – the aim is to get 500,000 people signed up by October

Millions of people could be vaccinated against coronavirus as the UK secures early access to 90 million doses of promising Covid-19 vaccine candidates.

Announced by Business Secretary Alok Sharma today (Monday 20 July), the Government has agreed significant partnerships with leading pharmaceutical and vaccine companies BioNTech/Pfizer and Valneva that are developing innovative new vaccines to protect people against Covid-19. The Government has also secured access to treatments containing Covid-19-neutralising antibodies from AstraZeneca to protect those who cannot receive vaccines such as cancer and immunocompromised patients.

As a result of these partnerships, England, Scotland, Wales and Northern Ireland could have access to enough doses to vaccinate and protect priority groups identified, such as frontline health and social care workers and those at increased health risk.

With today’s announcement, the Government has now secured access to three different types of Covid-19 vaccines that are being developed here and around the world, giving the UK the most likely chance of getting access to a safe and effective vaccine at the quickest speed.

The Government has also today launched the NHS Covid-19 vaccine research registry. This new website will enable people in the UK to play their part by volunteering for future vaccine studies.

The new online service will allow members of the public to register their interest and be contacted to participate in clinical studies. To enable large-scale vaccine studies to take place across the UK, the aim is to get 500,000 people signed up by October, which is considered vital in the fight against coronavirus.

Clinical studies with hundreds of thousands of volunteers will help scientists and researchers better understand the effectiveness of each vaccine candidate and will considerably speed up efforts to discover a safe and workable vaccine.

The Government is also working with ZOE, the health science company using data driven research and behind the popular symptom study app and site, to look at collaborating around vaccine studies and to help their volunteers hear about how to sign up to the NHS registry.

Business Secretary Alok Sharma said:

The hunt to find a vaccine is a truly global endeavour and we are doing everything we can to ensure the British public get access to a safe and effective coronavirus vaccine as soon as possible.

This new partnership with some of the world’s foremost pharmaceutical and vaccine companies will ensure the UK has the best chance possible of securing a vaccine that protects those most at risk.

The public can also play their part in vaccine research through the new NHS vaccine research register. By signing up and participating in important clinical studies, together we can speed up the search for a vaccine and end the pandemic sooner.

Through its partnership with Valneva, which has a factory in Livingston, Scotland, the UK Government is expected to contribute to UK clinical studies costs and is negotiating funding to expand Valneva’s Scottish facility. This increased manufacturing capacity could potentially supply up to 100 million vaccine doses to the UK and internationally. This will create high-skilled jobs in the local area and contribute significantly to the local economy.

The Livingston facility is in addition to the new Vaccines Manufacturing and Innovation Centre (VMIC) which is currently under construction in Oxfordshire thanks to a £93 million investment from the Government. When completed in summer 2021, the facility will have flexible capacity to manufacture vaccine doses at scale.

Chair of the Vaccine Taskforce Kate Bingham said:

The Vaccine Taskforce is investing in a diverse portfolio of vaccine candidates to maximise the chances of finding a vaccine quickly that meets the UK’s rigorous regulatory and safety standards. The fact that we have so many promising candidates already shows the unprecedented pace at which we are moving. But I urge against being complacent or over optimistic. The fact remains we may never get a vaccine and if we do get one, we have to be prepared that it may not be a vaccine which prevents getting the virus, but rather one that reduces symptoms.

Professor Chris Whitty, Chief Medical Officer and National Institute for Health Research (NIHR) head said:

Thanks to COVID-19 patients’ willingness to take part in treatment studies, we’ve been able to identify treatments that work and ones that don’t, which has improved patient care world-wide. Now that there are several promising vaccines on the horizon, we need to call again on the generosity of the public to help find out which potential vaccines are the most effective. Using a new NHS website developed in partnership between the National Institute for Health Research (NIHR) and NHS Digital, people across the UK can register their interest to be approached to join a vaccine study. Please go to the website and consider volunteering.

Health Secretary Matt Hancock said:

A safe and effective vaccine is our best hope of defeating coronavirus and returning to life as normal.

We have some of our best scientists and researchers working on this, but members of the public have a vital role to play too. So I urge everyone who can to back the national effort and sign up to the NHS COVID-19 vaccine research registry to help find a vaccine as soon as possible.

Every volunteer will be doing their bit towards finding a vaccine for COVID-19 that will have the potential to save millions of lives around the world and bring this pandemic to an end.

Today’s announcement follows an existing global licensing agreement signed with AstraZeneca and the University of Oxford to research, develop and manufacture a Covid-19 vaccine for the UK public. AstraZeneca will work to produce 100 million doses for the UK in total.

As part of a wider £131 million investment by the Government, support has also been given to Imperial College London to develop their vaccine candidate, which started human studies in June.

In addition, the UK Government has committed £250m to the Coalition for Epidemic Preparedness Innovations (CEPI) – the biggest investment of any country – to support equitable and affordable access to new coronavirus vaccines and treatments around the world.

Notes to editors

The Government has today agreed the following deals:

1. BioNTech/Pfizer – this is their first binding agreement signed with any government, and the UK has secured 30 million doses.
2. Valneva – in principle agreement for 60 million doses. If the vaccine is proven to be safe, effective and suitable, the UK has secured an option to acquire a further 40 million doses.
3. AstraZeneca – in principle agreement for one million doses of a treatment containing Covid-19 neutralising antibodies to protect those who cannot receive vaccines such as cancer and immunocompromised patients.

The three different vaccine classes that the Government has secured to date for the UK are adenoviral vaccines (Oxford/AstraZeneca), mRNA vaccines (BioNTech/Pfizer, Imperial) and inactivated whole virus vaccines (Valneva).The Government has also secured a treatment containing Covid-19 neutralising antibodies (AstraZeneca).

About the Vaccine Taskforce

The Vaccine Taskforce (VTF) was set up under the Department for Business, Energy and Industrial Strategy (BEIS) in May 2020, to ensure that the UK population has access to clinically effective and safe vaccines as soon as possible, while working with partners to support international access to successful vaccines. This is to place the UK at the forefront of global vaccine research, development, manufacture and distribution.

The Vaccine Taskforce comprises a dedicated team of private sector industry professionals and officials from across government who are working at speed to build a portfolio of promising vaccine candidates that can end the global pandemic. It is chaired by biotech and life sciences expert Kate Bingham, who was appointed by the Prime Minister Boris Johnson.

The Vaccine Taskforce’s approach to securing access to vaccines is through:

1. procuring the rights to a diverse range of promising vaccine candidates to spread risk and optimise chances for success;
2. providing funding for clinical studies, diagnostic monitoring and regulatory support to rapidly evaluate vaccines for safety and efficacy; and
3. providing funding and support for manufacturing scale-up and fill and finish at risk so that the UK has vaccines produced at scale and ready for administration should any of these prove successful.

Vaccine priority groups: interim advice

Interim advice from the Joint Committee on Vaccination and Immunisation (JCVI) on the groups that should be prioritised for vaccination, if and when a vaccine is available.

The committee advises priority vaccination of the following groups: 1. frontline health and social care workers 2. those at increased risk of serious disease and death from COVID-19 infection stratified according to age and risk factors

There is ongoing work within the UK to refine the identification of persons at risk of serious disease and mortality from COVID-19 infection. As well as age and underlying co-morbid conditions, the committee notes that early signals have been identified of other potential risk factors, including deprivation and ethnicity. As more evidence on at-risk groups emerges, this work will inform the review of the composition, and order of priority, of groups for vaccination.

For more information see https://www.gov.uk/government/publications/priority-groups-for-coronavirus-covid-19-vaccination-advice-from-the-jcvi