Press release: Change of British High Commissioner to Vanuatu – Summer 2019
Change of British High Commissioner to Vanuatu – Summer 2019 – GOV.UK
Mrs Karen Bell has been appointed High Commissioner to the Republic of Vanuatu, as we reopen our resident High Commission in Port Vila.
Mrs Karen Bell has been appointed High Commissioner to the Republic of Vanuatu, as we reopen our resident High Commission in Port Vila.
Mrs Karen Bell has been appointed High Commissioner to the Republic of Vanuatu, as we reopen our resident High Commission in Port Vila. She will succeed the current, non-resident High Commissioner, Mr David Ward, who will be transferring to another Diplomatic Service appointment. Mrs Bell will take up her appointment during summer 2019.
CURRICULUM VITAE
Full name: Karen Bell
Married to: Adrian Bell
Children: Two
2015 to present
Houston, Consul General
2013 to 2015
Hong Kong, Deputy Head of Mission and Head of Prosperity
2010 to 2013
Hong Kong, Head of Political, Economic and Communications Sections
2007 to 2010
FCO, Team Leader, EU/China Low Carbon Campaign, Climate Change and Energy Group
2004 to 2007
Riyadh, First Secretary – Political/Economic
1999 to 2003
Abuja, Second Secretary – Economic
1996 to 1999
Ottawa, Third Secretary – Economic
1994 to 1996
FCO, Equal Opportunities Officer, Personnel Policy Department
1991 to 1993
FCO, Management Officer, Research Department
1988 to 1991
New Delhi, Entry Clearance Officer
1986 to 1988
FCO, Archivist, UK Delegation to Council of Europe
1983 to 1986
FCO, Registry Clerk, Defence Department
Further information
Published 3 June 2019
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Press release: Regulator’s Quarterly survey shows continued financial strength
The latest Quarterly survey published by the Regulator of Social Housing confirms social housing sector’s strong financial position
The latest Quarterly survey published today (3 June 2018) by the Regulator of Social Housing shows that the regulated sector retains considerable financial strength, demonstrated by the highest amount of new private finance arranged by social housing providers in a single quarter. There was also an increase in the number of homes for-sale being developed by the sector.
The new facilities raised in the quarter totalled £4.5 billion across of range of maturities from short-term revolving credit facilities to 25-year bonds. The debt raised included £2.3 billion from capital markets and £2.1 billion from banks. Over the 2018-19 financial year, the sector raised new facilities worth £13.5bn – the highest amount raised in a single year.
The 6,367 of homes developed for sale which were completed in the quarter, include 4,817 Affordable Home Ownership (AHO) homes and 1,550 properties for market sale. The increase in the number of unsold properties (to 6,924 Affordable Home Ownership homes and 1,933 market sake homes) primarily reflects this peak in development.
The survey report covers the period 1 January to 31 March 2019 and includes forecasts up to 31 March 2020. Based on responses from 221 private registered providers (PRPs) and PRP groups who own or manage 1,000 homes or more, it provides a regular source of information regarding the financial health of providers, in particular with regard to their liquidity position.
The other main findings this quarter include:
The sector remains financially strong with access to £20.8 billion in undrawn facilities available at the end of March
Total sales receipts in the quarter amounted to £1.5 billion – the second highest amount achieved in the last three years, only slightly lower than the figure reported in the quarter to March 2018
Over the next 12 months expected investment in new housing supply is forecast to be £14.9 billion, of which £10.5 billion is contractually committed. In the 12 months to March 2019 total investment in new supply was £11.8 billion
Plans for committed and uncommitted development of for-sale properties is set to increase in the next 18 months to include the completion of 31,901 AHO homes and 13,783 market sale properties
Cash balances total £6.1 billion and is forecast to reduce in the next 12 months to £4.1 billion as cash is used to fund planned capital expenditure
Mark-to-market exposure on free standing derivatives increased by 7% to £2.2 billion, reflecting a decrease in swap rates
Fiona MacGregor, Chief Executive, Regulator of Social Housing said:
The latest Quarterly survey results indicate that the sector continues to be in a robust position to respond to any uncertainty and changes in the wider economic environment. In 2018-19 the sector raised an unprecedented amount of new private finance from banks and the capital markets in order to support plans for increased capital investment.
The past quarter showed a further increase in the level of new development for sale, both of shared ownership and outright market sale properties, and forecasts anticipate a further increase over the next 18 months. It is important that providers in these markets carefully manage their development risks and are prepared to respond to any changes in the housing market in a timely fashion.
The Quarterly survey sets out information such as the amount of borrowing by registered providers and where they have borrowed it from, the number of affordable home ownership homes and market sale homes they have built and sold. Alongside a programme of periodic In Depth Assessments and regular financial stability checks, it provides regulatory assurance on the sector’s financial strength and the continued viability of individual providers.
RSH promotes a viable, efficient and well-governed social housing sector able to deliver homes that meet a range of needs. It does this by undertaking robust economic regulation focusing on governance, financial viability and value for money that maintains lender confidence and protects the taxpayer. It also sets consumer standards and may take action if these standards are breached and there is a significant risk of serious detriment to tenants or potential tenants.
Press release: Textile boss handed bankruptcy restrictions after abusing funds
Rostum Nagra (51), from West Leake, Nottinghamshire, was previously the director of two companies involved in textiles production.
However, between November 2014 and July 2015 he abused his position when he accessed more than £565,000 from the first company before diverting the funds to a second textiles company, called Rocco Fashion Limited, of which he was the sole director.
Rostum Nagra then attempted to wind-up the first company, claiming that it was no longer profitable. However, he didn’t fully disclose his intentions to shareholders and transferred all on-going business to Rocco Fashion Limited.
The main shareholder was alerted and after examining the company’s records, discovered Rostum Nagra’s had transferred assets to the second company.
The main shareholder brought proceedings against Rostum Nagra to rescue the funds and in April 2018, the High Court in Birmingham found the former textiles boss to have breached his duties as director of the first company.
This was followed by a further hearing in June 2018, where the former textiles boss was ordered by the courts to compensate shareholders to the value of £565,860 including legal costs.
But the former textiles boss failed to pay the money owed and this led to the main shareholder applying to the court to have Rostum Nagra made subject to a Bankruptcy Order, which was granted in July 2018.
And to prevent Rostum Nagra from posing any further financial risks to his existing and future creditors, the Insolvency Service applied for additional years of bankruptcy restrictions to be placed upon him.
The Secretary of State has since accepted a bankruptcy restrictions undertaking from Rostum Nagra for seven years. Effective from 2 April 2019, Rostum Nagra has voluntarily prohibited himself from several activities, including acting as a director of a company without permission from the court and attempting to borrow more than £500 without declaring restrictions he is subject to.
Gerard O’Hare, Official Receiver, said:
Not only did Rostum Nagra take a substantial amount of money from the company he was a director of but his actions were deliberately planned and sustained over a number of months, demonstrating that he had scant regard for his main shareholder.
Seven years of extended bankruptcy restrictions is a significant amount of time and seriously curtails Rostum Nagra’s ability to run a company and secure credit. This should serve as a warning to others that being a director is a position of responsibility and should not be abused by improper business practices.
Rostum Nagra is of West Leake, and his date of birth is April 1967.
Information on bankruptcy and the restrictions concerned are available on GOV.UK.
You can also follow the Insolvency Service on:
Press release: Appointment of a residentiary canon at Worcester Cathedral
The Queen has approved that The Reverend Stephen Michael Edwards, BSc, MA, DPT, at present Team Rector at Wythenshawe and Area Dean of Withington in the Diocese of Manchester be appointed to the Canonry in the Cathedral Church of Christ and the Blessed Virgin Mary, Worcester, in the county of Worcester and in the Diocese of Worcester.
News story: New independent institute launched to make it easier for investors to have a positive social impact
A new independent institute that will make it easier for people to invest their money to benefit communities and society is launching today.
The Impact Investing Institute will look for more effective ways to combine financial returns with a social purpose to help improve people’s lives.
The body will encourage ordinary savers to choose ISAs, pensions and savings products that benefit the issues they care about. These could include investments in organisations that provide housing to homeless people, renewable energy companies or businesses committed to delivering sustainable employment.
It will bring together the UK National Advisory Board on Impact Investing (UK NAB) and the Implementation Taskforce on Growing a Culture of Social Impact Investing in the UK (Implementation Taskforce).
The initiative is being led by their chairs, Sir Harvey McGrath and Elizabeth Corley, who have launched the process to recruit the CEO of the Impact Investing Institute today.
The Institute has broad backing across the financial services and social sector, and will be supported by private firms and foundations alongside the Department for Digital, Culture, Media and Sport, the Department for International Development and the City of London Corporation.
The launch of the Institute builds on the UK’s history of encouraging a world leading market for social impact investing and promoting the UK as a global impact investing hub.
Culture Secretary Jeremy Wright said:
More people than ever before want their savings and investments to make a real difference to people’s lives and the planet, while still generating a return. We want to make it as simple as possible for investors to put money into the issues they care most about. The Impact Investing Institute will look at more ways for people to do this, whether you’re an asset manager or pension fund, or an ordinary saver who wants to invest their money to change lives for the better.
Elizabeth Corley, Chair of the Impact Investing Institute’s Management Board, said:
The Impact investing market has grown rapidly in the UK and around the world. Investing for positive impact goes beyond avoiding harm and mitigating risks, and is at the centre of a wider movement towards more responsible investing. The Institute will play a significant role in ensuring the UK continues to stay at the forefront of innovation in Impact Investing, enabling UK savers to invest in line with their values and have increased ownership over the social outcomes that their money generates.
Sir Harvey McGrath, Chair of Big Society Capital and the Impact Investing Institute’s Advisory Council, said:
The UK is well-placed with its long running history in impact investing and as a global financial hub to accelerate the next wave of growth and innovation in impact investing. Big Society Capital is pleased to show its support to the newly formed Institute. Bringing together the UK NAB and Implementation Taskforce will create a group with impressive convening power and world-class knowledge of both mainstream and social investment.
The Institute will be open and diverse, involving organisations and people from a variety of different areas with a commitment to investments that drive positive impact. More information about how to support the Institute can be found on its website.
International Development Minister Baroness Sugg said:
The UK public gives more money to charitable causes than any country in Europe, but people might not know how to invest their money in a way that matches their values.
We need more private investment for developing countries if we are to achieve the Global Goals and this new Institute will do that by encouraging savers to choose ISAs, pensions and savings products that benefit the issues they care about, like climate change.
The Economic Secretary to the Treasury, John Glen, said:
We know that many savers want to invest their hard-earned money into products that make a positive impact on the world.
Today’s announcement will support these aims, allowing more people to invest into causes that are meaningful to them, including renewable energy, community projects or education.
This is part of our wider work to promote sustainability, including in areas like Green Finance, which is encouraging investment in projects that will protect our natural environment.
Catherine McGuinness, Policy Chair at the City of London Corporation, said:
I’m delighted that the City of London Corporation is supporting the establishment of the Impact Investing Institute.
As the home of one of the world’s leading financial centres, I am proud that the City of London is leading the way in promoting more investment in businesses which are socially and environmentally impactful.
Caroline Mason, Chief Executive of The Esmée Fairbairn Foundation, said:
The role of investment and finance is essential to encourage and back organisations, products and services designed to deliver a strong, intentional positive impact. This movement has been growing steadily and will be given a strong boost by the role of the Impact Investing Institute in realising its full potential to build what we all know we need to work together on: a prosperous, sustainable and inclusive UK.
Further Information
For more information call DCMS Press Office on 0207 211 2210
The UK National Advisory Board on Impact Investing: In 2013, under the UK’s presidency of the G8, the independent Social Impact Investment Taskforce was set up to “catalyse a global market in impact investment”, creating National Advisory Boards (NABs) for each member state. In 2017, the UK NAB produced its comprehensive plan for creating an inclusive and sustainable economy.
The Implementation Taskforce: In 2016, the UK government set up an Independent Advisory Group on Growing a Culture of Social Impact Investing in the UK, chaired by Elizabeth Corley. Following its report, the Prime Minister asked Elizabeth to lead an Implementation Taskforce to take forward the report’s recommendations. It drew on the expertise of over 80 firms and industry associations across a number of different sectors and jurisdictions.