Social housing providers continue to comply with regulatory standards following regrades from RSH

Today (15 November 2022) the Regulator of Social Housing published the first substantial set of results of its annual stability checks for private registered providers owning more than 1,000 homes.

The stability checks focus on providers’ financial resilience and consider changes to their risk profile, including external economic factors beyond their control.

All 27 providers whose results have been published today comply with the financial viability standard and 19 have been regraded from V1 to V2. The V2 grades reflect the regulator’s judgement that these providers have the financial capacity to deal with a reasonable range of risks which need to be managed to ensure continued financial stability.

The 2022 stability checks are based on data submitted by providers in June 2022. The results published today are in line with the regulator’s expectations and reflect challenging conditions across the economy. Higher inflation and borrowing costs, as well as a weakening housing market, are putting greater pressure on providers’ financial headroom as they continue to invest in new homes and carry out safety, decarbonisation and repair works.

RSH is aware that some providers are considering their strategic priorities and are re-working plans to take account of more recent economic changes. RSH expects that strategic decisions made by providers’ Boards will be reflected in future data submissions.

RSH will continue to publish the results of its stability checks for all large private registered providers over the next few months. In keeping with the wider economic environment, the regulator expects to publish a number of regraded V2 judgements for providers during this process.

Jonathan Walters, Deputy Chief Executive of RSH, said:

The results of our first round of stability checks reflect the significant economic challenges facing the sector.

Against this backdrop, we have seen a substantial number of providers moving to V2 grades. These providers continue to comply with our financial viability standard and the sector remains in a strong financial position overall.

It is crucial that all providers maintain a strategic approach to risk management and focus on their key objectives: investing in new and existing homes and providing quality services for their tenants.

  1. RSH regulates over 200 private registered providers with more than 1,000 homes and carries out stability checks on these providers annually.

    • Stability checks look at the financial information providers have submitted and consider whether each provider’s current viability grade is consistent with the information contained in their regulatory returns.

    • In doing this, the regulator focusses on indicators of financial robustness and evidence of any significant changes in risk profile.

    • Where the provider’s grade is unchanged as a result of the stability check, the regulator publishes a strapline regulatory judgement. Where it considers that a provider’s current grade is inconsistent with their regulatory returns, the regulator will change their grading and publish a narrative RJ.

    • Once published, the grading will be reviewed at a subsequent in-depth assessment or stability check.

  2. The stability check judgements published since October 2022 are based on Financial Forecast Returns submitted in June 2022. RSH is aware that some providers are considering their strategic priorities and are re-working plans to take account of more recent economic changes. RSH expects that strategic decisions made by Boards will be reflected in future returns.

  3. Providers with a V1 grade for financial viability meet the regulator’s viability requirements and have the financial capacity to deal with a wide range of adverse scenarios. Providers with a V2 grading also meet RSH’s viability requirements, with the financial capacity to deal with a reasonable range of adverse scenarios but need to manage material risks to ensure continued compliance. V3 and V4 are non-compliant grades.

  4. The regulator issued judgements for 27 providers. 19 were regraded from V1 to V2, while 2 retained their V2 grades and 6 retained their V1 grades.

  5. The full results of the first set of RSH’s stability checks for 2022 are set out in the table on the Regulatory judgements and notices, and gradings under review page.

  6. More information about how RSH regulates, including its process for annual stability checks, can be found in Regulating the Standards.

  7. For press office contact details, see our Media enquiries page. For general queries, please email enquiries@rsh.gov.uk or call 0300 124 5225.

  8. The Regulator of Social Housing promotes a viable, efficient and well-governed social housing sector able to deliver and maintain homes of appropriate quality 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.

Published 15 November 2022
Last updated 15 November 2022 + show all updates

  1. The press notice was updated to clarify that 19 providers were regraded from V1 to V2 for financial viability.

  2. First published.




Review of broadcast rules around major sporting events

  • Changes would help ensure big moments such as the Olympics, FIFA World Cup and Wimbledon remain accessible on platforms such as BBC iPlayer, ITV Hub and Channel 4’s on-demand service
  • Comes as rising numbers of viewers tune in via digital platforms

Sports fans’ access to watch the biggest global events on digital platforms could be guaranteed as the government reviews the rules which provide broadcasters access to major sporting contests.

The Digital Rights Review, launched today, will look at whether the government’s free-to-air ‘listed events’ rules should be reformed so that public service broadcasters (PSBs) – including the BBC, ITV, Channel 4 and Channel 5 – are guaranteed the opportunity to show certain major events such as the Olympics and World Cup on their digital platforms rather than just focusing on traditional TV broadcasting as is the case today.

The listed events regime helps ensure the British public are able to tune into the biggest sporting moments at no additional cost by giving PSBs the opportunity to bid for the broadcasting rights. This has meant that more than 40 million people watched Euro 2020 on the BBC and 36 million people watched the Tokyo Olympics last year.

As more people tune in via catch-up and streaming services to watch sport, the review will assess whether including digital rights can ensure as many people as possible can continue to access events including Wimbledon, the Paralympic Games and the Grand National.

Currently if, for example, the Olympic 100m final was broadcast live in the middle of the night on the BBC, but all streaming and catch-up rights were sold to a different broadcaster and kept behind a paywall, a wide audience may not be able to watch this important event.

Digital Infrastructure Minister Julia Lopez said:

As we saw during the Women’s Euros and with the FIFA World Cup just around the corner, we know that enjoying blockbuster sporting events together means so much to many people. Everyone should be able to watch these incredible moments of national unity, no matter how they choose to tune in.

As viewing habits shift online, it is right that we review our rules and consider whether updates are needed to ensure our brilliant public service broadcasters can continue to bring major events to the public at no extra cost.

The Terms of Reference, which determine precisely what the review will cover, have been published today and marks the public launch of the review.

The Government believes that certain sporting events of national interest should be shown on free-to-air television so that they can be enjoyed by as wide an audience as possible.

However, it is also important that it is recognised that the current framework was decided in a different media landscape almost twenty years ago, when just four per cent of UK households had access to the internet.

As such, the review will take into consideration broader online distribution of sporting rights, including video sharing platforms and social media, which has increased exponentially since the current legal framework was established in 1996.

In doing so, the review will balance the desire from audiences to watch national sporting events at no additional cost with the ability for sporting organisations to generate revenues from sports rights to re-invest in their sports at all levels.

ENDS

Notes to editors

  • This issue has been addressed by a number of key industry and parliamentary stakeholders, including in Ofcom’s Future of Public Service Media report and in a report from the DCMS Committee on Major Cultural and Sporting Events.
  • The current list of listed events can be found here. The inclusion of an event on the list does not guarantee the broadcast of that event on free-to-air television, nor does it guarantee the broadcast of that event in its entirety. No rights holder can be compelled to sell its rights, and no broadcaster can be compelled to acquire rights.
  • The Government announced its intention to review whether digital rights should be brought in scope of the listed events regime in its Broadcasting White Paper, along with its intention to make qualification for the benefits of the regime specific to public service broadcasters.
  • The Government has no current plans to undertake a full review of the events on the list itself. It believes the current list strikes an appropriate balance between retaining free-to-air sports events for the public while allowing rights holders to negotiate agreements in the best interests of their sport.
  • The Government is fully committed to the listed events regime and if there are any changes they would only be with regard to reflecting where audiences choose to watch sport.
  • DCMS has already undertaken engagement with stakeholders from a range of groups likely to be interested in the review. The publication of the Terms of Reference today provides an opportunity for any further stakeholders with an interest to contribute to the review.
  • Stakeholders with an interest in contributing to the review are asked to get in touch by emailing listedevents-digitalrightsreview@dcms.gov.uk. DCMS will provide a list of questions to support contributions. Those wishing to contribute should ensure their final response is received by 15/12/2022 so their thoughts can inform the review.



British shipyard awarded £4.2 billion to build Royal Navy ships

A British shipyard has been awarded a £4.2 billion contract to build the second batch of Type 26 frigates for the Royal Navy.

Delivering on ambitions laid out in the National Shipbuilding Strategy Refresh earlier this year, the contract awarded to BAE Systems will support 1,700 British jobs over the next decade at BAE Systems sites in Govan and Scotstoun, Glasgow.

As part of the contract, BAE Systems has committed to invest £1.2 billion in the UK supply chain, supporting a further 2,300 jobs with more than 120 suppliers all over the UK.

Leading the Royal Navy’s anti-submarine warfare surface fleet, the five new City-class ships – HMS Birmingham, HMS Sheffield, HMS Newcastle, HMS Edinburgh and HMS London – will join the first three T26s already in build at Govan – HMS Glasgow, HMS Cardiff and HMS Belfast.

Construction of all eight frigates is expected to be completed by the mid-2030s, with the first, HMS Glasgow, entering service by the end of 2028.

Defence Secretary Ben Wallace said:

We are investing in our fleet to ensure our Royal Navy maintains its world-leading capability to protect and defend our nation at sea. This design has already been successfully exported to Australia and Canada, its already proved itself as a world-class maritime capability, securing thousands of UK jobs and strengthening alliances with our allies.

Supporting thousands of high-skilled jobs in Scotland, and more across the wider UK supply chain, this contract will continue to boost our British shipbuilding industry, galvanising the very best of British engineering, manufacturing and design.

Replacing the bulk of the retiring Type 23 fleet, the Type 26 frigates will be flexible and advanced warships with the primary purpose of anti-submarine warfare, protecting the UK’s continuous at-sea nuclear deterrent and Maritime Strike Group.

At just under 150m long – around the length of three Olympic swimming pools – and with a top speed of more than 26 knots and a range of more than 7,000 nautical miles, the vessels will be capable of countering piracy and delivering humanitarian aid and disaster relief.

Carrying the Sea Ceptor missile defence system – able to destroy airborne and sea surface targets – the vessels will also carry a five-inch medium calibre gun, an embarked helicopter for specific operations, radar and sonar for expert navigation and tracking adversaries.

A flexible mission bay means the vessels could also be adapted to carry specific Armed Forces and equipment tailored for operations. The Mk.41 vertical launch silo will be fitted to enable rapid-fire missile launches.

BAE Systems Chief Executive Officer, Charles Woodburn, said:

This contract secures a critical UK industry and allows us to build on our long history of shipbuilding on the Clyde as we continue to deliver cutting-edge equipment to the Royal Navy into the next decade. It underpins the ongoing investments we’re making in the skills, infrastructure and technologies needed to stay at the forefront of the maritime sector and to support the UK Government’s National Shipbuilding Strategy.

Improving build efficiency, BAE Systems has submitted a planning application for a new 175 metre long, 85 metre wide Shipbuilding Hall at Govan, which will allow two frigates to be built simultaneously under cover. This investment will be a major factor in the final five City-class ships costing less and being delivered faster than previous vessels.

In the manufacturing supply chain, £248 million worth of work has been committed to Scotland, with £16 million to Wales and £749 million to England.

Vice Admiral Paul Marshall, DE&S Director General Ships, said:

The award of the T26 Batch 2 manufacture contract is another key milestone in the United Kingdom’s shipbuilding programme, reaffirming our commitment, alongside our industrial partners, to deliver a highly effective anti-submarine frigate fleet for the Royal Navy.

The vessels are designed to reduce environmental impacts, and are fitted with features – including a hydrodynamically designed hull – to optimise fuel efficiency and a diesel engine emissions abatement, which reduces nitrogen oxide exhaust.

Steel will be cut on the first of the next five vessels, HMS Birmingham, this winter, marking the start of the Batch 2 build phase.




BBC media strengthening partnership project launched in Honiara

World news story

The project will support media and journalists to continue the development of high-quality media for people of the Solomon Islands.

SIBC journalists, radio presenters and programmers attended the training.

The first ever BBC Media Action ‘Media Strengthening in Solomon Islands Project’ has launched in Honiara this week, a landmark engagement for the BBC in the Pacific. The project will support media and journalists across the Solomon Islands to continue the development of high-quality media for the people of the Solomon Islands.

Media training sessions started on Monday led by BBC’s Senior Media Trainer Naomi Goldsmith, for journalists, programme producers and presenters at the Solomon Islands Broadcasting Corporation (SIBC) and will be conducted for members of the Media Association of Solomon Islands (MASI) later in the month.

Speaking to launch this engagement, Chief Executive Officer of SIBC, Johnson Honimae said:

We welcome the BBC back at SIBC and of to support the local media at large. The partnership will strengthen our media and benefit both our nations. The project culminated from discussions between the British High Commission in the Solomon Islands and Nauru, BBC Media Action and SIBC earlier this year.

British High Commissioner to the Solomon Islands and Nauru, His Excellency Thomas Coward said:

I am pleased we are rekindling this partnership between the SIBC and BBC. This is a busy time in the Solomon Islands, including as we move toward the 2023 Pacific Games. Quality media is important to engage the people of the Solomon Islands and keep them informed. There are great journalists in the Solomon Islands and we are grateful to work with them in partnership.

Country Director for BBC Media Action in Cambodia, Gemma Hayman said:

Whilst the BBC has worked with SIBC before, this short pilot is BBC Media Action’s first project in the Pacific. We are thrilled to be working with SIBC and MASI and hope that this targeted training will be useful, alongside insights that will be generated from research we are undertaking on the media landscape and audience habits in the Solomon Islands.

BBC Media Action is the BBC’s international charity. Through it, the BBC works to support a world where informed and empowered people live in healthy, resilient and inclusive communities. The UK Government funds the project.

Published 15 November 2022




3,000 hectares of spectacular Lake District landscape becomes a new National Nature Reserve

A new National Nature Reserve is being formally created today (15 November) by Natural England in Ennerdale, West Cumbria. It will be the largest nature reserve in the county and the 9th largest in England.

The new ‘Wild Ennerdale National Nature Reserve’ will cover over 3000 hectares of landscape comprising water, forests and mountains.  This formal declaration is among the first ‘Super NNR’s’ in England. Super NNRs are recognised for their landscape-scale approach to partnership working.

The Wild Ennerdale Partnership began 20 years ago and has a vision to allow natural processes to shape the ecology and landscapes within the valley.  It brings together four organisations: Forestry England, National Trust, United Utilities and Natural England.

Work over almost two decades has significantly improved nature recovery in the Ennerdale landscape and sustainable grazing has been promoted across grasslands, forests and open fells.

Tony Juniper, Chair of Natural England, said:

Wild Ennerdale is a diverse and varied landscape which supports some of our most unique and precious wildlife, including Red Squirrels, the Freshwater Pearl Mussels that dwell in the river there and which can live for 100 years, and the Arctic Charr – a fish that has hung on in the valley since the last Ice Age.

We have been working with partners for some years to improve this already amazing place and its declaration as a National Nature Reserve will enhance the spectacular landscape, wildlife and habitats, safeguarding them for the future while providing space for people to get close to wild Nature. National Nature Reserves are at the very centre of our ambition to create a vibrant national Nature Recovery Network comprised of bigger and better places for both wildlife and people. The Ennerdale partnership is a great example of what we have in mind and shows how working together can achieve that aim.

Environment Minister Trudy Harrison said:

Ennerdale Valley is a haven for fish, birds and insects and provides much treasured access to green space for local people. The declaration today strengthens our commitment to nature’s recovery and our ambitions under the 25 Year Environment Plan to leave the natural world in a better state than we found it. 

Support from local communities is essential for the success of National Nature Reserves, and it’s vital that we work together to protect the future of these wildlife habitats. I hope the partnership will continue to build strong relationships with local landowners, communities and farmers – who are custodians of the countryside – to develop sustainable uses for these sites.

Ennerdale Water in the valley is home to the Arctic Charr – a fish that has survived here since the ice age – and the River Ehen, which flows out of the lake, hosts the biggest population of freshwater mussels in England.

The valley is encased by woodlands of Atlantic oakwood, rich with bryophytes, lichens, and conifers which are a vital habitat for red squirrels. As altitude increases out of the valley, woodlands are replaced by montane heath where nationally rare plants such as shrubby cinquefoil and alpine saw-wort can be spotted.

National Nature Reserves (NNRs) were established to protect some of England’s most important habitats, species and geology, provide ‘outdoor laboratories’ for research and offer opportunities to the public, volunteers, schools and specialist interest groups to experience wildlife and nature first-hand, along with learning more about nature conservation and benefits for nature and society.

Rachel Oakley on behalf of the Wild Ennerdale Partnership said:

We’re delighted to achieve NNR status for this beautiful Lake District valley. We are constantly reminded of the nature and climate crisis we face now and for the future and this announcement (today) shows how working together and prioritising nature can reap rewards for us all”.

These landscapes are constantly evolving and need to be ‘fit for purpose’ to adapt and respond to the many challenges we face. Nature can thrive if given space and a helping hand and we are seeing tangible results of that in Ennerdale. We are doing this through partnership working and today is very much about acknowledging and thanking the wide range of individuals and groups locally, regionally, nationally, and internationally who have supported this journey to date. NNR status is about prioritising nature recovery and will continue to do that at scale, along with many other great projects around the county”.

It’s fitting that Wild Ennerdale becomes the largest NNR in the county as we mark the 70th anniversary this year of the first NNR’s back in 1952”.

The announcement today demonstrates how the Government is delivering on the Environment Act – a key target of which is to halt the decline in our wildlife populations through a legally binding target for species abundance by 2030.

England’s first Nature Reserve was created on 19 May 1952. Wild Ennerdale is the 221st site to be formally recognised, with sites spanning more than 106,000ha across England. These ‘nature hotspots’ are key to restoring nature across England and helping to bring green spaces and wildlife to everyone, including those who live in towns and cities.