HM Treasury

With the right support disabled people and people with health conditions can get the opportunity to work. It's better for your health, it's better for your living standards and it helps the economy to grow. That's why we're announcing reforms to fix the welfare system, so that you will get the support you need to get into and to stay in work. There will be no immediate change to people's benefits. Find out more: https://ow.ly/1w7r50VjQmc

Today we are publishing a Pathways to Work Green Paper with our proposed reforms to fix the health and disability welfare system: https://ow.ly/1w7r50VjQmc The current system is not working: - Nearly 3 million people with a long-term health condition are economically inactive - It doesn't encourage or support employment - The predicted rise in spending on health and disability benefits is not sustainable Five principles guide the reforms to the system we are announcing today: 1 Protecting disabled people who can't and won’t ever be able to work and supporting them to live with dignity. 2 Delivering better and more tailored employment support to get more people off welfare and into work. 3 Stopping people from falling into long-term economic inactivity through early intervention and support. 4 Restoring trust and fairness in the system by fixing the broken assessment process that drives people into dependency on welfare. 5 Ensuring the system is financially sustainable to keep providing for those who need it most. Today's Pathways to Work Green Paper sets out our planned reforms, which includes: - Scrapping the Work Capability Assessment - A review of the PIP assessment - A guarantee of personalised support for anyone who wants to work - A review of Access to Work and employer support A 12-week consultation on the Pathways to Work Green Paper will start next month.

Driving growth is at the heart of the government's national mission. That’s why this week, we’ve agreed 60 growth-boosting measures with regulators and a radical action plan to cut the administrative costs of regulation for businesses by 25%. By delivering a state which regulates for innovation and economic expansion, we’re backing dynamic industries like fintech to flourish in the UK. Today, Chancellor Rt Hon Rachel Reeves met industry leaders from top fintech companies to discuss the upcoming Financial Services Growth and Competitiveness Strategy, including our commitment to strengthening the UK's status as a global fintech hub and make Britain the best place to do business. The Chancellor also announced further action to drive innovation and growth in financial markets, including by streamlining rules for wholesale markets and the next steps to test distributed ledger technology in the UK gilt market (DIGIT).   The wholesale market reforms will allow the Financial Conduct Authority to scrap any rules which are duplicative and unnecessarily hold UK firms back by designing a new regulatory framework that supports economic growth, this government’s number one mission. DIGIT has the potential to not only modernise financial markets by increasing efficiency and reducing costs, but also by enhancing security. Our goal is to ensure that the financial services sector continues to create jobs, increase opportunities, and attract international investment – that’s our plan for change in action.

Today’s news that Oracle will be investing $5 billion in cloud infrastructure in the UK underscores this country’s status as a global tech leader. The UK is home to the world's third trillion-dollar tech economy following only the United States and China, and with more unicorn companies than Germany and Sweden combined. We're also a leading investment destination, with a record £63bn in private investment successfully secured at last year's International Investment Summit, and with PwC UK recently naming the UK as one of the most attractive global destinations for international investment. This government is kickstarting economic growth by cutting red tape, helping to drive investment, create more opportunities, and put more money into working people's pockets.

I am determined to go further and faster to kickstart economic growth. That is why I met regulators in Downing Street this morning to unveil the government's action plan, delivering on our pledge to cut the administrative cost of regulation on businesses by a quarter. And we've agreed 60 growth boosting measures, which will work to sweep away rules blocking new housing and infrastructure projects, and will put in place new measures to boost further foreign investment in the UK. By cutting red tape and creating a more effective system, we will boost investment, create jobs and put more money into working people's pockets across the country.

The world is changing, and the UK must be ready. That is why I've already committed to increasing defence spending to 2.5% by 2027 – but today, we're going even further with a £2bn uplift to UK Export Finance's lending capacity. This will boost growth and secure jobs in defence, a vital sector in our economy, and will unlock opportunities for UK exporters to expand sales and increase their international competitiveness. I visited Babcock International Group in Rosyth, Scotland today where I spoke to employees about our support for their sector, and our commitment to safeguarding the UK national security – the first duty of any government. Through boosting our defence sector, we can protect the UK and help to grow our economy - both central to our Plan for Change

Women's participation in the workforce isn't just about equality - it's a crucial economic driver that boosts growth and helps our economy thrive. This week, the Chancellor visited Smart Works to witness first-hand how they're empowering thousands of women nationwide on their journey back to employment, by offering free interview outfits and preparation to women on zero-hours contracts or unemployed, helping them feel confident and ready to succeed. Watch below 👇

Supporting women to succeed in our economy is vital to drive growth and deliver on our Plan for Change. As part of International Women's Day, the Chancellor visited Smart Works Charity, a charity helping unemployed women across the UK with clothing & interview coaching to enter work.

We’re getting Britain building.   Find out how here 👇   #GetBritainBuilding Find out more here: https://lnkd.in/evYTW8a3