Making an Impact: Bevis Watts on 10 Years in Sustainable Finance
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Reuters
an hour ago
- Reuters
Britain launches 500 million pound fund for vulnerable children
MANCHESTER, England, July 13 (Reuters) - Britain on Sunday announced a 500 million pound ($675 million) fund intended to help up to 200,000 vulnerable children. The Better Futures Fund aims to provide support for struggling families and give children access to better education and a safe home over the next 10 years, the government said. Prime Minister Keir Starmer and his finance minister Rachel Reeves are under pressure from their own Labour Party lawmakers to provide more support for low-income families. Earlier this month, Starmer was forced to gut key parts of his welfare reform plan in order to pass legislation through parliament. "This fund will give hundreds of thousands of children, young people and their families a better chance," Reeves said in a statement. "Our 'Plan for Change' will break down barriers to opportunity and give them the best start in life." The finance ministry said it planned to raise another 500 million pounds from local government, social investors and philanthropists. Mel Stride, finance spokesman for the opposition Conservative Party, said he welcomed the new funding but said Labour's economic policies had hurt struggling families. The government is also considering whether to abolish a two-child limit on welfare payments to parents as it reassesses several unpopular policies to reverse a slide in its poll ratings. ($1 = 0.7408 pounds)
Auto Car
an hour ago
- Auto Car
New EV grants to be unveiled by government this week
Grants to incentivise sales of electric cars are set to return as part of a tier system that will reward better subsidiaries to UK-made vehicles, reports The Telegraph. The outlet claims that £640 million in taxpayer cash will be used to fund the move as part of new plans to boost retail sales of EVs. Official details of the fund will be fully announced on Tuesday by the Labour administration the transport secretary Heidi Alexander told The Telegraph. An extra £60m will also be announced to fund the building of more public chargers. She said: 'We do know that the high upfront purchase cost of EVs is something that people are wary about. 'I think we've got to be honest and say there are a lot of people out there who think that EVs are just for the very wealthiest. 'We also want to really move away from people having range anxiety, to people having range awareness and knowing that they're going to be able to make the journeys that they want to make. 'It's right that the government thinks in the round about what we can do to tackle both of the issues, on charging and on the upfront cost of purchase.' While this echoes the previous Conservative government's Plug-in Car Grant that was pulled in 2022 – which took £1500 off the price of a new EV – what differs is that a tier system will be in place, effecting the amount of grant given. This, the outlet claims, will favour UK-made cars, such as those made by Nissan which this year will begin building the new Leaf EV, and next year the Juke EV, at its Sunderland factory. What's more, it is expected the grant will only apply below a certain price band, meaning the most expensive and therefore more premium EVs will not be eligible. It comes as car makers struggle to hit the UK's Zero Emissions Vehicles (ZEV) mandate, which this year requires car makers to achieve a EV sales mix of 28% – or be fined £12,000 per non compliant vehicle. So far this year, just under 25% of all new cars sold in the UK have been fully electric. What's more, the worry from industry is that this number is heavily propped up by fleet sales – given the sector already has incentives via benefit-in-kind tax reliefs –which is why retail customers are now set to be supported. The grant is part of a wider offensive from the government to increase the appeal of EVs. On Sunday it announced Drive35, a £2.5billion fund 'supporting projects which help the transition to zero-emission vehicle manufacturing'.
The Independent
an hour ago
- The Independent
Reeves to launch £500m fund to help vulnerable children
Chancellor Rachel Reeves will launch a new £500 million fund aimed at helping up to 200,000 vulnerable children. The Government says the Better Futures Fund will be the largest of its kind in the world. It will be used to help struggling and vulnerable children and their families with a variety of problems they face. This could include early support to tackle challenges such as school absence, mental health issues, addiction and falling into a life of crime. The fund will run for 10 years, and ministers plan to raise a further £500 million from councils, investors and philanthropists to top up the Government's cash. The Chancellor will launch the initiative on Monday, as she visits a school in Wigan. Ahead of the visit, Ms Reeves said: 'I got into politics to help children facing the toughest challenges. 'This fund will give hundreds of thousands of children, young people and their families a better chance. 'For too long, these children have been overlooked.' The fund will be overseen by the Department for Culture, Media and Sport, and more details about how it will work will be released in the near future, according to the Government. Culture Secretary Lisa Nandy said: 'This groundbreaking Better Futures Fund represents a major step in partnering with the impact economy, which has long played an important role in strengthening communities and driving inclusive growth. 'As part of the plan for change, we're bringing together Government, local authorities, charities, social enterprises and philanthropists to create a powerful alliance that will transform the lives of vulnerable children and young people. 'We owe them the best start in life. 'Together we will break down barriers to opportunity, ensuring those who need support most aren't left behind and have the chance to reach their potential.' The launch is backed by groups including Save the Children UK, The King's Trust, and Oxford University's Blavatnik School of Government. Elsewhere, ministers will host the first civil society summit this week, which aims to hammer out a plan for how Government will better work alongside charities and other organisations outside of the world of Westminster to the benefit of the public. Sir Mel Stride, the Conservatives' shadow chancellor, said the Government's plans would 'build on the Life Chances Fund – a Conservative policy that supports families and vulnerable children'. He added: 'But Labour's jobs tax has pushed up unemployment and prices, trapping more children in workless, struggling homes. 'Labour are taxing work, choking growth, and driving families into hardship. 'Under Kemi Badenoch, the Conservatives back the makers – protecting public finances, supporting working parents, and making sure hard work pays. 'Britain deserves a government that rewards effort, not one that penalises success.'
