Author Archives: HM Government

Ordnance Survey (OS) has signed an agreement with the Defence Science and Technology Laboratory (Dstl), negotiated by its technology transfer arm, Ploughshare Innovations, to allow it to licence various forms of cutting edge aerial mapping technology.

The main technologies covered by the licence will enable the rapid processing, classification, analysis and extraction of geographic content from satellite and aerial images. The capability could facilitate the efficient production of new types of mapping content of the natural and man-made environments.

Paul Cruddace, OS Technical Change and Innovation Manager said:

We are always looking for opportunities to improve and increase our data capture and processing capabilities – creating new approaches to generating geospatial content. In accessing and applying technology of this nature, the hope is that it will allow us to further optimise our current operations as well as provide new capabilities and geospatial content to current and future customers.

It is a great opportunity to partner Dstl. For over two centuries, OS has continuously invested and innovated in new ways to map the environment. We are looking forward to exploring, trialling and hopefully adopting the latest innovations from Dstl and I am excited to see how they can enhance our processes and geospatial content to provide our customers with premier mapping services.

Ploughshare’s CEO James Kirby added:

This is the latest contract that we have signed which supports the use of technologies developed by the defence and security sectors in other areas. The technology has the potential to improve the speed that maps can be prepared and to enhance their accuracy.

This licencing agreement will enable Ordnance Survey to assess the technologies initially, in order to determine the potential efficiency benefits and enhancements they offer to gathering mapping data, prior to taking a full license.

This evening the Prime Minister called Dutch Prime Minister Mark Rutte following yesterday’s UK letter of notification to the European Council.

The Prime Minister underlined the UK’s determination to agree a deep and special partnership between the UK and the European Union.

Both Prime Ministers agreed that the UK would remain a close and committed ally, and that they would approach the talks to come in a constructive manner.

The loans will be sold to Prudential plc and to funds managed by Blackstone. There will be no changes to the terms and conditions of the loans sold. Borrowers do not need to take any action.

The price achieved reflects the strong credit quality of the portfolio and the outcome of a highly competitive sale process. It delivers value for money for the taxpayer and compares favourably with the ‘fair value’ of the B&B loan book disclosed in B&B’s accounts last year. The fair value of the B&B loan book is less than its book value, reflecting the low interest rates payable on the loans.

UK Asset Resolution (UKAR) manages Bradford & Bingley and NRAM’s closed loan books on behalf of the taxpayer. Allowing for today’s transaction, UKAR’s balance sheet now stands at £22 billion, down from £37 billion in September 2016 and from £116 billion in 2010.

Chancellor Philip Hammond said:

The sale of these Bradford & Bingley assets for £11.8 billion marks another major milestone in our plan to get taxpayers’ money back following the financial crisis.

We are determined to return the financial assets we own to the private sector and today’s sale is further proof of the confidence investors have in the UK economy.

At Budget 2016, the government announced that it would explore a programme of sales designed to raise sufficient proceeds for Bradford & Bingley (B&B) to repay the £15.65 billion debt to the Financial Services Compensation Scheme (FSCS) and, in turn, the corresponding loan from the Treasury. Today’s (31 March 2017) sale is the first in the programme.

The programme of sales is expected to conclude in full before the end of 2017-18. Any further sales will be subject to market conditions and ensuring value for money.