Thank you Nikhil and thanks to your team here at the London Stock Exchange for the opportunity to address so many Fintech pioneers.

FinTech sits at a crossroads of my professional responsibilities and my personal interests:

As Foreign and Commonwealth Office Minister, I have responsibility not only for nurturing our relationships with the countries of the Asia-Pacific region, but also for international economic diplomacy, including the financial services sector. As MP for the constituency of the Cities of London and Westminster for the last 17 years, I know better than most just how important the City is for this country’s economy, and just how important innovation is to maintaining the UK’s global prominence in financial services.

And as a politician and father, I am very conscious that the success and prosperity of our children’s generation will in large part be determined by how we seize the opportunities that new technologies offer, and how we adapt to the disruption they cause.

The current generation of Fintech entrepreneurs in the UK has risen to the challenge; continuing a long-standing tradition of financial innovation in this country. They have come a long way in a very short time. The dynamism and growth of the sector is envied by much of the world.

I would like to think that this Government, through being responsive to the needs of the sector, and by creating the conditions in which the sector can thrive, has also played its part in this success story.

So today I want unashamedly to make the case for London and the UK as a pre-eminent global hub for financial services in this fast evolving digital age; and I want to demonstrate how this Government is backing UK Fintech all the way.

Emergence of Fintech

New technologies are transforming lives in ways that could not have been imagined even a decade ago. They are connecting people who used to be isolated; they are democratising information, education and opportunity; and they are creating jobs and industries that didn’t previously exist.

Innovation has been a big part of the success of the UK’s financial services industry, ever since it was unleashed by the reforms of Margaret Thatcher’s government in the 1980s. Its pioneering of Islamic and Green Finance is a case in point. In 2013, London was the first capital of a non-Muslim majority country to host the World Islamic Economic Forum. Soon after that we became the first Western nation to issue a sovereign sukuk – or Sharia-compliant bond.

Today, this place, the London Stock Exchange, is seen as the global hub for these bonds, with 65 issues to date – worth over $48 billion dollars. In 2017, the Financial Conduct Authority authorised the first Sharia-compliant FinTech company – Yielders – and more are expected to follow. The City of London is also a natural hub for Green Finance, offering access to unrivalled liquidity and professional services with expertise in the sector.

The falling cost of renewable energy, in part driven by the competitive investment environment, and demand for ethical investments in centres like London, is driving the global shift to a low carbon economy at a faster pace than many had imagined.

That same foresight which made London an early adopter of sukuk and green finance also meant it was quick to identify how new technologies could be used to deliver new financial services, and refine old ones. We have rapidly emerged and grown into a Fintech superpower.

I could not put it better than Deloitte, who last year ranked London as the world’s best FinTech hub, and said – I quote:

London has the world’s largest financial services sector, supported by a booming tech sector. The ecosystem has the “Fin” of New York, the “Tech” of the US West Coast and the policymakers of Washington, all within a 15 minute journey on public transport. These factors make London one of the greatest connected global cities in the world, with the key ingredients for digital success: capital, talent, regulatory and government support and demographic diversity.

You will have heard my ministerial colleague Robert Jenrick talk about some of these ingredients for success this morning. I am going to focus on two more: first, the regulatory environment, and secondly, what this Government is doing to support UK Fintech thrive beyond these shores.

Regulatory environment

The success of the UK’s FinTech industry has been enabled and supported by a policy and regulatory environment which has innovated in almost equal measure to the industry itself.
In the Financial Conduct Authority, we have the first regulator in the world to introduce a regulatory “sandbox” in which businesses can test products and ideas in a live environment. Such was its success that it has been widely replicated elsewhere.

Alongside this inspired regulation, HM Treasury have been on the front foot in promoting an environment here in the UK in which innovative businesses can apply technology to deliver efficiencies and benefits to both business and consumers. The roll-out of the world-leading Open Banking-standard enables the sharing of data making it easier for consumers to use third parties to access their accounts to improve financial information and payment services, allowing greater competition and security.

HMG promotion of UK Fintech

To maintain the UK’s position as a world-leader in FinTech, the Government has entered into bespoke agreements with some of the key Fintech early adopters and markets. These agreements will reduce barriers to trade and link companies in both nations with opportunities for international trade and investment. We call these agreements ‘FinTech Bridges’.

We began by building bridges eastward, to some of the most dynamic economies on my patch as Minister for Asia and the Pacific. We already have FinTech Bridge agreements in place with Singapore, Hong Kong, China and Republic of Korea. These are soon to be joined by a fifth – with Australia.

Each Bridge is governed by an agreement signed by the Financial Conduct Authority and establishes links between government, regulators and the private sector, with the aim of attracting international capital investment into the UK’s FinTech sector and foreign direct investment as international firms choose the UK.

The UK’s comparative advantage for investing in FinTech is not just about regulation. As I am sure you know, this country boasts one of the most competitive business environments in the world, and consistently ranks in the top 10 for ease of doing business.

We are a low taxation economy with corporation tax that is the lowest in the G20 at 20% and will be reduced to 17% by 2020. The UK also offers tax incentives for R&D, low social taxation, a competitive location for holding companies and the most flexible labour regulations in Europe.

Conclusion

To conclude ladies and gentlemen, it is not surprising that the FinTech sector is thriving here in the City of London. It has all the right ingredients:

Not only is it a financial capital of the world, the largest exporter of financial services, and an unparalleled centre of excellence, offering stability, predictability, ingenuity and integrity. It also boasts talented software developers, supportive regulators and a reliable supply of investment finance.

That is why we in Government never miss an opportunity to promote the qualities of the City, and the UK’s financial services sector more broadly – including its particular FinTech strengths – both at home and overseas.

And that is why I would strongly encourage potential investors here today to come on board. I am confident that the growth we have seen in the sector so far is just the start. London is leading the way: come and join us.

Housing Secretary Sajid Javid has today (23 March 2018) written to 15 local authorities in England to inform them of decisions on intervention following their continued failure to produce a local plan, which are key to setting out how and where they expect to meet residents’ needs for new homes, for more than a decade.

In November 2017, the government confirmed it would commence the consideration of intervention in 15 local authorities where there has been a failure to produce a local plan.

Local Plans are a key part of the government’s comprehensive programme of planning reform and targeted investment to ensure the homes local communities need are built.

The councils had until 31 January 2018 to explain why they hadn’t yet published a plan, providing any exceptional circumstances for why the government shouldn’t intervene.

Following their submission, the government is now setting out next steps.

Of the 15 local authorities:

• in Castle Point, Thanet, and Wirral, the government’s Chief Planner and a team of experts will be sent in to assess if the government needs to take over the process of producing the local plan

• in Northumberland the government has instructed the council to produce their plan earlier and to make the timetable clearer

• in Basildon, Bolsover, Brentwood, Calderdale, Eastleigh, Mansfield, St Albans, which have all committed to publishing draft plans before the end of September 2018, the government has made clear it will monitor their progress and that any further significant delay to meet this timescale will lead to the case for intervention being reconsidered

• 4 local authorities – Liverpool, North East Derbyshire, Runnymede, York – have since published their plans

Housing Secretary Sajid Javid has written to them to welcome this progress, but has made clear that should there be any further significant delays to their timetable to submit the plan, the government will not hesitate to act.

The government has abolished top-down regional planning. But a locally-led planning system requires elected local representatives to take the lead, listen to local residents and business, and set out a clear framework to build new homes, provide key infrastructure, support the local economy and protect the environment.

Most councils have seized the opportunity that localism presents – however a small minority have not and do not have a local plan in place. This can mean uncertainty for local people, have a negative impact on neighbourhood planning groups, result in piecemeal speculative housing development and communities having no plans in place for crucial local infrastructure and services.

Housing Secretary Sajid Javid said:

Whilst most councils rightly recognise their responsibilities and most have worked hard to meet the housing challenge, some have failed.

I expect those authorities we identified in November to continue to make progress. I’m also stepping it up with 3 councils in particular, sending in a team of experts to make a direct assessment, ensuring they plan properly for the future or we’ll have to do it for them.

The department has also commenced preparations to take over plan production so that work can begin as soon as possible, subject to decisions taken after the Chief Planner and his experts report back.

A procurement process is currently underway to secure planning consultants and specialists who will swiftly undertake the work on plan production should these councils not comply in the time required.

The department will also make contact with county councils and combined authorities in the areas concerned about the possibility of inviting those authorities to write plans.

See the letters sent to the relevant local authorities.

The housing white paper set out how the government would prioritise intervention – where:

• the least progress in plan-making has been made
• policies in plans had not been kept up to date
• there was higher housing pressure
• intervention would have the greatest impact in accelerating local plan production

The strategy also made clear that decisions on intervention will also be informed by the wider planning context in each area (specifically, the extent to which authorities are working cooperatively to put strategic plans in place, and the potential impact that not having a plan has on neighbourhood planning activity).

Planning experts – Castle Point, Thanet, and Wirral

The government’s Chief Planner, Steve Quartermain CBE and a team of experts will report back to the Secretary of State who will then take a final decision on formal intervention later this year.

In addition, the Ministry of Housing, Communities and Local Government will conduct formal discussions with relevant county councils and city regions to see if they could take over plan production on the Secretary of State’s behalf.

Today the US indicted nine employees of the Mabna Institute based in Iran for a global hacking campaign targeting universities, including in the UK.

Foreign Office Minister for Cyber, Lord Tariq Ahmad of Wimbledon said:

The UK Government judges that the Mabna Institute based in Iran was responsible for a hacking campaign targeting universities around the world.

By stealing intellectual property from universities, these hackers attempted to make money and gain technological advantage at our expense.

We welcome the US indictments. It demonstrates our willingness and ability to respond collectively to cyber-attacks using all levers at our disposal.

The focus on universities is a timely reminder that all organisations are potential targets and need to constantly strive for the best possible cyber security.

Today’s action is a further step demonstrating that malicious cyber activity will not go unpunished. Mabna Institute employees can no longer travel freely, curtailing their career prospects outside of Iran.

Notes for editors

The UK’s National Cyber Security Centre assesses with high confidence that the Mabna Institute are almost certainly responsible for a multi-year Computer Network Exploitation (CNE) campaign targeting universities in the UK, the US, as well as other Western nations, primarily for the purposes of intellectual property (IP) theft. Today’s action comes after US law enforcement indicted other employees of the Mabna Institute in November 2017 for the hack and leak operation against TV company HBO.

Further information

‘Deeds, not words’.

That, as you all know, was the motto of the suffragette Emmeline Pankhurst.

In 2018, these remain symbolic words for us all, as the UK celebrates 100 years since the first women were able to vote.

A century later, and the topic of this conference is a stark reminder that whilst we have achieved so much, we still have a long way to go in the fight for equality.

I’d like to pay tribute to the work of the Westminster Foundation for Democracy, who for over 25 years now, have shared the UK’s expertise in those two vital institutions of democracy – political parties and parliaments.

The Foundation has played a vital role in promoting women’s rights around the world through the promotion of democracy.

From the Coalition of Women MPs from Arab Countries Combating Violence Against Women to the Women’s Parliament in Uganda and the support for women candidates in Bosnia and Herzegovina, the Foundation has achieved so much.

And that phrase – deeds, not words – resonate with us all to this day – reminding us that for everything we say, it is ultimately what we do that counts.

So I hope this conference has motivated everyone to go back and take action in their jobs, and in their communities – in whichever way they can –

To ensure we can meet the 21st century challenges to gender equality.

My role as leader

Now, many of the steps we can take as parliamentarians and as parties are closely related to my own work as Leader of the House of Commons in the UK.

The role of the Leader is unique, and I wear two ‘hats’ on a daily basis.

My first ‘hat’ is as a representative of the Government in Parliament.

It is my responsibility to oversee the Government’s legislative agenda – which, as we prepare to leave the European Union, is a particularly significant and challenging task.

My second ‘hat’ is as a representative of Parliament in Government.

That means ensuring that Parliament strikes the right balance between giving the opposition, and backbenchers, the chance to conduct robust, effective scrutiny of the executive, whilst also ensuring the Government has the opportunity to deliver its manifesto.

In practice that means encouraging ministers to engage with Parliament in a responsive and consultative fashion.

Steps have been taken over the decades to make Parliament a more accessible place for women and families – including changes to the sitting hours, and even an on-site creche –

But we also owe a great deal to fantastic candidacy campaigns such as Women2Win – a Conservative group which helps identify women to stand as MPs. I know other parties have similar initiatives.

Even now though, as Leader of the Commons in 2018, there are still practical challenges for women in politics such as formal baby leave for new mothers.

A number of cross-party MPs have been looking at how we can make the system of baby leave more effective for all parents in parliament.

And I am pleased that the Procedure Committee are now looking closely at the options and solutions available.

Sexual harassment

In my role, I have taken on an important additional responsibility in recent months, which I would like to tell you about in more detail.

In the late autumn of last year there was widespread shock as allegations emerged of sexual harassment and bullying in Westminster.

Whilst this is clearly a problem that affects many in parliament, a majority of the complainants are women.

A fundamental part of the challenge was that it was felt existing procedures for dealing with problems like this are just not good enough.

That was leading some to feel they had no option but to go to the press.

Others were deterred from escalating their cases precisely because of the risk that they would find themselves on the front pages of national newspapers –

so their solution was to deal with the unhappiness by resigning.

The Prime Minister moved quickly to bring all the political parties in Parliament together to address this problem.

She asked me to chair a cross-party working group across both the House of Commons and the House of Lords which aimed to establish a new independent process in which complainants could place their confidence.

Our proposals have been approved by both Houses – and they include establishing:

• a behaviour code that will cover all those working in or visiting Parliament;
• two separate processes to deal with cases of bullying and of sexual harassment – with the appropriate support provided for each;
• a review of the sanctions available to the the Parliamentary Commissioner for Standards – who deals specifically with complaints against Members of Parliament and Members of the House of Lords;
• and the right to confidentiality and representation for all involved.

My ambition throughout this whole process has been to bring about a fundamental change to the culture of Westminster – so that we can make this one of the best parliaments in the world in which to work.

Staff and parliamentarians alike deserve to be treated with respect and dignity.

And our work to achieve that will not stop there.

Report on violence against women in politics: global perspectives of a global issue

Harassment in workplaces like Westminster, is of course just one of the contributing factors to a world where women and girls experience violence on daily basis, and it came as no surprise that in a survey of female parliamentarians across 39 different countries, 44% of women have received death threats or threats of rape, assault and of abduction.

And it saddens me that I, and far too many of my colleagues, are included in these statistics.

A woman in politics should not have to pay this price.

From trolling and the echo-chamber of social media – through to the shocking and violent deaths of female politicians, like our own Jo Cox, and just a few days ago, Brazil’s Marielle Franco.

Violence against women, particularly during elections, is not confined to one country or society – it is a global problem.

In recent UK elections, we have seen shocking levels of intimidation and abuse – including swastikas graffitied onto campaign posters, as well as vitriolic homophobia, sexism, and antisemitism.

There was even a coffin delivered to the constituency office of one of my colleagues.

In a speech last month, the Prime Minister stated that ‘the ideal of a truly plural and open public sphere, where everyone can take part, is in danger’.

We have introduced steps to tackle this:

• The Government will consult on a new electoral offence of intimidating candidates and campaigners;
• The Conservative Party has published its Respect Pledge covering all candidates who are standing for election – and we have encouraged all parties to do the same;
• We are introducing a new Domestic Abuse bill, which will challenge the acceptability of abuse and address the underlying attitudes and norms that perpetuate it;
• We have established a new, Annual Internet Safety Transparency Report, to provide data on offensive content and the response to it;
• We are doing more to protect candidates by changing the requirement to publish a home address on ballot papers.
• In parliament I am working closely with the security teams to upgrade the security of members in their London and constituency homes.

The threats faced by prospective candidates, for either local or national office, are driving potentially brilliant public servants away from politics.

We cannot allow this sort of behaviour to jeopardize our long-standing tradition of free speech and inclusive politics – the hallmarks of what make us a proud democratic

What we need to do domestically and globally within parties and Parliament

So, I am delighted to see such a diverse representation of people here today.

Delegates from different countries, different societies, different histories and different political systems.

Everyone will have a sense of how far their own political culture has come on the journey to a better parliamentary democracy – one that serves the interests of women as well as men – and how much further there is to go.

But we are all bound by the need to tackle violence against all women in politics.

Not only is it unacceptable, and often criminal, and not only does it lead to wider exclusion of women in public life, but it has a detrimental impact on the people we represent.

Women around the world need women in politics.

It gives them a voice, and a seat at the table.

We can make our democracies a welcome place for women by creating the most inclusive environment possible:

• One that educates our young people to respect the views of others, and to value women equally;
• One where our electoral laws are respected and upheld;
• One where women are given equal pay for equal work;
• And one where opportunities for women open up across all sectors – from the engine room to the boardroom.

Whether working in parties or in parliaments, as elected representatives or the officials who support them –

Women make an enormous difference to our democratic life.

That is as true in the United Kingdom as it is in every other country around the world.

So when I look at the recommendations this conference has produced, I see real lessons for the UK –

Particularly in what our political parties can do to stop violence against women.

We’ve got to stamp out this pervasive culture of bullying and harassment, which so often deters women from working in politics –

And it is my sincere hope that the new independent complaints policy I am implementing in the UK will provide the support, confidentiality, and most importantly the sanctions –

That will fundamentally change our parliamentary culture for the better.

Conclusion

Before I finish, I would like to take a moment to share with you some of the lessons I have learned in the work that I have been doing.

The first is, when women speak out, and say ‘there is a problem’, the answer is not ‘no there isn’t.’

Even if we worry about what that answer might mean, the response cannot be to close ranks.

And when women speak out, and say ‘these processes aren’t working for me’, the answer is not ‘yes they are’.

Just because things have always been done ‘a certain way’ does not mean that is ‘the right way’, particularly as the scale of the problems becomes clear, and the evidence that the responses to it have failed in the past.

All parties have got to recognise that changing the way we respond to bullying, harassment, and sexual violence is not just inevitable, but it is the right thing to do.

These issues transcend politics.

When I became Leader of the House I did not expect my job to become so focused on tackling the darker side of the culture in parliament, but I think it’s important that it has, and I hope the groundbreaking changes we are making will support women working in parliaments in the decades ahead.

This conference holds important lessons for all of us who want to change society for the better.

Your actions, your deeds, will make the world a better place, just like the suffragettes before us, and for that, you should all be immensely proud.

Thank you very much.

This week, Dame Judith Hackitt hosted a meeting of the Chairs of the working groups which were formed following the Independent Review’s interim report publication in December and Summit meeting in January.

The working groups were asked to consider how to develop elements of a more effective building regulations and fire safety system, taking forward the directions of travel identified by Dame Judith in her interim report.

We had an overwhelming response for people to be involved. To ensure the groups were able to respond in a timely manner, it was necessary to restrict the size but group chairs were encouraged to consult as widely as possible when developing their advice.

The inputs of the working groups will be made available after the final report.

Dame Judith praised the commitment of the working groups, all of which have met multiple times over a 6-week period and thanked them for the quality of their contributions.

She will now consider their advice as she develops the recommendations of her final report, intended to deliver the systemic overhaul and culture change required of the building regulations and fire safety system to make sure the people are safe, and feel safe, in the homes that they live in.

Dame Judith Hackitt’s final report will be published in the spring.

Dame Judith and the Independent Review Team would like to thank the following organisations and experts for their contributions.

A list of participants in Dame Judith Hackitt’s January summit has also been published today.

Working Group 1: Construction and Design

Chair

Rachel White, Institute for Civil Engineers

Members

• ACAI
• Build UK
• Construction Leadership Council
• Health and Safety Executive
• Institute of Fire Engineers
• Local Authority Building Control
• National Fire Chiefs Council
• National House Building Council
• Royal Institute of Chartered Surveyors
• Royal Institute of British Architects

Working Sub-Group 1b: Procurement

Chair

Paul Nash, Chartered Institute of Building

Members

• Construction Industry Council
• Crown Commercial Services
• Home Builders Federation
• Kier Services
• Local Government Association
• Telford Homes

Working Group 2: Occupation and Maintenance

Chair

Nick Coombe, National Fire Chiefs Council

Members

• Association of British Insurers
• Association of Residential Managing Agents
• British Institute of Facilities Management
• Health and Safety Executive
• Leasehold Advisory Service
• Local Government Association
• National Fire Chiefs Council
• National Housing Federation
• Royal Institute of Chartered Surveyors

Working Sub-Group 1 & 2: Golden Thread

This group looked at how to ensure an accurate record of high risk/complex buildings is compiled during the design and construction phase, and then handed to the person responsible for managing the building during occupation.

Chair

Independent Review Team

Members

• National Fire Chiefs Council
• Local Authority Building Control
• Construction Products Association
• National Housing Federation
• Health and Safety Executive
• Institution of Fire Engineers
• Digital Built Britain

Working Group 3: Regulations and Guidance

Chair

Peter Caplehorn, Construction Products Association

Members

• Building Research Establishment
• Build UK
• Chartered Institution of Building Services Engineers
• Fire Industry Association
• Health and Safety Executive
• Local Authority Building Control
• National Fire Chiefs Council

Working Group 4: Competence

Chair

Graham Watts, Construction Industry Council

Members

• BUILDUK
• CICAIR
• Chartered Institute of Building
• Construction Industry Training Board
• Engineering Council
• Fire Industry Association
• Fire Protection Association
• Institution of Fire Engineers
• Local Authority Building Control
• National Fire Chiefs Council
• Royal Institute of British Architects
• Royal Institute of Chartered Surveyors
• School of Engineering University of Edinburgh

Working Group 5: Residents’ Voice

Chair

Darren Hartley, Tenants and Resident Organisations of England

Members

• Association of Residential Managing Agents (ARMA)
• British Property Federation
• Camden Leaseholders Forum, nominated by LEASE
• Confederation of Co-operative Housing
• Fire Industry Association
• Local Government Association
• National Federation of Tenant Management Organisations
• Optivo Homes, nominated by National Housing Federation
• Shelter
• Tenant Participation Advisory Service (Tpas)

Working Group 6: Quality Assurance and Products

Chair

Dr. Debbie Smith, Building Research Establishment (BRE)

Members

• British Board of Agrement
• British Standards Institution
• Centre for Fire and Hazards Science, University of Central Lancashire
• Construction Products Association
• Fire Industry Association
• Fire Protection Association
• Institution of Fire Engineers
• National Fire Chiefs Council
• United Kingdom Accreditation Service