Latest news with #TheTreasury
The National
2 days ago
- Business
- The National
SNP slam UK Government as £2.5bn GB Energy funding raid revealed
Prime Minister Keir Starmer had previously promised to invest £8.3bn into the state-owned clean energy company in a bid to invest in renewable energy projects and decarbonise the entire UK electricity system by 2030. However, the Chancellor Rachel Reeves's spending review yesterday said the company would now share this funding with a separate body looking to invest into nuclear energy. READ MORE: Mairi McAllan talks leadership aspirations and tackling Scotland's housing emergency The Treasury's spending plans said that Great British Energy and 'Great British Energy – Nuclear', which was quietly renamed from Boris Johnson's Great British Nuclear a day before the spending review, would now split the funds, with £2.5bn going towards a new generation of small modular nuclear reactors. A Whitehall source told The Guardian: 'This has always been part of our plans, but I think perhaps not everyone was paying attention.' SNP MSP Bill Kidd, meanwhile, said it was 'shocking, but not surprising'. Since its official launch last July, progress has been slow and not without criticism – including frustration over GB Energy not having its own headquarters in Aberdeen and how the chair, Jürgen Maier, will actually be based in Manchester. In an interview with Sky News in February, Maier also poured cold water over another Labour pledge of creating 1000 jobs for Aberdeen – saying it might take 20 years. 'The fact Labour is raiding its promised funding for GB energy to spend on nuclear is shocking but not surprising,' Kidd said. 'Scotland is already a global leader in renewable energy, and we generate far more electricity than we consume. Our priority must be a just transition that delivers long-term economic opportunities for all - not more nuclear. The MSP added: "Nuclear power is one of the most expensive forms of energy production. Projects like Hinkley Point C in Somerset are billions over budget and years behind schedule. Meanwhile, Scotland's net-zero sector has grown by 20% in just the last two years according to the CBI – and that momentum is only building. "While Labour pours billions into slow, ineffective nuclear projects, the SNP is investing in clean, homegrown industries that are creating real, sustainable jobs in Scotland today."
The Star
08-05-2025
- Business
- The Star
New agreement strengthens digital trade
SINGAPORE: Singapore and the European Union (EU) have inked a digital trade agreement designed to provide greater clarity and legal certainty for consumers and businesses on both sides to transact online more seamlessly. Minister-in-charge of Trade Relations Grace Fu and EU Commissioner for Trade and Economic Security Maros Sefcovic signed the European Union-Singapore Digital Trade Agreement (EUSDTA) at The Treasury in High Street on Wednesday. The agreement supplements the EU-Singapore Free Trade Agreement (EUSFTA) that entered into force in 2019. The EUSDTA aims to set global standards for digital trade and cross-border data flows without unjustified barriers. It includes rules on e-signatures, spam and cyber security, among others. It should also lower costs for businesses, boosting services trade. The EU is Singapore's fifth-largest goods trading partner. Last year, bilateral trade in goods grew to over S$100bil, representing 7.8% of Singapore's total goods trade. The EU is also Singapore's second-largest services trading partner, with bilateral trade in services reaching over S$110bil in 2023. Investment ties remain robust, with the EU being Singapore's second-largest foreign investor and second-largest overseas investment destination. Singapore is the EU's fifth-largest partner in services trade, and more than half of these services are delivered digitally. Fu said the signing of the EUSDTA is a significant step forward in deepening digital economic cooperation between Singapore and the EU, given the global uncertainties. She said: 'The EUSDTA reflects our shared commitment to foster a trusted, secure and inclusive digital economy, and create new opportunities for our companies and citizens in digital trade. 'As the EU's first bilateral digital economy agreement with an Asean country, the EUSDTA will also support greater region-to-region digital connectivity.' The EUSDTA follows similar partnerships with Australia, Britain, New Zealand, Chile and South Korea that put in place rules for digital trade and cross-border data flows. Data from the World Trade Organization showed global digital service exports surpassed US$4.2 trillion in 2023. This was up 9% from 2022. Digitally delivered services trade globally has risen on average by 8.2% per year from 2005 to 2023, outpacing increases in trade of goods and other services, its data showed. Under the EUSDTA, businesses will be allowed to transfer data, including requirements to store data in specified locations, to support electronic commerce. There will be a legal framework to protect the personal data of individuals, based on principles and guidelines developed by relevant international bodies. It should be easier and cheaper for people and businesses to pay each other online, even if they are in different countries. Both jurisdictions will use internationally accepted standards, promote interoperability, and encourage innovation and competition in electronic payment services. Electronic invoicing should also be easier, so businesses can send and receive e-invoices smoothly across borders without extra hassle. Trade documents will be made available in electronic format and accepted as the legal equivalent of paper versions. No customs duties on electronic transmissions will be imposed under the EUSDTA. To ensure software makers feel safe and trusted when they do business, their special computer instructions – called source code – need to be protected. Hence, Singapore and the EU have agreed that companies will not have to share their source code just to sell their software in each other's countries. This helps keep ideas safe and encourages people to create new things. To enhance consumer protection, Singapore and the EU will adopt measures that guard against fraudulent, misleading or deceptive commercial activities that cause harm to consumers engaged in electronic commerce. Singapore and the EU will cooperate to help small and medium-sized enterprises (SMEs) participate in digital trade. Nele Cornelis, executive director at EuroCham Singapore, which represents European businesses here, sees the partnership as 'a catalyst for stronger government-to-business collaboration, regulatory alignment, and SME digital inclusion'. 'It enables businesses to trade more efficiently, scale globally with confidence, and operate within a secure and forward-looking digital environment,' she said. Kok Ping Soon, chief executive officer of the Singapore Business Federation, said the EUSFTA, which eliminates all tariffs on goods into the EU, was among the top three most utilised free trade agreements among Singapore businesses in 2023. He is hopeful the EUSDTA will help create new opportunities for various sectors here, including eCommerce and financial services. Lim Chung Chun, group chief executive of digital wealth platform iFast Corp, said he is keen to explore opportunities to expand cross-border financial services into the EU. For Singapore-based fintech firms specialising in cross-border payments like Nium, trusted cross-border data flows, aligned standards for payments and interoperable frameworks are essential to delivering seamless services across borders. Anupam Pahuja, Nium's general manager for Asia-Pacific, Middle East and Africa, welcomes the commitment to protect personal data, promote cyber security, and enable greater SME participation in digital finance. — The Straits Times/ANN
CNA
03-05-2025
- Politics
- CNA
GE2025: 'Clear and strong mandate' for PAP will put Singapore in better position to face turbulent world, says PM Wong
SINGAPORE: The strong showing by the People's Action Party (PAP) at the polls gives the ruling party a ' clear and strong mandate to govern ', said Prime Minister Lawrence Wong at a post-results press conference at The Treasury building around 3am on Sunday (May 4). In a landslide victory, the PAP took 65.57 per cent of the national vote, improving on its 2020 performance by more than 4 percentage points. The ruling party won a total of 87 seats, with victories in 15 GRCs and 14 SMCs on election night, adding 82 seats to the five it picked up in its walkover win in Marine Parade-Braddell Heights GRC. Addressing the media alongside a panel comprising mostly members of the PAP's leadership, Mr Wong said he was 'deeply humbled and grateful' by the results. It is Mr Wong's first election as prime minister and as secretary-general of the PAP. 'It's a clear signal of trust, stability and confidence in your government. Singaporeans, too, can draw strength from this and look ahead to our future with confidence,' said Mr Wong. He said that going into his first campaign as party leader, he just wanted to do his best together with the rest of his team, and that "in the end, Singaporeans will decide, and we will respect the decisions of Singaporean voters". "Am I satisfied with the outcome of the elections? Yes, I am," said Mr Wong. "We are very happy that Singaporeans have given us this mandate in this election. We don't take this support and trust for granted at all. And with the results, it motivates me, it motivates all of us in this team to work even harder to do our best for everyone in Singapore." Noting that the election took place at a 'critical time' for Singapore, Mr Wong echoed a campaign slogan of the 'changed world' Singapore finds itself in amid an economic slowdown, fundamental shifts in the international order and the nation's leadership transition. 'The results will put Singapore in a better position to face this turbulent world. Many are watching the elections closely, whether it's international media, investors or foreign governments, they will have taken note of tonight's results,' said Mr Wong. 'My team and I will use this mandate to serve with humility and responsibility. We will serve all Singaporeans, whether you voted for the PAP or you voted for another party, everyone matters. We will serve all of you.' Senior Minister Lee Hsien Loong also highlighted the importance of a strong mandate for the PAP. 'This election took place at a crucial time – in the world, and in Singapore. It was vital that PM Lawrence Wong won a good mandate in this election, to show Singaporeans, and show the world, that he has the full support of a united nation. This election result achieves that,' he said in a Facebook post. 'The election showed that Singaporeans understood what was at stake. We knew it was crucial to come together to deal with the immense challenges ahead,' Mr Lee added. 'Important issues of race and religion also came up during this election. The results show clearly that Singaporeans accept and uphold the multiracial and multicultural values and norms which are so fundamental to our nation.' KEY ISSUES IN THIS ELECTION Mr Wong highlighted that an issue in this year's election was the desire for more opposition members and alternative voices in parliament and that he respected these views. However, he addressed Singaporeans with these views and asked that these voters consider the merits of having 'the perspective of having a good, strong team in government to work effectively for you'. Beyond engaging Singaproeans about the plans laid out in the PAP's manifesto, Mr Wong said that more concrete plans would come in the coming years. On other hot button issues of the cost of living and housing, Mr Wong said: 'We have been working on these issues, and I assure you, we will redouble our efforts in the coming term to tackle these issues of concern.' He added that the PAP government's 'comprehensive approach' to address cost-of-living concerns had already been shared and is currently in motion. One particular priority in the near future would be to deal with economic uncertainty, which could cause people to 'feel the squeeze even more'. 'So we are focused not just on cost of living, but the broader economic situation, and looking at whether there's a need for additional measures. We are preparing drawer plans. We are prepared to activate them if the situation worsens,' said Mr Wong. 'TOUGH FIGHT' FROM OPPOSITION Mr Wong said that the opposition, in particular the Workers' Party (WP), had fielded a strong slate of candidates, including many young people with a desire to contribute and serve. After giving the PAP a 'tough fight', the WP will now have 10 elected seats as well as two non-constituency MP (NCMP) seats, should they choose to accept them, said Mr Wong. The Workers' Party retained all its seats, winning in Aljunied GRC, Sengkang GRC and Hougang SMC, and was involved in the two closest contests of the night. The WP lost to the PAP in Jalan Kayu SMC by less than 3 percentage points, and in Tampines GRC by less than 5 percentage points, thus qualifying for the NCMP seats. 'The opposition presence will increase, at least, from the Workers' Party point of view, from 10 to 12, and they will continue to have a good, strong presence there, and we will continue to have constructive and robust debates in Parliament,' said Mr Wong. Responding to a question from the media, Mr Wong said he looks forward to WP members' contributions and questions from opposition members in parliament, given that parliament is where key national issues are discussed. 'On some issues, we may have to agree to disagree, but at the same time, we must, where critical national issues are concerned, uphold a shared responsibility to come together and to advance Singapore's interests together in this changed and turbulent world,' he added. ON PAP'S APPROACH TO PUNGGOL GRC Responding to a question from the media on whether it was the right decision to field Deputy Prime Minister Gan Kim Yong in Punggol GRC, Mr Wong explained his considerations and said he believed it was the right decision to make. Mr Gan's surprise presence as anchor minister was a subject of much discussion during the hustings, as Mr Wong and Senior Minister Lee Hsien Loong had emphasised Mr Gan's experience as one that could not be easily replaced should WP have won. 'Teo Chee Hean was stepping down in Punggol. It's a new GRC, and I needed someone to replace Chee Hean, who is a heavyweight, not only looking at Punggol, but looking at the wider area around Punggol. 'I think that also accords or says to Punggol residents that I'm taking them seriously, I'm not just putting in a new person to take over, but I am treating their needs seriously. They had a very senior person in charge. I'm looking for someone suitable to replace,' said Mr Wong. The decision to move Mr Gan to Punggol GRC led to subsequent decisions to field Dr Tan See Leng in Chua Chu Kang to fill Mr Gan's gap, he added. 'Chua Chu Kang no longer has a DPM, but if you look at the overall picture, there's a better distribution of leadership because, I'm in the West, I'm just next to Chua Chu Kang, SM Lee is in the centre, and then DPM Gan can be in the East.' APPOINTING A NEW CABINET Mr Wong said that one immediate task he has is to form the country's next Cabinet. "I'm grateful that all my key members have been voted in, and Singaporeans have now given me a chance to put together the best team to serve you and to serve Singapore," he said. He added that the new Cabinet line-up will be revealed "in due course", with a press conference followed by a swearing-in ceremony. Even before the new Cabinet is appointed, the ministers have already been continuing with their existing portfolios since Parliament was dissolved, said Mr Wong. "Before the campaign, during the campaign, the work has been continuing. Even now, the work of government is continuing," he said. With gaps from the retirement of four Cabinet ministers - Mr Teo Chee Hean, Dr Ng Eng Hen, Mr Heng Swee Keat and Dr Maliki Osman - Mr Wong said that he will have to look at the individuals on his team, and "see how best to assign them to the right responsibilities based on their strengths, based on their contributions", so that there can be a "good, solid team that can work together, complement each other based on different skill sets, and work effectively for Singapore". Mr Wong added that NTUC secretary-general Ng Chee Meng will potentially have a role in his next Cabinet, based on the roles of the nation's labour chiefs in previous Cabinet line-ups. NEGATIVE POLITICS IN SINGAPORE Mr Wong said that in this election's campaign, political parties were generally "able to discuss most of the issues calmly". "Yes, in the election campaign, there will always be heat, very robust debates, doing and throwing different views. But generally speaking, I thought all parties were able to highlight the issues and there was good discussion and debates on these issues, including an issue like cost of living, where the other political parties will have a different view," he said. "They will say it's the government's fault. But we have a different view. We explain our views. And I think Singaporeans were able to listen to both sides and consider for themselves what they think is the right perspective. And I think that's good." Mr Wong said that for the specific instance of the negative personal attacks which he highlighted during the campaign, the WP later said "it was not negative attacks, but hard questions". "But I do notice that the negative personal attacks started moderating too. So it was one particular instance, I highlighted it, and I think after that, the situation did improve," said Mr Wong. The prime minister said he was not "overly concerned about extrapolating one incident or one instance to a trend that may happen in future", adding that the same would apply to the issue over the mixing of race and religion into politics. "It's a concern. I highlighted it. The situation did improve as well. Will it get worse in future? I don't know. But these are instances where, if there are areas where we think it goes beyond a certain line and goes beyond what we think is appropriate, I think it's right for us to highlight it, to call it out, and we hope Singaporeans will support what we say," explained Mr Wong. "And I think in both instances, whether it's on the negative personal attacks as well as on race and religion, I would say by and large, Singaporeans do support." In response to a question from CNA on what the PAP can learn from an election in which it performed well, Mr Wong added that in every election, there will be areas where the party can reflect and find opportunities to do better, whether it had done well in the contest or not. "There will always be areas for improvement. So we will reflect, we will do our usual post-mortem. We do it after every election, whether it's in the area of communication, whether it's in the area of social media, engaging young people and engaging different communities," he said. "In a specific constituency that we may not have done as well in, are there lessons for us? So I'm sure there will be. That's the attitude we take. It doesn't mean that we only learn from an election where the outcome wasn't good."
The Citizen
24-04-2025
- Business
- The Citizen
VAT to remain at 15%, hike reversed, Treasury announces
Treasury said Finance Minister Enoch Godongwana will introduce legislation that reverses his decision. Minister of Finance Enoch Godongwana briefs the media after the budget speech was postponed at Imbizo Media Centre on February 19, 2025 in Cape Town, South Africa. Picture: Burger/Jaco Marais The proposed VAT increase has been reversed and will remain at 15%, bringing an end to a two-month battle and legal challenges over the unpopular tax hike. The treasury made the announcement shortly after midnight on Thursday. VAT reversed Treasury said Finance Minister Enoch Godongwana will introduce legislation that reverses his decision to implement an initial 0.5 percentage point hike on 1 May, followed by a second hike by the same margin on April 1 next year. 'The Minister of Finance will shortly introduce the Rates and Monetary Amounts and the Amendment of Revenue Laws Bill (Rates Bill), which proposes to maintain the Value-Added Tax (VAT) rate at 15 per cent from 1 May 2025, instead of the proposed increase to VAT announced in the Budget in March,' The Treasury said. 'The decision to forgo the increase follows extensive consultations with political parties, and careful consideration of the recommendations of the parliamentary committees. By not increasing VAT, estimated revenue will fall short by around R75 billion over the medium term.' *This is a developing story ALSO READ: EFF calls for 'apartheid tax' counter instead of VAT hike [VIDEO]
BBC News
01-04-2025
- Business
- BBC News
Whitby: Locals back former bank to restaurant conversion
Plans to turn a former bank into a restaurant with holiday accommodation have been welcomed by Whitby Grade II-listed HSBC building, on Baxtergate, has been empty since the bank closed two years ago. More than 50 residents have voiced support for the proposal, lodged by local businessman and lifeboat crewmember Ali Hussain. Mr Hussain hopes the establishment, to be called The Treasury, will be up and running by the summer. According to the Local Democracy Reporting Service, Historic England dates the construction of the bank to 1891, when it was built for the York City and County plans are approved, the proposed renovation includes a floating mezzanine floor constructed within the former banking hall, which has a vaulted ceiling with ornate plaster original windows are set to be repaired and to the holiday apartments, on the first and second floor, will be from the rear entrance. "I'm so pleased this building is not going to stand empty any longer and will be put to some use," said Michelle Vasey, who lives locally."Something different, and in a lovely location with fantastic views – good luck to the owner."Other residents have agreed a high-quality restaurant was "much-needed" in the town centre and would be welcomed by local proposal has yet to prompt any objections or concerns from Whitby Town Council, with tourists and visitors also enthusiastic about the Robinson, from Preston, said: "I visit often for a nice break away, as I have always enjoyed staying in Whitby. "In my opinion, having a place like this would add value to the town."North Yorkshire Council will decide on the application at a later date. Listen to highlights from North Yorkshire on BBC Sounds, catch up with the latest episode of Look North.
