Foreign Secretary James Cleverly, speaking at the UN General Assembly, unveiled a series of initiatives aimed at fostering a more inclusive international financial system. These actions, set to improve the lives of people worldwide, address pressing global challenges such as climate change, pandemics, and economic stagnation.
Cleverly emphasised the urgency of a united global effort in the face of climate change, pandemics, and economic struggles that disproportionately affect vulnerable communities. He reaffirmed the UK’s commitment to achieving the Sustainable Development Goals by 2030.
One of the key strategies outlined by Cleverly involves unlocking additional financing from international financial institutions and the private sector. The UK has already been playing a pivotal role in this endeavour, mobilising private investments, reforming global tax systems, and taking measures to address climate change. Notably, the UK recently pledged $2 billion to the Green Climate Fund.
The UK’s announcement includes significant pledges and reforms that are poised to unlock billions of pounds in global finance. These funds will support developing countries in their efforts to invest in sustainable development goals.
As part of these reforms, the Foreign Secretary introduced new financial guarantees for Multilateral Development Banks. These guarantees aim to stretch overseas aid further by facilitating access to more affordable loans. One of these guarantees is set to unlock up to $1.8 billion in climate finance for vulnerable populations across Asia and the Pacific. This funding will aid in adapting to climate change impacts and transitioning to low-carbon energy sources, fostering sustainable growth and development.
In addition to these international initiatives, the UK is transforming its student finance system. New legislation allows colleges and universities to charge varying fees for different courses, creating opportunities for adults to pursue education that aligns with their needs and schedules.
The introduction of the Lifelong Learning Entitlement (LLE), formerly known as the Lifelong Loan Entitlement, is a significant development. Starting in 2025, all adults will have access to loans of up to £37,000, which they can use flexibly throughout their careers to up-skill or retrain. This financial support covers full-time courses like university degrees and Higher Technical Qualifications (HTQs), as well as individual course modules. Individuals who have already taken out loans for degrees can use their remaining entitlement to gain additional skills, making lifelong learning more accessible.
To prepare for the LLE’s launch, a £5 million scheme encourages universities and colleges to offer flexible individual modules of HTQs. These modules will cater to in-demand fields such as digital technology, healthcare, and construction.
Lastly, an open letter from farmers and industry figures highlights the challenges faced by suppliers in the food industry. Addressed to the CEOs of major supermarkets, including Tesco, Sainsbury’s, ASDA, Morrisons, Aldi, and Lidl, the letter calls for improved treatment of suppliers. It underscores the difficulties faced by British agriculture, with farmers struggling for commitment and security while their produce is sometimes rejected at the last minute in favour of cheaper alternatives.
The letter has garnered support from prominent chefs like Rick Stein and Hugh Fearnley-Whittingstall, as well as industry bodies like Sustain and The Soil Association. It is part of the Get Fair About Farming campaign initiated by the Riverford Organic vegetable box company, which advocates for better protections and support for farmers.
These announcements collectively represent the UK’s commitment to addressing global challenges, fostering lifelong learning, and advocating for fairness in the food industry. They mark a significant step toward a more inclusive and sustainable future for all.
