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GOOD AFTERNOON & welcome to my South West Surrey update No.230.
This Monday marked one of the most important days of the year for the Chancellor – the Mansion House speech ([link removed]) in which I announced major pension fund reforms to boost returns for pensioners and ensure our most promising companies are able to get the funding they need to grow and stay in the UK. Locally, I am very concerned about the news regarding The Edge in Haslemere and we continue to push forward on support for local NHS facilities and green space protection.

WHAT’S GOING ON IN WESTMINSTER

MANSION HOUSE REFORMS London is the world’s second largest financial centre and our financial and professional services industry employs over 2.5 million people, including many in South West Surrey. However, currently we have a problem which means that some of our most innovative companies (I visited one called Quantum Motions the start of the week ([link removed]) ), find it too difficult to get the money they need to grow. ([link removed]) I therefore outlined a series of reforms to make sure our financial services sector supports our most promising businesses by allowing them to raise funds and grow right here in the UK - boosting returns for pensioners in the process.

Firstly, on pensions, I announced a package of reforms ([link removed]) which includes the new Mansion House Compact ([link removed]) that I signed with the CEOs of our largest ‘defined contribution’ pension schemes, representing two thirds of the UK’s workplace market. It commits them to allocating at least 5% of their funds to high growth companies by 2030. The entire package could boost a typical pension by 12% over a whole career– leading to over £1,000 more per year in retirement– and could unlock an additional £75 billion of financing for our most innovative companies. It’s important to explain what this is not, namely forcing pension funds to invest in British stocks. They will be free to invest wherever gets the best returns inside or outside Britain - but we want to make sure that culture and regulation does not prevent them investing a small share of their portfolios in stocks with the
highest potential returns as any smart investor would do. I also spoke about changes we can make to ensure that the world’s fastest growing companies grow and list right here in the UK, where we already have the largest stock market in Europe, so we can become the ‘global capital for capital’ and address some of the challenges the LSE has recently been experiencing. Finally, I outlined how we can ensure our financial services sector is supported by regulators. This includes making the most of one of our key Brexit benefits is our independence to tailor regulations to focus on growth and competitiveness.

You can read more details in my Herald ([link removed]) this week or for those who are very interested watch the speech here ([link removed]) but ultimately these reforms will mean there will be more funding available for our high-growth companies as well as more money for savers.

OTHER HMT NEWS I know that many constituents remain worried about their mortgages so earlier this week I spoke to Martin Lewis ([link removed]) about the measures we have designed to support borrowers– not least the Mortgage Charter which has now been signed by lenders covering 90% of the market. You can watch the full conversation here ([link removed]) (15; 24mins). I also hosted a breakfast with some of our biggest international banks ([link removed]) to talk about the reforms and their responsibility to protect mortgage holders going through a difficult period.

NATO Meanwhile and of vital global importance, the Prime Minister has been in Vilnius for the NATO summit, during which there was good news that President Erdoğan of Turkey has now also agreed to Sweden’s accession to NATO. Sweden will be the alliance’s 32nd member after Finland became the 31st earlier this year. Two more NATO members and a path to Ukraine becoming a third - surely the ultimate demonstration of the failure of Putin’s invasion. Autocrats thinking of marching over borders should take note.

WHAT’S GOING ON IN SOUTH WEST SURREY

GREEN SPACES Less known but important for us locally is that Surrey County Council is one of 48 local authorities to be given responsibility for the government’s Local Nature Recovery Strategy by DEFRA. This means it gets over £250,000 to develop a nature recovery plan for the local area, focussing on reversing biodiversity loss, reconnecting habitats, and protecting wildlife, as well as water quality improvement and better access to green spaces for health and wellbeing. The council will work closely with Natural England, representatives from the farming, health, and development sectors, and with local community groups to develop the strategy over the next 12 to 18 months and should mean more birds, butterflies and protection of nature in our fabulous Surrey Hills.

BRAMLEY SMELL UPDATE After last week’s smell came back, the petrol station has been closed periodically this week and a number of boreholes have been drilled and sampled for evidence of fuel on and off site. This investigation is ongoing so I will keep you updated with more information as I get it but Bramley’s own Cllr [DEL: Sherlock Holmes :DEL] Jane Austin is all over the issue.

NOT QUITE THE TOUR DE FRANCE BUT… I felt I had to include another mention of my amazing teammates and fellow cyclists from the Farnham Bike ride on 3^rd July. The team comprised Ian Quinn, Greg Stafford, Caroline Stafford, Ed McGuinness, Abbas Merali, Steph Florentiades, Neva Novaky, Rob Wells, Nicky Bunn, James Barker, Leigh Fletcher, Jane Austin, Leigh Bunnell, Chris Hughes and Matthew Paynter. Between us, as of this morning, we have raised a brilliant £16,157.33! Big thanks to them all for their time and support for the Cancer and Surgical Innovation campaign and to all those people that have generously donated. Watch this space for the next fundraiser…

THE EDGE SPORTS CENTRE CLOSURE Many of you have messaged this week concerned about the closure of the Edge Sports Centre in Haslemere. I know how important the Edge is for the people of Haslemere and my team has been in touch with Chris Grimes, Head of Sport Haslemere and other stakeholders to see what can be done. Cllr Zoe Barker-Lomax also met with a working group this week to discuss the situation and a way forward. I will now be contacting SCC and WBC at the earliest opportunity and will report back with an update.

GODALMING BINS When looking through the Godalming Community Boards I noticed this picture ([link removed]) and completely agree that it is not how bins should be returned to residents. I have raised the issue with Chris Wheeler, Head of Environmental at Waverley Borough Council and will keep you posted on his reply.

FARNHAM- WILLOW WAY Well done to the team of Farnham locals who worked together to remove the overgrown weeds and grass last weekend on Willow Way. It looks fantastic ([link removed]) !

THURSLEY NATURE RESERVE I was very proud to re-open officially the boardwalks at Thursley Nature Reserve this April following a terrible fire last year. ([link removed]) Local Thursley residents are very keen to remind visitors ([link removed]) to keep dogs on their leads and not to let them swim off the boardwalks as it is important to protect wildlife in this very special reserve.

JOIN ME Want to get more involved locally? Email me at [email protected] (mailto:[email protected]) to join my growing team supporting our work in our community.

AND FINALLY… Despite our dramas with unknown substances in the River Wey, at least we don’t have to investigate it turning fluorescent like this river ([link removed]) …

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Promoted by Sean Donovan-Smith on behalf of Jeremy Hunt MP and South West Surrey Conservatives, all at 2 Royal Parade, Tilford Road, Hindhead, Surrey GU26 6TD.

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South West Surrey Conservative Association . 2 Royal Parade, Tilford Road . Hindhead . Surrey, GU26 6TD . United Kingdom