Magma® Design Automation Inc. (Nasdaq: LAVA), a provider of chip design software, today reported revenue of $33.6 million for its fourth quarter and $123.1 million for its 2010 fiscal year, both ended May 2, 2010.

OSS Retails the fastest growing corporate entity globally has alliance with Life Insurance Corporation (LIC) to facilitate existing policy holders an alternate channel for premium payment across India through OSS Retails distribution network.

AirBridgeCargo Airlines (ABC) has won the top ‘Cargo Carrier of the Year on International and Domestic Routes’ award for the second consecutive year at the annual Wings of Russia National Award Ceremony held in Moscow. Volga-Dnepr Airlines also received a distinction in the ‘Cargo Carrier of the Year’ nomination category.

A safety innovation from Volvo Car Corporation has once again won a prestigious award: pedestrian detection with full auto brake, first used in the new Volvo S60, receives the Plus X Award in the Innovation category and can now call itself “Best Product of the Year 2010″.

May 27, 2010 – Buena Park, Calif., – Making its debut at this year’s auto shows was the Ultimate Driving Machine® of the future: the BMW Concept ActiveE. Based on the 1 Series Coupe, this unique vehicle runs solely – and silently – on electricity.
A 170-hp electric motor propels it from 0-60 in 8.5 seconds, with a strong 184 lb-ft of torque pouring on right at the start, almost up to its top speed of 90 mph. Using a high-performance lithium-ion battery, it travels up to 100 miles without producing CO2 or any other emissions. After recharging for 4.5 hours, it’s ready to run again.
“The BMW Concept ActiveE is a new brand of innovative automotive technology created to enhance a drivers experience,” said Shelly BMW General Manager Brandon Goodermot.
The BMW Concept ActiveE is set to debut in 2011. Customers are welcomed to come in and test-drive the BMW 1 Series, which the BMW Concept ActiveE was created around at Shelly BMW in Orange County.
With state-of-the-art service bays and 30 service technicians, Shelly BMW clients are assured immediate, top-notch service that fulfills BMW’s no cost, full maintenance service in a timely manner. The luxurious guest lounge features a cappuccino bar, breakfast pastries, playroom and wireless center to make your wait more convenient.
As one of the largest and fastest-growing BMW dealerships in the nation, Shelly BMW has served Southern California loyally for more than 15 years with some of the highest customer satisfaction ratings in the automotive industry. For more information about Shelly BMW or the 2010 BMW 7-Series, visit us today at 6750 Auto Center Drive in Buena Park or shellybmw.com.

Source: WEBWIRE

May 27, 2010 – Buena Park, Calif. – Shelly BMW of Orange County is pleased to announce that out 600 of the world’s most prominent companies, BMW has been ranked #4 as one of the World’s Most Reputable Companies, an honor that has been given to BMW by consumers.
The study provides a first ever assessment of the global reputation landscape — the companies that are most liked, trusted, and respected by the general public across 24 countries.
“We’re proud of the service we provide at BMW and we’re very honored to be so highly recognized by our consumers,” said General Manager Brandon Goodermot.
The study was conducted in two parts. In January 2010, Reputation Institute measured the reputations of the world’s 600 largest companies in their home countries. The highest rated companies in each of 32 countries were then selected as candidates for a second study that also rated the worlds most visible and valuable corporate brands provided they had above average home country reputations. The outcome of the second study was a final roster of 28 global companies that are well regarded at home but that have also successfully exported their reputations around the world.
With state-of-the-art service bays and 30 service technicians, Shelly BMW clients are assured immediate, top-notch service that fulfills BMW’s no cost, full maintenance service in a timely manner. The luxurious guest lounge features a cappuccino bar, breakfast pastries, playroom and wireless center to make your wait more convenient.
As one of the largest and fastest-growing BMW dealerships in the nation, Shelly BMW has served Southern California loyally for more than 15 years with some of the highest customer satisfaction ratings in the automotive industry. For more information about Shelly BMW or the 2010 BMW 7-Series, visit us today at 6750 Auto Center Drive in Buena Park or shellybmw.com.

Source: WEBWIRE

May 27, 2010 – Irvine, Calif., – For the third year in a row, Irvine MINI is honored to announce that the 2010 MINI Cooper has been be named as one of the Top 10 Green Cars for 2010 by Kelley Blue Book’s kbb.com. The MINI Cooper has been named to the list every year since its inception in 2008, a nod to the brand’s commitment to being environmentally friendly.
According to kbb.com, in being considered for the green Top 10, each vehicle was required to offer fuel economy and CO2 emissions superior to the bulk of vehicles in its class, and at the same time provide all the safety, creature comforts and driving enjoyment that would make it pleasant to own.
In talking about the MINI Cooper being named to the list, the kbb.com editors said, “The famously responsive and eager little MINI Cooper is roomier and more livable than many imagine, and just as fun as anyone could expect. The fact that it also delivers impeccable fuel economy is simply the cherry on top of one of our favorite automotive sundaes.”
MINI, along with BMW Group as a whole, is committed to minimizing the automotive industry’s effect on the environment. This overall effort by MINI, known as MINIMALISM, can be witnessed in everything from current vehicle and engine designs, to manufacturing processes and active research about alternative energy.
MINI vehicles achieve a fuel economy rating of up to 37 mpg (highway) while delivering a fun driving experience with sporty engine performance and responsive, go-kart handling. As the brand grows, the promise of combined fuel efficiency and driving fun will remain. In fact, MINI’s newest vehicle, the MINI Countryman, will be available to U.S. customers in February 2011 and is expected to offer the best fuel economy in its segment.
Irvine MINI’s helpful and knowledgeable staff, expert factory-trained technicians, state-of-the-art service department, comprehensive parts department and one of the nation’s largest selections of new, used and certified pre-owned MINIs have made Irvine MINI a landmark in Southern California’s automotive landscape. For more information about Irvine MINI, visit the dealership at 9881 Research Drive in Irvine, Calif., or online at irvinemini.com.
As a proud member of the Shelly Automotive Group and one of the largest MINI centers on the West Coast, Irvine MINI loyally serves Orange County – including Aliso Viejo, Anaheim, Balboa, Brea, Buena Park, Costa Mesa, Corona Del Mar, Coto de Caza, Cypress, Dana Point, Dove Canyon, Foothill Ranch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, Ladera Ranch, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, La Habra, La Palma, Lake Forest, Los Alamitos, Mission Viejo, Monarch Beach, Newport Beach, Newport Coast, Orange, Placentia, Portola Hills, Rancho Santa Margarita, San Clemente, San Juan Capistrano, Santa Ana, Seal Beach, Stanton, Trabuco Canyon, Tustin, Villa Park, Westminster and Yorba Linda.

Source: WEBWIRE

May 27, 2010 – Signal Hill, Calif. – Mercedes-Benz of Long Beach is pleased to announce that out 600 of the world’s most prominent companies, Mercedes has been ranked #5 as one of the World’s Most Reputable Companies, an honor that has been given to Mercedes-Benz by consumers.
“We’re honored to be part of the prestige of Mercedes-Benz,” said Ray Burke, General Manger of Mercedes-Benz of Long Beach. “We have a great team that strives to work hard and we’re pleased our consumers take notice”.
The results from the study confirm that a balanced reputation platform is what earns trust, esteem, admiration, and good feeling from consumers. Excellent reputations are built across seven key dimensions: Products/Services, Innovation, Governance, Workplace, Citizenship, Leadership and Performance.
The study provides a first ever assessment of the global reputation, showing that people care about the companies behind the products and services they use. Companies can create deeper connections with consumers than products alone can achieve, and they do this by speaking out about who they are as companies and engaging on what matters to them.
In January 2010, Reputation Institute measured the reputations of the world’s 600 largest companies in their home countries. The highest rated companies in each of 32 countries were then selected as candidates for a second study that also rated the worlds most visible and valuable corporate brands provided they had above average reputations. The outcome of the second study was a final roster of 28 global companies that have successfully exported their reputations around the world.
Mercedes-Benz of Long Beach, located at 2300 E. Spring Street in Signal Hill, Calif., strives to offer the highest levels of service in all departments with competitive pricing. With a knowledgeable sales staff, factory-trained service and parts experts and a wide selection of new and Certified Pre-Owned vehicles, Mercedes-Benz of Long Beach is committed to providing Southern California residents with a true Mercedes experience.
For more information about current offers, please call 562-988-8300 or visit mbzlongbeach.com.

Source: WEBWIRE

SustainAbility has launched this research as stakeholders of all kinds – investors, consumers, and employees – are increasingly relying on third-party ratings of corporate sustainability performance to help inform their decisions to invest, purchase, and work. Companies are also beginning to rely on such ratings to gauge and validate their own sustainability efforts, with some companies even linking management compensation to external ratings. These ratings, therefore, must be robust, accurate, and credible.

In the first phase of research – the white paper for which is available on www.sustainability.com – SustainAbility explored the evolution of the ratings agenda over the last decade, and identified key trends and challenges in the ratings space, for example a lack of transparency, the difficulty in rating companies across sectors, a lack of focus on the economic leg of the triple bottom line, and whether ratings are helping to drive us to a sustainable future.

We now move forward with the remainder of Rate the Raters. In phase two (May to July 2010), we will map the current universe of sustainability ratings, capturing various data points (e.g. research source, issue focus, disclosure of methodology) and identifying patterns and trends across the ratings. In phase three (July to October 2010), we will dive deep into a select number of ratings to better understand how they approach the evaluation of sustainability performance. We will seek to understand how these ratings deal with the challenges identified in our phase one research, and we will also look for examples of good practice that may be applied elsewhere. Lastly, in phase four (November to December 2010) we will explore the future of sustainability ratings and how they need to evolve to meet the challenges and needs of ratings producers and users.

About SustainAbility: Established in 1987, SustainAbility is a strategy consultancy and think tank working with senior corporate decision makers to achieve transformative leadership on the sustainability agenda. We offer a range of services and undertake advocacy in order to create financial value at the same time as addressing environmental, social and governance issues in an integrated manner.

Ahead of the UN-climate negotiations politics and business are hesitant when it comes to climate change. Although according to RECIPE (Report on Energy and Climate Policy in Europe) drawn up by the Potsdam Institute for climate impact research and supported by Allianz and WWF, Europe especially could profit from climate protection if it sets the framework for middle- and long-term reductions of greenhouse gas emissions.

After 2020 the window which is open for ambitious global CO2 reductions until 2050 will close entirely. The reductions are necessary to limit the temperature rise below 2 degrees Celsius compared to preindustrial levels and avoid dangerous consequences of climate change. A cost-optimal mitigation strategy for the transformation of the energy sector alone requires an increase of investments in low-emission technologies to an annual level of 400 to 1,000 billion USD by 2030, most of which would have to be provided by the financial markets and industry.

CEO2 has been developed by Allianz and WWF to show long-term connections of investment cycles and the remaining leeway for strategies and decisions in a playful way so that a broad public audience can access these issues. The game is available on www.ceo2-game.com for free. It has been developed and implemented by the Berlin communications agency LGM Interactive.

For more information about Allianz, please visit knowledge.allianz.com.

Vince Cable said: I am delighted with my new job as Secretary of State for Business, Innovation and Skills.

My focus will be on getting banks lending to small and medium sized businesses to create jobs alongside developing the skills and training the country needs to deliver growth.

By working closely with the Treasury, we will rebalance our economy and bring to the fore our vision for how the country will earn its living in the future.

RT HON VINCE CABLE MP: SECRETARY OF STATE FOR BUSINESS, INNOVATION AND SKILLS

Overall responsibility for the department strategy and all policies, overall responsibility for BIS budget, particular focus on business and banking issues, lead Cabinet Minister for reducing regulatory burdens across Government.

DAVID WILLETTS MP: MINSTER OF STATE FOR UNIVERSITIES AND SCIENCE, ATTENDING CABINET

Looking across all departmental business at strategic priorities, higher education (including HEFCE and Student Loans Company), science and research (including Research Councils), life sciences, innovation, also responsible for the Technology Strategy Board, National Endowment for Science, Technology and the Arts (NESTA), Energy Technologies Institute, the National Measurement Office, the Design Council, the UK Accreditation Service, the British Standards Institute and Space.

JOHN HAYES MP: MINISTER OF STATE FOR FURTHER EDUCATION, SKILLS AND LIFELONG LEARNING

Further education, adult skills, Skills Funding Agency, skills strategy, lifelong learning, informal adult learning, apprenticeships, UK Commission for Employment and Skills, Sector Skills Councils, Workplace Training reforms, qualifications reform programme.

MARK PRISK MP: MINISTER OF STATE FOR BUSINESS AND ENTERPRISE

Business sectors, including low carbon economy, low emission vehicles, electronics, small business, enterprise and access to finance, competitiveness and economic growth, deregulation and better regulation, regional and local economic development (including Grants for Business Investment), business support, Olympic legacy, export licensing.

EDWARD DAVEY MP: MINISTER FOR EMPLOYMENT RELATIONS, CONSUMER AND POSTAL AFFAIRS

Postal affairs (Royal Mail and Post Office Limited), employment relations (including ACAS), consumer policy and consumer affairs, competition policy, corporate governance, company law (including Companies House), social enterprise, Insolvency Service (including company investigations), general oversight of Shareholder Executive and its portfolios, coordination of European business, Export Credit Guarantee Department, trade policy.

BARONESS WILCOX: PARLIAMENTARY SECRETARY FOR BUSINESS, INNOVATION AND SKILLS

Covers all BIS business in the Lords, intellectual property (including the IPO).

Note

The trade and investment portfolio will be allocated later.

ED VAIZEY MP (based in DCMS) will report to the Business Secretary as well as to the Culture Secretary in respect of the digital economy and telecommunications.

The announcement comes as he visits Afghanistan alongside the Foreign Secretary, William Hague, and the Defence Secretary, Dr Liam Fox, to take stock of the UKs Afghanistan strategy.

In response to these priorities , the Permanent Secretary (Minouche Shafik) has appointed a Western Asia and Stabilisation Director with responsibility for Afghanistan, Pakistan and Stabilisation. This has been done so that more senior time is devoted to the high priority areas of Pakistan, Afghanistan and Stabilisation. This change will also allow the Department for International Development to work more closely with colleagues in the Ministry of Defence and the Foreign and Commonwealth Office on Afghanistan, Pakistan and Stabilisation.

The Secretary of State said:

These appointments reflect the need to see the UKs aid work harder in countries such as Afghanistan and Pakistan in order to bring about stability. It is our duty to ensure that aid plays a full a part as possible in countries where conflict is halting progress and leaving people without water, electricity and schooling.

Following 30 years of conflict, Afghanistan is one of the poorest countries in the world with half of its 25 million people living below the international poverty line and 40% with not enough to eat. These new appointments will enable the department to give greater resource to creating jobs and encourage economic growth, brining more stability to Helmand, provide alternatives to poppy growing and making the government more effective.

The reconfiguration of Directors portfolios in the Country Programmes areas:

Director West and Southern Africa Jim Drummond

Director East and Central Africa – Joy Hutcheon

Director of Western Asia and Stabilisation Moazzam Malik

Director Asia Beverley Warmington

Director Security < Humanitarian and Middle East, Caribbean < Overseas Territories – Sue Wardell

ENDS

As Shadow Secretary of State for International Development from 2005 to 2010, Andrew Mitchell led his Partys campaign to tackle global poverty.

Andrew Mitchell has seen first-hand the impact that deprivation, conflict and oppression have on the lives of ordinary people around the world. Having served as a UN peacekeeper in Cyprus in the 1970s, he went on to work and travel extensively in Africa and Asia, experiences that have stayed with him throughout his time as an MP. For the last three years Andrew Mitchell has organised Project Umubano, a social action project where approximately 100 volunteers work on a variety of development projects in Rwanda.

Andrew Mitchell was the Member of Parliament for Gedling from 1987 to 1997. During this period he held office as a Government Whip and as Minister for Social Security. He served as a Vice-Chairman of the Conservative Party from 1992 to 1993. Andrew Mitchell has represented Sutton Coldfield in Parliament since 2001.

Current non-executive director and Audit Chair of the Appointments Commission David Cain will continue in his role for a further term of three years, effective from 1 April 2010. Penny Bennett has been reappointed as the Health and Social Care Commissioner for the South West, and Miranda Hughes as Health and Social Care Commissioner for the North East < Yorkshire and The Humber. Both will serve in their roles for an additional four years, effective from 1 April 2010 and 30 April 2010 respectively.

The Appointments Commission is the independent organisation responsible for appointing chairs and non-executives of the highest quality for NHS boards and many national public bodies.

Anne Watts CBE, Chair of the Appointments Commission, said:

I am delighted with these reappointments, and believe that the knowledge and experience that David, Penny and Miranda continue to bring to the organisation will help us as we grow and develop to face the challenges and opportunities ahead.

Friday evening and Saturday lunchtime are expected to be the busiest periods over the bank holiday weekend as people set out on short breaks or day trips across the country.

More than half of roadworks on roads managed by the Highways Agency will be lifted before the weekend getaway. This means that 228 miles of roadworks will be lifted or completed before the bank holiday. Live information about current traffic conditions on the motorways and major A roads is offered through a range of channels as part of the Highways Agencys commitment to ease congestion and to help drivers make their journeys safely and reliably.

The Agency provides live traffic information via its own website, local and national radio travel bulletins and mobile platforms, such as the iPhone. The Highways Agencys application, which was launched in February, has now been downloaded by more than 230,000 people.

Mike Penning, Roads Minister, said:

To help road users with their journeys, the Highways Agency will remove as many sets of roadworks as it is safe and practical to do so, and will continue to provide up to the minute journey planning advice though their website, electronic road signs and the media.

Removing roadworks is just one way that the Highways Agency helps road users during bank holidays. The Traffic Officer Service will be on patrol and working in regional control centres to help traffic flow smoothly. The Agencys website can help drivers plan their journeys, and by listening to DAB digital Traffic Radio, local radio stations, or by calling the Agencys information line (08457 50 40 30) they can keep up to date with road conditions.

A total of 23 sets of roadworks are due to be completed and a further 31 are due to be suspended before 06:00 on Friday 28 May to help drivers make smoother journeys over the bank holiday. Roadworks at 32 locations will remain in place for the safety of drivers and their passengers.

Roadworks and lane restrictions will be removed by 06:00 on Friday 28 May and will not be put back before 00:01 on Tuesday 1 June.

The list of remaining, suspended and completed roadworks is included after notes to editors.

ENDS

Introduction

Sometimes in politics there are no easy choices.

But the worst choice of all would be to fail to put in place a credible plan to reduce Britains bloated budget deficit.

We cannot afford to continue to increase public debt at the rate of 3 billion each week.

Our huge public debts threaten financial stability and if left unchecked would de-rail the economic recovery.

Public borrowing is only taxation deferred, and it would be deeply irresponsible to continue to accumulate vast debts which would have to be paid off by our children and our grandchildren for decades to come.

It is less than two weeks since the Coalition was formed, and it is testament to our determination to tackle the deficit that we are today able to announce that we are taking the first step to deliver over 6bn of savings across Government this financial year.

I am grateful to every member of the Cabinet for their co-operation.

This is only the first step in a long road to restoring good management of our public finances.

Even tougher decisions await us in the Budget and the Autumn Spending Review if we are to restore responsibility after the years of Labour extravagance and mismanagement.

Details of Public Spending Reductions.

I can now announce the details of the spending cuts which we are going to make in 2010/11.

We have found cuts totalling 6.243 billion 243 million more than originally targeted.

As previously announced, the following departments will make efficiency savings of their own, but these will be recycled within their own budgets in 2010/11: Health, International Development, Defence. The savings in these departments are not included in the 6.243 billion.

In addition, as the Chancellor has already announced, because we have been effective in tackling waste and low value spending, we have been able to take the important decision to protect the budgets for Schools, Sure Start and spending on 16-19 year olds in 2010/11.

All other departments will make the following savings in 2010/11:

Department for Transport: 683 million

Communities and Local Government: 780 million

Local Government DEL: 405 million

Business: 836 million

Home Office: 367 million

Department for Education: 670 million

Ministry of Justice: 325 million

Law Officers Departments: 18 million

Foreign Office: 55 million

Department of Energy and Climate Change: 85 million

Environment, Food and Rural Affairs: 162 million

Culture, Media and Sport: 88 million

Work and Pensions: 535 million

Chancellors Departments: 451 million

Cabinet Office: 79 million

Devolved Administrations: 704 million

Departmental control totals will be adjusted at the Budget.

As announced a week ago, the Chancellor and I have agreed that the Devolved Administrations will have the option of making their savings this year or deferring their share of the savings until the next financial year. They will also receive their share of any additional spending which is agreed but this will be set off against their savings.

Nobody will be getting something for nothing.

In recognition of the fact that 1.16billion of these savings are from grants that go to local authorities, the Chancellor and I have agreed with the relevant Secretaries of State that we will help local government to deliver these savings by removing the ring-fences around over 1.7bn of grants to local authorities in 2010/11.

This will give local authorities much greater flexibility to deliver on their priorities, and it is consistent with our ambition to devolve more powers to local government. The ring-fences around schools and Sure Start funding will not be removed this year.

Cutting Out Waste.

Our first priority is to cut out waste. We cannot expect difficult decisions to be taken on spending until we have eliminated waste.

We expect departments to make savings which include around:

-1.15billion in cutting discretionary areas such as consultancy, advertising and travel costs.

-1.7billion from delaying and stopping contracts and projects, including immediate negotiations to achieve cost reductions from the 70 major suppliers to government

-600million from cutting the costs of quangos.

-170million from reductions in property costs.

-95million from IT

-And at least 120million from freezing Civil Service recruitment

Today we are announcing action to ensure that the cuts in spending which we are making will drive out waste rather than being passed on to service quality.

There will be a new Efficiency Group, chaired by me and by Cabinet Office Minister Francis Maude, drawing on expertise within Government and funded from within existing budgets.

This Group will assist departments in renegotiating contracts, and it will oversee an immediate freeze on unnecessary spending on consultancy, advertising and new ICT spend over 1m.

This action is designed to send a shock-wave through Government departments, to focus Ministers and civil servants on whether spending in these areas is really a priority in the difficult times we are now facing.

We are taking other actions to cut the cost of Government.

There will be a civil service recruitment freeze across Government departments and agencies, with only limited exceptions for frontline and business critical staff, requiring the personal sign off of the relevant Secretary of State or Chief Executive.

Future announcements on public sector pay will be made in the Budget, but in order to ensure that we take immediate action to control pay costs, outstanding Civil Service pay remits for this year will need my approval before they are agreed.

Luxuries and Leadership.

It is important that those at the top of Government and the Civil Service set an example.

The Cabinet has already agreed to a 5% cut in our pay, with a freeze for every remaining year of this Parliament.

Any central government pay package which is above that of the Prime Minister will require my authorisation. Following the Prime Ministers decision to take a cut in pay I can confirm that the maximum pay that can be granted without my approval will fall from 150,000 to 142,500.

The Chancellor and I want to see further savings made.

Today I am announcing that we will seek to make savings of at least a third in the cost of the Government Car Service.

In the future, no Minister should have a dedicated car or driver other than in exceptional circumstances.

Ministers will be expected to walk or take public transport where possible, or use a pooled car. The pooling of cars will allow big savings to be made.

Figures for central government departments suggest that 45m was spent on first class travel in 2008/09.

We believe that huge savings must be made in this area. Full first class fares are very expensive and should be avoided by all public servants wherever possible.

The Chancellor and I will monitor spending in this area and are minded to deduct the costs of any first class travel from the future spending limits of any public sector body which spends its scarce resources in this way.

Lower Priority Areas of Spending.

As well as reducing waste and the costs of Government, we have started work to scale back lower priority spending.

These are not easy choices but they are necessary choices.

As the Chancellor has just announced, we will pass legislation to end Child Trust Fund payments that will save 320million in 2010/11, rising to 520million in 2011/12:

-From this August we will reduce contributions at birth and stop all contributions at age 7; and
-From January 2011, we will stop all contributions at birth.

I know that this will be a disappointment to some parents, but we must be honest about what we are doing.

At present the Child Trust Fund is based on the claim that young people will build up an asset which they can use later in life. But since Government payments into this scheme are being funded by public borrowing, the Government is also storing up debts which will have to be re-paid by these same young people.

It is therefore a deception to claim that young people are being made richer by the Child Trust Fund. For every pound paid into this scheme there is an extra pound of public debt. By ending Government payments into this scheme we also save the 5 million annual cost of administering it.

Other tough decisions are being made.

Quangos across Government will have to make major savings in their budgets.

Regional Development Agencies will have to cut back on spending which has the lowest economic impact.

There will be cuts in schemes which we consider to have low value for money including in Train to Gain.

We will continue the Young Persons Guarantee scheme, but we will save 290m by removing the temporary jobs option which the Department believe is very poor value for money.

We will proceed with Higher Education modernisation funding for an additional 10,000 university places, in addition to those allocated in the December 2009 grant letter. Good value for money bids have not been received for the full 20,000 additional places initially envisaged, so we have made a saving here.

Protecting Key Front-Line Services and those on Lower Incomes

Last week I said that the Chancellor and I aspire to be more than competent accountants.

We are also determined to cut with care as far as possible we want to protect the key front-line services which people depend upon and protect those on the lowest incomes from the actions which we have to take.

This is a key commitment of the Coalition Agreement.

And we have jointly rejected proposals which we believe would threaten that commitment.

We have also taken together the important decision to protect the budgets for schools, Sure Start and 16-19 year old education this meant we had to look even harder for savings elsewhere, but that is our decision this year.

An example of our approach of cutting with care is that we will take some savings from ending Child Trust Fund payments to provide a better way of helping disabled children.

I can therefore announce that our figures for savings include provision for over 20m each year, starting next year, to be spent providing additional respite breaks for severely disabled children.
This would allow for upwards of 8000 week long breaks which will, I am sure, be welcomed by many parents who have the huge responsibility of caring for a disabled child.

Investing in Recovery

Finally, while the great majority of the 6.243 billion that we are saving will go towards deficit reduction, we can announce that we have decided to allocate 500million in 2010/11 to measures to invest in improving our growth potential and building a fairer society.

The largest portion of this spending has been secured by the Business Department – 200million in 2010/11. This means that their net DEL reduction will be scaled back from 836million to 636million.

150million will be used to help deliver up to 50,000 adult apprenticeship starts.

We are also conscious of the need to invest in our colleges estate, following the shambolic management of the Colleges Capital Programme under the last Government.

We are therefore allocating an extra 50million to help fund capital investment in those FE Colleges most in need. Together with additional private investment this will secure a total fund of 150million to invest in up to 50 individual schemes.

We are also allocating an additional 170million to fund investment in social rented housing in 2010/11, to help deliver 4,000 social housing starts.

And we will freeze backdated business rates payments under the 8 year schedule of payments, including businesses in ports, until April 2011. We will consider any further action in this area and bring forward any plans before the freeze ends.

Conclusion

These are only the first steps which we will need to take in order to put our public finances back in shape.

There will be many more tough decisions, but we believe that the British people understand that these choices can no longer be ducked.

The years of public sector plenty are over. But the more decisively we act, the more quickly and strongly we can come through these tough times.

We also promise to cut with care. We are going to be a progressive Government even in these difficult times.

When the Prime Minister asked the Chancellor and me to come to the Treasury at this time of great national challenge we were determined that we would work together to deliver three objectives:

-To restore responsibility to the public finances.
-To nurture the economic recovery.
-And to protect the vital public services which we all depend upon, and those in our society who are least able to bear the burdens of national austerity.

That will not be an easy task, but we are willing to be judged by those tests.

ENDS

Seven days ago, I stood in this building and told you that this new coalition Governments top priority was to bring confidence back to the economy, by showing that we could deal with Britains record deficit, starting this year.

I told you we would cut wasteful spending.

I told you there would be in-year reductions in departmental budgets.

And that we would do this while protecting the quality of key frontline public services.

Today I can tell you that we have delivered on every single commitment we made.

In the space of just a week, we have found and agreed to cut 6 billion of wasteful spending, across the public sector.

Of that, 500m will be recycled and used to invest in targeted measures to improve Britains long-term growth potential and build a fairer society.

But the great majority will go towards cutting the deficit this year so we can avoid the jobs tax next year.

We have conducted the fastest and most collegiate spending review in recent history.

That is what this new Government is all about.

Rolling up our sleeves, getting on with the job, working together in the national interest, delivering on our promises, getting a grip.

There were many who said it couldnt be done.

That we alone in Europe were concerned about debt.

That only cuts to frontline services were feasible because all the efficiencies possible had already been found.

We have comprehensively demolished all of these arguments.

I am not claiming that it has been easy.

We have worked incredibly hard over the past week.

And we have delivered.

I would like to thank Sir Peter Gershon and Dr Martin Read for their advice in opposition, which gave us the confidence to believe this could be done.

We are creating an Efficiency and Reform Group at the centre of government to take their approach forward.

I would also like to thank the Chief Secretary, David Laws, for all his work to deliver todays announcements.

He led our negotiating team and spoke personally to almost every Cabinet colleague.

He will shortly set out the detail of what we are announcing today.

But let me explain the three principles that have underpinned our approach.

First, the need for urgent action.

This is set out in the first line of our coalition agreement.

We sought the advice of the Treasury and the Bank of England and both confirm that there is a strong economic argument for taking early action to deal with our debts.

As the Governor of the Bank of England said it is essential to take measures this fiscal year to demonstrate the determination of the new Government.

We need to take urgent action to keep our interest rates lower for longer.

To boost confidence in the economy and protect jobs.

To show the world that we can live within our means.

We need to tackle the deficit so that our debt repayments dont spiral out of control.

The more we do now, the more we can spend on the things that really matter in the years ahead.

Already we are paying out more on debt interest that we spend on defence, on transport or on the police.

If we dont take action, we will soon be spending more on servicing our debts than on educating our children.

Those who are serious about engaging in the debate about Britains economic future need to provide answers to these problems.

They cant pretend these problems dont exist or side with every vested interest that exists to defend each line item of government spending.

It is all very well to write a letter saying the money has run out the real challenge is having an answer to that letter.

Around the world there is a decisive shift taking place.

Countries are waking up to the dangers of a sovereign debt crisis and taking action to live within their means.

Last week I twice attended meetings of European Finance Ministers.

Let me tell you, sitting at that table of 27 Finance Ministers I could not help but be conscious that I represented the country with the biggest budget deficit of all.

In those councils the previous British Government was an advocate of dither and delay.

That has now changed and Britain is now a leading voice in Europe for fiscal responsibility.

The second principle underlying our approach is that we are all in this together.

That means looking after the most vulnerable.

Let me give you an example.

While we will be cutting the Child Trust Fund, as David will explain, the money that would have gone to disabled children will now to be used to fund respite care.

Were all in this together means cutting wasteful spending while protecting the quality of the key frontline public services we all depend on.

That is exactly what we promised we would do.

And it is exactly what we have done.

We will save over 1bn in discretionary spending including consultancy and travel costs.

Nearly 2bn from IT programmes, suppliers and property.

Over 700m from restraining recruitment and cutting quangos.

Over 500m from cutting low value spending.

Because we have found these savings, I am able to make a new commitment that we didnt think possible before.

I had already agreed that savings for health, defence and international development will be reinvested into their frontlines.

Today I am also able to protect schools, funding for Sure Start Centres, and 16-19 education spending from these in-year cuts.

Schools will have to become more efficient, like everyone else, but their savings will be reinvested into the frontline this year.

We have shown those who argued that schools would suffer that it is possible to take early action to deal with our debts while improving our childrens education.

That leads me to the third principle that underpins our approach.

We are doing this for a reason.

Controlling spending is not an end in itself.

The savings we have identified enable us to commit to avoiding the previous Governments jobs tax, due to come into effect next year.

Let me remind you what the businesses of Britain said during the election campaign: Cutting government waste wont endanger the recovery but putting up national insurance will.

This is just the first step towards creating better public services, a stronger economy and a fairer society.

This is the first time this Government has announced difficult decisions on spending.

It will not be the last.

But I want people to know in the years ahead that we do this not for its own sake but in order to improve the quality of peoples lives and build a better economic future.

We inherited an economic mess, but we can come out of it stronger.

Let me remind you, on these vital economic issues, of what this Government has already achieved in these thirteen days in May:

-We have changed the way budgets are put together, forever;

-Created a new independent office to restore confidence in the official numbers;

-Announced and completed a full review of in-year spending;

-Set the date for the Budget, which will show Britain can live within its means, stop the jobs tax, and foster a private sector recovery;

-And we have started to win the argument, alongside others in Europe, that the countries with the highest deficits need to take the most urgent action.

Tomorrow in the Queens Speech and later in the spending review we will launch a programme of structural reform to raise productivity and permanently improve the quality of the key frontline services people receive.

So today we take the first step towards building a public sector that really delivers value for money, and an economy that works for everyone.

We will now hear from David, who will take you through the detail.

Thank you.

ENDS

Today the Chancellor of the Exchequer George Osborne and Chief Secretary to the Treasury, David Laws announced:

1.The details of 6.2 billion of savings from Government spending in 2010-11 to tackle the unprecedented 156 billion deficit, while protecting the quality of key frontline services

2.Schools, Sure Start and spending on education for 16-19 year-olds will be protected from these in-year cuts

3.500 million out of the 6.2 billion will be used to improve Britains growth potential and create a fairer society, by reinvesting in further education, apprenticeships and social housing

4.The foundation of an Efficiency and Reform group chaired by the Chief Secretary David Laws and Cabinet Office Minister Francis Maude to oversee the implementation of many of the savings announced today.

1. 6.2 billion savings in 2010-11
Last week the Chancellor and Chief Secretary announced that they would set out plans to cut 6.2 billion of Government spending this financial year. Today they have set out the details of these savings.

The details were agreed in discussion with Secretaries of State over the last week, following advice from Treasury and the Bank of England that savings on this scale are feasible and advisable.

The savings are the first step in the Governments efforts to tackle an unprecedented 156 billion deficit and focus on driving out Whitehall waste ahead of a Spending Review later this year.

Other countries with large deficits, including France, Spain and the USA have already taken action to make savings this year, in order to restore confidence and sustain economic recovery. Today the Government has taken the decisive action necessary to start tackling the UK deficit and secure the recovery only 10 days after taking office.

Savings will be taken out of budgets, without affecting the quality of key frontline services, as set out in the coalition agreement. In addition to 6.2bn of savings in non-protected departments, savings in health, defence and international aid will be reinvested in front line services in those departments.

The savings will come from the areas set out a week ago:

Outside of Local Government and the Devolved Administrations, the savings are allocated across different areas as follows:

-1.15bn in discretionary areas like consultancy and travel costs

-95m through savings in IT spending

-1.7bn from delaying and stopping contracts and projects, including immediate negotiations to achieve cost reductions from the major suppliers to government

-170m from reductions in property costs

-at least 120m from a recruitment freeze across the civil service for the rest of
2010-11

-600m from cutting the cost of quangos

-520m by reducing other lower value spend.

In addition, 1.165 bn of savings will be made in Local Government by reducing grants to Local Authorites to reflect their contribution to the 6.2bn. The Government will also remove the ringfences around over 1.7bn of grants to local authorities in 2010-11, to give them greater flexibility to re-shape their budgets and find savings in the areas set out above, while maintaining the quality of services to their customers

As announced a week ago, the Devolved Administrations will have the option of making savings this year or deferring their share of the savings, which totals 704m, until the next financial year.
As well as savings from waste and efficiency, including 10m from cracking down on first class travel and 5m from restricting ministerial entitlement to a dedicated car and driver, specific low value programs included in the above list include:

-320m from reducing and then stopping government contributions to the Child Trust Fund. The Government intends to introduce legislation to scale back payments from August this year and then stop payments from 1 Jan 2011. Payments to disabled children due this year will be made, and the Government will ensure that the funding allocated for these payments in future years will be redirected to other forms of support for disabled children.

-150m from savings in the last Governments housing pledge, while seeking to protect social housing.

-320m from ending ineffective elements of employment programmes, including ending further rollout of temporary jobs through the Young Persons Guarantee (the Future Jobs Fund) and removing recruitment subsidies from the Six-Month Offer

-270m from ending lower value RDA spending

-80m from closing the British Educational Communications and Technology Agency (BECTA) and other savings in Department for Education quangos.

In addition to these savings, and as announced last Monday, the Chief Secretary to the Treasury and Secretaries of State across Whitehall are currently undertaking a re-examination of all spending approvals made since the 1st January 2010, to ensure that they are consistent with the Governments priorities of good value for money

2 – Protecting schools, Sure Start and 16-19 year olds from in year savings

The Government is also announcing today that schools, Sure Start and spending on16-19 year-olds will be protected from any in-year spending cuts.

Efficiency savings made within schools, Sure Start and 16-19 education will be recycled within their respective budgets. The Department for Education will still make savings of 670m from reducing waste and quango costs elsewhere in its budget.

3 – Investing in Britains growth potential

As set out in the coalition agreement, the great majority of 6.2billion savings will be used to reduce the deficit. A total of 500m out of the 6.2bn of savings will be used to invest in improving Britains growth potential and building a fairer society:

-50m of Government investment in Further Education colleges, which they will be able to leverage up to create a 150m fund to provide capital investment to those colleges most in need.

-150m to fund 50,000 new apprenticeship places, focused on small and medium enterprises

-170m to safeguard delivery of around 4,000 otherwise unfunded social rented homes to start on site this year, protecting 3,500 jobs and prioritising provision for the most vulnerable.

-50 million for action to tackle backdated business rates bills, including a freeze on payments for 2010-11

In addition, Barnett consequentials will be paid at the same time as Devolved Administrations make their contribution to the 6.2bn, making a total of 500m.

4 – Efficiency and Reform Group – delivering the savings

The savings will be driven by the new Efficiency and Reform Group, whose board will be chaired jointly by the Chief Secretary to the Treasury, David Laws, and the Minister for the Cabinet Office and Paymaster General, Francis Maude. The Group will be formed by pulling together existing capabilities, drawing on expertise of officials from across Whitehall. As well as helping departments to deliver savings, the group will oversee an immediate freeze on non-critical spending on consultancy, advertising, and recruitment of non-frontline civil service staff.

The Efficiency and Reform Group will be comprised of existing civil servants from across Whitehall, and will be located within existing premises, with no additional cost to departmental budgets.

Notes to editors:

1)Departmental savings

Department Departmental contributions
in 2010-11

Department for Education 670
Department for Transport 683
Communities and Local Government 780
CLG Local Government 405
Business Innovation and Skills 836
Home Office 367
Ministry of Justice 325
Law Officers Departments 18
Foreign and Commonwealth Office 55
Department for Energy and Climate Change 85
Department for Environment Food and Rural Affairs 162
Department for Culture Media and Sport 88*
Department for Work and Pensions 535
Chancellors Departments 451**
Cabinet Office 79
Devolved Administrations 704
TOTAL 6243

* includes responsibility for 27m of savings from the Olympic Delivery Authority
**includes 320m of savings in Annually Managed Expenditure from reducing the Child Trust Fund

2)Local Government:

-Local Government will make a contribution of 1,165m towards the overall saving of 6.2bn across Government in 2010-11 through reductions to individual grants to Local Authorities.

-There will be no reduction to formula grant (29bn) – the main Government grant to Local Authorities.

-Government is also lifting restrictions on how local government spends its money, by de-ringfencing grants totalling over 1.7bn in 2010-11. This gives councils maximum flexibility to deliver efficiencies and focus their budgets on the services their residents value most. This will ensure frontline services can be protected.

3)Protection for Schools: Schools, 16-19 participation and Sure Start funding has been protected from reductions in 2010-11. This means that:
-frontline funding to schools will be protected, and money allocated to individual school budgets for 2010-11 will not be affected by the reductions;

-Money allocated to all local authorities for Sure Start will be protected for 2010-11, and the ringfence maintained

-16-19 core participation funding will be maintained in 2010-11

4)Child Trust Funds: The Government intends to introduce secondary legislation to scale back Government payments due to Child Trust Funds from 1 August 2010. From that date, payments at birth will be reduced from 250 to 50 for better off families, and 500 to 100 for lower income families; and payments at age 7 stopped. The Government intends to introduce primary legislation to stop all payments from 1 January 2011. Additional contributions for disabled children will be paid this year. From 2011-12 the money used for these additional contributions will be redirected to respite care for disabled children.

5)Civil Service Recruitment Freeze: The civil service recruitment freeze will apply across Government departments, agencies and NDPBs. The only exceptions will be for: the graduate Fast Stream which is already underway; individual business critical appointments, all of which will require authorisation from the Secretary of State; and key frontline posts, which will require the authorisation of the appropriate Chief Executive, with monthly updates provided to the appropriate Secretary of State, Permanent Secretary or Head of Department.

6)Civil Service Pay: consistent with the Governments approach to other contracts, all organisations covered by the civil service pay guidance, where a deal has not yet been agreed for 2010-11, will now need to send their pay remits to the Chief Secretary for review.

7)For more information on the Efficiency and Reform Group please see the press notice issued by the Cabinet Office today.

Abortion Statistics, England < Wales: 2009 Main findings:

In 2009, for women resident in England and Wales:

the total number of abortions was 189,100, compared with 195,296 in 2008, a fall of 3.2the age-standardised abortion rate was 17.5 per 1,000 resident women aged 15-44, compared with 18.2 in 2008the abortion rate was highest at 33 per 1,000, for women aged 19, 20 < 21, each lower than in 2008the under-16 abortion rate was 4.0 and the under-18 rate was 17.6 per 1,000 women, both lower than in 200894% of abortions were funded by the NHS; of these, over half (60%) took place in the independent sector under NHS contract91% of abortions were carried out at under 13 weeks gestation; 75% were at under 10 weeksmedical abortions accounted for 40% of the total 2,085 abortions (1%) were under ground E, risk that the child would be born handicapped

Non-residents:

in 2009, there were 6,643 abortions for non-residents carried out in hospitals and clinics in England and Wales (6,862 in 2008)To view this table, please follow the link below;

http://nds.coi.gov.uk/ImageLibrary/detail.aspx?MediaDetailsID=1919

See this link for detailed figures and see below for detailed notes.

http://www.dh.gov.uk/en/Publicationsandstatistics/Publications/Publicati…

The Minister has already met the Steering Group of the Low Carbon Construction Review Innovation and Growth Team (IGT), an industry-led body set up to review the construction industry. The aim of the body is to ensure the sector is fit for purpose for delivering a low carbon future.

The Construction Minister said: My portfolio offers me a fantastic opportunity to support an industry that provides a significant amount of the nations GDP.

The Low Carbon Construction IGT will play a key part in the Prime Ministers pledge to make this the greenest government ever and I look forward to seeing its conclusions on tackling the challenges of a low carbon agenda.

Chief Construction Adviser, Paul Morrell, said:

I welcome the Ministers wholehearted support for the Low Carbon Construction IGT and look forward to working with him on the many challenges and opportunities that the industry faces. It can only help that he has shadowed the role for some time, and already has a good understanding of the construction industry.

Notes to editors:

1. The UK construction industry consists of over 300 000 firms employing over 3 million people in a multitude of roles. The sector is defined as one which embraces the construction materials and products; suppliers and producers; building services manufacturers, providers and installers; contractors, sub-contractors, professionals, advisors and construction clients and those organisations that are relevant to the design, build, operation and refurbishment of buildings.

2. In November 2009 it was announced that the UK construction sector contributed 8.8% of the nations GVA (Gross Value Added) in 2008. UK designers, civil engineers, contractors, component < product manufacturers have a worldwide reputation for working overseas, providing high-tech solutions to environmental, transport < building projects. (Statistics on the sector are available from the Construction Statistics and Economics pages.)

3. Paul Morrell OBE was appointed to the role of Government Chief Construction Adviser in December 2009. Previously senior partner of construction consultants Davis Langdon, and also former deputy chair of CABE, Paul Morrell brings extensive experience across both the public and private sectors to this broad role. The Low Carbon Construction IGT Emerging Findings report was published 17 March 2010 and can be found here: http://www.bis.gov.uk/assets/biscore/business-sectors/docs/10-671-constr…

The target was a criminal network suspected of trafficking huge quantities of drugs and firearms and of laundering hundreds of millions of pounds in criminal profits.

In the UK, around 230 SOCA officers searched business and residential premises. Nine men and two women were arrested and are now being questioned by SOCA at police stations in the Thames Valley, Kent and the West Midlands.

The man believed to be the head of the network, a 53-year-old Irish born British national living in Malaga, was arrested on the Costa del Sol – along with family members, other British and Irish nationals and four Spanish lawyers – by officers from the Spanish National Polices Central Unit for Economic and Fiscal Crime Money Laundering Squad. The twenty individuals arrested in Spain are being held for questioning at a police station in Malaga.

Residential and business premises were also searched in Ireland, Belgium, Cyprus and Brazil. Officers from the Garda National Drugs Unit are questioning one man at a police station in Dublin.

Officers are seeking further suspects in the UK, Spain and Ireland.

The Belgian Police, Europol, and a number of other law enforcement agencies were also involved in todays operation. SOCA received assistance in the UK from the Metropolitan Police, Thames Valley Police, Kent Police and West Midlands Police.

SOCAs Trevor Pearce said:

This scale of this joint operation by law enforcement agencies from so many countries is an indication of how prolific we think this network was. Todays arrests will have dealt a major blow to an organised criminal business suspected of supplying drugs and guns to gangs in cities across the UK and Europe. It highlights SOCAs role in coordinating complex investigations into organised crime, which always has an international dimension.

We also believe this network has been offering a global investment service, ploughing hundreds of millions of pounds of dirty cash into offshore accounts, companies, and property on behalf of criminals. A financial investigation is already underway.

Garda Commissioner Fachtna Murphy said:

This is an extensive and focused investigation into organised criminal activity targetting drug trafficking, money laundering and firearms crime. Over a significant period of time An Garda SochÃna has engaged in the highest levels of cooperation and partnership with law enforcement colleagues in a number of key countries including the Spanish National Police, SOCA in the United Kingdom and the Belgians culminating in todays operation.

Notes to Editors

1. UK arrests: a 42-year-old man from Datchet, Slough; a 40-year-old woman from Sutton Coldfield; a 69-year-old man from Westerham, Kent; a 38-year-old man from Headlington, Oxford; a 29-year-old woman from Sonning Common, Reading; a 43-year-old man from Canterbury, Kent; a 34-year-old man from Perivale, Greenford, Middlesex; a 42-year-old man from Tamworth; and a 42-year-old man from Wandsworth Common, London. Two other men were arrested at premises in Middlesex and London.

For more information please contact the SOCA press office on 0870 268 8100

Mark Hoban announced that the Government will take forward a Bill to enable payments to be made in relation to Equitable Life, as included in todays Queens Speech to Parliament. The Government also announced that the final report from Sir John Chadwick in relation to Equitable Life will be received by mid July. The Government has agreed to Sir Johns request for a short extension to the stated timetable. This delay will enable Sir John to respond to issues raised by the independent actuarial panel which has been appointed to examine the assumptions and methodology used by Sir Johns actuaries in their provisional advice to him, adding a layer of independent scrutiny. It will also allow him to consult further on the significant evolution of his work since his third interim report.

The Government will publish Sir Johns final report along with a detailed update, including next steps towards implementing an independently designed payment scheme.

The Government believes that the design of the scheme should be determined by an independent commission. However, it has confirmed two key points: that there will be no means testing, and that the dependents of deceased policyholders will be included.

For almost a decade, Equitable Life policyholders have fought for a just resolution in relation to losses suffered as a result of regulatory failure, Mark Hoban said.

I am very aware of the acute concern among policyholders who have suffered loss, and the desire to achieve redress quickly. While there will be frustration at this short delay, it is important that our approach is thorough and fair.

The Government is working hard to address the situation as quickly as possible so that we can establish an independently designed payment scheme for Equitable Life policyholders that is swift, simple, transparent and fair, as recommended by the Parliamentary Ombudsman.

Notes for Editors

1.In January 2009, Sir John Chadwick was commissioned to advise the previous Government on a number of issues in relation to determining relative losses suffered by Equitable Life policyholders and the impact of those losses.

2.Since he started his work, Sir John has published three interim reports, which have given updates on the progress of his work, his thoughts on how to approach the various issues raised and his ideas on calculating policyholder relative loss. These reports are available at http://www.chadwick-office.org/documents.asp. Sir John has also held various consultations with interested parties to help inform his work.

3.In the coalition agreement, the new Government pledged to implement the Parliamentary and Health Ombudsmans recommendation to make fair and transparent payments to Equitable Life policy holders, through an independent payment scheme, for their relative loss as a consequence of regulatory failure.

4.The announcement that a Bill will be introduced in the first session is a sign of this Governments commitment to deliver on its pledge.

5.The independent actuarial panel is comprised of Gavin Hill FIA, Peter Shelley FIA and Michael Urmston FIA, none of whom have or had any connection with Equitable Life.

-Gavin Hill was Managing Director at National Mutual Life from 1988 to 2002 and is now Chief Investment Officer at Telent

-Peter Shelley has been a senior actuary at AXA UK since 1990 and is currently the with-profits actuary for several funds

-Michael Urmston was chief actuary and then Finance Director at Aviva Life. He retired in 1998 and is now non-executive Director on a range of life assurance company boards

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