UK announces new insurance fund –

Approximately £1 billion will be allocated to UK Integrated Guarantee Fund (UKISF), a new security fund that will focus on homeland security and address global sources of volatility, Prime Minister Rishi Sunak announced on Monday (13 March).

The fund, also known as the UKISF, aims to “to contribute to the security of the United Kingdom” and address global sources “volatility and insecurity”. It will replace the existing Conflict, Stability and Security Fund (CSSF) and fund projects at home and abroad, to address some of the national security challenges facing the UK and its partners.

“The newly created UKISF will enable the UK to deliver key priorities for integrated testing [Integrated Review]whether enhancing security in fragile states, deterring electronic threats, or holding perpetrators of human rights violations accountable.Foreign Secretary James Cleverly said.

The release of the updated integrated review has been timed to coincide with Mr Sunak’s visit to San Diego. The trip aims to agree the next steps in a landmark defense agreement, called AUKUS, between the UK, US and Australia.

UKISF will also support the work of the new disincentive economic initiative (Economic Deterrence Initiative – EDI), which addresses sanctions fraud in UK trade, finance and transport.

Around £50m will be spent on improving enforcement of the UK sanctions regime and preparing the government to respond to potential hostilities.

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