UK ministers pledge £500m package to support young families
October 23, 2021, 4:55 am

UK ministers pledge £500m package to support young families

Family-Young family/Pixabay

The BBC reported that ministers are to fund a network of "family hubs" in England as part of a £500m package to support parents and children.

The government said, the centres in 75 different areas will provide a "one-stop-shop" for support and advice.

The BBC said, the funding, to be announced by the chancellor in Wednesday's Budget, will also go towards breastfeeding advice and mental health services.

It mentioned that Labour called the plans a "smokescreen" for failing to deliver for families.

It added that the funding includes £200m to support 300,000 families who face complex issues that could lead to family breakdown.

Some £82m will be given to 75 local authorities to fund the new family hubs, while another £100m will go towards mental health support for expectant parents.

And £50m will be spent on breastfeeding support - including antenatal classes and one-to-one support - to build upon best practice from areas such as Tower Hamlets in London, which has the highest breastfeeding rates at six to eight weeks in England.

Parenting programmes will receive £50m and £10m will go to signposting the Start4Life initiative, which offers help and advice from the NHS during pregnancy, birth and parenthood.

Ahead of the announcement, Chancellor Rishi Sunak said he "passionately" believed in giving children the "best possible start in life".

He said: "We know that the first thousand and one days of a child's life are some of the most important in their development, which is why I'm thrilled that this investment will guarantee that thousands of families across England are given support to lead healthy and happy lives."

The government said the funding package addresses a report from March on improving the health and development of babies in England, which recommended more joined-up, welcoming support for families.

But Kate Green MP, Labour's shadow education secretary, said family hubs were "a sticking plaster for a fractured childcare and children services landscape".

"This supposed commitment rings hollow after 11 years of Conservative cuts have forced the closure of over a thousand children's centres, cutting off the early learning that sets children up for life," she said.

Scotland, Wales and Northern Ireland will get an equivalent funding boost. The devolved governments will then decide how they want to spend the money.

A separate £153m investment announced as part of the £1.4bn education recovery package in Summer 2021 will enable nursery staff will to access more high-quality training.

Source: BBC

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.