Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 24 November 2025.

The Government launches a consultation on the British Industrial Competitiveness Scheme to cut electricity bills for 7,000 manufacturers and boost finance access with a £4 billion British Business Bank plan.

• Business Secretary sets out vision for optimism and economic growth at keynote speech to CBI’s annual conference.
• Government powers ahead with slashing electricity costs for over 7,000 British businesses by up to 25%.
• British Business Bank to improve access to finance and increase its pace of investment with focus on Industrial Strategy sectors.

Over 7,000 British businesses will see their electricity bills slashed by up to 25 percent, alongside increased support on access to finance for high potential firms, as Government takes bold action to tackle the biggest issues facing British businesses.

Business and Trade Secretary Peter Kyle will set out his big and bold offer of enhanced support in a keynote speech to a room of bosses from some of the UK’s top firms at the CBI Conference in London.

He will announce the launch of an 8-week consultation for the British Industrial Competitiveness Scheme (BICS) that will determine eligibility and deliver one of the key promises in the government’s modern Industrial Strategy.

The scheme will cut energy prices for thousands of businesses, from April 2027, in high growth industries like automotive and aerospace and foundational sectors in their supply chains, like chemicals. British industrial electricity prices are currently some of the highest in the G7, making it harder for British firms to compete on the global stage.

He will also address another major concern among bosses who struggle to secure access to finance in order to grow and scale up their business. The Business Secretary will today back a new five-year plan for the Government-owned British Business Bank, ensuring it can invest larger amounts in successful domestic scale-ups, who currently have to look overseas for finance.

This will increase the Bank’s pace of investment by two thirds, with a £4 billion boost for the most promising businesses in Industrial Strategy sectors to scale up and stay here. Over five years, the Bank’s total activities are projected to support 180,000 UK businesses, 370,000 new jobs, and add £68 billion of gross value added to the UK. economy.

Business and Trade Secretary Peter Kyle said:

In recent years, our most promising innovators and industries have been hamstrung by some of the highest electricity prices in the G7 and poor access to finance. That’s been a drag anchor on growth. A drag anchor on innovation. 

I have listened to business on both these issues and today we’re taking action. This is just the start, and in the months ahead I will be going further to address business concerns, reverse our industrial decline and make the UK the best place to start and scale a business.

High energy prices have consistently been raised as one of the top issues for businesses. 65% of respondents in Make UK and PWC’s 2025 Executive survey said high energy costs reduce their ability to compete and that it is a ‘dominant concern for manufacturers’, whilst 64% of businesses in the latest business confidence survey from the Adam Smith Institute said high energy costs are a ‘major concern’.

Now, the support provided through BICS will help level the playing field for thousands of companies, delivering on the central aim of the modern Industrial Strategy to back Britain’s leading sectors to attract new investment and deliver economic growth across all regions of the UK as part of the Plan for Change.

The scheme will support hundreds of thousands of skilled jobs across the country, reducing eligible companies’ bills by around £35-£40 per megawatt hour, or up to 25 percent.

By bearing down on costs across the energy system, we expect to deliver BICS and ensure that the scheme is delivered in line with our wider priorities to deliver affordable power for businesses and households. For example, the proposals in DESNZ’s recent consultations on RO/FiT indexation, if implemented, could contribute to that goal.

BICS follows the uplift to the discount on electricity costs provided through the British Industry Supercharger scheme announced just last month, which will launch in 2026 and increase the discount on electricity network charges faced by businesses in sectors like steel, cement and glass from 60 to 90 percent.

Louise Hellem, CBI Chief Economist, said:

Businesses have long warned that soaring energy prices are not just a cost burden, they’re an investment barrier. This consultation marks another welcome step forward in tackling a significant drag on economic growth.

Supporting firms to electrify is also critical to accelerating the energy transition and safeguarding the UK’s industrial competitiveness.

Government must now move quickly, in partnership with industry and energy suppliers, to set clear eligibility rules, delivery mechanisms and funding streams to close the industrial electricity price gap between the UK and its G7 peers.

Kevin Craven, CEO of ADS said:

We welcome the Government’s commitment to tackling high industrial energy costs and improving access to finance, recognising the importance of these issues particularly for our aerospace sector. ADS called for action in its Autumn Budget submission and today’s measures are a positive step forward.

There is no doubt that the business environment remains challenging and we look forward to working with Government to shape these interventions and address wider cost pressures. Continuing this momentum into the new year will be vital for ensuring UK industry stays competitive.

Ben Martin, Policy Manager, British Chambers of Commerce said:

This scheme is a positive step forward and will provide vital support to businesses in energy intensive industries. This consultation, to determine eligibility, is a key part of the process and will provide certainty for firms in understanding future costs for the coming years.

Notes to editors

• The scheme applies to Great Britain (England, Scotland and Wales) only, since energy policy is largely devolved in Northern Ireland.
• The consultation launched today will close on 19 January, and government will then publish its response to the consultation within 12 weeks of this date.
• Eligible businesses must operate in frontier manufacturing industries within the government’s eight priority sectors or in foundational manufacturing industries supplying those frontier industries and meet the required level of electricity intensity.
• BICS will provide eligible manufacturing businesses with exemptions from the indirect cost of the Renewables Obligation (RO), Feed-In Tariffs (FIT) and Capacity Market (CM) schemes, to reduce cost pressures and support the long-term viability of our most strategically important industries.
• PWC / Make UK: Executive Survey 2025, A Strategy for Growth – Risk and Opportunities
• Adam Smith Institute Business Confidence Survey 2025.
• The British Business Bank’s 5-year plan is available here: https://www.british-business-bank.co.uk/about/research-and-publications/five-year-strategic-plan.

The press release issued by the Department for Business and Trade on 28 October 2025.

Update following round 8 of negotiations on an enhanced Free Trade Agreement with Switzerland.

The eighth round of negotiations on an enhanced Free Trade Agreement (FTA) with Switzerland took place in Switzerland between 20 and 24 October 2025. 

Economic growth is our first mission in government and trade agreements have an important role to play in achieving this. An enhanced trade agreement with Switzerland could support British businesses, back British jobs, and put more money in people’s pockets. 

Services will be at the heart of a new agreement, reflecting around £28 billion services trade between our two countries in everything from finance and consultancy to legal and transport.  The trading relationship supported 130,000 services jobs across the UK in 2020. 

Switzerland is the UK’s 10th biggest trading partner and the UK-Swiss trade relationship was worth more than £45 billion in 2024. Services exports account for more than £18 billion of the trading relationship, making Switzerland the UK’s 6th largest services export partner. 

An enhanced FTA with Switzerland aims to deliver long-term certainty for UK services firms, by locking in access to the Swiss market, guaranteeing the free flow of data and cementing business travel arrangements. 

Negotiations concluded on competition issues during the round, promoting open and fair competition for UK firms at home and in Switzerland. 

Next Steps on FTA negotiations 

Round 9 of negotiations on the FTA is set to take place in the UK in early 2026.  

The government is focussed on securing outcomes in an enhanced FTA that boost economic growth for the UK and Ministers will continue to update Parliament on the progress of negotiations. 

The government will only ever sign a trade agreement which aligns with the UK’s national interests, upholding our high standards across a range of sectors, alongside protections for the National Health Service.

The press release issued by the Department for Business and Trade on 21 October 2025.

Business Secretary sets out new stronger duty for regulators to ensure they better prioritise helping businesses go for growth.

• Business Secretary sets out new stronger duty for regulators to ensure they better prioritise helping businesses go for growth 
• New public dashboard will allow businesses to review how regulators are performing and give direct feedback to government, holding regulators to account  
• Independent reviews to scrutinise key regulators and recommend improvements  

A major shake-up of accountability and transparency for UK regulators will be set out today (Tuesday 21 October) to support businesses and remove obstacles to economic growth. 

A key part of this will be a stronger growth duty, cementing growth as a guiding principle for regulators, encouraging proportionate, business friendly regulation. Today, the Government will set out how these changes will ensure investment and innovation can thrive without compromising essential protections at the Regional Investment Summit in Birmingham. 

A new dashboard which will allow the public to scrutinise regulator’s performance will also be announced.   

The new Gov.uk site will be updated every quarter to empower firms, improve scrutiny, and create more responsive enforcement of regulation. It will collate performance data across key regulators in one place, as well as enabling direct feedback on regulator performance and service delivery.  

Business & Trade Secretary Peter Kyle said:  

“We will use every lever we have to grow the UK economy to boost business, create jobs, put money back in people’s pockets and pay for good public services. 

“By stripping back unnecessary rules and pointless paperwork we will free business to grow while ensuring vital protections are enforced. Creating a stronger growth a duty for regulators is a key part of this while greater transparency will ensure that they can be held to account.  

“Getting the balance of regulation right is key to achieving economic growth. This will help to back the UK’s businesses, creating jobs and growing the economy as part of our Plan for Change.”  

Government has been working with the Competition and Markets Authority (CMA) to put the competition watchdog on a more pro-growth footing, setting out a strategic steer on how the government expects the CMA to support and contribute to growth. Government has heard how changes such as this and their new “4Ps” approach are helping to increase business confidence to invest in the UK. 

The reforms announced will help ensure that all key regulators have more clarity from government about how to align with its overriding mission to deliver economic growth, and stronger accountability to the government and the public.  

In the coming weeks, the Business Secretary / Ministers will also meet with watchdog bosses, including the likes of Ofcom, Ofgem and the CMA, as part of a Regulator Council to develop a shared understanding of how regulators can support growth.  

This week, the Treasury and Department for Business and Trade will be outlining further measures as part of its Regulatory Action Plan to reduce business burdens.

The press release issued by the Department for Business and Trade on 21 October 2025.

Hundreds of jobs in the West Midlands are set to be created after almost £800m of investment was announced at today’s Regional Investment Summit.

• £635 million of private investment for West Midlands announced at Regional Investment Summit, with huge boost to sectors including AI, pharma, dairy and real estate.
• New £125m skills and housing package from Combined Authority, to train 12,000 construction workers and to deliver 1,000 social homes.
• Birmingham Sports Quarter investment to deliver transformational 14,000 new jobs and £700 million boost to the region’s economy, updated data shows.

Hundreds of jobs in the West Midlands are set to be created after almost £800m of investment was announced at today’s Regional Investment Summit, cementing the West Midlands as a powerhouse for investment and turbocharging growth into the region.

The huge announcement follows the Regional Investment Summit held in Birmingham today where over 350 business leaders, investors and local mayors met to announce £10 billion of new investment for key growth sectors around the UK, delivering on the Plan for Change to create new jobs and opportunities for people in every region.

Investments in the West Midlands include Hines and Woodbourne Group announcing a £400 million investment to support the £4 billion Birmingham Knowledge Quarter, a centrepiece of the West Midlands Investment Zone, driving innovation, regeneration, and economic growth in the region. Blackstone will invest £200m to ensure the NEC remains the UK’s leading live events business with world class venues across exhibitions, conventions and arenas.

Building on the UK-India free trade agreement, Indian parent company of Freshway Dairy will also invest £25 million in building a new processing facility in West Bromwich, creating at least 200 new jobs and allowing them to process 25% more milk.

In a boost to the Industrial Strategy, the Government is also announcing that Sterling Pharmaceuticals will receive a share of £30m of Life Sciences funding, which will help them build a 60,000 sq ft centre in Birmingham, creating 48 jobs and boosting UK production of medicines  for the NHS and sales overseas. To boost the digital sector, Atos is announcing £10m for AI centres, cementing the Midlands role as a key hub and creating 50 jobs.

In further good news for the region, the West Midlands Combined Authority has confirmed a £75m skills package to train over 12,000 people in construction trades and technical roles over three years. Backed by WMCA and government funding, the initiative supports a regional construction boom driven by major housing, transport, retrofit, and regeneration projects.

£40 million will also be made available by the WMCA to accelerate delivery of 1,000 new social rent homes across the region. The funding unlocks properties ready or under construction, building on 750 affordable homes already secured.

Earlier success for the region this year includes Knighthead announcing plans to invest at least £3 billion in a new Sports Quarter in Birmingham, which will feature a new 62,000-capacity stadium, new sporting facilities as well as entertainment and residential spaces and create 14,000 jobs – up from initial projections of 10,000. New data shows the Quarter will transform the region’s economy, with a £700 million boost to growth. Birmingham Airpor t will invest £300 million over four years to upgrade baggage, immigration, retail, and airfield infrastructure, boosting growth.

This latest vote of confidence follows Britain becoming the most attractive place to invest in the world according to a survey from Deloitte.

Peter Kyle, Business and Trade Secretary said:

The West Midlands is a thriving business hub, and these funding announcements are a major vote of confidence in our economy and demonstrate how our modern Industrial Strategy is helping to secure the investment we need to deliver growth in the West Midlands.

This huge boost to the region shows our Plan for Change is working in encouraging more companies to invest here, creating new jobs and exciting opportunities for local communities in the West Midlands.

Jason Stockwood, Minister for Investment said:

The West Midlands is a powerhouse for foreign direct investment, and today’s announcements at the Summit cements the region’s position as a top destination to do business.

Our modern Industrial Strategy is giving investors the confidence they need to plan not just for the next year, but for the next 10 years and beyond – helping to create economic growth as part of our Plan for Change.

Richard Parker, Mayor of the West Midlands said:

The first-ever Regional Investment Summit in the West Midlands has been a huge success. It’s given us the platform to showcase our innovation, talent, and can-do approach – and it’s already paying off, with world-class businesses like Knighthead Capital, Freshways and Atos choosing to invest, drive growth and create jobs.

The Government is backing us with new funding and new powers to go further and faster. I’m determined to make sure everyone shares in the opportunities this brings – building prosperity that reaches every community. The time to invest in the West Midlands is now.

Today’s announcements at the Regional Investment Summit builds on recent landmark trade deals struck with the US and India and the launch of the modern Industrial Strategy in the summer, helping to hardwire stability for investors looking to invest in the UK.

Securing investment is central to the government’s mission to deliver economic growth which will create jobs, improve living standards, and make communities and families across the country better off as part of our Plan for Change.  

Bali Nijjar, Freshways Managing Director said: 

Our £25m investment in West Bromwich will deliver 200 new jobs, from engineers to food safety technicians, and deliver one of the most efficient dairy processing plants in Europe, capable of processing 500 million litres of fresh British milk a year.

The West Midlands is a key strategic location for Freshways, providing access to national transport networks and skilled job seekers. It’s also good news for our British dairy farmers and our customers as we’ll be able to process 25% more fresh milk from the new site, helping us keep up with growing demand. We’re working around the clock to get things ready and hope to have the site fully operational by the end of the year.

Michael Herron, Head of Atos UK&I, said:

Atos is delighted to invest in the Midlands, establishing new technology centres that will help drive digital innovation and create opportunities for local talent. Our commitment reflects the region’s growing reputation as a national hub for AI and digital transformation, and we look forward to supporting businesses and communities as they embrace the benefits of new technology.

List of West Midlands investments announced in today’s Regional Investment Summit:

• Hines, a global real estate firm, in partnership with Woodbourne Group, have announced a £400 million investment to support the £4 billion Birmingham Knowledge Quarter, a centrepiece of the West Midlands Investment Zone, driving innovation, regeneration, and economic growth in the region.
• Blackstone owned National Exhibition Centre (NEC) in Birmingham has announced a new public commitment to invest £200 million over the next decade. The investment will support a modernisation programme to ensure that it remains the UK’s leading live events business with world class venues across exhibitions, conventions and arenas.
• Atos, a leading provider of AI-powered digital transformation, has announced a new £10 million investment in the Midlands, unveiling two flagship technology centres that will cement the region’s role at the heart of the UK’s AI-led digital future and creating 50 jobs.
• Freshways is investing £25 million in a cutting-edge dairy hub in West Bromwich, creating at least 200 jobs. The facility will process 500 million litres of British milk annually, making it one of the UK’s most advanced and efficient dairy operations.
• Sterling Pharmaceuticals will build a 60,000 sq ft centre in Birmingham, creating 48 jobs and boosting UK production of generic medicines for the NHS and export, following a share of £30m from the Government’s Life Sciences Innovative Manufacturing Fund.
• The West Midlands Combined Authority has unveiled a £75 million skills package to train over 12,000 people in construction trades and technical roles over three years. Backed by WMCA and government funding, the initiative supports a regional construction boom driven by major housing, transport, retrofit, and regeneration projects.
• The West Midlands Combined Authority has launched a £40 million Social Housing Accelerator Fund to deliver 1,000 new social rent homes across the West Midlands. The funding unlocks properties ready or under construction, building on 750 affordable homes already secured.

Recent Investments in the region:

• Knighthead will invest at least £3 billion in a new Sports Quarter in Birmingham which will feature a 62,000-capacity stadium with a retractable pitch, a dedicated women’s stadium, indoor arena, training grounds, and residential and entertainment spaces. The development is expected to create around 14,000 jobs, transforming the derelict site into a major sporting and cultural hub and generate £700m of growth for the region.
• Birmingham Airport will invest £300 million over four years to upgrade baggage, immigration, retail, and airfield infrastructure. Millions will also be directed toward sustainable growth, including solar energy and efficient terminal systems. A new Masterplan process will forecast growth beyond 2040, building on strong passenger demand.

The press release issued by the Department for Business and Trade on 19 October 2025.

UK Trade Envoy Matt Western MP visits Cambodia to strengthen trade and investment ties and support Cambodia’s sustainable economic development.

Phnom Penh, 20–21 October 2025 – The UK Prime Minister’s Trade Envoy to Cambodia, Vietnam, Thailand, and Laos, Matt Western MP, is visiting Cambodia to reaffirm the United Kingdom’s commitment to strengthening trade and investment ties and supporting Cambodia’s sustainable economic development. The visit builds on momentum under the UK–Cambodia Joint Trade and Investment Forum (JTIF), the main platform for bilateral coordination and private-sector engagement.  

During his visit, Mr Western will attend the inauguration of Techo International Airport, a landmark infrastructure project designed by UK firm Foster + Partners, symbolising the UK’s contribution to Cambodia’s connectivity and long-term growth. 

He will also meet with Cambodian ministers to follow up on Cambodia’s trade policy and discussions will include regional trade architecture, notably developments around the Comprehensive and Progressive Transpacific Partnership, and how Cambodia and the UK can strengthen cooperation on regional trade integration. 

Mr Western will meet with British businesses operating in Cambodia to highlight their contribution to job creation, innovation, and sustainable growth. He will also engage UK education institutions active in Cambodia to discuss their role in developing skills, improving employability, social mobility, and supporting inclusive growth.

Speaking ahead of the visit, Prime Minister’s Trade Envoy, Matt Western MP said:   

It is a real privilege to be in Cambodia at such a significant moment. Attending the inauguration of Techo International Airport is not only a celebration of progress, it’s a powerful symbol of what UK-Cambodia partnership can achieve. I am delighted that British design and expertise have contributed to a project that will make a lasting impression on every visitor to Cambodia, and which rightly invokes feelings of such national pride among our Cambodian friends.  

I look forward to building on this momentum, engaging with Cambodian leaders and British businesses during my visit to celebrate our strong commercial partnership and to unlock new opportunities to support sustainable growth and shared prosperity and deliver benefits to the people of both our countries.

This visit reflects the UK’s enduring partnership to support Cambodia’s transition from Least Developed Country (LDC) status and its efforts to promote green and inclusive growth. It also aligns with the UK’s broader ambition to deepen economic ties across the Indo-Pacific region, recognising ASEAN’s central role in fostering regional trade and investment.  

The UK remains committed to working closely with Cambodian partners to promote mutual prosperity and unlock new trade opportunities for both nations.   

Note to Editors

• Matt Western MP is the UK Prime Minister’s Trade Envoy to Cambodia, Vietnam, Thailand and Laos. His role is to promote UK trade and investment interests and strengthen bilateral economic ties.
• Mr Western is expected to meet Minister of Commerce, Her Excellency Cham Nimul, during his visit.
• He will visit a British-owned garment factory, and major employer, Dewhirst.  Dewhirst manufacture clothing for high-profile international brands, including Marks & Spencer and Nike.
• During the visit, Mr Western will also engage with the CPTPP Taskforce, appointed by Prime Minister Hun Manet, to exchange views on regional trade architecture, including developments around the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and explore opportunities for deeper regional trade integration.
• Mr Western will attend a UK funded conference on Regulatory Reform and host a networking cocktail with British businesses and senior Cambodian figures.
• The Developing Countries Trading Scheme (DCTS) is the UK’s flagship trade preference programme designed to support developing economies by reducing tariffs and simplifying trading rules.
• Cambodia is one of the key beneficiaries of the scheme, which offers duty-free access to over 99% of goods exported to the UK, helping Cambodian businesses grow, diversify exports, and compete globally.
• The DCTS reflects the UK’s commitment to inclusive and sustainable trade, supporting economic development, job creation, and poverty reduction in partner countries.

The press release issued by the Department for Business and Trade on 17 October 2025.

• Nearly 500 employers fined over £10 million for failing to pay the National Minimum Wage.
• £6 million put back into the pockets of working people as Government delivers the biggest overhaul of workers’ rights in a generation, as part of its Plan for Change.
• Enforcement of workers’ rights is set to be beefed up through new Fair Work Agency which will shield workers from employers who flout the law.

Almost 500 employers who failed to pay the minimum wage have been named today (Friday 17 October) as the Government takes direct action to Make Work Pay.

Around 42,000 workers have been repaid by their employers, including well-known high street brands, with employers receiving fines totalling £10.2 million for breaking the rules.

This strong enforcement doesn’t just protect workers; it protects those businesses who do right by their staff from being undercut. By taking swift action against these employers, the Government is sending a clear message that it will not tolerate those who short-change their workers, regardless of their size or sector.

Business Secretary Peter Kyle said:

Every worker deserves a fair day’s pay for a fair day’s work, and this government will not tolerate rogue employers who short-change their staff.

I know that no employer wants to end up on one of these lists. But our Plan to Make Work Pay cracks down on those not playing by the rules.

This ensures a level playing field where all businesses pay what they owe whilst workers receive the boost to their living standards they deserve.

This action comes as the Government introduces the biggest upgrade to workers’ rights and enforcement for a generation through its Plan to Make Work Pay, which is set to directly benefit around 15 million, or half of all UK, workers.

As well as ensuring hard work is properly rewarded with fair treatment and decent pay, from April 2026 the Employment Rights Bill will also establish a new Fair Work Agency with more powers to tackle employers underpaying workers and failing to pay holiday and sick pay.

Employment Rights Minister Kate Dearden said:

This government is taking direct action to ensure workers get every penny they’ve earned, and to put an end to bad businesses undercutting good ones.

We are proud to have delivered a strong minimum wage and enforcing it thoroughly is crucial in our mission to put pounds back in your pocket.

I know this news will be welcomed by brilliant businesses across the country, those who know that happy well-paid staff are at the heart of building a successful company.

With our new Fair Work Agency and the coming Employment Rights Bill, this government is keeping our promise to Britain to make work pay again.

Today’s announcement follows significant increases to National Minimum Wage rates earlier this year. From April, millions got a pay rise with those on the National Living Wage who work full-time seeing their families supported by an extra £1,400 per year.

Baroness Philippa Stroud, Low Pay Commission Chair, said:

We are pleased the Government is keeping up momentum with the publication of today’s naming round.

It is vital that businesses understand the mistakes which can lead to underpayment, and that workers know where to go to enforce their rights.

Continuing to raise the profile of the NMW enforcement system will give the Fair Work Agency a solid foundation when it comes into operation next year.

Niall Mackenzie, Acas Chief Executive, said:

Not only is it important for employers to pay the correct minimum wage rates, it is also the law.

Failing to do so can result in grievances and potentially legal action, including costly employment tribunals, as well as being named and shamed.

Acas has advice on how employers can ensure they calculate the correct rate to pay their workers and what employees should do if they think they are not being paid the correct amount.

The press release issued by the Department for Business and Trade on 16 October 2025.

High-voltage bar and coil manufacturer Preformed Windings Limited strengthens international competitiveness and creates new jobs following government-backed General Export Facility.

• Rotherham-based manufacturer secures £1.5 million trade loan facility from HSBC UK, backed by UK Export Finance guarantee 
• The firm has over 50 years’ experience supplies critical high-voltage bars and coils to sectors including hydropower, nuclear, and power generation globally 

Preformed Windings Limited, a leading manufacturer of high-voltage bars and diamond coils, has secured enhanced financial backing to strengthen its position in international markets through a £1.5 million trade loan facility from HSBC UK, backed by a guarantee from UK Export Finance (UKEF) – the government’s export credit agency. 

The company has over 50 years of experience manufacturing high-voltage bars and coils that are essential for stabilising and enhancing the performance of heavy machinery across multiple sectors, including hydropower, nuclear and power generation. These specialised components extend asset life, improve efficiency and reduce maintenance requirements for equipment that typically operates under extreme electrical stress. 

With over 90% of its business driven by exports, Preformed Windings supplies customers across multiple continents. The trade loan facility, backed by UKEF’s General Export Facility, provides the financial flexibility needed to manage working capital while continuing to invest in growth and technical innovation, enabling the company to confidently handle large international orders and serve its expanding global customer base. 

The company’s continued expansion has had a significant positive impact on the local economy in Rotherham and Sheffield. Over the past 12 months, Preformed Windings opened a new facility which has expanded production capacity and enabled better service to global customers. The company now employs more than 120 people – with 10% of staff recruited in the last six months – and expects to add further roles across production, technical, and sales teams as growth continues. 

Preformed Windings works closely with Advanced Manufacturing (Sheffield) Limited and the University of Sheffield’s Advanced Manufacturing Research Centre, offering post-graduate and degree apprenticeship schemes to develop future engineering talent within the region. 

Tim Reid, CEO of UK Export Finance, said:  

Preformed Windings’ success shows exactly why we created the General Export Facility – to give UK businesses the flexibility to invest in export growth. Their commitment to technical innovation and training showcases why the UK remains at the forefront of advanced manufacturing.

By backing companies like Preformed Windings, we’re strengthening the UK’s competitive edge, supporting skilled jobs, and nurturing the engineering talent that underpins our economy.

Looking ahead, the company is focused on expanding further into markets in North America, Middle East, Japan, and Europe, which present exciting opportunities for Preformed Windings advanced bar and coil technologies and expertise in supporting high-efficiency power generation.

James Stevens, CEO at Preformed Windings Limited, said:

With over 90% of our business driven by exports, the support by UKEF and HSBC UK has been critical in strengthening our position as a global leader in high-voltage bars and diamond coils.

The General Export Facility has given us the confidence to manage working capital to meet overseas demand efficiently and competitively. As we expand into new markets, we see UKEF as a key partner in our international growth.

Kayley Towle, International Manager at HSBC UK, said:  

At HSBC UK, we’re delighted to support innovative businesses like Preformed Windings to achieve their export growth ambitions. Working alongside UKEF, this is a great example of how partnership between banking and government can provide the flexible financing that businesses need to capitalise on international opportunities.

This latest announcement follows the publication of UKEF’s annual report & accounts for 2024/25.  

Over the last financial year, UKEF provided a record £14.5 billion in new financing, helping over 667 UK companies to export and grow, supporting up to 70,000 jobs across the country.

The press release issued by the Department for Business and Trade on 15 October 2025.

Backed by £15 million in government funding, Toyota will lead a cutting-edge match-funded project to boost zero-emission vehicle innovation in a major win for the government’s modern Industrial Strategy.

• Toyota to lead cutting-edge match-funded project to boost zero-emission vehicle innovation. 
• £15 million in HMG funding, supported by the government’s modern Industrial Strategy, will go towards accelerating electric mobility tech, supporting high quality jobs, and fuel long-term growth. 
• Funding supports the government’s ambition to boost business investment in advanced manufacturing sector by 2035, helping UK firms lead in industries of the future and deliver on the Plan for Change. 

The government has enabled over £30 million in joint funding with industry to boost electric vehicle innovation in the UK.  

The project, spearheaded by Toyota alongside other key project partners, will accelerate the feasibility of the development of zero-emission technology, drive innovation in cutting-edge R&D and support high quality automotive engineering jobs in the UK. 

Backed by £15 million in government funding, the investment will support the feasibility of electric mobility solutions designed to meet the growing demand in the UK for zero emission vehicles and delivering on the government’s Plan for Change.  

The vehicle will feature cutting-edge innovations including an integrated solar roof for enhanced energy efficiency, advanced connectivity for smart urban integration and lightweight, sustainable materials designed for recyclability. 

The project includes key partners such as the University of Derby and Elm Mobility Limited, combining academic expertise and entrepreneurial agility to deliver a transformative mobility solution. 

Industry Minister Chris McDonald said:

This shows the power of our partnership with industry, driving innovation and helping investors build a globally competitive electric vehicle supply chain in the UK as we deliver on our Plan for Change. 

Economic growth is our number one priority, and by funding our world leading auto sector our modern Industrial Strategy is creating the right conditions for increased investment, bringing growth, supporting jobs, and opportunities to every part of the UK.

Dariusz Mikolajczak, Managing Director of TMUK, said:

We are delighted to receive support from the Advanced Propulsion Centre for this important feasibility study. This funding allows us to advance our understanding around the feasibility of creating a cutting-edge battery electric vehicle that addresses the growing demand for sustainable urban mobility.  The project acknowledges TMUK’s overall project excellence and will further strengthen the capabilities of our members.

The R&D project will explore the feasibility of developing electric micro mobility vehicles in the UK, supporting high quality automotive engineering jobs and deepening the knowledge and skills within the UK’s advanced manufacturing sector. 

The multi-million-pound funding package has been awarded through the Advanced Propulsion Centre UK (APC) Collaborative Research and Development programme, helping to unlock further private investment and supporting the government’s ambitions to build an end-to-end supply chain for zero-emissions vehicles in the UK. 

Rik Adams, Innovation Delivery Director, The Advanced Propulsion Centre UK (APC):

APC is very proud to be able to support Toyota with this Electric Vehicle (EV) urban mobility project, which embodies much of what DRIVE35 aims to support – innovation, UK competitiveness, productivity, and zero emission vehicles. As an integral part of the UK automotive industry, we are delighted that Toyota is partnering with some of our innovative SME businesses, such as ELM, and our world-class academics from the University of Derby to deliver a cutting-edge vehicle concept designed, developed and tested in the UK.

Earlier this year, the government announced the launch of DRIVE35 to support the shift to zero-emission vehicle manufacturing. Announced in the Advanced Manufacturing Sector Plan, it offers £2.5 billion in capital and R&D funding to 2035. The programme backs everything from large-scale gigafactories to start-ups and prototypes for strategic vehicle technologies, aiming to boost innovation, attract investment, and strengthen the UK’s automotive supply chain. 

Since its foundation in 2013, the APC R&D programme has supported 354 low-carbon and zero-emission projects involving 614 partners. Working with companies of all sizes, this funding since 2013 is estimated to have helped create or safeguard over 59,000 jobs in the UK. The technologies and products are projected to save over 425 million tonnes of CO2.   

The press release issued by the Department for Business and Trade on 14 October 2025.

An update following the second round of negotiations on an Enhanced Free Trade Agreement with Turkey.

The second round of negotiations on an enhanced Free Trade Agreement (FTA) with Turkey took place in London during the week commencing 15 September 2025. 

The UK and Turkey have a strong economic relationship, with trade between the two totalling around £28 billion in 2024, making Turkey the UK’s 16th largest trading partner. Trade with Turkey’s growing market of 86 million people directly supported around 57,100 jobs across the UK in 2020.   

Economic growth is our first mission in government and FTAs have an important role to play in achieving this. A stronger trade relationship with Turkey will contribute to jobs and prosperity in the UK.  

Negotiations were productive, with positive progress being made in a number of areas, including digital trade, financial and professional business services, as well as investment. The UK continues to seek commitments that will support opening new opportunities for services trade, which is not covered by the existing UK-Turkey FTA. 

The round included talks on Goods Market Access, Environment, Labour, and Anti-Corruption provisions, building on initial conversations held in Ankara during the first round of negotiations. Both sides continued to assess scope for areas of cooperation, including reaffirming relevant international commitments and building on identified shared priorities.  

Positive talks were also held on Dispute Settlement, Intellectual Property, Government Procurement, Customs, and Consumer Protection; productive initial discussions on Trade Remedies and Good Regulatory Practice also helped build a shared understanding of both countries’ initial positions.  

The UK will only ever sign a trade agreement which aligns with the UK’s national interests, upholding our high standards across a range of sectors, including protections for the National Health Service. 

The third round of negotiations is expected to take place in late Autumn of 2025. Ministers will update Parliament on the progress of discussions with Turkey as they continue to progress. 

The press release issued by the Department of Business and Trade on 14 October 2025.

Matthew Taylor to lead Government’s new Fair Work Agency from April 2026.

• Taylor Review author Matthew Taylor appointed as first Fair Work Agency chair to support the government’s mission to kickstart economic growth.
• New agency to transform labour market enforcement, protecting workers from bad employers who flout minimum wage and other labour laws, levelling the playing field for businesses that pay fairly.
• Better enforcement will put more money in the pockets of working people, improving living standards as part of the Plan for Change.

Once in a generation employment rights reforms that will benefit over 15 million UK workers came a step closer today as ministers confirmed Matthew Taylor CBE will chair the brand-new Fair Work Agency. 

A key part of the government’s Make Work Pay plans, the Fair Work Agency will transform how employment rights are enforced across the UK.

From using new powers to ensure the estimated 900,000 people who have holiday pay withheld each year finally receive it, to cracking down on those employers failing to pay the minimum wage, the Fair Work Agency will finally bring the ambition needed to properly tackle worker exploitation in the UK. 

It will bring together the responsibilities of three existing enforcement bodies to create a single agency, ending the current fragmented system so that workers and employers know where to turn to for support. 

Matthew Taylor led the influential Taylor Review of Modern Working Practices in 2016, which provided the foundation for many of the transformative reforms now being delivered through the Employment Rights Bill. His work on this review led to him being recognised in the 2019 Birthday Honours list, being appointed a CBE.  

Since 2021 he has also served as Chief Executive of both the NHS Confederation, following a stint at the RSA and an interim period as Director of Labour Market Enforcement. This means he brings exceptional experience to this role.  

Business Secretary Peter Kyle said: 

The current enforcement system doesn’t deliver for businesses or working people. Our Fair Work Agency will be a game-changer in ensuring rights are properly enforced, whilst backing those businesses that already do the right thing. 

Matthew brings exceptional leadership experience to this pivotal role and I look forward to working with him to deliver our Plan to Make Work Pay and put more money into the pockets of workers across the country.

Employment Rights Minister Kate Dearden said: 

Matthew Taylor’s extensive experience will be vital in ensuring this new agency delivers real change for people who’ve been let down by poor employment practices for far too long.  

Our Fair Work Agency will make a real difference, providing a single point of contact for workers and employers, and crucially, having the teeth to take action against businesses that flout the rules.  

This is about creating workplaces where people are treated with dignity and respect. It’s exactly the kind of backing working people in this country deserve.

New Fair Work Agency Chair Matthew Taylor CBE said: 

For years inside and outside Government I argued that employers and workers need a single enforcement body for employment rights.  

It is an honour to be asked to be the first Chair of the Fair Work Agency, the body that will meet that need.  

The Agency has a vital job in strengthening labour market compliance and enforcement. This is essential to provide workers with protection and employers with a supportive and level playing field on which to invest and grow.

TUC General Secretary Paul Nowak said: 

The Fair Work Agency is a vital opportunity to turn the page on the era of inadequate enforcement. For too long, bad bosses have got away with flagrantly breaking the law. This isn’t right – it fails workers and the many decent employers who play by the rules.

That’s why the Fair Work Agency is so important. It is a chance to create a properly resourced body with real teeth to help good employers comply with the law and come down hard on those who refuse to do right by their staff.

We look forward to working with Matthew Taylor in his role as chair to realise the Agency’s full potential, protect workers in every corner of the country and work with unions to drive up the quality of work.

Neil Carberry, REC Chief Executive, said:

Matthew Taylor will bring a combination of deep care for workers being treated well and an understanding that work itself is changing fast. Both workers and businesses need flexibility that goes beyond the structures of the past, while ensuring we avoid exploitation.

The new Fair Work Agency is vital to this, so long as it builds on the expertise of its predecessor bodies, in particular the Employment Agency Standards Inspectorate. For too long, employment laws have been passed that the vast majority of firms comply with, absorbing the costs of adoption in the interests of fair treatment. But those who flout the law have found it too easy to get away with it.  That damages great firms and exposes workers to poor treatment.

We look forward to working with Matthew and the FWA team to address this in the interest of compliant businesses across the country.

Peter Cheese, chief executive of the CIPD, the professional body for HR and people development, said: 

The appointment of Matthew Taylor as chair of the new Fair Work Agency is an important step toward building a more coherent, fairer system of labour market enforcement. His experience and leadership will be crucial in driving forward the agency’s mission to prevent exploitation and promote fair treatment for all workers.

To ensure its success, the Fair Work Agency must be equipped with the right resources and a strong employer-side voice from the outset. Employers – particularly smaller businesses – need clear guidance and support to comply with the new Employment Rights Bill. At the CIPD we look forward to working with Matthew to help the Fair Work Agency deliver on its ambition.

Notes to Editors

• Matthew Taylor was appointed chair following a fair and open recruitment process. 
• The Fair Work Agency will launch in April 2026. Matthew will continue in his role as CEO of the NHS Confederation until then while also working with Government, business and unions helping to shape the strategy of the new organisation.
• The Fair Work Agency will have robust powers to investigate and tackle employers flouting the law, including workplace inspections, civil penalties for underpayments, and the ability to bring proceedings on workers’ behalf. It will also provide support to businesses on following employment laws, helping create a level playing field for all where those who want to do the right thing aren’t undercut by those who don’t. 
• Research shows the scale of the challenge the Fair Work Agency will address: 900,000 UK workers annually have their holiday pay withheld, worth around £2.1 billion, whilst nearly 20% of minimum wage workers are underpaid.