Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 25 February 2025.

FTSE Women Leaders Review and UK Government publish latest report on women in leadership roles at FTSE350 companies.

• UK leads the world in drive to increase the number of women on boards and in leadership at the top of firms.
• More than 60% of FTSE350 companies within striking distance of the 40% target for women’s representation in boardrooms
• Supporting women into leadership roles could unlock billions in economic growth and deliver on Plan for Change

Top British companies are continuing to lead the way for gender equality in boardrooms with women occupying over 43% of roles on company boards according to a new report published today (Tuesday 25 February).

The FTSE Women Leaders Review report for 2025, backed by the government and sponsored by sector giants Lloyds Banking Group and KPMG LLP, shows that women now occupy 1,275 or 43% of roles on company boards and 6,743 (35%) of leadership roles at the 350 FTSE companies.

This marks a year-on-year increase and means the target of 40% women’s representation by the end of this year continues to be achieved by FTSE350 businesses. The results of this review show the progress being made to break down barriers to opportunity at the highest levels, within some of the most innovative and important companies in the UK.

Delivering equal opportunities for women is at the heart of the government’s growth mission as part of the Plan for Change, by ensuring they have fair access to a stable, well-paid jobs which will also help drive up living standards.

At a London event this evening, business leaders, ministers and the leaders of the Review will come together to reflect upon and celebrate this progress as well as the contribution it is making to creating a stronger, more dynamic economy.

But the government recognises there is still more to do to bring more women into roles such as company Chairs and CEOs and to increase the number of women on boards and in leadership who hold executive roles. The government will work with FTSE companies and other organisations to ensure that everyone has an equal opportunity to achieve their full potential based on their talent.

Chancellor of the Exchequer Rachel Reeves said:

The UK is leading the charge for gender equality in boardrooms, but we cannot rest on our laurels.

We must break down the barriers that stop many women being represented in decision-making roles, so that top talent reaches the highest levels of leadership in businesses driving economic growth across Britain.

Minister for Investment Baroness Gustafsson OBE said:

I know from founding my own business how strong female voices inspire positive change throughout an organisation, bringing new ideas and adding greater value.

Today’s report shows that whilst the momentum is with us, we have so much further to go. Working with business leaders and investors, we will do everything we can to unlock more opportunities for women at the highest levels as we go for growth and deliver our Plan for Change.

The UK’s approach to gender equality in boardrooms is setting an international precedent for inclusive business, coming second only to France in the G7, with 43.4% representation compared to 45.4%.

Whilst France and many other countries employ the use of quotas, the action taken by British companies has been entirely voluntary demonstrating the ability of the private sector to lead the way, alongside government support, but without overburdening regulation.

By leading the way and committing to improving gender equality companies are demonstrating the market value of increased representation of women in senior roles and the diversity of thinking that this brings, trickling down into small and medium sized businesses who look to replicate this success.

The government’s flagship Employment Rights Bill and Plan to Make Work Pay will further strengthen women’s rights in the workplace and increase protections for women going through the menopause, as well as protections from dismissal whilst pregnant or on maternity leave.

Vivienne Artz, CEO of the FTSE Women Leaders Review, said:

In an increasingly disruptive world in which companies are faced with a combination of economic, geo-political and technological change British businesses are setting an international standard for balanced and inclusive leadership.

With its unique Government-backed and business-led voluntary approach, the UK has spearheaded a world-leading transformation in the highest ranks of industry. Whilst FTSE 350 company boards are now gender-balanced, sustained effort and determination is required to achieve the 40% target for women in leadership by the end of this year.

We look forward to working with businesses to deliver on this ambition.

Penny James and Nimesh Patel, Co-Chairs of the FTSE Women Leaders Review, said:

The UK is nothing short of world-leading in driving gender balance at the top of business with business leaders delivering change through voluntary action rather than quotas. Despite many competing priorities companies continue to see equality of opportunity as key to improving productivity and achieving growth.

Balance on FTSE 350 boards has been achieved and women’s representation on executive teams is steadily increasing but a step-up in commitment is required to deliver parity in the key leadership roles.

Over the coming year we urge UK business to remain focused on sustaining momentum, harnessing all of the available talent and driving towards a business environment that offers opportunity for all.

NOTES TO EDITORS:

• The FTSE Women Leaders Review (the Review) is sponsored by Lloyds Banking Group and KPMG LLP.

Sir Robin Budenberg, Chair of Lloyds Banking Group, said:

As proud co-sponsor of the FTSE Women Leaders Review, we applaud the significant progress made over the years in increasing gender balance on both the boards and leadership teams of the UK’s biggest companies.

A strong, diverse workforce is fundamental to business success. When leadership reflects the society it serves, companies are better equipped to understand their customers, drive innovation and deliver long-term sustainable growth. And if business does not employ the full breadth of society, it will not benefit from all the talent available.

At Lloyds Banking Group we have a gender-balanced board and over 45% representation of women at leadership level but we recognise that progress is neither linear nor inevitable. The responsibility lies with all of us to lead inclusively and to keep gender equality at the top of the agenda. By doing so, we strengthen our businesses and help build a more dynamic, successful economy.

Bina Mehta, Chair of KPMG LLP, said:

With the final year of the FTSE Women Leaders Review ahead, I’m delighted we have continued to make substantial progress in achieving greater gender balance in senior roles, something that reflects many years of voluntary effort and collective action.

It’s particularly encouraging to see the progress made by the UK’s Top 50 Private companies in their first three years of reporting. These companies are keeping pace with the FTSE100 and are currently reporting 35% of Executive Committee roles are held by women.

As Chair of KPMG UK, I am proud that our firm continues to grow the number of women in leadership roles, maintaining our position in the ‘Top Ten Best Performers’. As a firm we recognise the importance of creating an environment where everyone can succeed and thrive.

With the country’s renewed focused on economic growth, if businesses continue to work together, we can help to deliver long term prosperous and sustainable growth.

The Review

The FTSE Women Leaders Review is the independent, business-led framework supported by the Government, which sets recommendations for Britain’s biggest companies to improve the representation of women on their boards and leadership teams. The scope of the Review covers the FTSE 350 and 50 of the UK’s biggest private companies.

Adopting a voluntary approach, the Review captures and publishes progress on 26,000 roles on boards and in leadership two layers below the board, across all sectors of British business on an annual basis.

Women on Boards: 2024

1. Reported numbers for Women on Boards of FTSE 350, as of 10th January 2025, show:

Source – BoardEx:

• FTSE 100 is at 44.7%, up from 42.6% in 2023
• FTSE 250 is at 42.6%, up from 41.8% in 2023
• FTSE 350 is at 43.4.%, up from 42.1% in 2023
• 50 largest UK private companies are at 30.5% (30.6% in 2023)

1. Almost three quarters of FTSE 350 Boards (73.4%) have met or exceeded the current 40% target with that number now standing at 257 up from 235 in 2023.
2. The UK FTSE 350 is in 2nd place when compared internationally to the G7 countries but this is being achieved at a greater scale and through entirely voluntary action as opposed to mandatory quota systems. In the UK 350 companies are in scope compared with 40 in France which has quota legislation in place.
3. FTSE 100 companies top the rankings for women on boards compared with other international indices (excluding the G7) including the Euronext 100, IBEX and S&P ASK FTSE 100: 44.7% v Euronext 100: 42.2%, IBEX: 40.9% S&P ASX: 40.2%

Women in Leadership: 2024

1. Reported numbers for Women in Leadership (defined as the Executive Committee & Direct Reports to the Executive Committee on a combined basis) show:

Source – FTSE Women Leaders, Leadership Data Collection Portal as at 31 October 2024:

• FTSE 100 is at 36.6% up from 35.2% in 2023
• FTSE 250 is at 34.2% up from 33.9% in 2023
• FTSE 350 is at 35.3% up from in 34.5% in 2023
• 50 largest UK private companies are at 36.8% up from 35.6% in 2023

Four Key Roles: 2024

1.   Women continue to be appointed to the Chair role with a gain of seven FTSE 350 women Chairs in 2024. As a result, the number of women in the Chair role in the FTSE 350 has increased from to 53 in 2023 to 60 in 2024 (17%).

2.   The number of women SIDs has increased to 192 across the FTSE 350 in 2024, up from 162 in 2023. Now over half of FTSE 350 companies (56%) have a woman SID.

3.   The percentage of women Finance Directors in the FTSE 350 has increased from 48 in 2023 to 57 in 2024 (22%).

4.   FTSE 350 women CEOs have reduced from 20 in 2023 to 19 in 2024.

The Recommendations for the Review

There are four Recommendations that were announced in February 2022 to fuel further progress in delivering gender balance at the top of British business:

• The voluntary target for FTSE 350 Boards and Leadership teams was increased to a minimum of 40% women’s representation by the end of 2025.
• Companies should have at least one woman in the Chair, Senior Independent Director role on the board and/or one woman in the Chief Executive Officer or Finance Director role by the end of 2025.
• Key stakeholders should continue to set best-practice guidelines or use alternative mechanisms to encourage any FTSE 350 Board that has not yet achieved the previous 33% target for the end of 2020, to do so.
• The scope of the Review is extended beyond FTSE 350 companies to include 50 of the UK’s largest private companies.

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

Today the Republic of India and the United Kingdom have resumed negotiations towards a trade deal between our two countries.

The Prime Minister of India Shri Narendra Modi and Prime Minister of the United Kingdom the Rt Hon Sir Keir Starmer met on the sidelines of the G20 Summit in Rio de Janeiro, Brazil in November 2024 to underline the importance of resuming trade negotiations at an early date.

Today the Republic of India and the United Kingdom have resumed negotiations towards a trade deal between our two countries. This announcement has been made by Minister for Commerce and Industry of India Shri Piyush Goyal and Secretary of State for the Department for Business and Trade of the United Kingdom the Rt Hon Jonathan Reynolds in Delhi. This announcement is an outcome of the above stated discussions held at the level of Prime Ministers of the two countries.

India and the United Kingdom have a close partnership, built through collaboration on security and defence, new and emerging technologies, climate, health, education, research and innovation, green finance and people-to-people contacts. At the centre of this relationship is the collective aspiration to deliver economic growth and sustainable development.

Both sides have agreed to resume negotiations towards a balanced, mutually beneficial and a forward-looking deal that delivers mutual growth and builds on the strengths of the two complementary economies. The strengthening of the trading relationship between our two countries has the potential to unlock opportunities for business and consumers across both our nations and build further on our already deep ties.

The two leaders directed the negotiators to work together to resolve the outstanding issues in the agreement to ensure a fair and equitable trade deal for shared success.

The press release issued by the Department for Business and Trade on 23 February 2025.

UK-India free trade talks are being relaunched, with a visit to India by the Business and Trade Secretary.

• UK-India trade talks kick off in New Delhi today with Business and Trade Secretary Jonathan Reynolds meeting with Commerce Minister Piyush Goyal
• Deal aims to deliver economic growth and bring Indian economy – world’s third largest by 2028 – within reach for more UK businesses
• Push to attract investment will take place in financial capital Mumbai and tech hub Bengaluru by Investment Minister Poppy Gustafsson

The relaunch of talks on a UK-India trade deal will take place today [Monday 24 February], as UK ministers arrive in India to negotiate a huge economic prize helping to deliver on the growth agenda.

India is forecast to have the highest growth rate in the G20 for the next five years and set to become the world’s third biggest economy by 2028. With an expected 95 million strong middle class by 2035, there are more and more opportunities every day for UK businesses to sell to consumers in India ready to buy British.

Securing trade deals with massive global economies like India demonstrates the UK’s commitment to free and fair trade and how this Government will support jobs, prosperity, and real change for the British people as part of the Plan for Change.

Business and Trade Secretary Jonathan Reynolds said:

Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer, and a top priority for me and this Government. That is why I’m flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track.

Only a pragmatic government can deliver the economic growth and stability that the British public and British businesses deserve, delivering on the Plan for Change.

Growth will be the guiding principle in our trade negotiations with India and I’m excited about the opportunities on offer in this vibrant market.

Trade ministers from both countries will kickstart negotiations on a modern economic deal with two-days of focused discussions – the first time both negotiating teams have formally got around the table under this government.

Standard Chartered UK CEO and Head, Client Coverage UK, Saif Malik said:

We warmly welcome efforts to strengthen trade ties with one of the world’s most dynamic and fastest growing markets. As a leading global bank operating in India for over 160 years, the opportunities for British businesses are significant.

Whether it’s improved access to India’s growing consumer market, opportunities in manufacturing, infrastructure and innovation, or collaboration in financial and professional services, the relaunch of trade talks can unlock even greater trade, investment and prosperity across the UK-India corridor.”

Chair of UK India Business Council Richard Heald said:

The UK Government’s visit reaffirms its commitment for a new ambitious and future-focused trade & investment relationship with India.

We are delighted to note the progress on the UK-India Free Trade Agreement negotiations. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration beyond into other areas too. Importantly, it will signal the UK and India are strategic partners. This is truly an exciting chapter of the UK-India partnership.

The talks will open against a backdrop of Indian commerce and artisans on a joint visit to Delhi’s National Crafts Museum. The pair will also spend time visiting BT India’s office in Gurugram – one of the largest UK employers in India – to see first-hand how UK tech and Indian talent are helping solve global challenges.

As part of the visit, Investment Minister Poppy Gustafsson will address investors in two of the country’s foremost business centres Mumbai and Bengaluru, to sell the UK as the best and most connected place for Indian businesses to invest.

India has been the second biggest source of FDI into the UK for five consecutive years in terms of number of projects. In terms of value, the most recent stats show a 28% year-on-year increase in investment stock at the end of 2023.

The UK offer for Indian investors has never been stronger, she will tell businesses, thanks to the government’s drive to restore economic stability and boost investor confidence as part of the Plan for Change.

The UK and India are currently the sixth and fifth largest global economies respectively, with a trade relationship worth £41 billion and investment supporting over 600,000 jobs across both countries.

A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK, support jobs, boost wages, and back the high-growth sectors identified in the government’s upcoming Industrial Strategy, such as advanced manufacturing, clean energy, financial services, and professional and business services.

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

The Government has today (Monday 17 February 2025) confirmed the appointment and reappointment of members of the Low Pay Commission (LPC), Advisory, Conciliation and Arbitration Service (Acas) and Central Arbitration Committee (CAC) since June 2024.

The LPC, the independent body that advises the government about the National Living Wage and National Minimum Wage, has reappointed several members to the Commission. These include:

• Worker Member: Simon Sapper
• Employer Members: Matthew Fell and Louise Fisher.
• Independent Members: Jonathan Wadsworth and Dr Patricia Rice.

Last month Janet Williamson was also appointed as a Worker Member for a three-year term.

Danny Mortimer was also appointed for his first term as a Employer Member of the Acas Council, whilst Michael Clancy’s term was extended by six months. Further reappointments include:

• Worker Members: Roy Rickhuss and Christina McAnea
• Employer Members: Matthew Percival and Jayne Haines
• Independent Members: Ben Summerskill, Ijeoma Omambala and Simon Lewis.

The CAC, an independent authority that handles specific issues relating to trade unions and employers, also had a number of reappointments made. These are:

• Four Deputy Chairs: Laura Prince, Naeema Choudry, Lisa Gettins and Stuart Robertson
• Eight Worker Members: Steve Gillan, Ian Hanson, Paul Moloney, Paul Morley, Claire Sullivan, Joanna Brown and Nicholas Childs.
• Seven Employer Members: David Cadger, Mustafa Faruqi, Richard Fulham, Martin Kirke, Sean McIlveen, Kieran Grimshaw and Alastair Kelly.

Employment Rights Minister Justin Madders said:

These three organisations are crucial to the government’s mission to grow the economy and Make Work Pay.

I welcome all of the new appointments and look forward to working with them to help protect the rights of workers across the country.

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

The Business Secretary launches the Plan for Steel Consultation, seeking views from stakeholders to inform development of the Steel Strategy.

British steelmakers are being backed today by the Government as the Business Secretary launches the Plan for Steel Consultation.

This will look at the long-term issues facing the industry like high electricity costs, unfair trading practices, and scrap metal recycling – to protect jobs and living standards in the UK’s industrial heartlands.

Up to £2.5 billion will be put towards supporting the steel industry, as per the manifesto commitment, including via the National Wealth Fund. This could benefit regions across the UK – like Scunthorpe, Rotherham, Redcar, Yorkshire, and Scotland – which have a strong history of steel production. It will be spent on initiatives that will give the industry a long future – such as electric arc furnaces, or other improvements to UK capabilities.

This will drive growth in the economy – the priority of the Plan for Change – and protect our industrial heartlands for the long term.

But the Government is wasting no time in taking immediate action to support the industry. Just this week, Heathrow Airport announced a multimillion-pound investment, which will require 400,000 tonnes of steel – enough to build the Empire State Building.

This will give the industry a strong pipeline of business that will secure supply chains for years to come – and will drive economic growth as part of our Plan for Change.

This week the Government also simplified public procurement and aligned it with the Government’s missions, including the Industrial Strategy, to put UK firms – like the steel industry – in the best possible position to compete for and win public contracts.

That is on top of delivering a better deal for Port Talbot within weeks of taking office which will transform production at Port Talbot and deliver a modern Electric Arc Furnace, and implementing the British Industry Supercharger which will cut electricity costs for steel firms and bring prices more in line with international competitors.

This delivers on a manifesto commitment to secure the future of Britain’s steel industries – building on initiatives like the £22 billion investment in Carbon Capture Usage and Storage in Teesside and Merseyside – because the country’s industrial heartlands are too important to Britain’s heritage and will be supported by this Government.

Business Secretary Jonathan Reynolds, said:

The UK steel industry has a long-term future under this Government. We said that during the election, and we are delivering on it now.

The deal announced by Heathrow this week will secure a strong industry pipeline for years to come – and we are putting the full weight of Whitehall behind the industry to build on this success.

Britain is open for business, and this Government has committed up to £2.5 billion to the future of steel to protect our industrial heartlands, maintain jobs, and drive growth as part of our Plan for Change.

The Plan for Steel will help with the issues which have been holding the industry back for too long. It will look at ways to:

• Identify where there are opportunities to expand UK steelmaking to better support UK manufacturing, construction, infrastructure and growth – and secure UK jobs and livelihoods
• Protect the steel sector from unfair trading practices abroad
• Improve our scrap processing facilities so they can best support the steel-making of the future
• Encourage high usage of UK-made steel in public projects

To make the UK competitive globally, the Plan for Steel will examine the electricity costs for steel companies.

The Plan will also look at ways to improve the UK’s scrap metal processing capabilities, in light of the industry’s ongoing transition to electric arc furnace (EAF) steelmaking which recycles scrap steel by melting it to produce high-quality steel and other metals.

It will assess the UK’s primary steelmaking capabilities and primary production technologies with a commissioned independent review, currently being carried out by the not-for-profit Material Processing Institute, based in Teesside.

The Steel Strategy will also explore what can be done to protect the steel sector from unfair trading practices abroad and look at how it can attract and retain skilled talent in the UK. It will leverage the UK’s world-leading research and development capabilities to support the industry, aligning closely with the Government’s Trade Strategy, Strategic Defence Review and its upcoming Industrial Strategy.

The Government will work closely with the Steel Council towards the launch of the Steel Strategy in Spring, and the Council will continue to meet regularly following its publication to help drive investment into steelmaking communities across the country.

Gareth Stace, Director-General of UK Steel, commented:

“Developing the Steel Strategy must be a collaborative process, and the consultation is an open invitation for all stakeholders to help shape the future of UK steel.

“The Government’s commitment to our steel sector is both vital and welcome. A robust, bold, and ambitious Steel Strategy has the power to reverse the sector’s decline, particularly as we face increasing competition from imports benefiting from more favourable business conditions. By setting out a clear business plan and roadmap for investment, the Government can secure a brighter future for our industry, safeguard jobs, and support steelworkers and their families.”

Andy Prendergast, GMB National Secretary, said:

“After years of dithering, today’s plan provides desperately needed funding for our once proud, now beleaguered steel industry.

“As the world becomes more volatile, primary domestic steel making capacity is vital for both our economy and domestic security.”

Jon Bolton, Steel Council co-chair, said:

“Publishing a consultation so quickly after the launch of the Steel Council demonstrates the importance the government places on the steel strategy and the important role it plays as part of an Industrial Strategy.

“Thorough consultation is key, with a first round table held with steel consumers chaired by The Industry Minister where future market dynamics were discussed including the demand for Green Steel.

“This work will continue over the coming weeks and I urge all stakeholders to respond to the consultation, with the issuing of the Steel Strategy in the spring a key moment for the sector.”

Roy Rickhuss CBE, Community General Secretary, said:

“After a long era of neglect under the previous government, we welcome the government’s firm commitment to our steel industry.

“The new green paper sets out some of the main challenges and opportunities our steel sector will face over the years ahead – this consultation is an important step towards developing the government’s new steel strategy, and we look forward to engaging with the process at every step of the way.”

The press release issued by the Department for Business and Trade on 13 February 2025.

• Government launches 12-week e-invoicing consultation on plans to cut paperwork for businesses and help improve productivity.
• Proposals expected to save businesses time and money and speed up payments, creating the conditions to grow the economy, part of the Prime Minister’s Plan for Change.
• Will help businesses get tax right first time with fewer invoicing and VAT return errors.
• UK stakeholders and businesses urged to comment.

UK businesses are, for the first time, being invited to have their say on the government’s electronic invoicing (e-invoicing) proposals.

E-invoicing is the digital exchange of invoice information directly between buyers and suppliers. It could help businesses get their tax right first time, reduce invoicing and data errors, improve the accuracy of VAT returns, help close the tax gap and save time and money. It usually results in faster business to business payments, leading to improved cash flow and less paperwork.

This will help cut down time and resources businesses spend managing their tax affairs so they can be more productive. It forms part of the Prime Minister’s Plan for Change for a tax system that supports economic growth.

Examples of where e-invoicing has improved cash flow include:

• Australian Government agencies who are paying their suppliers within 5 days compared to 20 days for other forms of invoices.
• a UK NHS trust where e-invoices are ready for processing within 24 hours, compared to 10 days under paper invoicing. Their e-invoices are typically paid almost twice as quickly than paper invoices, with supplier queries reduced by an average of 15%.

Examples of the wider benefits to business of e-invoicing are highlighted by software providers:

• Xero see e-invoicing as the next digital revolution for small firms, simplifying how businesses invoice customers and get paid faster. Firms will save money on chasing payments, improve cash flow and reduce fraud risks.
• a published business research report from Sage* shows that e-invoicing streamlines routine tasks like data entry and tax filing, driving annual productivity gains of around 3% in the UK, supporting the government’s broader growth agenda.

James Murray, Exchequer Secretary to the Treasury said:

As part of the Prime Minister’s Plan for Change, we have begun our work to transform the UK’s tax system into one that is focused on helping businesses and the economy to grow.

E-invoicing simplifies processes, reduces errors and helps businesses to get paid faster. By cutting paperwork and freeing up valuable time and money, it will help improve firms’ productivity and their ability to grow and succeed.

Gareth Thomas, Minister for Services, Small Business and Exports, said:

Small businesses are at the heart of our economy and vital to our growth mission. The potential of digitising taxes, speeding up payments and streamlining administrative tasks will provide real benefits to the economy, supporting smaller firms and boosting growth.

This is why we want to make sure e-invoicing works for SMEs, because cash flow can make all the difference between staying afloat or going under.

The consultation applies to business invoicing. It will gather views on standardising e-invoicing and how to increase its adoption across UK businesses and the public sector. It also explores how different e-invoicing models could align a business with their customers’ businesses. People can take part whether or not they currently use e-invoicing.

HMRC and the DBT want to hear the opinions of self-employed people, businesses of all sizes, representative and industry bodies, charities and public sector organisations.

Topics that the government is interested in exploring include:

• different models of e-invoicing
• whether to take a mandated or voluntary approach to e-invoicing, and what scope of mandate might be most appropriate in the UK and for businesses
• whether e-invoicing should be complemented by real time digital reporting.

The government will also engage with a broad range of businesses and interested stakeholders to secure their views at various events, including face-to-face discussions.

Exchequer Secretary to the Treasury, James Murray, will host a business round table at the Darlington Economic Campus and Government Hub this afternoon (13 February 2025), where he and Business and Trade Minister, Gareth Thomas, will discuss the consultation and listen to the opinions of industry bodies, regional stakeholders and local businesses in the North East.

It follows a visit earlier in the day by James Murray MP to software developer Sage’s Newcastle headquarters, where he met with accountants to discuss government support for small businesses and how HMRC is working to deliver its priorities. Sage is one of the providers of software for HMRC’s Making Tax Digital (MTD) programme. A full list of software providers for MTD can be found on GOV.UK.

The press release issued by the Department for Business and Trade on 11 February 2025.

The Government has welcomed a multibillion-pound investment programme from Heathrow Airport which will help secure UK steel jobs.

• Heathrow Airport announces new multibillion-pound investment programme to expand airport, including new terminal buildings, aircraft stands, passenger infrastructure and work towards its third runway.
• Government welcomes major vote of confidence from Heathrow in its growth mission after backing a third runway, expected to secure thousands of steel jobs across the UK.
• Heathrow signs the UK Steel Charter and commits to using UK-made steel for its construction projects wherever possible, giving a major boost to the sector.

The Government has welcomed a new multibillion-pound investment programme from Heathrow Airport, which is expected to secure thousands of UK steel jobs across the country by driving a significant increase in demand for UK-made steel.

In the latest in a series of UK investment wins, Heathrow will invest billions in a new expansion programme for new terminal buildings, aircraft stands, passenger infrastructure and its third runway plans, marking a major vote of confidence in the Government’s plan for growth after the Chancellor confirmed the government’s backing for Heathrow’s expansion last month.

At an event hosted at British Steel’s Scunthorpe plant today (12 February) Heathrow will also sign the UK Steel Charter, which signals the airport’s commitment to use UK-made steel wherever possible as part of its investment programme.

The commitment represents a major win for the steel industry and will help secure thousands of existing steel jobs both at Scunthorpe and across the country. It will bring a huge increase in demand for UK-made steel to supply Heathrow’s expansion project.

By its completion in 2008, the construction of Heathrow Terminal 5 had required 80,000 tonnes of steel, and estimates suggest construction of a third runway could require 400,000 tonnes.

Industry Minister Sarah Jones is expected to give a keynote speech at Heathrow’s launch event today to welcome the announcement as a major step forward in the Government’s growth mission, with new investment crucial to kickstarting the UK’s economic growth and putting more money in people’s pockets, delivering on the Plan for Change.

Industry Minister Sarah Jones is expected to say:

This investment is the latest in a long line of wins which our Plan for Change has helped deliver, and not only secures thousands of jobs but marks a major vote of confidence in our homegrown steel sector and this government’s Industrial Strategy.

Driving demand for UK-made steel is a crucial part of our upcoming Steel Strategy, and by signing the Steel Charter Heathrow will give a huge boost to steelmaking communities across the UK and help us kickstart economic growth.

Alex Veitch, Director of Policy at the British Chambers of Commerce said:

Expanding capacity at Heathrow is a key part of accelerating economic growth – and today’s announcement is great news for British business.

It is real show of support for domestic steel production and supply chains across the UK. As further infrastructure projects are given the green light, many more opportunities can be seized to boost British business and drive forward growth.

Gareth Stace, Director-General, UK Steel said:

The UK steel industry welcomes Heathrow’s multi-billion-pound investment programme, a major boost for British businesses and a clear signal that the UK is open for growth. This transformative investment will upgrade vital infrastructure, create jobs, and strengthen the UK’s position as a global hub for trade and travel.

As part of this commitment, Heathrow has pledged to maximise the use of UK-made steel with the UK Steel Charter, ensuring that the benefits of this project are felt across the country. British steelmakers produce world-class, high-quality products that support major infrastructure, and Heathrow’s decision to prioritise domestic steel and British business reinforces the strength and resilience of the UK supply chain.

This is a vote of confidence in British manufacturing, supporting skilled jobs, driving investment, and helping to build a stronger, more sustainable economy.

Heathrow’s new investment follows the Chancellor announcement of the Government’s full backing of a third runway expansion in her recent Growth Speech where she pledged to go further and faster to kickstart the UK’s economic growth.

The Government has been clear that a third runway could add billions to a better-connected UK economy, deliver cheaper air fares and fewer delays, and drive UK exports and investment to new heights.

According to new research from the consultancy Frontier Economics, a third runway at Heathrow Airport could increase the UK’s potential GDP by almost 0.5% directly by 2050, with over 60% of that increase going to areas outside London and the South East.

Using UK-made steel on construction at Heathrow will also give a significant boost to the UK’s steel industry for the long term, which already supports over 75,000 jobs and contributes almost £2 billion a year to the economy.

The press release issued by the Department for Business and Trade on 7 February 2025.

Japan hosted a virtual seminar for British women entrepreneurs, investors, and business owners seeking to increase trade and investment with Japan.

On 6 February 2025, with the support of the Department for Business and Trade, the Japanese Ministry of Foreign Affairs hosted a virtual seminar for UK women entrepreneurs, investors, and business owners seeking to increase trade and investment with Japan.

This continues an ongoing series of collaborative activities between the UK and Japan to uphold the commitments set out in the Women’s Economic Empowerment chapter of the UK-Japan Comprehensive Economic Partnership Agreement (CEPA). It supports the delivery of the joint commitment to enhancing women’s ability to fully access and benefit from the opportunities created by this Agreement, and to reduce the systemic barriers faced by women seeking to trade internationally.

During the seminar, participants heard from Japanese government and non-government led organisations about programmes and initiatives that support women in trade. These included the Japanese Cabinet Office, the Tokyo Metropolitan Government and the Japan External Trade Organization. They shared valuable information on the Japanese market and the support and tools available to British women entrepreneurs, business owners and investors interested in growing their businesses by expanding, exporting to and investing in the Japanese market.

The audience also heard from the British Chamber of Commerce in Japan on the support it can provide on navigating differences in business customs, as well as from two Japanese venture capital firms: ANRI, focused on seed stage investments, having a track record of supporting female-founded startups in IT and DeepTech, and NEXTBLUE, dedicated to empowering women founders in the field of women’s wellbeing. These venture capital firms offered their support for the expansion of UK female-led companies.

The audience also heard directly from two British women business owners and entrepreneurs. The CEOs of Celtic English Academy and Evolve Organic Beauty shared valuable insights on their experiences of entering and successfully trading in the education and retail markets in Japan.

Increasing women’s participation in the economy not only strengthens gender equality but also holds huge potential in boosting economic growth. Through the effective implementation of the women’s economic empowerment provisions in the UK’s trade agreement with Japan, we seek to uphold gender equality by ensuring that women business owners and entrepreneurs interested in expanding their business by entering new markets have sufficient knowledge of the opportunities and benefits on offer to them.

The UK has successfully included trade and gender equality provisions in newly negotiated Free Trade Agreements including with Japan, Australia and New Zealand, and will continue working with trading partners to explore and develop the best strategies and practices to break down barriers to trade for women, support the fair and open trade and benefit the wider UK economy.

In the lead up to the Expo 2025 Osaka, Kansai, Japan, the UK will continue a programme of engagement with Japan. Further, the UK will be showcasing its work on diversity and inclusion at the UK Pavilion, including the work we are doing on gender equality and women’s economic empowerment.

For more information on the first UK-Japan Women’s Economic Empowerment seminar, please follow this link.

For more information on the UK-Japan Comprehensive Economic Partnership, please follow this link.

The press release issued by the Department for Business and Trade on 5 February 2025.

US company Knighthead have invested £100m to build new Sports Quarter in East Birmingham.

• Following on from the Chancellors plans to go ‘further, faster on growth’ US company Knighthead has invested £100m in regeneration project in East Birmingham.
• The Sports Quarter project will include a 60,000-seat stadium, sporting facilities and commercial and residential spaces, creating 8,400 new jobs and driving further investment.
• Announcement is the latest in a series of job-boosting investments across the country showing the Plan for Change is working.

US company Knighthead has invested £100 million into East Birmingham, showing how the Government’s Plan for Change is boosting jobs and opportunities in the West Midlands.

The new site is estimated to create 8,400 new jobs annually in Birmingham while also supporting the wider city and West Midlands. The investment will pave the way for a new 60,000-seater stadium alongside a sports campus of training facilities, a new academy, and community pitches. Beyond sport, the campus plans also include leisure, commercial, and residential development.

Business Secretary Jonathan Reynolds will visit the site and learn about how the new Sports Quarter and surrounding area is projected to provide £370 million in growth each year.

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.

Business and Trade Secretary Jonathan Reynolds said:

The West Midlands is a powerhouse for investment, and this project will not only play a vital role in bringing thousands of new jobs into the area but will put more money into the pockets of the local community here in East Birmingham.

Seeing global investors put billions in the UK economy shows the Plan for Change is working, with more and more companies choosing Britain. This is another vote of confidence in our plans to deliver growth that supports skilled jobs and raises living standards across the country.

This is the latest in a series of investment projects into the West Midlands, as the region continues to be a powerhouse for investment. The West Midlands attracted over 130 Foreign Direct Investment Projects in the year to March 2024, creating 7,581 jobs.

Unleashing the full potential of the UK’s cities and regions is a core objective of the government’s Industrial Strategy. Facilitating investments like this is central to achieving this goal.

Secretary of State for Culture, Media and Sport, Lisa Nandy said:

The Birmingham Sports Quarter is an exciting venture that highlights how sport can be an important driver for regeneration and growth.

Across the divisions, our professional football clubs are vital community assets at the heart of towns and cities around the country, so it is fantastic to see investment directly benefiting residents of Birmingham and the wider region.

Investment continues to flow into the UK sports sector on an unprecedented level. The UK is an appealing destination for investors aiming to capitalise on diverse revenue streams and long-term growth prospects.

The commercial attractiveness of the UK sports sector is underpinned by both legacy and heritage and its position at the cutting edge of innovative subsectors such as sports-tech and women’s sports.

The Business Secretary’s visit comes after Birmingham City Football Club’s Chairman Tom Wagner’s meeting with Minister for Investment Baroness Gustafsson OBE at One Goal, the government’s annual sports investment conference. The Department for Business and Trade continues to support transformational institutional investment into UK sport and local communities.

Co-founder of Knighthead & Chairman of Birmingham City Football Club Tom Wagner said:

Birmingham and the West Midlands have huge untapped potential for growth, and we intend to seize that opportunity. With the support of government, the Sports Quarter can be a catalyst for regeneration, transforming the prospects for people in of one of the poorest parts of the UK and crowding in interest and investment from around the globe.

Richard Parker, Mayor of the West Midlands, said:

This investment is a huge vote of confidence in Birmingham and the West Midlands. It was made possible by strong partnerships with Knighthead and others committed to our region’s growth.

We’ve worked to create the perfect conditions to attract investment, and this will bring thousands of jobs, new opportunities, and a major economic boost.

Working with Tom Wagner and Knighthead, we’ll unlock our region’s full potential – delivering the Sports Quarter and lasting change for the region.

The announcement comes after the Chancellor vowed to go further and faster to kickstart economic growth last week, as the government wants to help put more money in people’s pockets.

The Budget in the Autumn fixed the foundations of the UK’s economy by putting in place measures to support economic and fiscal stability and long-term investment in national infrastructure.

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.

The government’s new modern Industrial Strategy will deliver long-term, sustainable, inclusive growth right across the UK by driving investment into the economy and hardwire stability for investors, giving them the confidence to plan not just for the next year, but for the next 10 years and beyond.

Notes to editors

• Today’s announcement comes off the back of Knighthead announcing its £3 billion regeneration project last March and also follows the company’s acquisition of Birmingham City Football Club in 2023.

The press release issued by the Department for Business and Trade on 4 February 2025.

Government lays legislation confirming that the new National Living Wage and new National Minimum Wage will take effect from 1 April.

• Millions of workers set for significant pay increase in April to improve living standards and drive growth
• Pay boost worth £1,400 a year for an eligible full-time worker as Government takes significant step towards genuine living wage
• Living wage boost set to put more money back into the pockets of working people and kickstart growth as part of the Plan for Change

Over 3 million workers in shops, restaurants and workplaces across the UK are set to receive a significant pay boost from April – putting thousands of pounds back in the pockets of working people every year. As a result of these changes, a further 4 million workers could benefit from the positive spill-over impacts of the rate increases.

The Government will lay legislation today that confirms a new National Living Wage of £12.21, and a new National Minimum Wage of £10.00 per hour from April.

Announced at last year’s Budget, the 6.7% increase to the National Living Wage which will be worth £1,400 a year for an eligible full-time worker is a significant step towards delivering the manifesto commitment to deliver a genuine living wage.

The National Minimum Wage for 18-20-year-olds is also set to increase by £1.40 to £10.00 per hour – a record increase which means full-time younger workers eligible for the rate will see their pay boosted by £2,500 a year.

An impact assessment also published today shows that these reforms will put   around £1.8 billion into the pockets of workers over the next six years – delivering on the Government’s Plan for Change to improve living standards and make working people better off.

The increased income is set to boost financial stability for millions of families and improve spending power which will drive economic growth.

Employment Rights Minister Justin Madders said:

Economic growth only matters if working people are feeling the benefits.

This will be a welcome pay bump for millions of workers who in turn will spend more in the real economy boosting our high streets.

Our Plan for Change is putting money back into people’s pockets and delivering better living standards across the country.

Chancellor of the Exchequer Rachel Reeves said:

This Government promised a genuine living wage for working people that will support people with the cost of living, creating a workforce that is fit and ready to help us deliver number one mission to growth the economy.

This pay boost for millions of workers is a significant step towards delivering on that promise.

Deputy Prime Minister Angela Rayner said:

We’ve taken quick and sensible action to boost wages for millions of lower paid workers who are the backbone and future of our economy.

This is us fulfilling our promise to make work pay and improve living standards across the country, with record boosts to support young people and apprentices – our skilled workers of tomorrow.

The National Living Wage applies to most workers whereas the National Minimum Wage is the minimum amount an employer must pay per hour for all workers aged below 21.

This is the first time the National Living Wage has taken into account the cost of living and inflation and marks the first step towards aligning the National Minimum Wage for 18–20-year-olds and National Living Wage to create a single adult wage rate.

This will put an end to age-based wage discrimination, meaning employers can no longer be justified in paying younger workers less for doing the same job as their older colleagues.

The minimum hourly wage for an apprentice is also set to be boosted this year, with an 18-year-old apprentice in an industry like construction seeing their minimum hourly pay increase by 18.0%, a pay bump from £6.40 to £7.55 an hour.

The April pay rise comes as the latest ONS stats showed average weekly earnings after inflation have risen at their fastest year-on-year rate in over three years.

This builds on the commitment to be a pro-business, pro-worker, pro-growth Government. It delivers a key plank of the Plan to Make Work Pay, which is already set to boost the pockets of some the lowest paid workers by up to £600 a year through the Employment Rights Bill.

The Employment Rights Bill will boost productivity by creating a secure workforce to help us deliver our first mission to kickstart economic growth.

Working across government, including with HMRC and Acas, we will continue to engage closely with businesses, unions and wider society to ensure that all employers are aware of the new rates and taking the steps needed to prepare for payroll changes on 1 April.

Low Pay Commission Chair Baroness Stroud said:

The increases we recommended are a big step towards making work pay and achieving a genuine living wage.

These rates secure a real-terms pay increase for the lowest-paid, and substantial increases for young workers make up some of the ground lost against the adult rate over time.

It’s important we continue to assess the effects of these changes on employers and workers; to that end, the Low Pay Commission will be consulting with both groups in the coming months.

TUC General Secretary Paul Nowak said:

This government is delivering on its promise to make work pay. The increase in the national minimum wage will make a real difference to the lowest paid at a time when one in six are skipping meals to get by. And moving to end the outdated and unfair youth rates will give young workers a boost up and down the country.

More money in working people’s pockets means more spend on our high streets – that’s good for workers and good for local economies. After workers in the UK have been through the biggest squeeze in living standards in 200 years, this boost to working people’s pay packets is badly needed.

Jason Davenport, CEO of The Chartered Institute of Payroll Professionals (CIPP), said:

With continued pressure on employers, it’s imperative that we ensure the new rates are understood, implemented and paid to workers correctly.

Compliance can be complex with issues for employers to be alert to around, for example, salary sacrifice arrangements.

The CIPP urges employers and agents to get their payroll processes ready for 1 April 2025 and the CIPP is on hand with support, advice and resources to help payroll professionals and employers ensure their workers are paid compliantly.

Notes to editors:

The changes from April will mean:

• The National Living Wage for those aged 21 and over will rise from £11.44 per hour to £12.21 per hour.
• The National Minimum Wage for 18- to 20-year-olds rises from £8.60 to £10.00 per hour.
• The apprenticeship rate, and for 16- to 17-year-olds rises from £6.40 per hour to £7.55 per hour.