Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 25 September 2024.

New package of measures aimed at tackling scourge of late payments.

• New Fair Payment Code and fresh rules on company reporting and major consultation unveiled as part of package to tackle late payments
• Scourge of late payments costs SMEs £22,000 a year with 56 million hours of lost productivity, according to Intuit Quickbooks, across the economy – acting as a major brake on growth
• Comes as Business Secretary set to visit food and drink businesses in Manchester struggling with late payments

The government has unveiled new measures today to support small businesses and the self-employed by tackling the scourge of late payments, which according to the Smart Data Foundry is costing SMEs £22,000 a year on average and according to FSB research, leads to 50,000 business closures a year.

The government will consult on tough new laws which will hold larger firms to account and get cash flowing back into businesses – helping deliver our mission to grow the economy.

In addition, new legislation being brought in the coming weeks will require all large businesses to include payment reporting in their annual reports – putting the onus on them to provide clarity in their annual reports about how they treat small firms. This will mean company boards and international investors will be able to see how firms are operating.

Enforcement will also be stepped up on the existing late payment performance reporting regulations which require large companies to report their payment performance twice yearly on GOV.UK.

Under current laws, responsible directors at non-compliant companies who don’t report their payment practices could face criminal prosecutions including potentially unlimited fines and criminal records.

The consultation which will be launched in the coming months, will also consider a range of further policy measures that could help address poor payment practices.

FSB research shows that every quarter in 2022, 52% of SMEs small firms in the UK suffer from late payments, meaning roughly 2.8 million small firms face this issue, with the Federation of Small Businesses describing it as one of the biggest problems facing SMEs.

Late payments are just one element of the problem, with some SMEs forced to wait months for contracts to be fulfilled and some are even forced to take out loans against their own homes to manage cash flow.

Cracking down on late payments will unlock growth for 5.5 million small firms by enabling them to invest their time hiring more employees, boosting wages, and exporting around the world, rather than chasing down late payments.

The Business Secretary will hold a joint call with the Federation of Small Businesses later today to outline to SME leaders the work the Department will undertake to put in place tough new laws to end bad payment culture. New proposals, subject to consultation, will be bought forward on audit and audit committees, in order to help rebuild small businesses’ trust that they will be paid on time and to deliver on Labour’s manifesto commitment to tackle late payments.

Prime Minister Keir Starmer said:

We’re determined to back small businesses by unlocking their barriers to growth, and stamping out late payments is at the heart of this.

We know how important it is for business owners to have the peace of mind and certainty around their cashflow to keep their businesses alive. Late payments cost businesses tens of thousands of pounds and is one of the biggest reasons businesses collapse.

After years of delay, we’re bringing forward measures that small businesses have long been calling for to tackle late payments once and for all.

Business Secretary Jonathan Reynolds said:

Late payments are simply unacceptable and this government is determined to level the playing field for small business. When the cashflow runs dry, small firms go under which is why we need to hold larger business to account with their payment practices and foster an environment that supports growth and jobs.

Slashing trade barriers, reforming business rates, getting more SMEs exporting – this government is committed to small firms. We know there’s a lot more to be done, but today we are calling time on late payers once and for all.

A new Fair Payment Code has also been announced today replacing the old Prompt Payment Code, and will be open to signatories this autumn. Businesses will need to prove they have met good payment standards before being awarded official code status.

This will be designed to push businesses to pay faster more often, to be awarded either gold, silver or bronze status. The Code will also shine a light on those responsible businesses doing the right thing by their suppliers and small firms.

It comes as part of our wider work to support SMEs to help go for growth with reform to business rates, getting more small firms exporting and our new industrial strategy. The Secretary of State and Small Business Minister Gareth Thomas will discuss the new measures with small businesses later today.

Small Business Minister Gareth Thomas said:

Small businesses deserve to be paid on time, it’s as simple as that. I’m optimistic that today’s first big step will help pave the way for real change that supports SMEs to thrive and help to grow our economy.

New research published by the Department for Business and Trade has found payment problems multiply the further down the supply chain you go. With delays to payments increasing with each business along a supply chain, this results in smaller businesses generally experiencing more issues with late invoices than larger firms.

These new findings underpin the need to move quickly to crack down on late payments. The research also found that there was a clear imbalance between big and small firms, and that administrative errors are a major factor in creating slow payments with 24% of firms saying that invoices being incorrectly handled added to delays.

The government will work closely with small and large businesses as well as groups such as FSB and Enterprise Nation to discuss what further measures can be considered to crack down on late payments while ensuring we strike the right balance and avoid excessive burdens on businesses.

Tina McKenzie, Policy Chair at the Federation of Small Businesses (FSB), said:

This is what real change looks like. Listening to small firms and prioritising action to tear down each and every barrier to growth.

The Business Secretary has clearly recognised the importance of eradicating bad payment culture, which so devastates the UK supplier base and holds back growth. This series of actions today – including the crucial steps being taken to deliver on Jonathan Reynolds’ commitment on audit committees – shows the Government is rightly focused on delivery and working in partnership with the business community.

There will be so many decisions the Government needs to get right, early – an actively pro-small business budget, a good industrial strategy and tackling late payment. Announcing this programme of work today is a huge confidence boost for the small business community and a clear signal the new Government intends to stand up for small firms.

The Small Business Commissioner, Liz Barclay, said:

I am delighted to announce a new Fair Payment Code will be launched this autumn. The new code will reward businesses that treat their suppliers fairly and pay them quickly. It will also include an ambitious new Gold Award which aims to make 30-day payments the new standard for which businesses can aim.

We need sustainable, resilient businesses at all levels of the supply chains, to achieve the growth the economy needs. That means paying everyone from the largest supplier to the sole trader quicker, so they have the confidence to invest, improve productivity and grow. Fair payment terms and on time payments are the key.

Steve Hare, CEO of Sage, said:

Late payments continue to challenge small and medium-sized businesses, affecting cash flow and growth. The UK Government’s new measures are all positive and show a strong commitment to addressing this issue. We must also focus on technological solutions. E-invoicing, for instance, already used in other countries, reduces late payments by 20% and processing times by 44%, saving small companies an average of £11,300 annually.

Oliver Lloyd-Taylor, Founder of Black Milk, which has a Manchester-based café and sells award-winning pistachio & hazelnut spreads, said:

As a company we have experienced firsthand the sequential impact of late payments to our daily cash flow – which has, at times, lead us to be late with payments ourselves. We welcome the steps that the Government is making today to help protect small businesses, especially safeguarding them from larger businesses being able to utilise smaller businesses as an overdraft facility.”

 Kenny Goodman, co-founder of drinks company Hip Pop said:

Late payments can significantly impact small businesses like ours, especially when it comes to maintaining strong relationships with our suppliers. When we’re paid on time, we can ensure we do the same for those we work with, which is vital to keeping everything running smoothly.

Terry Corby, Founder & CEO of campaign group Good Business Pays said:

On the same day that Good Business Pays published our Autumn 2024 Watchlist of Late & Slow Paying companies, it’s encouraging to see these new late payment measures being announced.

Only reputational pressure from organisations like Good Business Pays, supported with appropriate legislation and enforcement from government, will force a change in late payment behaviour. These new measures announced today will go some way to help drive that culture change.

The press release issued by the Department for Business and Trade on 18 September 2024.

The organisation will use the business community’s influence to engage on trade policy, and reducing barriers to entry to increase Trade and Investment.

The British Chamber of Commerce, which is currently operational in a number of other African countries, will be a catalyst for business success by providing a range of business support and trade promotion services. From networking opportunities, business advocacy, educational seminars and exclusive members benefits, the Chamber is dedicated to helping UK businesses in Uganda of all sizes to prosper.

The Chamber of Commerce’s main objective is to promote better trade links between the UK and Uganda and increase trade and investment. The UK private sector is a major investor in Uganda’s development and has the knowledge, experience to help drive Uganda’s economic growth. The UK always strives to be at the forefront of delivering quality products and services, shaping policy, and providing technology advancement, especially in the climate, energy, agriculture, infrastructure, healthcare sectors.

The British Chamber of Commerce will be a powerful tool that will drive our relationship forward and build a better future for both countries.

The launch event was held at the British High Commissioner’s residence and brought together business leaders, government officials and community members to witness the start of an exciting journey. Attendees had the opportunity to network, learn more about the benefits of becoming a member and heard from distinguished speakers including Henry Musasizi, Minister of State for General Duties who was the Guest of Honour.

H.E. Kate Airey OBE, the British High Commissioner to Uganda said:

As the economy and investment environment became more difficult, we need to strengthen our community in order to succeed. That is why I am delighted to be launching the British Chamber of Commerce Uganda, which will help all of us. Individually our voice is small, but collectively, we can partner to support Uganda’s growth. The UK private sector has invested billions into Uganda’s economy, but our collective brand should be stronger. Having a chamber will give us the platform to strengthen the relationship between the UK and Uganda.

Sanjay Rughani, CEO of Standard Chartered Bank and Founding Member of the BCCU said:

I am very pleased to be launching the British Chamber of Commerce Uganda as one if its founding members… We want to be the trusted voice of British business in Uganda, advocating for our members’ interests, facilitating networking and collaboration, and contributing to economic prosperity of both nations.

Henry Musasizi, the Minister of State for General Duties said:

The British Chamber of Commerce provides an excellent business eco-system that provides a unique opportunity for connecting several businesses and brands in both Uganda and the UK.

Our government, under the steadfast stewardship of H.E. President Museveni has consistently, both in terms policy direction and action, emphasized the importance of attracting both trade and investment as key drivers for advancing socio-economic transformation in Uganda. The UK as a Development partner will play a critical role in terms of trade, investment and technical expertise.

Members of the British Chamber of Commerce will have access to exclusive benefits including:

• connections to government and private sector organisations in the UK and Uganda
• invitations to networking events
• briefings and forums on topical issues
• access to trade delegations supported by the Chamber
• access to information released by the other British Chambers of Commerce around the world,
• invitations to events in London hosted by the British Chambers of Commerce Headquarters

Membership fees start at $650 per annum. There are 3 tiers of membership, plus an additional higher tier only available in the first year.

The criteria for membership includes:

• British companies
• a company with British directors or shareholders
• any Ugandan company doing business with or in partnership with a UK company

The press release issued by the Department for Business and Trade on 18 September 2024.

UK Trade Minister signs trade pact designed to boost trade and investment with Thailand and open the country up to British businesses.

• UK seals ambitious Enhanced Trade Partnership (ETP) designed to boost trade and investment with Thailand
• Pact will help create opportunities for UK businesses in the country, which is the second-largest economy in Southeast Asia
• News comes as UK auto industry set to save millions exporting cars to Thailand after rules around emissions testing changed

The UK and Thailand will today [18 September] put pen to paper on an Enhanced Trade Partnership to boost trade and investment between the two countries.

Trade Minister Douglas Alexander will sign the pact alongside Thai Commerce Minister Pichai Naripthaphan in Bangkok this morning as part of his first visit to Asia since being appointed in July.

Thailand is the second-biggest economy in Southeast Asia and trade between the UK and Thailand is already worth £5.9 billion a year. The Thai economy is rapidly growing and its middle class is expected to more than double to almost 14 million by 2030, creating huge opportunities for UK businesses to tap into.

The new partnership signed today is designed to help the Government achieve its driving mission to grow the economy by boosting sales and investment in priority sectors such as automotive, tourism, investment, digital trade, financial services, education, and many more. The pact also commits both sides to identifying opportunities that could be delivered through a potential future UK-Thailand Free Trade Agreement.

Following the signing, Minister of State for Trade Policy Douglas Alexander said:

Thailand’s growth is something the UK can and should be capitalising on.

This Partnership will bring our two countries closer together and help British businesses sell to Thailand, supporting jobs and growth around the country.

It follows a string of changes which have made it easier for UK companies to sell to the Thai market.

This includes an agreement on vehicle emissions testing which saw Thailand accept the UK’s testing standards and waive the need for cars to be re-tested at Thai standards.  Re-testing was time-consuming and expensive and its removal could save UK car manufacturers millions of pounds. A similar agreement is now being progressed for British motorbike manufacturers.

The UK and Thailand also recently also made it much simpler for Thai companies to import UK food and drink – from chocolate and cheese to soft drinks and frozen foods. They can now submit conformity documentation by email instead of the time-consuming process of getting paperwork physically stamped by the British Embassy. Removing this barrier will be worth around £40m-£70m to UK businesses over five years.

During his first visit to the region, Minister Alexander will also travel to Laos to attend the 56th ASEAN Economic Ministers Meeting. He will use the visit to speak to partners from across the region about the new government’s plans for trade and how this will support the government’s mission to drive growth throughout the economy.

Surendra Rosha, Group Executive of the HSBC Group and Co-Chief Executive of HSBC Asia-Pacific, said:

The growing trade and investment synergies between the United Kingdom and the Association of Southeast Asian Nations are drawing increased interest from the global investment community.

As one of ASEAN’s largest international banks, with a footprint in the UK and six ASEAN member markets, HSBC is committed to supporting His Majesty’s Government in working with ASEAN governments to enhance economic integration and upgrade financial services.

Debra Crew, Chief Executive, Diageo PLC, said:

ASEAN is one of the world’s most vibrant and dynamic regions, full of opportunity for Scotch Whisky. We warmly welcome the UK’s participation in the Asian Economic Dialogue and the new Enhanced Trade Partnership with Thailand which will boost trade and investment in this important region.

We hope this enhanced partnership will be the first step towards resolving costly trade barriers, such as those affecting Scotch Whisky.

Pulkit Abrol, Managing Director, Asia Pacific, ACCA, said:

With 88 years in Southeast Asia, ACCA members have been integral to the region’s growth, benefiting from the strong UK-ASEAN trade relationship.

This partnership, centred on talent mobility, sustainability, and digital trade, creates opportunities for ACCA members to thrive across all sectors in both established and emerging markets.

We welcome the establishment of the UK-Thailand Enhanced Trade Partnership as a further, integrative step towards deepening trade and mobility.

Notes to editors:

• Aggregate figures on the valuation of resolved barriers are based on DBT analysis of specific market access barriers using the methodologies set out in the DBT statistical publication. To calculate the aggregate figures, the mid-point for each valuation range is added to provide a central estimate. Further details on the methodology for the aggregate valuation figures are published in a DBT analytical working paper.

The press release issued by the Department for Business and Trade on 17 September 2024.

His Majesty’s Trade Commissioner for Africa, John Humphrey, visited Egypt for the first time this week to enhance UK-Egypt trade and investment co-operation, focusing on green transition, tourism, aviation and core infrastructure.

During his week-long visit, John Humphrey met key ministers across the Egyptian Government, including Minister of Foreign Affairs, Emigration and Egyptian Expatriates, H.E Badr Abdelatty and Minister of Trade and Investment, HE Hassan El-Khatib, where they discussed ways of strengthening the UK-Egypt £4.7 billion trade and investment relationship to support economic prosperity for both countries.

Additionally, Mr Humphrey met Minister of Tourism, HE Sherif Fathy, and reaffirmed the UK’s commitment to help Egypt meet its ambitious tourism targets, through commercial flight routes, such as the recently announced Liverpool to Luxor route, and targeting UK trade and investment to improve the tourist experience.

Mr Humphrey also met Minister of Civil Aviation, Pilot Sameh El-Hefny to discuss strengthening bilateral co-operation on the development and operation of Egyptian airports, including welcoming EgyptAir’s recent order of 10 new Airbus aircraft designed for efficiency and reduced emissions.

Finally, Mr Humphrey had the opportunity to attend Egypt’s International Airshow at El-Alamein International Airport and visit the MCV factory to see CEO Karim Ghabbour, and some of the trademark double deck London buses that assembled here and exported to the UK.

The visit to Egypt follows a business delegation of 31 UK companies who visited in June this year to build future trade partnerships and investment deals. This important delegation met with senior Egyptian government officials and conducted 250 business to business meetings with Egyptian counterparts.

Building on the trade ties strengthened by Mr Humphrey’s visit, an Egyptian business delegation led by the British Egyptian Business Association (BEBA), will visit the UK from the 18th to the 20th of September to unlock investment opportunities in Egypt.

The event will be attended by: HE Ahmed Kouchouk, Minister of Finance; HE Hassan El Khateeb, Minister of Investment; HE Walid Gamal El Din Chairman of the SCEZ; HE Dr Mohamed Farid, Chairman of FRA; HE  Rami Aboul Naga Deputy Governor of the Central bank and HE Khaled Abass Chairman of the New Capital. The event will also highlight the Egyptian government’s efforts in attracting investment and accelerating private sector growth, while modernising regulations across key sectors like energy, infrastructure, manufacturing and finance.

Reflecting on his visit, John Humphrey said:

It’s a great pleasure to be in Egypt looking into potential opportunities to boost the UK-Egypt trade and investment relationship. The highlights include an exciting visit to the new El-Alamein City, one of the 37 planned new cities in Egypt, which serves as a tangible example of how these kinds of plans can become a reality.  It is a perfect illustration of why thousands of UK tourists flock to Egypt every year, to witness its beautiful beaches and wonderful climate.

The UK Department for Business and Trade (DBT) and UK Export Finance (UKEF) work hand in glove in Egypt, and UKEF has £2 billion available for projects in all sectors, including those that harness Egypt’s incredible potential to become a renewable energy superpower and to build sustainable cities.

British Ambassador to Egypt, Gareth Bayley, added:

The UK is committed to a growing and prosperous UK-Egypt trade and investment partnership, especially in the areas of renewable energy, tourism and core infrastructure.  Our strong bilateral trade relationship is valued at £4.7 billion annually, and the UK is one of Egypt’s largest foreign direct investors. His Majesty’s Trade Commissioner for Africa’s recent visit demonstrates the growing opportunities found here, especially with. Egypt’s strategic position as a gateway into Africa. I believe the future of trade and investment between our two countries has huge potential.

The press release issued by the Department for Business and Trade on 17 September 2024.

The government has announced £88 million of funding has been awarded to 46 innovative projects that will help boost zero emission vehicle tech.

• New industry and government funding announced to boost zero emission vehicle tech, creating jobs and helping deliver long-term economic growth.
• Over 40 cutting edge projects across five competitions include next generation battery-electric bus and developing electric trucks for the Royal Mail and NHS.
• Minister for Industry and Decarbonisation Sarah Jones will visit two successful projects to reiterate the government’s support for the auto industry and net zero transition.

Dozens of cutting-edge, green vehicle technology projects including ultra-lightweight vehicles, zero emission buses and new battery technology are set to benefit from £88 million of joint funding to take the UK a step closer to net zero.

Today [Tuesday 17 September], Minister for Industry and Decarbonisation Sarah Jones will visit Surrey to announce that £88 million of joint industry and government funding has been awarded to 46 innovative projects, including the development of electric trucks for the NHS and Royal Mail, e-motorcycles and wireless charging solutions.

This funding is an important vote of confidence in the UK’s automotive industry, creating thousands of green, skilled jobs up and down the country as the government continues to deliver its mission to get Britain moving and grow the economy for all.

The Minister will visit two successful applicants in the government-supported Advanced Propulsion Centre UK’s (APC) Collaborative R&D competition, Protean Electric and Gordon Murray Group.

Protean Electric is working to bring to market new, UK-developed, power-electronics products and Gordon Murray Group is developing an ultra-lightweight vehicle platform for future vehicles. These are key technologies that underpin the UK’s transition to future zero emission vehicles.

Total investment in their projects is £22.5 million, including a government grant of £11 million. Both projects combined are estimated to save nearly 13 million tonnes of CO2, while safeguarding and creating nearly 1,000 jobs.

Minister for Industry and Decarbonisation Sarah Jones said:

Labour is committed to boosting the jewel in the crown of our manufacturing base – the automotive industry. Working in partnership with industry this funding will drive innovation and propel the development of next generation zero emission vehicle technologies.

From Royal Mail trucks delivering our post, to cleaner, greener bus journeys, this funding will back projects that will lower emissions across the country, while also supporting skilled jobs.

Andrew Whitehead, Chief Executive Officer of Protean Electric, said:

We are thrilled that project PULSE has been selected by the APC and the new Government, as it supports Protean to continue to lead electric vehicle innovation from our UK development centre. Protean’s state-of-the-art in-wheel motors are a key solution to improve range, user experience and most importantly affordability of electric vehicles.

We are delighted to welcome Minister Jones and would like to thank her for the new Government’s continued commitment towards net-zero, and look forward to engaging further on these topics in the future.”

Jean-Philippe Launberg, Gordon Murray Group Strategy & Business Director, said:

The Gordon Murray Group and our R&D partners feel privileged to receive – through Innovate UK and APC – Government support for the M-LightEn Project and be trusted with the development and industrialisation of leading-edge technologies to make cars significantly more energy efficient to build and run, contributing to the UK’s decarbonisation. Furthermore, the extra lightweighting we will unlock through M-LightEn directly enhances the already legendary dynamics of our cars. It’s Driving Perfection … taken to the next level.

This joint industry and government funding has been awarded through the APC, helping to unlock further private investment into developing cutting edge zero emission technologies for the automotive sector. £44.5 million of this investment has been provided by government and is backed by a further £43.5 million from the automotive industry.

Other successful projects, across five competitions, include eight collaborative R&D projects, seven Automotive Transformation Fund (ATF) Feasibility Studies looking into battery and motor technologies, 11 projects aiming to rapidly develop automotive products, 14 micro-businesses, SMEs and start-ups specialising in zero emission technologies which tackle transport decarbonisation and 6 projects exploring zero tailpipe emission vehicle technologies within the niche vehicle sector.

Ian Constance, Chief Executive Officer APC, said:

Congratulations to all the companies awarded funding in this latest round of competitions facilitated by the Department for Business and Trade and industry via the APC. From collaborative projects to further advance the UK’s excellence in automotive production, to fast-start demonstrators delivering cutting-edge technology in a short period of time, through to our award-winning SME programme, it’s important we continue to show that the automotive sector is vital to the country’s net-zero goals and future economic growth, further evidencing that the UK is a highly investable opportunity

A report from the Faraday Institution (FI) published today predicts that by 2030, the UK will need battery capacity of around 110 GWh per annum, the equivalent of six gigafactories. Recent gigafactory announcements in the UK by AESC and Tata Group have built excitement about the potential to create a new, dynamic and highly skilled battery industry in the UK.

The FI predicts that 270,000 UK jobs could be supported by the EV and battery industry to 2040. The UK’s ambitious approach to the zero emission vehicle transition resulted in over £20bn of private sector investment commitments in the UK automotive sector in 2023 and this sector will play a key role in supporting long-term growth.

The government continues to work with investors through the ATF to progress plans to build a globally competitive electric vehicle supply chain in the UK, and this includes unlocking private investment in gigafactories.

This government’s mission is to create a strong, stable and pro-business economy, with the UK remaining an attractive destination for investment for the automotive industry.

Our new industrial strategy and International Investment Summit will deliver long-term, sustainable, inclusive growth right across the UK by driving investment into our economy and will play a key role to maintain the highest sustained growth in the G7.

Notes to Editors:

The difference in government and industry funding is due to a higher intervention rate in the grant funding for the SMEs supported through the TDAP programme.

APC Collaborative R&D (APC25) projects led by:

The latest in R&D collaborative support via the APC R&D competitions – worth £60 million – aims to raise economic growth, projected to create or safeguard over 3,500 green jobs, and reduce CO2 in the manufacturing and usage of zero-emission vehicles.

Sarginsons Industries: Revolutionising the global aluminium casting industry with faster development of lighter and more sustainable cast solutions.

Microchip Technology Caldicot: Developing high-efficiency power modules for next-generation inverter systems and addressing key gaps in the UK’s power electronics supply chain.

JLR: Developing a growing UK supply-chain, enabling high-volume application of lightweight and circular composite technologies for the automotive industry.

Ford Motor Company: Focusing on the development, pilot, and industrialisation of e-sheet, stamping, and lamination.

Protean Electric: Delivering revolutionary EV technologies combined with new UK manufacturing capabilities for power-electronics products.

European Metal Recycling: Transforming the UK aluminium supply chain through the creation of up-to 100% post-consumer scrap recycled extrusions for use in the automotive industry.

Gordon Murray Group: Developing a production-ready, ultra-lightweight, low CO2, monocoque architecture and solutions for a portfolio of class-leading future vehicles.

Cummins: Developing a digital analysis tool to enable the design of highly reliable and durable components used in hydrogen-fuelled powertrains.

Advanced Route to Market Demonstrator (ARMD3) projects:

£9.1 million of government grant funding has also been awarded to 11 fast-track projects funded through APC’s third Advanced Route to Market Demonstrator competition (ARMD3), which aims to rapidly develop automotive products with a clear route to market.

Metier Technologies: Developing innovative subsystems for onboard hydrogen fuel systems, accelerating zero-emission vehicle adoption with reduced cost, improved reliability and quality.

Altilium Metals: Delivering a carbon reduction technology in BEVs, through production and validation of battery cells containing materials recovered from battery waste.

Ram Innovations: Demonstrating highly efficient power electronics systems and sub-systems utilising GaN (gallium nitride) devices with improved efficiency and enhanced thermal performance.

Equipmake: Creating a novel ‘daisy chain’ energy management system to enable firefighting with fully battery-electric fire engines.

Botanic Energy: Replacing diesel-driven refrigeration with energy-efficient thermoelectric systems, for Sainsburys to offer last-mile delivery with zero-emission refrigerated vehicles.

MAGTEC: Prototyping next-generation drivelines for electric trucks to be trialled by NHS Wales and Royal Mail.

Renewable Metals UK: Recovering critical materials from battery waste, cutting costs and boosting sustainability with novel alkali-based hydrometallurgy.

Intelligent Energy: Building a 200kW+ regulated voltage output fuel-cell system designed for heavy-duty vehicles.

Triumph Motorcycles: Establishing a second-generation Triumph electric motorcycle software platform and supply chain to offer riders a distinctive feel, style & character.

Zircotec: Developing and testing ceramic coatings for lightweight battery enclosures to improve thermal and electrical insulation for both vehicle safety and efficiency.

Wrightbus (Bamford Bus Company): Delivering an innovative, next-generation, lightweight and energy-efficient battery-electric bus demonstrator, showcasing UK engineering talent on a world-wide scale.

Technology Developer Accelerator Programme (TDAP) projects:

The Technology Developer Accelerator Programme (TDAP) has awarded over £2.3 million in government grant funding to 14 companies specialising in zero-emission technologies which tackle transport decarbonisation.

Battery Minerals: Battery Minerals’ mission is to help deliver a circular battery supply chain by improving the economics of mineral extraction for battery waste.

DeepForm: DeepForm Ltd is introducing a novel, patented, sheet metal pressing technology that can significantly reduce the high levels of waste in automotive pressings, reducing cost and CO2 emissions.

Electric Green: Electric Green Limited is developing smart wireless charging solutions which allow electric vehicles to charge without plugging in a cable.

Enough Energy: Enough Energy aims to support the shift to renewables through developing innovative energy storage solutions, leveraging the best and latest technologies available.

FLIT: FLIT develops lightweight folding e-bikes for urban commuters with a mission to build e-bikes that are so useful that even people who don’t ride bikes will want one.

Generational Technologies: Generational is an innovative software company that provides battery assessments and performance monitoring for electric vehicles.

IONETIC: IONETIC is a battery pack technology company, developing a one-stop solution, empowering all OEMs to create excellent electric vehicles, with the correct economics and performance.

Molyon: Molyon, is developing its patented cathode solution which enables next generation high energy density batteries. Molyon’s efforts in lithium-sulfur batteries have shown twice the energy density of lithium-ion batteries on the market, all whilst using more sustainable and low-cost materials.

NiTech Solutions: NiTech Solutions is a UK based business aiming to be at the forefront in transforming the chemical processing industry through developing advanced manufacturing solutions for chemical production in the 21st Century.

Polaron: Polaron is accelerating the design of advanced materials with generative AI.

Raeon: Raeon is aiming to disrupt the custom battery market by offering a 10x reduction in development cost and lead time for application-optimised, ‘any shape’ batteries.

TaiSan: TaiSan is developing novel quasi-solid-state sodium batteries with proprietary IP in electrolyte and anode materials to reach high energy density.

Tribol Braking: Tribol Braking brings revolutionary, patented approaches to manufacturing high performance composite braking components for the automotive sector that are lighter, and last longer. Tribol has developed a full-Composite-Brake-Pad (CBP) using polymer composites, such as carbon fibre, in place of steel in automotive brake pads.

TUAL Technology: TUAL is an innovator in electric commercial vehicle charging solutions, working with enterprise customers across Europe to deliver technology that transforms productivity, profitability and utilisation.

Automotive Transformation Fund Feasibility Study (FS5) projects:

Seven projects will also receive a government investment of £2.3 million through the fifth round of Automotive Transformation Fund (ATF) Feasibility Studies with the aim to electrify Britain’s automotive sector and protect its competitiveness in the global market.

Anaphite: The study will produce an investment case for the commercialisation and scale up of Anaphite’s innovative dry coating precursor technology. Dry coating of battery electrodes is less energy intensive than traditional wet coatings and more efficient.

Imerys British Lithium Limited (IBL): Validation of commercial opportunities for large-scale lithium production in the UK, using IBL’s highly sustainable, novel method of extracting high-purity lithium from micaceous granite.

Talga Anode: UK-RELOAD aims to validate the case to establish an innovative lithium-ion battery anode manufacturing plant in the UK designed to support the circular economy by extracting and repurposing recycled graphite from used batteries and battery-production scrap to use in new battery production.

Altilium: The validation and commercialisation of a new UK greenfield site capable of processing 90,000 tpa of end-of-life EV lithium-ion batteries, gigafactory scrap and electronic waste, enabling 30,000 tpa of cathode active materials to be recovered and supplied back into the EV battery industry by 2028.

Nyobolt: Validation of high-volume production for Nyobolt’s proprietary anode material. Establishing this capacity in the UK would represent a key piece of the UK’s automotive battery supply chain and enable the commercialisation of Nyobolt’s ultra-fast-charging battery technology, capable of reducing vehicle charging from hours to minutes.

FluoRok: Development of a detailed business plan to support future investment in a new UK-based manufacturing unit for LiPF6, a key material in the Li-ion battery chemical supply chain.

Electrified Automation:  Project EARTH (Electrified Automated motor Range in Traction & Hydraulic systems) aims to expand existing product offerings to ensure compatibility with a range of EDU components. The successful project will enable continued growth in the off-highway market and see substantial investment into UK manufacturing facilities.

Niche Vehicle Network (NVN) projects:

The Niche Vehicle Network (NVN) has also awarded over £1 million in government grant funding to 6 UK SMEs and their suppliers to bring innovative technologies from demonstration through to production readiness in a compressed timescale.

Muon Tech Ltd: Muon Tech is bringing to market the VXM-35, an integrated electric drive and vehicle control unit, which is designed to fit tight packaging volumes with high levels of functional safety, reliability and functionality.

Carbon Threesixty Ltd: The Hi-DEN Gen2 project will develop the design, manufacturing, integration and testing of a conformable hydrogen storage solution to meet the growing demand of Fuel Cell Electric Vehicles (FCEVs) and help the UK reach its net zero targets by 2050.

Bomobility Ltd: The Boped Proof of Concept seeks to create a fully functional demonstrator vehicle for a new and innovative omni-category lightweight e-motorcycle, aiming to enable the niche production of highly optimised vehicles for specific use-cases.

Raeon: Raeon’s proprietary resin encapsulation technology aims to reduce the cost and lead time of custom battery development by 10x, making bespoke high-performance custom battery solutions accessible for the most commercially sensitive applications.

Quattro Plant Ltd: Quattro Plant is leading developers in the field of up-cycled off-highway vehicles converting internal combustion engine machines to battery powertrains.

FR 8 Technology Ltd: This project will produce a static demonstrator 16 tonne rigid delivery vehicle with a low floor, providing direct access for unloading from the truck to the footpath.

The press release issued by the Department for Business and Trade on 16 September 2024.

• Trade Secretary Jonathan Reynolds and Trade Policy Minister Douglas Alexander choose the Gulf for first joint international visit since election
• Trade deal with the Gulf part of Government drive to deliver economic growth
• Ministers to showcase UK as exciting and innovative investment destination ahead of International Investment Summit next month

UK Ministers are in the Gulf this week on a joint visit to boost trade and investment, one month out from the International Investment Summit.

Trade Secretary Jonathan Reynolds and Trade Policy Minister Douglas Alexander will meet counterparts in the Gulf Cooperation Council (GCC) today [Mon 16 September] in Riyadh to discuss how to grow the UK economy by boosting trade with the region.

The GCC is made up of six countries – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). The UK’s trade relationship with the group is already worth £57 billion.

Government announced in July it plans to deliver a high-quality trade deal with the bloc, along with other countries including India, Switzerland and South Korea.

A GCC trade deal could boost the UK economy by £1.6 billion in the long run, while allowing UK companies to take advantage of this booming market and giving British consumers access to more high-quality goods and services. Ministers will emphasise to GCC leaders that securing the deal is a top priority for the UK.

Business and Trade Secretary Jonathan Reynolds said:

“Economic growth is this government’s driving mission and boosting trade and investment with some of the world’s biggest economies is crucial to that.

“I want to see a high-quality trade deal that supports jobs, helps UK companies sell their products to the region and increases choice for consumers – so it’s great to be here to discuss exactly that.”

Ahead of the International Investment Summit on 14 October, the Trade Secretary and Minister will make clear that Britain is back as a prime investment destination. They will highlight the UK’s expertise as a world leader across a wide variety of industries including technology, life sciences, creative industries, financial services and renewable energy.

The GCC has long been a valued investment partner for the UK, with a £19 billion strong investment relationship as of 2021. A new trade deal will boost that even further.

Following his visit to Riyadh, Minister Alexander will travel onto Oman to meet counterparts, including the Minister of Commerce, and some of the UK businesses who are already enjoying great success in the country.

Trade Policy Minister Douglas Alexander said:

“We are excited about the opportunities this vibrant region has to offer UK business and consumers.

“We want our trading partners in the Gulf and around the world to know that the UK is open for business and keen to negotiate trade deals that help businesses across sectors and all parts of the UK to prosper.”

According to Oman’s official data, the UK accounts for more than half of the entire foreign direct investment in Oman creating jobs and opportunities on both sides.

Oman is a valued investor in the UK in turn, signing major deals in areas like green energy with UK companies.

British investment in the Gulf also supports thousands of jobs back in the UK. Across the Middle East and particularly in Saudi Arabia, UK Export Finance (UKEF) is providing British businesses with the resources they need to win contracts abroad.

One example is Kiverco, a Northern Ireland-based family business which designs, manufactures and installs recycling plants globally. Through a £350,000 export insurance package from UKEF, they recently announced taking on multimillion pound contracts to export recycling machinery to Saudi Arabia, supporting over 100 UK jobs and the Saudi Vision 2040 goal of diverting 90% of waste away from landfills.

Adam Gagen, Global Head of Government Affairs at Revolut, said:

“We see the UK GCC FTA as a potential game changer for fintechs, enabling UK companies to expand into the fast-growing region whilst also making the UK the natural place for the innovative companies emerging across the Gulf to begin to go global.

“The GCC and the UK are leading the way in a number of key areas – notably open banking, AI and blockchain – and an FTA can only serve to reinforce cooperation and supercharge growth.”

Adam Sopher, Co-Founder & CEO for Joe & Seph’s said:

“We see our recent £1m annual contract in the region as a game changer for Joe & Seph’s, a fast growing, family business which manufactures gourmet popcorn in a range of over 70 flavours.

“This contract will enable us to expand into this fast-growing region while supporting over 70 UK-based jobs. Our collaboration with our International Trade Advisor and DBT support at GulFoods has been instrumental in this success.”

The press release issued by the Department for Business and Trade on 11 September 2024.

In the latest series of meetings on the Make Work Pay plan, the Deputy Prime Minister Angela Rayner and Business Secretary Jonathan Reynolds will today [Wednesday 11 September] host a Small Business Breakfast in Downing Street to discuss the upcoming legislation.

Ministers are reaching all parts of the business community – large and small, and across a range of sectors – to discuss the government’s plans to Make Work Pay. It follows a meeting last week with leading businesses including John Lewis, Sainsbury’s and McDonalds to discuss the Bill.

This meeting will be an opportunity for Ministers to set out the ambition for the Employment Rights Bill and wider Make Work Pay programme, which will modernise the world of work by ending exploitative zero-hour contracts, extending day one employment protections on unfair dismissal and delivering a genuine living wage.

Ministers will update small businesses on the progress made so far and what to expect over the coming weeks and months, and ministers are also expected to reassure small business leaders that they will be heard loud and clear.

The Business Secretary and Deputy Prime Minister will continue to have engagements with businesses of all sizes, industry representatives and trade unions with increasing frequency, up to and beyond the introduction of the Employment Rights Bill.

The UK currently has one of the least protected labour markets compared to our international partners which is why we are working with business and civil society to deliver meaningful reforms that will transform the world of work and benefit businesses of all sizes.

We are committed to delivering our plan for small businesses which includes reforming outdated business rates, tackling the scourge of late payments, getting more small firms exporting around the world, boosting access to finance and re-vitalising our high streets to support small businesses to thrive.

Deputy Prime Minister Angela Rayner said:

We have so many brilliant small businesses across the country which are the lifeblood of our economy and provide opportunities for so many.

Delivering our plan to Make Work Pay means working with employers to modernise the world of work. That’s why coming together to hear their views is so important, so we can implement the plan together in partnership and make it a success.

Business Secretary Jonathan Reynolds said:

Small businesses across the UK make a huge contribution the economy and our communities – and we value the perspective they bring to the Make Work Pay Plan.

Small business owners don’t always face the same challenges as big business, so it is vital we talk to them directly on policies that will impact them to ensure their feedback helps shape our plan, so we can boost productivity and create the right conditions for their businesses to grow.

List of attendees:

• Tina McKenzie – Policy Chair, FSB
• Shevaun Haviland – Director General, BCC
• Carly Canning – Founder, Happy Business School
• David Hudson – Founder, The HR Dept
• Kirsty Davies- Chinnock – Managing Director, Professional Polishing Services Ltd
• Roxanne Goodman – Founder, Female Founder Finance
• Chris Goodfellow – Managing Director, Inkwell
• Ian MacLean – Managing Director, John Smedley
• Jane O’Riordan – Chair, Caravan Restaurants
• Nick Mackenzie – CEO, Greene King
• Andrew Phillips – Managing Director, Carreg Construction
• Ruaridh Hesketh – Founder, Galloway Lodge
• Ben Knowles – CEO, Pedal Me
• Clive Price – Manager, Barons Pubs

The press release issued by the Department for Business and Trade on 11 September 2024.

The government has announced a new, improved Port Talbot deal for workers which has been agreed with Tata Steel and Trade Unions.

• Negotiations deliver improved redundancy terms and a skills package for employees who want to earn whilst they retrain
• Commitment from Tata Steel to work with the Government to evaluate future investment opportunities
• Government to publish a Steel Strategy next Spring, developed with industry, to ensure bright and sustainable future for UK steelmaking

The workers of Port Talbot are set to get a better deal after co-operative negotiations between Tata Steel and Trade Unions – marking a new, grown-up era in industrial relations.

The new and improved deal goes much further than the previous government’s agreement – delivering a minimum voluntary redundancy payout of £15,000 for full-time employees plus a £5000 ‘retention’ payment and offering paid-for training to give workers a steady income and upskill them for the jobs of the future.

Business and Trade Secretary Jonathan Reynolds said:

Port Talbot has always been and will always be a steelmaking town. This deal does what previous deals failed to do – give hope for the future of steelmaking in South Wales.

Steel is fundamental to the UK’s economy, sovereignty, and communities, but previous government inaction has blighted the steelmaking industry. That’s why this Government is taking strong action through a new deal and strategy which will reverse the industry’s stagnation and set out a long-term vision for a bright and sustainable future.

We know that a cleaner, greener future for UK steelmaking is vital to the industry’s long-term economic stability. The road ahead is not without its challenges but our steel strategy will set forth a positive vision for the future of the industry, backed by our manifesto commitment to £3 billion of government investment.

Under the new deal:

• Alongside making the largest investment in the UK steel industry in decades, Tata Steel has also committed to work with the government to evaluate new investments in steel.
• Tata will offer staff at risk of compulsory redundancy a comprehensive training programme as an alternative, providing recognised qualifications in sought-after skills.
• Employees on this training programme will be on full pay for the first month and £27,000 per annum for 11 months following. These salary costs will be funded by Tata Steel, which also anticipates that at least 500 new jobs will be created to support the construction of the Electric Arc Furnace.
• A minimum redundancy payment of £15,000 pro-rota plus a ‘retention’ payment of £5,000 will be received by employees leaving the business. The Business and Trade Secretary stressed the need to reduce compulsory redundancies where possible, and 2,000 staff members have expressed interest in voluntary redundancy under this deal.
• Tata has offered its most generous voluntary redundancy package ever for a restructure of this size. Employees who choose redundancy will be paid 2.8 weeks’ earnings for each year of service, up to a maximum of 25 years.

The new deal will come at no additional cost to taxpayers and the government’s contribution to the construction remains £500 million. Watertight conditions within the grant funding agreement will ensure that the government can claw back investment should Tata Steel not fulfill its commitments. This includes increased penalty payments should the company not retain 5,000 jobs across its UK business post transformation.

The future of Port Talbot and the steel sector is a shared priority of the UK and Welsh governments. The government is taking a new approach to relations with the nations and regions – resetting the relationship with the Welsh Government to one of close partnership that will deliver a prosperous future for steel in Wales.

The Business and Trade Secretary will also announce today that a new strategy for the steel sector will be published in Spring 2025 after consultation with industry and stakeholders.

It follows Tata’s decision in January to close both blast furnaces at its Port Talbot site, putting 2,800 jobs at risk.

In early July, the future of the site was thrown into doubt as the deal threatened to collapse in polling week, which could have led to more serious consequences for the long-term viability of the whole company. The renegotiation, delivered at pace in the government’s first ten weeks, will enable the transformation project to proceed.

The deal with Tata Steel – agreed on Tuesday 10th September in a meeting between the Prime Minister, the Business and Trade Secretary Jonathan Reynolds, Chancellor Rachel Reeves, and Tata’s Chair Natarajan Chandrasekaran – represents only the beginning of government’s ambitions for the industry. It is the start of a bright future that harnesses industrialisation and decarbonisation as pillars for a long-term and clear strategy.

Secretary of State for Wales, Jo Stevens, said:

This improved deal secures the immediate future of Port Talbot steelworks, lays the foundations for future investment, and enhances protections for the workforce across South Wales, all without further cost to the taxpayer.

As well as negotiating a better deal than the previous government, we have already released millions of pounds of funding from the Transition Board to support businesses and workers in Port Talbot and across south Wales.

While this is a very difficult time for Tata workers, their families and the community, this government is determined to support workers and businesses in our Welsh steel industry, whatever happens.

With the help of independent experts, the government will review the viability of technologies for the production of primary steel including Direct Reduced Iron (DRI). More information about the review will follow in due course.

In an oral statement in the House of Commons the Business and Trade Secretary is also expected to commit to using the new Procurement Act to help deliver value for money, economic growth, and social value through public procurements, including for the steel sector.

ENDS

Background

• £2.5 billion of government investment, in addition to the £500 million allocated to Port Talbot, will rebuild the industry and help it decarbonise.
• As part of deal, Tata Steel will also be releasing 385 acres of their site for redevelopment, valuable real estate which will help bring in more companies and employers not just from the steel sector but from a whole host of other industries.
• 500 job roles are expected to be created to construct the Electric Arc Furnace.
• An Electric Arc Furnace uses an electric current to melt scrap steel or iron and produce steel, whereas blast furnaces use coke, a carbon-intensive fuel made from coal to produce steel.
• Tata Steel’s transformation project will reduce the UK’s overall CO2 emissions by around 1.5%.
• The Steel Strategy will examine how the government can increase steel capacity and capability in the UK. It will identify gaps in current capabilities, assessing future UK steel demand and helping to inform investment decisions which will support economic growth.
• Tata Steel will work with HMG to explore the business case for further investment opportunities in upstream and downstream assets, subject to feasibility.

The press release issued by the Department for Business and Trade on 11 September 2024.

The United Kingdom, United States and Australia sign Memorandum of Understanding on Supply Chain Resilience.

On Monday 9 September 2024, the United Kingdom, United States and Australia signed a Memorandum of Understanding (MoU) establishing a new trilateral collaboration that will strengthen strategic cooperation and address risks to critical supply chains.

The MoU includes the establishment of the Australia-United Kingdom-United States Supply Chain Resilience Cooperation Group to cooperate on data sharing and joint action to build resilience in priority supply chains, enhancing our mutual ability to identify and address risks, threats and disruption to our critical supply chains.

The Group will develop an early warning pilot focused on the telecommunications supply chain, essential for our global, digitised economies. By identifying and monitoring disruption risks to the telecommunications supply chain, this pilot will enhance all three countries’ knowledge of the vulnerabilities, criticality and residual risks. It will develop procedures for sharing this information and responding cooperatively to disruptions.

Strengthening critical supply chains is vital for ensuring the stability and resilience needed to meet the UK’s growth mission. This agreement signifies a deepening of the important and historic relationship between the UK, US, and Australia and reinforces our mutual commitment to tackling supply chains challenges.

The press release issued by the Department for Business and Trade on 9 September 2024.

The government has today announced a new independent appeals process for postmasters in the Horizon Shortfall Scheme.

The Government has today [Monday 9 September] announced a new independent appeals process for postmasters in the Horizon Shortfall Scheme.

This will mean postmasters who feel their financial settlement did not reflect the true extent of their losses and trauma will be able to apply for the new independent process, which will be overseen by the Department for Business and Trade.

The Horizon Shortfall Scheme is run by Post Office Limited and funded by the Government who have ultimate oversight of the scheme.

Post Office Minister Gareth Thomas said:

Delivering justice and financial redress to postmasters is my number one priority.

We’ve listened to the independent advisory board and are working at speed to make sure postmasters receive financial redress as fairly and as quickly as possible.

This new appeals process will give postmasters the opportunity to have their settlements independently reviewed by my department.

To date, 2,280 individuals have reached an agreement with the Post Office to settle their claim under the Horizon Shortfall Scheme, with £144m in compensation paid out.

The independent Advisory Board raised concerns that, when the Horizon Shortfall Scheme opened in 2020, some claimants were unable to set out their claim in full. This new appeals process will provide postmasters with the opportunity to have their claim re-assessed with the benefit of new or additional information they can provide.

The Department for Business and Trade will establish this process as quickly as possible and will provide further updates on eligibility and how to apply when the scheme is launched.  We are committed to seeking input from the Advisory Board, postmasters and their representatives in designing the process.

The Horizon Shortfall Scheme is available for postmasters who were not convicted, or part of legal action against the Post Office, but who still suffered considerably due to Horizon failures.

These postmasters have the option to receive a fixed sum payment of £75,000 or choose a full claim assessment route if they believe their losses exceed that amount.

Notes to editors

• As of 30 August 2024, approximately £289 million has been paid to over 2,800 claimants across 4 schemes:
• Horizon Shortfall Scheme (HSS): £144 million
• Group Litigation Order (GLO) Scheme: £87 million total value of all payments including interim payments
• Overturned Convictions (OC): £56 million total value of all payments including further interim payments
• Horizon Convictions Redress Scheme (HCRS): £1 million total value of all payments including interim payments