Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 6 August 2024.

The government has today announced it will repeal the Strikes Act 2023 to get public services back on track and strengthen the rights of working people.

• Minimum Service Levels will be repealed through the Employment Rights Bill, which will be introduced within the first 100 days of the new Government
• Measures which have not resolved a single strike, unduly restrict workers’ rights and undermine good industrial relations to be binned
• Government is committed to getting public services back on track and laying the foundations for a modern economy that Makes Work Pay.

The government has today [Tuesday 6 August] announced it will repeal the Strikes (Minimum Service Levels) Act 2023 to get public services back on track and strengthen the rights of working people.

Industrial action in the NHS alone cost the taxpayer £1.7bn last year with many other sectors also seeing costs and impacts to public services. This is why strong but fair negotiation is key to tackling issues between workers and employers, from low pay to inequality and discrimination.

The Deputy Prime Minister Angela Rayner and Business Secretary Jonathan Reynolds have today [Tuesday 6 August] written to the Government departments with sectors most impacted by strikes Education, Health, Transport, the Home Office, Energy, as well as Welsh and Scottish governments, to give a clear message that this government does not support Minimum Service Levels and intends to repeal the legislation.

They have also written to all 12 metro mayors across the country to start engaging with local employers on this upcoming change, being important partners in resetting relations with these vital sectors.

Deputy Prime Minister Angela Rayner said:

Attempting to clamp down on the fundamental freedom of working people has got us nowhere and this was targeted at sectors who dedicate their lives to serving us all.

That’s why we’re scrapping this pointless law and creating a new partnership between business, trade unions and working people through our New Deal.

Repealing this legislation is the first part of our plan to reset industrial relations so they are fit for a modern economy.”

Business Secretary Jonathan Reynolds said:

We need to get Britain’s economy moving again, deliver growth and the public services which taxpayers deserve.

The Strikes Act has not worked- unbelievably the UK has lost more days due to strike action than France, costing the taxpayer billions of pounds, and these divisive laws haven’t resolved a single strike since they were introduced.

By removing minimum service levels, we will reset industrial relations, so they are based on good faith negotiation and bargaining, ending the chaos and restoring trust in public services. This is about restoring politics as public service ensuring government acts to fix problems not cause them.”

The formal repeal of the previous government’s legislation will form part of the upcoming Employment Rights Bill which will be introduced within the first 100 days of the new Government.

No employer has used minimum service levels, and they have not resolved any strikes- and only inflamed tensions. Companies should continue to look for alternative mechanisms to solve disputes through negotiation.

Relevant ministers in the Department for Health and Social Care, Home Office, Department for Education, Department for Transport and Department for Energy Security and Net Zero have been asked to engage with their relevant employers to inform them that we strongly encourage them to engage in discussion with trade unions, instead of using minimum service levels.

Health and Social Care Secretary, Wes Streeting, said:

This Act failed to resolve devastating strikes which led to cancelled operations and cost the NHS billions.

But this Government engaged meaningfully with the BMA Junior Doctors’ Committee from day one, and agreed an offer in just over three weeks – paving the way to end strikes.

Scrapping minimum service levels marks another significant step in resetting relationships with staff, as we fix the broken health service.”

This comes as the Home Office are writing to the four Border Force trade unions. This letter will confirm the government’s intention to repeal Minimum Service Level legislation and that we will no longer be using border security MSL.

The press release issued by the Department for Business and Trade on 3 August 2024.

The government has announced the date of the International Investment Summit as it drives forward national mission for growth.

• UK will host major International Investment Summit on 14 October 2024 as it drives forward national mission for growth.
• Prime Minister to bring together up to 300 industry leaders to catalyse investment in the UK.
• Chancellor Rachel Reeves and Business and Trade Secretary Jonathan Reynolds will confirm UK is open for business.

The UK will host a major International Investment Summit on 14 October 2024, advancing opportunities for investment and growth across the country.

Economic growth is the government’s top priority, and investment is one of the key pillars of the Chancellor’s growth strategy. The summit will make clear that the UK is “open for business” as the government resets relations with trading partners around the globe and creates a pro-business environment that supports innovation and high-quality jobs at home.

October’s summit will be a celebration of modern Britain and will allow global business leaders to hear directly from the PM and Cabinet ministers on how this government will drive future investment.

It comes as business confidence jumped in July to the highest level shown for eight years. Just last week, leading savings and retirement firm Phoenix Group, and global investment manager Schroders announced they will launch a new private markets investment manager, deploying up to £2.5 billion over three years with an initial commitment of £1 billion – further evidence of investor confidence in the UK.

The UK is also Europe’s leading tech ecosystem, with the highest number of ‘unicorn’ companies in Europe and venture capital investment worth £860 million in 2023 to 2024. This strong economic landscape, with clear growth potential for new technologies, makes the UK an attractive location for investors.

Business and Trade Secretary Jonathan Reynolds said:

Long-term, sustainable and inclusive economic growth is this government’s central mission. That’s why we’re taking immediate steps to increase investment right across the UK, support local skilled jobs and raise living standards in all our communities. Whether it is new film studios, cutting-edge technologies, or green energy, it is clear every part of the UK has the potential to benefit from private sector investment.

The summit is an opportunity to meaningfully engage with the world’s leading businesses and investors, and to continue to build long-term relationships that will drive investment into the UK in the months and years ahead.

The chaos of the last 14 years is no more. Britain is open for business, and we are the investment destination of choice.

Reynolds is also expected to set out to investors that a new level-headed approach on the world stage not only shows how the UK is a mature trading partner but will allow UK businesses to plan for sustained investment and economic growth over the next decade.

As the Chancellor outlined in a speech last month, Treasury analysis shows that had the UK economy grown at the average rate of other OECD economies over the last 13 years, it would have been over £140 billion larger.

Chancellor of the Exchequer Rachel Reeves said:

Growth built on stability, investment and reform is our number one priority and we have moved at speed to fix the foundations of our economy.

In just one month we have launched a National Wealth Fund to catalyse investment in our world-leading green and growth industries, ended the ill-advised ban on onshore wind and reformed a planning system that has frustrated investors for so long.

We are not resting on our laurels as work continues to rebuild Britain. October’s International Investment Summit will showcase Britain is back as a stable place to do business, helping to secure the private investment needed to make every part of our country better off.

The National Wealth Fund will simplify the UK’s fragmented landscape of support for businesses and investors and make transformative investments across the UK.

The summit is a key milestone in the government’s growth mission and will underpin a modern Industrial Strategy. It builds on the UK’s ambition to maintain the highest sustained growth in the G7, working in partnership with the private sector to get the very best out of British industries.

Coming two weeks ahead of the budget, it will build on the UK’s strong reputation as a global trading centre, and ensure investment is at the heart of the UK’s economic vision.

The press release issued by the Department for Business and Trade on 30 July 2024.

In a move to put more money in working people’s pockets, the government has today [Tuesday 30th July] overhauled the remit of the Low Pay Commission (LPC).

• Government takes first step to deliver on the promise of a genuine living wage for working people.
• Ministers overhaul the Low Pay Commission’s remit to factor in the cost of living when recommending minimum wage rates.
• Discriminatory age bands set to be removed so that all adults can benefit as work gets underway on the plan to Make Work Pay.

In a move to put more money in working people’s pockets, the government has today [Tuesday 30th July] overhauled the remit of the Low Pay Commission (LPC).

This will, for the first time, ensure the independent body takes into account the cost of living when it makes future recommendations to government on the minimum wage.

The Business and Trade Secretary Jonathan Reynolds said:

For too long working people have faced the worst of the cost of living crisis, but this Government is taking bold action to address it and make work pay.

The new remit to the LPC is the first of many vital steps we will take to support more people to stay in work and improve living standards.

Our focus remains on putting more money in working people’s pockets and boosting economic growth.

The Business and Trade Secretary and Deputy Prime Minister have also instructed the LPC to narrow the gap between the minimum wage rate for 18–20-year-olds and the National Living Wage. This will be the first step towards achieving a single adult rate.

Chancellor of the Exchequer Rachel Reeves said:

Economic growth is our first mission, and we will do everything we can to ensure good jobs for working people. But for too long, too many people are out of work or not earning enough.

The new LPC remit is an important first step in getting people into work and keeping people in work, essential for growing our economy, rebuilding Britain and making everyone better off.

The advent of the minimum wage has been one of the most effective and successful policy interventions of the last 25 years, and this announcement is the next step in achieving the promise of a genuine living wage for working people.

In addition to the cost of living, the remit of the LPC will continue to also consider the impact on business, competitiveness, the labour market and the wider economy.

TUC General Secretary Paul Nowak said:

Hard work should pay for everyone. These are significant first steps towards making the minimum wage a real living wage and will make a difference to millions. We welcome the Government’s decision to ask the Low Pay Commission to be more ambitious next year and into the future.

We also support the Government’s commitment to ending discriminatory age bands for minimum wage workers. Young people face the same cost of living pressures as other adult workers and will welcome their pay being brought into line.

The Secretary of State and Deputy Prime Minister have written to the Chair of the Low Pay Commission. The letter and the full remit can be found here.

This builds on the Government’s Plan to Make Work Pay, which sets out a significant and ambitious agenda to ensure workplace rights are fit for a modern economy, empower working people and deliver economic growth.

These changes are the first steps in realising the Government’s mission to grow the economy and raise living standards across the country.

Peter Jelkelby, Chief Executive and Chief Sustainability Officer, IKEA UK & Ireland:

People are at the heart of IKEA’s success, and we recognise the challenges they face from inflationary pressures and rises in the cost of living. IKEA are committed to paying a fair, sustainable rate of pay based on the true cost of living and what’s happening in the wider economy.

IKEA has been a proud member of the Living Wage Foundation since 2016 and is the largest accredited retailer. Our business relies on a skilled, engaged, and committed workforce, so ensuring that living wages reflect the true cost of living is a powerful route to providing security and stability for our co-workers and their families.

Emma Jones, CBE, founder and CEO of small business support platform and membership community, Enterprise Nation, said:

Small businesses are the backbone of our economy, and we know they are facing unprecedented pressures. We wholeheartedly support the principle of a living wage for all workers and look forward to continuing to work with the Government to recognise the unique challenges faced by micro-businesses.

We want to create an environment where both businesses and workers can thrive and will continue to advocate for a balanced approach that will ensure the survival, growth and success of small enterprises.

Notes to editor

• The Secretary of State Jonathan Reynolds made a statement to parliament today on the Low Pay Commission remit. See the full Written Ministerial Statement here: https://questions-statements.parliament.uk/written-statements/detail/2024-07-30/hcws43
• The Government sets the minimum wage rates each year following the advice of the LPC. These recommendations are made by the LPC each October – for minimum wage rates to apply from the following April – in line with the parameters set out in the annual remit from the Department for Business and Trade.
• We recognise the importance of providing sufficient notice of changes to the minimum wage, so the timelines remain unchanged in the new remit. We have asked the LPC to report back by the end of October, and the rates will increase in April 2025. Employers and workers alike can be confident that they will have sufficient advance knowledge of next year’s increases.
• The LPC is an internationally renowned, independent body. The Government commends their expertise and diligence in seeking to agree new rate recommendations by consensus, and we fully expect they will strike an appropriate balance.
• The Government continues to support HMRC in their approach of minimum wage enforcement and compliance. In addition to requiring the repayment of arrears and issuing penalties, publicly naming employers who have failed to comply with the law remains an important part of our toolkit.
• This is a core part of the Government’s mission to grow the economy and raise living standards across the country.
• The Plan to Make Work Pay was first announced in the Labour Manifesto here: https://labour.org.uk/updates/stories/a-new-deal-for-working-people/

The press release issued by the Department for Business and Trade on 30 July 2024.

Postmasters whose convictions have been overturned by the Post Office Offences Act can now apply to a new redress scheme.

Postmasters whose convictions have been overturned by the Post Office Offences Act (including that passed by the Scottish Government) can now apply to a new redress scheme.

From today, postmasters are invited to come forward and register for the scheme, known as the Horizon Convictions Redress Scheme (HCRS).  Once eligibility is confirmed the new scheme will provide swift and fair redress, allowing those affected to rebuild their lives.

Many victims have been traumatised by the Post Office Horizon Scandal and this scheme aims to ensure that postmasters receive redress without unnecessary bureaucracy.

Business and Trade Secretary Jonathan Reynolds said:

Postmasters have suffered immeasurably so I hope today’s new redress scheme brings some relief to postmasters who have waited far too long to get back the money that is rightfully theirs.

Any postmaster who thinks they are eligible for this scheme can come forward and register. We know that every case is different, and this government fully supports the right of every postmaster to choose what is best for them.”

Postmasters eligible can either accept a fixed settlement of £600,000 or those who believe their losses exceed that amount can choose a full claim assessment route. This will mean their application will be fully examined by a team of dedicated caseworkers in the Department for Business and Trade.

The scheme will be delivered by the Department for Business and Trade with a key aim of providing as much transparency as possible about how it will operate and how decisions will be taken on redress.  Guidance has been published today which will allow postmasters to see how much redress they may be eligible for and what will be taken into account when assessing applications.

Following Royal Assent of the Post Office Offences Act, hundreds of postmasters had their convictions overturned providing they met the following criteria:

• Prosecutions were brought about by the Post Office or Crown Prosecution Service (or in Northern Ireland, the state prosecutor or the police).
• Offences were carried out in connection with Post Office business between 1996 and 2018.
• Offences were for relevant offences such as theft, fraud and false accounting.
• Offences were against sub-postmasters, their employees, officers, family members or direct employees of the Post Office working in a Post Office that used the Horizon system software.
• The conviction has not been considered by the Court of Appeal

The Department for Business and Trade will work closely with the Ministry of Justice to confirm the eligibility of individuals registering for the scheme and postmasters with overturned convictions will begin to receive written confirmation of their exoneration from the Ministry of Justice from this week.

The letters will also explain how criminal justice agencies will be amending their court and criminal records. If there is insufficient evidence to confirm that a conviction can be quashed, postmasters may receive a request to submit further information.

Lord Chancellor and Secretary of State for Justice Shabana Mahmood, said:

Justice must be a reality, not an ideal. Today we begin putting this into practice by overturning the convictions of the innocent postmasters affected by this inexplicable and unprecedented miscarriage of justice.

I pay tribute to those hard-working men and women for their courage and determination. I am pleased today we can begin to right this wrong and ensure they are quickly and fairly compensated.”

The Government has committed to paying all reasonable legal fees for postmasters’ legal representation to ensure more of their own money is not spent on this appalling scandal.

The independent inquiry continues its work of uncovering the truth behind the Horizon scandal so that the right people can be held to account, and justice can be served.

The press release issued by the Department for Business and Trade on 29 July 2024.

• Trade Secretary Jonathan Reynolds set to deliver trade negotiations with international partners, including the Gulf Cooperation Council and India
• Government will launch new trade strategy to help deliver its growth mission, with UK businesses and economic growth at the centre
• UK was the world’s 4th largest exporter in 2022, with British goods and services in high demand across the globe

Business and Trade Secretary Jonathan Reynolds has announced the Government’s intention to deliver trade talks, starting with the Gulf Cooperation Council, India, Israel, South Korea, Switzerland and Turkey.

The Government is putting economic growth at the heart of everything it does to improve the livelihoods of hardworking British people.

Restarting talks is the first step towards agreeing the high-quality trade deals the UK needs to give businesses access to international markets, boost jobs and deliver that growth.

With exports totalling £855 billion, the UK was the world’s 4th largest exporter in 2022. High-quality British goods and services are admired globally and the Government is committed to using every lever available to help British businesses sell around the world.

FTAs are not the only tool to drive economic growth through trade. The Government also plans to publish a trade strategy which aligns with our industrial strategy, enhances our economic security and supports our net zero ambitions.

Through this trade strategy, resetting our relationship with the EU, supporting more small businesses to export and tearing down unnecessary barriers to trade, jobs and communities will be supported in every part of the UK.

Business and Trade Secretary Jonathan Reynolds said:

Boosting trade abroad is essential to deliver a strong economy at home. That’s why I’ve wasted no time taking stock of progress and getting ready to press on with trade talks with our international partners.

From the Gulf to India, our trade programme is ambitious and plays to the UK’s strengths to give British businesses access to some of the most exciting economies in the world.

Our teams will be entering negotiating rooms as soon as possible, laser-focused on creating new opportunities for UK firms so they can support jobs across the country and deliver the growth we desperately need.

This announcement will kickstart the process of getting negotiators back into the room with counterparts as soon as possible, with the first round of trade talks under the new government expected to take place during the Autumn.

The UK’s trade programme aims to deliver deals that will benefit the UK economy and boost trade with some of the most dynamic economies in the world.

For example, a trade agreement with the Gulf Co-operation Council would be a substantial economic opportunity, with at least £19 billion total already invested in each other’s economies as of 2021. An agreement with the GCC could potentially boost this further, ensuring British companies can make the most of this booming market and British customers get even more choice.

India, with which the UK is negotiating a Free Trade Agreement and Bilateral Investment Treaty, is projected to be the world’s third largest economy by 2027. A trade deal would give UK businesses better access to its burgeoning market of middle-class consumers, projected to grow to over a quarter of a billion consumers by 2050.

It comes after the Foreign Secretary visited India this week to discuss economic and global security.

Chairman of Tata Sons Natarajan Chandrasekaran said:

I am delighted that the new government has moved so quickly to restart trade negotiations with India. As one of the largest international investors in the UK, the Tata Group supports any action that strengthens the British economy. And as two of the world’s greatest trading nations with deep historical ties, India and the UK should be close economic partners, to the benefit of the citizens and businesses of both countries.

CEO of KOC Holding AS Levent Çakıroğlu said:

I believe that the negotiations for a new FTA can foster greater competitiveness, offer business opportunities across various sectors, and will strengthen bilateral trade ties between our two countries.

In the upcoming negotiations, there is room for improvement for both economies in services and investment sectors, but I believe automotive and home appliances business will continue to form the backbone of the trade between Türkiye and the UK in the future.

CEO of Roche Thomas Schinecker said:

Roche welcomes the UK government’s decision to resume talks about a free trade agreement between the United Kingdom and Switzerland. Free trade is essential for economic growth and stability.

Head of Trade Policy at the British Chambers of Commerce William Bain said:

Businesses are eager to open the doors to closer trade links with our key partners and will welcome the government’s renewed commitment to seek free trade agreements.

Reaching new or upgraded deals could offer new opportunities for businesses, of all sizes, to grow and invest for the future, especially in sectors like spirits, business services, climate friendly technology and pharmaceuticals.

Director General of the Chartered Institute of Export & International Trade Marco Forgione said:

The news that the Government has kicked off trade talks with these key economies so quickly is extremely positive. Making international trade easier and helping more UK businesses expand into international markets is central to getting growth into the economy.

We know there’s real business interest in making international trade easier and we stand ready to work with the Department to ensure businesses, particularly SMEs, are armed with the know-how to turn these opportunities into reality.

The Government is also committed to the CPTPP trading group, using our membership in the UK and her allies’ interests and ensuring businesses can take advantage of the deal when it enters into force.

Background

• Source for UK exports statistics: ONS UK trade, May 2024. Figures relate to the 12 months to May 2024.
• Source for world exports rankings: UNCTAD Goods and Services (BPM6) – Exports and imports of goods and services. Rankings relate to 2022.
• Source for UK-GCC FDI: ONS Foreign direct investment involving UK companies: 2021
• Source for growth in India’s economy: IMF World Economic Outlook, April 2024
• Source for middle class consumers: Global Trade Outlook – Department for Business & Trade, February 2023. Note: Middle class consumers are defined as having an annual income of at least $13,205 and are calculated by applying current income distributions to extrapolations of nominal GDP per capita, prices, and population.

The press release issued by the Department for Business and Trade on 26 July 2024.

UK joins the first global digital trade agreement negotiated under the World Trade Organization.

• The UK and 90 other countries have negotiated a set of new rules designed to make global trade faster, fairer, cheaper and more secure
• Once in force the agreement will permanently ban customs duties on digital content, lower costs for UK businesses and help protect UK consumers from online fraud
• Global adoption of digital customs systems, processes and documents could significantly grow the UK economy

The UK has today [Friday 26 July] joined a groundbreaking agreement which is designed to grow the economy by boosting global digital trade.

After five years of negotiations, the UK and 90 other countries have finalised the E-Commerce Joint Initiative at the World Trade Organization (WTO), which will make trade faster, cheaper, fairer and more secure. It will help British businesses, workers and consumers seize the opportunities of global digital trade, which is estimated by the OECD to be worth around £4 trillion and growing.

Once implemented, the agreement will commit all participants to the digitalisation of customs documents and processes. This will in many cases end the need to print forms off and hand them over at customs – a slow, expensive and old-fashioned way of working.

The signatories to this agreement will also commit to recognising e-documents and e-signatures, reducing the need for businesses to physically sign contracts and post them around the world.

Global adoption of digital customs systems, processes and documents would increase UK GDP by up to £24.2 billion in 2023 UK GDP terms. Even partial adoption could represent a significant boost to UK GDP.

It also commits signatories to putting in place legal safeguards against online fraudsters and misleading claims about products.

Business and Trade Secretary Jonathan Reynolds said:

We are proud to play our part in securing the first ever global digital trade agreement, cutting costs for business and delivering on this government’s ambition to deliver economic growth.

Britain is back and proudly playing her role as an outward looking trading nation. Global digital trade is already estimated by the OECD to be worth around £4 trillion and counting but no common set of global rules exist. This is a huge step forward in correcting that and ensuring British businesses feel the benefit.

Science Secretary Peter Kyle said:

This global agreement aims to help people use technology safely by protecting them from fraud, while driving economic growth through the digitalisation of trade so it’s faster and more secure.

We will leave no stone unturned in our work to share the benefits of technology and drive economic growth by working with partners around the world to achieve this.

For a UK financial services provider, doing business in any of the participating countries will require far fewer paper contracts and invoices, or manual signatures or authentication, as these will be replaced with their electronic equivalents.

Chris Southworth, Secretary General, International Chambers of Commerce UK said:

Businesses and economies thrive when there is one common set of rules. The E-Commerce Agreement is a major breakthrough and an excellent reminder of the power of international collaboration. It creates the environment we need to drive innovation as we transition away from archaic paper-based processes and into the modern world of data and technology.

It is an opportunity to accelerate efforts to digitalise our borders and global supply chains, and help to remove unnecessary friction and costs that prevent SMEs from trading. This is good news for business, consumers and the economy.

Matt Hammerstein, Head of Barclays UK Corporate Bank said:

As co-chair of the Trade Digitisation Taskforce with ICC United Kingdom, we have worked closely with the Government to support efforts to secure the competitiveness of UK exports, champion the digitalisation of trade at scale and continue to work on streamlining processes related to fraud and financial crime risk.

We welcome this announcement, which will help make the trade process easier for small, medium and large-sized businesses in the UK by removing paper-based barriers to trade. Barclays stands ready to play its part in supporting the success of British exports.

Reaching this agreement is part of the government’s commitment to rebuild and strengthen global partnerships and stand up for the rules-based international order. It is an important step in modernising the global trade rulebook and furthering cooperation in the World Trade Organization.

Not only will the E-Commerce Joint Initiative deliver new growth opportunities for the UK, it also recognises the importance of supporting developing and least-developed countries, to ensure growth and prosperity for all.

Attention now turns to working with WTO partners to incorporate the agreement into the WTO legal framework. Once incorporated, UK ratification will take place.

Notes to editors:

• The outcome of the E-Commerce Joint Initiative is officially called the ‘Agreement on Electronic Commerce’.
• Global digital trade is estimated by the OECD to be worth around $5 trillion in 2020. Converting this to sterling at the market exchange rate gives around £4 trillion. The OECD have defined this as all trade that is digitally-ordered or delivered.
• The ‘Benefits of the digitalisation of trade processes and cross border barriers to their adoption’ report estimates that global adoption of advanced digital trading systems and e-transactions for services is associated with a rise in UK GDP of up to 0.9% and 0.1 respectively.
• Applied to 2023 ONS UK GDP of £2,687 billion in current prices, a 0.1% increase would amount to £2.7 billion, and a 0.9% increase would amount to £24.2 billion.

The press release issued by the Department for Business and Trade on 22 July 2024.

Business and Trade Secretary Jonathan Reynolds has announced over £100 million of funding for cutting-edge aerospace research and development projects.

• £103 million government-industry funding for cutting-edge new green aerospace projects, supporting thousands of high-wage jobs across the UK.
• Funding delivered through Aerospace Technology Institute Programme to help pioneer groundbreaking new tech, including zero emission hydrogen flight and sustainable propulsion systems.
• Business and Trade Secretary announces funding at launch of the 2024 Farnborough Airshow, reinforcing government’s commitment to championing aerospace and advanced manufacturing in new Industrial Strategy.

Business and Trade Secretary Jonathan Reynolds has today (22 July) announced over £100 million of government-industry funding for cutting-edge aerospace tech projects to support greener air travel, at the launch of the 2024 Farnborough Airshow.

It comes as the latest figures from the aerospace industry’s trade body ADS show the sector contributed £38 billion to the UK economy in 2023.

Just under £103 million of funding in total, delivered through the Aerospace Technology Institute (ATI) Programme, has been announced for five aerospace R&D projects led by GKN Aerospace, Queens University, Rolls-Royce, Short Brothers and ZeroAvia.

The projects will help pioneer innovations such as zero emission hydrogen-powered flight, new sustainable propulsion systems and turbine technologies, boosting thousands of high-skilled aerospace jobs across the UK and encouraging investment into the UK’s aerospace industry, as the Government prepares to launch its new Industrial Strategy.

Business and Trade Secretary Jonathan Reynolds said:

Our world-class aerospace sector added almost £40 billion to the economy last year, and by backing it to pioneer cutting-edge new technologies we’re delivering economic growth and supporting high-skilled jobs in every part of the UK.

It’s fitting that I’m launching this new support here at Farnborough Airshow, where the best of British innovation is showcased on the global stage, reinforcing our commitment to placing innovation and manufacturing at the heart of our Industrial Strategy.

Aerospace Technology Institute CEO Gary Elliott said:

The ATI Programme is continuing to target investment in world-class research projects that will deliver benefit for UK aerospace: accelerating technology development, growing our manufacturing capability, strengthening our supply chain and ensuring that the sector continues to generate economic return to the UK.

The projects announced today focus on advanced technologies that take us a significant step closer to sustainable aviation, from new lightweight materials to new fuel systems. We look forward to building on this investment in support of an ambitious Industrial Strategy.

Rolls-Royce Director of Research and Technology Alan Newby said:

The HOTLINE project, together with other projects that have been supported by the ATI, will improve the cost competitiveness and product performance of our current and future engines, vital for meeting not only industrial and government Net Zero targets but potential growth opportunities for the UK.

Full details of ATI projects:

• The ATI Programme is a joint government and industry investment. Its purpose is to competitively offer funding for research and technology development in the UK, to maintain and grow the UK’s competitive position in civil aerospace and accelerate the transition to net zero aviation.
• The Department for Business and Trade has a dynamic approach to supporting the aerospace sector. Since 2013, government has co-invested with industry through the ATI Programme a total project cost of about £3.6 billion in total costs (grant and industry match funding). These projects have had 438 unique partners involved from across the UK, including 290 SMEs.
• The Hot Section Lifting and Materials (HOTLINE) project – led by Rolls Royce, with project partners Cranfield University and the University of Birmingham will develop turbine technologies that reduce unit and life cycle costs. Total Project cost of £20.5 million.
• Advanced Fuel Cell for Aviation Decarbonisation (AFCAD) – builds on ZeroAvia’s success with the Hyflyer I and II projects, to take the high temperature (HTPEM) fuel cell stacks technology to commercialisation stage, enabling zero emission hydrogen flight, with applications for rotorcraft and eVTOL. Total project cost of £17.5 million.
• Scenic Composites – By developing a variety of high value testing and manufacturing equipment at the Advanced manufacturing Innovation Centre (AMIC), this project led by Queens University Belfast will build capability in the aerospace cluster in the Belfast region around composite materials. Total project cost of £10.9 million.
• IVI – Spirit AeroSystems (Short Brothers) are leading this project with a key objective to produce lighter, more structurally efficient aerostructures with fewer parts, increasing fuel efficiency for a range of aircraft platforms, and enabling transition to new sustainable technologies. Total project cost of £10 million.
• H2FlyGHT – led by GKN Aerospace and a UK-based consortium of major aerospace suppliers and academic partners, including Parker-Meggitt Aerospace and the universities of Nottingham and Manchester aims to develop and test a fully integrated liquid hydrogen fuel system and 2 megawatt cryogenic electrical propulsion system for the next generation of zero emission aircraft. Total project cost of £44 million.

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

On 10 July 2024, the UK and Japan hosted a hybrid seminar for Japanese women entrepreneurs, investors, and business owners seeking to increase trade and investment with the UK.

This continues an ongoing series of collaborative activities to uphold our commitments set out in the Women’s Economic Empowerment chapter of the UK-Japan Comprehensive Economic Partnership Agreement (CEPA). It supports the delivery of our joint recognition on the importance of sharing diverse experiences to reduce the systemic barriers faced by women seeking to trade internationally.

During the seminar, participants heard from UK and Japanese government and non-government led programmes and initiatives providing services for women in trade. This included the Japanese Chamber of Commerce and Industry and the Japan External Trade Organization, which shared valuable advice on the support available to female entrepreneurs.

Speakers from the Organisation of Women in International Trade, the Chartered Institute of Export & International Trade and UK Business Angels Association, all provided insights into how women can effectively access finance, skills and information to successfully trade internationally.

The Department of Business and Trade was delighted to hear directly from Japanese female-led enterprises on their experiences entering the UK market. This included the CEO of datagusto, inc. the first Japanese female entrepreneur chosen by HMG for the Global Entrepreneur Programme.

Increasing women’s participation in the economy not only strengthens gender equality but holds huge potential in boosting economic growth. Trade can dramatically improve women’s lives, creating new jobs, enhancing consumer choices, and increasing women’s bargaining power in society. The UK has successfully included trade and gender equality provisions in FTAs including Japan, EEA/EFTA, Australia, and New Zealand. We will continue to proactively cooperate with our partners to break down barriers to trade for women.

In the lead up to the Osaka World Expo 2025, we look forward to future events that will continue our programme of engagement with Japan to strengthen trade and women’s economic empowerment. At the Expo, the UK will be looking to showcase 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 UK-Japan Comprehensive Economic Partnership, please follow this link.

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

The UK is back on the world stage and “open for business”, the new Business and Trade Secretary Jonathan Reynolds will tell a meeting of G7 ministers and businesses today.

On his first international visit in the role, he will tell counterparts at the G7 Trade Ministerial Meeting in Italy that a new level-headed approach on the world stage will allow UK businesses to plan for sustained investment and economic growth over the next decade.

It’s part of the Government’s plan to create a pro-business environment that supports innovation, investment, and high-quality jobs at home. By resetting international relations and tearing down unnecessary barriers to trade, it will also unleash the potential of the great industries which make the UK stand out on the world stage: our excellent research institutions, professional services, advanced manufacturing, and creative industries.

Addressing G7 trade counterparts and business representatives from each country, the Business and Trade Secretary Jonathan Reynolds will say:

In the UK, we now have a strong government with an even stronger mandate from the British people. One that respects, wants to partner with and is open for business.

My message to you today is simple – Britain is back. A confident, outward-looking, future-facing UK is ready and willing to play our part on the international stage.

We are seeking a closer, more mature, more level-headed relationship with our friends in the European Union – our nearest and largest trading partner, and we also intend to forge better trading relationships with countries around the world.

He will also set out how the UK intends to work with global partners to address some of the most pressing economic challenges ahead, adding:

We are not naïve about the scale of the challenges threatening global stability. Putin’s continued onslaught on Ukraine, disruption to supply chains in the Red Sea and superpowers like China using harmful policies and practises are distorting free, fair trade.

It’s why our Chancellor is pursuing a clear-eyed strategy of ‘securonomics’ – prioritising economic strength and resilience to increase market confidence and spur growth.

Governments cannot rely on the invisible hand of the market to do this for them. Fair, open markets with healthy competition can only be achieved through purposeful interaction between governments, business, and institutions like the G7.

It’s why the UK wants to work in partnership with you to increase supply chain resilience. Doing so gives businesses the confidence to invest and grow by planning not just for the next year but for the next decade.

The Business and Trade Secretary will use the visit to hold his first in-person meetings with his G7 counterparts since being appointed in his new role, including expected meetings with the Vice-President of the European Commission Valdis Dombrovskis and German Vice Chancellor Robert Habeck.

These burgeoning relationships will also strengthen both global economic security and supply chain resilience, boosting confidence in domestic and global markets and ensuring that stability is shared by communities across the world.

The press release issued by the Department for Business and Trade on 15 June 2024.

List of endorsed recipients includes current and former leaders of FTSE 100 companies.

• Post Office campaigner Alan Bates knighted for his twenty-year campaign for justice for postmasters
• FTSE executives also honoured for services to business and growing the UK economy
• Leading innovators and change makers are the theme of this year’s awards

Alan Bates, who led a 20-year campaign for justice for sub-postmasters affected by the Horizon IT scandal, has been made a Knight Bachelor (KT) as the King’s Birthday Honours are announced today.

Top business leaders, entrepreneurs and pioneers have also been recognised for their exceptional achievements and contributions to the UK economy.

This includes current and former leaders of FTSE 100 companies such as Unilever and Taylor Wimpey, the head of the London Stock Exchange and a series of other outstanding business leaders who have championed a wide range of sectors at home and overseas and been at the forefront of innovation and change.

Endorsed by the Department for Business and Trade, the list of recipients also includes several individuals who have faced adversity but who have used their experience to deliver significant community impact.

Alan Jope has received a CBE for services to business.

Alan was responsible for leading one of the world’s largest and geographically diverse companies with operations in 190 countries. He instigated important changes, simplifying Unilever’s legal structure, streamlining the company’s portfolio to focus on growth, and undertaking reform of the company’s operating model. His leadership was crucial to Unilever’s turnover exceeding £60b for the first time, up from £50b five years prior. Under his leadership, Unilever was the first major company to voluntarily put a Climate Transition Action Plan to a shareholder vote in 2021.

Alan Jope, Lately Chief Executive Officer of Unilever said:

It was an enormous privilege to lead Unilever as CEO for almost five years. I am extremely grateful for this recognition in His Royal Highness’s Birthday Honours list.

Jennifer Daly has received a CBE for services to Business and to the Housing Sector.

Jennie Daly is the first woman to lead a FTSE 100 housebuilding company in the UK, having been appointed in April 2022. She has built a successful career in the housebuilding sector, starting in the public sector in local authority planning roles before moving into the private sector. She is an active member of the industry federation, a non-executive director on the New Homes Quality Board and has also previously served as a Board member on a not-for-profit housing trust. She is also a strong advocate for women in the industry and has demonstrated exceptional leadership throughout her career.

Jennifer Daly, Chief Executive of Taylor Wimpey said:

I have a real passion for housebuilding and the social and economic benefits it brings to communities across the UK, and I am deeply honoured to have been recognised in the King’s Birthday list for services to business and the industry.

Julia Hoggett has received a DBE for services to business and to finance.

Julia has provided inspirational leadership in helping to restore the role of the UK capital markets and the London Stock Exchange as a major provider of capital to fund innovation, productivity, growth, jobs and to support investors’ returns. She set up and chairs the UK Capital Markets Industry Taskforce to support the modernisation of the UK capital markets.

She has also sought to ensure that the London Stock Exchange (LSE) remained strong through challenging times including during Covid and the Russian invasion of Ukraine. She has influenced quoted companies to embrace Net Zero targets and the wider Environmental, Social and Governance (ESG) agenda and under her leadership the LSE is now the leading provider of green and transition finance. She is a pioneer for women and the LBGTQ+ community in financial services.

Julia Hoggett, Chief Executive Officer of the London Stock Exchange said:

I am deeply humbled to be included in His Majesty The King’s Birthday Honours List. Whilst I recognise that this is an individual honour, I feel it is very much for the team of people at the London Stock Exchange who do such remarkable work to support the companies, investors and intermediaries in our markets.

It is also a recognition of the even broader community, most notably my colleagues on the Capital Markets Industry Taskforce, who are so dedicated to the task of ensuring our capital markets truly serve all stakeholders up and down the UK. This honour inspires me to work even harder on this agenda.”

Lady Suzanne Heywood of Whitehall has received a CBE for services to business leadership.

Suzanne is the COO of Exor, a multi-billion dollar holding company, where she uses her knowledge and experience to build and grow great companies. Suzanne is also the Executive Chair of CNH and Iveco Group and a Non-Executive Director of Louboutin and The Economist. Lady Heywood established The Heywood Foundation in 2018, which she chairs in memory of her husband Lord Heywood of Whitehall.

The Foundation champions innovation in public policy and increasing diversity within the public sector and has recently launched the “Heywood Quarterly”, a new publication. Suzanne has written a best-selling biography of her late husband (What Does Jeremy think) and a best-selling account of her own childhood at sea (Wavewalker), which meant she was unable to have normal schooling.

Suzanne Heywood, Chief Operating Officer at Exor, Chair of CNH and Chair of Iveco said:

I am humbled to receive this, and grateful to my family and the many colleagues who have supported me throughout my career. It’s been a long journey – from a girl on a boat in the South Pacific with no education to here – and I owe a lot of thanks to those who made it possible.

Kenny Imafidon has received an MBE for services to the social and market research professions.

Kenny has overcome extreme challenges to co-found a thriving research and insights agency that counts Starbucks, Uber, the Houses of Parliament and UNICEF UK amongst its clients.

The agency, ClearView Research, specialises in research, strategy and engagement projects, focused on diverse and underrepresented communities. Prior to founding ClearView at 22, Kenny used his limited platform to initiate The Kenny Reports, a series of reports delivered to the House of Commons, to raise awareness and articulate the challenges young people and disadvantaged communities face today.

As Chair of the Board of Trustees of City Gateway, he was involved in the £1 million Skill Up Step Up campaign which benefited from funding from Barclays Life Skills.

Additionally, as a Trustee of BBC Children in Need, he was instrumental in bringing about the pledge of £10m funding over 10 years, and development of a new funding programme dedicated to supporting young Black talent to achieve their full potential in partnership with BBC Radio 1Xtra.

Kenny Imafidon, Co-founder of ClearView Research said:

I am grateful for the recognition of my services to the research industry. My journey began with The Kenny Reports at 18 years old, it then transitioned into the building of ClearView Research at 22, to where it is today.

I am proud that in just under a decade, ClearView has conducted hundreds of projects engaging diverse communities from all four corners of the UK; from Cornwall to Armagh; from Edinburgh to London whether online or offline; ClearView has amplified the voices of diverse and underrepresented communities in both social and market research.

Although I am personally being recognised, my success is a team effort, and would not have been possible without my amazing team members, co-founders, support system, mentors and those who have believed in me on this journey.

Full list of individuals endorsed in the 2024 Birthday Honours List by the Department for Business and Trade:

Dames Commander of the Order of the British Empire (DBE)

Julia Hoggett, Chief Executive Officer, London Stock Exchange. For services to Business and to Finance

Knights Bachelor (KT)

Alan Bates, Founder, Justice for Subpostmasters Alliance. For services to Justice

Commanders of the Order of the British Empire (CBE)

John Burns, Lately Chief Executive Officer and Chair, Derwent London plc. For services to Property, to Investment and to Development

Graham Chipchase, Chief Executive Officer, Brambles. For services to Sustainable Business

Jennifer Daly, Chief Executive, Taylor Wimpey. For services to Business and to the Housing Sector

Lady Suzanne Heywood of Whitehall, Chief Operating Officer, Exor, Chair, CNH and Chair, Iveco. For services to Business Leadership

Professor Michael Izza, Lately Chief Executive, Institute of Chartered Accountants in England and Wales. For services to Accounting, Audit and to Sustainability.

Alan Jope, Lately Chief Executive Officer, Unilever. For services to Business

Brian Kingham, Founder and Chairman, Reliance Security Group. For services to Business, to the Economy and Charity

Professor Elizabeth Varga, Director, Infrastructure Systems Institute. For services to Critical Infrastructure

Lesley Wild, Lately Chair, Bettys and Taylors. For services to Business and Trade

Officers of the Order of the British Empire (OBE)

Christopher Berridge, Managing Director, Paneltex. For services to Business, to Exports and to the Environment

Alexandra Bolton, Director, Climate Governance Initiative. For services to the Built and Natural Environment

Elaine Clark, Chief Executive, Rail Forum. For services to the Rail Supply Industry

Jacqueline Gedman, Lately Chief Executive, Kirklees Council. For services to Business and to the community in Kirklees, West Yorkshire.

Michael Hawes, Chief Executive Officer, Society of Motor Manufacturers and Traders. For services to the Automotive Industry

John Heffernan, Managing Director, Fern Innovation Ltd. For services to Business and to Technology

John Hill, Director, Technology and Strategy, The Welding Institute. For services to SMEs, to the Research Institutes Sector, to Local Economic Development and to Higher Education

Sharon Kemp, Chief Executive, Rotherham Metropolitan Borough Council. For services to Business and to the community in Rotherham, South Yorkshire

Lucy Lytle, Founder and Creative Director, Soane Britain Ltd. For services to British Manufacturing and Craftsmanship

Peter McCrea, Lately Chair, LionHeart RICS. For services to the Profession of Chartered Surveyors

Suzannah Nichol MBE, Chief Executive Officer, Build UK. For services to the Construction Industry

Professor Henry Overman, Professor of Economic Geography, London School of Economics and Director, What Works Centre. For services to Local Growth

John Stone, Entrepreneur. For services to Philanthropy

Subhash Thakrar, Lately Chair, London Chamber of Commerce. For services to British Trade and Investment in Africa

Kate Tinsley, Chief Executive, MKM Building Supplies. For services to the Construction Sector and to Diversity

Kimberly Wiehl, Board member, UK Export Finance. For services to Export Credit Finance and to International Trade

Carl Woollins, Managing Director UK and Ireland, Nippon Gases. For services to the Chemicals Industry

Members of the Order of the British Empire (MBE)

Andrew Beddows, Managing Director, Ideas Network UK Community Interest Company. For services to Innovation and Business

Victoria Brownlie, Chief, Policy, British Beauty Council. For services to the Hair and Beauty Industry

Emma Degg, Chief Executive, North West Business Leadership Team. For services to Business and to the community in North West England

Angela Farrugia, Founder and Group Managing Director, Brand X Society. For services to business and licensing

Warren Ginsberg, Chair, HiB Ltd. For services to the Home Improvement and Bathroom Industries

Steven Gould, Council Member, General Chiropractic Council. For services to Consumers

David Happy, Managing Director, Telint. For services to Telecommunications and to Technology

Jennifer Hartley, Director, Invest Newcastle and Head of Economic Development, Newcastle City Council. For services to Business and Trade

Kenny Imafidon, Co-Founder, ClearView Research. For services to the Social and Market Research Professions

Dean Jackson, Managing Director, HUUB Ltd. For services to Business and to Innovation

Samantha Mackintosh (Claire Cullens), Chief Executive Officer, Norfolk Community Foundation. For services to Business Development and to Charity

Victoria Moorby, Head, Marketing, Oxley Group. For services to the Defence and Aerospace Industry

Susan Nicholls, Lately Chief Executive Officer, Citizens Advice Staffordshire South-West. For services to the community in Staffordshire

Maria Sarkar, Co-Founder and Vice-President of DriveWorks. For services to Manufacturing

Helen Tonks, Founder and Director, Hydraulics Online Ltd. For services to Business and to Exports

Harold Wilson, Owner and Group Chair, UK Docks Marine Services. For services to the Marine Engineering Industry

Medallists of the Order of the British Empire (BEM)

Sally Bourton, Postmistress. For services to the community in Trewoon, Cornwall

Sellathurai Chandrakumar, Postmaster. For services to the community in Notting Hill, Royal Borough of Kensington and Chelsea

Geppino Dammone, Director, Salvo’s Restaurant, Leeds. For services to Hospitality

Gianfranco Dammone, Managing Director, Salvo’s Restaurant, Leeds. For services to Hospitality

Maureen Rickard, Lately Postmistress, St Minver Post Office. For services to the community in St. Minver, Cornwall

Matthew Tyrrell, Postmaster. For services to the community in Penllergaer, West Glamorgan

Staff from the Department for Business and Trade (DBT) recognised in the 2024 Birthday Honours List include:

Officers of the Order of the British Empire (OBE)

Dr Barry Blackwell, Head, UK Building Information Modelling and National Digital Twin Programmes, Department for Business and Trade.

Dr Joanne Bray, Deputy Director, Automotive Unit, Department for Business and Trade.

Kate Davies, Deputy Director, Security and Business Continuity, Department for Business and Trade.

Members of the Order of the British Empire (MBE)

Richard Boyd, Senior Policy Advisor, Department for Business and Trade.