Tag: Business and Trade Department

  • PRESS RELEASE : Digital Markets, Competition and Consumers Act receives Royal Assent [May 2024]

    PRESS RELEASE : Digital Markets, Competition and Consumers Act receives Royal Assent [May 2024]

    The press release issued by the Department for Business and Trade on 24 May 2024.

    The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent.

    • The Act will give the UK’s competition regulator tools to stop technology businesses with strategic power from misusing their position to disadvantage competitors and consumers.
    • The law will also create penalties for traders that break consumer protection law and allowing the Competition and Markets Authority to enforce consumer law directly.
    • Under the rules, it will be easier for consumers to manage subscriptions by providing clearer pricing, banning fake reviews, and giving consumers greater control over what they are purchasing online.

    The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent.

    The Act paves the way to give consumers rights across the UK, with greater control and clarity over online purchases.

    It does this by requiring businesses to provide clearer information to consumers before they enter a subscription contract, remind consumers that their free trial or low-cost trial is coming to an end, and ensure consumers can easily exit a contract.

    Unavoidable hidden fees will also need to be included in the initial cost or clearly illustrated at the start of the purchasing journey. This will ensure consumers are clear from the offset about what they’re spending.

    The Digital Markets, Competition and Consumers Act will also give new tools to the Competition and Markets Authority (CMA) to address the challenges to competition in digital markets.

    These tools will allow the competition regulator to set tailored ‘conduct requirements’ which require a powerful tech company to change the way it operates if it is not treating users fairly. These rules could give consumers the room to freely choose the services they use, or stop companies from withholding information consumers need to make good decisions.

    The Act also gives the regulator powers to intervene and direct a firm to change its behaviour to boost competition – whether that is to benefit people using smartphones or businesses dependent on cloud services.

    The Act will also give new powers to the CMA to closely monitor road fuel prices and report any sign of malpractice to the government.

    Only a handful of the most powerful global technology companies will be subject to these new rules if, following an investigation, they are deemed to hold ‘strategic market status’.

    If companies fail to comply with decisions made by the CMA, they could be subject to fines reaching tens of billions of pounds. These fines and other measures will be balanced by rigorous checks and balances.

  • PRESS RELEASE : UK and Florida Hold Inaugural Working Group Meeting [May 2024]

    PRESS RELEASE : UK and Florida Hold Inaugural Working Group Meeting [May 2024]

    The press release issued by the Department for Business and Trade on 7 May 2024.

    The first working group meeting under the UK-Florida MoU on trade and economic co-operation was held in Tallahassee, FL.

    On Tuesday 30 April 2024, representatives of the UK and state of Florida Governments attended the inaugural government-to-government working group meeting created under the Memorandum of Understanding (MOU) on trade and economic co-operation in Tallahassee.

    Rufus Drabble, His Majesty’s Consul General in Miami, co-chaired the meeting with Alex Kelly, Secretary of the Florida Department of Commerce.

    Consul General Rufus Drabble said:

    Our discussions were focused and constructive and demonstrate our strong shared commitment to the strategic UK-FL partnership.

    We have an ambitious pipeline for the next 12 months and I look forward to collaborating with the State to leverage the MoU to open all doors to further expand our trade and investment.

    Florida Secretary of Commerce J. Alex Kelly said:

    While this meeting is the first official meeting of its kind, Florida has already hit the ground running with the UK since the MOU was signed in November 2023.

    The actionable and impactful collaboration between Florida and the UK is one that will strengthen both of our economies for generations to come.

    Attendees met to coordinate the implementation of the MoU and discussed opportunities for increasing bilateral trade and an exchange of best practices in life sciences, space and fintech. Attendees also explored opportunities to progress recognition of professional qualifications and encourage private sector participation in government procurement markets, with further activity planned for 2024. The UK is currently the top foreign investor in Florida and the state supplies the UK with a wide range of products including aviation and aerospace products.

    The MoU is the first the UK has signed which focuses on the aerospace sector. Florida is home to the NASA Kennedy Space Center, as well as the new STARCOM headquarters in Patrick Space Force Base opening at the end of 2024, and has world-leading capabilities in launch infrastructure, manufacturing, and satellite development, presenting huge opportunities for the UK’s growing space industry. In 2023, income from the sector was worth over £17.5 billion and employing nearly 50,000 people.

    The UK and Florida agreed next steps for MoU implementation, including the following:

    Life Sciences: 2024 will see the launch of the UK-Florida Life Sciences Trade Corridor where 30 UK companies will participate in a four-city roadshow in Florida’s key Life Sciences and Innovation clusters.

    Space: DBT will organise a delegation of UK Space companies to Florida for the end of 2024 and will be supporting Florida’s participation at the Farnborough Air Show in July.

    Fintech: The UK will promote Florida as a key “market entry point” for Fintech companies seeking to enter US and Latin American markets, and will coordinate several trade delegations for 2024 aimed at exploring new business opportunities across the state, including opportunities around insurance.

    Trade Policy: Policy leads will hold further discussions on mutual recognition of professional qualifications on architecture and engineering, in the context of wider mutual recognition agreements between UK and US bodies. They will also continue cooperation between the UK Government and the Florida Department of Management Services (DMS) on access to government procurement markets, including participation by DMS in an explanatory webinar for interested UK vendors.

  • PRESS RELEASE : UK Government honours exceptional exporters with prestigious Made in the UK, Sold to the World Awards [April 2024]

    PRESS RELEASE : UK Government honours exceptional exporters with prestigious Made in the UK, Sold to the World Awards [April 2024]

    The press release issued by the Department for Business and Trade on 23 April 2024.

    The Department for Business and Trade has announced the 10 SME winners of the 2024 Made in the UK, Sold to the World Awards.

    • Ten SMEs announced as winners of the 2024 Made in the UK, Sold to the World Awards.
    • Now in their second year, the awards celebrate outstanding small businesses achieving exporting success, as new figures show UK was world’s 4th largest exporter of goods and services in 2022.
    • Winners include SMEs operating across the UK, such as Warner’s Distillery, Munro Vehicles and CIGA Healthcare.

    A family-owned craft drinks B-Corp, an electric vehicle company and a rapid diagnostic tests specialist are among the 2024 winners of the Department for Business and Trade’s Made in the UK, Sold to the World Awards announced today.

    Now in their second year, the awards celebrate the international sales success of small-medium businesses across the UK and provide a stepping stone for further growth and opportunity.

    Winners include Warners Distillery, an independent, family-owned craft drinks producer that creates 100 percent natural, sustainably sourced products crafted from ingredients grown on its farm in Northamptonshire.

    Awarded in the Agriculture, Food and Drink category, the B Corp accredited business’s range of spirits and non-alcoholic drinks are listed in major UK retailers and sold in over 30 countries, including the United States, Australia, China, and nations across mainland Europe.

    The awards come after new figures from the UN’s body that leads on global trade show the UK was the 4th largest exporter of goods and services globally in 2022, moving up from 7th in the rankings in 2021.

    For businesses looking to find out more about how to start selling internationally or to expand their international footprint, the Department for Business and Trade (DBT) has a wide range of free guidance, services and experts available to help unlock new opportunities and grow their sales at GREAT.gov.uk.

    Minister for Exports Lord Offord said:

    We’re proud of our British exporters and these Awards highlight some fantastic businesses punching above their weight and selling UK-made products and services around the world.

    I hope the winners serve as inspiration to others looking to get onto the exporting ladder and encourage more businesses to showcase the incredible talent and innovation of UK businesses selling abroad.

    Cabinet Office Minister Ester McVey said:

    Selling overseas is key to driving economic growth across the UK. As part of the GREAT campaign, it’s wonderful to celebrate these businesses who showcase the best of what Britain and Northern Ireland have to offer the world.

    The winning businesses have been drawn from a diverse range of 12 sectors across 10 categories: Agriculture, Food and Drink; Creative Industries; Education & EdTech; Financial Services and FinTech; Retail & Consumer Goods; Consultancy & Professional Services; Healthcare; Infrastructure & Engineering; Low Carbon Energy; and Manufacturing, Advanced Manufacturing & Construction.

    In the Low Carbon Energy category, Glasgow-based Munro Vehicles was recognised for its next-generation, fully electric commercial vehicles that are designed to help essential but carbon-intensive industries transition to net zero. The company, which exported to 16 countries in 2023, plans to move to a new purpose-built site near Glasgow later in the year, creating up to 300 jobs.

    The Healthcare winners are pioneers CIGA Healthcare, a leading UK company specialising in rapid diagnostic tests including fertility tests, blood pressure monitors and blood glucose monitors. CIGA Healthcare’s products are supplied to national health services and international brands, such as Walmart and AmerisourceBergen, and the company’s international reach extends to over 80 countries, including the United States, the United Arab Emirates, Australia, Canada, and nations across South America.

    Within each category, three additional businesses were also awarded highly commended status for their inspiring business stories and exporting prowess.

    Marco Forgione, Director General of The Institute of Export & International Trade (IOE&IT) and judge on the panel for this year’s awards, commented:

    The calibre of businesses that entered across all categories has been incredibly high and selecting a winner has been a tough job. We are delighted to offer an IOE&IT membership to these winners alongside the businesses that are highly commended and look forward to working with this year’s companies, helping them to grow and expand through international trade.

    These awards provide an important opportunity to recognise and celebrate the global trade success stories of small businesses from all Nations and regions – and we hope these winners will inspire even more budding business owners.

    The evidence continues to tell us that businesses that trade internationally are more sustainable, more resilient, more innovative, employ more people and, ultimately, are more profitable. So, it is vital that these businesses are supported in their exporting journeys and that their success stories are celebrated.

    In 2021, DBT launched the ‘Made in the UK, Sold to the World’ campaign to celebrate exporting success from across the UK and tell businesses’ stories. The awards programme builds on this to further recognise and celebrate the global trading success of SMEs from across the UK.

    Winning businesses receive an invitation to an evening Parliamentary Reception and receive a year’s free membership with the Institute of Export and International Trade (IOE&IT). They will also win a digital badge, physical certificate and trophy and enjoy promotional activity across DBT channels, including individual profiles to share their export success.

    This year’s winners include:

    Agriculture, Food and Drink – Warner’s Distillery

    Warner’s Distillery is the world’s leading premium farm-born spirits gin producer.  Created and run by Tom & Tina Warner, Warner’s Distillery sits in the rolling hills of Northamptonshire. Since launching in 2012, Tom & Tina have built an expert team, producing unique spirits, elegantly crafted from ingredients grown on the farm such as elderflower, angelica, verbena and lavender. They became B Corp accredited in Summer 2022.

    Creative Industries – Media Bodies

    Media Bodies is a Performance Influencer Marketing Agency focusing on YouTube, Podcast, TikTok, Instagram, Twitch, and Experiential Marketing. Having started with a focus on the gaming industry, Media Bodies now works across industries including tech, retail, ecommerce, beauty, fashion, wellness, and more. Media Bodies’ client roster is in close to 20 countries around the world.

    Education & EdTech – SimVenture

    Used by education institutions and workplace training providers in over 20 countries, SimVenture digital software products enable educators and trainers to bring business learning to life. By providing business and entrepreneurship learning tools, learners are able to make decisions, deal with consequences, and work in a highly engaging and authentic way.

    Financial Services and FinTech – Mosaic Smart Data

    Mosaic Smart Data is a data analytics software company providing solutions to the global financial services industry. Its product uses artificial intelligence and machine learning to help its customers better understand and service their own customers.  The business model is primarily a SaaS subscription software license model, where customers are offered a cloud-hosted, fully managed solution. Exports have been central to Mosaic’s growth. The company has customers on every continent and over 70 percent of its paying customers are international, generating approximately 70 percent of total revenue.

    Retail & Consumer Goods – PG Paper Company Ltd

    PG Paper is a global, award-winning pulp, paper and board company that creates markets and solutions to enable trade for paper and packaging products worldwide. It has experienced exponential growth and is now one of Scotland’s largest trading companies, operating in over 60 countries with multiple global offices.

    Intralink is an international business development consultancy. It helps companies to expand in Asia, Europe and North America, corporates to innovate through global collaboration, and governments to grow their exports and attract foreign investment. Intralink has 120 employees across 15 offices, with 23 in the UK. Over its 34-year history, it has helped more than 1,500 companies secure deals worth around £600 million.

    Healthcare – CIGA Healthcare

    CIGA Healthcare Ltd operates in the International Rapid Test Diagnostic sector, including both electronic equipment and reagent tests. It supplies both the professional and consumer markets in its SURESIGN brand as well as in customer “own label” brands. It supplies national health services and international brands, such as Walmart and Walgreens.

    Infrastructure & Engineering – Autoflame Engineering

    Autoflame Engineering manufactures industry-leading commercial and industrial combustion management and monitoring solutions. It empowers its customers to reduce their fuel and maintenance costs, substantially lower emissions and remain compliant with environmental regulations.  Autoflame Engineering is family-owned and distributes through a network of 110+ Technology Centres around the world.  It boasts an impressive 46 patents.

    Low Carbon Energy – Munro Vehicles

    Munro Vehicles, based in Glasgow, is a designer and manufacturer of fully electric commercial vehicles, exporting to Europe. Their mission is to develop and deliver next-generation zero-emission vehicles that help essential but carbon-intensive industries transition to net zero.

    Manufacturing, Advanced Manufacturing and Construction – IceMos Technology

    IceMOS Technology is a privately held semiconductor technology corporation and manufacturer of a new class of MEMS based power and sensing advanced semiconductor technologies. This serves wide-ranging applications anywhere that power efficiency and sensing matters. The company has a manufacturing centre of excellence located in Belfast, Northern Ireland.

    This year’s highly commended businesses include:

    Agriculture, Food and Drink

    Highly Commended: Doughlicious – The London Dough Co.

    Doughlicious is a “Better for You” cookie dough platform. The Doughlicious brand is present in the frozen, chilled and ambient categories throughout retailers and food service. All its cookie dough is gluten-free and manufactured in our its factory in London, which runs on renewable electricity. The product lines consist of ready-to-bake cookie dough, cookie dough and gelato bites and baked ready-to-eat cookies.

    Highly Commended: LoveRaw

    LoveRaw is the plant-based chocolate brand; free from palm oil and artificial ingredients, creating indulgent vegan versions of the nation’s favourite chocolate bars. Husband-and-wife team Rimi and Manav Thapar launched LoveRaw, a B-Corp Certified business, in 2013.

    Highly Commended: Wootzano

    Wootzano is a British state-of-the-art robotics company based in Sedgefield, northeast of England. Their highly dexterous robotic system, Avaraia, is crafted to meet the needs of the post-harvest industry by supplementing a struggling workforce in the packing of delicate, soft produce.

    Creative Industries

    Highly Commended:  Sixteen South

    Sixteen South is focussed on the creation of the highest quality television for kids in every country across the world.   Sixteen South creates, produces and distributes its own unique and original content from their studios with the ambition that they’re seen by every child in every home in every country across the world.  Their shows air on the leading networks and broadcasters in over 160 countries across the globe.

    Highly Commended: Katapult

    Katapult is an award-winning themed attractions and experiences design company that amaze and engage visitors globally. Its work is enjoyed by 95 million visitors, at 120 attractions, in 26 different countries, every year. It works alongside the biggest names in the leisure industry to create theme parks, themed resorts, experience and visitor attractions, including The LEGO Group, Merlin Entertainments, Warner Bros Discovery, Ferrari and many more. Katapult is a B-Corp certified business.

    Highly Commended: Wales Interactive

    Wales Interactive is a multi-award-winning indie video games and interactive movie developer, publisher and investor. As well as creating our own in-house titles, we have evolved into a publishing label collaborating with some of the most talented game developers and film makers across the globe to help bring their original creations to gaming platforms.

    Education & EdTech

    Highly Commended: TransformELT Ltd

    TransformELT is an English Language Teaching consultancy enabling individuals, institutions and education systems to define, design and meet their development goals by building progressive strategies for change.  Launched in 2017, TransformELT has taken part in a succession of high-profile projects in 44 countries.

    Highly Commended: International Dyslexia Learnings Solutions Ltd

    International Dyslexia Learning Solutions provides specialist multi-sensory software to schools in the UK and around the world. Our goal is to provide learning support to those most in need and our software is used by thousands of learners across the globe.   IDL Literacy dramatically increases reading and spelling ages for those with dyslexia or low literacy ability.

    Highly Commended: Learning with Experts

    Learning with Experts is an online learning platform, uniting enthusiastic learners with leading experts in diverse subjects like gardening, photography, and Food. The courses are enriched through partnerships with the Royal Horticultural Society and River Cottage, and focus on interactive, community-centric education.

    Financial Services and FinTech

    Highly Commended: Exus

    EXUS helps Financial Institutions and Utilities improve their debt collection results through state-of-the-art technology. EFS (EXUS Financial Suite) is the main product offered and this is a comprehensive suite of software products that manage credit risk along the whole lifecycle of accounts.

    Highly Commended:  Tapoly

    Tapoly is an award-winning Insurtech providing business insurance for SMEs and freelancers. Winner of Technological Development at the European Business Awards 2021 and Insurance Broker of the Year at the British Business Awards 2023, Tapoly provides a comprehensive list of insurance products to cater for businesses of all sizes, including the gig economy.

    Highly Commended: Konsentus

    Konsentus provides specialist advisory services and technology solutions to support the national implementation of open finance ecosystems. Subject matter experts, Konsentus advisors have a proven track record in navigating complex, multi-stakeholder ecosystems and understanding individual regulatory and market requirements. Konsentus’ award-winning technology powers national open finance infrastructures. Modular and scalable by design, our trust infrastructure solutions are tailored to individual market requirements, enabling ecosystem participants to seamlessly identify each other and interact within a safe and trusted environment.  Founded in 2018, Konsentus is active across 37 markets and counts many of the largest global financial institutions as clients.

    Retail & Consumer Goods

    Highly Commended: Katy Sue Designs

    Katy Sue Designs is an award-winning British company specialising in crafting innovative food safe silicone moulds and unique paper craft products. Proudly manufacturing in the UK, Katy Sue Designs brings an exceptional range of die-cut, foiled paper crafts, stickers, and more.

    Highly Commended: Urban Apothecary London Limited

    Urban Apothecary London started life at the kitchen table in 2012 as founder and perfumer-alchemist Tajinder Banwait MBE sat surrounded by aromatic botanicals spilling from beautiful bottles and her notebook of scent stories. This modern apothecary British brand is fuelled by a passion for blending flowers, fruits, resins and woods in unconventional, contemporary ways.

    Highly Commended: Captain Fawcett Ltd

    Founded in 2010 by Richard Finney, Captain Fawcett Ltd is an international lifestyle brand specialising in First Class Gentlemans Grooming Requisites. The company was established after Richards Moustache Wax, initially crafted for personal use, won acclaim among film industry professionals.

    Consultancy & Professional Services

    Highly Commended: Luminance

    Built on a proprietary legal Large Language Model (LLM), Luminance’s specialised legal co-pilot uses next-generation AI to automate the generation, negotiation and analysis of contracts. Developed by world-leading AI experts, validated by leading lawyers, and in use by over 600 customers in 70 countries, Luminance’s ‘legal-grade’ AI is a key component of any legal team.

    Highly Commended: People 1st International

    People 1st International partners with industry, development banks, government agencies, NGOs and education providers to create sustainable approaches to workforce development. Providing consultancy, research and training solutions globally, it develops skilled, productive and inclusive workforces to help drive social and economic growth.

    Highly Commended: EECO2

    EECO2 works with global life science organisations – empowering them to reach their decarbonisation targets ahead of promised deadlines through proven energy efficiency and sustainability initiatives. It works across the globe with the smallest and largest pharma organisations to decarbonise their operations.

    Healthcare

    Highly Commended: Dulas Ltd

    For over 40 years, Dulas has been a pioneer in renewable energy. Its mission is to develop and implement renewable energy solutions that improve lives, help to combat climate change, and support communities in the most rural parts of the world.

    Highly Commended: Chemian Technology

    Chemian Technology Limited (CTL) has developed, patented and now makes almost all its income from a naturally derived, but highly effective insect repellent active substance, that it supplies to producers of consumer insect repellent brands under its general Trade Name of Citrepel.

    Highly Commended: Evenly Ltd

    Evenly Bra Balancers are for all those with uneven breasts, no matter what the cause. Breast asymmetry, where there is a noticeable difference in the size of the breasts, affects up to 90% of women. Multiple studies have shown the damaging effects this can have on a woman’s self-esteem, mental health, physical comfort and quality of life and researchers repeatedly stress that this is more than just a cosmetic issue. Evenly’s silicone breast forms offer a non-surgical, affordable and natural-looking solution.

    Infrastructure & Engineering

    Highly Commended: Inciner8

    Inciner8 manufactures cutting-edge incinerators for diverse customers and applications in more than 180 countries. Inciner8 has been built on one simple principle: well-designed incinerators, suitable for installation anywhere, providing a safe, environmentally responsible, and convenient form of waste disposal.

    Highly Commended: Xrail Group Ltd

    Xrail is an international rail engineering solutions provider delivering turnkey multi-disciplinary signalling, telecommunications, overhead line (OLE) and trackside civils engineering services.

    Highly Commended: Belzona Ltd

    Belzona designs and manufactures polymeric repair and protection materials for industry. Across its 72-year history, the Business has engineered an extensive portfolio of solutions that prolong the asset-life in an ever-growing number of industries, thereby reducing the need for replacement. This mitigates not just the financial costs of replacing equipment, but also the harmful environmental consequences.

    Low Carbon Energy – Munro Vehicles

    Highly Commended: Silverstream Technologies

    Silverstream Technologies is a market-leading maritime clean technology company specialising in hull air lubrication. The company is headquartered in London with offices in Shanghai. The Silverstream® System reduces frictional resistance between the water and the ship’s hull, reducing average net fuel consumption and GHG emissions. They export to all corners of the world including Japan, China, Dubai and Europe.

    Highly Commended: Rosehill Polymers Group

    Based in Sowerby Bridge, Rosehill Polymers Group specialises in creating innovative infrastructure products from recycled tyre rubber. Rosehill has a global reach and export their products to over 40 countries.

    Highly Commended: Clearly

    Together Global Ltd. (trading as Clearly) is a data-driven mobility emissions platform which offers net-zero solutions for decarbonising road transportation. It integrates diverse data sources, like vehicle/GPS data, operations/shipments data, fuel & energy data, financial data, and sustainability regulations, to provide a unified view and calculates accurate fleet emission/energy intensity. They currently export to US, Norway and Thailand.

    Manufacturing, Advanced Manufacturing and Construction

    Highly Commended: I Holland Ltd

    I Holland has been specialising in superior quality punches and dies for the pharmaceutical industry for over 75 years, making us the longest established tool manufacturer in the world.

    Highly Commended:  Vikoma International Limited

    Vikoma designs and manufactures oil-spill response, industrial clean up and environmental protection equipment, with a reputation for innovation, quality and reliability.  The company provides products and services to various industries and has solutions for all scenarios; offshore oil & gas, ports and harbours, shoreline, refinery & petrochemical and onshore.

    Highly Commended:  Silson Ltd

    Silson is a manufacturer of ultra-thin films, specialising in silicon nitride, silicon carbide and silicon membranes, as well as more advanced, customer-specified products. Our products are used during scientific research experiments and often in equipment on beam-lines.

  • PRESS RELEASE : Post Office Offences Bill to be extended to Northern Ireland [April 2024]

    PRESS RELEASE : Post Office Offences Bill to be extended to Northern Ireland [April 2024]

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

    • Legislation introduced to automatically quash convictions relating to the Horizon scandal to be extended to Northern Ireland.
    • Affected postmasters across the UK will have the option of accepting a fixed sum offer of £600,000 after their conviction is quashed.
    • Comes as £190 million paid to over 2,800 victims so far.

    The Government has today [Monday 22 April] tabled amendments to expand the territorial extent of the Post Office Offences Bill. Convictions resulting from the Post Office Horizon scandal in Northern Ireland will now be within scope.

    This blanket exoneration will automatically quash convictions brought about by the scandal, including 26 in Northern Ireland, clearing the names of many people who have had their lives ruined.

    As in England and Wales, convictions in Northern Ireland will need to meet a set of criteria before they are quashed, including:

    • Prosecutions brought about by the state prosecutor or the police.
    • Offences carried out in connection with Post Office business between 1996 and 2018.
    • Were for relevant offences such as theft, fraud and false accounting.
    • 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.

    Postal Affairs Minister Kevin Hollinrake said:

    We always carefully consider the territorial extent of each piece of legislation and are rigorous in our commitment to devolution. However, it has become apparent that the Northern Ireland Executive does not have the ability to rapidly address the 26 convictions known to be within its purview.

    It has become clear that postmasters in Northern Ireland could have their convictions quashed significantly later than those who were convicted in England and Wales, which would be unacceptable.

    This follows the decision to introduce landmark legislation – which is making its way through parliament – to quash the convictions of hundreds of innocent sub-postmasters wrongly convicted as a result of the Horizon scandal. This will speed up the financial redress process – where we are offering a £600,000 fixed sum which can be administered quickly for those who accept it.

    Secretary of State, Chris Heaton-Harris, said:

    I am pleased that the Post Office Horizon legislation will be amended to include Northern Ireland. I’ve been speaking to Minister Hollinrake, the Northern Ireland First Minister, Deputy First Minister and Justice Minister about this important issue regularly.

    It’s clear that, in the context of a recently restored Executive and Assembly, adding Northern Ireland to this Bill is the best way to deliver justice for the victims as quickly as possible.

    That is alongside plans to enhance the financial redress 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 individuals, also known as the Horizon Shortfall Scheme cohort, will have the option to receive a fixed sum payment of £75,000.

    Scotland has an historically separate legal jurisdiction to England and Wales, and the Lord Advocate and Crown Office and Procurator Fiscal service had a unique role in respect of prosecutions in Scotland. Additionally, the Scottish Government do not have the same kind of obligations to consult on new legislation as in Northern Ireland or challenges resulting from the NI Assembly not sitting for nearly two years.

    The Scottish Government has already indicated that they are bringing forward legislation and the UK Government will continue to support them in developing their proposals to overturn all convictions relating to the Horizon scandal.

    Regardless of the UK jurisdiction in which convictions are quashed, claimants will be entitled to financial redress which will be delivered on a UK-wide basis by the Department for Business and Trade.

    Notes to Editors

    • The Post Office Offences Bill continues its passage through Parliament, with Committee in the House of Commons scheduled for Monday 29 April. It is expected to receive Royal Assent as soon as possible before Summer recess, when all convictions in England, Wales and Northern Ireland will automatically be quashed.
    • In total, the Government has paid out £190 million to over 2,800 Post Office victims.
    • This includes:
    • £39 million paid out to members of the GLO scheme.
    • £111 million offered to those in the HSS scheme.
    • £41 million paid out to those in the Overturned Convictions scheme, with 103 convictions now overturned.
  • PRESS RELEASE : Millions to take home more cash as new guidance on Tipping is published [April 2024]

    PRESS RELEASE : Millions to take home more cash as new guidance on Tipping is published [April 2024]

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

    The government’s Tipping Act is a step closer to coming into force, as today the Code of Practice is published and laid before Parliament. The new Code of Practice will protect the tips of more than 2 million workers giving them a fair share of the tips received by a company.

    • Tipping Act is a step closer to coming into force as Code of Practice is published and laid before Parliament.
    • New Code of Practice will protect the tips of more than 2 million workers giving them a fair share of the tips received by a company.
    • Workers will be able to view an employer’s tipping policy, their tipping records and will be able to use the Code as evidence in an employment tribunal.

    Millions of UK workers are set to take home an estimated £200 million more of their hard-earned cash, as landmark legislation on tipping took a step towards coming into force.

    Today, Government introduced the Code of Practice on the fair and transparent distribution of tips that will have legal effect under the Employment (Allocation of Tips) Act 2023.

    The updated Code of Practice will be statutory and have legal effect, meaning it can be introduced as evidence in an employment tribunal.

    The Act and secondary legislation make it unlawful for businesses to hold back service charges from their employees, ensuring staff receive all of the tips they have earned. The measures are expected to come into force on 1st October 2024, once they have been approved by Parliament.

    Alongside the updated Code of Practice, we have also published the formal Government response to the public consultation which sets out the feedback received during the consultation, the Government’s response and next steps.

    Many hospitality workers rely on tips to top up their pay and are often left powerless if businesses don’t pass on service charges from customers to their staff.

    This overhaul of tipping practices is set to benefit more than 2 million UK workers across the hospitality, leisure and services sectors helping to ease cost of living pressures and give them peace of mind that they will keep their hard-earned money.

    Business and Trade Minister Kevin Hollinrake said:

    It is not right for employers to withhold tips from their hard-working employees.

    Whether you are cutting hair or pulling a pint, this government’s legislation which will protect the tips of workers and give consumers confidence that when they leave a tip, it goes to the hardworking members of staff.

    The secondary legislation laid today reinforces our commitment to legally protecting our low paid workers and ensuring a fair day’s pay for a fair day’s work.

    CEO of Tipjar, Ben Thomas said:

    Hospitality and service industries are part of the fabric of our culture and a cornerstone of our economy.

    We are honoured to have consulted with the Department of Business and Trade as they have developed this important Code of Practice clarifying employers’ responsibilities as they pass tips to their hard-working teams.

    As a business that exists to help employers distribute tips on the same principles of fairness and transparency, we are confident that this Act will support millions of tipped workers across the UK, and level the playing field for businesses across these sectors. We’re excited to support employers in leveraging the opportunities this will present, as we build a more fair and transparent future.

    These measures follow a series of wins for workers after a record National Minimum Wage uplift and boosts to employment protections for parents and unpaid carers, as well as giving all employees easier access to flexible working.

    Notes to Editors

    • The Code and Practice and consultation response can be found here: https://www.gov.uk/government/consultations/distributing-tips-fairly-draft-statutory-code-of-practice
    • The Government strongly believes that tips, gratuities and service charges should go to workers, rather than employers. Tips are intended to reward staff for hard work and good service, and they should be distributed fairly and transparently. The Government has made this clear since announcing its intention to legislate on this and confirming its support of this Private Members’ Bill.
    • The new measures on tipping are expected to come into force on 01 October, once parliamentary approval has been secured. The Government has delayed this implementation due to extenuating circumstances. We remain committed to protecting workers’ rights, and we also wish to ensure employers have enough time to prepare.
    • We encourage all businesses to follow the new requirements immediately, before they come into legal effect.
    • If someone is concerned that they’re not being paid the correct wage, they should speak to their employer. If the problem is not resolved, they can contact Acas (the Advisory, Conciliation and Arbitration Service) by phoning 0300 123 1122,
    • These new measures will apply to England, Scotland and Wales. Employment policy is devolved to Northern Ireland.
    • These new measures apply to all industries.
    • Tips cannot be used to count towards minimum wage pay – this has been the case since 2009.
  • PRESS RELEASE : Statement on the UK – U.S. SME Dialogues – Northern Ireland [April 2024]

    PRESS RELEASE : Statement on the UK – U.S. SME Dialogues – Northern Ireland [April 2024]

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

    Statement follows the eighth meeting of the UK – U.S. SME Dialogues in Belfast, Northern Ireland.

    On 16 April 2024, the 8th UK – U.S. SME Dialogue was held in Belfast, Northern Ireland with over 85 UK and U.S. small and medium-sized businesses and business organisations participating.

    The Dialogue is convened by the Department for Business and Trade with the Office of the United States Trade Representative, the Department of Commerce, and the Small Business Administration. We were delighted to have the United States Special Envoy to Northern Ireland for Economic Affairs, Joseph Kennedy III, attend the Dialogue and speak about the importance of the UK-U.S. relationship and the special place Northern Ireland has in that partnership.

    SMEs are the backbone of the UK-U.S. trading relationship, and the Dialogue reflects the ongoing commitment from both countries to supporting and enhancing UK – U.S. SME trade.

    During the Dialogue, attendees discussed the opportunities for SMEs in the Creative Industries, Intellectual Property and how SMEs can harness digitalisation to expand their business and grasp the opportunities of the digital economy. Attendees also discussed the barriers that SMEs face in exporting and importing, including access to SME finance.

    Northern Ireland has a unique trading position and is a story of energy, creativity and innovation leading the way in future technologies and creative industries, making it one of the most exciting areas to do trade in the UK.

    We know that SMEs play a huge part in spurring local economies. That’s why, we are committed to working together to forge closer trade and investment ties with the U.S. and taking practical steps to enable our two countries to do business with each other more easily.

    During the Dialogue, we announced the launch of the UK and U.S. Intellectual Property (IP) toolkits, which have been produced to inform UK and U.S. SMEs about protecting their IP within the other country and the tools available to help them.

  • PRESS RELEASE : Government ramps up work to secure supplies of medicines and smartphone chips [April 2024]

    PRESS RELEASE : Government ramps up work to secure supplies of medicines and smartphone chips [April 2024]

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

    Government has taken further action to help secure the UK’s supplies of critical goods with the launch of the new Critical Imports Council.

    • Government takes action to safeguard flows of vital goods such as medicines and smartphone chips with new Critical Imports Council.
    • New Council brings together 23 industry experts and will advise on securing resilience in UK supply chains of critical goods.
    • Council’s first meeting marks key milestone building on government’s Critical Imports and Supply Chains Strategy launched in January.

    Government has taken further action to help secure the UK’s supplies of critical goods such as medicines and smartphone chips with the launch of a new Critical Imports Council today (17 April).

    The Council is made up of 23 industry leaders and brings together expertise from business, academia and government to advise on securing resilience in supply chains for items critical to the UK’s economic prosperity, national security and essential services.

    It builds on the Government’s first-of-its-kind Critical Imports and Supply Chains Strategy, launched in January, and will allow business and government to work together in implementing the Strategy’s 18 actions – ensuring businesses have a central voice in shaping government’s work to build supply chain resilience.

    The events of recent years have shown the world we cannot afford to take for granted the resilience of the global supply chains we rely on for our critical imports. Recent attacks in the Red Sea, the COVID-19 pandemic, Russia’s illegal invasion of Ukraine, and environmental disasters have all demonstrated the potential impact of global events on the reliable flow of vital goods.

    Imported goods are crucial to our economy. They ensure lower prices, greater choice, and help businesses to be more productive. They also enable innovation, drive growth, and are essential to the UK’s world-leading industries, from aerospace to life sciences.

    Business and Trade Minister and Chair of the Critical Import Council Alan Mak said:

    It’s never been more important to strengthen our supply chains and make sure vital goods can continue reaching consumers, in the face of the pandemic, the Red Sea attacks and many other crises around the world.

    That’s why we’re now going even further to strengthen our critical goods supplies with the launch of this new Council, which will bring together government and industry experts to help protect businesses from supply chain shocks now and in the future.

    Leading UK businesses including Rolls-Royce and Johnson Matthey will sit on the Council to help the UK develop resilient and secure supply chains that protect both business and the consumers who rely on them.

    The Council will work with government to tackle the supply challenges businesses face and develop real-life solutions. Meeting quarterly, they will collaborate on emerging supply chain risks and identify the support UK businesses need to reduce vulnerabilities in supply chains – including how we use our overseas network in more than 100 countries to connect with new suppliers.

    The Department for Business and Trade will also create a new online portal where businesses can report red tape or supply chain problems, allowing work to start on resolving the issues quickly.

    Andy Walker, Technology Director at Johnson Matthey said:

    Supply chain resilience of critical goods is essential for Johnson Matthey, so it’s great to be part of the Critical Imports Council, in which government, industry and academia will work together to agree the best approaches to implement actions identified within the Critical Imports and Supply Chains Strategy.

    Rhett Hatcher, CEO of UK Chamber of Shipping said:

    As an island nation the UK relies on shipping to deliver its energy, food and medical supplies with billions of pounds worth of imports each year.

    In an unpredictable world, it is vital that the UK government acts to improve the UK’s resilience to global supply chains shocks. The establishment of this Council is an important step and will enable us to work together to tackle our collective challenges.

    I look forward to joining other leaders from across our supply chains, government and academia to ensure that we have robust UK supply chains helping our economic prosperity, national security and essential services.

    Richard Torbett, ABPI Chief Executive, said:

    Supporting and safeguarding the resilient supply of medicines and vaccines to the NHS is critical to the wider health and wealth of UK citizens, which is why the work of the Government’s new Critical Imports Council is so important.

    I look forward to working with others to maintain and further improve the UK’s robust and responsive medicines supply.

    Logistics UK Chief Executive David Wells OBE said:

    Logistics UK’s seat on the Critical Imports Council recognises the vital role that the logistics sector plays in ensuring the success of the UK economy, and we welcome the government’s invitation to join the discussions, building on the knowledge we amassed during the pandemic.

    The breadth of experience on the council is exceptional and, working together, we can develop practical solutions to secure the UK’s supply chains and mitigate risks to the flow of essential goods to UK households, businesses and public services.

    The Critical Imports and Supply Chains Strategy will enable government to share vital information and guidance with businesses on the risks to key supply chains and the practical steps they can take to protect themselves from disruption, including regular updates on emerging supply chain risks, such as new export bans on critical everyday goods imposed by other countries.

    Please see below the full list of members attending today’s Critical Imports Council:

    • ADS Group
    • Association of British Healthtech Industries
    • Association of the British Pharmaceutical Industry
    • BAE Systems
    • BASF
    • British Chambers of Commerce
    • British Generic Manufacturers Association
    • BT
    • Chemical Business Association
    • Cranfield School of Management
    • Critical Minerals Association
    • Institute of Export and International Trade
    • Tech UK
    • Institute of Materials, Minerals and Mining
    • Johnson Matthey
    • Logistics UK
    • Make UK
    • Maritime UK
    • Renewable UK
    • Rolls-Royce
    • Society of Motor Manufacturers and Traders (SMMT)
    • UK Chambers of Shipping
    • UK Trade Policy Observatory

    Background:

    The Department for Business and Trade published the first-of-its-kind Critical Imports and Supply Chains Strategy in January 2024.

  • PRESS RELEASE : Joint Statement on the UK-Australia Strategic Innovation Dialogue [April 2024]

    PRESS RELEASE : Joint Statement on the UK-Australia Strategic Innovation Dialogue [April 2024]

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

    Following the inaugural Strategic Innovation Dialogue in London, the UK and Australia have issued a Joint Statement.

    United Kingdom – Australia Co-chair Joint Statement

    On 8-9 April 2024, Australia and the United Kingdom (UK) held the inaugural Strategic Innovation Dialogue (the Dialogue) in London. This put into practice the commitments made under the Innovation chapter of the Australia- UK Free Trade Agreement (FTA), the first such chapter in the world.

    Dr. Carolyn Patteson, Head of International, Trade and National Security, of the Department of Industry, Science, and Resources (DISR) and Dr Gaynor Jeffery OBE, Director for Core Policy, Delivery and European Region at Department for Business and Trade (DBT) co-chaired on behalf of Australia and the UK respectively.

    Discussions focused on priority areas such as future health, future power, and standards and interoperability of emerging technologies, with a view to encouraging further science, research, commercialisation and trade collaboration in these key areas.

    The Dialogue supports and facilitates trade between two of the world’s most pioneering economies in innovative goods and services, encouraging the development and adoption of emerging technologies and increasing engagement in science, innovation, technology and related sectors, opening a new chapter of cooperation that will shape our economies for years to come.

    It comes at a significant juncture, when both countries are looking to strengthen and diversify global supply chains, manage a transition to net zero emissions and ensure robust systems of governance to support the responsible and safe use of critical technologies including Artificial Intelligence – all in support of economic growth and job creation.

    • On Future Health, discussions focused on strategies for commercialising innovation in biotechnology, highlighting advances in complex precision medicines and materials technology. Both sides outlined their existing health research networks and agreed to explore the potential for a ‘biobridge’ between our countries to expedite new and innovative medicines, diagnostics, and therapeutics to market.
    • On Battery manufacturing, a visit to the UK Battery Industrialisation Centre (UKBIC) enabled direct learning on the opportunities and challenges in developing and trading these innovative goods. Following discussions over respective National approaches, both sides acknowledged further opportunities to deepen cooperation.
    • On Offshore Wind, after comparing strategies and new innovations in floating offshore wind technology, there was joint commitment to identify collaborative opportunities to address supply chain constraints and to continue facilitating connections between policy makers to progress development of floating offshore wind policy.
    • On standards and interoperability of emerging technologies, both countries acknowledged the importance of harmonising standards to bolster consumer trust, support sectoral growth and to facilitate trade in AI-enabled goods. Building on discussions hosted by the UK in 2023 at the AI Safety Summit in Bletchley Park, Australia and the UK reaffirmed the importance of working together toward safe and responsible AI, including in key international forums, to develop the international standards necessary to secure consumer trust and industry confidence in emerging sectors.

    Australia and the UK welcomed cooperation between respective standards bodies in support of trade outcomes and committed to monitor their regulatory frameworks for new technologies to ensure they do not emerge as technical barriers to trade. This includes facilitating alignment on the adoption of interoperable tools for trustworthy AI, such as assurance techniques and international technical standards.  Both countries welcomed the work already underway between respective agencies on autonomous vehicles.

    Australia and the UK look forward to the opportunity to continue to strengthen the relationship between both countries by supporting trade in innovative goods and services, improving the connections between our respective systems and progressing joint work programmes catalysed by the Dialogue.

    The next Strategic Innovation Dialogue will be held in Australia in 2026.

  • PRESS RELEASE : Business Minister celebrates multibillion-pound green tech funding milestone for UK aerospace sector [April 2024]

    PRESS RELEASE : Business Minister celebrates multibillion-pound green tech funding milestone for UK aerospace sector [April 2024]

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

    Business Minister Alan Mak celebrates the 10th anniversary of the Aerospace Technology Institute (ATI) and a landmark £3.6 billion funding milestone.

    • Business Minister Alan Mak celebrates landmark 10-year anniversary for joint government-industry funded Aerospace Technology Institute (ATI).
    • Historic milestone covers £3.6 billion in funding to deliver a long-term plan to produce more than 400 cutting-edge aerospace R&D projects across the UK in past decade, supporting thousands of jobs.
    • Aerospace industry leaders react to 10 years of crucial programme.

    Business Minister Alan Mak will celebrate a multibillion-pound funding milestone for cutting-edge green technology in the UK aerospace sector today (10 April).

    The Minister will join UK aerospace industry leaders at an event to mark the 10-year anniversary of the Aerospace Technology Institute (ATI), a joint government-industry funded organisation that drives world-class research in sustainable aviation.

    He will join Airbus, Rolls-Royce and a range of other leaders to celebrate the success of the ATI in making the UK a world leader in cleaner and greener air travel, with £3.6 billion of government and industry funding being allocated to more than 400 different aerospace R&D projects across the breadth of the UK over the past decade.

    This funding has helped deliver the long-term change our country needs to deliver a brighter future for Britain, and improve economic security and opportunity for everyone.

    These projects have pioneered new technologies which will help develop a new generation of zero-emission aircraft, supporting thousands of high-skilled jobs across the country.

    Business Minister Alan Mak said:

    Our world-class aerospace sector is a British success story, with government and industry coming together to provide billions of pounds in unprecedented support to help us lead the way on cleaner, greener air travel.

    Over the last decade the ATI has been crucial to this, helping our aerospace industry soar to new heights and supporting thousands of jobs while continuing to grow our economy.

    Over a decade ago, government joined together with industry through the Aerospace Growth Partnership to create the ATI, responding to calls for the UK to develop its own R&D programme for the aerospace sector.

    This has secured long-term planning and funding sources through the ATI Programme, with the £3.6 billion of joint government-industry funding for transformative technology projects in air transport so far.

    Furthering the aviation research agenda through developing cleaner, greener air travel is a principal aim of the ATI.

    Successes include:

    • over 400 cutting-edge R&D projects funded since the start of the ATI Programme
    • the Rolls-Royce UltraFan demonstrator aero engine technology ground demonstrator – the largest in the world, with greater fuel efficiency, lower emissions and greater sustainability
    • the Airbus-led Wing of Tomorrow programme – the next generation of carbon composite aircraft wings
    • Rolls-Royce seized the world-speed record for electric aircraft with its battery-powered Spirit of Innovation aircraft
    • SMEs such as ZeroAvia and Cranfield Aerospace developing new generation zero emission aircraft and propulsion systems
    • investment in research facilities from the Osney lab in Oxford to the new Whittle Lab in Cambridge and the National Centre for Combustion and Aerothermal Technology in Loughborough

    Aerospace funding is a key priority for the Government, with £200 million of joint government and industry funding dedicated to R&D projects announced in the recent Spring Budget, supporting the development of energy efficient and zero-carbon aircraft technology.

    This came after the Government announced £975 million in funding over five years from 2025 for the ATI programme in the 2023 Autumn Statement.

    Industry leaders and experts from across the sector have reacted to the ATI’s key milestone:

    ATI CEO Gary Elliott said:

    Since the ATI was created ten years ago, we have helped to transform the UK aerospace sector through the development of advanced and innovative technologies – setting the sector on the path to Net Zero 2050 with our Destination Zero strategy. The ATI Programme has helped secure jobs, support growth, return economic value to the UK and position the UK to capture market share in next-generation sustainable aircraft.

    All of this has been made possible through collaboration – between the ATI, the many organisations across the UK who have delivered over 400 projects and, of course, our partners in the Department for Business and Trade and Innovate UK. Looking ahead to the next ten years, I am confident that the ATI will play a critical role in making the UK the world’s most vibrant ecosystem for Net Zero aerospace technology.

    Airbus UK Chairman John Harrison said:

    For the last decade, the ATI has been instrumental in supporting Airbus’ technology developments that are improving our commercial aircraft and helicopters flying today and those for tomorrow. Technologies such as how we design and build aircraft wings and accelerate the development of hydrogen powered aircraft.

    We’re looking forward to another decade of pushing boundaries, boosting innovation and upskilling people right here in the UK to keep our industry ahead of the beat.”

    Rolls-Royce Group Director of Engineering, Technology and Safety Simon Burr said:

    The ATI is a fundamental part of keeping the UK at the forefront of aerospace innovation and technology. It has remained a strong and unifying force for the aerospace sector that has strengthened the UK’s offer.

    The ATI’s role in supporting our work to develop more sustainable aviation solutions has been particularly significant. This includes the development of our UltraFan demonstrator engine, confirmation of the compatibility of 100% sustainable aviation fuels with our current in-production engines, and ground-breaking research into hydrogen-capable aerospace technologies.

    The aerospace sector has dealt with multiple global challenges in the ten years the ATI has been in existence, such as supply-chain shocks, unprecedented increases in passenger numbers and global skills shortages.

    The research and innovation inspired and brought into existence by the programme has helped the UK maintain its position as a world-leader in aerospace manufacturing and, as a result, cleaner, greener, global aviation.

    Chief Executive Officer of ADS Kevin Craven said:

    The UK’s world-leading aerospace sector provides high-skilled jobs throughout the country and is renowned for excellence in innovation, technology and sustainable development. Set against a backdrop of increasing global competition, the Aerospace Technology Institute has been pivotal in attracting industry co-investment and driving continued UK leadership in innovation, making it a true partner for our industry for the last decade.

    ATI support has been invaluable to our industry – from the largest OEMs to the SMEs that are fundamental to our industrial ecosystem. Long may its investment continue!

    Russ Dunn, Chief Technology Officer, GKN Aerospace said:

    The Aerospace Technology Institute is the crown jewel of the UK’s aerospace ecosystem.  It represents the best of collaboration between Industry and Government and continues to demonstrate the UK’s ability to create the most innovative and impactful aerospace technology.

    GKN Aerospace, our technologies and our people, have benefitted greatly from ATI support. From our role on the Wing of Tomorrow programme, to our expanding hydrogen technology portfolio; incorporating H2GEAR and HYFIVE, the ATI continues to match our ambition and our drive at every turn.

    Truly sustainable aerospace is both a huge technical challenge and a huge economic opportunity for the UK; we believe zero emissions flight for the commercial market is achievable and that the ATI is a core partner in delivering that future.

    Founder and CEO of ZeroAvia Val Miftakhov said:

    The ATI’s impact in bringing zero-emission, hydrogen engines further up the industry agenda – directly via its funding of innovators like ourselves and through the seminal research of Fly Zero – is of huge importance to delivering a clean future for flight.

    The ATI is in many ways world-leading and it will help the UK capture more aerospace exports as the global industry becomes reliant on cleaner propulsion technologies.

  • PRESS RELEASE : UK signs trade pact with second biggest US state – Texas [March 2024]

    PRESS RELEASE : UK signs trade pact with second biggest US state – Texas [March 2024]

    The press release issued by the Department for Business and Trade on 13 March 2024.

    UK and Texas sign a trade pact to boost investment and trade cooperation.

    • Texas is the largest and eighth US state to conclude a trade pact with the UK, bringing the combined GDP to £5.3 trillion – a quarter of US GDP
    • Statement of Mutual Cooperation will strengthen trade between the UK and Texas
    • Pact will benefit key sectors including energy, life sciences, and professional services

    The UK will today [Wednesday 13 March] sign a trade pact with Texas to boost trade and investment ties between the UK and Texas, as Business and Trade Secretary Kemi Badenoch welcomes Texas Governor Greg Abbott to London.

    Texas has the second largest US state economy, with a GDP of £1.9 trillion in 2022 – larger than Italy, making this the UK’s most economically significant trade pact with a US state to date.

    The pact aims to help make it quicker, easier, and cheaper for UK and Texas firms to do business by tackling trade barriers, growing investment, and driving commerce between the UK and Texas.

    The UK is Texas’ 8th largest international goods export market, with total trade in goods already worth £14.7 billion in 2023. The top products being exported to Texas include nuclear equipment, aircraft, and pharmaceutical products.

    This arrangement is targeted at sectors where the UK and Texas have shared expertise such as new energy solutions – including hydrogen and carbon capture, utilisation, and storage, life sciences, and professional business services.

    The signing comes just four months on from agreeing the UK-Florida Memorandum of Understanding (MoU), bringing the number of agreements with US states up to eight – worth a combined GDP of £5.3 trillion, which is greater than that of Japan and equivalent to a quarter of the US economy.

    Business and Trade Secretary Kemi Badenoch said:

    I’m delighted to welcome Governor Abbott to the UK for this landmark signing.

    Today’s signature with Texas marks the UK’s eighth US state-level pact, meaning UK firms now have access to states with a combined GDP of £5.3 trillion – equivalent to a quarter of the whole US economy. This shows our US state-level strategy is working and really delivering for British businesses.

    Prioritising cooperation on innovative energy solutions such as hydrogen will help the UK to go further in achieving its aim to unlock more than 12,000 jobs and up to £11 billion of investment by 2030 in the hydrogen sector.

    The UK Government’s landmark ‘BioBridge’ collaboration with the Texas Medical Center, the world’s largest medical complex, has already supported more than 30 innovative UK life sciences companies to grow their businesses in Texas – this SMC will help deepen economic ties in this critical sector even further.

    The pact will also support recognition of professional qualifications. Texas is already signed up to the mutual recognition agreement for architects which UK and US bodies concluded last year, and there is ongoing work towards a similar agreement for engineering.

    Texas Governor Greg Abbott said:

    As our ninth largest trade partner, the United Kingdom plays a critical role in the Texas economic juggernaut.

    Strengthening the bond between Texas and the United Kingdom is crucial for our shared economies to prosper.

    By signing this Statement of Mutual Cooperation today, we will further promote economic growth on both sides of the Atlantic. Texas is the economic engine of America, where entrepreneurs from around the globe can cast a vision and know they can achieve it. Working with our British partners, we will chart a greater path towards success and opportunity and create an even more robust economic partnership.

    Paxman Coolers Chief Executive Officer Richard Paxman said:

    We are thrilled to hear that the UK and Texas have signed a SMC to enhance trade and economic development ties. We have been working in Texas since 2013, setting up our US HQ in Houston in the heart of the Texas Medical Center. This dynamic state is one of our largest US markets, representing 20% of our $10m business.

    Concrete Canvas Director William Crawford said:

    As a UK business with our US Headquarters in Houston, we are delighted with the news that the UK-Texas SMC has been signed. This will help to strengthen ties with this key US state and help Concrete Canvas achieve our ambitions for further growth and investment across the US.

    UK companies are already making use of close UK-US trading ties, thanks to MoUs already signed. For example, leading innovator in surgical training technologies Merseyside-based Inovus Medical launched their US HQ in Tampa Bay in December 2023 – just one month after signature of the UK-Florida MoU. By choosing Florida as its US base in light of its robust healthcare ecosystem and thriving innovation and technology status, Innovus Medical has seen significant growth in the US.

    Read the text of the UK and Texas trade and economic statement of mutual cooperation.

    Background

    • The SMC will drive cooperation in a wide range of areas of opportunity and future growth, such as aerospace, advanced technologies, supply chains and critical minerals, infrastructure, transport services, and chemicals.
    • The UK is in active discussions to conclude MoUs with further states, including California, Colorado, and Illinois.
    • The US is the UK’s largest trading partner and the biggest investor in the UK. To increase trade with the US, the UK has a “twin-track” approach, working with individual states to boost trade, including through trade and economic arrangements, while also engaging with the federal government to unlock opportunities at a national level.
    • On 8 June the Prime Minister and President Biden announced the Atlantic Declaration – a first-of-its-kind action plan covering our economic, technological, commercial and trade relations. As part of that we agreed to explore ways to grow trade between the UK and the US, already worth £315 billion, and to launch talks on a Critical Minerals Agreement, supporting a strategically important sector of the UK economy.