Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 1 March 2024.

Business and Trade Secretary Kemi Badenoch issued a statement following the conclusion of the 13th WTO Ministerial Conference in Abu Dhabi.

The 13th World Trade Organization (WTO) Ministerial Conference (MC13) took place this week in Abu Dhabi.

Business and Trade Secretary Kemi Badenoch and Minister of State for Trade Policy Greg Hands MP led the UK delegation, alongside UK Permanent Representative to the WTO Simon Manley.

The WTO sets the rules that govern how countries trade with one another – from the tariff a country applies on watches and buses to the extent to which a country can subsidise its own industries.

MC13 saw the world’s trade ministers come together to discuss the most pressing challenges facing global trade and agree a way forward. The conference started on Monday 26th February and closed in the early hours of the morning of Saturday 2nd March with agreements to:

• Protect tariff-free digital trade
• Help developing countries reap the benefits of free trade, and
• Redouble efforts to establish a fully-functioning dispute settlement mechanism by the end of this year

Commenting after the conclusion of the conference, the Business and Trade Secretary said:

“I want to thank everyone who has worked so hard at MC13, particularly the UK team, our Emirati hosts, and the WTO Director General.

“I saw first-hand how delegates worked around the clock to try to get the outcomes for business and consumers. I am proud of the active and constructive role the UK played, bringing people together, showing flexibility, and brokering results.

“While we didn’t achieve everything we wanted, we secured important agreements to protect tariff-free digital trade and help the least developed countries to benefit from free and open trade.

“Anything agreed at the WTO requires consensus from all 164 members – that is by definition extremely challenging. But by getting the deals we have, we have shown the WTO is a critical, albeit imperfect, part of the global trading system that helps economies thrive.

“The UK’s primary objective for this conference was to ensure digital trade remains tariff-free – to guarantee small businesses are not taxed for having an international conference call and consumers do not pay extra to stream songs or films from other countries.

“I am pleased the WTO agreed to extend the e-commerce moratorium – a global agreement that avoids taxes on online transactions from e-mails to music or TV downloads, for two more years. The decision will provide businesses of all sizes with the certainty they need to grow and keep costs down for consumers everywhere.

“The UK still firmly believes the WTO should extend the moratorium permanently and will continue to make for the case for that.

“One area this conference has undoubtedly seen great success is in helping developing countries reap the benefits of free trade. The UK has been a key driver on this issue, and I am proud of what we have helped to deliver.

“We secured a change to WTO rules to allow countries graduating from ‘least developed country’ to ‘developed country’ status to apply the rule changes that entails gradually, rather than all at once – making it easier to reap the benefits of free and fair trade.

“We celebrated the accessions of two new countries to the WTO – Comoros and Timor Leste – giving them all the economic benefits WTO membership brings with it.

“And we completed the Investment Facilitation for Development Agreement (IFDA), which will commit its 127 signatories to practical steps which will make it easier for companies to invest in their country – from cutting red tape, to providing a one-stop-shop for investors to communicate with government, to creating a single website investors can go to for information.

“If implemented fully, research suggests the Agreement could increase global GDP by up to 1% in the long run, with developing countries in particular set to benefit.

“While we’re disappointed the IFDA was not adopted into the WTO’s legal framework, this MC13 is an important step forward and we will keep working to make that happen.

“The UK firmly believes the WTO should have a fully-functioning dispute settlement system so countries can defend themselves from governments who don’t play by the rules and protect their industries, jobs and communities.

“We have agreed at MC13 to redouble efforts to reestablish a full-functioning system by the end of this year. It is crucial that we now live up to and deliver on that commitment.

“But despite huge efforts we have failed to reach agreement to address harmful subsidies that lead to overfishing, reform agriculture, or stop countries restricting the export of food to the most vulnerable countries. These issues are not going away, and the UK will continue to press for reform.

“Negotiations have been tough, and outcomes mixed, but the UK is not giving up on the WTO. More than a billion people have been lifted out of extreme poverty since 1990. Free and open trade has played a crucial role in that. It’s worth fighting for, even when it’s hard.

“The onus is now on all WTO members to take what has been agreed at MC13 and build on it, straight away and before the next Ministerial Conference, MC14. So let’s get on with it.”

Note to editors

• IFDA implementation prediction is the result of a recent study published by the Yeutter Institute, University of Nebraska.

The press release issued by the Department for Business and Trade on 28 February 2024.

Fiona Dickie has been re-appointed as the Pubs Code Adjudicator.

The Government has re-appointed Fiona Dickie as Pubs Code Adjudicator (PCA) for a further 3-year period. On her re-appointment, Fiona said:

I am delighted to be reappointed as the Pubs Code Adjudicator which affords the unique opportunity to continue to contribute to the Code’s positive impact.

Much progress has been made in restoring balance in the relationship between tied pub tenants and pub-owning businesses through embedding cultural change in the tied sector so that tenants’ businesses can thrive. I am proud of the PCA’s success in reducing arbitration cases and successfully completing the first investigation under the Code.

I will continue the important work to promote transparency and responsible compliance behaviours and, through improved communication and early engagement with the sector, help to avoid formal disputes while ensuring tenants’ Code rights are protected.

The PCA is responsible for enforcing the statutory Pubs Code (the Code), which regulates the relationship between large pub-owning businesses and their tied pub tenants in England and Wales.

The PCA has powers to arbitrate individual disputes about the Code, investigate suspected breaches by pub-owning businesses and impose sanctions, including financial penalties, when there is non-compliance.

The PCA provides advice and guidance about the Code and leads a team based in Birmingham.

About Fiona Dickie

Fiona Dickie was appointed as the PCA in May 2020 for a 4-year term, ending on 2 May 2024. Prior to that, she was the Deputy Pubs Code Adjudicator from November 2017 until May 2020. Fiona was called to the Bar in 1993. She has been a Vice President of the Valuation Tribunal for England from 2009 until 2020 and was appointed Judge of First-tier Tribunal (Property Chamber) in 2013 (after serving as a Lawyer Chair of its predecessor tribunal from 2006). She was also appointed as a Road User Charging Adjudicator in 2004. Fiona has been a mediator in civil disputes since 2005 and a member of the Chartered Institute of Arbitrators since 2018.

Additional information

The Small Business, Enterprise and Employment (SBEE) Act 2015 required the introduction of a statutory Pubs Code and the appointment of a Pubs Code Adjudicator. The Code governs the relationship between large pub-owning businesses, which own 500 or more tied pubs in England and Wales, and their tied tenants.

The Government must review the operation of the Code and the performance of the PCA every three years. A report on the second statutory review, for the period from April 2019 – March 2022, was published in October 2023. This concluded the PCA to have been effective in enforcing the Code over the review period, particularly in reducing arbitration cases and successfully completing the first investigation under the Code.

Fiona Dickie will continue as the PCA for a further 3-year term following on from her current term which ends on 2 May 2024. This appointment is regulated by the Commissioner for Public Appointments and has been made in line with the Governance Code for Public Appointments.

The press release issued by the Department for Business and Trade on 27 February 2024.

Businesses have welcomed the news that 37 Geographical Indications (GIs) for UK food and drink will formally gain protection on Thursday.

Today [27 February] Japan and the UK will complete the process to grant special protected status to iconic British food and drink products including Cornish Pasties and Anglesey Sea Salt to safeguard against imitation.

Businesses have welcomed the news that 37 Geographical Indications (GIs) will formally gain protection on Thursday [29 February] following the completion of UK and Japanese scrutiny processes. A second group of protections is set to be announced once further work has concluded.

Japan’s population of 125 million has a strong appetite for international food and drink. The country’s status as the world’s third largest economy in 2022 and GDP per capita of £27,400 highlights the strength of its consumer market and the commercial opportunities for premium British products in Japan.

Securing GIs for iconic British products such as Melton Mowbray Pork Pies, Welsh Beef and Staffordshire Cheese prevents counterfeit products being placed on the Japanese market, ensuring UK businesses can export with confidence and consumers receive authentic, high-quality products.

Trade Policy Minister Greg Hands said:

The UK’s excellent selection of unique, high-quality products are highly sought after around the world. Consumers in Japan can now be assured that they are enjoying the authentic taste of great British food and drink.

This announcement not only protects beloved British delicacies like Scotch Beef and Cornish Pasties, but also gives UK producers added confidence when selling into Japan, part of our plan to help British businesses grow and export more.

Food and Farming Minister Mark Spencer said:

Our GI protections are a guarantee of quality and excellence – so that the best of British food and drink can be appreciated not only here in the UK, but around the globe.

These additional protections will give assurance to British farmers and producers who export their unique products to Japan – and to Japanese consumers who will know they are buying the real thing.

For UK businesses, GIs are vital for building trust and enhancing brand recognition, ultimately driving export growth and supporting the sustainability of local industries. They also reinforce the UK’s position as a producer of distinctive and sought-after goods.

Managing Director at Rodda’s Nicholas Rodda said:

The UK is celebrated for producing some of the very best food and drink in the world. The GI status not only strengthens the authenticity of our Cornish clotted cream on a global stage, but also provides new opportunities for our business conversations internationally. The GI status ensures consumers can continue to enjoy Cornish clotted cream with knowledge that it has been made in Cornwall, with Cornish milk and crafted using traditional methods as it has been at Rodda’s for over 130 years.

Managing Director of AK Stoddart Grant Moir said:

Since Stoddarts started to supply beef to Japan back in 2019 the brand attributes of Scotch Beef has always been a major draw for the Japanese market.

With the recent announcement that the Geographical Indication is to be formally recognised this will only enhance and strengthen the Scotch and Stoddarts brand in Japan.

Scotland has long been admired for its food and drink heritage and this will only benefit the global reputation of Scotland.

Co-Founder and Managing Director of Halen Môn Alison Lea-Wilson said:

We are absolutely delighted to learn that Japan is recognising GIs from the UK. We are proud to have the name and method of Halen Môn recognised as authentic and possessing the special qualities that set it apart from other salts.”

International Market Development Director at the AHDB Dr Phil Hadley said:

Thanks to the news on GIs we will explore opportunities for forage fed GI West Country Beef and West Country Lamb in this discerning market. Japan is an important market and AHDB is committed to working with industry and UK government to develop further opportunities for our exporters, including participation at FoodEx in Tokyo from March 5 to March 8 where we will be promoting quality British red meat.

The UK will also be protecting the Geographical Indications of several Japanese food and drink products, including Hokkaido wine and Hiba beef. British consumers can shop with confidence, knowing they are purchasing authentic Japanese goods.

The UK-Japan Comprehensive Economic Partnership Agreement entered into force on 1 January 2021 and will lead to the increase of protected GIs from just seven under the EU-Japan trade deal to over 70.

Background

• Population and GDP figures have been sourced from 2022 IMF estimates (the latest available data). Figures for subsequent years are all still projections.

The following UK food and agricultural products will have their GIs protected in Japan:

• Cornish Clotted Cream
• Cornish Pasty
• Anglesey Sea Salt/Halen Môn
• Arbroath Smokies
• Conwy Mussels
• East Kent Goldings
• London Cure Smoked Salmon
• Lough Neagh Eel
• Lough Neagh Pollan
• Melton Mowbray Pork Pie
• Orkney Scottish Island Cheddar
• Pembrokeshire Earlies/Pembrokeshire Early Potatoes
• Scotch Beef
• Scotch Lamb
• Single Gloucester
• Staffordshire Cheese
• Stornoway Black Pudding
• Traditional Ayrshire Dunlop
• Traditional Cumberland Sausage
• Traditional Grimsby Smoked Fish
• Traditional Welsh Caerphilly
• Welsh Beef
• Welsh Lamb
• Welsh Laverbread
• West Country Beef
• West Country Lamb
• Yorkshire Wensleydale

The following UK alcoholic beverages will have their GIs protected in Japan:

• English Wine
• English Regional Wine
• Herefordshire Cider
• Herefordshire Perry
• Irish Poteen
• Kentish Ale
• Kentish Strong Ale
• Somerset Cider Brandy
• Welsh Wine
• Welsh Regional Wine

The following Japanese agricultural products and beverages will have their GIs protected in the UK

• Daiei Suika
• Daisen Broccoli
• Echizen Gani/Echizen Kani
• Edosaki Kabocha
• Futago Satoimo/Futago Imonoko
• Hiba Gyu
• Higashiizumo no Maruhata Hoshigaki
• Hiyama Haishen
• Ibuki Soba/Ibuki Zairaisoba
• Iburigakko
• Iwadeyama Koridofu/Iwadeyama Meisan Koridofu
• Koge Hanagoshogaki
• Kumamoto Akaushi
• Matsudate Shibori Daikon
• Mito no Yawaraka Negi
• Monobe Yuzu
• Nango Tomato
• Okukuji Shamo
• Ozasa Urui
• Sayo Mochidaizu
• Taisyu Soba
• Tokyo Shamo
• Toyama Hoshigaki
• Tsunan no Yukishita Ninjin
• Tsuruta Steuben
• Yamadai Kansho
• Yamagata Celery
• Yatsushiro Tokusan Banpeiyu
• Zentsujisan Shikakusuika
• Hagi
• Harima
• Hokkaido
• Mie
• Nadagogo
• Tone Numata
• Wakayama Umeshu
• Yamanashi

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

UK Trade Ministers attend World Trade Organization’s Conference to defend free and fair trade and protect UK businesses from increasing global trade barriers.

• Trade Secretary Kemi Badenoch flies to Abu Dhabi for 13th WTO conference to meet international counterparts and defend free trade
• UK using negotiations to maintain tariff-free digital trade, and protect British businesses from potential costly increases in global trade barriers and protectionism
• Secretary Badenoch joined by Trade Minister Greg Hands – as both will use event to meet Gulf Ministers and progress talks on a UK-Gulf trade deal

Trade Secretary Kemi Badenoch today arrives in Abu Dhabi to defend free and fair trade and protect UK businesses from increasing global trade barriers.

She is attending the World Trade Organization’s (WTO) Thirteenth Ministerial Conference (MC13) – where over 150 of the world’s trade ministers will gather for a week to negotiate global rules of trade that affect tariffs, regulations and how businesses sell their goods and services abroad.

Attending the Conference, Trade Secretary Kemi Badenoch said:

Free trade creates jobs, opportunities for businesses, and puts money in people’s pockets.

We want to see more barriers torn down, not new ones being put up. This is why it’s important the UK is here at MC13, to secure meaningful outcomes for companies and consumers back home and around the world as part of the Government’s plan to grow the economy and boost opportunities for our young people. I look forward to working with Members this week to make that happen.

The WTO sets the rules that underpin free and fair trade and has helped trade to boom around the world. Over the period 2000 to 2016, the average WTO member saw trade costs fall equivalent to a 15% reduction in tariffs.

Agreements through the WTO can help to address barriers to trade and reduce costs – savings that can be passed on to businesses and consumers – and decide to what extent countries can subsidise their industries.

The UK will be heavily involved in negotiations, and wants to see MC13 agree to:

• Keep the costs of online trade down by extending the e-commerce moratorium, a global agreement that avoids taxes on online transactions – from e-mails to music or TV downloads,
• Ensure countries can defend themselves against unfair trading practices by other countries by helping to restore the WTO’s dispute settlement mechanism,
• Protect our oceans and fish stocks which so many vulnerable fishing communities depend on by ending subsidies for fleets that catch fish in unsustainable numbers,
• Help developing countries to benefit from free trade and global investment by securing agreements such as the Investment Facilitation for Development Agreement which will help grow developing economies by creating a more transparent, efficient, and predictable climate for investment.

Trade Policy Minister Greg Hands said:

From preventing digital products like emails being taxed, to ensuring countries can challenge unfair trading practices, the UK joins this conference with a clear mission: to be the world’s leading voice for Free Trade.

It’s good to be back at the Ministerial Conference of the WTO, alongside the Trade Secretary, to help drive negotiations and secure the right outcomes for businesses and consumers around the world and in the UK.

Free trade has played a vital role in lifting more than a billion people out of extreme poverty globally since 1990, which is why development is at the heart of the UK’s trade and investment policy.

The UK leads the way in championing the needs of least developed countries and has played an active role in negotiations on the Investment Facilitation for Development Agreement (IFDA). This agreement streamlines burdensome processes for potential investors and improves transparency, which is set to benefit developing countries the most.

An additional 1 million Swiss Francs of funding will be made to the WTO’s Enhanced Integrated Framework, the only fund exclusively dedicated to helping Least Developed Countries trade. The UK has been the second largest donor to the Fund, contributing nearly $35m across two decades.

Minister for Development Andrew Mitchell said:

Trade is a proven route to prosperity. That is why the UK is pushing robustly for outcomes at the WTO’s MC13 in Abu Dhabi that support developing countries to reap the benefits of free trade and global investment.

We are proud to have introduced the Developing Country Trading Scheme – one of the most generous schemes available to developing countries. This conference is an opportunity to further improve the global trading system to ensure all countries benefit from the transformational impact of trade and no one is left behind.

Following the recent conclusion of the sixth round of talks on a UK-Gulf Cooperation Council (GCC) Free Trade Agreement, UK ministers will also meet with all six GCC counterparts to progress the deal – the first time Kemi Badenoch has met all six Ministers at once.

A deal would help unlock even more opportunities for investment and exports between the UK and countries of the GCC. With at least £19 billion already invested in each other’s economies and total trade worth £59 billion, both sides are building on a strong foundation.

UK Ministers will also meet with representatives from the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) member countries at the Conference ahead of the UK’s ratification and entry into force of the agreement expected later this year. The UK’s inclusion will make the CPTPP a truly global deal.

The press release issued by the Department for Business and Trade on 19 February 2024.

The Government has announced action to tackle the use of controversial ‘fire and rehire’ practices.

• Government acts against controversial dismissal tactics through a new statutory Code of Practice.
• Employment tribunals will have the power to apply an uplift of up to 25 percent of an employee’s compensation if an employer unreasonably fails to comply with the code.
• Code protects workers’ rights whilst respecting business flexibility.

Action against unscrupulous employers to tackle the use of controversial ‘fire and rehire’ practices will be rolled out by the Government today [19 February].

Dismissal and re-engagement, also known as ‘fire and rehire’, refers to when an employer fires an employee and offers them a new contract on new, often less favourable terms.

The Government has been clear that it firmly opposes this practice being used as a negotiating tactic. Today, a new statutory Code of Practice has been published making clear how employers must behave in this area.

This new Code of Practice shows the Government is going a step further to protect workers across the country. This will help to preserve security and opportunity for those in work, as part of our plan to grow the economy.

Business Minister Kevin Hollinrake said:

Our new Code will crack down on employers mistreating employees and sets out how they should behave when changing an employee’s contract.

This announcement shows we are taking action to tackle fire and re-hire practices by balancing protections for workers with business flexibility”.

In future the courts, and employment tribunals, will take the Code into account when considering relevant cases. This will include on unfair dismissal claims where the employer should have followed the Code.

Employment tribunals will have the power to apply an uplift of up to 25 percent of an employee’s compensation if an employer unreasonably fails to comply with the Code.

The new Code clarifies how employers should behave when seeking to change employees’ terms and conditions, aiming to ensure employees are properly consulted and treated fairly.

Employers will now also need to explore alternatives to dismissal and re-engagement and have meaningful discussions with employees or trade unions to reach an agreed outcome.

The Code makes it clear to employers that they must not use threats of dismissal to pressurise employees into accepting new terms. They should also not raise the prospect of dismissal unreasonably early or threaten dismissal where it is not envisaged.

Acas Chief Executive Susan Clews said:

Fire and rehire is an extreme step that can seriously damage working relations and has significant legal risks for organisations. Employers should focus on maintaining good employment relations to reach agreement with staff if they are thinking about making changes to their contracts.

Acas offers impartial advice on employment rights and obligations, and has expertise in helping parties to maintain good industrial relations and resolving disputes where they arise.

The Government’s new draft Code is clear that employers should contact Acas for advice before they raise the prospect of fire and rehire with employees.

Principal Policy Advisor at Institute of Directors, Alexandra Hall-Chen said:

The publication of this Code of Practice provides employers with welcome clarity and practical guidance.

The Code rightly places good industrial relations at its core and represents an effective means of balancing worker protections with labour market flexibility.

Head of Public Policy at CIPD, Ben Willmott said:

The Code promotes good practice, making clear employers should always seek to agree any changes to terms and conditions with employees and that ‘fire and rehire’ should only be used as an absolute last resort.

It highlights the importance of early and meaningful consultation with employees to maximise the chances of finding alternative solutions which can lead to agreement over proposed changes.

It also emphasises that Acas has a key role to play and should be contacted by an employer for advice before it raises the prospect of fire and rehire with the workforce.

The Government previously asked Acas to produce guidance for employers on fire and rehire practices, which was published in 2021.

Background:

• The consultation ran for 12 weeks, inviting views from the public and other interested groups on the new statutory Code.
• The Government has laid the Code of Practice in Parliament for approval by both Houses. Subject to that approval, the Code will then be brought into effect later in the summer.

The press release issued by the Department for Business and Trade on 19 February 2024.

Statement on the sixth round of negotiations for a free trade agreement between the UK and the Gulf Cooperation Council.

The sixth round of negotiations for a free trade agreement (FTA) between the UK and the Gulf Cooperation Council (GCC) took place between 29 January and 9 February.

The round was hosted in London and held in a hybrid fashion. A number of GCC negotiators travelled to London for in-person discussions with others attending virtually.

Draft treaty text was advanced across the majority of chapters. Technical discussions were held across 21 policy areas over 30 sessions. Good progress was made and both sides remain committed to securing an ambitious, comprehensive and modern agreement fit for the 21st century. The next round of negotiations will be scheduled shortly.

An FTA will be a substantial economic opportunity and a significant moment in the UK-GCC relationship. Total trade was worth £59 billion according to latest figures.

His Majesty’s Government remains clear that any deal signed will be in the best interests of the British people and the United Kingdom economy. We will not compromise on our high environmental, public health, animal welfare and food standards, and we will maintain our right to regulate in the public interest. We are also clear that during these negotiations, the National Health Service and the services it provides is not on the table.

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

The next generation of business leaders have received over £100 million worth of support from the Government backed Start Up Loan Scheme.

• 15,000 loans have now been delivered to support small business owners aged 18-24 since 2012.
• Access to finance and advice is available as part of the Help to Grow Scheme to drive government’s ambition to make the UK the best place to start and scale a small business.

15,000 Start Up Loans worth over £100 million have now been issued to young business founders aged 18-24 since 2012.

The Start Up Loan Scheme is government backed finance delivered through British Business Bank, which has delivered over £1 billion in loans to SMEs across the country since the scheme launched in 2012.

The scheme provides invaluable support to young entrepreneurs who are looking to set up a small business – a group which often struggles to get business finance from other sources – and offers an effective pathway into employment, with almost a third of recipients aged 18-24 leaving unemployment thanks to this scheme.

Of all the loans distributed to entrepreneurs under 25, 39% have also gone to female business owners and 24% to business owners from ethnic minority backgrounds. Outside of London, the North West has received the highest volume of loans (1,992), followed by West Midlands (1,591) and the South East (1,291). London has received 3,099 loans in total since 2012.

Among those to receive one of these loans, the most popular industries to launch a business in include retail (£8.5m), hospitality (£5.8m) and arts and entertainment (£2.5m).

Access to finance is a key part of the refreshed Help to Grow Campaign, a one-stop shop for SMEs to find the information they need to start, scale up and grow their own business. The new site brings together the support on offer from the government into one place, making it quicker and more convenient to find the resources business leaders and budding entrepreneurs need to succeed.

Starting a business for the first time, particularly for younger entrepreneurs can be a daunting process. That’s why the government has also – for the first time ever – created a step-by-step guide on how to set up and grow a business in the UK as part of the Help to Grow website.

Small Business Minister Kevin Hollinrake said:

Every large firm started off as a small business and today’s aspiring young entrepreneurs could be the next success story. I urge them to explore how a Start Up Loan could launch their ambitions today.

Through the British Business Bank, and the Help to Grow campaign, we’ve backed the next generation of business leaders with over £100 million in government backed finance and we’re not stopping there.

The single biggest way we’re backing businesses is by creating the economic conditions for them to thrive, which is why the government is working hard to deliver on our priorities to halve inflation, grow the economy and cut debt. We’ve made significant progress and it’s clear the economy is turning a corner.

The government is also tackling a key issue affecting small firms – late payments. We are determined to make the UK the best place in the world to do business, which is why Minister Hollinrake launched the Prompt Payment and Cash Flow Review in 2023. Since the report was unveiled, we are looking at how to prosecute large firms who persistently and knowingly fail to adhere to the Payment Practice Reporting Regulations.

We’re also backing businesses through our £4.3 billion package to support SMEs with business rates, the Small Business Rates relief taking a third of properties out of paying rates completely, and extending the Retail, Hospitality and Leisure relief for a fifth year, we are helping businesses navigate challenging economic times.

Business owner Cory Hibbin, aged 20, is one of the recipients of a Start Up Loan. He took out a £14,500 loan in March 2023 to launch Techie Services. The company, based in Hastings, offers security solutions for residential clients, estates and corporate buildings, including CCTV, alarm systems and network management.

Cory doesn’t live with family or have any financial support from them so his aspiration of setting up Techie Services would not have been possible without the help of the bank’s funding.

He left school at 16 and started an apprenticeship as an IT engineer at a consultancy firm. After developing his skills, he started offering surveillance services on the side of this day job. The client was so impressed that they asked him to work for them full-time.

Cory, founder of Techie Services, said:

I’m not the sort of person who can take on learning from behind a desk so I left school at 16 to do an apprenticeship with a local IT consultancy company. While working there, I was working on the side in the evenings and at the weekends. Having been there for four years, I felt like I had gained enough experience to start my own company, which is when Techie Services began. I started with one large client, who quickly recommended me to other businesses and individuals, so I took on five new clients in our first six weeks.

It hasn’t been easy but it’s the best decision I’ve ever made. The money from Start Up Loans was invaluable in the success of the business – I used it to buy tools for installations as well as supplies for the office. While it might seem a big leap of faith to some people, you can’t let the fear of failure stop you from trying in the first place. I urge anyone 18 or above to look into the finance options available to them if they need a hand getting off the ground.

Richard Bearman, Managing Director, Small Business Lending, British Business Bank said:

It’s amazing to see people in their late teens and early twenties with such ‘can-do’ attitudes and motivation to achieve success in working life.

Our £100 million funding milestone is a significant landmark and testament to the hard work of Start Up Loans, ensuring anyone with a good business idea like Cory’s, no matter their age, has the access to the funding needed to bring it to life. The impact of this on communities across the UK has been huge and we’re determined to keep backing aspirational young people with money and mentoring.

The press release issued by the Department for Business and Trade on 8 February 2024.

The Prime Minister has today made two new appointments to his Trade Envoy programme.

The appointments are:

• Tom Hunt MP to Bangladesh
• Stephen Metcalfe MP to Dominican Republic, Panama and Costa Rica

Trade Envoys support the UK economy by supporting British businesses to take advantage of the opportunities arising from the UK’s global trade agenda. They champion Global Britain and promote the UK as a destination of choice for inward investment across all regions of the UK, helping to level up the country.

The new appointments will extend the total number of Trade Envoys to 37 parliamentarians, covering 67 markets.

The Trade Envoys will work with the Department for Business and Trade’s global network to strengthen the UK’s trade and investment relationships within their appointed markets and break down barriers to doing business for UK firms.

Background

• The role as a Prime Minister’s Trade Envoy is unpaid and voluntary with cross-party membership from both Houses.

The press release issued by the Department for Business and Trade on 8 February 2024.

UK to support Ukrainian businesses by extending tariff-free trade until 2029.

• UK and Ukraine extend tariff-free trade on majority of goods for an additional five years.
• Move designed to help Ukrainian businesses impacted by the war and is the most generous tariff break offered by any country.
• UK Trade Minister Greg Hands and Ukraine’s First Deputy Prime Minister Yuliia Svyrydenko to sign extension in a virtual ceremony today.

Most UK-Ukraine trade will remain tariff-free until at least 2029, thanks to an extension agreed today to support Ukraine’s long-term economic recovery from the war.

The commitment forms part of the UK’s efforts to support Ukraine following Russia’s full-scale and illegal invasion, which has disrupted supply chains and transport routes and impacted Ukraine’s ability to export goods.

The UK was the first country to remove tariffs on all its trade with Ukraine two years ago. Today’s announcement to significantly extend this existing agreement sees the UK continue that leading role, giving Ukrainian businesses and exporters much needed economic support and certainty.

UK Minister of State for Trade Policy Greg Hands will formally sign the agreement to extend the liberalisation measures with Ukraine’s First Deputy Prime Minister and Minister for Economic Development and Trade Yuliia Svyrydenko in a virtual ceremony today.

UK Minister for Trade Policy Greg Hands said:

This agreement provides much needed long-term economic support to Ukraine, its businesses and people – critical to its recovery from Putin’s illegal invasion.

The UK will continue to do everything in its power to support Ukraine’s fight against Putin’s invasion, for as long as is needed.

William Bain, Head of Trade Policy, British Chambers of Commerce, said:

The extension of zero tariff trading terms for a further five years for qualifying goods is a welcome development. It plays a vital part in helping Ukraine’s economy at a time when they are under huge pressure, easing supply chain access.

Alongside the Digital Trade Agreement, which aims to bolsters e-commerce trade between our countries, this extension will boost opportunities for Ukrainian business in key sectors such as oils, grains and other agri-foods.

In May 2022, the UK removed all tariffs under the UK-Ukraine Free Trade Agreement until March 2024. This precedent has been followed by similar initiatives from the EU and other partners.

This latest agreement will see tariff-free trade extended on all goods for five years, except eggs and poultry which will be extended for two years.

Ukraine has also agreed to match the UK’s approach, meaning British businesses can also benefit from tariff-free exports to Ukraine.

Tariff liberalisation forms an important part of UK Government’s overall support to Ukraine, along with the military, humanitarian and economic aid.

The Ukraine Recovery Conference held in London last year strengthened international support for Ukraine and raised over $60 billion towards Ukraine’s recovery and reconstruction.

Background

• The UK Government originally offered tariff-free trade in May 2022 on a nonreciprocal basis, with no expectation or ask of the Ukrainian Government in return, however Ukraine insisted they also remove tariffs on UK goods entering Ukraine.
• The tariff-free trade agreement signed in May 2022 was due to expire on 31 March 2024. The five-year extension of liberalisation is for all goods except for poultry and eggs, which will be liberalised for two years.
• The signing builds on the Prime Minister’s commitment that the UK will provide £2.5 billion in military aid to Ukraine in 2024/25, an increase of £200 million on the previous two years, which will include the largest delivery of drones to Ukraine from any nation. The UK has provided over £10 billion in military, humanitarian and economic support to the UK since Putin’s full-scale invasion in 2022.

The press release issued by the Department for Business and Trade on 8 February 2024.

The UK’s creative industries will be able to seize future opportunities and drive investment in the UK, thanks to new export funding.

• Kemi Badenoch invites over 100 UK creators, innovators and exporters to a north London SME hub to promote thriving UK creating industries
• Announces £1.6 million in Music Export Growth Scheme funding to boost 67 artists from across the UK and support homegrown musical talent
• Scheme has promoted the careers of prize-winning artists and created a more than ten-fold return on investment for the UK

The UK’s creative industries will be able to build on recent trade wins to seize future opportunities and drive investment in the UK, thanks to new government efforts to promote British exporters announced today (Thursday).

Business and Trade Secretary Kemi Badenoch will host businesses for a meeting of the recently revamped Board of Trade at Tileyard, a creative industries hub in King’s Cross, London. The site is home to 150 music studios and 175 businesses, including some of the UK’s cutting-edge music, tech, and film and TV exporters.

The Secretary of State will announce grants of £1.6 million via the Music Export Growth Scheme (MEGS) to boost British music exports. The scheme supports small and medium sized music companies to build on their commercial potential by profiling their artists in overseas markets. The uplift in funding – the biggest in the history of the scheme – will support 67 artists from across the UK.

In the past ten years, MEGS has supported the international careers of more than 300 British artists including Dave, Jungle, Rina Sawayama, Kae Tempest and 2023 Mercury Prize winners Ezra Collective. Through 22 rounds, MEGS has invested over £6 million in British music, leading to an estimated £55.5 million financial return to the UK economy and a return on investment of nearly £14 for every £1 received from Government.

Business and Trade Secretary and President of the Board of Trade Kemi Badenoch said:

SMEs are the cornerstones of our communities and the lifeblood of our economy – their success is Britain’s success and we are backing them all the way.

Whether it’s removing burdensome regulations, tackling access to finance or helping them to export overseas, my Department is working around the clock to help them grow their business.

I’m delighted we’re able to back more artists than ever before. I congratulate the successful acts and look forward to seeing them bang the drum for Britain across the globe.

The Board of Trade is one of the government’s highest profile advisory bodies on trade and economic issues. The Board was revamped by Kemi Badenoch last year in an effort to boost British exports around the world, and is now comprised of CEOs from leading food and drink, education and creative industry companies including Sir Lucian Grainge, CEO of Universal Music, and Paul Golding CBE, Chair of Pinewood Group.

Building on the Government’s recently launched Help to Grow campaign and new Small Business Council, today’s Board meeting will discuss how to break down trade barriers so UK exporters can sell more products and services around the world.

Culture Secretary Lucy Frazer said:

The Music Export Growth Scheme has been launching careers internationally for a decade, supporting more than 300 artists, including some of Britain’s most successful acts like Dave, Rina Sawayama and Ezra Collective, while generating more than £55 million for the economy.

Thanks to this latest round of funding – the biggest in MEGS’ history – the scheme will maximise the potential of a new generation of home-grown talent, as part of our ambitious plans to grow the creative industries by £50 billion and support one million more jobs by 2030.

Dr Jo Twist OBE, BPI Chief Executive said:

We’re delighted to announce the biggest round of MEGS funding to date, supporting close to 70 talented and diverse UK artists to take their careers to the next level – building new fanbases globally while boosting British exports.

At a time when UK artists face more competition than ever, we’re grateful to Government for its recognition of the scheme as an essential resource in enabling new British talent to break through on the global stage, while seeing excellent financial returns for music exports.

We only need to look at the success of artists that MEGS has supported over the last ten years to showcase its cultural and financial importance. Therefore, it’s vital that Government continues its support to ensure the UK remains a global music power.

The Music Exports for Growth Scheme sits alongside other government work to drive the international success of our creative industries. DBT’s flagship International Showcase Fund, for example, is supporting a range of SMEs to attend world’s most prominent domestic and international events this year, including London Fashion Week, Cannes Lions, and South by South West (SXSW), which takes place in Austin Texas next month. Since 2020, MEGS has supported a total of 33 artists to perform at SXSW.

Today’s event comes during National Apprenticeship Week. As part of that, ministers and advisers will also meet companies who train apprentices at Tileyard, including Small Green Shoots, who work with young and disadvantaged people via apprenticeships in the music industry.

Today’s Board of Trade event will culminate in a celebration of UK innovation and creativity for over 100 businesses, marking one year since DBT’s formation as a government department. The reception will feature a performance from George Bone, a singer singer-songwriter based at Tileyard.

Nick Keynes, Tileyard London Co-Founder, said:

Tileyard London is absolutely delighted to be hosting the first Board of Trade event of 2024 to help celebrate the ‘year of the SME’. Tileyard is home to some of UK’s leading creative businesses, content creators, creative entrepreneurs and innovators, so we very much look forward to welcoming the Board of Trade and their many affiliates to our campus for this exciting initiative.

Our mission for the past 10 plus years has been to create an environment within which members of our community can build and grow thriving creative businesses, and our continued dedication to this is at the core of everything that we do here at Tileyard.

Notes to editors:

• Alongside the Board of Trade, the Department for Business and Trade provides a range of country and market specific support to exporters of all sizes. This includes the Export Support Service, Export Champions, International Trade Advisors and UK Export Finance, all targeted at getting businesses across the UK exporting more. Since the start of 2022, the department has resolved trade barriers estimated to be worth over £15 billion to UK businesses over a five year period. In 2023, this was equivalent to removing around £1 million of trade barriers every single hour.

Statistics:

• UK exports were £870 billion in the 12 months to end of November 2023, an increase of £44 billion (5%) in current prices compared to the 12 months to November 2022. Source: https://www.ons.gov.uk/economy/nationalaccounts/balanceofpayments/bulletins/uktrade/november2023
• At the start of 2023 there were 5.5 million SME businesses (with 0 to 249 employees), 99.9% of the total business population. Source: https://www.gov.uk/government/statistics/business-population-estimates-2023

2.5 million people were employed in the UK creative industries between July 2022 and June 2023, of which 69% were employed outside London. Source: https://www.gov.uk/government/statistics/economic-estimates-employment-in-dcms-sectors-and-digital-sector-july-2022-to-june-2023