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  • PRESS RELEASE : UK and South Korea to launch talks on new trade deal as Korean businesses back Britain with £21 billion of investment [November 2023]

    PRESS RELEASE : UK and South Korea to launch talks on new trade deal as Korean businesses back Britain with £21 billion of investment [November 2023]

    The press release issued by the Department for Business and Trade on 21 November 2023.

    Talks launch tomorrow [Wednesday 22 November] on an upgraded trade deal with South Korea.

    • UK and South Korea to launch negotiations on an upgraded, modern free trade agreement to boost trade between the two countries
    • South Korea is the 13th biggest economy in the world and its import demand is set to rapidly grow, driving further demand for first-rate UK goods and services
    • UK and South Korea to also announce record £21 billion of Korean investment in green energy and infrastructure projects across the UK, creating more than 1,500 highly skilled jobs

    Business and Trade Secretary Kemi Badenoch will tomorrow [22 November] launch talks on a modernised trade deal with South Korea to boost trade and strengthen our relationship with a key ally.

    It comes as Korean businesses commit £21 billion of investment into the UK, backing renewable energy and infrastructure projects across the country and supporting more than 1500 highly skilled jobs.

    South Korea is the 13th largest economy in the world and its import demand is set to grow rapidly. With around 45 million middle class consumers and an import market expected to grow by 45% by 2035, it presents massive opportunities for UK companies.

    The UK and South Korea are both major modern economies with big digital sectors and the current trade deal, negotiated more than a decade ago, doesn’t include digital chapters that reflect the modern economy.

    With nearly 80% of UK services exports to Korea delivered digitally in 2021, securing modern digital provisions could unlock big opportunities for UK businesses.

    The UK’s trade with South Korea has more than doubled in current prices since our existing trade deal was agreed in 2011. An upgraded trade deal is expected to boost our £16 billion annual trading relationship with South Korea, supporting jobs and livelihoods up and down the UK.

    Speaking ahead of the launch, Business and Trade Secretary Kemi Badenoch said:

    The government is upgrading our trade deal with South Korea to ensure that our trading relationship plays to the UK’s strengths as an advanced, high-tech economy. This refreshed, modernised deal will boost our world-leading services sector, while also creating new opportunities for UK exports such as in our world leading food and luxury goods sectors.”

    The Business and Trade Secretary will launch negotiations alongside Korean Minister for Trade, Industry and Energy Bang Moon Kyu at the UK-Korea Business Forum at Mansion House as part of the state visit by Korean president Yoon Suk Yeol.

    At the event, the UK and Korea will also announce a record £21 billion of investments in green energy and infrastructure projects across the UK. With foreign direct investment from Korea standing at £1.9 billion in 2021, this new investment package showcases the strength of the UK-South Korea trading relationship and will create more than 1500 skilled jobs and drive innovation across the country.

    This includes:

    • £9.7 billion investment by the Republic of Korea Sovereign Wealth Fund into UK assets over the next 10 years to fund UK renewables, green infrastructure and waste management projects;
    • £2 billion by Shinhan Financial Group to drive investment into renewable energy and infrastructure projects across the UK;
    • £650 million by wind turbine manufacturer SeAH Wind into a state-of-the-art monopile manufacturing facility at the Teesside Freeport site, creating 750 high-skilled jobs by 2030;
    • £150 million by food and drink company SPC to establish 200 cafés across the UK, creating 400 UK jobs and employing 200 local businesses in the wider supply chain;
    • £90 million invested by Hanwha Phasor in the UK by 2024, of which £18 million is going to its new European Space Research and Development Hub in Cambridge, creating 100 highly skilled jobs

    Minister for Investment Lord Johnson said:

    Just weeks after my hugely productive trip to Seoul, I’m thrilled to see Korean investors committing £21 billion to exciting new projects which will create jobs and spur economic growth across the UK.

    I’m hugely focused on securing greater partnerships with sovereign wealth funds, and so I greatly welcome the Korea Investment Corporation’s £9.7 billion for renewable energy, fintech and life sciences – three sectors the UK is leading the world in.

    As we will see at next week’s Global Investment Summit, the UK is one of the best places in the world to invest thanks to the huge growth and innovation that we are fostering in our science and tech sectors. The investments secured today are yet further proof of that and how we continue to strengthen our trade and investment ties with South Korea and the wider Asia Pacific region.”

    British brands are also thriving in the Korean market. World-leading UK technology and green energy companies will announce more than £2.5 billion of business wins to South Korea, with Bentley and Diageo also expected to announce more than £200 million worth of contracts in the country this year following support by the Department of Business and Trade.

    A new deal would also benefit the nearly 7,000 UK businesses exporting goods to Korea, of which 85% were Small and Medium Enterprises (SMEs). The new agreement is expected to include dedicated support for smaller businesses by digitalising and simplifying customs procedures.

    The UK will also work to secure simple and forward-looking rules of origin which provide continuity and long-term certainty while helping as many businesses as possible to benefit from reduced or zero tariffs when exporting to South Korea.

    Lord Mayor of the City of London Professor Michael Mainelli said:

    It is an honour that this exciting trade communique between two modern economies has been announced here at the Mansion House. The Republic of Korea is a rapidly growing economy with significantly advanced digital sectors. Financial services is the second largest services trade exported from the UK to the Republic of Korea and an upgraded trade deal can further bolster opportunities across Britain.

    Additionally, as one of the world’s largest services exporters, this agreement will be key to the UK’s digital transformation ambitions, not just for large firms and conglomerates but also for small and medium sized enterprises seeking to benefit from streamlined and digitalised procedures with customers and businesses in the Republic of Korea.”

    Chief Executive Officer at TheCityUK Miles Celic said:

    This is a significant step in modernising, strengthening and deepening our partnership with South Korea. It is an opportunity to secure strong digital trade provisions, fostering more robust collaboration between our nations in the exciting growth technologies of tomorrow.”

    Korea is a top-three global producer of vital goods such as semiconductors and ships, giving it a key role in supply chains. Deepening our trade links with dynamic Indo-Pacific economies like Korea could mitigate against future economic shocks and builds on the UK’s tilt to the region following our accession to the major CPTPP trading group.

    The UK is already a top destination for Korean green investment and Korean companies are utilising a high level of UK expertise in offshore wind as they look to construct the largest offshore wind farm by 2030. A significant share of Korean offshore wind engineering contracts have been won by UK firms and upgrading our trade deal has the potential to strengthen this collaboration.

    The news comes as the UK is set to host around 200 of the world’s leading investors at the Global Investment Summit, which will showcase the UK as one of the best places in the world to invest and do business, driving billions of pounds of new investment into every corner of the economy and our leading sectors including science and technology.

    Background

    • Statistics and data in this document have been sourced from:
      • ONS Imports and exports of services by country, by modes of supply, UK: 2023
      • IMF World Economic Outlook: October 2023
      • DBT Global Trade Outlook – February 2023 report
      • ONS UK total trade: all countries, seasonally adjusted: April to June 2023
      • HMRC UK trade in goods by business characteristics 2021
    • UK total trade (imports plus exports) with South Korea was £16.1bn in the 12 months to end of June 2023, an increase of £8.7bn (118%) in current prices compared to 2011.
    • The £21 billion investment includes:
      • The Korea Investment Corporation (KIC) plans to invest £9.7 billion in the UK by 2033 as part of an investment collaboration with the Department for Business and Trade. The South Korean sovereign wealth fund will invest in key areas including renewable energy, fintech and life sciences.
      • Korea Development Bank plans to deploy £3 billion through their operations in the UK over the next five years. These businesses will encompass a wide array of financial activities, including but not limited to syndicated loans, project finance, fixed income investments, trade finance, derivatives, and venture capital.
      • KB Kookmin Bank are expanding their UK holdings, allocating a further £2 billion over the next 3 years.
      • Hana Financial Group are increasing their UK holdings, aiming to deploy a further £2.5 billion into UK project finance, green infrastructure, investment banking and securities by 2028. Hana Financial Group will open a Global Treasury Centre in 2024 to support their global foreign exchange trading business in London.
      • Shinhan Bank will sign an MoU with the Department for Business and Trade to invest more than £1 billion in infrastructure and ESG sectors in the UK over five years. Shinhan Bank will collaborate with other Shinhan Financial Group companies to invest an additional £1 billion, totalling £2 billion of investment in the UK.
      • NongHyup Bank (NH Bank) are opening their first UK branch which will grow its assets to £700 million over the next seven years. The UK branch will be based in London, with NH Bank’s first overseas FX trading desk.
      • Britain’s Vertical Aerospace has announced the expansion of its contract with South Korea’s Hanwha Aerospace to include the engineering and manufacturing of advanced tilt and blade-pitch systems, essential components for Vertical’s flagship electric vertical take-off and landing (eVTOL) aircraft, the VX4. Both companies will enhance the partnership throughout the development and certification process and will look to explore more business opportunities as the programme develops. This partnership is projected to be valued at over $1 billion following the commencement of large-scale production of the certified VX4 aircraft.
  • PRESS RELEASE : Hampton Court Palace confirmed as venue for Global Investment Summit [November 2023]

    PRESS RELEASE : Hampton Court Palace confirmed as venue for Global Investment Summit [November 2023]

    The press release issued by the Department for Business and Trade on 20 November 2023.

    The iconic British building will host the Prime Minister and over 200 CEOs for landmark summit, expected to secure billions of investment, drive economic growth and create jobs across the UK.

    Hampton Court Palace will be the venue for next week’s Global Investment Summit, Minister for Investment Lord Dominic Johnson confirms today.

    Jointly hosted by the Prime Minister and the Department for Business and Trade, the summit will take place on Monday 27 November and focus on ‘Great British Ideas – Past, Present and Future’.

    This includes a showcase of pioneering innovators from across the UK, with significant investment opportunities in sectors including technology, sustainability, life sciences, advanced manufacturing, and creative industries.

    More than 200 of the world’s leading CEOs are expected to attend the exclusive summit, which will showcase the UK as one of the best places in the world to do business and drive billions of pounds of new and strategic investment into every corner of the economy. In 2022/23 alone, 80,000 jobs were created through FDI projects, notably in Scotland, Wales, the North and the Midlands.

    Following the summit, His Majesty The King will host a reception at Buckingham Palace. Further detail will be issued by Buckingham Palace in due course.

    Minister for Investment, Lord Johnson said:

    The UK is a top global investment destination, and this event will help secure billions of pounds of valuable investment that has the power to drive economic growth and create jobs.

    I’m hugely excited that our Global Investment Summit will be staged at the historic Hampton Court Palace. For centuries, this Palace was a focal point for exploration, innovation and discovery, with famous Britons from Henry VIII to William Shakespeare having lived or visited here.

    It is fitting that Hampton Court Palace will continue this tradition and bring together cutting-edge British innovators and the world’s biggest investors to forge new dynamic partnerships.

    Chief Executive at Historic Royal Palaces, John Barnes said:

    We are delighted to host the Global Investment Summit at Hampton Court Palace, a place that has formed the backdrop to historic events for over 500 years. Since the 16th century, the Palace has been a place filled with ambassadors, explorers, traders and some of the greatest minds of their time, including William Shakespeare, who was commissioned to perform his plays in the Great Hall.

    Today, Historic Royal Palaces continues these traditions of exploration, innovation and creativity, and we hope that everyone at the summit will be inspired in the same way by those who came before.

    Boasting a rich history back to the 16th Century, the palace – which is cared for by independent charity Historic Royal Palaces – has showcased the best of British sport, theatre and fine art, and has been used as a backdrop for numerous TV programmes and films including Bridgerton, The Favourite and The Theory of Everything.

    Investors will also get a quintessentially British experience at the summit, with Beefeaters lining the red carpet as they arrive at the venue, with afternoon tea also being served before carriages depart for Buckingham Palace.

    As confirmed earlier this month, speakers at the summit include Blackstone CEO Stephen Schwarzman and Founder of eponymous fashion label Anya Hindmarch CBE.

    The UK’s biggest banks – Barclays, HSBC and Lloyds Bank – have also been confirmed as sponsors and principal partners.

  • PRESS RELEASE : Government takes further steps to tackle disruption if strikes called over Christmas [November 2023]

    PRESS RELEASE : Government takes further steps to tackle disruption if strikes called over Christmas [November 2023]

    The press release issued by the Department for Business and Trade on 16 November 2023.

    The Government has today taken further steps to ensure essential public services remain open during industrial action.

    • Government announces further measures to keep public services operating if strikes called over Christmas
    • Consultation launched on proposals to allow agency workers to cover striking staff and guidance published to support employers, trade unions and workers on issuing work notices.
    • Comes as Prime Minister vowed to continue delivering vital public services and “stop unions de-railing Christmas”.

    The Government has today [16 November 2023] taken further steps to ensure essential public services remain open during industrial action.

    Following Royal Assent of the Strikes (Minimum Service Levels) Act in July, guidance has now been published to support employers, trade unions and workers with issuing work notices.

    Where strike action is called and where minimum service level regulations are in place, employers can issue work notices to identify people who are required to work to help ensure the minimum service levels are met. Today’s guidance will support employers, trade unions and workers on issuing these work notices.

    Earlier this week, the Government also laid a Code of Practice in Parliament which sets out the reasonable steps trade unions should take to ensure their members comply with work notices and help ensure minimum service levels are met. The government response to the public consultation on the Code of Practice was also published.

    The reasonable steps include but are not limited to, clearly identifying members, contacting those named in a work notice and advising them not to strike, and seeking to avoid encouraging those named in a work notice not to cross a picket line.

    If a union fails to take these reasonable steps, they will lose their legal protection from damages claims and possible injunctions. Last year we raised the maximum damages that courts can award against a union for unlawful strike action. For the biggest unions, the maximum award has risen from £250,000 to £1 million.

    Business Minister Kevin Hollinrake said:

    The ability to strike needs to be balanced with ensuring people continue to have access to essential services.

    Businesses should also not have their freedoms restricted by burdensome regulations that aren’t justified. This is why we are seeking views on removing such unnecessary rules, so businesses are able to decide for themselves what staffing is required.

    Last week, the government announced Minimum Service Levels legislation is to be passed for passenger rail, ambulance and border security staff. This legislation brings us in line with countries like France, Italy, Spain and the US where public services reliably continue during strikes. The International Labour Organisation also recognises Minimum Service Levels as a sensible solution to protect the public from serious consequences of strikes.

    The Minimum Service Levels are designed to be effective and proportionate by balancing the ability to take strike action with ensuring we can keep our borders secure, supporting people to make important journeys including accessing work, education, and healthcare, and allowing people to get the emergency care they need.

    The Government is also launching a consultation on removing outdated regulations which currently prevent agency workers from covering strikes. Under these proposals, agency workers would be able to provide temporary cover in all sectors. Employment businesses must satisfy themselves that any worker supplied is suitably qualified in order to maintain high standards of service.

    Regulation 7 of the Conduct Regulations currently prevents employment businesses (often referred to as agencies) from supplying agency workers to replace workers who are taking part in an official strike or other industrial action. Repealing this regulation would not affect the ability of workers to strike or the protections workers on strike currently enjoy.

    It would permit, but not require, businesses to bring in agency staff during a strike if they wish to do so and give employment businesses more flexibility in how they support their clients when faced with industrial action, such as strikes. It would also allow workers the freedom to accept roles that involve temporarily replacing workers taking part in strikes.

  • PRESS RELEASE : UK attends first CPTPP meeting since signing up to the massive Indo-Pacific trade bloc in July [November 2023]

    PRESS RELEASE : UK attends first CPTPP meeting since signing up to the massive Indo-Pacific trade bloc in July [November 2023]

    The press release issued by the Department for Business and Trade on 15 November 2023.

    Business and Trade Secretary Kemi Badenoch in California for her first in-person meeting with CPTPP countries since she was in New Zealand to sign the deal in July.

    • Business and Trade Secretary Kemi Badenoch in California for her first in-person meeting with CPTPP countries since she was in New Zealand to sign the deal in July
    • British business welcome membership for supporting jobs, boosting sales and bringing economic growth
    • News comes as the Bill implementing CPTPP starts passage through Parliament and British businesses gear up to take advantage of opportunities the UK’s membership presents

    Business and Trade Secretary Kemi Badenoch is in San Francisco today [Wednesday 15 November] to meet Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Ministers in-person for the first time since she was in New Zealand to sign the deal on the UK’s membership in July.

    CPTPP is a vast global free trade area consisting of 11 countries, home to 500 million people, across Asia Pacific and the Americas, and now the UK. Once the UK joins the group, CPTPP will be worth £12 trillion – 15% of global GDP – and over 99% of UK goods exports to CPTPP countries will face zero tariffs.

    The meeting coincides with the Asia-Pacific Economic Cooperation (APEC) conference taking place in San Francisco at which world leaders from across the region including President Biden will be present.

    The news comes after the government introduced the Bill needed to bring the CPTPP deal into force to parliament as part of the King’s Speech last week.

    Business and Trade Secretary Kemi Badenoch said:

    I’m delighted to be here in San Francisco, meeting my CPTPP counterparts and advancing Britain’s rightful place on the world stage.

    As CPTPP’s first ever new member, and the only European member, we are linking the UK to some of the world’s most dynamic economies, giving British businesses first-mover advantage in some of the fastest-growing markets in the world, and supporting jobs and economic growth right across the country.

    While in San Francisco, the Secretary of State will also meet with Gavin Newsom, the Governor of California, to progress talks on a UK-California Memorandum of Understanding (MoU) which will aim to boost trade and investment and reach our net zero targets. California would be the 5th biggest economy in the world if it were a country, presenting huge opportunities for UK businesses. The meeting comes just a day after she signed a UK-Florida MoU to boost trade and investment.

    UK companies are already thriving in CPTPP markets and planning to expand further once the trade deal is in force.

    UK geocoding app what3word’s groundbreaking location technology divides the world into a grid of 3×3 metre squares, each with a unique combination of three words: a what3words address. The tech is being used all around the world, from search and rescue operations to deliveries in Vietnam, and car navigation in Japan.

    The business believes the UK’s membership of CPTPP will help increase uptake across the automotive, logistics, e-commerce, and emergency services sectors in member countries.

    What3words Business Director for APAC Joe Poynter said: 

    International expansion and strong cross-border relationships are at the heart of our journey at what3words. It’s how we’ll get everyone, everywhere using and interacting with our technology. We’re thrilled to be part of this dynamic alliance to enhance our operations across the CPTPP member nations and beyond.

    British premium chocolate producer and cacao grower Chocolat Madagascar also predicts CPTPP will enable it to grow in new markets, Australia and Singapore, and existing markets, Japan, Canada and New Zealand.

    CPTPP countries account for 15% of its current sales but it forecast this will grow to 30% in the next three years thanks to the UK’s CPTPP membership reducing import duties to zero, giving the business a new competitive edge.

    Director at Chocolat Madagascar Neil Kelsall said:

    The CPTPP agreement has come at a fantastic time for Chocolat Madagascar, as we strategically look to embrace the new opportunities in countries like Australia and Singapore. We are confident that these emerging markets will boost our sales volumes and help the company to grow.

    Becoming part of CPTPP will support economic growth and jobs in every region and nation of the UK. Key benefits include:

    • Eligibility for zero tariffs on more than 99% of UK goods exports to CPTPP countries, including additional access on cheese, chocolate, gin, whisky, and cars.
    • Potentially cheaper prices for British consumers thanks to reduced tariffs on high-quality imported goods like fruit juices from Chile and chocolate from Mexico.
    • Less red tape for UK services exporters, who make up almost 55% of UK exports to CPTPP.
    • Flexible ‘rules of origin’ which allow British companies to trade more freely across the bloc.
    • Modern rules for digital trade across all sectors which could make exporting cheaper, simpler, and more competitive.

    Background

    The CPTPP meeting is taking place on the margins of the Asia-Pacific Economic Cooperation (APEC) meeting in San Francisco.

    To bring this agreement into force, the following must take place:

    • Parliament will scrutinise the deal under the Constitutional Reform and Governance Act.
    • The Trade (CPTPP) Bill has to be agreed by Parliament.
    • Necessary secondary legislation has to be passed by Parliament to make the changes required to our procurement regime to meet the terms of the agreement.

    In line with our commitment to transparency and scrutiny, the government:

    • Published the full text as soon as it was signed, along with a full independently scrutinised impact assessment.
    • Ensured the Trade and Agriculture Commission, a panel of independent experts, had over four months to report on the agreement. The Trade & Agriculture Commission’s report on the CPTPP is expected at the end of November.

    International treaties are negotiated and then entered into force by the government. Treaties do not always require legislation to come into force, but on some occasions changes to domestic law might be needed to implement a trade deal.

    In this instance, the UK is already largely consistent with the CPTPP agreement.  CPTPP preserves the right to regulate to protect human, animal and plant life and health. The UK will continue to uphold our high standards in all our trade agreements, including CPTPP. Decisions on these standards remain a matter for the UK and will be made separately from any trade agreements.

  • PRESS RELEASE : New multi-million pound Programme helps British SMEs lead the way on net zero air travel [November 2023]

    PRESS RELEASE : New multi-million pound Programme helps British SMEs lead the way on net zero air travel [November 2023]

    The press release issued by the Department for Business and Trade on 14 November 2023.

    The new ATI SME Programme will provide up to £10 million per year in funding opportunities for UK aerospace SMEs’ cutting-edge R&D projects.

    • Government launches new funding Programme targeting cutting-edge SME aerospace research projects to advance net zero aviation and boost high-skilled jobs.
    • Worth up to £10 million per year, the Programme will help secure more high-skilled aerospace jobs across the UK.
    • Funding provided through the Aerospace Technology Institute (ATI) will drive innovative UK SME research projects and grow UK’s share of global aerospace sector, helping to grow the economy.

    Cutting-edge British aerospace companies are set to benefit from a new multi-million pound SME Programme that will secure high-skilled jobs and help the UK lead the way on greener air travel.

    The Aerospace Technology Institute (ATI) SME Programme will offer UK-based small and medium-sized firms the chance to bid for a share of £10 million total funding per year towards their innovative research projects.

    The Programme is being announced by Industry Minister Nusrat Ghani today (14 November) at the ATI’s 2023 Conference in Birmingham. It will be delivered in partnership with the ATI and Innovate UK.

    Industry Minister Nusrat Ghani said:

    I’m delighted to announce the new ATI SME Funding Programme, which will help propel our world-leading aerospace sector to new heights in the pursuit of innovative, clean, green air travel.

    UK aerospace businesses, with their expertise and innovation, are helping drive the industry on its journey to Net Zero by 2050, and in the process are helping us grow the UK economy and support high-skill, high-wage jobs.

    ATI CEO Gary Elliott said:

    We know from the success of the ATI Programme that supporting advanced technologies secures market share for the UK, bringing economic benefit and delivering against the sector’s sustainability commitments on our journey to Destination Zero.

    By connecting capability and funding technology development, the SME Programme will benefit organisations of all sizes across the nations and regions of the UK.

    The new Programme will open to applications in February 2024 and aims to give SMEs the best opportunities possible to apply for funding to develop innovative technologies supporting the Government’s commitment to Jet Zero.

    This is the plan to achieve net zero carbon emissions for commercial aircraft by 2050, while also keeping the UK’s aerospace industry competitive in the sustainable design, manufacture, assembly and operation of future aircraft.

    The Programme will allow SMEs in the UK aerospace sector to bid for grants of up to £1.5 million each, helping to boost high-skilled jobs in the industry across the UK.

    It also builds on the Government’s commitment to backing UK aerospace R&D to succeed, as demonstrated by the ATI Programme, for which government provided £685 million in 2022.

    Support for organisations engaging with the SME Programme will be delivered by the ATI Hub. This will include sessions with ATI technologists, themed innovation workshops and guidance on preparing for a pitch-panel presentation.

    The ATI Hub can also generate new connections between start-ups, SMEs, bigger and tier one organisations which could become consortia applications to the SME Programme.

  • PRESS RELEASE : British businesses avoid tariff cliff edge with Mexico [November 2023]

    PRESS RELEASE : British businesses avoid tariff cliff edge with Mexico [November 2023]

    The press release issued by the Department for Business and Trade on 10 November 2023.

    British goods remain eligible for reduced or zero tariffs to Mexico after UK secures extension to ‘rules of origin’ provisions.

    • British goods remain eligible for reduced or zero tariffs to Mexico after UK secures extension to ‘rules of origin’ provisions
    • Automotive and food and drink sectors expected to benefit after extension secures certainty for manufacturers and keeps goods competitive in Mexican market
    • UK also in talks with Mexico on a new, modern trade deal to boost our £6.2 billion trade relationship

    The UK has secured an extension to arrangements that were due to expire, helping British manufacturers access lower or zero tariffs when selling their products to Mexico.

    The arrangement will come into effect from 1 January 2024 and will remain in place until a new UK-Mexico Free Trade Agreement enters into force.

    The deal will provide welcome certainty for UK businesses, helping them to continue avoiding high tariffs imposed by Mexico and maintain their competitive edge in the market. The announcement is particularly welcome news for the automotive and food and drink sectors, with road vehicles accounting for almost £300 million in exports to Mexico, almost 20% of all goods exported.

    Mexico is the 14th largest economy in the world and second largest in Latin America, and its demand for imports is forecast to grow by 42% between 2021 and 2035 as its economy continues to grow. With a population of over 130 million people, its market is larger than France and Italy combined.

    Minister for Industry and Economic Security Nusrat Ghani said:

    Ensuring UK goods avoid higher tariffs is essential for British businesses to stay competitive in this huge and dynamic market of over 130 million people.

    This extension will provide UK businesses exporting to Mexico with certainty as they plan for next year and beyond while the UK and Mexico negotiate an exciting new trade deal covering the 21st century economy.”

    When the UK negotiated its current trade agreement with Mexico, rolled over from our membership of the EU, time-restricted provisions were agreed to allow for the use of EU inputs in UK products in meeting the UK-Mexico rules of origin. The extension will apply until the entry into force of new, permanent rules as part of a new, enhanced free trade agreement with Mexico.

    Protecting our integrated supply chains with longstanding trade partners like Mexico is vital for both British and Mexican businesses as we continue to see supply chain disruption impact the global economy. This extension will therefore benefit businesses in both countries.

    The UK and Mexico launched negotiations on the new deal in May 2022. The deal is intended to replace our existing, outdated trade deal which was agreed over 20 years ago and boost our £6.2 billion trading relationship.

    Chief Executive of the Society of Motor Manufacturers and Traders Mike Hawes said:

    We welcome this pragmatic decision as it avoids duty liabilities from January 2024 which, given the long standing and productive relationship between the UK and Mexican automotive industries, would have undermined our mutual trade. Mexico is among the top 10 global markets for UK car exports and we now look forward to the swift agreement of a modernised trade deal as this would deliver even more benefits for both sides, boosting bilateral trade in hybrid and ICE technologies as well as zero emission vehicles.”

    Director of Sustainability and Growth at the Food and Drink Federation Balwinder Dhoot said:

    This is welcome news for UK food and drink manufacturers, avoiding any disruption to an increasing export market worth almost £175 million to the UK, our third largest in Latin America. It helps maintain important partnerships that are already established between UK and Mexican businesses, and allows continuity and certainty to exporters until a new and ambitious agreement is negotiated. This will help businesses to export more and ensures continued access to seasonal imported ingredients that complement our industry’s use of domestic produce.”

    The news comes as International Trade Weeks comes to a close. Businesses from across the UK participated in over 170 events and activities across the week aimed at supporting them sell internationally for the first time.

  • PRESS RELEASE : UK dairy industry to be boosted by new export programme [November 2023]

    PRESS RELEASE : UK dairy industry to be boosted by new export programme [November 2023]

    The press release issued by the Department for Business and Trade on 9 November 2023.

    The Department for Business and Trade has launched the Dairy Export Programme designed to help grow agri-food exports in overseas markets.

    • New Dairy Export Programme launched to help grow agri-food exports in overseas markets.
    • Programme includes UK Dairy Showcase, education sessions and trade missions and follows £1m funding committed to dairy sector exports by the Prime Minister in May at the Farm to Fork Summit.
    • Minister for Exports Lord Offord visits Lye Cross Farm in Bristol to launch programme and showcase government support for UK dairy sector, which exported over £2 billion of products to 135 countries in 2022.

    The UK’s dairy industry is set to be boosted by a brand-new programme to increase exports, the Government announced today (9 November).

    The Dairy Export Programme, which Minister for Exports Lord Offord will formally launch today during a visit to Lye Cross Farm in Bristol, will help UK agri-businesses grow by seizing new export opportunities and exploiting overseas markets for their products through a comprehensive package of export support.

    The Prime Minister committed £1 million to the dairy sector at the Farm to Fork Summit hosted at 10 Downing Street in May. The Dairy Export Programme is a direct result of this funding and forms part of a wider package of Government support for agriculture, food and drink. This includes an investment of £2 million to boost DBT’s programme of global tradeshows and missions, which will be delivered in partnership with industry and the Food and Drink Export Council.

    The programme will provide a wide range of targeted support for businesses, through education sessions on how to boost exports and target new markets and trade promotion activity, including an inward buyer trade mission and a UK Dairy Showcase.

    It will also provide specialist resource in priority markets dedicated to supporting dairy exports and market intelligence support to help businesses exploit overseas opportunities.

    Minister for Exports Lord Offord will visit dairy exporter Lye Cross Farm in Bristol, where he will launch the programme and hear about their exporting success.

    Minster for Exports Lord Offord said:

    Growing the agri, food and drink sector is key to growing our economy, and I am delighted to launch the Dairy Export Programme which will help businesses grasp exciting new opportunities around the world.

    Last year our dairy exporters sold £2 billion of products to markets worldwide, and the work we are doing to strike up new trade deals will only see that figure rise further and move us forward in the race to £1 trillion of exports by 2030.

    The UK dairy industry is among the best in the world and is renowned for being ambitious and innovative, with SMEs making up a large proportion of the sector and exporting over £2 billion of goods a year to over 135 countries.

    The Dairy Export Programme will build on strong existing support for the sector from DBT, which this year has included facilitating buyer tastings at Anuga, the key international food and drink trade show in Cologne, a dairy showcase at Foodex in Japan, and supporting dairy companies exhibiting at the Food and Hospitality China trade show in Shanghai.

    Food and drink companies also benefit from support through DBT’s Export Support Service, Export Academy, UK Export Finance and a network of International Trade Advisers.

    DBT also has more than 100 advisers overseas who are focused on the agriculture, food and drink sector and who work alongside agri-attachés to tackle barriers and boost exports.

    AHDB Chief Executive Tim Rycroft said:

    International trade remains critical to the sector. Export development is at the heart of what AHDB does, showcasing our high-quality produce at international trade shows and hosting inward missions for key international buyers.

    We welcome today’s announcement of additional government support for the dairy sector and will continue to work collaboratively with government and industry to deliver impactful activities and help maximise global opportunities for our levy payers.

    It will support our ambition to help increase market access and international sales by championing the reputation of UK products overseas, as well as encouraging more businesses to export.

    NFU Dairy Board Chair Michael Oakes said:

    The NFU has been working closely with dairy producers, exporters and government through the Dairy Export Taskforce to examine ways to reduce trade barriers for dairy, improve market access and identify new opportunities for growth.

    This new £1m programme shows how industry and government collaboration can help drive UK dairy exports, target new markets and bolster our exporting strength. With the global demand for dairy set to rise significantly, the UK should be leading the way when it comes to the trade of safe, high-quality and sustainable UK dairy products.

    Peter Dawson, Policy & Sustainability Director Dairy UK and Chair of the Dairy Export Taskforce said:

    Exports by dairy processors make a major contribution to the UK economy and there is considerable potential for growth. We welcome the support package announced today and look forward to continuing to work closely with DBT to maximise its benefit for dairy exporters and the dairy supply chain in general.

    Notes to editors:

    • The Dairy Export Programme was formed in a collaborative consultation between DBT, the Dairy Export Taskforce and the wider UK dairy industry.
    • The Dairy Export Taskforce is an industry-led initiative to boost exports. The taskforce includes NFU, Dairy UK, AHDB and dairy businesses. DBT and DEFRA also participate.
  • PRESS RELEASE : UK hosts talks with Taiwan to boost trade ties [November 2023]

    PRESS RELEASE : UK hosts talks with Taiwan to boost trade ties [November 2023]

    The press release issued by the Department for Business and Trade on 8 November 2023.

    26th annual trade talks with Taiwan take place in London.

    • Trade Minister Nigel Huddleston co-hosts 26th annual trade talks with Taiwan in London
    • Talks take place as UK and Taiwan celebrate 30th anniversary of the British Office in Taipei
    • UK and Taiwan formalise Enhanced Trade Partnership, announced in July, to boost economic links

    Trade Minister Nigel Huddleston co-chaired the 26th annual UK-Taiwan trade talks in London alongside Taiwanese Deputy Minister Chern-Chyi Chen of the Ministry of Economic Affairs to boost trade and investment ties with Taiwan.

    Talks focused on collaboration in critical sectors such as renewable energy and semiconductors, as well as removing barriers to trade to unlock more opportunities for UK firms to export to and invest in Taiwan.

    The UK and Taiwan have a long-standing trade relationship with annual trade talks held since 1991. This year also marks an important milestone as both partners celebrate more than 30 years of establishment of the British Office in Taipei. This office is tasked with enhancing the strong, unofficial relationship between the UK and Taiwan, which is based on dynamic commercial, educational and cultural ties.

    International Trade Minister Nigel Huddleston said: 

    It was a pleasure to welcome Deputy Minister Chen to the UK for our annual Trade Talks to secure our supply chains in critical sectors and strengthen our investment partnership.

    Boosting trade with this vibrant and dynamic economy is critical to our Indo-Pacific tilt and plays to Britain’s strengths as we look to realise our goal to become a global science and technology superpower by 2030.”

    With an advanced high-tech industry, a key role in global supply chains and a GDP of over $760 billion, Taiwan is already the UK’s 5th largest trading partner in Asia-Pacific, with total trade at £8.6 billion.

    Today (8 November) British Representative John Dennis and Taipei Representative Kelly Hsieh also signed an Enhanced Trade Partnership (ETP) Arrangement which sets out the UK and Taiwan’s priorities for future ETP discussions under three key areas: two-way investment, digital trade, and energy and net-zero.

    The ETP, previously announced in July, will build on the annual Trade Talks to tackle barriers to trade and promote UK expertise, deepening our relationship to take advantage of increasing commercial opportunities. Both sides will begin engaging businesses on the ETP in due course.

  • PRESS RELEASE : Government slashes up to £1bn a year of business burdens [November 2023]

    PRESS RELEASE : Government slashes up to £1bn a year of business burdens [November 2023]

    The press release issued by the Department for Business and Trade on 7 November 2023.

    • Reforms allow businesses additional freedoms while retaining the UK’s world leading workers’ rights
    • Proposals include reducing record keeping requirements around Working Time Regulations and simplifying the calculation of holiday pay and entitlement

    British businesses could save up to £1 billion a year as the Government confirms plans to remove unnecessary and outdated bureaucracy following our exit from the EU.

    The Government has today [Wednesday 8 November] announced amendments to several retained EU laws to ensure UK regulations are brought up to date and tailored to the needs of businesses, freeing up firms to refocus their time and money elsewhere to help create jobs.

    The reforms will see the reduction of time-consuming reporting requirements and the simplifying of annual leave and holiday pay calculations under the Working Time Regulations as well as the streamlining of regulations that apply when a business transfers to a new owner.

    These proposals don’t change existing workers’ rights in the UK, which remain some of the best in the world, and instead remove unnecessary bureaucracy in the way those rights operate, allowing business to benefit from the additional freedoms we have through Brexit.

    Business Minister, Kevin Hollinrake said:

    These reforms ensure our employment regulations are fit for purpose while maintaining our strong record on workers’ rights, which are some of the highest in the world.

    Seizing these benefits of Brexit, including a saving of £1 billion for businesses, will support the private sector and workers alike and are vital to stimulating economic growth, innovation and job creation.

    Earlier this year, the Government launched a consultation on three areas for reform with the removal of unnecessary bureaucracy including:

    • Record keeping requirements under the Working Time Regulations
    • Simplifying annual leave and holiday pay calculations in the Working Time Regulations
    • Consultation requirements under the Transfer of Undertakings (Protection of Employment), or ‘TUPE’, Regulations

    The Government also launched a consultation in January 2023 on calculating annual leave entitlement for part-year and irregular hours workers.

    The reforms confirmed today follow both consultations and will address concerns from businesses by helping to simplify the calculation of holiday entitlement for employers and make entitlement clearer for all irregular hours and part-year workers.

    FSB National Chair Martin McTague said:

    We welcome these sensible changes, striking a balance for workers while offering clarity for employers. It’s good to see the Government cutting through excessive burdens without losing the benefits of regulations.

    We’re eager to see a system that’s clear-cut, cost-effective and easy for small businesses to roll out, so these announcements are a crucial step forward.

  • PRESS RELEASE : New women’s sport investment scheme kicks off first round with seven sports represented [October 2023]

    PRESS RELEASE : New women’s sport investment scheme kicks off first round with seven sports represented [October 2023]

    The press release issued by the Department for Business and Trade on 31 October 2023.

    The Department for Business and Trade’s new Women’s Sport Investment Accelerator scheme has held its first session, with seven different sports represented.

    20 top tier women’s sport leagues, teams and competitions across seven different sports took part in the first session of a new Government scheme to boost investment and increase broadcast audiences.

    The Women’s Sport Investment Accelerator, launched by the Department for Business and Trade (DBT), will run for a year and bring together UK-based sports rightsholders – such as leagues, teams, competitions and events – who are seeking investment together with industry experts and sports investors.

    Participants included elite women’s sport competitions such as the FA Women’s Super League, England Rugby, England Netball, England and Wales Cricket Board, Volleyball England and more.

    Seven different sports were represented in total: football, rugby, netball, cricket, golf, sailing and volleyball. Investment in women’s sport is growing rapidly, and the industry is expected to be worth £1 billion a year by 2030.

    Industry Minister Nusrat Ghani said:

    It’s fantastic to see this scheme get off the mark as we aim to make the UK the world’s number one destination for women’s sport investment.

    We’ve had so many brilliant women’s sport success stories this year. I’m excited to see the overwhelming appetite from leagues, teams and competitions from right across the breadth of women’s sports, and am proud to back this fast-growing sector as it pushes boundaries and grows to the next level.

    In association with Deloitte’s Sports Business Group and supported by the International Working Group (IWG) on Women and Sport, the scheme is providing a series of sessions offering market insights, connections and networking events alongside comprehensive mentoring for rightsholders who are looking for investment.

    This week marked the first of three flagship sessions of the scheme – the next of which takes place in January – with DBT also providing dedicated workshops for rightsholders on specific areas, such as growing broadcast revenues, unlocking new audiences and best practice for working with investors.

    Holly Murdoch, The FA’s Head of Operations for the Women’s Professional Game, said:

    We are proud to be involved in the new Women’s Sport Investment Accelerator initiative. This group will help to provide a platform that will benefit women’s sport across the country, through shared intelligence and support.

    We have seen first-hand the incredible growth that women’s football is going through in England, with the unprecedented success of the Lionesses and the record-breaking seasons from across the Barclays Women’s Super League and the Barclays Women’s Championship.

    Women’s sport has proven that it has the power to inspire people and positively impact lives – and we believe that creating this group of industry experts can be a catalyst to drive positive change for women’s sport across the country.

    Tony Sutton, CEO of the Rugby Football League said:

    We had an excellent first session of the Women’s Sport Investment Accelerator last night, with a really good mix of people, sports and organisations in the room which led to a high standard of debate, the benefit of some very relevant experience and some positive networking.

    Personally, I made some good contacts from across the wider sports sector which I feel will be of a high value as we move through the programme.

    Hannah Bruce, Head of Public Policy, England and Wales Cricket Board said:

    Women’s sport is on an upward trajectory and cricket is proud to be on the journey to becoming a gender balanced sport. The first accelerator session was a fantastic opportunity for rightsholders to come together, share best practice and explore emerging trends.

    We are grateful to the Department of Business and Trade and Deloitte for their support in showcasing what the best of UK women’s sport has to offer now and in the future.

    Fiona McIntyre, Managing Director of the Scottish Women’s Premier League said:

    I am delighted to have been selected to participate in the Women’s Sport Investment Accelerator programme on behalf of The Scottish Women’s Premier League (SWPL). External investment has been crucial to our recent growth, and will be even more vital as we strive to challenge women’s football in Scotland to think innovatively and ensure it meets its undoubted potential, both on and off the pitch.

    This programme is exactly what women’s sport in the UK needs – creativity, innovation and support combined with the passion and motivation of those striving to raise the bar and create a new future for women’s sport in the UK.

    Phoebe Tomlinson, England Rugby’s Commercial Partnerships Manager for the Women’s and Girls’ Game said:

    It was hugely valuable to be part of the dynamic conversations around women’s sport. The open forum to discuss strategic plans, digital development and learn from other sports rights holders is key to the positive movement of women’s sport.

    One of the highlights of the evening was learning about the robust commitment to investing in the women’s game and the exciting strides that have been made in commercialising it through innovative means.

    Mark Foster, Chief Commercial Officer at England Netball said:

    It was fantastic to attend the first session of the Women’s Sport Investment Accelerator programme on behalf of England Netball. The room was full of highly impressive people all with a passion and desire to support the further growth of Women’s Sport and this programme can help us all to learn from and support each other as well as benefit from the expertise of DBT & Deloitte and the channels for investment that they can help us to unlock.

    Off the back of our Vitality Roses making their first World Cup Final in the summer and the recently announced re-launch of Netball Super League planned for 2025 this programme comes at the ideal time for us as a sport as we enter into a substantial growth period, which will require investment from a variety of different sources to help us to achieve our ambitious targets.

    Rob Payne, National Competitions Manager at Volleyball England said:

    I’m delighted to participate in the Women’s Sport Investment Accelerator programme on behalf of Volleyball England. The prospect of attracting new investment is a key priority in our ambitions to professionalise the Women’s game, and this programme will be an important stepping stone in achieving them.

    A fundamental part of our organisational strategy is focused on raising the profile of the MAAREE Women’s Super League, and the opportunity to receive dedicated mentoring, network with world-leading organisations and build my knowledge through insights from industry experts will be hugely valuable to transform our sport.

    Jenny Mitton, Women’s Sport Lead at M&C Saatchi Sport and Entertainment and mentor for the scheme said:

    Women’s sport is the progressive start-up to the men’s sport commercial giant, and the potential is clear to see. New audiences, innovation and aggressive growth, it has all the fundamental qualities that investors look for.

    The UK is home to some of the most exciting women’s sport properties, this scheme will equip them with the knowledge to attract investment and make the UK the number one destination for elite women’s sport.

    Tim Bridge, lead partner for Deloitte’s Sports Business Group, said:

    The Women’s Sport Investment Accelerator has already generated huge interest from parties across a range of industries, demonstrating that investors and commercial partners are alive to the opportunities that women’s sport offers.

    This will be crucial for growth, providing funds to be channelled towards professionalisation, digital strategies, infrastructure, and more. This programme will carve out the clear lines of communication that are needed so that commercial partners and investors understand the growth strategies and make-up of women’s sport organisations.

    Secretary General of the IWG Women and Sport, Lisa O’Keefe said:

    The first session of the Women’s Sport Investment Accelerator brought together sports rightsholders from a range of sports from across the UK, which was brilliant to see, as well as industry experts and potential investors.

    I heard some excellent discussions taking place about the current commercial landscape, the factors driving the growth in investment, and what the learnings have been from the past, and I’m now looking forward to seeing what opportunities will emerge.

    Background:

    • The application process for the Women’s Sport Investment Accelerator is open to rightsholders of any UK-based women’s sports leagues, teams, competitions or events aiming to attract investment and boost their growth.
    • The scheme is also being made available at no cost to taxpayers, with all speakers and mentors providing their time and expertise on a pro bono basis and the scheme being delivered through DBT’s collaboration with Deloitte, who are providing event space and facilitating several of the scheme sessions.
    • Source for £1 billion women’s sport industry value projection figure: Women’s Sport Trust research.