Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 30 November 2023.

The Department for Business and Trade has today announced the appointment of seven new members to the Office for the Internal Market (OIM) Panel.

The OIM was set up to support the effective operation of the UK internal market, advising the UK government on how specific laws, rules and regulations impact the market.

These appointments will support the OIM Panel Chair, Murdoch MacLennan, to deliver a trusted source of expert and independent advice and reporting to the four governments and legislatures to help ensure frictionless trade between the four nations. The panel will have a wealth of expertise and knowledge to provide effective insight relating to the operation of the UK internal market in different parts of the UK.

The appointed panelists are:

Minister for Exports Lord Offord, said:

These appointments to the OIM Panel, under the leadership of Murdoch MacLennan, will ensure that the OIM is able to carry out its important work and demonstrates this government’s ongoing commitment to an effective internal market that works for the benefit of business and consumers throughout the UK.

Chair of the Office for the Internal Market Murdoch MacLennan said:

I am delighted to welcome the OIM Panel on board and am very impressed with the quality of these appointments. The Panel members have a wealth of experience from across the UK, and I very much look forward to working with them.

The press release issued by the Department for Business and Trade on 29 November 2023.

The government has today introduced the Post Office (Horizon System) Compensation Bill to the House of Commons.

The government has today [29 November 2023] introduced the Post Office (Horizon System) Compensation Bill to the House of Commons to ensure that the trailblazers who exposed the scandal do not miss out on compensation because of an arbitrary deadline.

The Horizon IT Inquiry, chaired by Sir Wyn Williams, is responsible for ensuring there is a public summary of the failings which occurred with the Horizon IT system at the Post Office leading to the wrongful suspension, termination of postmasters’ contracts, prosecution and conviction of postmasters.

Following recommendations from Sir Wyn, Ministers have brought forward legislation to allow compensation to be paid under the Group Litigation Order (GLO) scheme past the 7 August 2024 deadline if needed.

Minister for Postal Affairs Kevin Hollinrake said:

The Post Office Scandal is widely described as the biggest miscarriage of justice in our history, and it is imperative that the victims get the justice and compensation they deserve.

I am determined that lessons are learnt from this scandal to prevent anything like this ever happening again. This Bill will ensure postmasters aren’t tied to an arbitrary deadline when making their claims or unnecessarily pressurised.

The government is determined to make compensation claims as soon as possible, and by the current deadline of August 2024. However, time needs to be taken to assess more complex claims, so postmasters receive full and fair compensation and are not unduly rushed into making a decision on their claims.

The GLO Scheme was launched in March 2023 and was designed to compensate postmasters who exposed the Post Office Horizon Scandal from the 1990s.

Lord Arbuthnot, Member of the Horizon Compensation Advisory Board, said:

I welcome the principle of the Government’s Bill lifting the deadline on compensation payments under the Group Litigation Scheme.

We shall have to look at the precise details, but the Bill confirms that the Government does intend to provide full and fair compensation to the sub-postmasters and will not be deflected from that by arbitrary timescales.

Nevertheless, speed of payment is of the essence, and the Advisory Board will do all we can to ensure that payments are made as early as possible.

Today’s update builds on this government’s action to seek to right the wrongs of the past, including our announcement in September 2023 in supporting the Post Office to make an upfront offer of £600,000 to postmasters whose Horizon-related conviction has been overturned.

In total, £132 million has been paid to over 2,700 claimants across the Horizon Shortfall Scheme, Overturned Convictions Scheme and Group Litigation Order scheme.

The press release issued by the Department for Business and Trade on 26 November 2023.

Industry leaders from across UK advanced manufacturing have welcomed the Government’s landmark Advanced Manufacturing Plan (AMP) backed by billions to boost Britain’s manufacturing sector, announced by Business and Trade Secretary Kemi Badenoch today (26 November).

The package of measures will build on our existing strengths in manufacturing and offer certainty to business by building on our successful programmes and committing more than £4.5 billion to 2030 in targeted funding to back the long-term future of the UK’s world leading industries as well as supporting SMEs through extending and expanding our Made Smarter digital adoption programme through this decade.

The Plan outlines key measures to improve the business environment and attract investment, including faster grid connections, full expensing and more apprenticeships.

Manufacturing Sector Organisations

Stephen Phipson, CEO of Make UK, the manufacturers’ organisation said:

A battery strategy is very welcome and much needed. Having a joined-up battery plan in place will be critical for the UK economy to benefit fully from new technological opportunities going forward, and we must ensure that manufacturing involves the entire supply chain, right from design to manufacturing and recycling, closely connecting car and battery industries.

Recycling will also be very important to recover those critical materials that are essential for the low-carbon economy, and this joined up Advanced Manufacturing Plan will help deliver better coordination across the whole of the clean energy sectors.

Make UK and industry will continue to work with the government on the practicalities of this plan, including how to incorporate manufacturing supply chains. These supply chains have a key role in supplying components and services for clean energy in the future low-carbon economy and we must ensure that the full potential is delivered to enable our companies to compete on the global stage.

Karen Betts, Chief Executive, The Food and Drink Federation said:

The advanced manufacturing plan will provide critical support to the UK’s largest manufacturing sector in helping to unlock innovative investments in food and drink businesses. The £4.5billion of funding will help to derisk and incentivise investments focused on the transition to net zero and strengthening food security while the expansion of Made Smarter will particularly help SMEs. Making full expensing permanent will support businesses across the sector, boosting productivity and growth.

Richard Torbett, Chief Executive of the Association of the British Pharmaceutical Industry said:

We’ve long believed that the UK’s has the potential to be a world leader in advanced and sustainable medicines manufacturing. This £520 million in support announced by the government will supercharge UK life sciences manufacturing, combatting the increasing international competition to attract major manufacturing investment.

Added to our existing strengths and technical expertise in manufacturing innovation, this announcement is a major step forward in delivering on our shared ambitions for long term growth.

Automotive

Mike Hawes, SMMT Chief Executive said:

Decarbonising road transport is essential if net zero is to be achieved, and that transition must be ‘built in Britain’. The government’s Advanced Manufacturing Plan sets out measures to support the UK automotive supply chain as it undergoes the most significant transition in its history.

The plan, together with a new battery strategy to support the development and production of this critical technology, is essential if the UK is to compete in the face of fierce global competition. These initiatives can only help to attract the investment necessary to seize the growth opportunities a Net Zero economy offers.

Richard Kenworthy, Managing Director, Toyota Motor Manufacturing UK said:

We welcome the announcement of a new Advanced Manufacturing Plan and the priority the Government is giving to the automotive sector.

Our industry is undergoing a significant transition as we make the changes and investments required to secure a zero-carbon future. It is important for manufacturers to continue to work together with the Government to deliver on this goal and ensure the global competitiveness of the UK automotive industry.

This new Plan will help prepare British businesses and the Government to maximise the opportunities this period of change will bring.

Guillaume Cartier, Chairperson, Nissan Africa, Middle East, India, Europe and Oceania, said:

We welcome the Advanced Manufacturing plan for the long-term approach presented for the UK automotive industry.

It addresses a number of important topics that will support our wider electrification strategy as we move to 100% electric vehicles, and also with the demands we’re seeing from consumers for cleaner, smarter, safer cars on the roads.

Jaguar Land Rover said:

JLR welcomes this package of investment and policy announcements for the Advanced Manufacturing sector. The Advanced Manufacturing Plan and UK Battery Strategy is an important first step and we look forward to working with the Government to create the right environment to ensure an innovative and internationally competitive sector.

Aerospace

John Pritchard, President of Civil Aerospace for GKN Aerospace said:

GKN Aerospace welcomes the Government’s Advanced Manufacturing Plan. To maintain its position as a global leader in aerospace manufacturing, the UK needs close collaboration between Government and Industry and significant investment to maintain our competitive advantage. This Plan is a step forward, providing important guidance for building resilience and increasing productivity in our manufacturing supply chain.

Coupled with the announcement to extend the funding of the Aerospace Technology Institute out to 2030/31, the Plan also provides further confidence and a stable base for international businesses to invest in the UK.

The Hydrogen Task Force is a particularly important and welcome development. Hydrogen will be at the core of future sustainable flight, as well as the UK’s wider economy and energy infrastructure. It is critical that Government and Industry collaborate now in order to develop and invest in the supply chain and position the UK as the destination of choice for investment in the future.

Dr Rob Watson, President-Civil Aerospace, Rolls-Royce said:

We warmly welcome the ATI budget extension and the recognition of advanced manufacturing, and aerospace in particular, as priorities for the UK. The ATI extension provides long-term stability in aerospace funding that will allow for investment in technologies that will make our sector more competitive.

The ATI has been instrumental in accelerating the next generation of aerospace innovation since 2013, helping sustain the UK as a global leader in aerospace. The pace and scale of progress on our UltraFan demonstrator, the world’s largest and most advanced jet engine, would not have been possible without the ATI. This additional 5 year commitment to the ATI will give the aerospace industry confidence in the UK’s desire to grow and export.

Kevin Craven, CEO of ADS said:

ADS and our members welcome today’s Advanced Manufacturing Plan publication, reaffirming long-term backing for our world-leading advanced manufacturing sectors, including UK aerospace. This is a very timely intervention given the growing pace of aerospace recovery, huge aircraft order backlog and industries’ continued commitment to net zero.

Our aerospace sector provides high-skilled jobs throughout the country, and set against a backdrop of increasing global competition, the continued commitment towards aerospace R&D is significant. These measures will provide a boost to continued investment in innovation and advanced manufacturing in the UK, in turn securing the future advantage of our industry.

BATTERY

Dame Professor Clare Grey, Co-Chair of the UK Battery Strategy Team and professor at Cambridge University, said:

I – as both an academic working to optimise battery function and understand failure modes and a cofounder of the fast-charging battery company Nyobolt – welcome the publication of the UK battery strategy.

Clarity in the commitments, along with announcements of significant funding out to 2030, will be welcomed by the many industry sectors in the UK working towards achieving next zero, where certainly is key to making key business decisions and investments.

The continued funding is also critical for building on the momentum already achieved in the laboratory, to move some of the early-stage research out into commercial, manufactured products.

The breadth of the strategy – from skills, manufacturing, critical mineral supply chains, financing, recycling and the circular economy, to regulation and speeding up grid connections – along with the commitments towards implementation – will be critical in building battery- and related industries in the UK.

Tom Flack, CEO of Agratas said:

Through our multi-billion-pound investment, Agratas is building the UK’s largest battery cell manufacturing facility and pioneering next-generation battery technologies, powering the transition to net zero and creating thousands of green economy jobs. The Advanced Manufacturing Plan and the UK’s Battery Strategy outline the vision, collaboration and support required to deliver on that ambition. We look forward to working closely with the Government to grow a globally competitive UK battery sector.

Brian Holliday, Managing Director, Digital Industries at Siemens:

The new investment clearly says that UK manufacturing matters. It represents a tremendous boost for our makers that will enable the confidence to invest in innovation, productivity and sustainability.

Key sectors benefit but so does the long tail of small and medium firms which is really important to directly address our recent challenges of weak overall productivity and investment.

The business benefits of digitalisation are now clear, while being an enabler for industrial decarbonisation too – the package of measures announced in bolstering Made Smarter, targeted regulatory reform and sector support, along with our world-class Catapults and Universities now makes the UK one of the best countries on the planet to sustainably design, make and export goods.

Merlin Hyman OBE, Chief Executive, Regen and Electricity Storage Network, said:

The Electricity Storage Network welcome this strategy to develop the UK’s capability in the vital area of battery storage. The UK is leading the way in putting electricity storage at the heart of a high renewables, flexible power system with over 3GW now installed and world leading expertise in battery optimisation.

Developing a UK grid scale storage supply chain, environmental standards, and recycling facilities will be key to the resilience of the sector and to achieving our goals for secure, net zero power and high value jobs in the low carbon industries of the future.

Nicholas Beatty, Founder Director of Zenobē said:

I am delighted to support the Taskforce’s vital work to develop the UK’s domestic battery industry.

As the UK’s largest independent owner of battery storage, Zenobē welcomes these efforts to cut planning and grid connection delays, develop innovative financing for the battery industry, and introduce new models to increase the use of second life batteries.

These measures will help to secure the UK’s green supply chain as we transition to a decarbonised energy and transport system. With the right government support, the UK can be a leading global player in the future battery industry.

Nyobolt said:

We welcome the publication of the first UK Battery Strategy, which highlights the importance of the sector. Long-term commitment is critical for providing the confidence to invest and ensure that the UK plays a leading role in the transition to Net Zero.

As a growing UK battery company making fast charging a reality, we look forward to working with Government to realise this commitment and bring the batteries of the future to the UK today.

The press release issued by the Department for Business and Trade on 26 November 2023.

Business and Trade Secretary Kemi Badenoch has launched the landmark Advanced Manufacturing Plan (AMP) backed by billions to boost Britain’s manufacturing sector.

• Kemi Badenoch launches Advanced Manufacturing Plan (AMP) with over £2bn earmarked for the automotive industry, including batteries, and £975m for aerospace.
• New plan set to build on recent investment wins including up to £2bn from Nissan, £600m from BMW and £4bn from Tata to build a gigafactory.
• Hundreds of thousands of UK jobs on offer in battery sector alone, as new Battery Strategy includes £50m newly allocated government funding to deliver a globally competitive battery supply chain by 2030.
• Plan backs British industry, ensuring the long-term success of the advanced manufacturing sector and reinforces the UK as one of best places in the world to invest and do business.

Plans to build on British excellence in advanced manufacturing to secure long-term private investment and create high-paid jobs have been unveiled by the Business Secretary Kemi Badenoch today (26 November).

The landmark Advanced Manufacturing Plan (AMP) sets out the government’s initiative to ensure the UK is the best place in the world to start and grow a manufacturing business.

As outlined by the Chancellor last week, the government will offer certainty to business by committing more than £4.5 billion in targeted funding to back the long-term future of the UK’s world-leading manufacturing industries – automotive, aerospace, clean energy and life sciences. This includes support for batteries and industries undergoing fundamental changes to remain at the forefront of the global transition to net zero.

The plan outlines the key measures to improve the business environment and attract investment, including faster grid connections, full expensing and more apprenticeships.

It will ensure the UK uses its competitive advantage in manufacturing to become a world leader in the development of zero emissions technology, taking advantage of the thousands of jobs on offer. Our world-leading track record of decarbonisation makes us well placed to seize opportunities in the new global green economy.

This package builds on recent investment wins including up to £2 billion investment from Nissan in Sunderland, the £4 billion Tata gigafactory, the £600 million Electric Mini investment from BMW and Boeing unlocking £80 million of aerospace manufacturing investment in Sheffield, and ensures that the government can continue to help create jobs, grow the economy, and secure the future of great British manufacturing.

Business Secretary Kemi Badenoch said: 

The UK recently overtook France to become the world’s eighth largest manufacturing economy. The Advanced Manufacturing Plan will build on that success by targeting funding at where we have a competitive advantage.

Industry wants a stable, long-term plan that has support for cutting edge technologies and a trade policy that delivers. The Advanced Manufacturing Plan does precisely that, securing the highly-skilled jobs of the future and driving economic growth.

Prime Minister Rishi Sunak said: 

We are going full throttle to back British businesses and make the UK a world leader in manufacturing – which already makes up over 43 percent of all our exports and employs 2.6 million people across the country.

Today’s plan will not only give the industry the long-term certainty they need to grow and invest further in the UK, but it will also lay the foundations to create more jobs and opportunities for people across the country.

As we bring together the world’s biggest CEOs and investors together for the global investment summit tomorrow, this plan – backed by £4.5 billion – and the record sums of investment we’ve already attracted, make undoubtedly clear that the UK is open for business and is a vital part of our plan to grow the economy.

The battery sector alone could create 100,000 highly paid and skilled jobs in the UK and the Government has also today published the UK’s first ever Battery Strategy, outlining our plan for the UK to attract investment and achieve a globally competitive battery supply chain by 2030.

Global companies are already choosing to invest in the UK and for every pound of Government investment in the future of manufacturing, we are leveraging five pounds of additional private sector investment, providing a welcome boost for industry ahead of next week’s Global Investment Summit.

The Advanced Manufacturing Plan will build on this success and ensure we’re creating the right conditions for manufacturing to flourish, and that bureaucracy does not get in the way of investment.

To boost growth in small and medium sized manufacturing businesses more widely, it has also been announced that the government will expand the Made Smarter Adoption programme, offering the scheme to all English regions in 2025-26 before working with the Devolved Administrations to explore expanding the programme further from 2026-27.

Industry Minister Nusrat Ghani said:

Growing the battery industry is vital to positioning the UK as the best location in the world to manufacture electric vehicles, and building on the confidence we’ve given our supply chain through recent successes such as the investments from Tata, BMW and Nissan, plus the wealth of government support available to businesses.

I wanted to be ahead of the curve in working with Industry to produce a Battery Strategy. This will help businesses become more innovative and productive, future-proofing our economy and supporting our ambition towards a cleaner, greener future, and forms a crucial part of our Advanced Manufacturing Plan to back British industry for the long term.

The plan focuses on:

Investing in the future of UK manufacturing

A new Hydrogen Taskforce will maximise investment opportunities for the UK manufacturing of hydrogen propulsion systems. Hydrogen is expected to represent a crucial part of the UK’s future net zero energy system and is critical to supporting the UK’s energy security.

The Government’s Hydrogen Strategy sets out ambitions to reach up to 10GW of hydrogen production capacity by 2030, with at least half coming from electrolytic or ‘green’ hydrogen.

Building supply chain resilience

The prize in getting our battery industry right alone is worth 100,000 jobs by 2040, with thousands of further jobs available in the wider sector.

The UK’s Battery Strategy will seek to invest £50 million in developing the UK’s battery world-class capabilities, emphasising the importance of developing the batteries of the future by leveraging the UK’s world-leading research and innovation, securing a resilient UK manufacturing supply chain, and enabling the development of a vibrant and sustainable sector.

Reducing costs and barriers to business

At the Autumn Statement, the Chancellor announced further measures to back businesses and remove barriers to investment. This includes making the Full Expensing scheme permanent so businesses can invest for less – delivering an effective permanent tax cut of £11 billion a year for businesses who invest in IT equipment, plant and machinery. The move is set to boost business investment by £14 billion and help grow the economy.

With the tax cut now permanent, the UK will continue to have both the lowest headline corporation tax rate in the G7 and the most generous capital allowances in the OECD group of major advanced economies, such as the United States, Japan, South Korea and Germany.  Since the introduction of the super deduction – the predecessor to full expensing – in 2021, investment in the UK has grown the fastest in the G7.

The Advanced Manufacturing Plan also builds on existing support for the sector that includes the British Industry Supercharger ensuring energy costs for key industries like steel, metals, chemicals, and paper producers are in line with other major economies around the world and the Industrial Energy Transformation Fund supporting the deployment of technologies that is enabling hundreds of businesses with high energy use to transition to a low carbon future.

Mike Hawes, SMMT Chief Executive said:

Decarbonising road transport is essential if net zero is to be achieved, and that transition must be ‘built in Britain’. The government’s Advanced Manufacturing Plan sets out measures to support the UK automotive supply chain as it undergoes the most significant transition in its history.

The plan, together with a new battery strategy to support the development and production of this critical technology, is essential if the UK is to compete in the face of fierce global competition. These initiatives can only help to attract the investment necessary to seize the growth opportunities a Net Zero economy offers.

Kevin Craven, CEO of ADS said:

ADS and our members welcome today’s Advanced Manufacturing Plan publication, reaffirming long-term backing for our world-leading advanced manufacturing sectors, including UK aerospace. This is a very timely intervention given the growing pace of aerospace recovery, huge aircraft order backlog and industries’ continued commitment to net zero.

Our aerospace sector provides high-skilled jobs throughout the country, and set against a backdrop of increasing global competition, the continued commitment towards aerospace R&D is significant. These measures will provide a boost to continued investment in innovation and advanced manufacturing in the UK, in turn securing the future advantage of our industry.

Stephen Phipson, CEO of Make UK said:

A battery strategy is very welcome and much needed. Having a joined-up battery plan in place will be critical for the UK economy to benefit fully from new technological opportunities going forward, and we must ensure that manufacturing involves the entire supply chain, right from design to manufacturing and recycling, closely connecting car and battery industries.

Recycling will also be very important to recover those critical materials that are essential for the low-carbon economy, and this joined up Advanced Manufacturing Plan will help deliver better coordination across the whole of the clean energy sectors.   > Make UK and industry will continue to work with the government on the practicalities of this plan, including how to incorporate manufacturing supply chains. These supply chains have a key role in supplying components and services for clean energy in the future low-carbon economy and we must ensure that the full potential is delivered to enable our companies to compete on the global stage.

Secretary of State for Science, Innovation and Technology Michelle Donelan said:

If we are to seize the enormous potential for advanced manufacturing to create jobs and grow the economy in every part of the UK, it is critical that we support our brightest minds in turning brilliant ideas into marketable products, and even entire businesses.

The £61 million investment we are making in battery R&D will help UK manufacturers grow this burgeoning industry, by ensuring they can access the skills, infrastructure and early investment that they need to flourish.

The press release issued by the Department for Business and Trade on 22 November 2023.

The Secretary of State for Business and Trade reacts to today’s Autumn Statement and what this means for businesses and consumers.

At today’s Autumn Statement the Chancellor announced a range of proposals promoted by the Department for Business and Trade that provide further financial backing to UK businesses, will improve regulation, and stimulate investment and growth across the country. The government will further set out its priorities for supporting growth and attracting investment at the Global Investment Summit on Monday 27 November.

Welcoming the Autumn Statement, Business and Trade Secretary Kemi Badenoch said:

My department put forward a number of measures for the Autumn Statement intended to help boost British businesses of all sizes and place their success at the heart of the Government’s agenda.

The Autumn Statement has taken on several of these proposals and gives businesses the certainty to invest in the future, cuts costs through lower taxes, and provides small and medium-sized businesses with greater confidence that they will be paid on time.

As the department for economic growth, DBT will continue to bring together the Government’s work to open markets abroad and back business at home.

The Autumn Statement contained a range of pro-business, pro-growth measures including:

• More than £2 billion over the next five years earmarked for the automotive industry via the Advanced Manufacturing Plan. The funding will support the UK’s manufacturing sector, supply chain and development of zero emission vehicles and will oversee £975 million of funding to support Airbus and Rolls-Royce develop technologies for the next generation of aircraft and engines. The new funding builds on the UK’s existing strong investment environment and support, including support such as the British Industry Supercharger and the Industrial Energy Transformation Fund, as well as cross-economy measures, such as the lowest corporation tax in the G7 and making full expensing for plant and machinery investments permanent.
• Permanent Full Expensing – giving businesses the certainty to confidently invest for less. A company can now permanently claim 100% capital allowances on qualifying main rate plant and machinery investments, meaning that for every pound invested its taxes are cut by up to 25p.
• A business rates support package worth £4.3 billion over the next 5 years will help high streets and protect those small businesses that are the backbones of communities. This includes a rollover of 75% Retail, Hospitality and Leisure relief for 230,000 properties and a freeze to the small business multiplier, which will protect around 90% of ratepayers for a fourth consecutive year.
• We intend to establish a new Growth Fund within the British Business Bank (BBB) with a permanent capital base of over £7bn to crowd-in pension scheme capital to the UK’s most promising businesses.
• Further funding for two BBB programmes – the Long-Term Investment in Technology and Science (LIFTS) scheme which will make £250 million available to successful bidders in order to increase investment in key science and technology sectors, and £50 million for the Future Fund Breakthrough scheme to continue backing businesses which focus heavily on Research and Development.
• SME support – including tougher regulation on late payers, Smarter Regulation on improving price transparency for consumers, the expansion of Made Smarter in Great Britain and continued funding for Help to Grow.
• The existing R&D Expenditure Credit and Small and Medium Enterprise Scheme will be merged from April 2024, simplifying the system and boosting innovation in the UK.
• Freeport tax reliefs in England will be extended from five to ten years until September 2031, providing greater certainty to businesses looking to invest, delivering growth and jobs, and levelling up the economy.

The press release issued by the Department for Business and Trade on 22 November 2023.

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

The fifth round of negotiations for a free trade agreement (FTA) between the UK and the Gulf Cooperation Council (GCC) took place between 5 and 16 November.

The round was hosted by the GCC in Riyadh and held in a hybrid fashion. A number of UK negotiators travelled to Riyadh 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 40 sessions. Good progress was made and both sides remain committed to securing an ambitious, comprehensive and modern agreement fit for the 21st century.

An FTA will be a substantial economic opportunity and a significant moment in the UK-GCC relationship. Total trade was worth £61.5 billion according to latest figures.

The sixth round of negotiations is expected to be held in the first quarter of 2024.

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.

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.

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.

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.

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.

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.