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Tag: Business and Trade Department

  • PRESS RELEASE : Negotiations on an enhanced UK-Switzerland Free Trade Agreement [October 2023]

    PRESS RELEASE : Negotiations on an enhanced UK-Switzerland Free Trade Agreement [October 2023]

    The press release issued by the Department for Business and Trade on 17 October 2023.

    Update on the second round of negotiations for an enhanced UK-Switzerland Free Trade Agreement.

    The second round of negotiations on a UK-Switzerland Enhanced Free Trade Agreement took place from 18 September to 6 October 2023.

    During the round, which was virtual, UK officials held discussions with their Swiss counterparts across all negotiation areas outlined in the UK’s strategic approach to talks, published earlier this year to coincide with the launch of talks.

    Discussions continue to be constructive and collaborative, and we have made good progress in starting to agree draft treaty text in several chapters.

    These negotiations demonstrate our shared ambition to agree a modern, comprehensive agreement that reflects the current and future UK-Swiss trade relationship.

    The UK is working to negotiate an agreement that delivers modern services and investment provisions, while further removing tariff barriers to create mutually beneficial commercially meaningful opportunities for our world class producers and exporters.

    The Government will make its next statement on progress following the third round of talks scheduled for later this year.

    His Majesty’s Government remains clear that any deal we sign will be in the best interests of the British people and the United Kingdom economy.

    Any organisations or individuals interested in speaking to the Department for Business and Trade about negotiations with Switzerland should do so by emailing: ch.fta.engagement@trade.gov.uk.

  • PRESS RELEASE : Burdensome legislation withdrawn in latest move to cut red tape for businesses [October 2023]

    PRESS RELEASE : Burdensome legislation withdrawn in latest move to cut red tape for businesses [October 2023]

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

    The Government has withdrawn draft regulations after consultation with companies raised concerns about imposing additional reporting requirements.

    • Government withdraws draft new reporting regulations following a consultation with businesses on wider reporting regime.
    • New reform package will deliver a more targeted, simpler and effective framework for both business and investors.
    • Announcement welcomed by leading industry voices including the London Stock Exchange, Capital Markets Industry Taskforce, UK Finance, Lloyds and CityUK.
    • Changes will ensure the UK remains one of the best places in the world for firms to list and to do business.

    The Government has today [16 October] withdrawn draft regulations after consultation with companies raised concerns about imposing additional reporting requirements.

    Instead, the Government will pursue options to reduce the burden of red tape to ensure the UK is one of the best places in the world to do business.

    Draft regulations published in July would have added certain additional corporate and company reporting requirements to large UK listed and private companies, including an annual resilience statement, distributable profits figure, material fraud statement and triennial audit and assurance policy statement.

    This would have incurred additional costs for companies by requiring them to include additional layers of corporate information in their annual reports.

    Since July, the Government has completed a call for evidence on existing non-financial reporting requirements, which has identified a strong appetite from businesses and investors for reform, including to simplify and streamline existing reporting.

    The Business Secretary has now decided to withdraw these regulations, and will be setting out options to reform the wider framework shortly to reduce the burden of red tape on businesses.

    The Government remains committed to wider audit and corporate governance reform, including establishing a new Audit, Reporting and Governance Authority to replace the existing Financial Reporting Council. We will bring forward legislation to deliver these reforms when Parliamentary time allows.

    Business Minister Kevin Hollinrake said:

    Since the Government first published these draft regulations in July, discussions with businesses and stakeholders have highlighted a strong appetite for existing reporting requirements to be simplified.

    The Government has decided not to implement the draft regulations at this time, while we continue at pace with our plans to reform the wider non-financial reporting framework.

    This will deliver a more targeted, simpler and effective framework for both business and investors, reinforcing that the UK is one of the best places in the world for firms to list and to do business.

    This move will form part of a wider package of reform from the Government to streamline and simplify regulation for businesses.

    It also builds on the 12-week call for evidence launched earlier this month to carry out an in-depth review of all regulators across the UK, in a campaign to bring about smarter regulation and make companies’ lives easier.

    Julia Hoggett, CEO, London Stock Exchange plc, said:

    This is a welcome step and will boost the competitiveness of the UK. Good corporate governance should be an enabler for companies to grow and reach their full potential in the interests of all stakeholders. However, founders, company boards and, increasingly, shareholders have highlighted that the UK’s approach of ever-increasing corporate governance processes has, however well-intentioned, impacted the effectiveness of listed companies and the standing of the UK over other capital markets.

    Releasing listed companies from the additional reporting burdens that were proposed is another step toward the level playing field UK companies need to compete and drive the growth economy to the benefit of all stakeholders. If companies are to have the certainty they need, it is vital that this reform and steps to enhance the competitiveness of the UK, are backed by political consensus.

    The Capital Markets Industry Taskforce said:

    This decision is an important sign that the Government does listen to business and that the Business Secretary is prepared to remove incremental burdens on business.

    We are committed to continuing to work with the Government on more steps to ensure the UK remains a competitive environment for business and investment, including in the area of corporate governance.

    David Postings, CEO, UK Finance, said:

    I welcome the news that the Department for Business and Trade has listened to feedback and withdrawn these regulations.

    This is an important step in terms of making the UK an attractive place for businesses to grow and list. The government now has the opportunity to make further reforms to create a simpler, streamlined and more effective reporting and corporate governance regime.

    Burkhard Keese, Chief Financial Officer, Lloyd’s said:

    Lloyd’s appreciates the close and productive engagement we have had with Government on corporate governance reform.

    We welcome this first step that the government is taking to ensure that the UK has a proportionate and competitive corporate governance framework and look forward to ongoing collaboration as its work continues in this area.

    Miles Celic, Chief Executive Officer, TheCityUK:

    The government’s decision to withdraw this proposal is a significant step which will reaffirm the UK’s reputation as a business-friendly destination.

    We welcome the government’s support for fostering a growth environment in the UK and our industry remains committed to working with the public sector to increase the attractiveness of the UK as a public equity listing market and to send a strong signal globally that the UK is an ideal destination for business and investment.

  • PRESS RELEASE : British businesses celebrate as rules of origin to South Korea extended [October 2023]

    PRESS RELEASE : British businesses celebrate as rules of origin to South Korea extended [October 2023]

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

    The UK has secured a two-year extension to rules which help British companies to access lower or zero tariffs when selling goods to South Korea.

    • UK goods exports to South Korea remain eligible for reduced or zero tariffs after UK secures extension
    • Manufacturing sector expected to benefit, including automotive and food and drink, keeping British goods competitive in Korea
    • Negotiations for enhanced UK-South Korea trade deal to launch later this year

    The UK has secured a two-year extension to rules which help British companies to access lower or zero tariffs when selling goods to South Korea.

    The extension has been secured under the UK-South Korea free trade agreement and comes as welcome news for businesses who can continue to avoid the high tariffs imposed by South Korea on products entering the country.

    It also comes ahead of the launch of negotiations on a new, modernised trade deal between the UK and South Korea which will cover new sectors like digital, expected before the end of the year.

    South Korea is the 13th largest economy in the world and set to grow rapidly. Thanks to a burgeoning middle class, its import market is expected to grow 45% by 2035. The UK’s trade with Korea has more than doubled since the original FTA was negotiated.

    Goods make up the majority of UK exports to South Korea, with £7.3 billion worth exported last year. A broad range of British manufacturing sectors are expected to benefit from the extension, including food and drink and automotive, which is the second largest British export to South Korea.

    Minister for International Trade Nigel Huddleston said:

    This is fantastic news for UK businesses who can continue selling their brilliant goods with confidence to South Korea, a fast-growing market of the future with a high demand for quality British products.

    It provides welcome certainty as we prepare to kickstart negotiations on an exciting new trade deal set to turbocharge our already thriving £18 billion trading relationship and boost British exports.

    When the UK negotiated the original trade agreement with South Korea, rolled over from our membership of the EU, time-restricted clauses were agreed to allow for the use of EU content in UK products in meeting the EU-South Korea rules of origin and on shipping goods via the EU. Both clauses were set to expire on 1 January 2024.

    The extensions will apply for a further two years while the UK and South Korea work on new, permanent rules as part of an enhanced free trade agreement. Today’s agreement allows for both parties to extend this period further, if needed.

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

    We welcome this announcement as it avoids the re-imposition of duties from January 2024. In the first half of the year, South Korea was our seventh biggest car export market and the third biggest supplier of new passenger cars for UK buyers – so duty liabilities would have been bad for both sides.

    We look forward to the start of negotiations and swift conclusion of a modernised trade deal that delivers more benefits to our respective automotive sectors, in particular boosting trade in EVs and related technologies.

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

    This is welcome news for food and drink manufacturers and gives continued certainty to exporters until a new and ambitious agreement is negotiated. This will help businesses to export more products and ensures continued flexibility to use seasonal imported ingredients that complement our industry’s use of domestic produce.

    Talks for a new trade deal are anticipated to kick off this year. A public consultation was completed earlier this year to identify business priorities for the deal.

    The new deal will upgrade our trading agreement with South Korea, ensuring a more modern and fit-for-purpose deal that meets the specific needs of the UK. This is expected to include provisions for digital trade and dedicated help for smaller businesses, which will support economic growth and jobs.

  • PRESS RELEASE : UK to host Minerals Security Partnership for first time to boost investment in critical minerals [October 2023]

    PRESS RELEASE : UK to host Minerals Security Partnership for first time to boost investment in critical minerals [October 2023]

    The press release issued by the Department for Business and Trade on 11 October 2023.

    On Tuesday 10 October, the UK hosted the Principals’ meeting of the Minerals Security Partnership for the first time, at the London Metals Exchange.

    The UK hosted a Principals’ meeting of the Minerals Security Partnership (MSP) for the first time ever in London yesterday (10 October), which focused on boosting responsible investment and sustainable finance in critical mineral supply chains.

    Industry Minister Nusrat Ghani co-chaired the historic meeting of the MSP at the London Metals Exchange together with US Under Secretary for Economic Growth, Energy and the Environment Jose Fernandez yesterday afternoon.

    The MSP is a group of 14 partners – representing over 50 percent of global GDP – that aims to catalyse public and private sector investment in responsible critical mineral supply chains globally.

    Minister for Industry and Economic Security Nusrat Ghani said:

    By 2040, the world will need four times more critical minerals than it does today. There’s a global rush towards securing these, so it is vital we secure them for the UK supply chain to support both our economy today and jobs for the future.

    I was honoured to co-chair the latest Minerals Security Partnership meeting with Under Secretary Fernandez as we seek to boost investment in critical minerals and secure our supply chains for the long term.

    Jose Fernandez, US Under Secretary for Economic Growth, Energy and the Environment said:

    We have to work together to ensure that wherever there is new development of critical mineral projects, there is also fairness: respect for communities and host governments, local value addition and economic development and environmental protection.

    At the meeting yesterday, MSP partners confirmed that they are driving forward a range of projects which will help to develop responsible critical mineral supply chains, including:

    • 11 projects in upstream mining and mineral extraction, four projects in midstream minerals processing, and two projects in recycling and recovery – including a UK-based recycling technology led by HyProMag, commercialising rare earth magnet recycling (further details below).
    • One project focusing primarily on lithium; three on graphite; two on nickel; one on cobalt; one on manganese; two on copper; and seven on rare earth elements.
    • Five projects in the Americas, seven projects in Africa, three projects in Europe, and two projects in Asia-Pacific.

    The meeting yesterday enabled collaboration between MSP partners, governments of existing and emerging mineral economies and the private sector to accelerate more extraction, processing and recycling projects across the critical minerals value chain, while promoting high environmental, social, and governance standards and ensuring economic prosperity for all.

    MSP partners participating in the meeting included Australia, Canada, Finland, France, Germany, Japan, India, Italy, the Republic of Korea, Norway, Sweden, the UK, the USA and the EU (represented by the European Commission).

    A select group of additional mineral-producing countries – including Brazil, Indonesia, Kazakhstan, Mongolia, South Africa and Zambia – also took part in the meeting.

    About HyProMag:

    • HyProMag is commercialising rare earth magnet recycling using Hydrogen Processing of Magnet Scrap (HPMS) technology, developed at the University of Birmingham, UK, which can liberate and recycle magnets from end-of-life scrap.
    • Having commissioned the UK’s first rare earth magnet recycling pilot plant at the University of Birmingham in 2022, alongside the UK’s only facility to make sintered rare earth magnets, HyProMag, together with the University of Birmingham, are developing a large-scale recycling plant at Tyseley Energy Park, Birmingham, with first production by the end of this year and supported with funding from UK Research and Innovation.
    • Investment from UK-Canada listed Mkango Resources in 2020 has helped scale-up and catalyse international growth initiatives, including in Germany where HyProMag has established a sister company, HyProMag GmbH, and in the U.S. through a new Maginito-CoTec 50:50 joint venture company, with evaluation of other jurisdictions underway.  Maginito (79.4% Mkango; 20.6% CoTec) acquired HyProMag in 2023.
    • In line with MSP’s commitment to recycling and reuse, the development of new sources of recycled rare earths can accelerate development of sustainable and competitive rare earth magnet production.
  • PRESS RELEASE : Trade Minister in Peru and Colombia to boost trade with Latin America [October 2023]

    PRESS RELEASE : Trade Minister in Peru and Colombia to boost trade with Latin America [October 2023]

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

    International Trade Minister kicks off a multi-state visit to Peru and Colombia to meet counterparts and push forward action to resolve trade barriers.

    • Trade Minister Nigel Huddleston visits Peru and Colombia to strengthen trade ties with Latin America
    • Comes as the UK resolved over a billion pounds worth of trade barriers stopping UK businesses from exporting to Latin America last year
    • Discussions with investors planned to explore new opportunities arising from UK’s accession to the Indo-Pacific trade bloc

    International Trade Minister Nigel Huddleston has today kicked off a multi-state visit to Peru and Colombia to meet counterparts and push forward action to resolve trade barriers.

    The Minister will also announce new measures to ease regulation for British pharmaceutical companies in Colombia. Cutting red tape for some of the UK’s most innovative companies will unlock a multi-million-pound market while additionally helping the country access essential products such as medicines and medical devices.

    The visits come as new figures show the UK has resolved around £1.3 billion worth of trade barriers that have been preventing UK businesses from exporting their goods and services to the Latin America and the Caribbean region in the last financial year.

    The region represents 8% of the global population and its economy was estimated at £4.7 trillion in 2022. It is projected to rise to over £8 trillion in 2035, contributing to 5.2% of global GDP. It poses an exciting opportunity for UK businesses to build on our £40 billion trading relationship as its economies continue to open up and grow.

    Speaking ahead of the visit, International Trade Minister Nigel Huddleston said:

    Latin America presents incredible opportunities for British businesses, and we aim to put them at the front of the queue by making it easier to sell and establish a presence in countries like Colombia and Peru.

    Through our trade dialogues, CPTPP membership and unlocking even more trade barriers, we are creating fresh possibilities for UK companies to export their top-notch goods and services around the world.

    Minister Huddleston is expected to use his visit to advance discussions on trade barriers across a range of sectors, including:

    • Increased flexibility for the emerging green hydrogen market in Colombia, allowing world-leading UK hydrogen companies to be at the forefront of hydrogen deployment in Colombia.
    • Stopping companies from being taxed twice via a Double Taxation Agreement, improving conditions for UK businesses and increasing Peru’s investment potential, with a potential worth of around £55 million
    • Exploring options to remove Peru’s discriminatory tax treatment of imported spirits, such as Scotch Whisky, compared to locally produced ones, potentially worth around £55 million.

    The Minister will also meet with potential investors and private sector representatives in Peru to explore new investment and trade opportunities that have opened since the UK signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this summer.

    Earlier this year, Business and Trade Secretary Kemi Badenoch made the removal of trade barriers one of her top priorities, aiming to resolve 100 priority trade barriers around the world and unlock export opportunities worth around £20 billion for UK businesses.

    Removing trade barriers is a proven catalyst for increased exports economic growth and more jobs and being an independent trading nation has given us greater autonomy to tackle barriers facing UK businesses.

    Scotch Whisky Association International Director Ian McKendrick said:

    The SWA works around the world to ensure the Scotch Whisky industry can compete on a level playing field with other alcoholic products. We value the work of the Department of Business and Trade to fight tax discrimination, and the support the Minister is giving to our efforts in Peru.

    Scotch Whisky has faced tax discrimination in Peru versus domestically produced spirits for almost two decades, in contravention of WTO rules. This discrimination creates the conditions for counterfeit alcohol and smuggling in a black market which costs the Peruvian government more than $70m annually. Addressing this is a priority for the Scotch Whisky industry, where Peru and other South American markets have the potential to further increase the industry’s global export footprint.

    Background

    • Through our UK-Andean free trade agreements and now through our CPTPP membership we are seeking to unblock even more trade barriers and create fresh possibilities for UK companies to export their top-notch goods and services around the world.
    • UK-Peru bilateral trade was recorded at £3.4 billion in 2022 in current prices.
    • UK-Colombia bilateral trade was recorded at £1.8 billion in 2022 in current prices.
    • New DBT figures show the UK has resolved around £1.3 billion worth of trade barriers in LATAC in the last financial year. A subset of 24 out of 34 resolved barriers identified in DBT’s annual report and accounts have undergone a valuation assessment, of which the aggregated value is estimated to be around £1.3 billion. The remaining 10 barriers have not undergone a valuation assessment.
    • The data on resolved barriers are extracted from the Digital Market Access Service (DMAS). It is the internal government database of trade barriers facing UK businesses that enables closer collaboration across government in Whitehall and at overseas Posts to analyse and progress action to try and resolve them where feasible. For further information on DMAS, please find online: New service to open overseas markets for UK businesses – GOV.UK (www.gov.uk)
    • DMAS is not a comprehensive repository of all market access issues facing UK exporters, and reporting rates vary widely across countries and regions. As such, aggregate figures should be interpreted as an indicative estimate based on a selective sample.
    • Aggregate figures on the valuation of resolved barriers are based on DBT analysis of specific market access barriers using the methodologies set out in the DBT statistical publication. To calculate the aggregate figures, the mid-point for each valuation range is added to provide a central estimate. Further details on the methodology for the aggregate valuation figures are published in a DBT analytical working paper.
    • GDP data is in current prices sourced from the IMF World Economic Outlook and converted from US dollars to UK pounds using the Bank of England average spot exchange rate for 2022.
  • PRESS RELEASE : £89 million of funding to develop cutting edge new electric vehicle technology [October 2023]

    PRESS RELEASE : £89 million of funding to develop cutting edge new electric vehicle technology [October 2023]

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

    £89 million of funding has been awarded to 20 cutting edge net zero tech projects, reinforcing the UK as a world leader in zero emissions vehicle technology.

    • £89 million in joint government and industry funding to help the UK lead the way on cutting edge net zero tech, creating jobs and helping to grow the economy.
    • 20 projects across four competitions include developers of revolutionary new offroad vehicles, net zero tractors and groundbreaking new EV battery systems.
    • Funding from one competition alone could create or safeguard over 4,700 UK jobs and save nearly 65 million tonnes of CO2 being emitted over next decade.

    £89 million of funding has been awarded to 20 cutting edge net zero tech projects including hydrogen-powered offroad vehicles, a new lithium scale-up plant and revolutionary new EV battery systems, reinforcing the UK as a world leader in zero emissions vehicle technology.

    The landmark funding package includes four collaborative R&D projects, five scale-up projects to assess if businesses in the automotive sector are ready for growth, and seven feasibility studies to prepare projects to develop large-scale manufacturing facilities in the UK.

    The funding has been awarded through the Advanced Propulsion Centre UK (APC), in support of ambitions to build an end-to-end supply chain for zero emission vehicles (ZEVs) in the UK. £45.2 million of this investment comes from Government, backed by a further £42.7 million from the automotive industry.

    Minister for Industry and Economic Security Nusrat Ghani said:

    Together with industry, we’re providing a huge £89 million of funding to drive 20 groundbreaking net zero tech projects which will help grow the economy and create UK jobs in the industries of the future.

    From net zero tractors to cutting-edge battery projects, we’re taking decisive action to back the UK’s innovators and ensure we remain at the forefront of zero emission vehicle technology.

    From luxury cars to workhorse excavators, the latest in collaborative R&D support via the APC – worth over £67 million – will accelerate the development of zero emission technology in the UK, safeguarding and creating jobs and supporting investment in cutting edge R&D.

    Winners of the latest collaborative R&D competition funding include Aston Martin, who are accelerating the development of a luxury battery electric vehicle platform and Perkins, who will develop a net-zero, hydrogen-hybrid integrated power system for offroad vehicles.

    The projects are estimated to create or safeguard more than 4,700 jobs in total and save nearly 65 million tonnes of CO2 being emitted over the next decade as a result of the work undertaken by these four R&D projects alone.

    APC Chief Executive Ian Constance said:

    This latest round of funding coincides with the APC’s 10th anniversary. We have seen over £1.4 billion of investment into automotive projects since the APC was set up, and I am proud of the impact that we have made here in the UK.

    This latest announcement includes a diverse set of OEMs and suppliers that demonstrate the strength of UK automotive. They will further add to our portfolio of innovative projects and continue to drive the UK to deliver on its net zero ambition.

    £11.3 million has also been awarded to 12 UK-based projects funded through the second instalment of the SuRV (Scale-up Readiness Validation) competition and the fourth round of the APC’s Automotive Transformation Fund (ATF) feasibility studies competition.

    The ATF’s Scale-up Readiness Validation (SuRV) projects will support scale-up projects to assess if businesses in the UK automotive supply chain are ready for growth and expansion.

    Projects include Green Lithium who plan to build a lithium scale-up plant in Teesside, and Ilika Technologies who are working to accelerate the scale-up of Ilika’s solid state battery technology.

    The ATF Feasibility Studies will produce decision-ready business cases, in preparation for projects which will develop large-scale manufacturing facilities in the UK.

    The seven projects include Cornish Lithium, who are establishing a lithium processing plant in the UK to produce anode material for EV batteries, and Aberdeen Minerals Limited for the study of innovative mineral processing routes.

    The support delivered through the APC is unlocking further private investment and supports the government’s ambitions to build an end-to-end supply chain for zero-emissions vehicles in the UK.

    Today’s announcement comes on top of funding also being invested by the Government through the Automotive Transformation Fund (ATF) to develop a high-value end-to-end electrified automotive supply chain in the UK.

    This includes unlocking private investment in gigafactories, battery material supply chains, motors, power electronics, and fuel cell systems. The ATF is being delivered by the Department for Business and Trade in partnership with the APC.

    Also announced today are the winners of the Niche Vehicle Network (NVN) Production Readiness Competition, sponsored by the APC and supported by Innovate UK, provides grant funding to UK SMEs leading the way in sustainable, cutting-edge technology design.

    A total of £1.1 million in grant funding has been awarded to four projects, including a zero emission Ariel Nomad – a low volume performance offroad vehicle – featuring a highly optimised EV powertrain, and also a UK-made electric scooter from Swifty Scooters, which is optimised for superior rider safety and ensures a long product lifespan.

    After engagement with industry, DBT is building on programmes like the Advanced Propulsion Centre and taking decisive action to ensure future investment in zero emission vehicle manufacturing.

    ENDS

    Notes to editors:

    A full breakdown of the winning projects is included below.

    APC Collaborative R&D (APC23) projects led by:

    Aston Martin: Accelerate the development of a luxury battery electric vehicle platform, enabling a route to net zero, including vehicle lightweighting, a digital toolchain and electrification training.

    Yasa: Makers of the world’s lightest in-wheel electric motor and acquired by Mercedes in 2021, is focused on creating an innovative combined electric propulsion & handling system, which aims to revolutionise existing EV (Electric Vehicle) systems.

    Gestamp’s Autotech Engineering R&D UK: Leads a consortium on a project to create new design methodologies, processes, and materials for reduced embodied carbon footprint in product designs.

    Perkins: The historic British engine maker, a subsidiary of Caterpillar, will develop a net-zero, hydrogen-hybrid, integrated power system for off-highway vehicles.

    Automotive Transformation Fund Scale-up Readiness Validation (SuRV2) projects:

    Helix: Hx-SuRV2: Validating Helix’s readiness for the scale-up of high power-density and scalable electric motor platforms focusing on ‘high-premium’ automotive applications.

    Green Lithium Refining: Green Lithium plans to build a lithium scale-up plant in Teesside. The plant will support the commissioning and training of a skilled workforce for its full-scale plant in Teesside, which will produce enough refined lithium to enable the downstream production of over 1 million electric vehicles.

    Advanced Electric Machines: Project SIMPLE aims to establish an efficient, scalable UK-based manufacturing process for sustainably produced traction motor systems in electric passenger vehicles.

    Geothermal Engineering: Geothermal Engineering Limited will use this award to install Direct Lithium Extraction (DLE) at the UK’s first deep geothermal power plant at the United Downs Industrial Park in Cornwall.

    Ilika Technologies: Ilika Technologies, UK Battery Industrialisation Centre (UKBIC) and MPAC are partnering in project SiSTEM to accelerate the scale-up of Ilika’s solid state battery technology.

    Automotive Transformation Fund Feasibility Study projects (FS4) projects:

    Gaussion: Magneto-enhancement technology for solid-state batteries.

    Talga Anode UK: Assessing the feasibility of production of anode materials from recycled graphite and a graphite-silicon composite anode material using in-situ silicates from Talga’s Swedish graphite ore.

    Altilium: Partnering with Lunaz to develop an innovative and sustainable solution for the safe transportation and discharging of end-of-life EV batteries.

    Strip Tinning: This project will study the feasibility of investing in very high-volume manufacturing of their Cell Contacting and Management System. The CCMS is a safety-critical component of the power electronics system of Battery Electric Vehicles.

    Greenroc Mining: Establishing a graphite processing plant in the UK to produce anode material for EV batteries from graphite concentrate from the Amitsoq Graphite Project in southern Greenland.

    Cornish Lithium: Focusing on commercial extraction of lithium and other battery metals in Cornwall, notably the Trelavour hard-rock lithium mica deposit near St Austell. Funding to understand the available lithium in the ground and how much can be produced & a life cycle assessment will quantify environmental impacts.

    Aberdeen Minerals:Study of innovative mineral processing routes to accelerate the low-carbon production of cathode raw materials from Northeast Scotland.

    Niche Vehicle Network (NVN) Production Readiness Competition winners:

    Ariel Electric with partners Rockfort Engineering and BAMD: Developing a zero emission Nomad, ZELV3, featuring a highly optimised EV powertrain and a lightweight aerodynamic body that improves vehicle efficiency.

    Maeving with project partners Alexander Technologies and Muon Tech: Developing a new, higher energy density, removable battery system, with improved thermal performance, for lightweight electric motorcycle. The project will move their battery production from a Far Eastern to a UK based supplier, supporting their ambition to make Britain a leading manufacturer of electric motorcycles.

    CALLUM with partners Nyobolt and Codem: Developing a lightweight, rapid-charge, electric all-terrain vehicle (ATV), which will better the performance attributes of ICE ATVs that currently dominate the market.

    Swifty Scooters with partners Chasestead and PMBL: Developing a UK made electric scooter optimised for superior rider safety and ensures a long product lifespan by way of premium build quality and enabling fix and repair within both the scooter design and battery design.

    About the Advanced Propulsion Centre

    The Advanced Propulsion Centre (APC) collaborates with UK government, the automotive industry and academia to accelerate the industrialisation of technologies, supporting the transition to deliver net-zero emission vehicles.

    Since its foundation in 2013, APC, through government, has funded 261 low-carbon projects involving 480 partners, working with companies of all sizes, and will have helped to create or safeguard over 58,000 jobs in the UK. The technologies developed in these projects are projected to save over 400 million tonnes of CO2, the equivalent of removing the lifetime emissions from 16.1 million cars.

    With its deep sector expertise and cutting-edge knowledge of new propulsion technologies, APC’s role in building and advising project consortia helps projects start more quickly and deliver increased value. In the longer term, its work to drive innovation and encourage collaboration is building the foundations for a successful and sustainable UK automotive industry.

    In 2019 the UK government committed the Automotive Transformation Fund (ATF) to accelerate the development of a net-zero vehicle supply chain, enabling UK-based manufacturers to serve global markets. ATF investments are awarded through the APC to support strategically important UK capital and R&D investments that will enable companies involved in batteries, motors and drives, power electronics, fuel cells, and associated supply chains to anchor their future.

    For more information go to apcuk.co.uk or follow us @theapcuk on X and Advanced Propulsion Centre UK on LinkedIn.

  • PRESS RELEASE : Statement on the UK – U.S. SME Dialogues – California [October 2023]

    PRESS RELEASE : Statement on the UK – U.S. SME Dialogues – California [October 2023]

    The press release issued by the Department for Business and Trade on 6 October 2023.

    Statement follows the seventh meeting of the UK – U.S. SME Dialogues in Indio, California.

    On 5 October 2023, the 7th UK – U.S. SME Dialogue was held in Indio, California with over 70 UK and U.S. small and medium sized businesses and business organisations participating.

    The Dialogue was hosted by the Cabazon Band of Cahuilla Indians, and is convened by the Office of the United States Trade Representative, the Department of Commerce, and the Small Business Administration with the Department for Business and Trade.

    Since its inception in 2018, the UK – U.S. SME Dialogue has continued to bring together small and medium sized businesses on both sides of the Atlantic with UK and U.S. government representatives to explore the challenges and opportunities faced by SMEs looking to export across the Atlantic. SMEs are the backbone of the UK-U.S. trading relationship, and the Dialogue reflects the ongoing commitment from both countries to supporting and enhancing UK – U.S. SME trade.

    During the Dialogue, a series of panel discussions covered opportunities for SMEs looking to grow through UK – U.S. trade. Attendees discussed the opportunities for SMEs in services trade and opportunities in the green technology sector that can contribute to energy and climate solutions. SMEs also raised their concerns about the barriers they face in exporting and importing, including access to SME finance.

    A key focus of the Dialogue was how the UK and U.S. governments can support small businesses, including those owned by under-represented groups and women entrepreneurs, and those in disadvantaged communities, to take advantage of export resources. During the Dialogue, and following a commitment made at the 6th SME Dialogue 2022 held in Edinburgh, the UK announced the launch of updated resources that provide advice and support for SMEs wanting to export to the U.S.

    • Doing Business Toolkit: This toolkit contains advice, Top Tips and resources for SMEs looking to grow their business in the UK and export to exciting markets such as the U.S.
    • E-Commerce Toolkit: Advice for UK SMEs selling online to the U.S.
  • PRESS RELEASE : Government launches review of regulators to cut red tape and bureaucracy [October 2023]

    PRESS RELEASE : Government launches review of regulators to cut red tape and bureaucracy [October 2023]

    The press release issued by the Department for Business and Trade on 2 October 2023.

    Review set up to cut burdens for businesses in new post-Brexit regulatory framework and improve customer outcomes.

    • Cut burdens for businesses in new post-Brexit regulatory framework and improve customer outcomes
    • Seeking to establish what works well, what needs improving and boost performance
    • Around 90 regulators in the UK covering most sectors cost around £5 billion a year

    The UK Government is today announcing an in-depth review into all regulators across the country. The 12 week call for evidence will seek to capitalise on our post-Brexit freedoms to bring about Smarter Regulation to the economy. The review will seek to ensure regulators are working efficiently and delivering on reforms needed to help grow the economy and protect consumers.

    The 12 week call for evidence will seek views of businesses, consumers and regulators to establish areas that are working well as well as where regulators could improve. It comes as part of the wider Smarter Regulation Programme, which aims to bring about more effective and less burdensome regulations across the economy.

    There are 90 regulators in the UK, and 39 per cent of small businesses say red tape holds them back. This review will identify the changes to the regulatory landscape that will really make a difference to economic growth, as well as improving the outcomes for consumers and our environment.

    Businesses have made clear that burdensome regulations have hampered growth, which is why we are taking this action – the UK government is firmly backing business.

    Kemi Badenoch, Secretary of State for Business and Trade, said:

    “I want us to use our Brexit freedoms to scrap unnecessary regulations that hold back firms and hamper growth. It’s clear that the regulators that enforce the rules can also sometimes be a blocker to businesses, so our review will seek to root out the bad practices with the aim of making companies’ lives easier and reducing costs for consumers.”

    The principal focus of this call for evidence is to understand what works well and what could be improved in how regulators operate to deliver for the sectors they serve.

    It seeks views on regulatory agility; proportionality; predictability and consistency of approach. It will also consider whether there are any further steps we can take to reform the existing stock of regulation on the UK Statute book (both Retained EU Law and wider regulations).

    Regulators play a crucial role in protecting consumers rights,  workers’ rights and the environment which is why no reforms will come at the expense of the UK’s already high standards.

    It comes as many businesses, consumer groups and other industry leaders have expressed their concern over the operation and enforcement of regulation by independent regulators. Broadly, these criticisms fall into three categories:

    • The regulatory landscape is a crowded space, with too many regulators having too many duties to trade-off against each other meaning consistency across regulators and a clear direction on what good looks like is essential.
    • Regulator behaviour, risk appetite and overall performance is not as it should be. Businesses/industry groups argue that regulators are overly risk averse and focus too heavily on process, and that this is at the expense of delivering the best outcomes.
    • Regulator powers and accountability have not moved in tandem, in part because of the increased decision-making power of some regulators now that decisions are taken at a UK- (not EU-) level.

    This work is complementary to existing work in train, including the more specific review of Ofgem, Ofwat and Ofcom – which also forms part of the Smarter Regulation Programme.

    This is the next step in the government’s programme of Smarter Regulation and deregulation. We have already launched a series of consultations and reviews into the growth duty for larger regulators, the UK’s product safety review and fire safety for domestic appliances – these have all been aimed at improving safety, cutting business burdens and improving regulations for the economy.

    Across the UK, there are 90 regulators, and 39 per cent of small businesses say red tape holds them back. Which is why this review will work to identify the changes to the regulatory landscape that will really make a difference to economic growth, as well as improving the outcomes for consumers and our environment.

    The findings will help to improve regulators right across government to ensure they are more accountable, effective and responsive to the needs of the sectors they represent.

  • PRESS RELEASE : Government takes action to back small businesses and tackle late payments [October 2023]

    PRESS RELEASE : Government takes action to back small businesses and tackle late payments [October 2023]

    The press release issued by the Department for Business and Trade on 2 October 2023.

    Government announces measures to tackle late payment of invoices to support small businesses and grow the economy.

    • Paying small businesses on time could boost the economy by £2.5 billion annually
    • Measures form part of wider government review on Cash Flow and Prompt Payment

    The government has today announced tougher measures to tackle the issue of late payments to small businesses. These new measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly and will improve delivery and enforcement of policies, enabling more small businesses to get paid on time.

    Late payment of invoices and long payment terms are key issues that businesses, especially SMEs, highlight as a barrier to their growth. Owners and managers are forced to spend disproportionate time chasing payments; resulting cash flow problems cause even good, viable firms to struggle.

    In 2022, Small and Medium-sized Enterprises (SMEs) were owed on average an estimated £22,000 in late payments. Improving payment culture in the UK will support smaller businesses, many of which do not have the resources to accommodate long or late payments from their business customers and could boost the economy by £2.5 billion annually.

    That is why the Government is extending and improving the Reporting on Payment Practices and Performance Regulations and conducted the Prompt Payment and Cash Flow Review.

    New measures to be announced in the review will include:

    • Extending the Reporting on Payment Practices and Performance Regulations 2017. Following consultation, Government will take forward legislation to extend payment performance reporting obligations. We will include new metrics for reporting, including a value metric, so businesses and commentators can see the value of invoices, including invoices paid late, and a disputed invoices metric. We will also introduce reporting on retention payments for businesses in the construction sector.
    • Providing greater advice to small businesses on negotiating payment terms that better suit them, and on how going digital can help them get paid quicker and manage their cash flow.
    • Broadening the powers of the Small Business Commissioner: Introducing broader responsibilities, enabling the Commissioner to undertake investigations and publish reports where necessary on the basis of anonymous information and intelligence. This will require primary legislation, so will be subject to the legislative timetable.

    The stronger measures will benefit UK businesses by fostering a stronger payment culture and providing businesses with more predictable and reliable cash flow, allowing businesses to spend and invest with greater certainty.

    It will reduce the time spent by businesses chasing payments, freeing up more time for other activities that will help them to grow. Tackling late and long payments provides an opportunity to increase investment and productivity across the economy.

    This will improve payment culture in the UK to support smaller businesses, many of whom do not have the resources to accommodate long or late payments from their business customers.

    Secretary of State for Business and Trade Kemi Badenoch said:

    SMEs make up 99 per cent of firms in the UK and are the lifeblood of our economy. I know that late payments are a massive barrier to growth and I am determined to fix that.

    The measures we’re announcing will take a big step towards making sure SMEs get their payments on time, helping firms to grow and prosper.

    Small Business Minister Kevin Hollinrake said:

    Small businesses form a crucial part of large companies’ supply chains. Without them, they couldn’t do business. It’s only right that they should be paid promptly for their services.

    SMEs that are paid on time can do more business, scale up and make more profits, delivering growth for the economy.

    Background

    • The Government will work with partners (such as business representative organisations) and other existing initiatives (Growth hubs, Help to Grow) to help deliver an improved payment culture which will include guides on negotiating payment terms.
    • The powers of the Small Business Commissioner will be broadened, enabling it to undertake investigations and publish reports where necessary on the basis of anonymous information and intelligence.
    • There will be closer integration of the Small Business Commissioner with other late payment functions.
    • We will strengthen the Prompt Payment Code so that business signatories must reaffirm their commitment every two years to stay on it.
    • We will extend the Reporting on Payment Practices and Performance Regulations, taking forward legislation to extend payment performance reporting obligations. This will include new metrics for reporting, including a value metric, so businesses and commentators can see the value of invoices, including invoices paid late, and a disputed invoices metric.
    • There will be an effective and proportionate compliance regime to help ensure that businesses required by law to report their payment data, do so.
    • We will promote the benefits of digital payment technologies and of embedding prompt payments as part of firms’ ESG (environmental, social, governance) programmes, if they have them.
  • PRESS RELEASE : Government holds first taskforce for the UK Battery Strategy [October 2023]

    PRESS RELEASE : Government holds first taskforce for the UK Battery Strategy [October 2023]

    The press release issued by the Department for Business and Trade on 2 October 2023.

    The Department for Business and Trade (DBT) launches the UK Battery Strategy Taskforce made up of leaders from academia and industry.

    • The Department for Business and Trade launches new expert UK Battery Strategy Taskforce.
    • The Taskforce is made up of industry and academic experts from across the battery eco-system.
    • The UK Battery Strategy is due to be published in the coming months.

    Today (Monday 2 October) the UK Battery Strategy Taskforce had its inaugural meeting.  The group brings together industry experts and academics from across the battery ecosystem to support development of the UK’s first battery strategy.

    The Government plans to publish the UK’s battery strategy in the coming months, setting out a joined-up government-industry approach to deliver a battery ecosystem that unleashes economic prosperity, delivers on our net zero ambitions and ensures our access to technologies and applications that are vital to our security.

    Membership list:

    • Dame Professor Clare Grey, University of Cambridge (co-chair)
    • Professor Julia Sutcliffe, Department for Business and Trade Chief Scientific Advisor (co-chair)
    • Jacqui Murray, National Manufacturing Institute Scotland
    • Craig Wilson, WAE Technologies
    • Carol Rose Burke, Unipart Manufacturing
    • David Bailey, Birmingham University
    • Merlin Hyman OBE, Regen
    • Nicholas Beatty, Zenobe
    • Simon Moores, Benchmark Minerals
    • Robin Brundle, Technology Minerals
    • Kunal Sinha, Glencore Recycling
    • Gavin Graveson, Veolia
    • Mike Hawes, SMMT
    • Professor David Greenwood, WMG High Value Manufacturing Catapult
    • Jeff Pratt, Envision, AESC
    • Anna Wise, Nyobolt
    • Professor Patrick Grant, Oxford University