Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 12 June 2023.

Largest ever delegation of Asia Pacific (APAC) investors travel to the UK for the start of London Tech Week.

• Just weeks after the UK concludes negotiations with CPTPP, £100bn investment funds from APAC flock to London for tech and investment bonanza.
• Multi-million-pound deals on the cards at London Eye pitching event on first day of London Tech Week.
• UK proving itself to be a tech superpower and the best place in the world to invest.

Cutting edge British tech firms are set to pitch for multi-million-pound deals with Asia Pacific (APAC) investors today just weeks after the UK concluded negotiations with the CPTPP – a £9 trillion combined GDP trade bloc in the Indo-Pacific.

As part of the biggest APAC delegation to ever visit London Tech Week, investors representing funds of over £100bn will meet with UK tech companies as they seek cash injections into innovative new projects, ranging from fintech and clean tech to life sciences and Artificial Intelligence.

As day one (Monday 12 June) of the UK’s largest technology event gets underway, business deals have already been secured with APAC investors and tech firms, with the Minister for Investment, Lord Johnson, kicking off further investment talks later today at the London Eye.

This includes a strategic partnership between Malaysian company Sunway Group – one of Southeast Asia’s leading conglomerates – and Cambridge-based venture capitalist firm Deeptech Labs, enabling them to accelerate the growth of net zero technologies and open new avenues for UK startups in the APAC region.

The signing of the new partnership will take place on the banks of the River Thames before more lucrative deals are struck on the London Eye, as 25 tech firms have 30 minutes to pitch their latest innovations to investors before their pods circle back to the ground.

Minister for Investment Lord Johnson said:

London Tech Week is a huge opportunity to show that we are a science and technology superpower, and that the UK is the number one place to invest.

Just weeks after successfully negotiating our biggest post-Brexit trade deal with the CPTPP, we are seeing huge interest from investors in the region, with millions of pounds being invested into world-leading British tech.

Creating closer ties with our friends in the Asia Pacific region is creating enormous opportunities for inward investment, as the UK sits at the cutting edge of innovation in science and technology.

Various APAC tech firms are also announcing they will move their HQs to the UK in a further vote of confidence that we have the best credentials as a place to do business. This includes Japanese startups Datagusto and Qufooit, as well as booking platform Enrolmy in New Zealand, with further potential announcements through the week.

Extra support is also being announced by the Government to grow tech exports to Asia Pacific and facilitate more investment.

A new contract has been awarded to Oxfordshire-based Intralink to run the new UK-APAC Tech Growth Programme as part of the UK’s Digital Trade Network (DTN), which will help UK tech companies and entrepreneurs to trade in the APAC region. The DTN itself will also expand to Taiwan and Vietnam to ensure UK exporters can access digital tech expertise and help with market access and digital trading systems.

Minister for Technology and the Digital Economy Paul Scully MP said:

Seamless collaboration with our global counterparts is the key that will unlock the potential of our leading start-up community, and in turn the UK’s future as a science and technology superpower. This is why Intralink’s work with the Digital Trade Network to bring together the UK and Asian tech communities is fundamental to our shared success.

Natalie Black, His Majesty’s Trade Commissioner for Asia Pacific, said:

This record-breaking delegation from Asia Pacific demonstrates our deepening relationship with nations across the CPTPP.

At this year’s London Tech Week, we are seeing delegations of startups brought over by the Japanese government and our first ever delegation from Vietnam, demonstrating how the UK is the tech powerhouse of the CPTPP.

I look forward to seeing the UK’s trillion-dollar tech sector thrive in the region through our expanded Digital Trade Network.

The new UK-APAC Tech Growth Programme will increase UK digital tech exports to APAC markets by increasing private sector investment in UK tech companies and strengthening trading relationships between the UK and APAC countries.

An Australian tech mission is also included in the 600-strong APAC delegation, looking to maximise benefits of the UK-Australia free trade agreement that came into force last month.

Janet Coyle CBE, Managing Director of Grow London, London & Partners said:

The relationship between UK tech companies and APAC investors is crucial for unlocking growth opportunities and helping businesses expand into new markets across both regions. I am looking forward to introducing some of our best tech talent to investors from the Asia-Pacific region during London Tech Week. The interest we’ve seen from international companies and investors in this year’s London Tech Week demonstrates the global appeal of the UK’s tech sector.

Notes to editors

• 600 delegates will make up the APAC delegation, with a further delegation of 50 from Mexico – another CPTPP member. Investors in the APAC delegation are representing investment funds managing over £100bn of assets.
• Both the Minister for Investment, Lord Johnson, and APAC HMTC Natalie Black will be attending the Sunway Group – Cambridge Deep Tech Labs signing event this afternoon alongside senior representatives from MyDIGITAL Corporation and the Malaysia Digital Economy Corporation, where they will meet with investors and tech firms. Lord Johnson will also deliver a speech.
• The ‘Elevator Pitch’ event at the London Eye will follow on shortly afterwards, with HMTC Natalie Black in attendance.

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

Statement agreed by Trade Ministers of the Commonwealth, who met on 5-6 June 2023 at Marlborough House for the Commonwealth Trade Ministers Meeting.

DELIVERING A COMMON FUTURE: CO-OPERATION FOR RESILIENT, INCLUSIVE, GREEN AND DIGITAL ECONOMIES

1 – The Trade Ministers of the Commonwealth met on 5-6 June 2023 at Marlborough House in London to build upon the initiatives agreed by our Heads of Government in Kigali, Rwanda, in June 2022.

2 – We exchanged views on current issues and challenges facing the global economy, marked by multiple and interconnected crises, and emphasised the importance of building inclusive, sustainable and resilient economies for post-COVID recovery. As we approach the mid-point of the United Nations’ 2030 Agenda, we recognise the need for enhanced collaboration and strengthened partnerships to ensure that trade and investment contributes to the achievement of the Sustainable Development Goals, especially in developing, least developed countries and small and vulnerable economies.

Supporting the Multilateral Trading System

3 – We reaffirmed our strong commitment to a transparent, inclusive, nondiscriminatory, fair and open rules-based multilateral trading system, with the WTO at its core, and reiterated concerns about the risk of WTO-inconsistent protectionist measures and unfair trading practices that threaten the rules-based trading system. The multilateral trading system has a key role to play in addressing global challenges including supporting the post-COVID global economic recovery and achieving the 2030 Agenda and the Sustainable Development Goals.

4 – We discussed the outcomes from the WTO’s 12th Ministerial Conference in June 2022 and reaffirmed the importance we attach to achieving fair and balanced outcomes at the upcoming 13th Ministerial Conference (MC13) in February 2024.

5 – We urged Members to conclude negotiations on outstanding issues from Ministerial decisions. In particular, in relation to the desire to ratify and implement the Agreement on Fisheries Subsidies, including with the support of the Fisheries Funding Mechanism. We encourage Members to conclude negotiations with respect to the Agreement, with due regard to the principle of special and differential treatment.

6 – We call for continued reform of the multilateral trading rules for agriculture and the smooth functioning of supply chains, with a view towards achieving reductions in trade distorting support and protection, to enhance food security, especially for net food importing developing countries.

7 – We recognise that member countries have differing views and official positions on various issues on the WTO agenda, such as public stockholding for food security purposes. We underscored the importance of continuing discussions on these issues.

8 – We underline the importance and urgency of restoring a fully and wellfunctioning dispute settlement system that is accessible to all Members by 2024.

9 – We urge members to decide on an extension of the TRIPS waiver to cover the production and supply of COVID-19 diagnostics and therapeutics.

10 – We also encourage members to actively engage in the e-commerce work programme, in particular the development dimension, including on the moratorium on customs duties on electronic transmissions.

11 – We recognise the ongoing discussions on policy coherence between trade and investment with industrial policy and note the role that regional economic integration can play in strengthening the participation of member countries in the multilateral trading system.

12 – We recognise the importance of the global agricultural and food systems, underpinned by WTO rules, bringing food, fibre, and other critical products to people all over the world. Despite its importance for ensuring global food security and sustainable economic development, agriculture remains one of the most protected sectors in global trade. We recognise the need for a meaningful outcome on agriculture at the WTO, reflecting our collective interests and sensitivities, with a view towards achieving substantial progressive reductions in trade-distorting support and protection to enhance food security, as envisaged in the continuation of the agricultural reform process provided in Article 20 of the WTO Agreement on Agriculture and existing mandates.

13 – We reflected on the role the Commonwealth can play to support and strengthen the multilateral trading system. We endorsed the proposal for the Government of Rwanda as the Chair-in-Office to deliver an agreed joint statement to MC13. Furthermore, we welcome initiatives by the Secretariat to support members with their preparations for MC13 and to assess the outcomes of the Ministerial Conference.

14 – We encourage Commonwealth members of the WTO to work across regional blocks to address the sensitivities of member countries and to accelerate convergence, where possible.

15 – We noted the discussions of the Commonwealth Caucus group in Geneva, convened by New Zealand, and encouraged the group to continue this informal exchange of views in the lead-up to MC13, while respecting the different views of member countries.

16 – We noted the report on ‘Trade, Climate Change and Natural Disasters’, as mandated by Trade Ministers, and mandated that it be further discussed at the next Caucus Meeting in Geneva.

17 – We expressed our shared commitment to deepen collaboration to support all members, especially developing countries, including least developed countries, small states and small island developing states, to participate effectively and on an equal footing in the multilateral trading system and reap the gains from international trade. We noted the crucial support provided to Commonwealth small states through the Commonwealth Small States Office (CSSO) in Geneva and reiterated the importance of maintaining this support.

18 – We further agreed to facilitate technology and knowledge transfer, including to improve the capacity of Commonwealth members to engage in policy formulation on issues within the multilateral trading system and to appropriately assess the impact of different trade and trade-related environmental policy options on developmental outcomes to better align the policies formulated in the multilateral trading system with the targets in the Sustainable Development Goals.

Deepening Commonwealth Trade and Investment

19 – We noted the progress in intra-Commonwealth trade and investment and recognise the need for more ambitious action to grow intra-Commonwealth trade to US$2 trillion by 2030. We noted the ongoing support provided by the Secretariat to improve trade competitiveness in member countries and discussed practical ways to increase this support, especially to build members’ capacity to grow and diversify exports, enhance trade and investment facilitation, and integrate effectively into the global trading system.

20 – We welcomed the recognition of the crucial role of investment in transforming economies by Commonwealth Leaders at CHOGM 2022. We agreed that strengthening intra-Commonwealth trade and investment should be a priority for the Commonwealth. We committed to working together to explore mutually beneficial investment initiatives and partnerships across the Commonwealth, particularly those which support high quality investment in infrastructure, including clean, green infrastructure, as cornerstones of sustainable economic growth as well as in productive capacity.

21 – We support the reconvening of the Working Group on Trade and Investment (either physically or virtually) to discuss ways of deepening intra-Commonwealth trade and investment.

22 – We mandate an initial focus of a sub-action group of the Working Group on Trade and Investment to generate an investment plan of action. The Group will update members at regular intervals, with tangible proposals to increase investment flows, to be agreed by Heads of Government at CHOGM.

23 – We noted the update on the work of the Commonwealth Connectivity Agenda and the operationalisation of the Commonwealth Connectivity Action Plan; and commended the respective cluster leads for shaping the direction and focus of the five connectivity clusters in partnership with the cluster members. We further recognised the need for the mobilisation of additional resources to upscale the work of the clusters.

24 – We welcomed the Secretariat’s work on international trade policy, particularly the research, policy and capacity building support to member countries to develop and implement their trade policies, including through strengthened partnerships with UNCTAD, the WTO and the ITC.

25 – We encourage the Secretariat to deepen trade policy support and capacity building and call on members who may be in a position to do so to provide technology transfer and financial support for developing countries, least developed countries and small and vulnerable economies, including small island developing states and landlocked developing countries, given their unique national circumstances and respective capabilities. In particular, we request the Secretariat to work with least developed countries to achieve the Sustainable Development Goals and implement and monitor the Doha Programme of Action for the decade 2022-2031, and to support member countries with the ratification and implementation of the WTO Fisheries Subsidies Agreement.

26 – We noted progress on the biennial Commonwealth Trade Review, which will be presented at the next Commonwealth Heads of Government Meeting in 2024.

Inclusive and Sustainable Trade

27 – We note that trade and investment can play a role in addressing global challenges, including enabling food security, bridging the global digital divide, empowering women, youth and other vulnerable groups in trade, collaborating and supporting the sustainable energy transition, halting and reversing biodiversity loss in the ocean and on land, co-operating for managing the risks and challenges arising from climate change, and promoting sustainable development in its economic, social and environmental dimensions, in a manner consistent with the respective needs and concerns of members at different levels of economic development.

28 – The Commonwealth provides a valuable platform to exchange knowledge and experiences about the role of trade and investment in inclusive and sustainable development and we call for greater collaboration in this regard. We underline that trade-related measures taken to tackle climate change and other environmental challenges should not constitute a means of arbitrary or unjustifiable discrimination or disguised restrictions on international trade. We urge our trade partners to give full consideration to the impact of the implementation of such measures, especially on members of the Commonwealth, and to provide the requisite assistance.

29 – We further acknowledge that this kind of partnership can help to facilitate continued growth in both intra-Commonwealth and international trade across all levels of development while assisting developing member countries with achieving compliance, over time, with trade standards in a way that drives sustainability in climate change mitigation and other areas, including through technical assistance and capacity building, technology transfer and financial support. In this regard, we encourage the Secretariat to facilitate collaboration amongst the member countries.

30 – We recognise that women continue to face barriers to full and equal participation in the economy and international trade. We are committed to promoting women’s economic empowerment and increasing opportunities for womenowned businesses to trade, including by facilitating capacity building programmes providing targeted support for businesses and fostering an enabling business environment. We expressed our deep appreciation for the ongoing work on gender and youth mainstreaming undertaken by the Secretariat and encouraged such efforts to continue, working in partnership, where feasible, with other Commonwealth accredited organisations.

31 – We reflected on the Bridgetown Initiative and noted its potential benefits in addressing the financing challenges of climate vulnerable countries and the longterm financing needs of the Sustainable Development Goals.

32 – We reflected on how the Commonwealth can promote trade and trade policy as solutions for addressing the climate crisis, including through promoting sustainable production, trade and supply chains, and encouraging access to affordable technologies and enhanced access to climate finance; and note efforts to address environmentally harmful subsidies and contribute to the development of blue and green economies in a manner consistent with the respective needs and concerns of Members at different levels of economic development, in the light of different country circumstances and respective capabilities. We noted the WTO fora available for co-operation and information sharing in support of these objectives, particularly the potential of the Committee on Trade and Environment to progress these deliberations.

33 – We emphasised the importance of exchanging knowledge on good practices and local solutions to help mitigate and adapt to climate change and engage in green economy and trade as part of a just transition to a lower-carbon future. We acknowledge that an appropriately designed industrial strategy can support this transition and meet the Sustainable Development Goals.

Fostering Digital Transition

34 – We reflected on how the Commonwealth, both collectively and as individual member countries, can support an inclusive digital transformation for all and facilitate digital trade for growth and development, with a particular focus on supporting micro, small and medium enterprises. We emphasised the importance of enabling everyone, everywhere to access the benefits of technological change and innovation. To this end, we stressed the need to address the digital divide and digital skills gaps, with particular attention to supporting marginalised, disadvantaged and vulnerable groups to access digital skills.

35 – We emphasised the need to develop digital public infrastructure and connectivity and ensure digital technologies are accessible and affordable for all. We underscored the importance of enabling access to digital financial services as part of an inclusive digital ecosystem and the need to develop efficient crossborder digital payment systems to support digital trade.

36 – We exchanged views on the merits of designing robust, supportive and effective regulatory frameworks to govern and facilitate digital trade and the broader operation of the digital economy. We noted the opportunities for Commonwealth members on co-operation in promoting coherence in regulatory and policy frameworks governing digital trade and the digital economy.

37 – We agreed to establish a Legal Reform and Digitalisation Working Group under the Connectivity Agenda’s Business-to-Business Cluster, with the support of other clusters within the Commonwealth Connectivity Agenda, to assist Commonwealth members in moving towards paperless trade.

38 – We discussed the need to strengthen the capacity of developing countries to engage in digital trade and to build human capacity in all our member countries to empower individuals – particularly women and youth – and businesses to harness the potential of the digital economy and digital trade.

39 – We expressed our shared commitment to deepen pan-Commonwealth cooperation in the digital economy and digital trade particularly moving towards increasing digitisation of trade and paperless trade, and noted the continued role of the Commonwealth Connectivity Agenda in supporting collaboration, sharing of best practice and experience, and providing support to member countries in the promotion of intra-Commonwealth trade.

Towards CHOGM 2024 and Beyond

40 – With a view to deepening Commonwealth co-operation in the areas highlighted above, we recommended that our Heads of Government reflect on these issues when they meet in Apia, Samoa, for the 2024 Commonwealth Heads of Government Meeting.

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

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

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

The UK has today launched an eight-week call for input in preparation to negotiate a goods-only Free Trade Agreement (FTA) with the Republic of Maldives, inviting business, organisations and individuals to help shape the UK’s negotiating aims.

Maldives is one of the few countries in the Commonwealth which the UK is not already pursuing an FTA with or does not already have preferential access to the UK market.

The public consultation will also help to identify trade barriers which pose an obstacle to UK businesses attempting to export their goods to Maldives.

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

The Government has published the third annual Investing in Women Code report.

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

Trade Minister Nigel Huddleston and Governor of Colorado, Jared Polis today announced their intent to pursue a Memorandum of Understanding.

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

The UK’s trade deals with Australia and New Zealand come into effect today.

• Australia and New Zealand trade deals to enter into force at midnight on Wednesday
• Special shipments of handpicked UK goods including signed Beano comics, personalised Cambridge Satchels, Brighton Gin and Burleigh pottery among very first to be sent under the new arrangements
• Deals remove tariffs on all UK goods exports Down Under and could mean lower prices for UK consumers

From today [31 May], UK businesses will be able to sell to Australia and New Zealand more easily as the UK’s trade deals with the countries, the first negotiated from scratch since we left the EU, come into force.

Under the deals’ beneficial terms tariffs on all UK goods exports to Australia and New Zealand will be removed, unprecedented access to these markets for services unlocked, and red tape slashed for digital trade and work visas.

Each region and nation of the UK is expected to benefit. Tailored to the UK’s strengths, the deals are set to deliver an economic boost by driving bilateral trade up by 53% with Australia and 59% with New Zealand.

The agreements could also mean reduced prices for UK consumers on favourites such as wine, Tim Tams and kiwi fruit and lowered costs on machinery parts for UK manufacturers.

The announcement comes after the UK, Australia and New Zealand completed their domestic ratification processes, allowing the deals to enter into force. In the UK this required primary legislation in the form of the Trade (Australia and New Zealand) Bill.

Business and Trade Secretary Kemi Badenoch said:

Today is a historic moment as our first trade deals to be negotiated post-Brexit come into effect.

Businesses up and down the country will now be able to reap the rewards of our status as an independent trading nation and seize new opportunities, driving economic growth, innovation and higher wages.

International Trade Minister Nigel Huddleston will tour DHL’s Southern Distribution Centre near Heathrow to see off two handpicked consignments of UK goods, some of the first to be sent to Australia and New Zealand under the new deals.

Iconic British goods from across the country including signed Beano comics, Penderyn Single Malt Welsh Whisky, Brighton Gin, The Cambridge Satchel Co. bags and Fever-Tree mixers are all among the items which will be sent from the UK government to the Australian and New Zealand trade ministers. Many of the items included will benefit from the removal of tariffs under the deals.

The parcels will also include an England cricket top signed by James Anderson and Emma Lamb, a Wales rugby shirt signed by the men’s team and a real tennis racket from Gray’s of Cambridge.

Minister for International Trade, Nigel Huddleston, said:

It is incredibly exciting to be visiting DHL to see some of the first shipments leave the UK, knowing that when they arrive Down Under they will benefit from our brand new deals.

Australia and New Zealand are two of our closest friends and likeminded partners and our trade deals secure favourable terms for British exporters, removing tariffs on all UK goods and slashing red tape.

Alongside the new trade agreement with Australia, more young Brits will benefit from life-changing opportunities Down Under thanks to the expansion of our shared Youth Mobility and Working Holiday Maker visa schemes. On 1 July 2023 the age limit for UK applicants going to Australia will go from 30 to 35 years old, and from 1 July 2024 Brits will be able to stay in Australia for up to three years without having to meet specified work requirements.

The consignments will be sent via express air freight with DHL, which is accelerating to low carbon operations with a commitment to reach zero emissions logistics by 2050 globally. Moving more than 100,000 shipments per day for UK businesses, Australia, New Zealand and other CPTPP countries are popular markets, with expectations for continued growth.

CEO of DHL Express UK Ian Wilson said:

The new free trade agreements with Australia and New Zealand provide businesses with a great opportunity to capitalise on the demand in these markets for British goods. We are delighted to have marked the commencement of these deals with a visit from the International Trade Minister to our site today, in which he had the chance to meet businesses and see the important role our colleagues play in the global economy.

Through our recent collaboration with the Department for Business and Trade, we have been able to explain the new deals through webinars and simplified guides which we hope will help our customers achieve even greater international growth.

Both free trade agreements are also part of the UK’s strategic tilt to the Indo-Pacific region and complement our accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – a huge trade bloc which will have a total GDP of £12 trillion once we join.

The deals include robust protections for British farmers, including staging tariff liberalisation for sensitive goods over time.

Other key benefits of the deals include:

• Access to Australian work visas for UK service suppliers without being subject to its changing skilled occupation list and enabling Brits to work in New Zealand more freely
• Flexible rules of origin and removal of tariffs on all UK exports to both markets
• Advanced rules on digital trade which cut red tape, unlock the free flow of data and give businesses confidence their valuable intellectual property will be protected
• Access to government contracts and investment opportunities, including equal footing to compete for an additional £10 billion of Australian public sector contracts per year and high investment screening thresholds for New Zealand
• Progressive opportunities to grow our low-carbon economy through liberalised tariffs on environmental goods and encouraging investment in low-carbon technology
• Environment chapters reaffirming our commitments to the Paris Agreement and recognising our right to regulate to meet Net Zero

Founder and Managing Director of Brighton Gin Kathy Caton said:

In an increasingly competitive and global market removing trade barriers is exactly the support that the British gin industry needs. With a Brighton in every state in Australia, one of our goals is to see Brighton Gin being served in every one! Hopefully the free trade agreement gets us one step closer to that.

CEO of Frugalpac Malcolm Waugh said:

Frugalpac produces the world’s first paper bottle for wines and spirits and the machines that make them. Our Frugal Bottles, which are made from 94% recycled paperboard and have a carbon footprint six times lower than a glass bottle, are now sold in 22 countries including Australia and New Zealand.

The Department for Business and Trade has been hugely supportive of Frugalpac and these free trade agreements will boost our plans to export machines to help the Australian and New Zealand drinks industry to further decarbonise.

The Department for Business and Trade is working with firms of all sizes from across the country to explain how they can harness these trade agreements to grow their business. Dedicated resources are available to help businesses every step of the way as they seize these new opportunities.

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

The Prime Minister has today made one re-appointment and one new appointment to his Trade Envoy programme.

• Theo Clarke MP has been re-appointed as the Prime Minister’s Trade Envoy to Kenya.
• Rt Hon Conor Burns MP has been appointed as the Prime Minister’s Trade Envoy to the US for Regional Trade and Investment.

Background:

• Trade Envoys support the UK economy by supporting British businesses to take advantage of the opportunities arising from the UK’s global trade agenda. They champion Global Britain and promote the UK as a destination of choice for inward investment across all regions of the UK, helping to level up the country.
• This new appointment will extend the total number of Trade Envoys to 37 parliamentarians, covering 67 markets.
• The role as a Prime Minister’s Trade Envoy is unpaid and voluntary with cross-party membership from both Houses.

The press release issued by the Department for Business and Trade on 25 May 2023.

Parents and carers to be given new protections at work, covering leave entitlement and redundancy rules.

• These new rights derive from three Government backed cross party bills that have now been granted royal assent
• This follows a wave of wins for workers this year after a record National Minimum Wage uplift and measures to ensure staff can keep their hard-earned tips.

Parents and unpaid carers are set to receive a boost with new employment protections, as three Government backed Private Members Bills received royal assent yesterday [ Wednesday 24 May].

This wave of new workers’ rights has been welcomed by charities and parties across parliament.

When in force, these new laws will help to increase workforce participation, protect vulnerable workers, and level the playing field by ensuring unscrupulous businesses don’t have a competitive advantage and delivering on our priority to grow the economy.

Parents and carers will benefit from the following new protections once in force:

• Up to 12 weeks of paid neonatal care leave for employed parents whose children are admitted to neonatal care, so that they can spend more time with their baby at what is a hugely stressful time. This is in addition to other leave and pay entitlements such as maternity and paternity.
• Redundancy protection for pregnant women and new parents with the extension of existing redundancy protections to cover pregnancy and a period of time after parents return to work
• A new entitlement for unpaid carers to a week of flexible unpaid leave a year, for employees who are caring for a dependant with a long-term care need. This will enable carers to better balance their caring and work responsibilities, supporting them to remain in employment.

Business Minister Kevin Hollinrake said:

We know how stressful it can be for parents caring for a new-born in neonatal care, or someone who is trying to juggle work with caring responsibilities, and these additional protections will ensure they get the support they need.

Over the past year, we have proven our commitment to supporting workers across the UK, including raising the national living wage to its highest yet. Protecting and enhancing workers’ rights whilst supporting businesses to grow remains a priority for this government and a dynamic labour helps to drive up wages, employment and economic growth.

The Government backed bills will boost support to vulnerable workers, and to parents during incredibly difficult times. Up to 12 weeks of paid leave provided by the Neonatal Care (Leave and Pay Act makes the UK as a world leader in this area, allowing parents to be with their babies instead of worrying about work.

Shocking research from the Equality and Human Rights Commission showed that approximately one in nine mothers were either dismissed, made compulsorily redundant or treated so poorly they felt they had to leave their job. The Protection from Redundancy Act will extend existing protections to protect pregnant women and new parents against this discriminatory practice.

Charities have been calling for further support for carers. There are millions of unpaid carers in the UK, and The Carer’s Leave Act will provide the support they need to continue with their invaluable contribution to society. Once in force, they won’t have to struggle between caring for the ones they love and working to provide for their families.

The press release issued by the Department for Business and Trade on 24 May 2023.

Plans unveiled to ease costly reporting burdens on business, freeing up companies to focus on growth.

Plans to reduce costly and time-consuming regulatory burdens on business have been revealed by the Government today [Wednesday 24 May].

A wide range of UK companies, investors and industry experts have been invited to give their views on non-financial reporting regimes, in a new call for evidence that aims to find ways to reduce reporting regulation burdens on businesses so that they can focus on growth.

Non-financial reporting provides valuable information to investors and is a way for companies to tell their ‘story’ beyond financial information. This includes future strategy, and detail on how a wide range of factors may affect the company’s performance, providing insight into the business and culture of the company.

However, companies and investors have been calling for the simplification of these requirements in the wake of the deregulatory opportunities offered by Brexit. Annual reports now run at an average of 200 pages for the largest companies in the UK, creating unnecessary burden for businesses. With this review, the Government will aim to:

Save businesses time and money with a more streamlined and focused corporate reporting regime
Ensure company annual reports contain clearer, more useful information, by asking investors what really matters to them
Make the UK an even more competitive place to do business by placing growth and investment at the heart of reporting requirements
Business Minister Kevin Hollinrake said:

We want to shred unnecessary paperwork so businesses can focus on what’s important to them – growing and making profit.

By seizing on the opportunities of Brexit to streamline our non-financial reporting regime, we’ll make the UK an easier and more competitive place to do business, while delivering on our priority to grow the economy.

As part of this, we will also review the size thresholds that determine some of the information a company needs to produce in their annual report, in particular the definition of micro-enterprises. This threshold, a relic of an EU directive, could be forcing too many of Britain’s smallest businesses to spend time and money preparing information to a level of detail only needed for larger companies, distracting them from focusing on growth and creating jobs.

The call for evidence will end on 16 August. The Government will then use the information collected to develop detailed proposals for public consultation next year.

Subject to the views shared, the Government will then look to legislate for any changes.

This builds on the “Smarter regulation to grow the economy” policy paper (10 May 2023) which set out how the government would improve regulation across the board to reduce burdens and drive economic growth now that the UK has left the European Union.

Our departure from the EU allows us to shape rules and processes so that they work for the UK’s specific circumstances and businesses, including for non-financial reporting, while upholding our strong record on workers’ rights.