Tag: Business and Trade Department

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.

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

Business and Trade Secretary, Kemi Badenoch, visits the Middle East to advance the UK’s ambitions for a modern, comprehensive trade deal with the GCC.

Business and Trade Secretary Kemi Badenoch will hold talks to encourage the Gulf Cooperation Council (GCC) Ministers to advance the UK’s ambitions for a modern, comprehensive trade deal as she visits Qatar, Saudi Arabia and the United Arab Emirates this week.

Meeting her ministerial counterparts in each nation, and new Secretary General of the GCC Jasem Al-Budaiwi, Badenoch will also speak with senior business leaders and investors to build on inward investment to the UK – currently worth more than £15.7 billion – delivering on the government priority to grow the economy.

Ahead of her visit, Business and Trade Secretary Kemi Badenoch said:

We already have a strong trade and investment relationship with the Gulf nations, but I’m determined to strengthen this even further.

The GCC represents an enormous opportunity for UK firms, whether it’s selling brilliant British food and drink products into new markets or offering new consumers for our flourishing digital trade and renewable energy sectors.

I know my counterparts are as ambitious for this deal as I am, and I’m ready to match their ambition.

The trip comes as the total trade between the UK and GCC reached a record high of £61.3 billion in 2022.

The UK began negotiations with the six-country bloc in 2022 and has completed three rounds of talks so far.

Collectively, the GCC is equivalent to the UK’s seventh largest export market. Their demand for goods and services is expected to grow rapidly to almost £1 trillion by 2035 – an increase of over 75%.

This will open huge, new opportunities for UK businesses, from food and drink to cars and clothes – removing these types of tariffs as part of a trade deal will help to increase choice for GCC consumers, giving them access to a greater range of UK products. This will help to create jobs across the country, support businesses to expand and grow the economy.

A deal with the GCC will also play to the UK’s strengths as a global services superpower. UK exports to GCC amounted to £36 billion, with more than half being services.

Pioneering green technology firms based across the UK are already taking advantage of the region’s pivot away from fossil fuels. Innovators including Levidian Nanosystems, Sonihull, Graphene Solutions and G-volution are boosting sustainability and clean energy and have expanded their operations to the Gulf as the region diversifies its economy.

Levidian Nanosystems CEO John Hartley said:

The GCC is an important region for Levidian – the combination of large-scale gas assets which require decarbonisation, heavy industry which can benefit from graphene application, and a political will to decarbonise at pace make it an area in which Levidian can have significant impact.

The Business and Trade Secretary will speak at the Qatar Economic Forum on Tuesday and take part in a series of business engagements throughout the week.

The press release issued by the Department for Business and Trade on 19 May 2023.

The Business and Trade Secretary has appointed five Non-Executive Members to the Department’s Board.

Today (Friday 19 May) the Business and Trade Secretary Kemi Badenoch has announced the appointment of five non-executive members of the Department for Business and Trade (DBT) Board.

The new board members are:

• Stephen Hill OBE as Lead Non-Executive Director
• Karina McTeague as Chair of the Audit and Risk Assurance Committee (ARAC)
• Robert Leeming as Non-Executive Director
• Lord Syed Kamall as Non-Executive Director
• Peter Fleet as Non-Executive Director

The board will also include Sir Stephen O’Brien and Noel Harwerth, who previously sat on the former Department for International Trade Board.

The new members have been appointed for at least 3 years and will provide independent advice, support and scrutiny on the department’s work, to help deliver the Government’s ambitious business and trade agenda.

The Business and Trade Secretary, Kemi Badenoch said:

The Department’s new non-executive directors bring with them a wealth of knowledge and expertise and will help us to grow the UK economy, support UK businesses and create jobs and opportunities across the country.

Background

• Non-Executives are experts from outside government who provide oversight and challenge to the department in the development of policy and the management of resources.

Biographies

• Stephen Hill was previously a Non-Executive Director of the Department for Business, Energy and Industrial Strategy (BEIS). As part of his role, Stephen Hill will also chair the Nominations and Governance Committee. Stephen has extensive board level experience. He was awarded an OBE in 2017 for his work in philanthropy, particularly for those with hearing impairments.
• Karina McTeague previously served as a Member of the Audit and Risk Assurance Committee at the Home Office. Ms McTeague has a background in law and in the financial sector. She was previously Chief Risk Officer at Visa Europe. She also worked as a Director of Supervision for the Retail Banking and Payments sectors and Director of General Insurance and Conduct Specialists at the Financial Conduct Authority (FCA).
• Robert Leeming has been a partner at the private equity firm, Charterhouse Capital Partners, since 2007. He was previously a partner at EPIC Private Equity and an associate at PwC. He is also Chairman of the Autism Research Trust.
• Lord Syed Kamall is a Professor of Politics and International Relations at St Mary’s University, Twickenham and a member of the House of Lords Communications Digital Committee. He was previously Parliamentary Under Secretary of State at the Department for Digital, Culture, Media and Sport and also the Department of Health and Social Care. He was made a life peer on 11 February 2021.
• Peter Fleet is a former Group Vice President at Ford Motor Company. He was most recently President of Ford Asia Pacific and Chairman and CEO of Ford Motor China. He now has a portfolio of non-executive roles.

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

The Department for Business and Trade announces winners of the inaugural Made in the UK, Sold to the World awards.