Tag: Business and Trade Department

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.

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

Today (Wednesday 17 May) marks the 100th day since the formation of the Department for Business and Trade (DBT).

Created by the Prime Minister on the 7th February, DBT combines previously existing government business (BEIS) and international trade (DIT) departments to create a single entity to deliver on the government’s priority to grow the economy by supporting British businesses at home and abroad, promoting investment and championing free trade.

Since its inception, the Department has had several triumphs, most notably the UK’s accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) in April, set to have a combined GDP of £12 trillion once the UK joins. The UK’s accession will place the UK alongside some of the fastest growing economies in the world, support jobs and create opportunities for companies of all sizes and in all parts of the country.

Just this week, Secretary of State Kemi Badenoch also launched negotiations on a new UK-Switzerland free trade agreement to boost trade and lower tariffs on UK exports to Switzerland, which could reduce annual duties for UK businesses by around £7.4 million. A refresh of our trading relationship will benefit more than 14,000 UK businesses which already export goods to Switzerland, 86% of which are small and medium-sized enterprises (SMEs), by creating simpler trade rules for products of origin, customs procedures and digitisation.

In March, the Secretary of State also signed a pivotal digital trade deal with Ukraine that will support Ukraine’s economy and greatly enhance our bilateral trade and investment relationship. It means Ukraine will have guaranteed access to the financial services crucial for reconstruction efforts through the deal’s facilitation of cross-border data flows. Ukrainian businesses will also be able to trade more efficiently and cheaply with the UK through electronic transactions, e-signatures, and e-contracts.

On the business side, the Department launched the Digital Markets, Competition and Consumers Bill which ensures businesses and consumers are protected from rip-offs and subscription traps and can reap the full benefits of the digital economy. We also increased the National Living and Minimum Wages from April 1, putting more money in the pockets of 2.9 million of the lowest-paid workers across the country.

Ministers joined over 200 of the UK’s highest profile CEOs and business leaders at the first ever Business Connect conference, aimed at unlocking innovation and growing the economy.

Secretary of State for Business and Trade Kemi Badenoch said:

I’m proud of the great work the department has achieved in such a short time. I want DBT to be an office for economic growth, working with businesses to ensure they are seizing the opportunities we are generating at home and abroad.

In line with the Prime Minister’s economic priorities, we will continue to help grow the economy and enable firms to create better-paid jobs across the country by removing barriers to businesses, growing UK exports to reach £1 trillion a year by 2030, and promoting the UK as the number one investment destination in Europe.

The Secretary of State also showed her support for the UK’s steel industry by visiting British Steel in Scunthorpe and Port Talbot’s steelworks, as steelmakers across the country make changes to cut their carbon emissions.

In the investment space, DBT support helped Airbus and Rolls-Royce to secure one of the largest deals in aviation history with Air India, worth billions of pounds to the UK and creating 450 new manufacturing jobs in Wales.

And in support of UK exporters, Trade Minister Nigel Huddleston signed a state-level trade Memorandum of Understanding with Oklahoma which seeks to boost the £174 million worth of Oklahoma goods imports from UK in 2022 and generate more jobs for exporters, following similar agreements with North Carolina and Indiana.

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

The UK and Switzerland issue a joint statement to kickstart negotiations on a modern free trade agreement.

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

UK Business and Trade Secretary, Kemi Badenoch, launches negotiations for a modern, updated free trade agreement with Switzerland.

• UK kickstarts negotiations on a modern free trade agreement with Switzerland
• Switzerland is the UK’s 10th largest trade partner, with trade worth almost £53 billion
• New deal will reinforce UK’s reputation as a services superpower, after a record high for services exports in 2022

Trade Secretary Kemi Badenoch today [15 May] flies to Switzerland to launch negotiations on a new UK-Switzerland free trade agreement (FTA) to boost trade between the two services superpowers.

Switzerland is one of the wealthiest countries in the world and the UK’s 10th largest trading partner. The two countries are among the world’s leading service economies, exporting almost £15 billion worth of services including financial, professional, legal, and architecture every year.

The current UK-Switzerland FTA is based on an EU-Swiss deal from more than 50 years ago – before the advent of the home computer or the internet – and does not cover services, investment, digital or data. With most of the UK’s services exports to Switzerland delivered electronically – almost 69% in 2020 – both sides are keen to rectify this in upcoming talks.

Business and Trade Secretary Kemi Badenoch said:

As two of the world’s leading service economies, there’s a huge prize on offer to both the UK and Switzerland by updating our trading relationship to reflect the strength of our companies working in areas ranging from finance and legal, to accountancy and architecture.

The UK and Switzerland are natural trading partners and today’s launch will play to our strengths as services superpowers, while also boosting investment in emerging technologies, data innovation, and digital trade.

ONS figures published earlier this year showed UK services exports reaching record highs in 2022, totalling £397 billion – an increase of 20% compared to 2021 in current prices.

The Business and Trade Secretary will launch talks on the new, modernised deal with her counterpart Federal Councillor Guy Parmelin in Bern, the country’s capital city.

During her visit, Badenoch will also go to SIX, the operator of the Swiss Exchange, Europe’s 3rd biggest stock exchange and one of the industry’s most respected post-trade service providers.

Whilst at SIX she will visit the innovation accelerator Tenity where she will meet startups already operational in the UK including Enterprise Bot, Xworks, SmartPurse and Jrny.

A refresh of our trading relationship with Switzerland will add to the UK’s growing armoury of powerful service-focused deals by removing remaining market access barriers, improving regulatory cooperation and enabling UK firms to compete on an equal footing in Switzerland, now and in the future.

Switzerland’s demand for imports is expected to grow in real terms by 78% by 2050. The new deal could lower tariffs on UK exports to Switzerland, which could reduce annual duties for UK businesses by around £7.4 million.

It will also benefit the more than 14,000 UK businesses which already export goods to Switzerland, 86% of which are small and medium-sized enterprises (SMEs), by creating simpler trade rules for products of origin, customs procedures and digitisation.

CEO of SIX, Jos Dijsselhof, said:

The new UK-Switzerland free trade agreement’s shared ambition hold also great importance for the financial sector, fostering cooperation, trade, and mobility.

SIX welcomes this move, supporting open and international capital markets, promoting healthy exchange and competition between the two major financial centres in Switzerland and the UK.

Switzerland is a key investment partner to the UK with the total stock of Swiss foreign direct investment in sectors such as textiles, chemicals, manufacturing and financial services worth £74 billion in 2021, while UK investment into Switzerland was worth £52 billion. A new FTA would look to boost this even further, helping facilitate more investment by Swiss companies into communities around the UK and seeking preferential terms for UK investors in Switzerland.

Policy Chairman of the City of London Corporation, Chris Hayward, said:

The UK and Switzerland are the two largest financial centres in Europe which means strengthening our services trade relationship is a top priority for the sector. An enhanced trade agreement would address key cross-cutting issues including mobility, data flows and digital trade to the benefit of both jurisdictions.

Negotiating a new free trade deal with Switzerland along with a ground-breaking mutual recognition agreement in financial services presents a unique opportunity to set a new paradigm for services trade, and would provide a template for the UK’s future trading relationships.

Alexander Dennis Fleet Sales Director, Matthew Lawrence, said:

We’re the world’s leading manufacturer of double-deck buses and bus companies in Switzerland and we supplied Swiss national operator PostAuto with a fleet of low-emissions Alexander Dennis double decker buses.

A free-trade agreement between the UK and Switzerland would benefit us and our Swiss customers in streamlining the supply of spare parts, while also opening up business opportunities for further British-built buses.

Executive Director of International Policy, Association of the British Pharmaceutical Industry, Claire Machin, said:

Negotiation of an Enhanced Trade Agreement between the UK and Switzerland provides a pivotal opportunity for a world-leading agreement between two life science superpowers.

Prioritisation of life sciences in negotiations could help to boost the growth of our two innovation-intensive economies and set world-leading standards to encourage the creation and adoption of the next wave of scientific technologies.

During her visit to Switzerland, Badenoch will also meet with leading female business leaders at Advance, a network of close to 140 Swiss companies committed to increasing the share of women in management in Switzerland.

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

Initial package of regulatory reform will reduce unnecessary regulation for businesses, cutting costs and allowing them to compete.