Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 23 March 2023.

Postmasters who first took High Court legal action against Post Office over the Horizon IT system and exposed the scandal can now apply to a new compensation scheme.

• New scheme will make sure these postmasters receive full and fair compensation.

A new scheme to compensate the postmasters who exposed the Post Office Horizon Scandal from the 1990s is now open.

The postmasters who took the first High Court legal action against the Post Office agreed a settlement worth £43 million plus legal costs in 2019. The case marked a turning point in the Post Office Horizon scandal and led to the Government setting up the Post Office Horizon IT Inquiry we see today.

However, much of the money from the settlement was taken up by the associated costs of funding their landmark case. They were also ineligible for the Historical Shortfall Scheme that was created to compensate others who were affected by Post Office and Horizon.

The scheme opening today recognises the unique position of these postmasters and will make sure they will have access to compensation on the same basis as other postmasters who were so badly wronged by the actions of Post Office and the Horizon system.

Post Office Minister Kevin Hollinrake said:

The trailblazing postmasters who exposed the Horizon scandal were instrumental in securing justice for all of those affected.

We will keep fighting for the postmasters and their families, and it is right that they will now receive full and fair compensation for the pain and suffering caused by this scandal.

Starting in the late 1990s, the Post Office began installing Horizon accounting software, but faults in the software led to shortfalls in branches’ accounts. The Post Office demanded sub-postmasters cover the shortfalls, and in many cases wrongfully prosecuted them between 1999 and 2015 for false accounting or theft.

In December 2022, government announced an Independent Advisory Board to guide ministers on the scheme chaired by Professor Chris Hodges. Members of the advisory board include Lord Arbuthnot, Kevan Jones MP and Professor Richard Moorhead.

Professor Chris Hodges, Chair of Independent Advisory Board, said:

The advisory board welcomes the creation of this GLO compensation scheme. Whilst compensation cannot truly deal with the injustices faced by the victims of the post office scandal, we do believe it can help. Critical to that is a process independent of the post office, fair in its handling of the issues and evidence, and as speedy as possible.

Today’s announcement comes following significant progress on compensation for other postmasters affected by the Horizon scandal.

On the Overturned Historical Convictions Compensation, as of Tuesday 7 March, Post Office has paid out over £17.5 million in compensation to those with overturned historical convictions. 79 of the 84 postmasters and former postmasters with overturned historical convictions had received interim payments, totalling over £10.2 million.

On the Historical Shortfall Scheme, as of Friday 3 March, 96% of eligible claimants to the Historical Shortfall Scheme have now received offers of compensation, totalling £82.9 million. Post Office are working to issue offers to remaining claimants as soon as possible.

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

The UK and Canada have agreed a landmark agreement to co-operate on critical minerals such as cobalt and lithium that are essential to the economy.

• UK and Canada to sign agreement to bolster vital technologies such as smart phones, solar panels and electric vehicles.
• Agree to work together on critical minerals research and make supply chains more resilient as demand for some minerals expected to rise 500% by 2040.
• Agreement signed on Minister Nus Ghani’s five-day visit to Canada to meet counterparts and attend the International Mines Ministers Summit and the closing of the Toronto Stock Exchange.

The UK and Canada have agreed a landmark agreement to co-operate on critical minerals such as cobalt and lithium that are essential to the economy and used in almost all modern and green technologies, from solar panels to electric vehicles.

The partnership, to be launched today [Monday 6 March] by Business and Trade Minister Nusrat Ghani MP and Canadian Minister of Natural Resources Jonathan Wilkinson, will help make UK manufacturers of cutting-edge technologies more resilient to global shocks by promoting research and development between UK and Canadian businesses, driving innovation and growth.

The announcement comes on a five-day visit to Canada, during which time Minister Ghani will also meet Canadian government counterparts to discuss critical minerals and attend the International Mines Ministers Summit and the closing of the Toronto Stock Exchange.

Minister for Business and Trade, Nusrat Ghani MP, said:

Every single one of us depend on critical minerals to make the technology we use in our everyday lives. With a dash for minerals to meet national business needs, it is essential we work to build more resilient supply chains for critical minerals.

Through this Dialogue, we will work with one of our closest global allies in Canada to build and strengthen our supply chains and boost innovation, securing jobs and growing the UK economy in the process.

Canadian Minister of Natural Resources, The Honourable Jonathan Wilkinson, said:

Canada and the United Kingdom share similar goals and values.

By collaborating on the development of the critical mineral supply chains that we need to achieve our net-zero future, we can reinforce global energy security, advance the fight against climate change and ensure significant economic opportunity and support good jobs on both sides of the Atlantic.

Today’s announcement is a step forward toward a sustainable and secure clean energy ecosystem.

Canada is the UK’s 13th largest export partner, with UK companies last year exporting £14.1 billion worth of products to Canada.  Canada represents a large opportunity for UK mining and engineering firms, with the country currently producing 60 minerals and metals at 200 mines and 6,500 quarries.

The Critical Minerals Statement of Intent and Dialogue will be launched by Minister Ghani at the 2023 Prospectors and Developers Association of Canada Convention. They also commit Canada and the UK to high environmental, social and governance standards in critical minerals supply chains.

Demand for certain critical minerals is expected to rise by as much as 500% by 2040, and the Statement and Dialogue are a part of the UK’s Critical Minerals Strategy to secure supply chains for these minerals and therefore the UK’s position in the growing markets for green technologies, such as hydrogen production and nuclear energy. A refreshed approach for delivering the Strategy is due to be published later this year.

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

Round seven of negotiations for a free trade agreement between the United Kingdom and the Republic of India.

The press release issued by the Department for Business and Trade on 1 March 2023.

The press release issued by the Department for Business and Trade on 27 February 2023.

Department for Business and Trade kicks off North America Roadshow, visiting 12 cities across the UK to promote business opportunities in the US and Canada.

A trade-boosting roadshow will visit 12 UK cities in 12 days to help British businesses up and down the country increase their exports to North America.

Organised by the Department for Business and Trade, the events will include a series of presentations and interactive sessions run by trade experts and sector specialists, including His Majesty’s Trade Commissioner Emma Wade-Smith who is usually based in New York.

They will run from Monday 27 February to Friday 10 March and will visit twelve cities across the country, including Manchester, Edinburgh and Cardiff, to highlight the support available for UK businesses looking to sell to consumers across the pond.

His Majesty’s Trade Commissioner for North America, Emma Wade-Smith, said:

The USA and Canada are large and expansive markets offering a wide variety of opportunities for businesses aspiring to export their products and services outside of the UK.

My team and I look forward to meeting the talented UK companies who are ready to begin their export journey and to giving them the tools, insights and practical guidance they need to take those next steps.

Andy Burwell, International Director at the Confederation of British Industry, said:

It is clear the world has fully opened up again and savvy businesses are seeking new revenue streams and relationships to make themselves more resilient.

This North American roadshow is a fantastic opportunity for UK firms to explore what is happening in the US and Canada.

Demand for UK products and services is high, and businesses should use the roadshow connections to stimulate their growth.

Duncan Edwards, CEO of BritishAmerican Business, the largest transatlantic trade association said:

BritishAmerican Business is delighted to support the UK government’s North America roadshow. It reflects the continued importance of the US as a destination for British companies and products.

The US is the UK’s largest export market and offers a wealth of opportunity to UK companies of all sizes, across all sectors.

With the USA, you get 50 countries in one but it’s also important to recognise that each state requires careful research and consideration. Doing business in New York is very different to doing business in say Ohio, Texas or California.

That is why this roadshow is a great first step for any business embarking on transatlantic growth.

Each stop will be tailored to the business landscape in that city and include deep dive sessions on key growth opportunities in a range of sectors including finance and technology, creative industries, transport, space, and more.

The Roadshow forms part of the department’s strategy to reach a trillion pounds of exports a year by 2030, with exporters proven to create jobs, increase wages and boost productivity – all key in helping to grow the economy.

Already, British businesses operating in the US support over 1.2 million jobs, and US companies employ 1.5 million people in the UK.

Alongside top tips for exporting, attendees will gain insights into the UK’s North America trade strategy and our work to lift market access barriers for UK businesses.

With a combined population of around 380 million people, the US and Canada both rank as two of the world’s ten largest economies, presenting a wide range of export opportunities for high-quality British goods and services.

The UK is currently negotiating a free trade agreement with Canada, and is taking a twin-track approach to trade engagement in the US – our largest trade partner – strengthening ties at both federal and state level.

We have already signed Memoranda of Understanding (MoUs) with Indiana, North Carolina, and South Carolina, and are actively engaging with further states, including California, Oklahoma, Utah, and Texas.  These MoUs can help the UK to unlock barriers, seize investment opportunities, promote UK business – and, through the roadshow, we look forward to showing companies across the UK how they can benefit.

The press release issued by the Department for Business and Trade on 27 February 2023.

A number of top UK brands have embarked on a first-of-its-kind fashion and beauty trade mission to India this week.

The press release issued by the Department of Business and Trade on 27 February 2023.

Tonnes of rare earth elements – essential for technology such as electric vehicles and wind turbines – could be recycled in future thanks to £15 million of government funding for cutting edge research.

• £15 million boost for critical minerals used in clean energy technology
• new research and development programme to focus on a specific group of critical minerals: rare earth elements
• rare earths – like those used in electric motors – are essential to economic and national security and capitalising on growing industries

Tonnes of rare earth elements – essential for technology such as electric vehicles, wind turbines and smart phones – could be recycled in future thanks to £15 million of government funding for cutting edge research to strengthen supply of critical materials.

Rare earth elements are a family of critical minerals used in products ranging from electric vehicle motors to washing machines. They are vital to the economy, as they are used to create vital components in products ranging from laptops to aircraft. But supply chains are complex and markets are volatile, with most critical minerals sourced from just a handful of countries. This leaves UK jobs and industries vulnerable to market shocks and geopolitical events, which is why the government is working to help UK firms establish resilient and sustainable access to critical minerals.

The £15 million funding will launch the CLIMATES programme, delivered by Innovate UK, to develop work on rare earths by researchers and businesses across the country. This will support innovations in the recycling of rare earth elements, as well as research and development, engagement with international partners and activities to identify and support future skills needs. The programme will also look to unlock further private investment in projects to develop resilient supply chains for these important resources.

Nusrat Ghani, Minister of State at the Department for Business and Trade, said:

Rare earth elements underpin so much of what makes everyday life and work possible, from the cars we drive to the phones we use. It is essential that, in a rapidly changing world, we do all we can to ensure resilient supplies of these and other critical minerals.

The impact of Russia’s illegal war in Ukraine on energy prices has been a timely reminder of how important supply chains are for all parts of our economy. That’s why we are laser-focused on securing robust supply chains, for the growing, green industries that will deliver jobs and prosperity across the UK in the decades to come.

Mike Biddle, Executive Director for Net Zero at Innovate UK said:

Now is the time to build UK capability and a sustainable supply of rare earth elements, working with international partners. The rising costs of energy has demonstrated the importance of resilient global supply chains. Our CLIMATES programme will work with businesses, investors, and industry bodies to deliver a series of activities, from funding competitions to networking events and workshops, all designed to drive growth in the sector and build resilient supply chains to help us strengthen our economy and meet our environmental targets.

Will Drury, Challenge Director, Driving the Electric Revolution, Innovate UK said:

For the UK to deliver on its net zero ambitions we must have access to critical minerals and materials. This intervention by Innovate UK in support of the UK government’s strategy provides a thrilling proposition for UK businesses and innovators to build on our research excellence. Our aim is to create an exciting investment proposition that enables growth in this vital area.

It is because of these global challenges that the government will refresh the delivery approach of the UK’s Critical Minerals Strategy, which will be published later in 2023. To deliver on the Strategy’s commitment to collaborate internationally, we have continued to engage bilaterally and across a range of multilateral forums, notably the Minerals Security Partnership (MSP), the International Energy Agency (IEA), the International Renewable Energy Agency (IRENA), the G7 and the G20.

Production of critical minerals of all kinds is expected to rise sharply – some as much as 500% by 2040. The government is working to ensure the UK secures a strong foothold in this growing market by supporting key investment in related industries.

In July 2022 Pensana launched the UK’s first-ever magnet materials refinery in East Yorkshire, a £145 million facility that will secure hundreds of jobs and form an important part of the UK’s electric vehicle supply chain. In November 2022 Green Lithium announced they would build the first large-scale lithium refinery anywhere outside of Asia, in Teeside. Both investments are supported by the government’s Automotive Transformation Fund.

The government is also harnessing the UK’s unparalleled expertise around critical minerals data, through work with the British Geological Survey. They are delivering the work of the Critical Minerals Intelligence Centre (CMIC), set up to improve the resilience of critical mineral supply chains by providing policymakers with up-to-date data and analysis on supply, demand, and market dynamics.

The press release issued by the Department of Business and Trade on 27 February 2023.

John Clarke has been announced as the new chair of Companies House, replacing Lesley Cowley.