Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 24 July 2025.

Ministers have today confirmed the appointment of Andy King as the new Chief Executive of Companies House, the UK’s registrar of companies.

Andy brings extensive experience in leadership roles in customer, business operations, regulatory and enforcement settings, including during his time at the Department for Environment, Food and Rural Affairs and the Ministry of Defence. He will lead the organisation as it continues to modernise company registration and strengthen the UK’s business environment.

Companies House plays a vital role in maintaining the integrity of the UK’s corporate landscape, processing over 14 million company filings each year and providing essential information to businesses, lenders, and the public.

The appointment comes as the organisation prepares for new reforms designed to improve efficiency, enhance corporate transparency, and tackle economic crime.

Competition and Markets Minister Justin Madders said:

I’d like to thank Louise Smyth for her significant contribution for the past eight years as CEO and especially for her leading role in the transformation of the organisation.

Andy King brings excellent expertise to Companies House and I look forward to working together to improve corporate transparency and tackle economic crime.

This appointment will help strengthen Britain’s business environment and support our Plan for Change to kickstart economic growth.

New Companies House CEO Andy King said:

I’m delighted to be joining Companies House and feel honoured to be able to lead such a motivated and dedicated team.

I am excited by our mission to deliver essential services to business, and the opportunity to be ambitious in our vision for those services, our workforce and our organisation, as we continue to advance our change programme.

King will take up the role in September and will be responsible for leading Companies House’s 1900-strong workforce across offices in Cardiff, Edinburgh, and Belfast.

The appointment was made following an open competition overseen by the Civil Service Commission, ensuring the process met the highest standards of fairness and transparency.

The press release issued by the Department for Business and Trade on 21 July 2025.

South Korea’s oldest banking firm, Shinhan Bank, will facilitate £2 billion of investment into the UK’s financial services sector by 2030.

• Minister for Investment Poppy Gustafsson opens the expanded UK office of Shinhan Bank, the Republic of Korea’s oldest banking firm.
• Expansion comes as Shinhan aims to facilitate £2 billion of investment into the UK’s financial services sector by 2030, supporting the government’s Modern Industrial Strategy.
• Announcement builds on the £460 million Shinhan has already invested in the UK, in a major vote of confidence in the economy and delivering growth as part of the Plan for Change.

New collaboration between the UK government and a top Korean banking company will unlock £2 billion of investment into Britain, boosting economic growth and driving forward the government’s Plan for Change.

Shinhan, the Republic of Korea’s second largest bank, aims to finance the investment over the next 5 years into energy, digital assets, infrastructure projects as well as businesses based in the UK’s thriving financial services sector.

The bank’s expansion and investment plans follows £460 million the business has already invested in the UK since 2023. This latest vote of confidence reaffirms the UK’s position as a global investment destination.

The plans back the government’s aim to significantly increase long-term business investment following the publication of the Modern Industrial Strategy, which marks a new era of collaboration between government and high growth industries, slashing energy bills for industry, increasing skills, and boosting investment to unlock the UK’s economic potential.

Today [Monday 21 July], Minister for Investment Baroness Poppy Gustafsson opened the expanded office for Shinhan Bank in London and met with President and CEO of Shinhan Bank, Jung Sang Hyuk.

Minister for Investment Baroness Poppy Gustafsson CBE said: 

The UK is a top investment destination, and Shinhan’s latest investment will help us make the UK the number one destination for financial services by 2035, delivering on our Plan for Change.

Financial Services are a UK success story, and one of the eight growth sectors we identified with the biggest potential for growth in our modern Industrial Strategy, as we look to boost the economy and put more money in people’s pockets.

Shinhan Bank President & CEO Jung Sang Hyuk said:

The expansion of London office is a strategic decision aimed at proactively responding to the rapidly changing financial environment and delivering greater value and higher-level services to our customers. The (Shinhan) Head Office will remain fully committed to providing strong support, enabling London office to take on an even more central role within London’s financial market and to grow together as a trusted financial partner.

Securing foreign direct investment is key to delivering economic growth, and companies like Shinhan investing billions in the UK economy shows the government’s Plan for Change is working – creating jobs and putting more money in working people’s pockets.

The news also builds on the positive findings from Deloitte’s latest survey which found that finance leaders see the UK as the joint-most attractive destination when it comes to investment.

Economic growth is the Government’s central mission and unlocking new investment opportunities with South Korea is vital to achieving this, as the UK looks to build on the £21 billion record-level of investment the country has attracted from Korean businesses.

This major investment comes just days after the Chancellor Rachel Reeves announced the Financial Services Growth and Competitiveness Strategy, which aims to position the UK as the number one destination for financial services companies by 2035.

Today’s announcement also follows the Minister for Investment Poppy Gustafsson’s visit to South Korea earlier this month, where she met a range of investors and businesses including SeAH, Hana Bank and Korea Investment Corporation (KIC) to encourage further investment into the country.

The press release issued by the Department for Business and Trade on 21 July 2025.

New laws to make online marketplaces safer and protect the public from dangerous products.

• As part of the Plan for Change the Government is taking action to protect customers ensuring online marketplaces are held to same high standards as bricks and mortar stores
• Landmark Product Regulation and Metrology Act boosts powers to tackle unsafe products sold online
• Measures aimed to hold online marketplaces to account and help with growing safety concerns over fires caused by lithium-ion batteries, and e-bikes

Tougher powers to make online marketplaces safer and protect the public from dangerous products as part of the Government’s Plan for Change, have moved a step closer following Royal Assent of the Product Regulation and Metrology Act.

The new legislation will provide powers to target new and emerging dangers and hold online marketplaces to account for dangerous products sold through their platforms, creating a level playing field with bricks and mortar stores.

The rising popularity of e-bikes and e-scooters has brought with it an increase in safety incidents – the Office for Product Safety and Standards in 2024 received reports on 211 fires involving e-bikes or e-scooters – equivalent to a fire every 1.7 days.

Most of these reports (175) were from London Fire Brigade, and many were caused by unsafe lithium-ion batteries purchased through online marketplaces.

To help address the sale of unsafe products like these by online marketplaces, the Government intends to introduce requirements for online marketplaces at the earliest opportunity to update their responsibilities.

These will create a proportionate regulatory framework where online marketplaces are expected to:

• prevent unsafe products from being made available to consumers
• ensure that sellers operating on their platform comply with product safety obligations
• provide relevant information to consumers;
• and cooperate closely with regulators.

Product Safety Minister Justin Madders said:

By giving regulators the teeth to clamp down on unsafe products, we’re ensuring people can shop with confidence whether online or on the high street.

This will establish a level playing field and mean online marketplaces are held to the same high standards as bricks and mortar shops, ensuring we back businesses and protect consumers as part of our Plan for Change.

The new measures will ensure clarity for the approximately 300,000 UK businesses operating in regulated product markets with a combined estimated turnover of £490 billion.

The Office for Product Safety and Standards will continue its targeted programme to tackle dangerous products, including the threats from button batteries and small magnets, and building on successful initiatives like the “Buy Safe, Be Safe” campaign launched last October and recent guidelines on lithium-ion battery safety introduced in December.

This balanced approach protects consumers while supporting economic growth across all nations of the UK.

Rocio Concha, Which? Director of Policy and Advocacy, said:

Which? has campaigned for years to hold online marketplaces to the same standards as high street retailers. For too long, consumers have been exposed to dangerous – and in some cases lethal – products.

The Product Regulation and Metrology Act has the potential to be a game changer for consumer safety. It paves the way for new laws to clarify and strengthen responsibilities for online marketplaces, which is crucial in the fight against the sale of dangerous products online.

Following the bill’s Royal Assent, the government must act fast to tighten definitions of online marketplaces, introduce a clear duty so that online marketplaces are accountable for product safety, and empower regulators to issue heavy fines for those that fall short of the required standards.

London Fire Brigade Deputy Commissioner Charlie Pugsley said:

We are pleased that the Product Regulation and Metrology Bill (PRAM) has been granted Royal Assent.

London Fire Brigade sees one e-bike or e-scooter fire every two days and we have long called for regulation to improve product safety and safeguards on online marketplaces to protect people from buying dangerous products that pose a fire risk.

We welcome this new piece of legislation, which will better regulate unsafe products being sold and help to protect the public from unsafe products and particularly poor quality or non-compliant lithium battery products, which can present unique fire safety challenges.

John Herriman, Chief Executive at the Chartered Trading Standards Institute, said:

Alongside the coalition, which included the British Toy and Hobby Association and Electrical Safety First, we welcome the Product Regulation and Metrology Bill gaining Royal Assent as a positive step forward in ensuring the UK maintains strong, modern protections for consumers.

This legislation supports the vital work Trading Standards does in keeping unsafe and non-compliant products off the market, creating a fairer and safer trading environment for businesses and consumers alike. We look forward to working closely with government and stakeholders to ensure that the laws that follow, after further consultation, are implemented effectively and contributes to a robust, future-facing regulatory system that will support economic growth in the UK.

The press release issued by the Department for Business and Trade on 18 July 2025.

UK economy and workers have benefited from the export credit agency’s highest level of business ever.

• UK Export Finance provided a record £14.5 billion in new financing last year, helping over 667 UK companies to export and grow
• Up to 70,000 jobs and £5.4 billion to national GDP supported by UKEF financing, delivering on the government’s Plan for Change
• Detailed in UKEF’s annual report for 2024-25, support for UK businesses helps turbocharge the economy and deliver growth opportunities across the country

UK Export Finance (UKEF) provided £14.5 billion in loans, guarantees and insurance over the last year and supported tens of thousands of jobs in key industrial sectors around the country, according to its latest accounts published today.

UKEF is the UK’s export credit agency and a government department, working alongside the Department for Business and Trade. Established in 1919, it exists to ensure that no viable UK export fails for lack of finance or insurance from the private market, while operating at no net cost to the taxpayer.

UKEF provided the highest level of support in its 106-year history in 2024-25 to help 667 UK firms break into international markets and grow as exporters.

Businesses benefitting include Yorkshire-based Angloco and Ayrshire-headquartered Emergency One which won contracts to supply 62 fire engines to Iraq after UKEF provided a loan to its Ministry of Finance, and Northern Ireland pressure washer manufacturer Maxflow is entering new markets overseas after it gained access to capital with help of a guarantee provided through UKEF’s General Export Facility.

UKEF’s efforts to champion UK exporters supported up to 70,000 jobs including in key industrial sectors like clean energy industries, advanced manufacturing, life sciences and automotive which are central to the government’s Modern Industrial Strategy.

Overall, UKEF’s financing in the year backed the contribution of up to £5.4 billion (GDP) to the economy – helping to drive productivity and raise living standards as part of the government’s Plan for Change.

Sustainability and helping sectors transition to the low-carbon economy are key priorities for UKEF as part of its 2024-2029 Business Plan, strengthening the government’s efforts to make the UK a clean energy superpower.

The department provided £2.3 billion of strategic clean growth financing supporting ventures like the expansion of AESC’s new gigafactory in Teesside – announced by Chancellor Rachel Reeves – producing batteries that will power up to 100,000 electric vehicles a year, and to recycled paper manufacturer Shotton Mill in North Wales that is to become the largest of its kind in the UK and reducing net carbon emissions.

Chancellor of the Exchequer, Rachel Reeves, said:

Our number one mission is delivering growth to put more money in people’s pockets.

That’s why we increased UKEF’s lending capacity by billions and have given more flexibility to invest in priority sectors like defence, building on its record levels of support for businesses to export and grow, and the tens of thousands of jobs it has secured.

Smaller firms remain central to UKEF’s mission to boost exports. The department supported 496 small and medium-sized enterprises (SMEs) in 2024/25, of which 83% are based outside of London.

Business and Trade Secretary, Jonathan Reynolds, said:

Our Plan for Change is backing British business to take advantage of export opportunities abroad to create jobs and growth at home.

Through record support, UKEF is playing a key role in achieving this, providing financial backing to exporters across the UK looking to grow and compete overseas.

UK Export Finance CEO, Tim Reid, added:

I’m proud of our record-breaking year in which we’ve achieved real impact by forging new strategic global partnerships, boosting hundreds of exporters and supporting tens of thousands of jobs.

With customers at the heart of everything we do, we’re committed through our ambitious business plan to helping more British exporters firms succeed globally.

We’ve strengthened our products and supported more small businesses too – spreading the benefits of trade across the entire UK.

As we continue in our mission, we’re eager to play a key role in supporting the Industrial and Trade Strategies to drive sustainable economic growth.

Marco Forgione, Director General at Chartered Institute of Export & International Trade, said:

The record year for UK Export Finance is hugely welcome, and has helped small businesses up and down the country take that first step on their export journey.

Finance is often the missing piece in the jigsaw when looking to new markets. Access to the right tools at the right time can turn local ambition into international growth.

We now need to keep the momentum going, and help even more small businesses feel confident about exporting their fantastic goods and services around the world.

Marcus Dolman, Vice President of The British Exporters Association (BExA), said

BExA congratulates UKEF on their strong, record-breaking results. They show continued growth in both value and reach to the UK’s exporting community, particularly in the increased number of SMEs supported. The record level of support shows the value UKEF adds to the UK economy through its proactive approach in bringing new and genuinely useful products to market such as the Export Development Guarantee (EDG) and the General Export Facility (GEF).

HMG’s increase in UKEF’s overall capacity is also a welcome development and demonstrates the importance of UKEF in supporting UK economic growth through increased exports. We need to get more UK businesses exporting and access to finance is often a critical enabler.

We look forward to continuing to support UKEF in defining and refining its product range to ensure UK export success and that no viable export fails through lack of finance.

The press release issued by the Department for Business and Trade on 18 July 2025.

The Government has announced a huge boost to UK industry as it powers ahead with its plan to cut electricity costs.

• Plans to slash electricity network costs for energy-intensive businesses by 90% are set in motion as Government launches new consultation.
• Around 500 of UK’s most energy-intensive firms set to save up to £420m a year when current 60% discount on network charging costs increases to 90% from 2026.
• Shows UK getting on with delivering announcements in Modern Industrial Strategy that will level the playing field for British businesses, backed by Plan for Change

Around 500 of the UK’s most energy-intensive businesses such as British Steel and INEOS are set for a huge boost as the Government powers ahead with a 90% discount for businesses’ network charging costs.

Delivering on its promise in the UK’s modern Industrial Strategy launched last month to slash energy costs for heavy industry, the Government today (18 July) launches a four-week consultation on its plans to increase the discount on businesses’ electricity network charges from 60% to 90%.

The landmark new support is expected to save around 500 of Britain’s most energy-intensive firms in key sectors like steel, ceramics, glass and chemicals up to £420m per year from 2026 when in force and bring the UK’s industrial energy prices in line with European competitors, helping secure jobs and attract new investment as part of the Plan for Change.

Business Secretary Jonathan Reynolds said:

This government is on the side of British industry. When we make promises we deliver on them. That’s why we’re wasting no time in powering ahead with our plans to tackle energy costs for great British businesses and level the playing field.

The cornerstone of our modern Industrial Strategy, this landmark new support will meet a longstanding need from industry which other governments shirked – paving the way for new investment and job creation at the heart of our Plan for Change.

The launch of the consultation on the Network Charging Compensation (NCC) scheme, part of the Government’s British Industry Supercharger package of measures to tackle industrial electricity costs, will seek industry’s views on the 30% uplift and double the window which businesses have to apply for support through the scheme from one month to two.

Network charges are the costs paid by electricity network users for access to the service and are already discounted by 60% for some of the UK’s biggest industrial businesses through the NCC scheme since April 2024, saving businesses millions of pounds every month.

The proposals in the consultation launched today would see their costs fall by around a further £7 per megawatt hour (/MWh) bringing electricity prices more into line with European countries such as France and Germany.

The news follows Deloitte’s latest survey of finance officers which has found the UK is the joint top location for investment in the world, and new data from Make UK and BDO which finds that manufacturing in the UK has recovered to 2019, pre-pandemic, levels in every region, with 12,000 new jobs created in the year to March 2024.

The uplift follows other new landmark support for British industry announced in last month’s modern Industrial Strategy, with the new British Industrial Competitiveness Scheme expected to slash energy costs by up to 25 percent for over 7,000 businesses.

This scheme, which government will consult on shortly and is due to come into force in 2027, will cut costs for thousands of electricity-intensive businesses in key manufacturing sectors like aerospace, automotive and chemicals, supporting hundreds of thousands of skilled jobs by exempting firms from paying levies like the Renewables Obligation, Feed-in Tariffs and the Capacity Market.

A new Connections Accelerator Service will also come into force by the end of 2025, streamlining access to the UK electricity grid for major investment projects to speed up delivery and bring new high-quality jobs and economic growth.

New powers in the Planning and Infrastructure Bill, currently before Parliament, could also allow the Government to reserve grid capacity for strategically important projects, cutting waiting times and unlocking growth in key sectors.

Energy Minister Michael Shanks said:

We are protecting energy-intensive businesses from volatile global fossil fuel markets, slashing their electricity costs and driving growth through our Plan for Change.

These changes support our mission to bring bills down for good with homegrown clean power that we control, ensuring that industry reaps the rewards of lower energy costs.

Gareth Stace, Director General of UK Steel, and Chair of Energy Intensive Users Group, said:

Increasing network charge compensation under the Government’s Supercharger scheme is a very welcome and much-needed step towards achieving competitive electricity prices for the UK’s steel sector and other foundation industries.

These reforms reflect solutions that UK Steel has long advocated to address the persistent challenge of uncompetitive industrial electricity costs. While more still needs to be done, this is meaningful progress.

Truly competitive energy prices are essential to unlocking investment, creating jobs, accelerating decarbonisation, and securing the long-term future of steelmaking in the UK.

Investment Minister Baroness Gustafsson visited Special Melted Products – an historic British advanced manufacturing firm which currently benefits from the 60% network charging discount – in Sheffield yesterday to welcome the news, as well as a major investment in the company from Taiwanese firm Walsin Lihwa, set to create over 200 skilled jobs by 2028.

Notes to editors:

• The total estimated value of the network charging compensation component of the Supercharger (at 90%) is £310-420m this year (in 2025 prices).
• The NCC uplift will provide an estimated additional £7-10/MWh discount to eligible businesses.

The press release issued by the Department for Business and Trade on 17 July 2025.

Hundreds of high skilled jobs are to be created in Sheffield after Walsin Lihwa (WL) announced a major investment that boosts the UK’s steel industry and advanced manufacturing sector.

• Vote of confidence in UK steel and manufacturing as Taiwanese investor Walsin Lihwa brings new capabilities to the UK and expands its aerospace and energy materials portfolio.
• Hundreds of well-paid and skilled jobs to be created, delivering on the Government’s Plan for Change for economic growth and higher living standards.
• Investment Minister, Baroness Gustafsson, visited Sheffield site today to celebrate investment.

Hundreds of high skilled jobs are to be created in Sheffield after Taiwanese advanced manufacturing company Walsin Lihwa (WL) announced a major investment that boosts the UK’s steel industry and advanced manufacturing sector.

The positive news will create over 200 jobs by 2028 in a first phase, and marks the first step towards the company’s plans for a major presence in the UK, with further job creation and investment expected from WL in South Yorkshire and the UK in the coming years.

The investment from WL will establish a new superalloy forging facility and plans for a research and development centre and come through an upgrade of its existing Special Melted Products (SMP) factory in Sheffield, which will be focused on producing speciality steel and nickel parts for aerospace jet engines and energy industry products.

Delivering on the government’s economic growth mission at the heart of the Plan for Change, the investment will create good, well-paid jobs for local workers, with average salaries expected to be over £40,000 a year.

The news follows Deloitte’s latest survey of finance officers which has found the UK is the joint top location for investment in the world and data out this week from Make UK and BDO which finds that manufacturing in the UK has recovered to 2019, pre-pandemic, levels in every region.

The investment is a major boost to the government’s modern Industrial Strategy which launched last month and had identified opportunities in growth-driving sectors like this as priorities for government support. A vote of confidence in South Yorkshire’s world-class strengths in advanced manufacturing, clean energy and defence, it will back the growth corridor across the northern city regions.

Notably the investment will introduce new melting and superalloy forging capabilities – a new strategic manufacturing capability to the UK – which will reduce domestic producers’, such as Rolls Royce, reliance on imports.

These capabilities will aid the UK’s aspirations in aerospace, steel, nuclear and defence as set out in the modern Industrial Strategy, contribute resilience towards supply shocks and will help grow Sheffield’s manufacturing sector, which was valued at £1.4bn in 2023.

Minister for Investment Baroness Gustafsson CBE said:

Our modern Industrial Strategy is all about having more high paid jobs in the industries of the future, in communities right around the UK. This investment is a major vote of confidence in Sheffield’s world-class manufacturing sector and couldn’t match our ambitions better.

Our Steel Strategy later this year will set out further support we will take to boost the steel sector and encourage investments like this, and we look forward to hearing from Walsin Lihwa about their ambitious UK growth plans, delivering on our Plan for Change.

Once the forging facility is established, WL have also set out plans to set up a research and development centre in the UK in a next phase later in the decade, focused on strengthening the company’s capabilities in materials and digital technology innovation and contributing to a growing aerospace and defence cluster in South Yorkshire.

The centre will generate hundreds of new well-paid jobs and apprenticeships, with a range of future-proof skills and expertise in manufacturing operations, welding, melting, metallurgy, engineering, machining, material science, data analytics, and other high value career opportunities.

The Investment Minister, Baroness Gustafsson, attended the site today with WL’s Chairman, Yu-Lon Chiao, to celebrate the investment and to hear more about the company’s plans for UK growth.

Walsin Lihwa Chairman, Yu-Lon Chiao, said:

The United Kingdom possesses a vast market in aerospace, energy, and nuclear power sectors that is unparalleled by Taiwan. This investment marks a significant milestone in SMP’s development and underscores Walsin Lihwa’s firm determination for global expansion strategy.

Looking ahead, we plan to establish an R&D centre in the UK to further strengthen our capabilities in materials and digital technology innovation, while deepening our collaborative ties with the European market to jointly promote industrial upgrading and sustainable development.

Gareth Stace, Director-General, UK Steel, said:

The substantial investment that Special Melted Products is making in expanding its capability and capacity is tremendous news for local people, and UK plc.  This is sign of trust in British steelmaking and manufacturing, pushing forward valuable investment plans and establishing skilled careers.  Special Melted Products plans mean we are onshoring supply chains for industry giants like Rolls Royce, meaning investment goes directly back into UK jobs and the economy.

South Yorkshire’s Mayor, Oliver Coppard said:

Walsin Lihwa choosing to invest in SMP and build their new research and development centre in South Yorkshire is a huge vote of confidence in our region’s talent, innovation and expertise, and the advanced manufacturing ecosystem we’re creating here.

I promised to build a bigger and better economy in South Yorkshire, creating good jobs in the industries of the future. So I’m proud my office has been able to provide support that has helped to unlock this major investment, offering new jobs and opportunities, and bolstering our world leading steel industry.

We have always been known for our strengths in cutting-edge manufacturing technologies and industrial excellence. Walsin Lihwa’s investment builds on our legacy, reaffirming South Yorkshire’s place at the heart of UK high-value manufacturing and innovation.

Cllr Tom Hunt, Leader of Sheffield City Council, said:

This significant investment in Sheffield’s advanced manufacturing sector is a major milestone for our city and strengthens our global reputation for innovation and excellence.

The investment is a strong sign of recognition in our city’s capabilities, talent, and ambition. It will create new high-quality local jobs and training opportunities as next generation technologies are developed in Sheffield. We look forward to continuing to work closely with Walsin and Special Melted Products long into the future.

The press release issued by the Department for Business and Trade on 15 July 2025.

New changes to how the UK Internal Market Act works to benefit businesses across the four nations.

• New reforms will ensure businesses can trade smoothly across the UK’s four nations, helping them operate more efficiently and with greater certainty.
• Changes respond directly to business feedback and are a key part of the government’s Plan for Change to unlock investment and jobs, raise living standards and drive long-term growth.
• Devolved governments will have greater flexibility to set rules that reflect local priorities, while protecting the UK’s internal market, worth £129bn a year, and supporting a more collaborative approach.

Businesses trading across the UK’s four nations will benefit from clearer and more certain rules, following government changes to how the UK Internal Market Act works today [15 July].

Following extensive feedback from businesses – including calls for greater clarity, consistency, and collaboration – the UK Government has completed a review of the Act ahead of schedule, ensuring seamless trading between the nations.

The updated approach puts business needs at the forefront, while also enabling devolved governments to shape laws which align with their own priorities. A transparent and well-managed internal market will help to minimise the risk of unnecessary trade barriers, providing certainty for businesses to invest, boosting growth and raising living standards as the government delivers on its Plan for Change.

In response to businesses’ asks, the rules will now be made in a way that is more transparent, streamlined, and considers a broader evidence base, encouraging open conversations between governments and making it easier for businesses to engage with and understand how decisions are made and applied across the UK.

Protecting the environment and public health will be taken into account alongside economic factors when a government proposes excluding an area from the UK Internal Market Act. In addition, if a proposed change has only a limited economic impact, this can now be agreed through a streamlined process.

This updated approach will better enable all four governments to agree shared rules across a wide range of areas including chemicals and pesticides and provide more flexibility to legislate.

Minister for Trade Policy Douglas Alexander said:

“A thriving internal market is essential to the UK’s economic success, so we’ve listened to what businesses want — and we’re acting ahead of schedule.

“These reforms will keep trade flowing, reduce friction, and unlock growth across all four nations.

“We’ve also worked closely with devolved governments to ensure they can deliver on their priorities.”

Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce, said:

“Trade between the nations of the UK is vital to the health of our overall economy and a key driver of growth. Businesses want to see devolved and UK governments working together to ensure there are no unnecessary barriers to the flows of goods and services between us.

“The UK Internal Market Act is key to this, setting the foundations which underpin over £100bn of trade. This new streamlined approach to rulemaking will give businesses the certainty they need so they can grow, invest, and prosper.”

This is just another example of how we’re making things better for business, alongside cutting regulation and reducing administrative costs to boost businesses and growth across the country for big and small firms.

The UK internal market supported over £129 billion of trade between the four nations in 2019 — equivalent to around 6% of the UK economy. For Scotland, Wales and Northern Ireland, sales to the rest of the UK make up a major share of their external sales — typically around 60%. The reforms published today aim to protect and grow that vital trade, ensuring businesses can operate with confidence and certainty.

This announcement follows a wide-ranging consultation launched in January 2025 and a statutory review announced in December 2024. The consultation received almost a hundred responses, from businesses, academics, environmental groups and the devolved governments. The improvements made to the operation of the Act are a result of those responses.

Together, these steps mark a shift toward a more business-led, cooperative approach to managing the internal market — one that supports economic growth while respecting devolved powers.

Notes to editors:

• The UK government is required by law to review elements of the UK Internal Market Act by December 2025.
• These changes do not affect provisions relating to Northern Ireland, which are tied to the Windsor Framework.
• The UK Government continues to be committed to the Common Frameworks programme and improving transparency and collaboration between the four governments of the UK, which is clearly demonstrated by the outcomes of this review.
• Further details can be found on the consultation outcome page.

The press release issued by the Department for Business and Trade on 14 July 2025.

Government launches the Post Office Green Paper, the first comprehensive review of the Post Office in 15 years.

• First comprehensive review of the Post Office in 15 years, with customers and postmasters shaping its future.
• Post Office Green Paper will seek to transform the organisation’s culture in the wake of the Horizon scandal and changing customer demands.
• Better services at the heart of new £118 million subsidy to fund the Post Office’s Transformation Plan and further network investment, moving the organisation closer to delivering growth in line with the Plan for Change.

Postmasters and the public will have the opportunity to shape the future of the Post Office for the first time in 15 years, as the Government sets out its vision for the next decade for the organisation.

The Post Office Green Paper, published today, will move further and faster to deliver a decade of renewal for customers and postmasters, building on the cultural reset being led by Post Office Chair Nigel Railton that will be so crucial to its success.

Working hand in hand with postmasters and the public the Government will ensure the network is put on a path to a strong and sustainable future with Post Office branches remaining at the heart of communities across the UK.

This includes on the Post Office’s ownership model, with concepts including mutualisation on the table for consideration following the publication of the final Horizon Inquiry report later this year.

The report is expected to provide recommendations on improving the structure of the Post Office so that this miscarriage of justice is never allowed to occur again, protecting postmasters whilst also providing reassurance for customers.

This follows an unprecedented period in which the Post Office has faced a series of major challenges, from the Horizon IT scandal to significant changes in consumer behaviour, such as a rise in online shopping and falling demand for traditional post.

Post Office Minister Gareth Thomas said:

Post Offices continue to be a central part of our high streets and communities across the country. However, after fifteen years without a proper review, and in the aftermath of the Horizon scandal, it’s clear we need a fresh vision for its future.

This Green Paper marks the start of an honest conversation about what people want and need from their Post Office in the years ahead.

I look forward to hearing the views of customers, business owners and postmasters so we can build a Post Office capable of serving the public for generations to come.

The consultation will run for 12 weeks, closing on 6th October 2025. It will examine key areas including:

• How Post Office services should evolve to meet changing consumer needs
• Ways to strengthen the relationship between the Post Office and its postmasters
• Options for modernising the network while ensuring services remain within local reach
• Ensure the Post Office is well-equipped to adapt to consumer trends
• How the Post Office can improve and develop the banking services it provides

Research published alongside the Green Paper today also highlights the important role the Post Office still plays in the daily lives of people and businesses, adding social value of around £5.2 billion per year to households and £1.3 billion annually to small and medium sized businesses.

As part of the Government’s commitment to securing the future of this vital national institution, Ministers have also announced plans to award a new subsidy package of up to £118 million to fund the Post Office’s Transformation Plan and further investment to improve the network.

This funding will protect key services, including access to cash deposits and withdrawals as well as key government services, such as passport applications and the DVLA, alongside helping the Post Office deliver cost-saving measures in its Transformation Plan, part of the New Deal for Postmasters.

Notes to editors:

• The £118 million in funding is subject to the completion of subsidy control processes and compliance with the Subsidy Control Act 2022.
• The Post Office operates over 11,500 branches across the UK.
• Last month, the Government achieved the milestone of £1 billion in compensation payments to over 7,300 postmasters affected by the Horizon IT scandal.
• Research published alongside the Green Paper can be found under Annex A: The Value of the Post Office Network

The press release issued by the Department for Business and Trade on 14 July 2025.

5,000 steel jobs have been secured following the start of construction on Tata Steel’s Port Talbot electric arc furnace project today.

• Business Secretary Jonathan Reynolds and Welsh Secretary Jo Stevens join Tata Group Chairman to break ground on construction of electric arc furnace that will secure thousands of jobs.
• Latest good news shows how UK’s modern Industrial Strategy is backing Welsh industry, following landmark energy support package slashing energy costs for Tata Steel and other UK steel firms.
• Industry Minister Sarah Jones to chair meeting of Steel Council together with industry leaders at 7Steel this morning to work towards finalising UK’s Steel Strategy.

5,000 jobs have been secured following the start of construction on Tata Steel’s electric arc furnace (EAF) at Port Talbot steelworks today (14 July).

Business Secretary Jonathan Reynolds will join Tata Group Chairman N. Chandrasekaran, Wales Secretary Jo Stevens and other government and company representatives to break ground on the project and start construction later today.

The construction milestone, made possible by a £500 million UK Government grant provided as part of the improved deal for Port Talbot’s transition which the Government agreed after only 10 weeks in office, is a major win for Welsh steelmaking in the run-up to the launch of government’s Steel Strategy this year.

This morning, Industry Minister Sarah Jones will chair a meeting of the Steel Council at 7Steel in Cardiff to work towards finalising the upcoming Steel Strategy – backed by up to £2.5 billion of investment – and reflect on a series of recent wins for the industry with senior leaders from across the sector, including British Steel and UK Steel.

This includes slashing energy costs for steel producers via new measures announced in the UK’s modern Industrial Strategy, strengthening the UK’s steel safeguard measures to protect the industry from spikes of foreign steel imports and bolstering the UK’s procurement rules to ensure UK-made steel is considered wherever possible for use on public construction projects.

The Government is also backing the steel sector by working closely with the US to secure the removal of 25 percent tariffs on steel and aluminium, while the UK remains the only country in the world not to pay a 50 percent tariff rate.

Business Secretary Jonathan Reynolds said:

This is our Industrial Strategy in action and is great news for Welsh steelmaking backing this crucial Welsh industry, which will give certainty to local communities and thousands of local jobs for years to come.

This government is committed to a bright future for our steel industry, which is why we provided £500 million of funding to make this project possible. Our modern Industrial Strategy has set out how we’ll back the sector even further, including by slashing energy costs for firms like Tata Steel to level the playing field, as part of our Plan for Change.

The start of construction on Tata Steel’s EAF marks a significant step forward in Port Talbot’s transition to greener steel production, and is expected to reduce the site’s carbon emissions by around 90 percent.

The success of the project – and Tata Group’s continued investment in British industry – is testament to the UK’s strong and valued relationship with India, following the trade deal the Government agreed with India in May which will add billions to the UK economy going forward.

During the groundbreaking event to mark the start of construction, the Business Secretary will tour the site of the new EAF, meet with senior management at Tata Steel and take part in a demonstration with a virtual reality headset to see how the new EAF will look when operational.

Tata Group Chairman Mr Chandrasekaran said:

This is a proud day for Tata Group, Tata Steel and for the UK. Today’s groundbreaking marks not just the beginning of a new Electric Arc Furnace, but a new era for sustainable manufacturing in Britain. At Port Talbot, we are building the foundations of a cleaner, greener future, supporting jobs, driving innovation, and demonstrating our commitment to responsible industry leadership.

This project is also part of Tata Group’s wider investment in the UK, across steel, automotive, and technology among others, which reflects our deep and enduring partnership with this country.

Secretary of State for Wales Jo Stevens said:

The UK Government acted decisively to ensure that steelmaking in Port Talbot will continue for generations to come, backing Tata Steel with £500 million to secure its future in the town, along with £80 million to support workers and the wider community. Our Steel Strategy will also deliver up to £2.5 billion of investment to rebuild the UK industry, maintain jobs and drive growth.

The construction of Tata’ s new furnace realises the promise we made to the community, while the development of floating offshore wind, plans for a Celtic Freeport and millions more for local regeneration all mean that Port Talbot has a bright future.

The press release issued by the Department for Business and Trade on 14 July 2025.

An update following the first round of negotiations on an Enhanced Free Trade Agreement with Turkey.

The first round of negotiations on an enhanced Free Trade Agreement (FTA) with Turkey took place in Ankara between 23 June and 2 July 2025.

The UK and Turkey have a strong economic relationship, with trade between the two totalling around £28 billion in 2024, making Turkey the UK’s 16th largest trading partner. Trade with Turkey’s growing market of 86 million people directly supported around 57,100 jobs across the UK in 2020.

Economic growth is our first mission in government and FTAs have an important role to play in achieving this. The UK is the second largest services exporter in the world, but in 2024 only 34% of UK exports to Turkey were services. A stronger trade relationship with this fast-growing economy will unlock new opportunities for UK businesses and contribute to jobs and prosperity in the UK.

Negotiations during round one were constructive, with both countries working towards agreeing ambitious outcomes in key areas. Discussions covered sustainability and collaboration, including Women’s Economic Empowerment and Labour rights, as well as the regulatory environments of both countries. Productive discussions were also held on Trade in Services, including Digital, Financial and Professional Business Services.

The UK’s existing FTA with Turkey replicates the effect of the EU-Turkey Customs Union. Industrial products are already fully liberalised and agricultural goods are partially liberalised. During the first round of negotiations both sides worked to establish baselines and respective ambitions across trade in goods.

The government will only ever sign a trade agreement which aligns with the UK’s national interests, upholding our high standards across a range of sectors, alongside protections for the National Health Service.

The second round of negotiations is expected to take place in the Autumn of 2025.

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