Tag: Business and Trade Department

The press release issued by the Department for Business and Trade on 2 August 2025.

Business leaders from across business representative organisations, small and large businesses have endorsed the launch of the UK Government’s new Small Business Plan.

Small businesses across the UK will benefit from the most comprehensive support package in a generation. From faster payments and easier access to finance, to cutting red tape and launching a new Business Growth Service, we’re backing businesses to thrive.

Business Groups

Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said:

Making sure businesses are paid on time, that our high streets thrive, and creating conditions in which everyone can start and succeed in business are crucial priorities for small businesses, communities and the economy. It’s very welcome that the Prime Minister has today made them his Government’s priorities.

I’m pleased that FSB and the Government have been able to work in lockstep on the bold and ambitious measures needed to tackle the scourge of late payment through legislation, and other pro-growth, pro-small business measures.

Today’s plan is an encouraging commitment from the Government to take the side of small businesses in the great growth challenge ahead.

Michelle Ovens CBE, Founder, Small Business Britain, said:

I am thrilled to see the Small Business Plan launched today, putting the nation’s smallest businesses at the heart of Government strategy where it should be. These job creators and economy builders will benefit from a huge boost to funding through the British Business Bank, a boost to skills, support for high streets and a long hoped for legislative backing for getting paid on time. We will not see economic growth without small business growth, so I am eager to get on and help the Government deliver on this agenda – and help small businesses regardless of their background start, grow and thrive.

Daniel Woolf, Enterprise Nation’s Head of Policy & Government Relations, said:

We welcome the Government’s new Small Business Plan as a serious attempt to reset the relationship between small firms and Government. Many of the commitments like digital adoption and access to affordable finance reflect the everyday challenges our members experience, and several directly align with recommendations Enterprise Nation has set out in recent policy work.

We’re particularly pleased to see a comprehensive approach to late payment reform, including shorter payment terms and stronger enforcement through the Small Business Commissioner. 90-day payment terms stop small businesses from investing and growing.

This is a strong foundation. Enterprise Nation looks forward to working with government to help ensure these policy ambitions turn into measurable outcomes for small businesses across the UK.

Philip Salter, Founder of The Entrepreneurs Network, said:

Small businesses are where opportunity begins – new jobs, new skills and new ideas. Practical help, such as being paid on time, easy access to advice and finance, and less administrative burden, makes a real difference.

In a world where online banking, accounting software and e-invoicing exist, it’s completely unacceptable that so many burgeoning startups see their growth stall due to late payments. At its worst, they can send perfectly good businesses to the wall – leaving Britain’s economy less dynamic and competitive. Founders in our network will hope the measures outlined today mean it is the beginning of the end for late payments.

Fiona Graham, Chief Operating Officer for Family Business UK said:

Family Business UK welcomes today’s publication of the Small Business Plan as a positive step towards creating a fairer and more resilient environment for small family-run firms.  We are pleased to see many of the areas highlighted by our members addressed in this plan.

Family businesses make up over 85% of all private sector firms in the UK and are deeply rooted in their communities. But like many small businesses, they are held back by red tape and limited access to finance and support – challenges that this plan rightly seeks to address.

The announcement of a Business Growth Service will give small family-run businesses the tools they need to grow, scale up and expand into international markets, as well as streamlining essential advice and support into one national platform. This will give small businesses peace of mind that support is readily available and easily accessible when they are looking to invest and grow.

We look forward to continuing to support small businesses as the initiatives in this plan are developed and rolled out.  We are also committed to working with DBT in the development of a future strategy to ensure that mid-sized businesses are also getting the bespoke support they need.

Liz Barclay, IoD Special Advisor for Small Business and Entrepreneurship, and former Small Business Commissioner, said:

We welcome this commitment to ensuring that small businesses are paid on time and that larger suppliers are prevented from imposing unfair contractual payment terms beyond 60 days. This will give small and micro firms the certainty they need to invest, increase productivity, and grow.

We look forward to working with the government as the legislation takes shape, ensuring that there are no unintended consequences for businesses.

Stephen Phipson, Chief Executive Officer, Make UK, said:

Manufacturers across the country will welcome the Government’s decisive action to tackle late payments. For too long, delayed invoices have drained cashflow, delayed innovation, and damaged businesses, particularly the thousands of small and medium-sized firms for whom late payments are one of the most consistent challenges to their survival and success.

Today’s announcement rightly recognises that supporting manufacturing SMEs is essential to unlocking wider economic growth. The introduction of the toughest late payment laws in the G7 sends a clear signal that poor payment practices will no longer be tolerated.

These reforms, combined with new powers for the Small Business Commissioner, will help create a culture of fairness and accountability across supply chains. Coupled with real enforcement, this Small Business Plan will give manufacturers the confidence and certainty they need to innovate, grow, and create even more high-skill, high-paying jobs in the UK.

Alan Vallance, ICAEW Chief Executive, said:

The UK’s economy is made up of small businesses, with 99 per cent of the total business population, two-fifths of all private sector employment and over half of the nation’s business turnover. Small businesses are key to growth, and it’s important that they can operate in the best environment to propel them into the business stars of the future, creating more growth, employment and prosperity for all parts of the UK.

Chartered accountants are central to this story. As trusted business advisers, they provide expertise and acumen to allow small businesses to thrive and scale up, and often set up small businesses of their own. About 80 per cent of chartered accountancy firms are small businesses themselves, employing four employees or fewer.

The publication of the Small Business Strategy is an important development to help small businesses realise their potential. With its ambition on entrepreneurship, business advice, late payments and export potential, as well as its close links to the UK Modern Industrial Strategy and Professional and Business Services Sector Plan, it is clear that chartered accountants will make a strong contribution to its success.

Kate Nicholls, Chair of UKHospitality, said:

We welcome the Government’s Small Business Plan and the steps that it has put forward to support SMEs across the UK. The wider measures announced today on late payments and access to additional finance sit alongside a raft of new licensing measures that will slash red tape and support the hospitality sector, making it easier to open and operate hospitality venues, create jobs and grow the economy.

I’m personally very happy to have worked with Government to move us toward a new and improved licensing system that includes modernised planning and licensing rules, hospitality zones, and protections for existing venues. These can provide a real boost to the nation’s pubs, bars, restaurants and hotels.

We’ve worked on some of these issues for more than two decades so we now need swift implementation, while we keep up the momentum on outstanding issues, to deliver a bold, long term plan for the high streets and hospitality.

Vicks Rodwell, Managing Director at IPSE, The Self-Employed Association, said:

Late payments can force freelancers out of business, but obscenely long payment terms for work can put just as much of a strain on the self-employed. It’s hugely encouraging that the Prime Minister is determined to tackle both these issues with the measures in today’s plan”

It’s not right that freelancers can fall behind on their own bills, and even into debt, whilst the money they’ve earned sits in a bank account for months on end.

By clamping down on late invoices and long payment terms, government can tear down one of the biggest barriers to growth for freelancers and sole traders.

Millie Kendall OBE, CEO of British Beauty Council, said:

The beauty industry – encompassing hair, beauty, nails, barbering, spa and wellness – is made up of 95% small businesses and 78% micro-businesses, contributing more than £30bn to the UK GDP. The British Beauty Council welcomes the Government’s Small Business Plan which sees policy-makers put our businesses first. For years, the beauty sector has faced unique challenges when it comes to growth, this plan is a much needed step towards ensuring our industry – which bolsters social mobility and opportunities for underrepresented communities – can sustain growth.

Small Businesses

Elizabeth Vega OBE DUniv, Group CEO, Informed Solutions:

This Small Business Plan is the strongest and clearest we’ve seen in over a decade. It is a compelling way forward for the UK’s economy.

The Strategy reflects a truly collegiate and collaborative effort between government, policy experts, and the over 1,000 SMEs that contributed.

Having advocated for SME policy that supports economic growth and resilience for over 15 years, it’s been a pleasure to work alongside Minister Gareth Thomas, DBT policy teams, and the Small Business Growth Forum to shape a strategy with clear aims, ambitious objectives, and a holistic integrated approach to policy development.

I’m excited to now turn the shared ambitions in this Strategy into action, helping realise the UK’s full economic potential through SME growth and international trade.

Simon Groom, CEO of MagnifyB, said:

MagnifyB welcomes the UK Government’s action to tackle late payments, which will give small businesses the cash flow stability they need to thrive. Alongside this, there is a clear need to provide micro and small businesses with far more than just a repository of information, including a practical digital toolset to strengthen their operations and improve their chances of long-term success. We hope that the new Small Business Commissioner can be instrumental in bringing together ideas and championing the initiatives needed to make this support a reality.

Julianne Ponan MBE, Founder of Creative Nature, a small business that exports top 14 Allergen Free Baking Mixes and Snacks to 16 countries, said:

I’m delighted to see the government’s new SME Strategy recognising the critical role small businesses play both at home and globally.

From tackling late payments to simplifying access to growth advice and support, these measures are a lifeline for SMEs like mine who often face disproportionate challenges with limited resources.

I’m especially encouraged by the commitment to reduce administrative burdens by 25% and improve access to finance both are major barriers to growth for underrepresented founders, including women and ethnic minority entrepreneurs. The focus on revitalising the high street, digital skills, and exporting support shows that the government is listening to the needs of small businesses.

Charlie Shaw, owner of Flock and Herd butchers, said:

We’re proud to pay every supplier on time and once we receive an invoice, so it’s fantastic to see the government put the Small Business Plan into place tackling the big issue of late payments. We believe this is a fair and honest way to conduct business. It gives us a clear and current understanding of how our business is performing. Our relationships with our suppliers have been amazing and truly beneficial to all parties.

Richard Marshall, Founder and CEO of Pall Mall Barbers, said:

Small businesses are the backbone of the UK economy — and they need access to affordable finance and a fairer tax system to plan and grow. That’s why I look forward to working with the Government to drive down costs on the high street, extend business rates relief, and improve access to finance so SMEs can invest, hire, and build with confidence.

Today’s announcement is about backing entrepreneurs with the tools they need to thrive — not just for today, but for the long term.

Large Businesses

Nick Mackenzie, CEO of Greene King and co-chair of the Licensing Taskforce commented on the licensing response published today. He said:

As an industry we welcome the licensing proposals and see this as a positive and necessary step towards updating a planning and licensing system that, for too long, has limited hospitality’s ability to drive economic growth across the UK. I thank the industry and the Taskforce for the serious and meaningful recommendations that we have put forward to bring these proposals to fruition.

It’s encouraging to see how the Government has worked at pace to take forward the proposals, particularly in areas that matter the most, including the introduction of a new National Licensing Policy Framework.

Whilst licencing reform won’t offset the significant layered cost of doing business that the industry bears, they form part of wider changes to back the sector, which will support in unlocking opportunities for pubs to further invest in growth across the country.

Steve Hare, Chief Executive Officer at Sage, said:

Small businesses are the backbone of the UK economy – they drive growth, create jobs, and fuel innovation. But running a small business isn’t easy. From rising costs and late payments to time-consuming admin, the challenges are real and persistent. Today’s Strategy is a welcome step in the right direction. Giving small businesses better access to finance, helping them break into new markets, and supporting them to adopt the latest technology will go a long way in helping them grow and succeed.

Leigh Thomas, Vice President EMEA, Intuit, said:

Today’s Small Business Plan is a welcome and much needed initiative for entrepreneurs. Our data shows that with an average of £21,000 owed in unpaid invoices, more than half of our country’s small businesses are now facing cash flow pressures. These pressures can quickly escalate, forcing many small business owners to make difficult financial decisions to keep operations running. Improving payment practices will play a key role in strengthening small business stability, creating the conditions for growth. We look forward to collaborating on this to power prosperity for all.

James Holian, Head of Business Banking, NatWest, said:

We welcome the Government’s renewed focus on tackling late payments for small businesses. This is a long-standing challenge that we know can hold back growth and innovation, and NatWest is proud to have been recognised for several consecutive years by Good Business Pays for being a leading business in making fast payments to our suppliers.

As a leading lender to UK SMEs, we’re committed to playing our part—whether that’s through prompt payment practices, tailored financial support, or initiatives like our accelerator hubs – where this year we’re aiming to support 10,000 businesses for the first time. Small businesses are the backbone of the UK economy, and we’re proud to support them in building resilience and unlocking their full potential.

Tom Wood, Head of Business Banking, HSBC UK, said:

We welcome the additional support the Small Business Plan provides, SMEs are key to a strong and resilient economy and we must equip them with the tools to succeed at every stage of their growth journey. It is vital we all work together to deliver long-term, practical solutions, including more transparent and accessible financing to ensure long-term growth and economic stability. Recognising the challenges SMEs face, HSBC UK recently launched the Small Business Growth Programme, providing business owners with resources to help early-stage businesses grow with confidence.

Chris Loring, Managing Director, Lending and Working Capital, Lloyds Banking Group, said:

At Lloyds Banking Group, we are the bank of choice for around one million businesses, so we see first-hand the ambition and resilience of small businesses across the UK. The Government’s Small Business Plan recognises the importance of increasing access to finance, reducing regulatory burden, and building digital confidence – all of which are essential to helping SMEs grow and scale. We’re especially pleased to see the recommendations of the SME Digital Adoption Taskforce reflected in the plan. These are practical, forward-looking steps that will help SMEs harness technology alongside the finance and support they need to compete and succeed in a fast-changing economy.

Wider Civil Society and Independent Organisations

Terry Corby, Founder and CEO, Good Business Pays, said:

This is what we have been waiting for. The legislative changes the government are planning to tackle our late payment culture are a game-changer. It is no longer seen as good business practice to be making your suppliers wait for a long time to get paid. At Good Business Pays we have been asking for legislative action for five years and it’s great to see these changes to unfair practices being set out in laws.

Anthony Impey MBE, CEO of Be the Business, said:

A strategic approach is essential to unlock the huge potential of small and medium-sized businesses, and it’s key to driving the country’s productivity and growth. The Small Business Plan is an important step in achieving this.

Niall Mackenzie, Acas Chief Executive, said:

These new measures will help give small businesses the support they need to tackle obstacles to success. At Acas, we know from experience that harmonious businesses are more productive. We also know from our service interaction with small businesses how much support we can give business owners to manage their employment issues and fulfil their potential.

Business Support Services

Nicki Clark, Chief Executive of UMi, said:

At UMi, we see first-hand the incredible impact small businesses have, but also the challenges they face on a day-to-day basis.  This Small Business Plan, including the launch of the Business Growth Service, is a positive step towards making it easier for small businesses to find and access the support and finance they need to survive and thrive.

The press release issued by the Department for Business and Trade on 1 August 2025.

British steelmakers regain access to EU market.

• UK steel producers to regain tariff-free access to the EU market for key steel products from today [1 August].
• Cuts costs and gives UK steel producers more certainty when exporting to the EU — one of our largest trading partners.
• Delivers on a UK-EU Summit commitment and reinforces the Government’s Plan for Change to rebuild Britain’s industrial strength.

British steelmakers stand to make millions extra a year as the EU gets rid of its steel tariffs today [Friday 1 August] – a direct win from the Prime Minister’s EU deal signed back in May.

This means UK steelmakers will be able to export more steel used for large building projects – like support beams – to the EU tariff-free, supporting the UK’s wider economic growth ambitions and helping deliver on the Plan for Change.

This follows the decision to take control of British Steel following years of mismanagement – a decision which saved thousands of jobs and secured Britain’s place as a steelmaker. This builds on the significant support that this pro-steel Government has already delivered — from our £500 million investment in Tata’s green steel transition and our deal with the US to reduce tariffs on UK steel.

The UK steel sector supports around 40,000 jobs across 1,145 firms, with a further 61,000 jobs in related industries that supply materials and services to steel producers. These changes will enable UK steelmakers to once again export goods worth several millions of pounds annually to the EU, strengthening vital revenue streams for UK businesses.

Secretary of State for Business and Trade, Jonathan Reynolds said:

This is yet another positive step forward for the UK steel sector and a clear example of our Plan for Change in action — removing barriers, supporting jobs, and backing British industry.

Restoring our steel quota helps give producers the certainty they need to compete, grow, and maintain vital export relationships.

This builds on the significant support that this pro-steel Government has already delivered — from our £500 million investment in Tata’s green steel transition, to action to safeguard jobs at British Steel in Scunthorpe, and our deal with the US to reduce tariffs on UK steel.

The restored quota will re-establish historic trade flows between the UK and the EU, easing the administrative and financial burdens that have affected steel exporters. It will also provide much-needed certainty for UK steel operating in an increasingly volatile global market. Crucially, this change will help safeguard skilled jobs across the country and preserve long-standing supply chains with EU customers.

The country-specific quota allows the UK to export a certain amount of steel to the EU without paying an extra tariff, helping maintain fair trade and avoid sudden surges in imports. We can now export up to 27,000 tonnes of steel to the EU each quarter — that’s roughly a football stadium’s worth of steel every year.

This follows complex negotiations and demonstrates the UK Government’s ability to secure practical wins for domestic industry. It builds on a series of recent measures delivered under the Plan for Change, including a £500 million investment in greener steelmaking at Port Talbot, targeted action to reduce electricity costs and strengthen procurement rules. These steps have been complemented by enhanced trade defences designed to protect jobs and support long-term competitiveness in the sector.

EU Relations Minister Nick Thomas-Symonds said:

We have worked constructively with the EU to deliver in our national interest and achieved a bespoke agreement to help secure jobs in steel across Britain.

Today’s news that the EU is slashing tariffs on British Steel shows our approach is working and is another win for UK PLC.

Gareth Stace UK Steel said:

The restoration of the country specific quota is excellent news for UK steel companies which have been plagued by problems shipping category 17 products into the European Union.

The quota will restore historic trade flows and is good news for both UK steelmakers and their EU customers.

British Steel Chief Commercial Officer (interim) Lisa Coulson said:

The removal of EU tariffs on British-made steel is a significant boost to our business.

The EU is an important market to us, particularly for the products our highly skilled colleagues manufacture in Scunthorpe, Teesside, and Skinningrove.

We are delighted we will be able to provide the high-quality products our loyal and supportive EU customers require tariff-free and thank the UK Government for delivering this agreement.

We now look to the future with even greater optimism as we focus on building stronger futures for our customers.

This announcement reinforces the Government’s commitment to fair, open, and stable trade in key sectors — with steel being a clear example of strengthened UK-EU cooperation delivering results for British industry.

Notes to editors:

• The European Commission’s decision restores the UK’s Country Specific Quota (CSQ) for Category 17 steel products from 1 August 2025.
• The UK steel industry employs thousands of people in key manufacturing regions and supports critical supply chains in construction, automotive, and defence.
• The UK Government will publish a comprehensive Steel Strategy later this year to support long-term competitiveness and sustainability in the sector.

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

Business leaders have strongly welcomed the signing of the UK-India Free Trade Agreement, as Business and Trade Secretary, Jonathan Reynolds and India’s Commerce and Industry Minister, Piyush Goyal, signed the landmark trade deal.

The £4.8bn trade deal will unlock economic growth for each region and nation of the UK, and is widely backed by large and small businesses across aerospace, financial and professional services, food and drink, and the automotive sector.

Business Groups

Rain Newton-Smith, CEO, CBI said:

In an era of rising protectionism, today’s announcement sends a powerful signal that the UK is open for business and remains resolute in its commitment to free and fair trade.

A trade agreement with India – one of the world’s fastest-growing economies – is a springboard for long-term partnership and prosperity. UK firms can take advantage of this new platform to scale, diversify and compete on the global stage.

The CBI looks forward to working closely alongside the Confederation of Indian Industry to turn ambition into action and negotiation into real-world impact. Ensuring this agreement delivers tangible benefits for businesses on both sides will be critical to meeting the UK’s growth ambitions.

William Bain, Head of Trade Policy at the BCC, said:

The signing of this agreement is a clear signal of the UK’s continuing commitment to free and fair trade. It will open a new era for our businesses and boost investment between two of the world’s largest economies.

Currently around 16,000 UK companies are trading goods with Indian companies, and there is high interest in our Chamber Network to grow that.  This deal will create new opportunities in the transport, travel, creative and business support sectors alongside traditional strengths in finance and professional services.

Policy Chair of the Federation of Small Businesses (FSB), Tina McKenzie, said:

India is the fourth largest economy in the world, and today’s trade deal provides exciting growth potential for UK small businesses.

Already one-in-seven (14%) of our members who export have India among their overseas markets, and this deal opens the way for that number to grow. It’s welcome that the agreement includes a specific small business chapter.

Encouraging more small firms to trade internationally, and making it easier for those who already do to increase their international trade, is an important flank in the quest for economic growth. Reducing barriers is key to achieving that.

Richard Heald OBE, Chair, UK-India Business Council, said:

The UK-India FTA marks a historic milestone in the bilateral relationship.

Businesses across both countries have long called for an agreement that reduces barriers, enhances market access, and creates a clear framework for long-term, sustainable growth. We congratulate both governments for their commitment and ambition in bringing this complex negotiation to fruition. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration into other areas too.

Aerospace

Tufan Erginbiligic, Rolls-Royce CEO, said:

India is an important market for our business, with over 90 years of partnership with Indian industry and the Indian Government.

We welcome the provisions in this Free Trade Agreement, including those that bring closer alignment with international standards for trade in civil aerospace.

These agreements will benefit Rolls-Royce and our customers, paving the way for future aerospace growth in India.

Financial and professional services

Ian Stuart, CEO of HSBC UK, said:

Today’s signing of the UK-India Free Trade Agreement marks an important milestone for both countries.

This is a vibrant and fast-growing corridor and will bring huge opportunities for both British and Indian businesses as they seek to grow internationally.

As the world’s largest trade bank with deep roots in both countries, we look forward to supporting our clients to take advantage of the full benefits of this historic agreement.

Bill Winters CBE, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership, said:

This landmark agreement between the UK and India – two of the world’s largest and most dynamic economies – is a tremendous achievement.

It will drive greater innovation, unlock growth, and build prosperity across this long-established corridor of trade, capital and investment.

As one of the largest and oldest international banks in India, we welcome the certainty the FTA provides for UK services and the meaningful opportunities that lower tariffs will create for businesses large and small in both markets.

Rohan Malik, EY EMEIA and UK & Ireland Government & Public Sector Managing Partner, said:

Over the past decade, total trade value between the UK and India has more than doubled from £16.6bn to £40bn and this agreement will further strengthen the flourishing economic relationship between the two countries.

Enhanced access to one of the world’s largest markets should offer considerable advantages for financial and professional services businesses, unlocking commercial opportunities and supporting growth across two strategically significant sectors of the UK economy.

Adam Gagen, Global Head of Government Affairs at Revolut, said:

As a UK fintech with significant business in India, we welcome the announcement of this UK-India FTA.

It is an important partnership to bring these two vital economies closer together and to foster improved trade links, better investment flows and more jobs.

Revolut looks forward to working with the UK Government to maximise the value of this FTA and we strongly congratulate the hard work of DBT for getting this over the line.

Nicola Watkinson, Managing Director for International, TheCityUK, said:

India is a market with huge growth potential and a strong FTA between our two markets will open up valuable new trade and investment opportunities for UK businesses.

The UK financial and related professional services industry is well placed to support India’s growth ambitions through the provision of services in areas such as green finance, risk management and capital market development, as well as benefit from India’s digital innovations.

We welcome the formal signing of the FTA and look forward to continuing to build on its foundations to forge a strong and lasting partnership with India.

Automotives

Mike Hawes, SMMT Chief Executive, said:

The UK-India trade agreement represents a significant achievement, partially liberalising the Indian automotive market for the first time.

While the highly complex deal confirms some compromises, its entry into force will provide commercial opportunities for UK manufacturers who will be able to access vastly reduced tariffs on internal combustion vehicles from day one, and on electrified vehicles and parts in the longer term.

To ensure maximum and timely benefit, we now need rapid ratification and renewed efforts to agree fair and workable solutions on tariff-rate-quotas administration.

A JLR spokesperson said:

We welcome this free trade agreement between the UK and India, which over time will deliver reduced tariff access to the Indian car market for JLR’s luxury vehicles.

India is an important market for our British built products and represents significant future growth opportunities.

Food and drink

Nik Jhangiani, Interim Chief Executive, Diageo, said:

This agreement marks a great moment for both Scotch and Scotland, and we’ll be raising a glass of Johnnie Walker to all those who have worked so hard to get it secured.

Jean-Etienne Gourgues, Chivas Brothers Chairman and CEO, said:

Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry.

India is the world’s biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine’s.

The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade.

Let’s hope that both governments will move quickly to ratification so business can get to work implementing the deal!

Mark Kent, Chief Executive of the SWA said:

The Scotch Whisky industry has long championed a free trade agreement between the UK and India.

The signing of the FTA is an historic moment and is an important milestone to reducing tariffs on Scotch Whisky in a growing market.

This will contribute to the government’s growth objective, by laying the foundations for further investment and jobs.

George Hyde, Head of Trade, The Food and Drink Federation:

We’re pleased to see the details of the new Free Trade Agreement with India, with tariffs for iconic British products, including chocolate, breakfast cereals and biscuits set to be phased out over the next decade.

We also welcome that this agreement protects the UK’s sugar and rice milling sectors, reflecting the vital role these industries play in boosting local economies.

With exports of UK food and drink to India already worth nearly £300 million annually, improved access to this growing market will help strengthen the competitiveness of our sector and help future-proof the nation’s food security.

We look forward to working with government to help businesses make the most of this opportunity.

Nick Spencer, Export and Travel Retail Manager at Southwestern Distillery Ltd, said:

There are tremendous hurdles for UK spirits producers in terms of entering and succeeding in the Indian market.

The extremely high import tariffs are probably the most significant barrier to entry we have experienced anywhere internationally.

The FTA is a fabulous step forward. Since its announcement, we have already received significant new interest from Indian importers and the prospect of success in the Indian market now looks much brighter.

Stephen Davies, Chief Executive of Penderyn Distillery, said:

We are developing our business and brand awareness in both domestic and travel retail sectors in India. It’s an exciting and developing market for us.

The agreement to reduce tariffs will provide a better platform for us and our industry to develop links and build business over the next five years.

These are exciting times.

Medtech

Gordon Sanghera, CEO of Oxford Nanopore Technologies, said:

The UK-India Free Trade Agreement is more than a policy document it’s a foundation for action.

India’s deep scientific talent, clear ambition and growing global influence make it one of the most exciting places in the world to build long-term partnerships in science and healthcare.

And this moment, with the FTA in place, gives companies like ours the confidence to invest, to scale and to co-create in ways that weren’t possible before.

Deepak Nath, Chief Executive Officer, Smith+Nephew, said:

Given the size of the Indian economy and its healthcare system, India is an important location for Smith+Nephew. The Free Trade Agreement offers the potential to build trading links in the healthcare sector.

We hope that the Free Trade Agreement will enable Smith+Nephew’s innovative medical technologies to support more healthcare professionals to return their patients to health and mobility.

Philip McKee, Sales Manager at Biopanda, a Belfast-based medtech manufacturer which exports in vitro test kits for clinical laboratories, veterinary practice, and food safety laboratories, said:

Biopanda have been supplying a range of diagnostic products to the Indian market throughout the past ten years. We value the business we have done already throughout India and with the introduction of the UK-India FTA this should benefit in increased trade with the removal of export barriers.

This will hopefully increase the market access, allowing our distributors throughout India to provide a larger range of our highly accurate clinical diagnostic products at a lower price to the consumer.

Manufacturing

Graeme Macdonald, JCB Chief Executive, said:

India is a great country in which to do business. JCB has been manufacturing machines there since 1979. So, we know India very well and the opportunity for British businesses in that huge market is significant.

It’s the fifth largest economy in the world and is tipped to become the third largest by 2028. This Free Trade Agreement should give British businesses the confidence they need to enter the market, trade more easily and benefit from the massive opportunity.

Professor Carl Stephen Patrick Hunter OBE, Chairman Coltraco Ultrasonics Limited & Director-General The Durham Institute of Research, Development & Invention, said:

Coltraco Ultrasonics is strongly supportive of the India FTA Trade Agreement and proud to have modestly contributed to and advising the British negotiating team on various chapters.

The UK private sector can now, because of the India FTA, the Windsor Framework CPTPP, and a variety of other UK FTAs, look out to the world, balancing our exporting and investment opportunities between the USA, the EU and Asia Pacific.

It is a tremendous success and we thank British and Indian Civil Servants for their public service in the UK-India FTA.

Mark Ridgway OBE DL, CEO of Rhodes Group, said:

As a manufacturer of advanced metalforming machinery used in the forming and lightweighting of aircraft, India is a strong market for Group Rhodes and offers significant growth potential. The recent UK-India trade deal not only sets the scene for reduced tariffs on machinery but also serves to both enhance our competitiveness as a UK exporter and reduce the complexity of trade with this fast-growing market.

Importantly, the UK-India FTA recognises UK origin content of at least 20% as qualification as a ‘local supplier’ in India. This provides equal treatment in the Indian government procurement process and the opportunity for Group Rhodes to build on its existence reference sites within the Indian aerospace sector.

Idir Boudaoud, Founder and CEO at Sensoteq, said:

India is a key growth market for Sensoteq — its vast and rapidly evolving manufacturing sector aligns perfectly with our mission to improve machine reliability through smarter monitoring. This trade deal is a real breakthrough for us.

Simplified and transparent customs procedures, modernised rules of origin, and stronger IP protections mean we can enter the market with greater speed, confidence, and security.

This agreement gives businesses like ours the access and assurance needed to thrive in one of the world’s most important industrial markets.

William Crawford, Director of Concrete Canvas Ltd, said:

India is a dynamic and vibrant economy and an increasingly important market for Concrete Canvas products. A UK-India FTA will help to accelerate our plans for growth by reducing trade barriers and making us more competitive.

This is welcome news for both UK and Indian businesses!

Creative Industries

Richard Masters, Premier League Chief Executive, said:

India continues to be incredibly important to the Premier League and our clubs. It is a vibrant country that presents exciting opportunities and significant potential. The opening of our office in Mumbai earlier this year was a significant milestone for the Premier League, demonstrating our commitment to build on longstanding work to engage local fans, develop grassroots and elite football and further promote the game in India.

The continued growth of the Premier League and UK businesses in India will have a positive impact on our domestic economy. We welcome the signing of this new trade deal which will support UK businesses operating in India.

Richard Pring, Co-Founder at Wales Interactive, said:

The UK-India Free Trade Agreement has the potential to strengthen creative partnerships and streamline production across borders. With India’s vast film and television industry, it creates new opportunities for studios like ours to collaborate with international talent and share our interactive stories and games with even wider audiences.

Digital and Tech

Simon Hansford, Chief Commercial Officer at Civo, a cloud provider founded in Hertfordshire, said:

The UK-India trade deal is a game-changer for UK businesses. Significant tariff reductions on our exports will mean our products can be more competitive and accessible in India’s rapidly growing market. Guaranteed access to India’s public procurement market and simplified customs processes could be transformational for many.

This deal offers substantial benefits, boosting confidence and creating new avenues for growth in areas that were previously challenging to navigate, making it easier for UK SMEs to trade and thrive internationally.

Clean Energy

Neil Spann, CEO of Power Roll, said:

As a UK clean energy company committed to fostering global impact, the UK-India trade agreement marks a significant milestone for us.  It lowers barriers to entry and enhances our ability to collaborate with Indian partners in one of the world’s most dynamic renewable energy markets. India’s ambitious solar targets and drive for domestic innovation align perfectly with our flexible solar technology and long-term growth strategy.

As one of the world’s fastest-growing economies and a key player in the global renewable energy transition, India presents a major opportunity for UK clean energy technology. This trade deal enables us to position UK flexible solar as a key solution to India’s energy goals. We are excited to continue to build upon our existing relationships with valued collaborators by expanding our presence in India following a successful visit earlier this year.

Transport

Chris Woodroofe, Manchester Airport Managing Director, said:

We are proud this new route with IndiGo will deliver growth here in the North, and for the UK as a whole.

Boosted by the new UK-India FTA, the direct connectivity it provides will unlock opportunities for the region’s businesses to trade with India and will facilitate investment into the UK.

That will help turbo charge the Government’s Industrial Strategy by boosting innovation and productivity in the sectors that will sit at the heart of the country’s future prosperity.

Textiles

Bill Leach, Global Sales Director, John Smedley Ltd, said:

India is one of the fastest growing luxury markets in the world, and we are very excited about the UK- India Free Trade Agreement coming to fruition.

John Smedley knitwear is already sold in over 50 countries around the world, and now that the FTA has been signed, we shall very much look forward to ensuring that an ever-increasing number of discerning luxury consumers in India will enjoy greater access to The World’s Finest Knitwear.

We are thankful to DBT for their significant efforts in bringing this FTA to successful conclusion.

Cosmetics

Dr Emma Meredith OBE, Director-General, CTPA (Cosmetic, Toiletry and Perfumery Association), said:

The UK-India Free Trade Agreement (FTA) represents a significant opportunity for the cosmetics and personal care industry.  Tariff reduction and the commitments to ongoing cooperation will enhance market access and create new opportunities for growth for UK brands and manufacturers.  CTPA welcomes the strengthening of the bilateral ties through the negotiation process, a great first step in the delivery of substantial benefits for our sector.

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.