Tag: Business and Trade Department

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.

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

Trade win unlocks £250 million in exports for British pharmaceutical firms in Vietnam.

• Major pharmaceutical trade barrier with Vietnam removed as bilateral trade increased by £1.2 billion in current prices to £8.1 billion in 2024 in boost to UK economy
• Pharmaceutical sectors given boost making it faster and cheaper to sell UK medicines to Vietnam
• Trade Strategy in action as UK continues to eye fast deals across the globe for key industries to create jobs and boost innovation as part of our Plan for Change

British pharmaceutical companies are set to gain up to £250 million over the next five years as part of a Vietnamese law change that makes it easier to sell UK-made medicines to the country.

The announcement comes ahead of the latest Joint Economic and Trade Committee (JETCO) today [14 July] co-chaired by Trade Minister Douglas Alexander and Vice Minister Nguyen Hoang Long.

The meeting aims to deepen trade ties – which have risen to more than £8 billion – and remove barriers for UK businesses in key sectors like healthcare, finance, and clean energy – which will boost growth to deliver for working people as part of the Plan for Change.

It follows the launch of the UK’s landmark Trade Strategy which aims to secure more nimble deals while promoting sectors like financial services and renewable energy which drive the most economic growth.

Thanks to UK government efforts, Vietnam has changed its laws to streamline the registration of new medicines and vaccines, now recognising approvals from trusted international regulators such as the UK’s Medicines and Healthcare products Regulatory Agency (MHRA).

It opens to the door to more commercial opportunities for UK companies who can avoid time-consuming paperwork and expensive legal processes if their products have been approved in the last five years by the MHRA, making it cheaper, quicker and easier to sell products to Vietnam.

The JETCO will reflect the UK’s goal of deepening ties with fast-growing economies in Asia while supporting key sectors like life sciences, education, and green energy – core pillars of the UK’s Industrial Strategy.

Renewable energy will be on today’s agenda as both countries pledge to work together to support the development of Vietnam’s renewable energy sector, particularly around offshore wind, with the industry in the UK forecast to support 100,000 jobs by 2030.

Trade Minister Douglas Alexander said:

Vietnam is today a dynamic, fast-growing economy.

The removal of pharmaceutical barriers with one of our closest trading partners in Asia is a boost for the UK pharmaceutical industry and proof our Industrial and Trade Strategies are already delivering.

The UK is committed to strengthening its relationship with Vietnam, which is witnessing rapid economic growth and fast becoming a major global manufacturing base for electronics, textiles, and renewable energy.

Discussions will also celebrate the good news for our world-leading financial services sector as the government commits support for Vietnam to design its first International Finance Centre in Ho Chi Minh City which is expected to streamline regulations and encourage international investments, making it simpler for British firms to trade with Vietnam.

The swift removal of pharmaceutical barriers and progress on financial and energy collaborations with Vietnam demonstrates the government is securing quick wins through nimble, targeted interventions and delivering on the key ambitions of the newly launched Trade Strategy.

Miles Celic OBE, Chief Executive Officer, TheCityUK, said:

There is great potential for British firms and other international investors in Vietnam; it is a rapidly growing market with increasing demand for sophisticated financial products. There are also mutual benefits to be gained through sharing expertise in areas such as green finance, innovation, and digital transformation.

We’ve been working closely with the UK Government and British Embassy in Hanoi and Ho Chi Minh City to help lay the groundwork for the development of an international financial and business centre in Ho Chi Minh City and Da Nang and are very supportive of the government’s commitment to support its creation and its contribution to Vietnam’s economic growth and net-zero agenda.

Dr. Stephen Wyatt, Director – Strategy and Emerging Technology, ORE Catapult said:

Viet Nam’s ambitious Net Zero targets include up to 100GW of offshore wind by 2050, positioning it as one of the most exciting new markets for offshore wind globally.  We are pleased to be able to support the Vietnamese offshore wind sector by sharing knowledge and experience gained through over 20 years of offshore wind development in the UK.

We look forward to continuing our involvement in Viet Nam over the coming year, building strategic relationships with key supply chain and local development partners to open mutually beneficial opportunities for UK and Vietnamese companies to work together in the future.

The press release issued by the Department for Business and Trade on 13 July 2025.

UK auto firms will benefit from a £2.5 billion commitment over the next decade that will support thousands of jobs and help ensure the UK remains at the forefront of zero-emission vehicle development.

• UK auto sector boosted by £2.5 billion under DRIVE35, as government launches new and improved funding competitions, supporting projects which help the transition to zero-emission vehicle manufacturing.
• Package forms part of the UK’s modern Industrial Strategy, which takes bold ambition to significantly increase business investment in the advanced manufacturing sector by 2035.
• Government also announces over £300 million of investment for specific auto projects, supporting the UK’s thousands of high-value manufacturing jobs and delivering on the Plan for Change.

UK auto firms will benefit from a £2.5 billion commitment over the next decade that will support thousands of jobs and help ensure the UK remains at the forefront of zero-emission vehicle development.

Government is today announcing the launch of DRIVE35, comprising new and improved funding competitions that will support UK businesses. The programme will fund a wide spectrum of projects which help the transition to zero-emission vehicle manufacturing – targeting established high-volume manufacturing and multi-billion-pound gigafactories, all the way to start-ups, prototypes and cutting-edge automotive innovation.

The new programme was announced in the Advanced Manufacturing Sector Plan, part of the UK’s modern Industrial Strategy. It will commit £2 billion in funding to 2030 alongside an additional £500m for research and development to 2035, signalling a ten-year commitment to UK automotive innovation.

The cash will provide certainty to the sector, give innovators the confidence to invest in the UK and will support the latest in research and development, unlocking capital investment in zero emission vehicles, batteries and their supply chains.

The automotive sector contributed £21.4 billion in GVA to the economy in 2024 and currently employs 132,000 people across all parts of the UK – including many highly-skilled, highly-paid roles, and apprenticeships. The transition to zero emissions is the biggest opportunity of the 21st century to attract investment, harness British innovation, and deliver growth for generations to come.

The UK was also the largest EV market in Europe in 2024 and the third in the world with over 382,000 EVs sold – up a fifth on the previous year. There are now more than 82,000 public chargepoints in the UK – with one added every half an hour – ensuring that motorists are always a short drive from a socket.

Business and Trade Secretary Jonathan Reynolds said:

We’re helping British carmakers get to the front of the pack by working hand in hand with investors to build a globally competitive electric vehicle supply chain in the UK as we deliver our Plan for Change.

We’re taking action to back the industry for the future with the biggest set of announcements for the sector in the last decade. This includes securing a landmark trade deal with the US to bring down tariffs for British car manufacturers, measures in our modern Industrial Strategy to lower electricity prices and updating the ZEV mandate, supporting UK manufacturers to safeguard jobs, and secure the future of the sector.

Economic growth is our number one priority, and by funding our world leading auto sector we are creating the right conditions for increased investment, bringing growth, jobs, and opportunities to every part of the UK.

The funding announced today forms part of government’s bold ambition to significantly increase business investment in the advanced manufacturing sector by 2035, giving British firms an edge in the frontier industries of the future and driving growth across the UK.

DRIVE35 will build on previous successes with the Automotive Transformation Fund (ATF) and the Advanced Propulsion Centre UK (APC) R&D competitions, which between them leveraged over £6 billion of investment from the private sector, creating thousands of jobs across the UK economy.

The Department for Business and Trade today also announces over £300 million for specific UK automotive manufacturing firms and projects. This includes over £100 million of capital investment for UK automotive manufacturing via the ATF, approximately £140 million in combined Government and industry R&D investment, and £18 million from the new £150m Connected & Automated Mobility (CAM) Pathfinder programme.

With Government support, Bolton is set to benefit from over £100 million in investment from Astemo Ltd., which will be vital to the production of electric vehicle (EV) components in the UK. This investment will produce new generations of electric inverters, supporting over 220 direct high-value jobs in the region and hundreds more in the wider UK supply chain.

The West Midlands will also welcome a recent £15 million investment from Dana to produce parts that are crucial for EV manufacturing. Dana’s investment will ensure skilled jobs in the region, supporting over 100 direct jobs over the long term.

Mike Hawes, SMMT Chief Executive said:

The creation of this dedicated automotive programme is further evidence of the sector’s importance to economic growth. Delivered as part of the Industrial Strategy, DRIVE35 has the potential to unlock investment and innovation in the UK, supporting jobs and creating wealth across the country. The importance of a long term, cross-government strategy with specific measures for automotive cannot be understated given the challenges facing the sector amid geopolitical uncertainty and fierce global competition. DRIVE35, and the wider measures identified in the Industrial Strategy, must now be implemented at pace to ensure the UK is amongst the leaders in next generation automotive technologies.

Ian Constance, CEO, Advanced Propulsion Centre UK and Zenzic said:

This new investment underlines the commitment from Government to secure advanced manufacturing in the UK. I am pleased that the APC, Zenzic, and its delivery partners are here to facilitate a new wave of funding in the automotive industry, supporting innovation, driving scale-up, and enabling transformation.

Today, we have announced projects receiving four types of grants that boost the UK’s leadership in automotive manufacturing. They will enable the rapid development of demonstrators featuring cutting-edge technology, accelerate ambitious SMEs, and support vital collaborative R&D innovation. This will encourage further investment in the UK’s growing zero-emission supply chain, safeguarding skilled jobs, building on the country’s reputation as a world-leader for technology.

Thanks to the wide range of eligible technologies under the new competitions, DRIVE35 funding will benefit UK auto businesses of all sizes and maturities, from small-scale innovators to large-scale established global companies. Through targeted investment for successful project applicants, the programme will create tens of thousands of new jobs, stimulate billions in economic growth and investment, and cut millions of tonnes CO2 emissions.

The programme will provide a more impactful offering for investors across three streamlined pillars: Transformation, Scale Up and Innovation. Tomorrow the government will open the following competitions across the DRIVE35 programme:

• Automotive Transformation Fund: A new and improved capital funding offer under DRIVE35’s keystone Transformation pillar, supporting large-scale capital investments in the UK, and now with a widened technology scope.
• Scale Up Feasibility Studies: R&D funding to support businesses with strategic thinking on opportunities to scale, creating a pipeline of exciting decision-ready auto projects for UK investment.
• Innovation competitions: Through DRIVE35’s Collaborate and Demonstrate streams, we will build on over a decade of success to support both early-stage and late-stage R&D projects involving innovative technologies and processes.

DRIVE35 will continue the successes of the UK’s world-leading achievements in R&D. As an example, this government has recently committed a combined £70 million of R&D grant funding for over 50 innovative automotive projects. The programme will be delivered by DBT in partnership with APC UK and Innovate UK.

Combined with industry funding, this totals £140 million in new investment for UK R&D. These projects will support technologies including batteries, energy storage, lightweighting and power electronics. Successful applicants include Mercedes and JLR.

Notes to editors:

The winners of the R&D competitions are as follows:

Mobilise: An SME accelerator programme for zero-emission vehicle-related technology, as well as innovations in connected and automated mobility (CAM), and automotive software.

• Allye Energy – London
• Antobot – South East, Chelmsford
• Cellmine – Scotland, Livingstone
• Drisq – West Midlands, Malvern
• ELEVEN – West Midlands, Worcester
• Evie Autonomous – West Midlands, Stoke-On-Trent
• High Temperature Material Systems (HTMS) – South West, Bristol
• Infiniti Recycling – South East, Cambridge
• Kuasasemi – Wales, Cardiff
• Lightning Tree Advanced Materials – London
• Minimal – London
• Muon Tech – West Midlands, Leamington Spa
• Otaski Energy Solutions – North East, Gateshead
• Saif Autonomy – South East, Cambridgeshire
• Senergy Innovations – Northern Ireland, Carryduff
• Super6 – London
• Talos Technology – South East, Banbury

Collaborate: Grants fund projects where companies, and academic institutions, form a consortium to take a product or process to commercial readiness. Please note, these are the lead partners only – there are several partners in each consortium.

• Ionic Technologies International – Northern Ireland, Belfast
• Mint Innovation – West Midlands, Coventry
• Mercedes Amg High Performance Powertrains – East Midlands, Northamptonshire
• Jaguar Land Rover – West Midlands, Coventry
• Phinia Delphi UK – South West, Gloucestershire

Demonstrate: Grants are for companies that are earlier in their product or process development or need a short, sharp sprint to get where they want to be. Please note that these are the lead partners.

• Cummins UK – Yorkshire And The Humber, Huddersfield
• Oxlid – East Midlands, Nottingham
• Thermulon – London
• Expert Tooling & Automation – West Midlands, Coventry
• Cool Van Ltd – North West – Barnoldswick
• Jaguar Land Rover – West Midlands, Warwick
• Batri – Wales, Bridgend
• Magnetic Systems Technology – Yorkshire and the Humber, Rotherham
• Leyland Trucks – North West, Leyland
• Project Four Design – West Midlands, Warwick
• Fluorok – South East, Oxford
• Hydrostar UK – South West, Exeter
• Lorillion – West Midlands, Coventry
• Talos Consulting Services – South East, Banbury
• Ford Motor Company – South East, Essex
• Advanced Electric Machines – North East, Washington
• Maeving – West Midlands, Coventry
• Fering Technologies – London
• Green Lithium Refining – North East, Teesside
• Mercedes Amg High Performance Powertrains – East Midlands, Northamptonshire
• Watt Electric Vehicle Company – South West, Worcester
• Electrified Automation – South West, Bridgwater
• Ulemco – North West, Liverpool
• Clean Air Power Gt – East Midlands, Melton Mowbray
• Donut Lab Development UK – South West, Chippenham
• Electric Aviation Group – South West, Bristol
• Project Four Design – West Midlands, Warwick
• Altilium Metals – South West, Plymouth
• Inetic – Southampton
• Morris Commercial – West Midlands, Evesham
• Ilika Technologies – South East, Hampshire
• Mcmurtry Automotive – South West, Wotton-Under-Edge
• Yasa – South East, Oxford
• Phoenix Carbon – East Of England, Stowmarket

The press release issued by the Department for Business and Trade on 11 July 2025.

The UK and France have launched a new Industrial Strategy Partnership following a successful UK-France Summit, where over £1 billion worth of investment deals into the UK have been confirmed.

• New Partnership is first of its kind in Europe, boosting UK-France collaboration in key high growth sectors.
• Follows a successful UK-France Summit, where leading firms announced a billion pounds worth of investment creating thousands of highly skilled jobs.
• Deals are the latest vote of confidence and show the Plan for Change is working – as recent survey puts UK as joint-top global investment destination.

A new partnership between the UK and France will deepen economic collaboration and unlock billions in valuable investment into high growth-driving sectors – boosting the economy and delivering on the Plan for Change.

The announcement comes following yesterday’s 37th UK-France Summit, where leading French companies announced investments worth over £1 billion into the UK, creating thousands of highly-skilled jobs across the country – helping to put more money in people’s pockets.

This builds on the tidal wave of investment the government has welcomed into the UK since taking Office, worth over £100 billion, alongside 384,000 jobs created since the election.

The partnership forms part of the UK’s recent modern Industrial Strategy – a new approach that will create a more connected, high-skilled and resilient economy to kickstart an era of economic prosperity, the central mission in the government’s Plan for Change.

This partnership is a collaboration in key growth sectors including in technology, clean energy industries and advanced manufacturing, supporting a quicker green and digital transition and building our economic resilience to drive economic growth and innovation.

It advances a cross-Channel trade relationship worth £104 billion in 2024 and reaffirms the UK’s position as a global investment destination, the same week a Deloitte survey found that international finance leaders see the UK as the joint-most attractive destination when it comes to investment.

It also builds on the strong collaboration which already exists between the UK and France across vital areas including energy, aviation, tech and finance – all of which fall under the key growth sectors identified in the government’s modern Industrial Strategy.

Today’s announcement follows Wednesday’s roundtable attended by leading French and British firms hosted by the Chancellor Rachel Reeves, Business and Trade Secretary Jonathan Reynolds, French Economy, Finance and Industry Minister Eric Lombard and French Digital Affairs Minister Clara Chappaz.

Chancellor of the Exchequer Rachel Reeves said:

This is our first Industrial Strategy Partnership with a major European partner, and will combine our joint expertise across energy, advanced manufacturing, technology and more, helping deliver our Plan for Change by boosting growth to deliver more money in people’s pockets.

Business and Trade Secretary Jonathan Reynolds said:

This milestone is an exciting new chapter in our already strong relationship with France and will boost both countries’ key sectors by driving two-way innovation and investment, delivering on our Plan for Change.”

Our Modern Industrial Strategy is a 10-year plan to kickstart an era of economic prosperity and this partnership will serve as a welcome anchor at a time of significant geopolitical uncertainty. It is built on the best of foundations, with both our businesses and citizens sharing deep links.

Today’s deals show that the UK is open for international companies to expand their businesses in a wide range of priority sectors, including:

• Veolia has announced a £70 million investment to transform an existing, disused industrial facility to a state-of-the-art plastics sorting and recycling facility in Shropshire, creating more than 130 local jobs.
• Thales, in conjunction with partners, is planning £40 million of AI-focussed R&D investment as part of its CortAIx UK AI Accelerator, which will employ 200 people.
• Comand AI are investing £35 million over the next five years to set up an office in the UK, in their first step to becoming a pan-European defence company.
• Pernod Ricard is investing a further £17.5 million in its Scotch whisky producer, Chivas Brothers, to create two new bottling lines at its Kilmalid site near Glasgow.
• LVMH will operate at least twenty Sephora stores by 2028, with a need of 800 additional recruitments.
• EDF confirmed earlier this week that thousands of UK jobs and apprenticeships will be created as it announced it will take a 12.5% stake in Sizewell C – in a major boost for UK growth and energy security. Assystem will double its nuclear workforce in the UK, creating 1,000 new engineering, digital and project management jobs. Urenco also signed a 15-year deal with EDF to produce fuel for nuclear power stations, supporting Urenco UK’s workforce of more than 1,400 people.
• French company Ardian has also in the last week finalised its acquisition of an additional 10% stake in London Heathrow as a gateway for growth with a further £888 million investment, taking their investment into the airport to £2.85 billion, supporting the site’s 80,000 jobs.

Business Secretary Jonathan Reynolds also met with French Economy, Finance and Industry Minister Éric Lombard yesterday, to discuss the importance of French investment in the UK and how this new partnership will enable more collaboration in key sectors such as clean energy, tech and economic resilience.

UK companies are also continuing to succeed in the French market, delivering on the government’s AI opportunities action plan, from capability to R&D. British tech unicorns are winning tens of millions of pounds in significant contracts with French corporates, driving jobs and growth at home.

This includes Synthesia’s new partnership with Decathlon to create a pioneering AI avatar lab, ElevenLabs’ collaboration with M6 and TV5 Monde, and Darktrace’s contract with GL Events, a French major events operator. BT is also connecting more than 80 French-headquartered companies including Alstom and Michelin in France, with operations totalling approximately £130 million last financial year.

The refresh of the Lancaster House defence partnership is also creating new opportunities in the UK’s aerospace and defence sectors, supporting over 2,750 highly skilled jobs and representing billions to the UK and French economies through joint export promotion and capability projects which benefit the UK’s defence industries, including MBDA and Airbus.

The agreement with France follows the Industrial Strategy Partnership committed to between the UK and Japan in March, preceding publication of the Strategy in June.

The press release issued by the Department for Business and Trade on 10 July 2025.

Boost for British consumers and Developing Countries as UK launches new trade measures.

• New measures will make it easier for developing countries to trade, supporting jobs and economic growth in the UK overseas.
• UK businesses and consumers to benefit from more competitively priced imports as part of upgrades to the Developing Countries Trading Scheme.
• Part of the UK’s Plan for Change and recently launched Trade Strategy to grow trade with markets of the future, strengthen global partnerships and deliver for British households.

British consumers and businesses are set to benefit from a package of new trade measures unveiled today (10 July), which will simplify imports from developing countries — helping to lower prices on everyday goods while supporting jobs and growth in some of the world’s poorest nations.

The measures will give UK consumers greater access to competitively priced imports — from clothes to food and electronics — as upgrades to the Developing Countries Trading Scheme (DCTS) make it easier for businesses to trade with the UK, helping to lower prices on the high street.

Upgrades include simplified rules of origin, enabling more goods from countries like Nigeria, Sri Lanka, and the Philippines to enter the UK tariff-free — even when using components from across Asia and Africa. They also ensure countries such as Bangladesh and Cambodia continue to benefit with zero tariffs on products like garments and electronics.

This will open up new commercial opportunities for UK businesses to build resilient supply chains, invest in emerging markets, and tap into fast-growing economies.

Ministers briefed British business leaders and Ambassadors from around the world on the changes at a joint Department for Business and Trade (DBT) and Foreign, Commonwealth & Development Office (FCDO) reception in London today.

Minister for International Development Jenny Chapman, said:

The world is changing. Countries in the Global South want a different relationship with the UK as a trading partner and investor, not as a donor.

These new rules will make it easier for developing countries to trade more closely with the UK. This is good for their economies and for UK consumers and businesses.

Minister for Trade Policy Douglas Alexander, said:

No country has ever lifted itself out of poverty without trading with its neighbours.

Over recent decades trade has been an essential ingredient in lifting hundreds of millions of people out of poverty around the globe.

The DCTS allows some of the world’s poorest countries to export to the UK duty and quota-free, with over £16 billion in UK imports benefiting from tariff savings since its launch in June 2023.

In addition to the DCTS changes, the UK will:

• offer targeted support to help exporters in developing countries access the UK market and meet import standards; and
• make it easier for partner countries to trade services — such as digital, legal, and financial services — by strengthening future trade agreements. This will create new opportunities for UK businesses to collaborate and invest in fast-growing sectors.

The reforms will support trade with emerging markets in Asia and Africa, strengthening the UK’s global partnerships, with major retailers such as M&S and Primark expected to benefit.

Director of Sourcing, Marks & Spencer PLC, Monique Leeuwenburgh said:

We are supportive of changes to the DCTS rules of origin for garments.

The ongoing collaboration between the government and retail industry has provided clarity and certainty for businesses in good time.

This change will enable us to maintain our long-standing and trusted relationships with our key partners in Bangladesh, to deliver the same great quality Clothing & Home products at great value for our customers.

Interim Chief Executive at Primark, Eoin Tonge said:

We welcome the changes to the DCTS rules of origin for garments which remove the potential cliff edge when a country graduates from Least Developed Country status.

This will help us to maintain our existing supply chain strategy in our key sourcing markets in Asia, such as Bangladesh and Cambodia.

We welcome the opportunity to collaborate with the government on these changes and their responsiveness to the concerns of UK retailers in this very technical area of trade policy.

Adam Mansell, CEO, The UK Fashion & Textiles Association said said:

UKFT welcomes these additional changes to the Rules of Origin under the DCTS, which will bring real benefits to the fashion industry in the UK and in DCTS countries.

The new rules demonstrate a genuine commitment from the government to modernise trade policy to support global economic growth.

At a time of such uncertainty in international trade, these reforms are especially welcome.

Yohan Lawrence, Secretary General of the Joint Apparel Association Forum (JAAF), Sri Lanka, said:

We warmly welcome the UK’s Trade Strategy.

The new rules allowing greater regional sourcing for garments while retaining duty-free access to the UK are a game-changer.

With the UK as our second-largest apparel market, this will boost exports, support livelihoods, and help us compete more fairly with global competitors.

The updated rules are part of the UK’s wider Trade for Development offer which aims to support economic growth in partner countries while helping UK businesses and consumers access high-quality, affordable goods.

And just last month, the UK’s Trade Strategy was published in further support of the Plan for Change to grow the economy, strengthen international ties, and deliver for households across the UK.

Notes to editors:

• Launched in 2023, following the UK’s exit from the EU, the Developing Countries Trading Scheme (DCTS) is the UK’s flagship trade preference scheme, covering 65 countries and offering reduced or zero tariffs on thousands of products.
• The UK is committed to growing services trade with developing countries, supporting digital trade and professional services.
• The announcement follows engagement with UK businesses and international partners, major importers and trade associations.

The press release issued by the Department for Business and Trade on 10 July 2025.

Underrepresented investors and fund managers will benefit from £500m of Government backing to help high potential new entrants build the track record they need.

• £400 million package to back investment fund managers from underrepresented backgrounds and drive growth as part of the government’s Plan for Change.
• Additional £50 million for female-led venture capital funds, doubling the British Business Bank’s commitment to £100 million and supporting the Invest in Women Taskforce.
• New report reveals that angel investors are backing more all-female founding teams than all-male teams in the UK for the first time.

Diverse or underrepresented investors and fund managers will benefit from £500m of Government backing to help high potential new entrants develop the track record they need to become the investors of the future.

Targeted at women, ethnic minorities, people with disabilities and those from deprived backgrounds, there will be a new £400m package from the British Business Bank starting in 2026, which will operate across three pillars:

• Back more diverse fund managers directly through the Bank’s Enterprise Capital Funds programme, the Bank’s scheme to support early-stage businesses with high growth potential.
• Invest more in supporting micro-funds, funds with around £10-15m and the first step on the venture capital ladder for new investors
• Back partners, such as venture capital funds, to invest smaller amounts in talented individuals to build a track record and to provide training, giving those without personal wealth or connections the opportunity to become investors.

Research shows just 2p of every £1 invested in venture capital funding in the UK goes to female-founded businesses and only 13% of senior individuals on UK venture capital investment teams are women.

The initiative announced today aims to reduce the significant gap in venture capital investment for underrepresented founders and investors. It will target at least 50% of investment going to female fund managers.

By backing diverse and emerging fund managers, the initiative not only strengthens the UK’s venture capital ecosystem but also ensures that entrepreneurial ambition is no longer limited by background, gender, or geography. This targeted support will help build a more dynamic, inclusive economy that works for everyone.

Unlocking the potential of underrepresented entrepreneurs and breaking down barriers to opportunity will help drive growth as part of the government’s Plan for Change.

Chancellor of the Exchequer Rachel Reeves, said:

This is exactly what our Plan for Change is about: breaking down barriers to opportunity and kickstarting the growth that creates jobs and puts money into people’s pockets across the UK.

This £500 million investment will back diverse and emerging fund managers, making our economy stronger and more dynamic.

Louis Taylor CBE, Chief Executive Officer, British Business Bank, said:

To deliver the government’s growth mission it is critical that our most promising entrepreneurs can access the finance they need to grow their businesses, no matter who they are or what their background is. The UK equity market currently experiences a significant funding gap for diverse founders, negatively impacting their ability to start a business.

This new £400m Investor Pathways Capital initiative will support diverse and emerging fund managers across the UK, in turn supporting talented entrepreneurs currently underserved by the UK equity market. It has the potential to unlock the UK’s full commercial potential and boost the UK economy.

The initiative comes alongside an additional £50m investment into female-led funds to support the aims of the Invest in Women Taskforce, further expanding access to funding for female investors and entrepreneurs, taking the Bank’s total commitment to £100m.

The news comes alongside the latest Investing in Women Code report out today, which tracks and promotes investment into women-led businesses. It finds that investing in female and ethnic minority-led businesses could add 13% to the value of the UK equity market, underscoring the importance of backing diverse founders. The Code was launched in 2019 in response to the Rose Review’s findings that a lack of funding was one of the most significant barriers to women seeking to effectively scale a business.

There has also been promising progress for angel investment from Code signatories – those investing from their personal wealth – with all female investor teams and mixed-gender teams surpassing all male teams for the first time for investment received. Similarly, across all signatories, more female-only teams received funding than mixed-gender and all male teams.

However, more progress is still needed for investment in women businesses to meet its potential, with the total value of investments going into female led teams much less than that of all-male (15% vs 37%), with the remainder going to mixed teams.

Minister for Investment Baroness Gustafsson CBE said:

Women entrepreneurs have so much to contribute to economic growth, so it is encouraging to see progress in this year’s Code, with more female-led teams receiving investment than male for the first time.

Our Plan for Change is about boosting growth further and that’s why we’re taking action today to support high-potential female-led funds with an extra £50m of funding.

The report will be launched in a parliamentary reception attended by the Chancellor this afternoon.

The press release issued by the Department for Business and Trade on 9 July 2025.

The government has unlocked £7.5 billion of investment into key growth sectors as the Minister for Investment signed a new deal with the Sumitomo Corporation in Tokyo.

• Minister for Investment Poppy Gustafsson is in Tokyo to sign new partnership with top Japanese trading company Sumitomo Corporation.
• Deal secures £7.5 billion investment into key UK infrastructure and clean energy projects.
• Latest multi-billion investment shows Plan for Change is working, days after Deloitte survey puts UK in joint top spot for global investment.

New collaboration between the UK government and a top Japanese trading company will unlock £7.5 billion of investment into Britain, boosting economic growth and driving forward the government’s Plan for Change.

Today [Wednesday 9 July], Minister for Investment Baroness Poppy Gustafsson signed the new partnership with Sumitomo Corporation’s Energy Transformation Group CEO Mr Hajime Mori, Europe CEO Mr Hiroyuki Koike and the Energy Transformation Business Group in Tokyo.

Sumitomo Corporation aims to facilitate £7.5 billion of investment into key UK infrastructure and clean energy projects by 2035, backing the government’s aim to significantly increase long-term business investment into key growth sectors following the publication of the Modern Industrial Strategy and the 10-Year Infrastructure Strategy.

This latest vote of confidence reaffirms the UK’s position as a global investment destination, and 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.

Minister for Investment Baroness Poppy Gustafsson CBE said:

The UK is a top investment destination for Japanese businesses, so I’m delighted to be in Tokyo to sign this new collaboration with Sumitomo Corporation. This is yet another major vote of confidence in our economy and shows international backing for our modern Industrial Strategy, which shows our Plan for Change is working.

We’re serious about clean energy as a key growth sector, and deals like this create high value jobs, encourage further investment into our world-leading industry and help boost economic growth right across the UK.

This commitment to facilitate investment into the UK also comes after the launch of the government’s Modern Industrial Strategy which aims to make it quicker and easier for businesses to invest in the UK, providing investors the certainty and stability they need to make long term decisions.

The investment will be focused on key offshore wind and hydrogen projects, supporting the UK’s aim to become a clean energy superpower.

Hajime Mori, Managing Executive Officer, Group CEO, Energy Transformation Business Group, Sumitomo Corporation said:

We have made active investments in several business sectors in the UK, including decarbonisation and clean energy. Under the UK’s new industrial strategy, clean energy is designated as a priority sector. Through this agreement with Office for Investment, we will continue to leverage our strengths to drive growth in the clean energy sector in the UK.

Hiroyuki Koike, Managing Executive Officer, General Manager for Europe, Sumitomo Corporation said:

We are inspired by the UK government’s active promotion and support of private investment which has helped to improve the business environment in many areas.

We hope that this comprehensive MOU with the Office for Investment will further strengthen the relationship between the UK government and Sumitomo Corporation, and that we will contribute more to the development of the UK economy and society through our business.

Economic growth is the Government’s central mission and unlocking new investment opportunities with the Asia-Pacific (APAC) region is vital to achieving this, as the UK-APAC trading relationship is now worth over £135 billion.

This new collaboration also adds to the strong trade and investment partnership the UK already shares with Japan, building on the Industrial Strategy Partnership and Economic 2+2 established earlier this year and CPTPP ratification – which is estimated to boost the economy by £2 billion a year in the long-term.

Today’s announcement comes as the Minister for Investment Poppy Gustafsson visited South Korea and Japan this week, meeting a range of investors and businesses to encourage further investment into the country.

The press release issued by the Department for Business and Trade on 3 July 2025.

In the run-up to launching the Steel Strategy later this year, Industry Minister Sarah Jones has welcomed a series of recent wins for the sector.

This government is committed to a bright and sustainable future for steelmaking in the UK, as part of our Plan for Change.

In the run-up to launching the Steel Strategy later this year, Industry Minister Sarah Jones has welcomed a series of recent wins for the sector following government backing. The Government has taken major action on areas crucial for the sector, from trade protections and electricity costs to procurement, including:

Industrial Strategy and Spending Review

• Slashing electricity costs for steel producers by cutting network charges via the Supercharger by 90%, up from 60%, as announced in our modern Industrial Strategy.
• Streamlining grid access for major investment projects — including prioritising those that create high-quality jobs and deliver significant economic benefits – through a new Connections Accelerator Service.
• We will work closely with the energy sector, local authorities, Welsh and Scottish Governments, trade unions, and industry to design this service, which we expect to begin operating at the end of 2025.
• 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.
• The Industrial Strategy’s support for sectors such as Advanced Manufacturing will also increase demand for steel as a foundational product, as demand for lightweight and precision engineered steel products increases.
• Confirming funding in the Spending Review for a £500 million grant to Tata Steel in Port Talbot as part of a £1.25bn transformation deal to construct an Electric Arc Furnace.

Trade

• Strengthening current steel safeguard measures by slowing future increases in spikes of foreign imports, capping certain import levels and tightening country-specific limits – ensuring UK steel producers won’t be undercut while still making sure the UK has a steady and reliable supply.
• Announcing our intent to launch new laws to expand our powers to respond to unfair trade practices, and guard against global turbulence in critical sectors, such as steel, as announced in the Trade Strategy.
• Inviting steel producers, consumers and stakeholders across the supply chain to shape our future approach to trade measures for steel in a new call for evidence, as we continue to support the UK steel industry from unfair trading practices and strengthen the UK’s critical supply chains after the expiry of steel safeguard in June 2026.

Procurement

• Changing government procurement rules, via the publication of a new Steel Public Procurement Notice, to ensure UK-made-steel is considered for all public projects and to use exemptions in buying rules to support steel makers wherever possible. This will give them access to more of the £400bn spent by the Government each year on procurement and help to protect our national security.
• Publishing a pipeline of UK infrastructure projects taking place over the next few years. The 2025 data shows that over 7.5 million tonnes steel will be needed for these projects.
• British Steel securing a £500m contract with Network Rail to supply over 337,000 tonnes of rail track, providing 80% of the company’s needs and helping to secure jobs.

Industry Minister Sarah Jones said:

This government recognises how vital steel is to our economy. That’s why we’re taking the decisive action needed to back the sector for the future, whether it’s slashing energy prices, strengthening government procurement or bolstering our trade defence measures.

Our upcoming Steel Strategy will set out our long-term vision for the sector and how we’ll work with industry and communities to deliver a bright, sustainable future for UK steelmaking that secures good, well-paid jobs across the country as part of our Plan for Change.

The Steel Strategy will be launched later this year, and will:

• Establish a clear and ambitious long-term vision for the steel industry, in partnership with business and workers
• Set out the actions needed to achieve that vision
• Identify gaps in current capabilities and assess future UK steel demand, helping to inform investment decisions which will support economic growth
• Set out what is needed to create a competitive business environment in the UK with the aim of attracting new private investment to expand UK steelmaking capability and capacity.

The Government will continue to work closely with the Steel Council and wider stakeholders to build on the significant positive steps we’ve taken towards the publication of the full Strategy.