Tag: Business and Trade Department

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

The Government has cut prices on the imports of everyday essentials like spices and juices to boost economic growth.

• Prices slashed on 89 foreign products – ranging from pasta, fruit juices and spices to plastics and gardening supplies – over next two years
• Cheaper imports will save businesses at least £17 million per year in a further bid to kickstart growth as part of the Plan for Change
• Savings could be passed onto families, mixologists and amateur gardeners through lower prices on everyday items and summer essentials
• UK committed to economic growth, business security and lower prices through free and open trade

UK businesses and consumers could benefit from lower prices on imports of everyday essentials like spices and juices as the Government takes further action to make the UK the best place to do business and kickstart economic growth.

In a further demonstration of the government’s commitment to free trade and responding to business need, the UK Global Tariff will be temporarily suspended on 89 products saving UK businesses up and down the country at least £17 million a year.

The products include plywood and plastics, which are essential for construction – making life easier for chippies all over the country.

Working in partnership with industry, the government has decided to suspend import tariffs on a whole range of products to lower costs for businesses, tariffs will now be cut to zero until July 2027.

The savings to businesses on products such as pasta, fruit juices, coconut oil and pine nuts could be passed onto consumers just in time for the summer season, meaning lower food prices in supermarkets, restaurants and pubs.

Products including agave syrup, often used in margaritas, and plant bulbs will also see tariffs removed meaning keen cocktail-makers and amateur gardeners could enjoy lowered costs as the warmer weather approaches.

These changes will support key growth sectors such as advanced manufacturing and clean energy to compete with international rivals, supporting the Government’s Industrial Strategy with the Plan for Change.

Business and Trade Secretary Jonathan Reynolds said:

Free and open trade grows economies, lowers prices and helps businesses to sell to the world, which is why we’re cutting tariffs on a range of products.

From food to furniture, this will reduce the cost of everyday items for businesses, with savings hopefully passed onto consumers.

As we face a new era of global trade, this government is going further faster to make Britain the best country to do business, delivering on our Plan for Change. These suspensions are just another example of that.

Chancellor of the Exchequer Rachel Reeves said:

In a changing world we know families are anxious about the cost of living, and businesses uncertain about their future. That’s why we’ve announced lower prices on imports of everyday essentials – helping businesses to thrive and pass on savings to customers.

Through our Plan for Change we’re supporting British business and putting more money in people’s pockets.

The UK Global Tariff applies to goods entering the UK that do not qualify for preferential treatment under, for example, a free trade agreement.

Businesses across the UK apply for temporary suspensions on a regular basis by providing evidence of the benefits to themselves, their sector and the wider economy.

CBI Europe and International Director Sean McGuire:

In the face of an uncertain and unpredictable global trading environment, government should be commended for suspending import duties on an array of products. Measures like these will be important for reducing the financial pressures on firms and help to drive growth for businesses of all sizes across the country.

The UK has already reduced tariffs on certain imported goods, benefitting British consumers with better choice, quality and prices on products like fruit juices from Peru and vacuum cleaners from Malaysia.

The Government is going further and faster in negotiating trade deals with partners including India, the Gulf Cooperation Council, South Korea and Switzerland which will unlock new opportunities for businesses, support jobs, and boost wages.

These measures come as the government acts swiftly to protect UK businesses and workers in a new era of global trade, through increasing flexibility on the zero emission vehicle (ZEV) mandate, cutting the red tape and bureaucracy that slows down clinical trials in the life sciences sector, investing up to £600 million in a new Health Data Research Service and backing a £30 million package to support the reopening of Doncaster Sheffield Airport which is expected to support 5,000 jobs and boost the economy by £5 billion.

The press release issued by the Department for Business and Trade on 12 April 2025.

Urgent action by the Government sees vote on emergency powers to save British steel production.

• Parliament recalled to introduce emergency powers that will allow the Government to protect the Scunthorpe site
• Unique action to gives the best chance of safeguarding steelmaking, protecting jobs, national security and supply chains.
• This strategic decision aims to secure domestic steel production for nationally important projects like airports, rail and housing and deliver growth at part of the Plan for Change.

Steelmaking is set to continue in Scunthorpe following urgent action by the UK Government on Friday 11 April.

The Prime Minister requested the recall of Parliament to vote on emergency legislation to prevent the blast furnaces being shut down.

The move will maximise the chances of securing domestic steel production – a crucial national capability which was at risk of collapse under the site’s current ownership. This is a very specific intervention taken in exceptional circumstances.

British Steel’s owners Jingye confirmed their intention to close the blast furnaces at Scunthorpe immediately, despite months of negotiations in good faith and a generous offer of co-investment from the UK government of £500 million.

If the blast furnaces were to be immediately switched off, this would put at severe risk the future of steelmaking at this unique site.

The legislation will give the Government the power to direct the company’s board and workforce, ensure they get paid, and order the raw materials to keep the blast furnace running.

In the meantime, the Government has instructed the company’s UK management to continue the running of the plant to ensure the furnaces keep burning. This legislation means that anyone employed at the plant who takes steps to keep it running, against the orders of the Chinese ownership, can be reinstated if sacked for doing so.

Steel is vital for both the UK’s national security and manufacturing, and crucial for the Government’s mission to build 1.5 million new homes in the UK as part of its Plan for Change, with construction projects requiring millions of tonnes of steel.

Given global economic instability, it is crucial that manufacturing is protected at home. That’s why the Government took action earlier this week to support the car industry by easing the path to the EV mandate and deliver a £30 million package to support the reopening of Doncaster Sheffield Airport, which is expected to support 5,000 jobs and boost the economy by £5 billion.

Business Secretary Jonathan Reynolds said:

“We will always do what is necessary to keep Britain secure at home and strong abroad. We are doing what previous governments have failed to, acting in the national interest to help secure UK steelmaking for the future.

“We negotiated with British Steel’s owners in good faith ever since coming to office. We made a generous offer of support to the company and I am deeply disappointed that we have been forced to take these measures, but Jingye have not been forthright throughout this process, and left us no choice but to act.

“We’re in a new and changing world where it’s never been more important to support our security and build our resilience, so that we can have strength abroad and renewal at home, and that’s what this government has done.”

A Bill was voted on by MPs on Saturday 12 April to ensure continuity of production at the Scunthorpe site – avoiding the danger and cost of allowing it to stop.

Funding for the site will come from the Government’s £2.5bn steel fund, to help rebuild the industry over the next five years.

NOTES TO EDITORS

• All funding required for the site will come out of existing budgets, within the departmental spending envelope set out by the government at Spring Statement 2025.No further government borrowing is envisaged to support any intervention
• As the Chancellor and PM have made clear, the UK’s fiscal rules remain non-negotiable.

The press release issued by the Department for Business and Trade on 8 April 2025.

Post Office Minister Gareth Thomas has announced the launch of the new, independent, appeals process for eligible postmasters in the Horizon Shortfall Scheme.

• New independent appeals process for Horizon Shortfall Scheme victims
• New applications for postmasters who claimed under HSS to begin this month
• Provides assurance that those who were unjustly impacted by the Horizon IT scandal will receive full, fair and swift redress

Post Office Minister Gareth Thomas has announced in Parliament today [Tuesday 8 April] the launch of the new, independent, appeals process for eligible postmasters in the Horizon Shortfall Scheme (HSS).

Postmasters who feel their financial settlement did not reflect the true extent of their losses and trauma will be able to appeal their settlement ensuring they receive full, fair and swift redress.

Eligible postmasters and their legal representatives will be written to later this month and applications for the new Appeals process will begin to be accepted by the end of April.

Post Office Minister Gareth Thomas said:

It is our priority that all those who were unjustly affected by the Horizon IT scandal receive full, fair and swift redress and today’s measures are the next step in providing that.

Since taking office, the total amount of redress paid to victims has increased by more than three and a half times with £892 million having now been paid to over 6,200 claimants. There is still more to do, and I am committed to this task until every affected postmaster receives the redress they rightly deserve.

The Government also announced that each Directly Managed Branch (DMBs) will be franchised so that Post Office services remain available to local communities. We have listened to concerns and made it clear that DMBs should not be closed as we continue to work with the Post Office as it develops its transformation plan.

There will also be a further £276.9 million in funding for the Post Office to help support the breadth of the network. This will enable Post Office to deliver technology transformation and give them the resources to continue administering redress payments to postmasters.

There will also be a scheme launched next month to provide redress to postmasters who faced issues with Post Office products, polices or processes.

These updates will help rebuild trust with postmasters and ensure past failings are fully addressed.

Notes to editors

As of 31 March 2025, approximately £892 million has been paid to over 6,200 claimants across 4 schemes:

• £454 million in the Horizon Shortfall Scheme (HSS), including interim payments
• £67 million in the Overturned Convictions (OC) scheme, including interim payments
• £150 million in the Group Litigation Order (GLO) scheme, including interim payments
• £221 million in the Horizon Convictions Redress Scheme (HCRS), including interim payments

The press release issued by the Department of Business and Trade on 8 April 2025.

Update following round 4 of negotiations on an upgraded Free Trade Agreement (FTA) with South Korea.

Negotiations took place in London between 10 and 21 March 2025.

The fourth round of negotiations to upgrade the existing Free Trade Agreement (FTA) with the Republic of Korea (RoK) took place in London between 10 and 21 March 2025. As with previous rounds, negotiators from both sides engaged productively across a broad range of areas in an ongoing effort to enhance and solidify the economic partnership between us.

Negotiations continue to centre around three key objectives:

1. Securing and future proofing existing arrangements: Progress was made in rules of origin discussions. Product Specific Rules were discussed for a range of important exporting sectors. Negotiators will continue to seek a chapter which accounts for both existing and future supply chains.
2. Capturing recent advances in Trade Policy: Negotiations on a new and comprehensive Digital Trade chapter progressed positively, with commitments on data, trade digitisation and business safeguards under discussion this round.
3. Supporting our strategic relationship with the Republic of Korea: During the round good progress was made towards agreeing new cooperation commitments covering areas such as the Environment, Trade and Gender Equality and Supply Chains.

Economic growth is the core mission of this government, and this FTA has an important role to play in supporting our £15.3 billion trade relationship with the Republic of Korea.

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

The fifth round of negotiations is currently expected to take place in Seoul in the Summer of 2025.

The press release issued by the Department for Business and Trade on 8 April 2025.

The Government has hosted the second meeting of the Steel Council today, and reiterated its commitment to British steelmaking.

• Steel sector, union and trade body leaders meet Government to drive forward development of its steel plan as part of drive towards industrial renewal.
• Industry Minister restates the Government’s commitment to British-made steel, including energy cost relief for businesses expected to be worth over £300m in 2025 alone.
• Government is reviewing nearly 100 responses to its steel consultation as it brings forward plans to help the industry secure jobs and deliver economic growth across the UK, as part of its Plan for Change.

Steel sector leaders were reassured about the Government’s plans to revitalise British steelmaking today (8 April) at the second meeting of the Steel Council, bringing together industry leaders to feed into amid global concerns around US tariffs on steel and aluminium.

Industry Minister Sarah Jones hosted the meeting earlier today after the Government’s steel plan green paper consultation closed on 30 March, receiving almost 100 responses and recommendations from business leaders and industry experts.

The meeting follow’s the Prime Minister’s speech yesterday where he pledged to do the right thing by the UK’s national interest, prioritising security and renewal in a changing world.

Minister Jones reiterated the Government’s firm support for industry and its role in delivering economic growth, as well as in the context of global tariffs on steel and aluminium imposed by the US. She assured Steel Council members the Government is continuing to do all it can to stand up for the sector.

The meeting comes as the Government continues to work round the clock to protect jobs at British Steel in Scunthorpe.

CEOs of steel firms including Tata, Liberty, British Steel and others joined leaders from trade unions and the industry’s trade association UK Steel to discuss the sector’s future and the challenges facing it.

Industry Minister Sarah Jones said:

We know this is a concerning time for our steel industry in the face of global challenges. That’s why we’re working in lockstep with industry to drive forward our steel plan so it can help the sector secure jobs, deliver growth and power the modern economy.

This government will always stand up for UK steelmaking, and where others may talk tough, we are acting, with money ready to go to back up British industry. With our steel plan we’re placing it at the heart of our growth mission, and we’ll keep all options on the table to help steel in the UK thrive and deliver on our Plan for Change.

The Steel Council’s second meeting comes as the final measure in the Government’s British Industry Supercharger package – the Network Charging Compensation (NCC) scheme – comes into force, bringing energy costs for steel companies and other energy-intensive industries closer in line with other major economies worldwide.

The first payments to industry from the NCC scheme will be made next month and provide over 15 million in energy price relief for businesses in May alone.

Once fully implemented, the total value of reduced electricity prices from the Supercharger package is expected to be between 320 million and 410 million in 2025, and more than 5 billion over the next 10 years.

Background:

A full list of attendees for the Steel Council meeting is below:

• British Steel
• Celsa Steel UK
• Liberty Steel
• Marcegagalia Stainless Sheffield Ltd
• Sheffield Forgemasters
• TATA Steel
• UK Steel
• British Metals Recycling Association
• Materials Processing Institute
• WMG High Value Manufacturing Catapult
• Community Union
• GMB Union
• Scottish Government
• Welsh Government
• Northern Ireland’s Department for the Economy

The press release issued by the Department for Business and Trade on 7 April 2025.

Consultation aims to cut costs of UK staycations for families and small businesses.

•  New plans to help UK tourism businesses offer better deals and value-for-money packages
• Plan for Change to cut outdated regulations will allow hotels, attractions, and restaurants to collaborate more easily
• Families planning their summer holidays will have more choice, better prices, and greater convenience

The UK’s travel industry is set for a boost as the Government unveils plans to cut red tape as part of its Plan for Change, and make it easier for businesses to offer package deals, giving consumers better value and supporting growth across the tourism sector.

The measures being looked at in a consultation, could remove barriers that currently prevent small businesses including B&Bs and restaurants from working together to create tailored UK holiday experiences. The measures if implemented, could boost the travel sector and help grow the staycation economy right across the country.

The proposals will support the domestic travel market to go for growth by giving families and travellers more affordable, flexible, and convenient options for their staycations.

The proposed measures will make it easier for businesses to bundle offers together, helping hotels, attractions, and restaurants team up to provide exclusive deals.

• For example, a B&B in the Lake District that may not be able to offer dinner, could team up with a nearby restaurant or pub to offer a discount on an evening meal when purchased together with the room booking.
• Or a campsite in Cornwall could be able to offer discounts and deals for the local surf school.
• But it could also apply to trips in towns and cities too, with tourists staying in a London-based hotel could offer discounted show tickets when they refer a consumer who has booked a room with them.

It will aim to support businesses through measures like setting a time limit for third parties to provide redress to organisers and improving the flexibility of insolvency protection provisions for non-flight packages.

For UK holidaymakers, these changes will give families better staycation options to help them plan summer holidays. Instead of booking everything separately, these measures would make it easier for consumers to access tailored packages that combine great accommodation with exciting local experiences.

Minister for Employment Rights, Competition and Markets, Justin Madders, said:

“Right now, a British hotel, local attraction, and restaurant can’t offer a joint deal without jumping through regulatory hoops – and that’s frankly ridiculous. As part of our Plan for Change, we’re fixing that.

“These common-sense changes will help small businesses, boost British tourism, and give families more choice when booking a staycation. More options, better value, and a stronger UK economy.”

The 12 week consultation will seek input from businesses and industry leaders on how best to implement these reforms.

The press release issued by the Department for Business and Trade on 6 April 2025.

Outrageous fake reviews and sneaky hidden fees are now banned once and for all in a major win for consumers right across the UK.

• Fake reviews and hidden fees that cost consumers £2.2bn every year now banned
• CMA takes on major new powers to directly enforce new consumer laws
• Changes will protect consumers and create a more level playing field for businesses, helping to deliver economic stability as part of the Plan for Change

Outrageous fake reviews and sneaky hidden fees are now banned once and for all in a major win for consumers right across the UK. These laws will help deliver economic stability as part of the Plan for Change.

The new measures coming into force today will give the public control over their cash and save them money in the long run.

All mandatory fees, such as admin fees or ticket booking fees, must now be included in the headline price and can’t be deceptively dripped in throughout the checkout process, to dupe customers into paying more than they originally bargained for.

The ban aims to bring to an end the shock that online shoppers get when they reach the end of their shopping experience only to find a raft of extra fees lumped on top.

So, for shoppers buying train tickets – they won’t be stung by a hidden booking fee at the end of the checkout.

When buying a takeaway, the delivery and admin fees must be clear at the start of the process.

The same will apply to all online shopping experiences from concert tickets to trips to the cinema.

Every year a whopping £2.2 billion is spent by consumers on unavoidable hidden fees, which is why these new rules are coming into force.

Not only will it create greater transparency, but it will make it far easier for consumers to confidently compare products and services to make sure they are getting the best bang for their buck.

Justin Madders, Minister for Employment Rights, Competition and Markets, said:

From today consumers can confidently make purchases knowing they are protected against fake reviews and dripped pricing.

These changes will give consumers more power and control over their hard-earned cash, as well as help to establish a level playing field by deterring bad actors that undercut compliant businesses, helping to deliver economic stability as part of our Plan for Change.

Outlandish fake reviews will also be banned today – so customers know what they are buying when they shop online.

The legislation will prevent punters turning up to a restaurant with 5-star reviews only to be served 1-star quality food. Or ordering a product online from a top-rated seller only to find it never turns up, or that when it does, it doesn’t look anything like it did in the picture, despite what previous buyers said.

Reviews were found to be used by 90% of consumers and contributed to the £217 billion spent in online retail markets in 2023, underscoring the importance of these new consumer protection laws.

New laws will also help prevent well-intentioned and compliant businesses from being under-cut by those seeking to catch out consumers with stealthy additional prices and fake reviews.

Sarah Cardell, Chief Executive of the CMA, said:

We will use these new provisions to safeguard people from harmful and unfair treatment, and to foster the level-playing field for the vast majority of businesses who want to do the right thing for their customers. We will be tackling the more egregious practices first and working hard to support businesses with compliance, conscious that – especially for small businesses – the burden of following the rules must be proportionate.

This new consumer protection regime will be implemented by the Competition and Markets Authority (CMA) in a way that is as simple as possible for smaller businesses to comply with.

This government is committed to taking action to reduce unnecessary burdens on business, meaning that should any new rules be required, these will be as clear as possible and only used where necessary and proportionate.

Notes to editors

• Legislation only bans unavoidable hidden fees. Optional fees, such as airline seats and luggage upgrades for flights, are not included.
• Website hosts are accountable for the reviews on their page. Businesses and online platforms will be legally required to take steps to prevent and remove the publication of fake reviews that are published on their websites. This could include, for example, having adequate detection and removal procedures in place to prevent fake reviews being published.

The press release issued by the Department for Business and Trade on 5 April 2025.

New entitlement will give thousands of eligible new parents each year with children in neonatal care a right to additional leave and pay.

• New right to neonatal care leave and pay enters into force this weekend.
• Parents of babies in neonatal care are entitled to an additional 12 weeks of leave and pay if eligible, on top of parental leave, as of tomorrow (6 April)
• The Government is supporting working families and protecting working people’s payslips, delivering on our Plan for Change.

Thousands of new parents each year will gain a day one right to leave and pay, if eligible, if they have a child in neonatal care as of tomorrow [Sunday 6 April].

Our Plan for Change relies on families having security in work. By protecting payslips and providing them with the support at work they need through these measures, we’re putting more money into the pockets of working people, delivering national renewal and growing the economy.

These measures will change the dial from where it is now, where working families have been faced with the challenge of going to work whilst their newborn baby is sick in neonatal care.

They will allow eligible parents to take up to 12 weeks of leave (and, if eligible, pay) on top of any other leave they may be entitled to, including maternity and paternity leave.

In a meeting between Justin Madders, the Employment Rights Minister, and campaigners from the charities The Smallest Things, Bliss and Working Families,

Employment Rights Minister Justin Madders said:

The campaigners and parents who have had to experience their children in neonatal care are an inspiration to us all and show just how much this new leave and pay entitlement is needed for families up and down the UK.

We know that many employers already go above and beyond the statutory minimum, which is why as part of our Plan for Change we’re creating a level playing field that ensures parents, wherever they work, have the vital relief they need to switch off from work and focus on their newborn baby.

Women’s Health Minister Baroness Merron said:

No parent should have to choose between being with their vulnerable newborn or returning to work. Our action today will make all the difference to families going through an incredibly stressful time.

We are giving parents peace of mind so they can focus on their family. At the same time, we are reforming the NHS and maternity and neonatal services to ensure that everyone receives the personalised, compassionate care that they deserve.

The new Neonatal Care Leave will apply to parents of babies who are admitted into neonatal care up to 28 days old and who have a continuous stay in neonatal care of 7 full days or longer.

These measures will aim to relieve some of the pressure on working families, providing the support families need to allow them to be by their child’s side without having to work throughout or use up their existing leave.

The Government’s Employment Rights Bill, which is currently making its way through Parliament, was introduced to upgrade workers’ rights across the UK, tackle poor working conditions and benefit businesses and workers alike. This includes bringing forward employment reforms, such as establishing day one rights for paternity, parental and bereavement leave for millions of workers.

Other measures being introduced by this Government include support for employers through the menopause and strengthened protections against unfair dismissal for pregnant women and new mothers.

Catriona Ogilvy, founder of parent-led charity The Smallest Things said:

The Smallest Things is thrilled that Neonatal Care Leave and Pay will finally be available to families from tomorrow (6 April).

This new law is the result of a decade of tireless campaigning by those who truly understand – neonatal parents themselves.

They know the journey doesn’t end when babies come home from hospital. Neonatal Leave will give families back stolen time. Time to be with their baby without the worry of work or pay. Time to bond. And time to begin to recover – both physically and mentally.

Neonatal parents and carers needed more time. From tomorrow, they’ll get it.

Bliss Chief Executive Caroline Lee-Davey said:

At Bliss we know just how important it is that babies born premature or sick have both parents at their side in neonatal care during their challenging first weeks and months of life, playing a hands-on role in their care.

That is why Bliss is so proud to have led campaigning for the introduction of the Neonatal Care (Leave & Pay) Act, which will provide thousands of employed parents every year with the assurance that they can take the time to be with their sick baby when they need it most.

We now look forward to working with the Government and employers to ensure that all parents who are eligible know about this new entitlement, as well as the wider information and support that they can access from Bliss throughout their neonatal journey.

Jane van Zyl, Chief Executive, Working Families said:

We are delighted to see the introduction of this new entitlement after having worked with policymakers on its development.

Having additional leave and pay will mean parents can be by their baby’s side when they need them most. By giving families some breathing space and the ability to manage childcare for older siblings, this policy will help relieve some of the financial and emotional strain families are under.

We hope employers will build on this support by developing enhanced neonatal polices, as many compassionate employers have already, and consider flexible working, a little of which can go a long way in supporting families.

Nisha Marwaha, Director of DE&I at Virgin Media O2 said:

Introducing paid neonatal care leave as a day one right is a lifeline for parents whose babies require medical care shortly after birth.

At Virgin Media O2, we’re proud to have been one of the first UK businesses to introduce paid neonatal leave more than two years ahead of it becoming a legal requirement. We’ve seen first-hand the difference it has made to our employees, allowing them to focus on caring for their sick baby and take time away from work with our full support.

That’s why we welcome the introduction of the legislation that will benefit around 60,000 new parents each year so they can be there for their loved ones when it counts, without having to worry about work.

Liz Jeffery, Vice President for People Experience at Sony Music, said:

When a baby is born prematurely or requires neonatal care after birth, it can be a very difficult time for parents.

Since 2018, Sony Music staff have been entitled to full pay during the period in which a baby is born before full term or spends time in neonatal care, ensuring they are financially supported until parental leave begins.

This policy has been a huge benefit for our employees over the past seven years and we are pleased to see that the law is changing to support other families going through these experiences.”

Jackie Henry, managing partner for people and purpose at Deloitte UK, said:

Family-friendly policies can have a profound impact in supporting people in the modern workplace.

That’s why at Deloitte UK, we provide 12 weeks’ paid neonatal care leave as part a wider package of policies and benefits, including six months’ paid family leave, and paid time off for caring responsibilities and fertility treatment.

Families come in all shapes and sizes, so policies like these allow our people to focus on what matters during some of the most important moments of their lives.

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

Government begins process seeking business views on response to US tariffs.

• UK Government launches next stage in process asking UK businesses to comment on options to shape UK’s potential response to US tariffs.
• Business and Trade Secretary tells Parliament UK is disappointed at US tariffs and will continue constructive discussions with US on wider deal.
• Tariffs remain the last resort, with options kept open.

UK businesses will shape the UK’s response to US tariffs announced overnight, as part of plans announced by the Business and Trade Secretary today.

Following the 10% reciprocal tariffs on a range of products announced by the Trump administration yesterday, UK companies are being invited to give their views on what any future UK response should look like by providing feedback to questions asking them the average value of their US imports, the impact of any possible UK tariffs and how they would adjust to them.

The Business and Trade Secretary has also today published an indicative list of goods imported from the US that may be considered in a future UK response. This makes it clear to businesses that the Government would not consider products in the wider public interest issues such as medical supplies and military equipment. It marks the next stage in the government’s ongoing preparations and negotiations with the US on our economic relationship.

Business and Trade Secretary Jonathan Reynolds said: 

The best interests of British business has shaped our approach throughout as we prepare for all scenarios, which is why we are asking them for their views on how these tariffs impact their operations and day-to-day lives.

Our cool-headed, pragmatic approach means that talks with the US will continue to reflect our mandate to deliver economic stability, as we press the case for a trading relationship that supports businesses on both sides of the Atlantic, and reflects our Plan for Change and the best interests of the UK public.

The Business Secretary and Ministers across government have been engaging widely with business organisations and companies from across the economy, including sectors like steel, automotive and food, and other companies who export a high number of goods to the US and stand to be affected by any tariffs. They will continue to meet a broad range of businesses in the coming days to provide support and set out the Government’s priority of defending the interests of UK industry.

The four-week Request for Input launched today and open until Thursday 1 May continues the Government’s engagement with a wide range of UK sectors in response to tariffs, its commitment to working in the national interest and delivering economic stability, and its support of the UK public and businesses as part of its Plan for Change.

Once the Request for Input closes, the Government will reflect on the feedback and consider how best to respond.

While preparing for all scenarios, this Government’s priority remains strengthening its relationship with the US through an economic prosperity deal, and both countries will continue to have constructive discussions in the coming weeks to agree this.

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

The Minister for Investment has signed a new partnership with Singaporean bank OCBC, which will help unlock £10 billion of investment into key priority sectors in the UK.

• Minister for Investment Poppy Gustafsson signs new partnership with OCBC, Singapore’s second largest bank, to facilitate £10 billion investment into the UK.
• Agreement will increase UK-Asia Pacific collaboration and support investment into priority growth sectors including energy, infrastructure and real estate.
• Comes in the wake of ratification of CPTPP – a massive trade deal with the region – helping to create economic growth and supporting the Plan for Change.

New collaboration between the UK government and one of the largest banks in Southeast Asia will unlock £10 billion of investment into Britain, boosting economic growth and driving forward the government’s Plan for Change.

Today [Wednesday 2 April], Minister for Investment Baroness Poppy Gustafsson has signed the new MoU with the Oversea-Chinese Banking Corporation Limited’s (OCBC) Head of Global Corporate Banking Elaine Lam.

The bank aims to finance £10 billion of investment from the Asia Pacific region into priority growth sectors including energy, infrastructure and real estate by 2030.

Minister for Investment Baroness Poppy Gustafsson CBE said:

This £10 billion commitment from OCBC is a major vote of confidence in the UK economy. Not only will it help create more opportunities in real estate and infrastructure, but will also back our clean energy industry, a key growth sector identified in our upcoming Industrial Strategy.”

We have the most open, stable and connected economy in the world – and our Plan for Change will encourage more international companies to invest here, delivering long-term growth that supports good, skilled jobs across the country.

Under the newly expanded Office for Investment, OCBC will collaborate with the government to promote the UK as a hub for businesses, investors and services, attracting billions of pounds worth of investment from Asia and supporting the government’s growth mission.

As one of the largest banks in Southeast Asia, OCBC brings valuable private capital from Asia into the UK. OCBC’s plan to finance £10 billion worth of investment until 2030 signifies the significant opportunities from Asia and is a huge vote of confidence in the UK economy.

OCBC Head of Global Corporate Banking Elaine Lam said:

The UK and Singapore share historically deep ties and OCBC is proud to play a part in further strengthening the relationship with this agreement. Our UK business has grown significantly over the years and our London branch is now the largest in our international network. The growth has been driven by developments in sectors such as real estate, renewables, energy transition as well as digital and core physical infrastructure.

These align with the priority sectors outlined in the UK’s industrial strategy and we will double down on our efforts to drive further growth in these areas. We are also committed to supporting UK companies that are keen to establish or expand operations in Singapore and Southeast Asia. We look forward to building on our strong track record in the UK to deliver on these goals.

The UK and Asia-Pacific trading relationship is worth £126 billion. This new partnership will create more opportunities in key growth driving sectors identified in the government’s upcoming modern Industrial Strategy, and build on the UK’s CPTPP ratification – expected to boost the economy by £2 billion a year in the long-term.

The collaboration will also help facilitate further trade and investment with the APAC region, as the UK remains committed to free and fair trade, with a pro-business approach focused on reducing barriers to investment.

The government’s new modern Industrial Strategy will deliver long-term, sustainable, inclusive growth right across the UK by driving investment into the economy and hardwire stability for investors, giving them the confidence to plan not just for the next year, but for the next 10 years and beyond.