Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if he will provide indemnities to automotive companies for the period following the announcement of the UK-US trade deal but prior to the implementation of lower tariff rates.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
The deal agreed on 8 May will protect jobs in the automotive and steel industries. Talks with the US are ongoing to progress implementation of the General Terms of the UK-US Economic Prosperity Deal and ensure that UK businesses feel the benefits as soon as possible.
The US has committed to removing Section 232 tariffs on steel. In addition, it has pledged to reduce tariffs on automotives faced by UK exporters by developing a quota system – which will save thousands of jobs in the UK.
We remain committed to working in close partnership with industry to support their needs and ensure that the interests of British businesses are at the forefront of our engagement with the US.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if he will provide indemnities to steel companies for the period following the announcement of the UK-US trade deal but prior to the implementation of lower tariff rates.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
The deal agreed on 8 May will protect jobs in the automotive and steel industries. Talks with the US are ongoing to progress implementation of the General Terms of the UK-US Economic Prosperity Deal and ensure that UK businesses feel the benefits as soon as possible.
The US has committed to removing Section 232 tariffs on steel. In addition, it has pledged to reduce tariffs on automotives faced by UK exporters by developing a quota system – which will save thousands of jobs in the UK.
We remain committed to working in close partnership with industry to support their needs and ensure that the interests of British businesses are at the forefront of our engagement with the US.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to the UK-US trade agreement, what steps he plans to take to manage the allocation of the 100,000 vehicle quota.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
UK imports to the US will now face a lower tariff of 10% for a quota of 100,000 vehicles. The UK exports around 100,000 cars a year to the US - so this quota will ensure most cars entering the US will do so at the preferential rate.
We continue to work closely with both UK manufacturers and the US administration as we work through the implementation of tariff relief. Both DBT Secretary of State and Minister Jones have met with industry representatives to discuss development of the quota system. We will provide further detail in due course.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what representations her Department has made to the Office for National Statistics on the economic classification assessment of British Steel.
Answered by Darren Jones - Chief Secretary to the Treasury
HM Treasury officials work with the independent Office for National Statistics (ONS) to discuss their forward workplan for economic statistics classifications and the priorities for HM Treasury within that workplan (as set out in the ONS’ website). These discussions have included the review of the classification of British Steel, which the ONS' forward work plan notes they expect to complete in Quarter 2 (April-June) of 2025.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the Cabinet Office:
To ask the Minister for the Cabinet Office, whether the potential use of eGates set out in the UK-EU Common Understanding will include an exemption from the upcoming EU Entry Exit system requirements for fingerprinting.
Answered by Nick Thomas-Symonds - Paymaster General and Minister for the Cabinet Office
UK national travellers will be required to register in the EU’s Entry/Exit System (EES). Exemptions will be in place for UK nationals who are Withdrawal Agreement beneficiaries or otherwise long-term resident in the EU. Implementation of the EES is a matter for the EU and its Member States, and subject to ongoing EU legislative processes.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, how many UK-based start-ups raised venture-capital rounds that included at least one overseas investor in each of the last five years; and what the total capital raised in those rounds was in each year.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
According to figures recently published by the BVCA, UK businesses raised £9bn of venture and growth capital in 2024 - a 12.5% rise compared to 2023. This reflects the UK’s position as Europe’s leading hub for Venture Capital, attracting investment into our world class technology and innovation.
The Government has introduced a range of new measures to unlock more later stage capital from domestic sources, such as the Mansion House reforms and the British Growth Partnership. This will ensure that the British economy benefits even more from its thriving venture capital ecosystem.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what representations the Minister for Investment has received on the decision to end the remittance basis of taxation.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
The Minister for Investment has not had any specific meetings on the topic of changes to the remittance basis of taxation.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what representations his Department has made to the Office for National Statistics on the economic classification assessment of British Steel.
Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)
My department is currently working closely with both ONS and HMT to determine the classification of BSL. My department's current expectation is for BSL to be classified as a public corporation and that the situation will remain under review by ONS.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the total stock of UK corporate bonds held by non-resident investors was in each quarter of the last five years for which figures are available.
Answered by James Murray - Exchequer Secretary (HM Treasury)
As part of their Balance of Payments release, the Office for National Statistics produce statistics on cross-border transactions and positions. This includes information on the aggregate market value of UK quoted equities held by non-resident investors, net inflows of portfolio and other investment from non-resident investors, as well as the total stock of UK corporate bonds held by non-resident investors.
The ONS published their most recent Balance of Payments release on 28 March 2025, which is available on their website at Balance of Payments, UK - Office for National Statistics. The statistics on inflows and stocks/market values can be found in Table J and in Table K respectively.
Asked by: Andrew Griffith (Conservative - Arundel and South Downs)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what the net inflow of (a) portfolio and (b) other investment from non-resident investors to the UK was in each quarter since Q1 2019 for which data is available.
Answered by James Murray - Exchequer Secretary (HM Treasury)
As part of their Balance of Payments release, the Office for National Statistics produce statistics on cross-border transactions and positions. This includes information on the aggregate market value of UK quoted equities held by non-resident investors, net inflows of portfolio and other investment from non-resident investors, as well as the total stock of UK corporate bonds held by non-resident investors.
The ONS published their most recent Balance of Payments release on 28 March 2025, which is available on their website at Balance of Payments, UK - Office for National Statistics. The statistics on inflows and stocks/market values can be found in Table J and in Table K respectively.