Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps he is taking to help ensure the fair regional distribution of funding from the £500 million support package for underrepresented entrepreneurs.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
The new funding for entrepreneurs from underrepresented groups will be fairly distributed across the UK. Since the British Business Bank's founding, the Bank has backed businesses in all nations and regions of the UK, helping to deliver significant economic impacts.
The 10 Year Impact Report shows that 84% of the supported businesses have been based outside of London. The estimated GVA impact from the Bank's support reaches or exceeds £1bn in each and every nation and region. This is accompanied by tens of thousands of jobs being supported in each nation and region as well as boosting economically significant job creation.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, how the Department intends to measure the economic impact of the Developing Countries Trading Scheme on UK importers.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
The Department has not undertaken a further economic impact assessment following the launch of the DCTS. The Scheme provides UK businesses with the opportunity to diversify supply chains and reduce import costs by sourcing from DCTS countries, which benefit from duty-free access on an average of 94% of goods exported to the UK. We routinely monitor trade flows and utilisation of the Scheme, which shows that over £16 billion in UK imports has benefitted from tariff savings since the DCTS launched in June 2023. We also welcome feedback from businesses and beneficiaries on the operation of the Scheme.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what role the Developing Countries Trading Scheme plays in the Department’s strategy for strengthening UK trading relationships in sub-Saharan Africa.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
We are committed to our trading relationships across the continent of Africa, founded on partnerships and respect, to deliver mutual long-term benefit. Recent UK-Africa consultations demonstrated that African partners want increased trade with countries like the UK, and within the continent. Trade has the potential to drive growth. The UK provides duty-free, or virtually duty-free, market access for goods from 48 countries in Africa through our Developing Countries Trading Scheme (DCTS) and network of Economic Partnership Agreements. The UK also continues to support African partners to boost intra-African trade and prosperity through the African Continental Free Trade Area Agreement.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether his Department has made an assessment of the potential long-term tariff revenue impact of the Developing Countries Trading Scheme.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
The Department has not undertaken a quantitative assessment of the future long-term tariff revenue impact of the DCTS. Before launching the DCTS, the Department estimated based on historical trade patterns, annual tariff savings of up to £770 million to UK imports, benefitting UK businesses and consumers. The Scheme's primary objective is to support trade-led growth and poverty reduction in developing countries. Any long-term impact on UK tariff revenue is expected to be modest and proportionate to the development benefits it delivers.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether her Department has made an assessment of the potential impact of the removal of seasonal tariffs under the Developing Countries Trading Scheme on UK business sectors.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
The Developing Countries Trading Scheme entered into force in June 2023 following thorough consultation and analysis. This included consultation with private sector stakeholders on UK market sensitivities. Seasonal tariffs were subsequently removed for four products (strawberries, cucumbers, artichokes, and wilkings) for imports from Enhanced Preferences countries. Where there is a risk to UK competitiveness, tariffs have been retained. The Government keeps trade preferences under review and may amend them in line with strategic trade priorities.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment his Department has made of potential impact of the private sector investment announced at the UK–Japan business summit on businesses in Buckingham and Bletchley constituency.
Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)
Japan is an important economic partner, with more than 1,200 Japanese owned companies in the UK, supporting over 150,000 jobs across the UK
On 7 March, Foreign Secretary David Lammy and Business and Trade Secretary Jonathan Reynolds visited Tokyo for the inaugural UK-Japan Economic 2+2 Dialogue. The two Secretaries of State were accompanied by a UK business delegation and met representatives of Japanese business and industry
On 9 July, Minister for Investment Poppy Gustafsson travelled to Tokyo and met with Japanese businesses to support further Japanese investment into the UK. During the visit, Sumitomo Corporation announced its aim to facilitate £7.5 billion of investment into key UK infrastructure and clean energy projects by 2035. Department for Business and Trade officials are monitoring the implementation of these projects closely.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether his Department is taking steps to monitor the timeline of the implementation of private sector investment projects arising from the UK–Japan business summit.
Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)
Japan is an important economic partner, with more than 1,200 Japanese owned companies in the UK, supporting over 150,000 jobs across the UK
On 7 March, Foreign Secretary David Lammy and Business and Trade Secretary Jonathan Reynolds visited Tokyo for the inaugural UK-Japan Economic 2+2 Dialogue. The two Secretaries of State were accompanied by a UK business delegation and met representatives of Japanese business and industry
On 9 July, Minister for Investment Poppy Gustafsson travelled to Tokyo and met with Japanese businesses to support further Japanese investment into the UK. During the visit, Sumitomo Corporation announced its aim to facilitate £7.5 billion of investment into key UK infrastructure and clean energy projects by 2035. Department for Business and Trade officials are monitoring the implementation of these projects closely.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps his Department will take to encourage (a) awareness and (b) take-up of UK Export Finance products by SMEs planning to trade with Taiwan.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
In addition to its suite of products to help SMEs export, UK Export Finance (UKEF) has a network of Export Finance Managers (EFMs) around the whole of the UK who can provide information to exporters of all sizes on a range of subjects, including trading across a range of markets. The EFMs’ contact details can be found at: Find an Export Finance Manager - GOV.UK
The Department for Business and Trade maintains a strong relationship with Taiwan and in particular, a shared ambition to grow trade. The full range of UKEF products and services is available to support potential exporters to Taiwan, and for longer-term contracts, local currency financing is available. UKEF works with DBT officials based in the British Office in Taipei, and has supported many transactions in Taiwan in recent years, and on specifically on 10 July announced it is providing a guarantee for a major offshore wind farm. This will allow four exporters across the UK to secure contracts, and will support jobs across the UK’s renewable energy supply chain.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether his Department has made an assessment of the potential merits of including (a) semiconductors, (b) offshore wind and (c) digital infrastructure in further bilateral investment co-operation under the investment pillar of the UK–Taiwan Enhanced Trade Partnership.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
As set out in the UK’s Trade Strategy, flexible trading arrangements and partnerships, such as the UK-Taiwan Enhanced Trade Partnership (ETP), are a valuable part of our toolkit.
The Investment Pillar of the ETP, along with the Digital Trade and Energy & Net Zero Pillars, sets out commitments on our respective trade and investment environments and frameworks. Our cooperation through the ETP will support trade and investment across all sectors, especially in the growth driving sectors outlined in the Modern Industrial Strategy. In particular, we will be focusing our implementation activities on complementary strengths between the UK and Taiwan, including in Advanced Manufacturing, Offshore Wind and Digital Infrastructure.
My department will keep businesses informed as we work with Taiwan to deliver our commitments under the ETP.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether his Department plans to publish a roadmap for the implementation of the commitments made under the investment pillar of the UK–Taiwan Enhanced Trade Partnership.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
As set out in the UK’s Trade Strategy, flexible trading arrangements and partnerships, such as the UK-Taiwan Enhanced Trade Partnership (ETP), are a valuable part of our toolkit.
The Investment Pillar of the ETP, along with the Digital Trade and Energy & Net Zero Pillars, sets out commitments on our respective trade and investment environments and frameworks. Our cooperation through the ETP will support trade and investment across all sectors, especially in the growth driving sectors outlined in the Modern Industrial Strategy. In particular, we will be focusing our implementation activities on complementary strengths between the UK and Taiwan, including in Advanced Manufacturing, Offshore Wind and Digital Infrastructure.
My department will keep businesses informed as we work with Taiwan to deliver our commitments under the ETP.