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 discussions he has had with the Chancellor of the Exchequer and financial regulators on implementation of the financial services chapter of the UK–Republic of Korea Free Trade Agreement.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
Engagement between the Secretary of State for Business and Trade and the Chancellor of the Exchequer has focused on key aims for the UK-Republic of Korea FTA. HM Treasury officials, who negotiated financial services provisions, have engaged regularly with UK financial regulators throughout.
The Department for Business and Trade will lead on implementing the agreement, with input from HMT officials on financial services provisions. The Financial Services chapter contains consultation provisions which provide a formal mechanism for the UK Government – including, where appropriate, representatives from its financial regulators - to discuss implementation of these commitments with the Republic of Korea.
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 identified sector-specific barriers to UK investment in the Republic of Korea since conclusion of the UK–Republic of Korea Free Trade Agreement.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
Throughout this negotiation we have sought to address current and future barriers, impacting both goods and services trade. Once the agreement enters into force, DBT will, in line with standard practice, monitor trade and investment flows to assess the impact of the new agreement. This will include seeking to identify any new and emerging sector-specific barriers affecting UK investment in the Republic of Korea.
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 plans to take to assess the effectiveness of the investment and financial services provisions of the UK–Republic of Korea Free Trade Agreement.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
We will publish a full assessment of the economic impact of the UK-Republic of Korea FTA when the agreement is formally signed. Once the agreement enters into force, DBT will monitor the utilisation of the FTA by businesses, in line with standard practice.
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 he has made of the potential impact of the UK–Republic of Korea Free Trade Agreement on UK institutional investment in Korean capital markets.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
The upgrade agreement includes a range of commitments aimed at driving growth in services trade and investment. We assess that these will add £400m to existing services exports in the long-term. We will publish a full assessment of the economic impact of the UK-Korea FTA when the agreement is formally signed.
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 formal mechanisms exist for engagement with financial services firms on the operation of the UK–Republic of Korea Free Trade Agreement.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
Both DBT and HM Treasury conduct routine engagement with Financial Services firms and representative bodies. HMT’s Working Group discusses the negotiation and operation of UK trade agreements, including the UK-Republic of Korea FTA. DBT conducts engagement with Financial Services firms and representative bodies as part of its broader services engagement programme. This includes bilateral conversations and fora to collate interests in UK trade agreements, including the UK-Republic of Korea FTA, and assess business sentiment regarding their negotiation.
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 he has issued guidance on the processes for identifying firms in the Buckingham and Bletchley constituency eligible for scale-up support.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
As announced in the Industrial Strategy and Plan for SMEs, DBT is developing a new scale-up offer to help firms with high growth potential start, scale and stay in the UK. I am aware of the work my Honourable Friend is doing to drive investment into Bletchley and the businesses in his constituency through the Bletchley Investment Taskforce. I hope working together, in partnership with the Buckinghamshire Business First and South Midlands Growth Hubs, we can do more to support economically important scale-ups in his constituency and across the UK.
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 estimate he has made of the number of small businesses in Buckingham and Bletchley constituency that will be eligible for the new cost-reduction support programmes announced in 2025 following the Willow Review.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Government is committed to supporting businesses of all sizes in the transition to net zero. We are helping SMEs countrywide access sustainability benefits through initiatives such as the new Business Growth Service, the UK Business Climate Hub (UKBCH) for decarbonisation advice, and the rollout of smart meters. Additionally, the Made Smarter Adoption programme for manufacturing SMEs in the South East will double its budget from April to £3.1m, boosting productivity through digital adoption-focused skills and grants.
Following the Willow Review, £200,000 has been allocated to enhance UKBCH and integrate it with the Business Growth Service. The network of local Growth Hubs, including Buckinghamshire Business First, offer tailored support at any stage of a business's journey and can signpost to these new and improved offers.
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 establish metrics to monitor the effectiveness of the Government’s scale-up interventions.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
Monitoring and evaluation are an important way of identifying lessons that can be learnt to improve both the design and delivery of future interventions. Consistent with HMT guidance, we will establish metrics and proportionate monitoring and evaluation provisions for DBT’s scale-up interventions.
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 estimate he has made of the number of UK business sectors that will fall within scope of the market-access discussions with Turkey.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
It is too soon to presume on the final outcomes of FTA negotiations with Turkey, but we have held three successful rounds of negotiations to date.
We already have a goods focussed FTA with Turkey, providing tariff-free access on industrial goods. Both countries are now working towards ambitious outcomes across trade in services and digital trade, areas not covered by the existing agreement. We will continue to work with our independent regulators on any decisions relating to cooperation with Turkey.
Our prioritisation decisions will align with our Industrial Strategy - including its eight sectors of focus - and Trade Strategy and will be informed by the latest economic data, with the aim of fulfilling our mission of securing the highest sustained growth in the G7.
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 processes his Department uses to determine which UK industries will be prioritised during negotiations for an enhanced free trade agreement with Turkey.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
It is too soon to presume on the final outcomes of FTA negotiations with Turkey, but we have held three successful rounds of negotiations to date.
We already have a goods focussed FTA with Turkey, providing tariff-free access on industrial goods. Both countries are now working towards ambitious outcomes across trade in services and digital trade, areas not covered by the existing agreement. We will continue to work with our independent regulators on any decisions relating to cooperation with Turkey.
Our prioritisation decisions will align with our Industrial Strategy - including its eight sectors of focus - and Trade Strategy and will be informed by the latest economic data, with the aim of fulfilling our mission of securing the highest sustained growth in the G7.