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India Gazette
2 days ago
- Business
- India Gazette
UK: New trade strategy released to protect and boost British business
London [United Kingdom], June 26 (ANI): The UK government released a new Trade Strategy on Thursday to make the UK the most connected nation in the world, while protecting vital industries from global threats and supporting businesses to thrive. The new Trade Strategy sets out how the UK will unlock Pound 5 billion for businesses and expand UK Export Finance (UKEF) capacity to Pound 80 billion, delivering growth as part of the Plan for Change As per a statement, the UK sets its sights on quicker deals that firms can benefit from sooner, with a strong focus on services and high-growth sectors British businesses will be given greater access to global markets more quickly as the UK today published its first Trade Strategy since leaving the EU. The new Strategy will make the UK the most connected nation in the world and secure billions worth of opportunities for businesses, helping deliver the economic growth needed to put money in people's pockets, strengthen local economies, create jobs, and raise living standards. It takes a more agile and targeted approach than the previous government's, focusing on quicker, more practical deals that deliver faster benefits to UK businesses. It strengthens trade defences, expands export finance - especially for smaller firms - and aligns trade policy with national priorities like green growth and services. The new strategy also unlocks Pound 5 billion worth of opportunities for UK exporters through the new Ricardo Fund, which will tackle complex regulatory issues, shape global standards, and remove obstacles for UK businesses selling abroad. It also expands UK Export Finance (UKEF)'s capacity by Pound 20 billion to a total of Pound 80 billion, announces a new Small Export Builder to give smaller firms better access to export protection insurance, and introduces improvements to help overseas buyers finance repeat orders from trusted UK suppliers in a more streamlined way. Further, it vows to bolster UK's trade defence toolkit and make their trade remedies system more agile, assertive, and accountable to guard British businesses against global turbulence and the growing threat of unfair trading practices. It targets more mutual recognition of qualifications to boost the UK's status as a services superpower - the 2nd biggest exporter of services in the world. It builds on existing clean energy and green sector agreements with partners including Norway, Japan and South Korea and explores new, deeper cooperation with markets such as Brazil, the Philippines and Mexico. It announces the UK will join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), a temporary arbitration arrangement for resolving appeals to WTO trade disputes, demonstrating our commitment to an effective rules-based international trading system The Trade Strategy comes amid a backdrop of turbulent economic waters, resurgent protectionism and unfair trading practices creating significant challenges for businesses and industries across the whole of the UK. 'Together with our modern Industrial Strategy - a plan to grow the UK's growth-driving sectors - we are strengthening businesses at home and setting clear direction to ensure success abroad and create high-paid, secure jobs in every part of this country,' the statement added. It follows three significant trade deals agreed last month with huge benefits for UK businesses, jobs and consumers. Not only does the deal with India add Pound 4.8 billion to the economy and Pound 2.2 billion to wages each year, its reduced and liberalised tariffs means more whisky and gin is likely to be sold to Indian consumers and British shoppers could see cheaper prices on things like clothes, footwear and food products. 'Our landmark deal with the US, the only one they have agreed with any country, protects hundreds of thousands of British jobs from automotive workers in the West Midlands, to aeroplane builders in Wales, to steelmakers in Scunthorpe. It shows the government delivering on its promise to champion British businesses and put jobs and livelihoods first,' the statement added. The EU agreement, meanwhile, cuts red tape and improves access to the UK's biggest trading partner, it said. It means Scottish salmon farmers can sell their fish more easily to the EU, Welsh sausages and lamb mince exports will no longer be blocked, and British pets can join their owners on holiday with less headache. Prime Minister, Keir Starmer, said: 'What works for business, works for Britain. It means more jobs, more opportunities, and more money in people's pockets.' 'That's why I've backed British industry through global headwinds - securing major trade deals with the US, India and the EU that protect jobs and drive growth right across the country. Today's Trade Strategy is a promise to British business: helping firms sell more, grow faster, and compete globally. It's about delivering growth as part of our Plan for Change--and making sure working people feel the benefits,' the prime minister added, as per the statement. Business and Trade Secretary Jonathan Reynolds said: 'The UK is an open trading nation but we must reconcile this with a new geopolitical reality and work in our own national interest. Our Trade Strategy will sharpen our trade defence so we can ensure British businesses are protected from harm, while also relentlessly pursuing every opportunity to sell to more markets under better terms than before.' 'Broad and complex trade deals like we secured with India will bring billions to our economy every year but to deliver the Plan for Change we will strike more agile, targeted deals that exploit the sectors which drive the most growth for our economy,' Reynolds added. 'It comes as the government works in partnership with industry to shape future steel trade measures which will prevent cheap imports from undercutting UK businesses, following the expiry of the current UK steel safeguard measure in June 2026. Collaboration with steel producers, consumers and unions will help ensure the new phase of our trade defences continue to protect UK businesses and jobs, while providing a fair and competitive market. UKEF measures included in the Strategy accompanies news this week that up to Pound 13 billion of direct lending will be used to help boost exports across key industrial sectors, marking a Pound 3 billion uplift in UKEF's facility.' Trade Minister Douglas Alexander said: 'This new hard-headed, data driven, and agile approach to trade policy is guided by our pragmatic patriotism. In this changed and challenging world, we will promote what we can and protect what we must to advance the UK's national interest. 'Through our Trade Strategy, we are supporting our businesses to expand and export with a wider range of trade tools that harness our high-growth industries of the future to deliver this government's Plan for Change. 'As we target these agreements, we will take every step necessary to safeguard British businesses from the increasingly protectionist mood in much of the world by sharpening our defensive toolkit. 'To complement the Trade Strategy, we have also today published the Global Trade Outlook 2025 which explores the long-term trends that may shape the global economy and international trade in the coming decades.' Shevaun Haviland, Director General at the BCC, said: 'The Trade Strategy sets out a clear, evidence-based approach to raising the UK's export game. It rightly targets our strength in services, and vital high-growth goods sectors while identifying key markets in the Indo-Pacific, Americas and European neighbourhood. 'A focus on sectoral and digital trade deals is also welcome, alongside a commitment to a functioning rules-based global trading system. 'Place matters in trade. This strategy can generate economic growth in every nation and region of the UK, lowering tariffs and removing trade barriers. Our Chamber Network stands ready to build, invest and deliver on international trade as a partner of government and an engine for economic growth.' Rain Newton-Smith, CEO, CBI said: 'Businesses are clear that positioning the UK as an outward looking nation is a show of strength in this increasingly fragmented world. Backing free trade is critical to facing the great global challenges and opportunities of our time. 'The UK must be bold and ambitious to be a key player in the global race for growth. Today's Strategy offers a dynamic vision which will help the UK to position itself as one of the world's leading locations for investment and trade. Leaning into that openness, our international commitments, and partnerships with like-minded allies will be integral to our success. 'We now need government and business to work together to turn this ambition into action and ensure that the UK seizes on the opportunities available within the global economy.' Ian Stuart, CEO of HSBC UK: 'I welcome today's announcement of the Trade Strategy. It provides a vital blueprint to ensure the UK's continued role as a great trading nation and leading services exporter, with a focus on the sectors that will drive growth in the decades to come. 'It also rightly recognises the challenges many exporters face at a time of heightened global uncertainty. This is a necessary first step in giving businesses the tools they need to thrive on the world stage. HSBC looks forward to supporting businesses to take advantage of the strategy and unlock the full benefits of international trade.' Jon Holt, Group Chief Executive and UK Senior Partner, KPMG, said: 'Our professional and business services industry is an international success story with our expertise in demand around the world. As a high-growth sector, we have long called for a Trade Strategy that enables UK businesses to take advantage of new global opportunities and expand into emerging markets. 'Today we have a clear plan. From removing barriers to overseas markets, to making it easier for our highly skilled people to travel and work across borders, this approach will strengthen our connectivity, boost inward investment and make sure our sector remains globally competitive. 'The strategy's success will depend on a strong partnership between business and Government.' Stephen Phipson CBE, CEO of Make UK, the manufacturers' organisation said: 'Industry will welcome the Trade Strategy which, for the first time, aligns hard on the heels of the Industrial Strategy and is a perfect example of joined up thinking across Government which has long been missing. 'In particular, as well as a focus on new markets, it will help optimise market access and signposting for companies, especially SMEs, to take advantage of current trade deals with a new focus on strategic economic partnerships with key trading partners. 'At the same time, as well as helping boost exports, it will strengthen trade defences against the threat of dumping and support UK firms in reporting possible trade discrepancies to the Trade Remedies Authority.' Mike Hawes, SMMT Chief Executive, said: 'UK Automotive is a trade powerhouse, generating imports and exports worth Pound 108 billion a year and typically Britain's biggest exporter of manufactured goods. Free and fair trade is fundamental to our success and recent agreements with India, the US and, particularly, the EU signal that intention. 'Today's trade strategy, aligned to the industrial strategy announced earlier this week, provides confidence to help our sector navigate the many headwinds we face and sets a foundation for future success. 'Balanced trading relationships that break down tariffs and regulatory barriers to trade will enable automotive companies to grow and get great British products into the hands of consumers all over the world, boosting jobs, business and prosperity at home.' Heathrow's Chief Communications and Sustainability Officer, Nigel Milton, said: 'We welcome this Trade Strategy, which is set to provide greater support for exporters and champion the importance of free trade. 'As the UK's hub airport and largest port by value, we know firsthand how trade can serve as a powerful engine for economic growth. 'With our unrivalled access to global markets Heathrow is the UK's gateway to growth and we stand ready to support the Government and exporters from across the country with the rollout of the new strategy.' Paul Nowak, TUC General Secretary, said: 'This is an important step forward to a trade agenda with workers' rights and good jobs at its heart. 'It's right that the government is focusing on removing barriers to trade with our largest trading partner - the EU - on which thousands of quality jobs depend, and it's vital that the government continues to show ambition in its trading reset with the bloc. 'Standing up for good jobs in sectors such as steel is essential and hugely welcome, especially with global trade wars leading to countries undercutting British products with cheaper foreign imports. 'The government has set out a path towards a values-based approach to trade, which supports international labour standards and human rights globally. We look forward to seeing the full detail and working with them to deliver this.' John Pattinson, Founder and Managing Director of Air Covers Ltd, and a DBT Export Champion, said: 'The UK Government plays a vital role in enabling and accelerating the journey to export - a critical driver of economic growth. At Air Covers, we have benefited greatly from our close partnership with DBT Wales. 'The support we've received from DBT Wales, as well as from UK embassies and High Commissions around the world, has been instrumental to our expansion and success in international markets. 'We believe that the UK Government's Trade Strategy will open new opportunities for growth, both in established regions and emerging markets. For UK exporters, free trade agreements and the simplification of cross-border regulations are essential to unlocking global potential and maintaining a competitive edge.' Julian David, CEO of techUK, said: 'TechUK welcomes the launch of this trade strategy as a landmark moment. For the first time, we have a coherent, long-term plan that reflects the realities of current geopolitics and the UK's unique strengths - particularly in services and high-growth, innovation-driven sectors like ours. 'It's especially encouraging to see government pulling together the full suite of tools at its disposal - from digital trade agreements to commercial diplomacy and meaningful trade defence instruments. We look forward to working closely with government to turn this vision into impact and ensure the UK remains a leader in the global digital economy.' Marco Forgione, Director General of the Chartered Institute of Export and International Trade, said: 'Today's new Trade Strategy is a welcome step forward that reflects many of the priorities we've been championing on behalf of our members, especially SMEs, who need targeted, accessible support to grow internationally. 'From the Small Exports Builder to enhanced UK Export Finance, these are practical tools designed to reduce friction and unlock potential for thousands of firms across the UK. 'We've worked closely with government to feed in the real-world experiences of our members, and it's encouraging to see those insights reflected in today's announcement. 'Launched alongside the Industrial Strategy, this sets a more joined-up direction for trade and growth. Now the focus must be on delivery, and we stand ready to help make it happen.' Tina McKenzie, Policy Chair of the Federation of Small Businesses, said: 'Small firms know exporting is good for growth, so it's good to see a clear strategy on trade. We welcome the government's commitment to creating better digital tools, less red tape and putting stronger focus on practical support beyond just trade deals. 'We also need to see more money and new funding programmes for SMEs wanting to trade internationally, as well as more bespoke support for the smallest firms, who do not qualify for one-to-one help. 'Small firms have been bogged down by unnecessary rules and costs for far too long, and today's strategy is the first step to creating a better environment for exporters and importers.' (ANI)
Times of Oman
2 days ago
- Business
- Times of Oman
UK: New trade strategy released to protect and boost British business
London: The UK government released a new Trade Strategy on Thursday to make the UK the most connected nation in the world, while protecting vital industries from global threats and supporting businesses to thrive. The new Trade Strategy sets out how the UK will unlock £5 billion for businesses and expand UK Export Finance (UKEF) capacity to £80 billion, delivering growth as part of the Plan for Change As per a statement, the UK sets its sights on quicker deals that firms can benefit from sooner, with a strong focus on services and high-growth sectors. British businesses will be given greater access to global markets more quickly as the UK today published its first Trade Strategy since leaving the EU. The new Strategy will make the UK the most connected nation in the world and secure billions worth of opportunities for businesses, helping deliver the economic growth needed to put money in people's pockets, strengthen local economies, create jobs, and raise living standards. It takes a more agile and targeted approach than the previous government's, focusing on quicker, more practical deals that deliver faster benefits to UK businesses. It strengthens trade defences, expands export finance - especially for smaller firms - and aligns trade policy with national priorities like green growth and services. The new strategy also unlocks £5 billion worth of opportunities for UK exporters through the new Ricardo Fund, which will tackle complex regulatory issues, shape global standards, and remove obstacles for UK businesses selling abroad. It also expands UK Export Finance (UKEF)'s capacity by £20 billion to a total of £80 billion, announces a new Small Export Builder to give smaller firms better access to export protection insurance, and introduces improvements to help overseas buyers finance repeat orders from trusted UK suppliers in a more streamlined way. Further, it vows to bolster UK's trade defence toolkit and make their trade remedies system more agile, assertive, and accountable to guard British businesses against global turbulence and the growing threat of unfair trading practices. It targets more mutual recognition of qualifications to boost the UK's status as a services superpower - the 2nd biggest exporter of services in the world. It builds on existing clean energy and green sector agreements with partners including Norway, Japan and South Korea and explores new, deeper cooperation with markets such as Brazil, the Philippines and Mexico. It announces the UK will join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), a temporary arbitration arrangement for resolving appeals to WTO trade disputes, demonstrating our commitment to an effective rules-based international trading system. The Trade Strategy comes amid a backdrop of turbulent economic waters, resurgent protectionism and unfair trading practices creating significant challenges for businesses and industries across the whole of the UK. "Together with our modern Industrial Strategy - a plan to grow the UK's growth-driving sectors - we are strengthening businesses at home and setting clear direction to ensure success abroad and create high-paid, secure jobs in every part of this country," the statement added. It follows three significant trade deals agreed last month with huge benefits for UK businesses, jobs and consumers. Not only does the deal with India add £4.8 billion to the economy and £2.2 billion to wages each year, its reduced and liberalised tariffs means more whisky and gin is likely to be sold to Indian consumers and British shoppers could see cheaper prices on things like clothes, footwear and food products. "Our landmark deal with the US, the only one they have agreed with any country, protects hundreds of thousands of British jobs from automotive workers in the West Midlands, to aeroplane builders in Wales, to steelmakers in Scunthorpe. It shows the government delivering on its promise to champion British businesses and put jobs and livelihoods first," the statement added. The EU agreement, meanwhile, cuts red tape and improves access to the UK's biggest trading partner, it said. It means Scottish salmon farmers can sell their fish more easily to the EU, Welsh sausages and lamb mince exports will no longer be blocked, and British pets can join their owners on holiday with less headache. Prime Minister, Keir Starmer, said: "What works for business, works for Britain. It means more jobs, more opportunities, and more money in people's pockets." "That's why I've backed British industry through global headwinds - securing major trade deals with the US, India and the EU that protect jobs and drive growth right across the country. Today's Trade Strategy is a promise to British business: helping firms sell more, grow faster, and compete globally. It's about delivering growth as part of our Plan for Change--and making sure working people feel the benefits," the prime minister added, as per the statement. Business and Trade Secretary Jonathan Reynolds said: "The UK is an open trading nation but we must reconcile this with a new geopolitical reality and work in our own national interest. Our Trade Strategy will sharpen our trade defence so we can ensure British businesses are protected from harm, while also relentlessly pursuing every opportunity to sell to more markets under better terms than before." "Broad and complex trade deals like we secured with India will bring billions to our economy every year but to deliver the Plan for Change we will strike more agile, targeted deals that exploit the sectors which drive the most growth for our economy," Reynolds added. "It comes as the government works in partnership with industry to shape future steel trade measures which will prevent cheap imports from undercutting UK businesses, following the expiry of the current UK steel safeguard measure in June 2026. Collaboration with steel producers, consumers and unions will help ensure the new phase of our trade defences continue to protect UK businesses and jobs, while providing a fair and competitive market. UKEF measures included in the Strategy accompanies news this week that up to £13 billion of direct lending will be used to help boost exports across key industrial sectors, marking a £3 billion uplift in UKEF's facility." Trade Minister Douglas Alexander said: "This new hard-headed, data driven, and agile approach to trade policy is guided by our pragmatic patriotism. In this changed and challenging world, we will promote what we can and protect what we must to advance the UK's national interest. "Through our Trade Strategy, we are supporting our businesses to expand and export with a wider range of trade tools that harness our high-growth industries of the future to deliver this government's Plan for Change. "As we target these agreements, we will take every step necessary to safeguard British businesses from the increasingly protectionist mood in much of the world by sharpening our defensive toolkit. "To complement the Trade Strategy, we have also today published the Global Trade Outlook 2025 which explores the long-term trends that may shape the global economy and international trade in the coming decades." Shevaun Haviland, Director General at the BCC, said: "The Trade Strategy sets out a clear, evidence-based approach to raising the UK's export game. It rightly targets our strength in services, and vital high-growth goods sectors while identifying key markets in the Indo-Pacific, Americas and European neighbourhood. "A focus on sectoral and digital trade deals is also welcome, alongside a commitment to a functioning rules-based global trading system. "Place matters in trade. This strategy can generate economic growth in every nation and region of the UK, lowering tariffs and removing trade barriers. Our Chamber Network stands ready to build, invest and deliver on international trade as a partner of government and an engine for economic growth." Rain Newton-Smith, CEO, CBI said: "Businesses are clear that positioning the UK as an outward looking nation is a show of strength in this increasingly fragmented world. Backing free trade is critical to facing the great global challenges and opportunities of our time. "The UK must be bold and ambitious to be a key player in the global race for growth. Today's Strategy offers a dynamic vision which will help the UK to position itself as one of the world's leading locations for investment and trade. Leaning into that openness, our international commitments, and partnerships with like-minded allies will be integral to our success. "We now need government and business to work together to turn this ambition into action and ensure that the UK seizes on the opportunities available within the global economy." Ian Stuart, CEO of HSBC UK: "I welcome today's announcement of the Trade Strategy. It provides a vital blueprint to ensure the UK's continued role as a great trading nation and leading services exporter, with a focus on the sectors that will drive growth in the decades to come. "It also rightly recognises the challenges many exporters face at a time of heightened global uncertainty. This is a necessary first step in giving businesses the tools they need to thrive on the world stage. HSBC looks forward to supporting businesses to take advantage of the strategy and unlock the full benefits of international trade." Jon Holt, Group Chief Executive and UK Senior Partner, KPMG, said: "Our professional and business services industry is an international success story with our expertise in demand around the world. As a high-growth sector, we have long called for a Trade Strategy that enables UK businesses to take advantage of new global opportunities and expand into emerging markets. "Today we have a clear plan. From removing barriers to overseas markets, to making it easier for our highly skilled people to travel and work across borders, this approach will strengthen our connectivity, boost inward investment and make sure our sector remains globally competitive. "The strategy's success will depend on a strong partnership between business and Government." Stephen Phipson CBE, CEO of Make UK, the manufacturers' organisation said: "Industry will welcome the Trade Strategy which, for the first time, aligns hard on the heels of the Industrial Strategy and is a perfect example of joined up thinking across Government which has long been missing. "In particular, as well as a focus on new markets, it will help optimise market access and signposting for companies, especially SMEs, to take advantage of current trade deals with a new focus on strategic economic partnerships with key trading partners. "At the same time, as well as helping boost exports, it will strengthen trade defences against the threat of dumping and support UK firms in reporting possible trade discrepancies to the Trade Remedies Authority." Mike Hawes, SMMT Chief Executive, said: "UK Automotive is a trade powerhouse, generating imports and exports worth £108 billion a year and typically Britain's biggest exporter of manufactured goods. Free and fair trade is fundamental to our success and recent agreements with India, the US and, particularly, the EU signal that intention. "Today's trade strategy, aligned to the industrial strategy announced earlier this week, provides confidence to help our sector navigate the many headwinds we face and sets a foundation for future success. "Balanced trading relationships that break down tariffs and regulatory barriers to trade will enable automotive companies to grow and get great British products into the hands of consumers all over the world, boosting jobs, business and prosperity at home." Heathrow's Chief Communications and Sustainability Officer, Nigel Milton, said: "We welcome this Trade Strategy, which is set to provide greater support for exporters and champion the importance of free trade. "As the UK's hub airport and largest port by value, we know firsthand how trade can serve as a powerful engine for economic growth. "With our unrivalled access to global markets Heathrow is the UK's gateway to growth and we stand ready to support the Government and exporters from across the country with the rollout of the new strategy." Paul Nowak, TUC General Secretary, said: "This is an important step forward to a trade agenda with workers' rights and good jobs at its heart. "It's right that the government is focusing on removing barriers to trade with our largest trading partner - the EU - on which thousands of quality jobs depend, and it's vital that the government continues to show ambition in its trading reset with the bloc. "Standing up for good jobs in sectors such as steel is essential and hugely welcome, especially with global trade wars leading to countries undercutting British products with cheaper foreign imports. "The government has set out a path towards a values-based approach to trade, which supports international labour standards and human rights globally. We look forward to seeing the full detail and working with them to deliver this." John Pattinson, Founder and Managing Director of Air Covers Ltd, and a DBT Export Champion, said: "The UK Government plays a vital role in enabling and accelerating the journey to export - a critical driver of economic growth. At Air Covers, we have benefited greatly from our close partnership with DBT Wales. "The support we've received from DBT Wales, as well as from UK embassies and High Commissions around the world, has been instrumental to our expansion and success in international markets. "We believe that the UK Government's Trade Strategy will open new opportunities for growth, both in established regions and emerging markets. For UK exporters, free trade agreements and the simplification of cross-border regulations are essential to unlocking global potential and maintaining a competitive edge." Julian David, CEO of techUK, said: "TechUK welcomes the launch of this trade strategy as a landmark moment. For the first time, we have a coherent, long-term plan that reflects the realities of current geopolitics and the UK's unique strengths - particularly in services and high-growth, innovation-driven sectors like ours." "It's especially encouraging to see government pulling together the full suite of tools at its disposal - from digital trade agreements to commercial diplomacy and meaningful trade defence instruments. We look forward to working closely with government to turn this vision into impact and ensure the UK remains a leader in the global digital economy." Marco Forgione, Director General of the Chartered Institute of Export and International Trade, said: "Today's new Trade Strategy is a welcome step forward that reflects many of the priorities we've been championing on behalf of our members, especially SMEs, who need targeted, accessible support to grow internationally. "From the Small Exports Builder to enhanced UK Export Finance, these are practical tools designed to reduce friction and unlock potential for thousands of firms across the UK. "We've worked closely with government to feed in the real-world experiences of our members, and it's encouraging to see those insights reflected in today's announcement. "Launched alongside the Industrial Strategy, this sets a more joined-up direction for trade and growth. Now the focus must be on delivery, and we stand ready to help make it happen." Tina McKenzie, Policy Chair of the Federation of Small Businesses, said: "Small firms know exporting is good for growth, so it's good to see a clear strategy on trade. We welcome the government's commitment to creating better digital tools, less red tape and putting stronger focus on practical support beyond just trade deals. "We also need to see more money and new funding programmes for SMEs wanting to trade internationally, as well as more bespoke support for the smallest firms, who do not qualify for one-to-one help. "Small firms have been bogged down by unnecessary rules and costs for far too long, and today's strategy is the first step to creating a better environment for exporters and importers."
Sky News
3 days ago
- Business
- Sky News
Trade strategy aims to boost UK firms amid Trump tariff chaos
Plans to better protect vital UK industries and help businesses export have been revealed by the government, as the world continues to grapple the effects of Donald Trump's trade war. A trade strategy, to be published on Thursday, aims to make the UK the best-connected country to do business, aided by looser regulation and increased access to finance. It forms part of the government's efforts to get business back on side after the backlash which followed the tax-raising budget and its "plan for change" to boost meagre economic growth. The plan follows hot on the heels of a trade deal which spares the UK from some of the US president's most punitive duties, and a more wide-ranging agreement with India. The strategy - the first since Brexit - also aims to capitalise on a relaxation in some EU rules on trade, and the separate industrial strategy outlined earlier this week that will give energy-intensive businesses help in bolstering their competitiveness through cuts to their bills. Jonathan Reynolds, the Business and Trade Secretary, said: "The UK is an open trading nation but we must reconcile this with a new geopolitical reality and work in our own national interest. "Our Trade Strategy will sharpen our trade defence so we can ensure British businesses are protected from harm, while also relentlessly pursuing every opportunity to sell to more markets under better terms than before." 2:49 The department said that the capacity of UK Export Finance, the UK's export credit agency, was to be expanded by £20bn and funding would also be set aside to tackle complex regulatory issues and remove obstacles for exporters. The US trade war provides both opportunities and threats to UK firms. The steel sector is to be consulted on what new protections can be put in place from June 2026 once current safeguards, covering things like cheap Chinese imports, are due to expire. The trade and industrial strategies have been revealed at a time of crisis for both steel and chemicals linked to high costs. 2:01 British Steel is now under the control of the UK government in a bid to protect the country's ability to produce so-called virgin steel following the closures of the blast furnaces at Tata's Port Talbot works. It was announced on Wednesday that Saudi firm Sabic was to shut its Olefins 6 ethylene plant at Wilton on Teesside, leaving more than 300 jobs at risk. Like British Steel's owner Jingye, Sabic has blamed high energy bills. Eliminating some of those costs, under the industrial strategy plans, would not kick in until 2026 at the earliest. At the same time, Associated British Foods (ABF) is to make a decision on Thursday on whether to shut the UK's largest bioethanol plant in Hull. ABF has complained that the Vivergo Fuels factory has had the rug pulled from under it by the UK government as its recent trade deal with the US allows subsidised US ethanol into the country. A second UK bioethanol plant, owned by Ensus, is at risk of closure on Teesside. The steel industry lobby group said the trade strategy would build on work in the industrial strategy to provide a more stable platform for the sector. UK Steel's director general Gareth Stace, said: "For too long, the government has been hamstrung by self-imposed rules that allow bad actors to take advantage of our open market. "This has enabled state-subsidised steel to rip market share away from domestic producers, at the cost of thousands of good jobs in some of the most economically vulnerable regions in the country, and fracturing manufacturing supply chains, making us more reliant on imports. "We need swift and decisive action to build a trade defence regime that is fit for purpose and in place before current safeguards expire in 2026. "With the right tools and the political will to use them, the UK can reassert control over its steel market, protect skilled jobs, and give investors the confidence that the UK steel sector has a strong and sustainable future."
Daily News Egypt
4 days ago
- Business
- Daily News Egypt
HSBC Egypt, EBCC and UK Export Finance host high-level Investment, Infrastructure Forum in Cairo
HSBC Egypt, in collaboration with the Egyptian-British Chamber of Commerce (EBCC) and UK Export Finance (UKEF), proudly hosted the EBCC-HSBC-UKEF Investment and Infrastructure Forum at its Head Office in Cairo. The forum served as a strategic highlight of the broader EBCC-Department for Business and Trade (DBT) infrastructure mission to Egypt which included nearly 20 UK-based companies. This high-level event brought together key decision-makers and stakeholders from the UK and Egypt, including senior representatives from the government including Walid Gamal Eldin the Chairperson of the Suez Canal Economic Zone, international investors, and the private sector, to unlock investment and collaboration opportunities across Egypt's evolving infrastructure landscape. Commenting on the event, Todd Wilcox HSBC Egypt Deputy Chairperson and CEO said, 'Egypt is taking bold steps to position itself as a regional business hub, through economic reform and investment in sustainable infrastructure. Hosting this forum is part of our continued effort to catalyze strategic partnerships that support Egypt's transformation. By connecting investors with high-potential opportunities, we aim to accelerate progress toward a more sustainable and resilient economy.' The discussion focused on several high-impact sectors vital to Egypt's infrastructure development, including clean and renewable energy, digital infrastructure and waste management. Attention was also given to the opportunities in nearshore manufacturing aimed at export markets to support economic growth. Mohanad Khaled, EBCC Chairperson added, 'We are delighted to work alongside HSBC and UK Export Finance to bring UK-Egypt relations to the forefront of infrastructure investment. Forums like this are vital for building bridges between markets, industries, and policymakers. We would also like to thank the UK Department of Business and Trade and the British Embassy in Cairo for their partnership on the mission to Egypt.' 'UK Export Finance is proud to support British companies in delivering high-quality solutions to Egypt's infrastructure ambitions. Through this collaboration with HSBC and EBCC, we are enabling projects that have both commercial and developmental impact,' said Mohamed Saad, Country Head of Egypt and Algeria, UKEF. In addition to panel discussions, the forum featured curated business-to-business (B2B) and business-to-government (B2G) meetings, offering direct engagement opportunities to facilitate actionable partnerships and commercial outcomes.
The National
5 days ago
- Business
- The National
How UK-Gulf free-trade agreement could transform global commerce
No obstacles are in the way of the UK and GCC negotiations for a free-trade agreement, according to Britain's chief negotiator who said the two sides are "hard at work" on bringing the deal into place. Tom Wintle was speaking at the Arab-British Economic Summit in London on Monday. Three years of deliberations have convinced Tim Reid, chief executive of UK Export Finance, that there are "real opportunities" for more UK collaboration with the Arab world. "There are lots of challenges in the world today, but forgive me, I'm going to focus principally on the opportunities," he told the event at the Hilton London Metropole. The region's big sporting events was one area where Britain could bring "expertise in clean growth and renewable energy", Mr Reid said. The agreement would send a "political signal" for both sides that there is trust in "valued partners". It would also make specific provisions for investors. An FTA would help to "reduce the administrative burden" for travel in both directions between the UK and the Gulf. A former Egyptian trade minister has said a new basis of commerce could lead to a wider transformation of the economic relationship. Khaled Hanafy, currently head of the Union of Arab Chambers, said mutual trust was needed to address the challenges of war, climate change and rapid digitalisation, 'towards a transformative model that focuses more innovation, sustainability and human capital". 'The future needs a different way of understanding, a different way of trust, a different way of mingling in the human capital between the two sides," Mr Hanafy added. "We are here today to say that we need to reconsider our economic relationship, to revisit the model." The event, which drew hundreds of businesspeople operating between the UK and the Arab world, was mired in concerns over the escalating conflict between Israel and Iran, which could disrupt trade and shipping routes in the Arabian Gulf. The UK has expressed support for the US's air strikes on Iran but Arab countries are wary of further escalation. Though trade from Arab countries with the UK has reached a about £72 billion ($97 billion), the political uncertainty in the Middle East signals the need for a different model, Mr Hanafy said. 'In our region, in the Arab countries, we believe that we have to change the [economic] model of dealing with others, specifically with the UK,' he said. 'We should not keep just focusing on targeting each other's market. This is the past. The future is different and the last few weeks have shown that we need to do something different. 'We are facing challenges … facing geopolitical realignments that might affect everybody and everybody's business as well."
