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Welcome to the December BABN Policy and Trade Update.
A visible highlight last month was obviously the historic Virgin Atlantic flight ‘Flight100’ from London to New York, the first transatlantic flight powered by 100% Sustainable Aviation Fuel. Here again, BAB emphasized the transatlantic nature of this moment by issuing a White paper, setting out the background to, and challenges of making SAF a viable, sustainable economic proposition.
In the US, we saw the signing of the UK-Florida Memorandum of Understanding (MoU), which is the 7th UK-US state level MoU thus far. The agreement focuses on a number of industries, most notably space, and is aimed at boosting trade and investment between the UK and Florida.
In the UK, besides another reshuffle in government and a significant Autumn Budget statement, we saw the second edition of the Global Investment Summit, which took place at the end of November. At the Summit, meant to showcase the UK’s proposition to FDI, UK PM Rishi Sunak unveiled £29.5bn of new investment in the UK's fastest growing and most innovative industries, including tech, life sciences, infrastructure, housing and renewable energy.
See below for a breakdown of policy and trade headlines and our published works.
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UK-Florida MoU
14 November 2023
What it is: On 14 November, UK Business and Trade Secretary Kemi Badenoch and Florida Governor Ron DeSantis signed a Memorandum of Understanding (MoU) to encourage and boost trade and investment between the UK and Florida. This is the 7th UK-US state level MoU - after the ones with Indiana, North Carolina, South Carolina, Oklahoma, Utah, and Washington - and it is designed to help make it quicker, easier, and cheaper for UK and Florida firms to do business.
In summary: The UK-Florida MoU focuses on a number of sectors, including space, fintech, AI, and legal services, among others. It is the first MoU the UK has signed that focuses on the space sector, as Florida is home to the NASA Kennedy Space Center and has world-leading capabilities in launch infrastructure, manufacturing, and satellite development.
Want to learn more? See the UK government's press release here and the full text of the MoU here. You can also read BAB CEO Duncan Edwards' statement here.
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UK Autumn Statement and Advanced Manufacturing Plan
22-26 November 2023
What it is: On 22 November, the UK Chancellor of the Exchequer presented his Autumn Statement to Parliament, providing an update on the government’s plans for the economy based on the latest forecasts from the Office for Budget Responsibility (OBR). One major measure announced as part of the Autumn Statement was the Advanced Manufacturing Plan (AMP), a £4.5bn funding commitment to build on British excellence in advanced manufacturing to secure long-term private investment. The AMP sets out the government’s initiative to ensure the UK is the best place in the world to start and grow a manufacturing business.
In summary: BAB welcomed a number of measures announced during the Autumn Statement, including making the 'full expensing' extension a permanent fixture, the recommendations set out in the Harrington review, and the substantial £4.5bn of funding commitment for British manufacturing.
Want to learn more? Read the Autumn Statement here, and BAB's response here. More information on the Advanced Manufacturing Plan can be found here.
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Global Investment Summit
27 November 2023
An overview: The second Global Investment Summit (GIS) took place on Monday 27 November at Hampton Court Palace. It was jointly hosted by the UK PM Rishi Sunak and the Department for Business and Trade (DBT), with a focus on ‘Great British Ideas – Past, Present and Future’.
In summary: The aim of the Summit was to bring together CEOs from around the world to showcase Britain's strengths on a global stage and encourage investment into the UK.
What was the outcome? At the Summit, the Prime Minister unveiled a £29.5bn investment in new UK projects and capital, which is triple the sum that was raised at the previous GIS in 2021. The investment will cover projects in the fastest growing and innovative sectors in the UK, such as tech, life sciences, infrastructure, housing and renewable energy.
Want to learn more? Read the PM's announcement here. You can also watch some of the presentations and panels from the Summit on DBT's YouTube Channel.
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SAF Policy Paper
27 November 2023
What it is: Just before ‘Flight100’, the world’s first 100% sustainable aviation fuel (SAF) transatlantic commercial flight, was getting ready for take-off, BAB released a policy report which examines how the UK and the US can support the aviation industry’s push towards net zero emissions.
In summary: The report assesses the current state of SAF viability and immediate challenges hindering widespread adoption across the industry. The report also suggests recommendations for the US and the UK to cement leadership in this rapidly growing market, including a price mechanism to scale up SAF and government policies that incentivise R&D and technology readiness.
Want to learn more? Please contact Sophie Rahemanji (London) at [email protected] if you have further questions.
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Atlantic Declaration RAG Review
6 December 2023
What it is: As the Atlantic Declaration hit its 6-months mark since publication, BAB has conducted a RAG review of the main commitments included in the document. The policy paper provides an initial evaluation of the progress made since the declaration was signed.
In summary: The Atlantic Declaration features 16 commitments aimed at strengthening trade collaboration and economic ties between the US and the UK. BAB's analysis found that, at this early stage of the process, three of the commitments have been assigned a green rating, twelve an amber rating and only one has been rated red. In the report, BAB also calls on the US and the UK governments to now prioritise the commitments that could have the biggest impact and the greatest chance of success.
Want to learn more? Please contact Francesca Lentini (London) ([email protected]) if you have further questions.
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Call for Evidence: Smarter Regulation and Regulatory Landscape
7 January 2024
What it is: The UK government has issued a call for evidence on what works and what could be improved across the landscape of UK regulators.
When it is: The call for evidence closes January 7th 2024. If you would like BAB to respond, please contact Holly Harris ([email protected]).
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UK Government Reshuffle
November 2023
What happened: This fall, the UK Government underwent a reshuffle. Notable changes included:
Foreign, Commonwealth and Development Office
- Rt Hon David Cameron as Secretary of State for FCDO. Replaces James Cleverly, who has moved to the Home Office.
Department for Business and Trade
- Rt Hon Greg Hands appointed as Minister of State for DBT, leaving his post as Conservative Party Chair.
- Nigel Huddleston MP has moved from DBT to Financial Secretary to the Treasury.
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UK Trade Deals Update
November 2023
What happened: November saw a number of developments in UK trade. Most notably:
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DBT launched a Call for Input seeking views from businesses and the wider public on UK negotiation objectives for a new, modernised free trade agreement (FTA) with Turkey. It closes on 5 January 2024.
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Business and Trade Secretary Kemi Badenoch travelled to San Francisco on 15 November to meet Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Ministers in-person for the first time since the signing of the deal.
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International Trade Week Returned
6 - 10 November 2023
What happened: International Trade Week returned in early November for its 3rd year running, led by the Department for Business and Trade in partnership with industry. The week saw over 3200 business representatives signing up to attend 180 online and in-person events across the UK. The events, workshops and seminars that took place during the week highlighted the services, guidance, and expertise which the UK government and businesses can provide companies to grow their business both in the UK and internationally.
DBT announcements: During the week, DBT issued the following press releases:
Want to watch the event on demand?: Most of the recordings of the events are available here.
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Going Global Live 2023
22 November 2023 - 4 March 2024
Overview: This year's installations of Going Global Live will be held in London, Los Angeles, and Miami. The 2-day events help businesses looking to expand internationally, export products, and set up overseas operations. In partnership with the Department for Business and Trade, Going Global Live brings together a multitude of businesses to prepare them with everything necessary for international trade, including SME support on navigating the post-Brexit trade landscape.
Want to attend?: Free tickets for all 3 locations are available on their website here.
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BAB Trade & Investment Guide 2023-24
Overview: After the success of last year’s updated edition of the BAB Trade & Investment Guide to the UK, we are now working on an update on the BAB Trade and Investment Guide for UK companies seeking to expand to the US. Known as being the most comprehensive product in the market, the Guide will feature partners and features on anything practical companies need to know when starting their expansion journey, regional features, and integrate relevant government and third-party services.
Want to know more?: If you'd like to know more about the Trade Guide, please contact Francesca Lentini at [email protected].
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Thank you for reading this month's Policy and Trade Update. If you have any feedback or comments please contact us.
BAB participates in and offers policy and trade support to the BritishAmerican Business Network, a group of over 20 independent trade organisations across North America and the U.K. If you would like to learn more about the network and its activities, please visit our website.
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