Department for Business and Trade

The British Business Bank first informed officials of its investment into Kraken Technologies on 7 January 2026. This was part of a regular report to the Department on completed transactions. Ministers were notified shortly afterwards.

Discussions prior to 20 January focused on the Secretary of State’s visit to Kraken Technologies, which took place on 19 January. This was his last meeting with Octopus Group companies.

The Minister for Small Business and Economic Transformation met Octopus Group founder Chris Hulatt on 23 October 2025 and founder of Octopus Energy Group Greg Jackson on the 8^th January 2026.

The British Business Bank first informed officials of its investment into Kraken Technologies on 7 January 2026. This was part of a regular report to the Department on completed transactions. Ministers were notified shortly afterwards.

Discussions prior to 20 January focused on the Secretary of State’s visit to Kraken Technologies, which took place on 19 January. This was his last meeting with Octopus Group companies.

The Minister for Small Business and Economic Transformation met Octopus Group founder Chris Hulatt on 23 October 2025 and founder of Octopus Energy Group Greg Jackson on the 8^th January 2026.

It is too soon to presume on the final outcomes of FTA negotiations; we are making strong progress with a fourth negotiation round scheduled next month.

Turkey is an important trading partner for the UK, with bilateral trade worth £28 billion in the 12 months to September 2025, doubling in current prices over the past decade. The current agreement ensures tariff free trade on over 99% of goods but does not include any services provisions. This new deal will focus on the UK’s strengths in services, which account for 81% of GDP.

Once an upgraded UK–Turkey FTA is signed we will publish detailed information, alongside an impact assessment, including trade impacts.

The growth package announced by the Secretary of State on 20th January builds upon commitments made in the Industrial Strategy. The departments and public bodies which operate the policies and programmes that make up the Industrial Strategy are responsible for conducting monitoring and evaluation of their policies. Further, the Industrial Strategy Advisory Council will oversee and provide advice in support of government to monitor and evaluate the Industrial Strategy as a whole. Government and public bodies will work with the Council to support this.

The £25m BBB investment into Kraken Technologies and £100m in fund investments will be evaluated against the BBB’s core KPIs of Gross Value Added and portfolio financial return. UKEF’s support for UK exporters through high-street banks helps to unlock additional finance for high-growth exporters and contributes to their five-year business plan which sets out their ambition to support over 1,000 SMEs per year by 2029. As the department's Accounting Officer, UKEF's CEO is accountable to Parliament.

Our Regulation Action Plan, published last year, included reforms to the regulatory system designed to unlock growth, boost innovation and reduce burdens across key business sectors. As part of this we will lift up to 51,000 companies from unnecessary reporting obligations through our modernising corporate reporting programme. New regulatory reviews will simplify and streamline rules, reducing paperwork, cutting duplication and supporting innovation.

Export-ready SMEs and scale-ups looking to sell to the world can access DBT’s export support services which provides free, in-market support.

UK goods exports to the US amounted to £63 billion in the 12 months to the end of September 2025.

Thanks to the Economic Prosperity Deal, the UK has secured 0% tariffs for the aerospace sector, preferential 25% tariffs on steel and aluminium and cut automotive tariffs to 10% within quota, protecting industries that export tens of billions to the US. The UK has also secured 0% tariffs for the pharmaceutical sector.

The Department for Business and Trade has lead responsibility for implementation of the General Terms of the UK‑US Economic Prosperity Deal (EPD), which sits within my Trade Policy portfolio, with overall oversight from the Secretary of State for Business and Trade.

Delivery of the EPD draws on expertise from across government. Coordination is led by the Department for Business and Trade, using established official and ministerial channels, supported by the Cabinet Office.

Funders enable access to justice when litigation costs are high. This is often the case for group litigation, including opt-out collective actions relating to competition issues. These claims play an important role in the competition enforcement landscape, and safeguarding competitive markets is to the benefit of consumers, businesses, and the UK economy.

However, litigation risk for businesses should be proportionate. Opt-out collective actions are under review, and a consultation on potential improvements will be published in due course. The Government is also working to implement proportionate regulation of litigation funding to improve transparency and fairness.

The Department for Business and Trade (DBT) does not employ any civil servants whose roles are primarily focused on transgender policy, diversity, equity or inclusion.

The department has not incurred any expenditure on energy efficiency measures, climate adaptation work and reporting and monitoring systems associated with estate activity managed via the Government Property Agency in 2024–25.

The government has laid a revised Code of Practice on Picketing before Parliament, that reflects legislative updates made by the Employment Rights Act 2025. We also intend to consult publicly on wider updates to the Code of Practice on Picketing in due course, noting that this Code has not been substantively updated for some time. We encourage all interested parties to respond to that consultation, with their views on the content of the Code.

Having retained our cool-headed approach and robustly defended the rights of the people of Greenland and the kingdom of Denmark alone to determine their future, we are glad that the President has announced that these tariffs will not be proceeding.

On Wednesday 7 January, the Government published the Enactment Summary Impact Assessment for the Employment Rights Act 2025. This forms part of a comprehensive package of 29 Impact Assessments analysing the impact of the Act: https://www.gov.uk/guidance/employment-rights-bill-impact-assessments. As per our Better Regulation requirements, each Impact Assessment includes a small and micro business assessment.

The Government does not intend to publish the findings of the independent advice as it is commercially sensitive.

Our Modern Industrial Strategy will make industrial electricity costs cheaper with new support which could cut bills by up to 25% for more than 7,000 businesses. From 2027, the British Industrial Competitiveness Scheme will reduce electricity cost for eligible businesses by c.£35-40/MWh.

We have also increased support for energy-intensive industries eligible for the British Industry Supercharger, with an uplift of the Network Charging Compensation (NCC) scheme from 60% to 90%.

Companies in Newcastle-under-Lyme operating in frontier industries, or those supplying critical inputs to frontier industries such as specialised ceramics, are well placed to benefit from this support.

The Economic Growth Partnership is a non-legally binding framework that will deepen cooperation between the UK and Indonesian Governments on areas of interest to our businesses. It is a signal of the UK and Indonesia’s commitment to grow our bilateral trade and investment.

The Economic Growth Partnership will address non-tariff and regulatory barriers raised by UK businesses, establish a regular dialogue to resolve issues and deepen co-operation in areas of commercial interest to the UK, including clean energy, health and life sciences, financial services and the digital economy.

By 2030 Indonesia is predicted to be the 16^th largest economy globally, and the 9^th largest by 2050. Indonesia’s growing middle class, abundant natural resources and economic potential presents trade and investment opportunities for UK companies. The Economic Growth Partnership provides a framework to support opportunities for UK and Indonesian businesses of all sizes and locations.

The Economic Growth Partnership is a non-legally binding framework that will deepen cooperation between the UK and Indonesian Governments on areas of interest to our businesses, including in Financial Services.

The Economic Growth Partnership reaffirms the commitment by Indonesia’s Ministry of Finance and HM Treasury to hold a programme of Financial Services Working Groups to deepen dialogue and cooperation on key issues of mutual interest. It complements over support for Indonesia’s application to join the CPTPP.

A new Forum chaired by Indonesian and UK Ministers will monitor progress on activities set out in the Economic Growth Partnership.

The Economic Growth Partnership is a non-legally binding framework that will deepen cooperation between the UK and Indonesian Governments on areas of interest to our businesses, including in Financial Services.

The Economic Growth Partnership reaffirms the commitment by Indonesia’s Ministry of Finance and HM Treasury to hold a programme of Financial Services Working Groups to deepen dialogue and cooperation on key issues of mutual interest. It complements over support for Indonesia’s application to join the CPTPP.

A new Forum chaired by Indonesian and UK Ministers will monitor progress on activities set out in the Economic Growth Partnership.

The Economic Growth Partnership is a non-legally binding framework that will deepen cooperation between the UK and Indonesian Governments on areas of interest to our businesses, including in Financial Services.

The Economic Growth Partnership reaffirms the commitment by Indonesia’s Ministry of Finance and HM Treasury to hold a programme of Financial Services Working Groups to deepen dialogue and cooperation on key issues of mutual interest. It complements over support for Indonesia’s application to join the CPTPP.

A new Forum chaired by Indonesian and UK Ministers will monitor progress on activities set out in the Economic Growth Partnership.

The different methodologies used by the department are under constant review. We publish updates on changes if and when changes are made.

No Ministers have received any coaching in foreign languages since July 2024.

We do not assess the direct effects of individual Free Trade Agreements (FTAs) on specific types of businesses within specific counties, nor do we monitor the way they are utilised in such granular detail.

However, we do publish assessments of the potential economic, sectoral, distributional and environmental impacts of our FTAs on GOV.UK. As these set out, FTAs have an important role to play in delivering economic growth in all sectors and all regions. Through FTAs, businesses can benefit from tariff reductions, improved market access, and enhanced protections in investment and digital trade.

The department is working hand-in-hand with UK businesses to ensure firms have the tools and knowledge they need to seize these opportunities.

Licence applications for the export of controlled goods, including bombs and ammunition, are considered by the Export Control Joint Unit. Relevant teams, including technical experts and officials within DBT, FCDO and MOD, consider every application on a case-by-case basis.

On the basis of such assessments this Government has been clear that the UK does not licence the export of any bombs or ammunition for use in military operations in Gaza or the West Bank.

Information on export licensing is publicly available at: Strategic export controls: quarterly licensing statistics - GOV.UK. The Government has previously published exceptional information relating to Israel available at: Export control licensing management information for Israel - GOV.UK.

The methodology and evidence for the estimated baseline of the administrative burden of regulation on businesses of £22.4bn a year in 2024 prices is set out in the technical annex to the policy paper ‘A new approach to ensure regulators and regulation support growth’, published on 21^st October 2025.

The baseline and resulting target apply from the start of April 2025 and reflect (by the methodology stated in the technical annex) our estimates of administrative burden of all UK government regulation at the time, including assimilated EU law.

The government will introduce the new trade union right of access in a regulated and responsible manner, ensuring it is workable for employers who receive requests for access. Our published impact assessment titled "Strengthening workers’ rights to trade union access, recognition and representation" provides a further assessment of why these reforms will not disproportionately affect micro or small businesses. In the consultation document, Make Work Pay: Right of Trade Unions to Access Workplaces, the government sought views on exempting employers with fewer than 21 employees. This would mean that micro-businesses and most small employers would not be within scope of the policy. We are carefully reviewing all responses to the consultation and will publish a formal response in due course.

The Government will look to put the Financial Reporting Council on a statutory footing as soon as parliamentary time allows. We will set out next steps in due course.

Post Office Limited laid its FY 2024-25 Annual Report and Accounts in Parliament in December 2025. The Annual Report details the company’s policy on net zero, and is available here: post-office-limited_2025-ara-signed.pdf

The Department does not directly fund Post Office’s net zero initiatives.

The list of nationalities that are accepted for company filings is available here:

Nationalities and countries for company filings - GOV.UK

The use of a standard list of nationalities ensures that information in the Register of Companies is captured consistently and is transparent to users of the Register.

Presence of a nationality on the list does not imply formal recognition by Companies House or the UK Government more widely.

The Department for Business and Trade engages regularly with stakeholders, businesses and their representative organisations to identify regulatory barriers affecting businesses, including high-growth firms. Last year we launched a business questionnaire ‘Unlocking Business: reform driven by you’ which gathered feedback from businesses to identify outdated, duplicative and disproportionate regulations and regulatory practices that hinder growth and innovation.

In addition to this, officials also held discussions with businesses in all four nations of the UK across key, growth-driving sectors, to identify other regulatory barriers to growth. Going forward, findings from these will be used to inform our Regulation for Growth programme.

As part of our Industrial Strategy, we are delivering this government’s vision for a Nuclear Nation – with £14.2 billion for Sizewell C, over £2.5 billion for the Small Modular Reactor programme across the Spending Review period, and the largest defence nuclear infrastructure programme in a generation. We will continue to increase alignment between civil and defence nuclear sectors to maximise the benefits for our advanced nuclear nation. DBT, MOD, DESNZ and all relevant departments continue to work together with industry, including through the Nuclear Skills plan, to grow a robust nuclear skills base.

The Insolvency Service has expanded its responsibilities in respect of resourcing the transfer of criminal enforcement functions from the Department, work to distribute payments to creditors from Payment Protection Insurance realisations, and the Insolvency Service's expanded role as it has taken on responsibility for enforcement activity related to the economic crime programme.

These factors, together with the implementation of civil service pay awards, have also affected staff costs over this period.

Companies House’s staff numbers have increased in recent years as a result of its extensive transformation to strengthen the integrity and transparency of the UK corporate register. The Economic Crime and Corporate Transparency Act 2023 has significantly expanded Companies House’s remit, introducing new powers such as identity verification and enhanced investigation and enforcement to tackle misuse of the register and combat economic crime. Alongside enhancements to its digital and data systems, these changes have required additional specialist capability to implement and maintain. These factors, together with the implementation of civil service pay awards, have affected staff costs over this period.

The Financial Reporting Council (FRC) has taken on several new responsibilities following its (2016) designation as competent authority for audit, and additional work resulting from the UK's exit from the European Union. These include the registration of additional third country auditors, a new programme of assessing third country audit regulatory equivalence and adequacy, and supporting agreements on the mutual recognition of professional qualifications. The FRC has also put extra resource into the supervision of audits and expediting enforcement proceedings.

Staff costs have increased in direct proportion to the increase in headcount.

The Government laid the treaty text of the UK-India Free Trade Agreement before Parliament on 21 January. The statutory period provided by the Constitutional Reform and Governance Act 2010 will commence on 22 January. The Government is prioritising bringing the deal into force as quickly as possible. The agreement is expected to significantly accelerate trade between the UK and India – increasing bilateral trade by £25.5 billion every year in the long run. As soon as the agreement comes into force, import duties on UK exports are estimated to reduce by around £400 million, increasing to £900 million after 10 years.

The Government has published 29 Impact Assessments representing a comprehensive package of analysis on the impact of the Employment Rights Act: https://www.gov.uk/guidance/employment-rights-bill-impact-assessments. As per our Better Regulation requirements, each Impact Assessment includes a small and micro business assessment.

It is for Ofcom, as the independent regulator of postal services, to decide how to use its powers to investigate and take enforcement action should Royal Mail fail to achieve its obligations without good justification.

In October last year, Ofcom fined Royal Mail £21 million for failing to meet its quality of service targets and has told Royal Mail it must urgently publish and implement a credible plan that delivers major and continuous improvement. This is the third consecutive fine issued by the regulator after Royal Mail failed to meet service levels in the 2022-23 and 2023-24 financial years.

The Government has no current plans to require supermarkets to publish data comparing food price increases with payments to suppliers.

The Government continues to work closely with retailers, suppliers, trade associations and regulators to monitor developments in this sector and to understand any issues that may affect transparency, competition and outcomes for consumers and businesses.

The Department for Business and Trade does not maintain central records of feasibility study costs for projects that did not proceed.

The information requested is not held in a format that would allow us to provide a comprehensive answer. To collate this information would require a manual search of records across multiple directorates and business units covering a five-year period, which would incur disproportionate cost.

The Government recognises that many people are concerned about the use of fireworks. Ministers will consider how best to minimise harm while recognising the role that fireworks play in cultural and community life. Any work will take into account experiences from individuals alongside the data provided by local authorities, emergency services, animal welfare organisations and the fireworks industry.

No recent assessment has been made of the potential impact of fireworks noise or the impact on pets or on the welfare of people living with PTSD and other noise-sensitive health conditions.

I will continue to engage with businesses, consumer groups and charities to gather evidence on issues relating to fireworks, including noise, to inform future action.

The Government recognises that many people are concerned about the use of fireworks. Ministers will consider how best to minimise harm while recognising the role that fireworks play in cultural and community life. Any work will take into account experiences from individuals alongside the data provided by local authorities, emergency services, animal welfare organisations and the fireworks industry.

No recent assessment has been made of the potential impact of fireworks noise or the impact on pets or on the welfare of people living with PTSD and other noise-sensitive health conditions.

I will continue to engage with businesses, consumer groups and charities to gather evidence on issues relating to fireworks, including noise, to inform future action.

The Government recognises that many people are concerned about the use of fireworks. Ministers will consider how best to minimise harm while recognising the role that fireworks play in cultural and community life. Any work will take into account experiences from individuals alongside the data provided by local authorities, emergency services, animal welfare organisations and the fireworks industry.

No recent assessment has been made of the potential impact of fireworks noise or the impact on pets or on the welfare of people living with PTSD and other noise-sensitive health conditions.

I will continue to engage with businesses, consumer groups and charities to gather evidence on issues relating to fireworks, including noise, to inform future action.

As the independent regulator for postal services, Ofcom is responsible for decisions on price controls. The government does not have a role in Ofcom’s regulatory decisions.

Affordability is at the heart of Ofcom's regulatory framework. Ofcom will consult on any proposals, ahead of the expiry of the current control on Second Class letter prices in early 2027.

There are no plans for any such assessment.

Companies are separate legal entities from their directors; those directors only become liable for company debts in limited circumstances. This protection encourages entrepreneurship and is central to the health of the UK economy.

Most companies become insolvent for genuine reasons, however insolvency office-holders have wide powers to recover funds from directors who have not acted in the company’s best interests. The Insolvency Service may also take disqualification action against reckless or dishonest directors and can apply for a compensation order against them, as well as prosecute breaches of company and insolvency legislation.