Asked by: Lord Leong (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they have taken to protect UK businesses from potentially being locked out of new markets created by the Inflation Reduction Act in the absence of a free trade agreement with the United States of America.
Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)
We have been working with the U.S. on the Inflation Reduction Act including through negotiations on a Critical Minerals Agreement.
UK firms are already part of U.S. supply chains, and we are a net exporter of raw materials for batteries to the U.S. This agreement will support UK based firms to continue to supply the large U.S. market for these materials.
Asked by: Lord Leong (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what assessment they have made of the forecast by the Office for Budget Responsibility on 15 March that UK exports are due to fall by 6.6 per cent this year.
Answered by Lord Offord of Garvel - Parliamentary Under Secretary of State (Department for Business and Trade)
We consider the OBRs forecasts in the context of our commitment to drive forward export growth and achieve our ambition to reach £1 trillion exports by 2030.
UK exports increased by 16% in current prices to £849bn in the 12 months to July 2023, compared to the previous 12 months.
This growth won't stop there, as my Department continues to support companies to export through our Export Support Service, International Trade Advisers and the Export Academy. Through Government and Business working together, we can continue to grow and achieve our ambitions.
Asked by: Lord Leong (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what steps they plan to take to ensure that business shareholder and pension investments are made in ways that support the environment; and what plans they have to amend section 172 of the Companies Act 2006 to set requirements in this regard.
Answered by Lord Johnson of Lainston - Minister of State (Department for Business and Trade)
In October 2021, the Government published the Greening Finance Roadmap, which set out its intention to deliver new Sustainability Disclosures Requirements for companies, pension schemes and the financial services industry. These requirements will ensure that investment decisions take better account of sustainability matters. Section 172 of the Companies Act 2006 already requires directors to have regard to the environment (among other matters), and directors of large companies must make an annual statement on how they are meeting their Section 172 duty.
Asked by: Lord Leong (Labour - Life peer)
Question to the Department for Business and Trade:
To ask His Majesty's Government what was the cost of merging the Department for Business, Energy and Industrial Strategy with the Department for International Trade; and whether the budget for the new Department of Business and Trade has been settled.
Answered by Lord Johnson of Lainston - Minister of State (Department for Business and Trade)
The creation of the Department for Business and Trade from the Business groups of the former Department for Business, Energy and Industrial Strategy, and the Department for International Trade is being implemented through Machinery of Government changes. High-level indicative budgets for the Department for Business and Trade can be found in the published Spring Budget and officials continue to work closely with HM Treasury to finalise these as soon as possible.