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 comparative assessment his Department has made of levels of lending to (a) rural and (b) other businesses.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
Bank of England data describes lending to different types of businesses, broken down by business size and sector. It does not provide regional breakdowns, which precludes comparing lending across rural and other businesses.
The British Business Bank (BBB) administers access to finance schemes which support businesses across the UK, including rural businesses.
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 progress his Department has made on the draft Audit and Corporate Governance Reform Bill.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department does not now intend to publish a draft Audit and Corporate Governance Reform Bill in this session of Parliament. Both houses of Parliament were informed of this in July 2025. Priority is being given to measures that reduce administrative costs for business, including through the Department’s work on modernising corporate reporting.
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 average start up costs incurred by first-time business founders in the UK.
Answered by Blair McDougall - Parliamentary Under Secretary of State (Department for Business and Trade)
The United Kingdom is one of the best places to start a business, boasting one of the highest business start-up rates in the OECD – 18.6 start-ups per 1,000 people in 2022. This compares to an average of 4.5 start-ups per 1,000 people across OECD members.
The British Business Bank supports UK startups through its Start Up Loans scheme, offering fixed interest loans up to £25,000 per business owner.
The British Business bank has published guidance which outlines the typical costs that a UK startup may face. This is available at https://www.startuploans.co.uk/support-and-guidance/business-guidance/finance/what-does-it-cost-to-start-a-business-in-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 steps he is taking to monitor use of investment dispute resolution mechanisms under the UK–Republic of Korea Free Trade Agreement.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
The investment provisions in the UK-Republic of Korea FTA, including a modernised and transparent ISDS mechanism, will protect investors in both markets, ensuring fair, adequate and non-discriminatory treatment for both UK businesses investing in Korea and Korean businesses investing in the UK. This enhances the certainty investors need to make investments, which is crucial for economic growth. We have concluded negotiations but have yet to reach signature, let alone ratification. Once the agreement enters into force, DBT will, in line with standard practice, monitor the utilisation of the FTA by businesses.
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 his Department has made of the potential impact of the investment provisions of the UK–Republic of Korea Free Trade Agreement on UK outward investment to the Republic of Korea.
Answered by Chris Bryant - Minister of State (Department for Business and Trade)
The updated investment provisions in the UK-Republic of Korea FTA will protect investors, ensuring fair, adequate and non-discriminatory treatment for both UK businesses investing in the Republic of Korea and Korean businesses investing in the UK. We believe the commitments will help provide certainty, incentivising investment and driving economic growth. 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 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.