Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps he is taking to increase private investment as a proportion of GDP.
Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)
Investment is at the heart of the government’s growth mission, increasing the number of good, well-skilled jobs and improving productivity across the country. The Department for Business and Trade works with all investor-facing business units to deliver support for the highest-value, highest-impact FDI projects into the UK. DBT officials work on a daily basis with businesses of all sizes to ensure a close partnership between government and business, and to showcase the multitude of investment opportunities the UK has to offer.
The Industrial Strategy Green Paper (published 14 October) sets out a credible, 10-year plan to deliver the certainty and stability businesses need to invest in UK.
The government also hosted an international investment summit in October 2024 where nearly 38,000 jobs across the country were announced alongside a record-breaking £63 billion of investment.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps his Department is taking to encourage foreign direct investment.
Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)
Investment is at the heart of the government’s growth mission, increasing the number of good, well-skilled jobs and improving productivity across the country. The Department for Business and Trade works with all investor-facing business units to deliver support for the highest-value, highest-impact FDI projects into the UK. DBT officials work on a daily basis with businesses of all sizes to ensure a close partnership between government and business, and to showcase the multitude of investment opportunities the UK has to offer.
The Industrial Strategy Green Paper (published 14 October) sets out a credible, 10-year plan to deliver the certainty and stability businesses need to invest in UK.
The government also hosted an international investment summit in October 2024 where nearly 38,000 jobs across the country were announced alongside a record-breaking £63 billion of investment.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, how many businesses have been supported by the British Business Bank since 2014.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
The British Business Bank’s recently published Impact Report shows that in 2023 alone the Bank funded 23,100 businesses. Data on the number of businesses supported by the Bank since its inception in 2014 is intended to be published in 2025.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, when the independent appeals process for the Horizon Shortfall Scheme will start accepting applications.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
In September, the Government announced that it would establish an HSS appeals process to provide individuals with a chance to have their claims reassessed through a DBT-run process. We are working with representative groups and the Horizon Compensation Advisory Board to make sure that that the process is fit for purpose and that claims can be assessed and resolved quickly. We will announce further details as soon as we can.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps he is taking to reduce the cost of regulation for businesses.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
It is essential that we identify areas where the costs of regulations may be unnecessarily high and burdensome for businesses. Best practice analysis of regulatory interventions and reforms, as well as monitoring and evaluating the success of interventions will help us understand these issues further. The Department for Business and Trade is in the process of developing an ambitious regulatory reform agenda to ensure that any future regulation or regulatory reform will work for businesses and consumers, and aids economic growth. Our proposals will be set out in due course.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if he will make an estimate of the total annual cost of regulation to UK businesses.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
In 2023, the previous government repealed the Business Impact Target (BIT) through the Retained EU Law (Revocation and Reform) Act. The BIT was the principal mechanism through which government made an estimate of the total annual cost of regulation to UK businesses. In place of that, the reformed Better Regulation Framework encourages an earlier and more thorough assessment of impacts of individual regulatory proposals. This government will use the framework to ensure that new regulations achieve their objectives, with the minimum cost to business and support economic growth. We will set out further proposals for regulatory reform in due course.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to paragraph 102 of her Department's response to the Regulating for Growth Consultation, published in February 2024, what her planned timetable is for laying secondary legislation to extend the Growth Duty to (a) Ofcom, (b) Ofwat and (c) Ofgem.
Answered by Kevin Hollinrake - Shadow Secretary of State for Levelling Up, Housing and Communities
The Economic Growth (Regulatory Functions) (Amendment) Order 2024 and Guidance Issued under Section 110 Deregulation Act 2015 were laid before Parliament on 6 March 2024.
The House of Lords debate took place 15 April 2024, and the House of Commons debate is scheduled to take place 23 April 2024. Subject to the legislation being approved, it will come into force 21 days after the day on which it is made (signed by the Minister). We currently expect it to come into force before the end of May 2024.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to Part 4, Chapter 2, of the Digital Markets, Competition and Consumers Bill, what discussions her Department has had with businesses on (a) its provisions on subscription contracts and (b) the proportionality regulatory principle.
Answered by Kevin Hollinrake - Shadow Secretary of State for Levelling Up, Housing and Communities
In ‘Reforming competition and consumer policy’ Government consulted on options to address consumer harm from unwanted subscription contracts https://www.gov.uk/government/consultations/reforming-competition-and-consumer-policy.
There were 188 responses, including 94 from businesses, business representatives, and trade associations. Alongside the consultation, and since, the department also held regular meetings and roundtables with business representatives. Government analysed the consultation responses, gathering further evidence from businesses where needed, and is implementing the measures which best balance the benefits to consumers and the associated costs to business. The cost to business and benefits to consumers is detailed in our impact assessment "Digital Competition and Consumers Bill: Subscription measures”: https://publications.parliament.uk/pa/bills/cbill/58-03/0294/ImpactAssessmentAnnex2.pdf.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what discussions she has had with (a) Post Office Ltd and (b) Royal Mail on the potential impact of the withdrawal of Mailwork contracts on the viability of post offices.
Answered by Kevin Hollinrake - Shadow Secretary of State for Levelling Up, Housing and Communities
Government is aware of concerns around the impact removing Mailworks could have on individual post office branches and understands Post Office Limited has raised these concerns directly with Royal Mail.
Mailworks contracts are commercial matters for both companies and Government has no involvement in these matters. There would be a six-month notice period if Royal Mail were to decide to remove a Mailworks contract. Post Office would continue to work closely with an affected postmaster if notice were given.
The Government-set Access Criteria ensures that 99% of the population will continue to live within three miles of a post office.
Asked by: James Wild (Conservative - North West Norfolk)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what assessment her Department has made of the effectiveness with which regulators have complied with the duty to promote growth in the Deregulation Act 2015.
Answered by Kevin Hollinrake - Shadow Secretary of State for Levelling Up, Housing and Communities
Since it came into effect, the growth duty requires regulators to have regard to the desirability of promoting economic growth, alongside the delivery of protections set out in relevant legislation. Guidance has been produced to assist regulators in fulfilling this responsibility, both at a strategic and operational level, including the proper consideration that must be made before allocating resources, setting enforcement policies, and making sanctioning decisions.
In the Spring Budget, the Chancellor announced that the government’s new Chief Scientific Adviser, Professor Dame Angela McLean, will oversee a review of the regulator growth duty.