Asked by: Sarah Olney (Liberal Democrat - Richmond Park)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to p.30 of The UK's Modern Industrial Strategy, published on 23 June 2025, what his Department's timetable is for publishing its consultation on a new British industrial competitiveness scheme.
Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)
From 2027, the new British Industrial Competitiveness Scheme will reduce electricity costs by up to £40 per megawatt hour, which could benefit over 7,000 electricity-intensive businesses in manufacturing sectors, like automotive, and foundational manufacturing industries in the supply chains, like chemicals. Eligible businesses will be exempt from paying the costs of the Renewables Obligation, Feed-in Tariffs and the Capacity Market. My department is working towards launching a consultation to determine eligibility which will open shortly. The scheme is subject to review in 2030.
Asked by: Sarah Olney (Liberal Democrat - Richmond Park)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to p.30 of The UK's Modern Industrial Strategy, published on 23 June 2025, what steps he plans to take to support manufacturing businesses with high energy costs that are not part of the British industrial competitiveness scheme after it launches in 2027.
Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)
This government recognises that high electricity costs are a key challenge for British businesses.
Alongside commitments set out in the Industrial Strategy, our clean power mission is the key to long-term sustainable price reductions. Our Clean Power 2030 Plan published in December 2024 outlines how we will make Britain a clean energy superpower - clean homegrown energy that we control will protect households and businesses alike from the rollercoaster of global energy prices.
We will set out further details on plans to decarbonise and electrify our manufacturing sector, in the forthcoming Carbon Budget and Growth Delivery Plan in October.
Asked by: Sarah Olney (Liberal Democrat - Richmond Park)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, with reference to p.30 of The UK's Modern Industrial Strategy, published on 23 June 2025, what steps his Department is taking to support manufacturing industry before the British industrial competitiveness strategy is published in 2027.
Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)
This government recognises that high electricity costs are a key challenge for British businesses.
Alongside commitments set out in the Industrial Strategy, our clean power mission is the key to long-term sustainable price reductions. Our Clean Power 2030 Plan published in December 2024 outlines how we will make Britain a clean energy superpower - clean homegrown energy that we control will protect households and businesses alike from the rollercoaster of global energy prices.
We will set out further details on plans to decarbonise and electrify our manufacturing sector, in the forthcoming Carbon Budget and Growth Delivery Plan in October.
Asked by: Sarah Olney (Liberal Democrat - Richmond Park)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what steps he is taking to ensure effective (a) collaboration and (b) transparency across (i) Government strategies and (ii) public bodies.
Answered by Justin Madders - Parliamentary Under Secretary of State (Department for Business and Trade)
I have regular meetings and discussions with Cabinet colleagues to ensure close collaboration and transparency on strategy development, most recently on the Industrial and Trade Strategies, which were the result of close working across government departments and public bodies.
Asked by: Sarah Olney (Liberal Democrat - Richmond Park)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, whether he has considered convening a cross-agency taskforce with the (a) Financial Conduct Authority, (b) Prudential Regulation Authority, (c) British Business Bank, (d) HM Treasury and (e) Lending Standards Board to develop a joined-up strategy to embed the ethnicity code across the financial system.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
The government’s approach to support equitable outcomes for businesses led by ethnic minorities and other underserved groups is to work with the financial services sector, building on a shared commitment to fairness and equality and exchanging knowledge of good practice.
Earlier this year the government published a Call for Evidence on small business access to finance, which included the experiences of ethnic minority-led businesses and other underserved groups, and will be publishing our response to this in the Autumn and the further steps we will take.
Asked by: Sarah Olney (Liberal Democrat - Richmond Park)
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 (a) Financial Conduct Authority and (b) Prudential Regulation Authority on (i) monitoring and (ii) supporting equitable outcomes for ethnic minority businesses.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
The government’s approach to support equitable outcomes for businesses led by ethnic minorities and other underserved groups is to work with the financial services sector, building on a shared commitment to fairness and equality and exchanging knowledge of good practice.
Earlier this year the government published a Call for Evidence on small business access to finance, which included the experiences of ethnic minority-led businesses and other underserved groups, and will be publishing our response to this in the Autumn and the further steps we will take.
Asked by: Sarah Olney (Liberal Democrat - Richmond Park)
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 help increase representation of (a) women and (b) minority ethnic founders in venture capital funding.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
The Department leads on the Invest in Women Taskforce (IWT) and the Investing in Women Code (IWC). In November, the IWT launched a £255 million fund for female entrepreneurs, which will be invested through female investors in the UK, including backing female emerging fund managers. Signatories to the IWC diversify their investment committees and decision makers, recognising diverse leaders make better decisions.
In February 2025, a roundtable discussion was held with the finance industry, including Venture Capital representatives, to address access to finance issues for ethnic minority founders.
We have also launched a Call for Evidence on Small Business Access to Finance to help inform government policy and initiatives, which includes a specific focus on underserved entrepreneurs.
Asked by: Sarah Olney (Liberal Democrat - Richmond Park)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, what discussions he has had with Cabinet colleagues on support to improve the investment readiness of (a) women and (b) BAME entrepreneurs.
Answered by Gareth Thomas - Parliamentary Under Secretary of State (Department for Business and Trade)
The government backed Invest in Women Taskforce aims to make the UK the best place in the world to be a female entrepreneur. To improve investment readiness, it seeks to break down barriers such as lack of mentorship, resource and networks for aspiring women-led businesses. In 2024, our Venture Capital Unit launched a Female Founders Cohort initiative to support women-led businesses raise funds from international venture capital investors.
In February 2025, a roundtable discussion was held with ethnic minority businesses (EMB) and the financial services sector to discuss challenges in accessing finance, as well as how we can better engage and support EMB founders.
We have also launched a Call for Evidence on Small Business Access to Finance to help inform government policy and initiatives, which includes a specific focus on underserved entrepreneurs.
Asked by: Sarah Olney (Liberal Democrat - Richmond Park)
Question to the Department for Business and Trade:
To ask the Secretary of State for Business and Trade, if he will make his policy to require venture capital firms to (a) record and (b) publish the diversity of founders receiving investment.
Answered by Sarah Jones - Minister of State (Department for Energy Security and Net Zero)
The Department is working to improve access to finance for diverse founders. An example of one initiative is the Investing in Women Code.
It was established in 2019 as a recommendation of the Alison Rose Review to increase transparency and data reporting on gender in the investment landscape. It is a commitment to support the advancement of women entrepreneurs in the UK by improving their access to the tools, resources and finance they need to achieve their goals. Signatories to the Code are voluntary, and data is published on an annual basis on the GOV.UK website.
In February 2025, a roundtable discussion was held with the finance industry, including Venture Capital representatives, to address access to finance issues for ethnic minority founders. We are exploring how best to gather and monitor the impact of having better ethnicity data.
Asked by: Sarah Olney (Liberal Democrat - Richmond Park)
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 improve trading relations with Albania.
Answered by Douglas Alexander - Minister of State (Cabinet Office)
Total trade in goods and services between the UK and Albania was worth £358 million in 2024, an increase of 11% or £35 million in current prices from 2023.
DBT actively works to resolve barriers to trade affecting companies exporting to Albania, and our trade relationship is underpinned by the Partnership, Trade and Cooperation Agreement (PTCA), signed in 2021. This agreement offers generous trade preferences and places a strong emphasis on cooperation across key trade themes that are common to major trade agreements. We look forward to convening the next PTCA Joint Committee in the near future.