Month: June 2018

UK Export Finance (UKEF) has published its annual report and accounts, revealing it provided £2.5 billion in support for UK exports in 2017 to 2018.

Rt Hon. Dr Liam Fox MP, Secretary of State for International Trade, said:

As an international economic department, our priority is to do all we can to support UK businesses as they seize the opportunities of global trade. UK Export Finance is at the heart of our offer to help them do so, and this report shows that it has been a landmark year for the UK’s award-winning export credit agency.

Baroness Fairhead, Minister of State for Trade and Export Promotion, said:

UKEF’s results for 2017 to 2018 once again show that when companies take advantage of its support, the effects on their business can be transformative. By providing innovative and flexible finance and insurance, the government is helping British businesses, big and small, realise the value they bring to the international marketplace.

The range of exports supported by UKEF demonstrates that the UK’s exporters have a truly world-class export credit agency behind them – and that’s why the government’s forthcoming Export Strategy will deliver on our commitment to put UKEF at the heart of trade promotion.

The report revealed UKEF has supported £4.1 billion in export contracts through its trade finance products since 2011, which were introduced to help give smaller businesses an exporting edge.

During 2017 to 2018, UKEF was also awarded ‘best export credit agency 2017’ by Global Trade Review magazine and Euromoney’s Trade Finance.

Background

UKEF’s other business highlights included:

• UKEF confirmed increases in, and in many cases doubled, its capacity to support UK exports to over 100 markets worldwide.
• UKEF added 22 new currencies to its list of pre-approved local currencies in which UKEF can lend or guarantee loans to overseas buyers of UK goods – taking the total to a world-leading 62 among its international counterparts.
• UKEF expanded eligibility for its short-term trade finance to include UK suppliers of exporters, enabling even more countries to benefit from UKEF support even if they’re not yet themselves directly exporting.
• UKEF secured at least $250 million of UK exports in support of the construction of two power plants in Iraq, led by Enka UK and General Electric.
• UKEF guaranteed a 1 billion Mexican peso loan in support of Scottish bus manufacturer Alexander Dennis’ major export contract to Mexico City – UKEF’s first ever deal in the currency.
• UKEF provided a €270 million loan to the Ugandan government to finance the construction of a new international airport in Kabaale by Colas UK, with further supplies and services for the project expected to be sourced from the UK too.

To find out more about UKEF, or see if finance and insurance from UKEF could give you an exporting edge, visit great.gov.uk.

Communities across the UK are being urged to back their local high streets by entering them into the Great British High Street Awards 2018.

The awards, run by the Ministry of Housing, Communities and Local Government, and sponsored by Visa, recognise and celebrate local achievements on our high streets, supporting the communities they serve.

The Great British High Street awards will not only celebrate the best high streets across the nation, but will also champion ‘Rising Stars’ – the most ambitious high streets which are taking a lead and working together to revive, adapt and diversify.

By shining a light on great examples of how high streets can meet the challenges of changing consumer behaviour and a changing retail environment, the awards will provide all communities with top tips for success.

Speaking ahead of the competition launch on Lower Marsh, Waterloo, a former finalist, Communities Secretary Rt Hon James Brokenshire MP said:

The Great British High Street Awards acknowledge how vital high streets are to our nation. They are crucial in creating jobs, nurturing small businesses and driving local and regional economies. We want to celebrate the best examples of high streets, as well as those individual businessmen and women playing a leading role.

The government is committed to ensuring high streets continue to thrive and I’m delighted to support this brilliant competition.

The awards, first held in 2014, have been simplified for 2018 with winning high streets to be named in England, Scotland, Wales and for the first time, Northern Ireland – across 2 categories: Champion High Street and Rising Star High Street.

High Streets Minister Jake Berry MP said:

The Great British High Streets competition this year will celebrate the creativity of the many businesses in the UK which are providing the shops and services so vital to our economy.

The previous awards were hugely successful, proving the Great British public really cares about the centres of their cities, towns and villages. I’d urge everyone to get involved in this important competition.

The 26 shortlisted entries in the Champion High Street category and 12 Rising Stars will be announced in October. They will then go through to a public vote and be visited by a judging panel made up of industry leaders from across retail, property and business.

Britain’s best high street will be announced in November, with the winner receiving a £10,000 cash prize for a local community project. Winners from each of the remaining nations will receive a £5,000 contribution to a street party or community project.

The competition was last held in 2016. Blackburn in Lancashire was crowned the Great British High Street overall winner that year thanks to the determination of the community and local businesses who worked together to overcome the challenges their high street was facing.

The government is committed to helping local business communities and has introduced over £9 billion worth of business rate support so that many small businesses now pay no rates. This sits alongside a reduction in annual rises, worth a further £4 billion, and helping shops and restaurants across the country.

Through the Future High Streets Forum, the government is also working closely with retail leaders and industry experts to support high streets and town centres to adapt and compete in the face of changing consumer and social trends.

Further information

There will be 26 short-listed entries in the Champion High Street category, 13 for England, 6 for Scotland, 4 for Wales and 3 for Northern Ireland. There will be 12 short-listed entries for the Rising Star category.

High Streets are changing, and the government is committed to helping communities adapt. By delivering on our commitment to give councils more control over the business rates they raise locally, they have never had a better reason to support their shops and restaurants.

We have introduced over £9 billion worth of business rate support so that many small businesses now pay no rates and we are reducing annual rises which is worth a further £4 billion, helping shops and restaurants across the country.

In 2017, we launched a £300 million discretionary relief scheme over the next 4 years, which local authorities can use to grant relief to businesses.

With our Future High Streets Forum, we are working closely with retail leaders and industry experts so we can develop new solutions to the current challenges we are facing

We are reviewing the wider taxation of the digital economy, including ensuring international corporate tax rules deliver fair results across different businesses and that sellers operating through online marketplaces pay the right amount of VAT.

On 1 May 2018, I informed the House that I had issued a Public Interest Intervention Notice (PIIN) in respect of the acquisition by Trinity Mirror plc (now known as Reach Plc) of certain publishing assets of Northern & Shell Media Group Limited.

The PIIN triggered the requirement for the Competition and Markets Authority (CMA) to report to me on jurisdictional and competition matters, and for Ofcom to report on the following two media public interest considerations:

• Firstly, the need for, to the extent that it is reasonable and practicable, a sufficient plurality of views in newspapers in each market for newspapers in the United Kingdom or a part of the United Kingdom; and
• Secondly, the need for free expression of opinion in newspapers.

I received the CMA and Ofcom reports on Thursday 31 May and have today published these on the gov.uk website.

I accept the CMA’s findings that whilst it is, or may be, the case that a relevant merger situation has been created, the merger does not give rise to a realistic prospect of a substantial lessening of competition in any market.

I have also accepted Ofcom’s conclusions that the merger does not raise concerns in relation to plurality of views, nor does it raise concerns in relation to free expression of opinion in newspapers.

In light of this, and having considered representations submitted by interested parties in response to the PIIN, I have written to the parties today confirming my decision not to refer the merger for a Phase 2 investigation.

I have also notified the CMA, in accordance with section 56(1) of the Enterprise Act 2002, to now deal with the matter from a competition perspective.

The role of the Secretary of State in this process is quasi-judicial and procedures are in place to ensure that I act independently and have followed a process which is fair and impartial.