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Electro Rent, a global corporation with its headquarters in the US, acquired Microlease in February 2017. Both companies were close competitors in the rental of specialist equipment that tests and measures the performance of electronic devices used in industries such as telecommunications, defence, utilities and information technology.

The completed merger of the two businesses was referred to a group of independent panel members at the Competition and Markets Authority (CMA) for an in-depth phase 2 investigation in October last year, after an initial phase 1 investigation identified competition concerns.

The group has today published its final decision, finding that Electro Rent’s purchase of Microlease is likely to lead to a worse deal for renters of testing and measurement equipment. They found that Electro Rent, though significantly smaller than Microlease in the UK, was the only other rental company operating in the country to have the resources and stock to compete effectively with Microlease.

The group has therefore concluded that it is likely the merger will lead to a substantial lessening of competition in the sector, and a worse deal for UK customers. It has decided that the merged business will have to sell Electro Rent UK to a new owner, to be approved by the CMA, in order to preserve competition.

Simon Polito, Inquiry Chair, said:

The merged business would be the only suitable UK supplier for a large number of customers. It is unlikely that the new company would be prevented from using its position to increase prices or reduce its quality of service to customers by new entrants or expansion of established companies.

Having looked at this in detail and sought views from a range of market participants, we therefore consider that Electro Rent needs to sell its pre-merger UK business to preserve competition.

We have set strict purchaser criteria to make sure the buyer will be able to operate the business to compete effectively before the CMA approves the sale.

Full information on the Electro Rent / Microlease merger inquiry.

Notes for editors

1. The business that is to be sold, Electro Rent UK, is the former UK operations of Electro Rent. The merged company will continue to operate in the UK with the former Microlease business.
2. Electro Rent and Microlease are both global corporations each with worldwide annual revenues of around £120 million. The head office of Electro Rent is in the US, and that of Microlease is in the UK.
3. Electro Rent acquired Microlease in January 2017. In February 2017 the CMA called in the merger for a phase 1 review. Electro Rent initially offered to sell its UK business to a competitor, in order to overcome the CMA’s concerns. However, the purchaser withdrew from the deal, and the CMA therefore referred the case for a phase 2 investigation on 19 October 2017.
4. On 5 February 2018 the group published its provisional findings and notice of possible remedies and invited views. The group considered responses to its provisional findings and its remedies notice.
5. All the CMA’s functions in phase 2 merger inquiries are performed by inquiry groups chosen from the CMA’s panel members. The appointed inquiry group are the decision-makers on phase 2 inquiries.
6. The CMA’s panel members come from a variety of backgrounds, including economics, law, accountancy and/or business; the membership of an inquiry group usually reflects a mix of expertise and experience.
7. The members of this inquiry group are Simon Polito (Inquiry Chair), Jeremy Newman, Jayne Scott and David Thomas.
8. Media enquiries to the CMA should be directed to press@cma.gsi.gov.uk or 020 3738 6460.

A Downing Street spokesperson said:

In a trilateral meeting in the margins of the Western Balkans Summit in Sofia, Prime Minister Theresa May met with Chancellor Merkel and President Macron to discuss the decision by the US to withdraw from the Joint Comprehensive Plan of Action (JCPoA).

The leaders reiterated their firm commitment to ensuring the deal is upheld, stressing it is important for our shared security. They pledged to work with the remaining parties to the deal to this end.

The leaders stressed that Iran must continue to meet its own obligations under the deal.

The leaders reiterated their concerns about Iran’s ballistic missile programme and its regional activities, which clearly contribute to the destabilisation of its neighbours. They restated their commitment to tackling these issues.

Rolls-Royces, Bentleys and Daimlers were among the most popular luxury choices of car when getting married, with a black cab, fire engine and even a golf buggy standing out among the quirkier ways people chose to arrive on their big day.

While around 70% said they had the exact choice of transport they wanted, a horse and carriage was revealed as the most popular dream choice – perhaps inspired by the royal couple – for those who would have preferred to have had something different. Others said they would have liked to have made a more dramatic arrival, preferring to arrive by vintage bus, helicopter or even motorboat.

Deciding on how to get there – and who will be doing the driving – is a vital part of any wedding checklist. But around 37% did not realise that the quickest and easiest way to view or share driving licence information when hiring a car is by using DVLA’s View and Share driving licence service.

With so much to get ticked off ahead of the occasion, this service could help take away a lot of the hassle for whoever is doing the driving – whether they’re hiring a 1976 Rolls Royce Silver Shadow, a Ford Capri or the latest Audi R8.

Dudley Ashford, Head of Drivers Services at DVLA explains:

You can use DVLA’s online service to view your driving record, and to find out the types of vehicles you can drive. You can also check for any penalty points or disqualifications. It’s also the simplest way for the person driving on the big day to share their driving record with a car hire company.

The service can be found here.

Quoted statistics are based on responses to a DVLA survey.

Issued for and on behalf of Dame Judith Hackitt.

The Chair of the Independent Review of Building Regulations and Fire Safety has found that fundamental reform is needed to improve building safety and to rebuild trust among residents of high-rise buildings.

At the heart of the new system will be a requirement for the construction industry to take responsibility for the delivery of safe buildings, rather than looking to others to tell them what is or is not acceptable.

Dame Judith Hackitt was appointed by the government to lead the review in light of the system failures revealed by testing carried out in the wake of the Grenfell Tower tragedy. She has published her findings today (17 May 2018).

Dame Judith says:

This is a systemic problem. The current system is far too complex, it lacks clarity as to who is responsible for what, and there is inadequate regulatory oversight and enforcement. Simply adding more prescription or making amendments to the current system, such as restricting or prohibiting certain practices, will not address the root causes.

The recommendations in this report will lead to a clearer, simpler but more robust approach to the building and on going management of high rise residential buildings.

Dame Judith Hackitt

Building on her interim report, which found that the current system of building and fire safety is not fit for purpose and set out 6 key areas for further work, Dame Judith’s final report finds that a new regulatory framework for higher-risk residential buildings is required to improve building safety and ensure that residents are safe.

The report sets out an ambitious vision for a new framework which will improve standards for both new and existing buildings. Many of the ideas proposed could be applied to a wider range of buildings and aim to drive change more broadly.

Many in the sector have called for fundamental change. It will be important now for industry to show leadership in driving this forward to achieve genuine and lasting culture change.

The ultimate test of this new framework will be the rebuilding of public confidence – the system needs to be more transparent and the relationship between landlords and tenants needs to be one of partnership and collaboration.

The report makes recommendations relating to:

• a less prescriptive, outcomes-based approach to the regulatory framework to be overseen by a new regulator that can drive the right behaviours
• clearer roles and responsibilities throughout the design and construction process and during occupation, to ensure real accountability for building safety
• residents to be consulted and involved in decisions affecting the safety of their home and listened to if they have concerns
• a more rigorous and transparent product testing regime and a more responsible marketing regime
• industry to lead on strengthening competence of all those involved in building work and to establish an oversight body

Dame Judith is calling on the government to set out a clear plan for implementation and for industry and regulators to start ‘living’ the changes now.

Further information

See Dame Judith Hackitt’s final report.

Dame Judith Hackitt’s interim report was published in December 2017.

Background to the review

• The review of building safety and fire regulations was commissioned in July 2017 following the Grenfell Tower fire on 14 June 2017.
• It was commissioned by the then Secretary of State for Communities and Local Government, Sajid Javid, and the then Home Secretary, Amber Rudd.
• The review’s terms of reference were published in August 2017.
• An interim report was published in December 2017.
• Dame Judith brought industry representatives together for a summit held in January 2018.
• Working groups were established and their findings were reported back to Dame Judith in March 2018.

The review examined:

• the regulatory system around the design, construction and on-going management of buildings in relation to fire safety
• related compliance and enforcement issues
• international regulation and experience in this area

The report is separate to the Grenfell Tower Inquiry and, importantly, does not replace the criminal investigation or seek to identify the cause of the Grenfell Tower tragedy.

The report is forward looking and focused on establishing a sufficiently robust regulatory system for the future, in this way providing assurance to residents that the buildings they live in are safe and remain so.

Dame Judith Hackitt has today shared her report with Sir Martin Moore-Bick, chair of the independent inquiry into the Grenfell fire.

Short biography of Dame Judith Hackitt

Dame Judith was Chair of the Health and Safety Executive from October 2007 to March 2016. She previously served as a health and safety commissioner between 2002 and 2005. She was made a Dame in the 2016 New Year Honours for services to health and safety and engineering, and in particular for being a role model for young women. She was awarded a CBE in 2006.

In April 2016, she was appointed as Chair of EEF, The Manufacturers’ Organisation.

Dame Judith is a chemical engineer and graduated from Imperial College in 1975. She worked in the chemicals manufacturing industry for 23 years before joining the Chemical Industries Association (CIA) in 1998. She became Director General of CIA (from 2002-2005) and then worked in Brussels for the European Chemical Industry Association (CEFIC).

She was elected as a Fellow of the Royal Academy of Engineering in July 2010 and currently chairs the External Affairs Committee. Dame Judith is a Fellow of the Institution of Chemical Engineers and was President of IChemE from May 2013 to May 2014.

Dame Judith is also Chair of Semta – the Science, Engineering and Manufacturing Technologies Alliance – and a non-executive director of the High Value Manufacturing Catapult.

• 2 aerospace projects aimed to maximise engine performance and efficiency set to receive more than £10 million of government funding
• Aerospace Minister Richard Harrington confirmed the investment on a visit to Rolls-Royce’s Derby facility today
• the money is part of a £3.9 billion investment from industry and the government as part of the modern Industrial Strategy

Funding support for the latest technologies in aerospace engine manufacturing and performance, was announced today by Aerospace Minister Richard Harrington.

The 2 projects, jointly funded by Rolls-Royce and the Aerospace Technology Institute (ATI), will bring together the best talent in the industry from academia and businesses to work on world-renowned research for aero-engine maintenance and manufacturing. The funding will support research to develop new engine cooling systems and cutting-edge technology to stop the formation of ice crystals on engines when cruising at high altitudes.

Aerospace Minister Richard Harrington confirmed the £10.7 million government funding towards the Rolls-Royce-led R&D projects on a visit to Rolls-Royce’s engineering and manufacturing facilities in Derby. In June 2017, Rolls-Royce committed to invest £150 million in its UK facilities to support plans of doubling engine production.

Aerospace Minister Richard Harrington said:

As the home of the first jet engine, the UK has an aerospace heritage that’s revered around the world. Through our modern Industrial Strategy, we will continue this legacy and have already committed to work with industry to invest £3.9 billion to further transform the sector.

These 2 projects will see the best talent from the industry come together to help the UK reach even greater heights in aerospace excellence.

The latest projects, worth over £21 million in total, are supported by ATI and Rolls-Royce with academic industry partners. This will be delivered through Innovate UK – the UK’s innovation agency.

Chief Technology Officer for Rolls-Royce Paul Stein said:

We welcome the support announced by the UK government today. Rolls-Royce is focused on pioneering new technologies and developing the next generation of highly skilled engineers by working with academia and industry. These research projects will play an important role in developing the innovative technologies needed to enhance performance, improve efficiency and reduce emissions of future aircraft.

Projects

The projects set to receive funding are:

COAST (Critical Oil and Air System Technologies)

£3.7 million, focuses on the development of engine systems to support cabin cooling, and advanced sealing solutions for oil systems and bearing chambers. The technologies developed in COAST will support reductions in fuel burn and improve the reliability of oil systems and the integration of engine systems with the airframe. This project is led by Rolls-Royce plc. in collaboration with Bladon Jet Ltd an SME based in Coventry and the Universities of Nottingham, Oxford and Sheffield.

DE-ICER (Design Excellence – Ice Crystal Engine Research)

£7 million, focuses on tackling the formation of ice crystals that can damage an aircraft. The project aims to target current gaps in ice crystal formation research and develop anti-icing systems and technology to protect the engine. This project is led by Rolls-Royce plc. in collaboration with Satavia Ltd, an SME in Cambridge, GKN Aerospace and the University of Oxford.

In 2015, the government and industry committed to spend £3.9 billion to further transform aerospace research until 2026 to help this sector build on our unique strengths in the UK through the Industrial Strategy.

The Industrial Strategy sets out a long-term plan to boost the productivity and earning power of people throughout the UK. It sets out how we are building a Britain fit for the future – how we will help businesses create better, higher-paying jobs in every part of the UK with investment in skills, industries and infrastructure.

A Downing Street spokesperson said:

The Life Sciences Council, a partnership between government and industry, met for the first time yesterday to discuss the future of the life sciences sector.

It was chaired jointly by the Business and Health and Social Care Secretaries, who outlined the importance of the life sciences sector to the modern industrial strategy, the NHS and patients.

At the meeting, pharmaceutical company Eisai announced it would make a further substantial investment in dementia research in the UK, in support of the government’s ambition to be a global hub for dementia research.

All agreed substantial progress had been made on implementing the Life Sciences Sector Deal. The importance of data to both industry and patients was a key topic of discussion.

Upcoming negotiations on the price paid by the NHS for medicines was also raised. Both government and industry confirmed advance talks had been productive.

Brexit, the challenges and opportunities it presents along with priorities for the sector was discussed. Industry leaders were clear on the government’s commitment to achieving a good outcome for the sector, both for medicines and the wider sector.

The UK has a proud history of innovation, and both government and industry were united today in confirming their drive to deliver excellence.

Eisai said:

The substantial investment announced today by Eisai’s CEO, Dr Harou Naito, for extending its investment for dementia research in the UK is a reflection of the high standard of UK science, its universities and the support of the government’s Life Science Industrial Strategy. It also extends the close cooperation between the UK and Japan in finding new treatments for this terrible disease which affects so many worldwide.

The maximum stakes on Fixed Odds Betting Terminals (FOBTs) are to be reduced from £100 to £2 to reduce the risk of gambling-related harm, Minister for Sport and Civil Society Tracey Crouch announced today.

The move comes off the back of a consultation with the public and the industry to ensure that we have the right balance between a sector that can grow and contribute to the economy and one that is socially responsible and doing all it should to protect consumers and communities.

The government wants to reduce the potential for large losses on FOBT (category B2) machines and the risk of harm to both the player and wider communities. Following analysis of consultation responses and advice from the Gambling Commission, the government believes that a cut to £2 will best achieve this.

The Gambling Commission has also been tasked to take forward discussions with the industry to improve player protection measures on B1 and B3 category machines, looking at spend and time limits.

DCMS Secretary of State Matt Hancock said:

When faced with the choice of halfway measures or doing everything we can to protect vulnerable people, we have chosen to take a stand. These machines are a social blight and prey on some of the most vulnerable in society, and we are determined to put a stop to it and build a fairer society for all.

Minister for Sport and Civil Society Tracey Crouch said:

Problem gambling can devastate individuals’ lives, families and communities. It is right that we take decisive action now to ensure a responsible gambling industry that protects the most vulnerable in our society. By reducing FOBT stakes to £2 we can help stop extreme losses by those who can least afford it.

While we want a healthy gambling industry that contributes to the economy, we also need one that does all it can to protect players. We are increasing protections around online gambling, doing more on research, education and treatment of problem gambling and ensuring tighter rules around gambling advertising. We will work with the industry on the impact of these changes and are confident that this innovative sector will step up and help achieve this balance.

In addition to the reduction to FOBT stakes the government has today confirmed:

• The Gambling Commission will toughen up protections around online gambling including stronger age verification rules and proposals to require operators to set limits on consumers’ spending until affordability checks have been conducted.
• A major multi-million pound advertising campaign promoting responsible gambling, supported by industry and GambleAware, will be launched later this year.
• The Industry Group for Responsible Gambling (IGRG) has amended its code to ensure that a responsible gambling message will appear for the duration of all TV adverts.
• Public Health England will carry out a review of the evidence relating to the public health harms of gambling.
• As part of the next licence competition the age limit for playing National Lottery games will be reviewed, to take into accounts developments in the market and the risk of harm to young people.

In order to cover any negative impact on the public finances, and to protect funding for vital public services, this change will be linked to an increase in Remote Gaming Duty, paid by online gaming operators, at the relevant Budget.

Changes to the stake will be through secondary legislation. The move will need parliamentary approval and we will also engage with the gambling industry to ensure it is given sufficient time to implement and complete the technological changes.

Notes to Editors

For further information please contact: DCMS Press Office on: 020 7211 6276 / 6971

• Gambling is devolved in Northern Ireland, but substantially reserved in Scotland and Wales. However, as of 23 May 2016, the Scottish Parliament and Scottish Ministers have the executive and legislative competence to vary the number of high-staking gaming machines authorised by a new betting premises licence in Scotland. Under the Wales Act 2017, identical powers were transferred to the Welsh Ministers and the National Assembly for Wales.
• We are committed to working constructively with devolved administrations as we move towards implementation of the £2 stake limit on B2 gaming machines.
• B1 machines are in casinos with a maximum stake of £5 with a maximum pay-out of £10,000 (or progressive jackpot of £20,000)
• B3 machines are located in casino, betting, arcade and bingo venues with a maximum stake of £2 and a maximum pay-out of £500.
• Remote Gaming Duty is paid by all companies who earn revenue through offering online gaming to British residents. It is currently set at 15% of operator’s profits.

• part of the modern Industrial Strategy, setting out how the government is building a Britain fit for the future – helping businesses create better, higher-paying jobs in every part of the UK
• online one stop shop invest.great.gov.uk launched to help global investors find UK projects
• High Potential Opportunities scheme to be extended across more than 20 new sectors and areas of the UK after pilot schemes in Doncaster, Telford and Greater Manchester
• as the Board of Trade meets in Stirling, Dr Fox recognises the exceptional international trading performance of 6 Scottish companies with Board of Trade Awards (BOFTAs)

International Trade Secretary Dr Liam Fox will today (Thursday 17 May) launch a new drive to attract foreign investment into the UK at a meeting of the Board of Trade in Stirling.

The Department for International Trade (DIT) is promoting 68 UK investment projects worth more than £30 billion to overseas investors. Dr Fox will also extend the highly successful High Potential Opportunities scheme, piloted in Doncaster’s rail industry, Telford’s agri-tech sector, and Greater Manchester’s innovative graphene-based lightweight materials sector to new industries and parts of the UK.

Dr Liam Fox, International Trade Secretary and President of the Board of Trade, said:

This is a bold and ambitious programme, building on the UK’s position as the leading destination for foreign investment in Europe through the government’s modern Industrial Strategy, helping to build a Britain fit for the future.

The High Potential Opportunities scheme will deliver growth where it is most needed, ensuring that the benefits of global investment are felt in every part of the country.

And with more than £30 billion worth of new opportunities, my international economic department’s overseas network is working hard to attract top investors to the UK.

DIT works directly with companies in 177 cities in 108 countries around the world. Last year, DIT helped attract 2,265 investment projects which created or safeguarded 108,000 jobs in the UK.

The 68 projects worth more than £30 billion, with more to be added over the coming months, will also be promoted through a revamped online one stop shop for potential investors: invest.great.gov.uk.

The extended High Potential Opportunities scheme is now taking applications from business organisations, Local Enterprise Partnerships and councils from across England, Scotland, Wales and Northern Ireland. In the first phase, more than 20 new sectors and areas of the UK will benefit from a boost in investment – creating new jobs and securing the UK’s prosperity.

Carolyn Fairbairn, CBI Director-General, said:

The UK has a strong standing when it comes to attracting investment to these shores. That investment leads to real, tangible benefits for people and communities – more jobs, prosperity and choice.

The International Trade Department’s drive to attract billions of pounds worth of investment to projects in each corner of the country is warmly welcomed by firms.

The new online catalogue of British projects for global investors to find and research will also be a vital tool to attracting even more capital to the UK, enabling the benefits of free trade and investment to flow into our communities.

Through the modern Industrial Strategy, the government is setting out a long-term plan to boost the productivity and earning power of people throughout the UK. It sets out how the government is building a Britain fit for the future – helping businesses create better, higher-paying jobs in every part of the UK with investment in skills, industries and infrastructure.

Whilst in Scotland, Dr Fox will also announce the winners of the BOFTAs – Board of Trade Awards. Six companies are being recognised for their excellence in international trade, demonstrating innovation, creativity and entrepreneurialism.

The BOFTA winners are:

• world-leading bus and coach manufacturers Alexander Dennis from Falkirk
• Speyside Distillery from the Cairngorm Mountains
• oil and gas company EnerQuip from Aberdeen
• plastics suppliers McGavigan from Glasgow
• Bowalds Energy from Aberdeen
• Glasgow-based power generation company Aggreko

Further information

The Department for International Trade (DIT) secures UK and global prosperity by promoting and financing international trade and investment, and championing free trade. We are an international economic department, responsible for:

• bringing together policy, promotion and financial expertise to break down barriers to trade and investment, and help businesses succeed
• delivering a new trade policy framework for the UK as we leave the EU
• promoting British trade and investment across the world
• building the global appetite for British goods and services

Details of the 68 projects being promoted by DIT, by location and value:

East Midlands

• Loughborough University Science & Enterprise Park, Loughborough, £625 million
• Island Site, Nottingham, £500 million
• Ashton Green, Leicester, £480 million
• Drakelow Park, Derbyshire, £360 million
• Waterside, Nottingham, £340 million
• Grantham Southern Quadrant, Lincolnshire, £200 million
• Tudor Cross, Bolsover, £175 million
• Heart of the City, Derby, £165 million
• Space Park Leicester, Leicester, £100 million
• Boots Enterprise Zone, Nottingham, £100 million

East of England

• Wisbech Garden Town, Cambridgeshire, £2,500 million
• CAMRO, Ely, £800 million
• Nelson Quay, King’s Lynn, £120 million

Northern Ireland

• Sirocco Quays, Belfast, £465 million
• Titanic Quarter, Belfast, £365 million
• Weavers Cross, Belfast, £250 million
• McAleer & Rushe, Belfast, £175 million
• One Bankmore Square, Belfast, £100 million
• 21–29 Corporation St, Belfast, £92 million
• Norwich Union House, Belfast, £54 million
• Baptist Church, Belfast, £30 million

Northern Powerhouse

• Wirral Waters, Wirral, Merseyside, £4,000 million
• Trafford Waters, Manchester, £1,000 million
• Kirkstall Forge, Leeds, £400 million
• Protos, Cheshire, £300 million
• MediaCityUK, Manchester, £300 million
• Property Alliance Group Portfolio, Manchester, £300 million
• Pall Mall Exchange, Liverpool, £150 million
• Stockport Exchange, Stockport, £140 million
• Future Carrington, Manchester, £100 million
• Liverpool Waters, Liverpool, £100 million

West Midlands

• UK Central Hub and HS2 Interchange, Solihull, £2,000 million
• Birmingham International Station, Birmingham, £1,400 million
• Birmingham Curzon, Birmingham, £1,000 million
• Friargate Coventry, Coventry, £700 million
• i54 Western Extension, Wolverhampton, £600 million
• Paradise, Birmingham, £550 million
• Stafford Gateway North, Stafford, £381 million
• Stoke-on-Trent City Centre, Stoke-on-Trent, £310 million
• Worcester Growth Corridor, Worcester, £300 million
• MIRA Technology Park Southern Manufacturing Sector, Nuneaton, £150 million
• Interchange Commercial District, Wolverhampton, £150 million
• Skylon Park, Hereford, £105 million
• Telford Investment Cluster, Telford, £105 million
• Redditch Gateway, Redditch, £100 million

Scotland

• Dundee Waterfront, Dundee, £500 million
• Buchanan Wharf, Glasgow, £350 million
• Magenta, Glasgow, £280 million
• AMIDS, Renfrewshire, £244 million
• Edinburgh International Business Gateway, Edinburgh, £185 million
• Queen’s Square, Aberdeen, £150 million
• Bothwell Street, Glasgow, £140 million
• George Street Complex, Glasgow, £100 million
• Perth West, Perth, £100 million

South East

• Otterpool Park, Folkestone, £2,000 million
• Fawley Waterside, Hampshire, £1,000 million
• Hickstead Science & Technology Park, Sussex, £350 million
• Bexhill Enterprise Park, Sussex, £150 million
• Bargate Quarter, Southampton, £150 million

South West

• UK Cyber Park, Cheltenham, £600 million
• West Carclaze, Cornwall, £400 million
• Gateway Development, Plymouth, £100 million

Yorkshire & Humber

• Sirius Minerals Polyhalite Project, North Yorkshire and Teeside, £2,900 million
• York Central, York, £750 million
• Axiom Regional Shopping Centre, Wakefield, £400 million
• Aero Centre Yorkshire, Doncaster, £100 million
• Unity Doncaster, Doncaster, £100 million

Wales

• Penrhos Coastal Holiday Resort, Anglesey, North Wales, £105 million

In all, the 68 projects are worth £33,791,000,000

The government’s Foreign Direct Investment (FDI) Strategy

The government’s Foreign Direct Investment (FDI) Strategy consists of operational changes which will:

• improve the effectiveness of our work and help teams to focus on the projects which contribute most to the UK economy
• clearly define DIT’s priorities for promoting investment opportunities

DIT has been working closely with colleagues across government to ensure the closest possible alignment of activity to support the Industrial Strategy’s initiatives around supporting the business environment, growing clusters and sectors, and the promotion of FDI through DIT’s FDI strategy.

This will deliver a more targeted approach to promotion and investor support, and better address market failures to maximise wealth creation across the UK.

From next financial year, we will change our measure of performance from the volume of projects landed to a comprehensive measure of economic impact.

Alongside this, we will work with local partners to build a portfolio of ‘High Potential Opportunities’ across the UK to promote investment opportunities showcasing UK sector strengths, skills bases, cost bases and infrastructure programmes that are not readily referenced by current market information and have a high potential to deliver economic benefits.

This will enable us to be more responsive to the needs of foreign investors and better match investor requirements with opportunities across the UK that have the capacity to drive high value growth and jobs.

Details of the existing High Potential Opportunities (HPO) pilot schemes

HPO commercialising new technologies for high productivity food production (Telford)

• High productivity food production is set to disrupt agriculture markets due to growing demand for food and scarce land resource. Innovation breakthroughs in satellite imaging, remote sensing and precision farming are ready for commercialisation.
• Telford is home to Harper Adams University, a world-leader in agri-tech research and home of the National Centre for Precision Farming – developing automation, drones, autonomous systems, with strong links to and appetite to work with business. The area has an advanced engineering cluster with crossover technologies, eg remote sensors, and availability of development-ready land with pro-active planning and landing support from council.

HPO rail rolling stock supply chain (Doncaster)

• An ageing fleet with passenger and freight numbers that are increasing, the size of UK rolling stock growing faster than at any time in decades, combined with government commitments on rail projects, the arrival of HS2, and a significant level of imports ripe for substitution, creates a pipeline of UK demand offering a multitude of supply chain opportunities in procurement.
• Rail has been a major part of Doncaster’s economy for over 150 years: strong infrastructure includes iPortrail, at the heart of the UK’s intermodal transport network. The region offers a rail cluster of 50 companies and 8,000 rail employees, and a pool of talent to provide the employees of today. This is future proofed by the National College for High Speed Rail, developing a pipeline of work ready talent for tomorrow.

HPO lightweight and specialist materials for the transport sector (Greater Manchester: Rochdale, Bury, Oldham)

There is a global opportunity in lightweight materials for transport applications:

• light alloys
• technical textiles
• coatings
• graphene and 2D materials
• materials for demanding environments

Greater Manchester offers a gateway to opportunities in lightweight structures throughout the North West, the rest of the UK, and across Europe. The unique ecosystem offers the ability to move from research and testing, to commencing small scale production, and includes scaling up in the UK (rather than abroad) with the benefits of retaining your people, networks and importantly links to world class research.

For more information:

• Contact the DIT Media Team on 020 7215 2000 or email baylee.turner@trade.gov.uk
• Follow us @tradegovuk and at gov.uk/dit