UK-India trade agreement ‘about deal and not dates’, minister says March 23, 2023 The UK’s talks with India are “about the deal and not the dates”, a minister has insisted as a Conservative backbencher queried government progress towards a free trade agreement. Trade minister Nigel Huddleston told the Commons “we will not tie our hands in terms of setting an arbitrary deadline”. He spoke in response to Conservative [...]
British Steel confirms 260 jobs at risk amid coke oven closures February 22, 2023 British Steel announced 260 jobs are at risk amid proposals to close its coke ovens at its plant in Scunthorpe. The firm said the UK remains “uncompetitive” compared to rival markets with energy and carbon costs “some of the highest” globally. It said it had seen a £190m rise last year and the facilities were [...]
US-China tensions, tariff hikes and Russia sanctions force firms to look at ‘onshore’ supply chains January 16, 2023 Logistics executives increasingly believe top companies should look to bring their supply chains closer to home to avoid being impacted by trade wars, sanctions and other global shocks, a new survey has found. Supply chain managers increasingly see ‘onshoring’ and ‘near-shoring’ as a means of hedging against disruption to global trade caused by the Covid-19 [...]
Post-Brexit Japan deal branded ‘a failure’ November 27, 2022 The first major free trade agreement signed by Britain after Brexit has been branded a failure. Liz Truss signed a deal with Japan in October 2020 that was claimed could boost trade by billions and help the economy recover, reported in The Guardian. However figures from the Department for International Trade showed that trade to [...]
UK frees up £4bn in export finance to boost post-Brexit trade with Morocco November 24, 2022 Britain has made £4bn available in export finance to boost post-Brexit trade with Morocco. The funding will be available for Moroccan buyers as long as 20 per cent of content is from UK firms, it has been announced. This comes as the UK looks for trading opportunities around the world after leaving the European Union, [...]
Ever Given’s blocking of Suez Canal shows threat posed by global warming, Marsh says November 10, 2022 The blocking of the Suez Canal by the cargo ship Ever Given shows the threat climate change poses to the global economy, according to a new report from the world’s largest insurance broker Marsh. Rising sea levels and an uptick in extreme weather events could wreak havoc on global supply chains by disrupting key shipping [...]
Exclusive: Brexit bites into London’s FX trading as Singapore and New York seize City’s derivatives share November 5, 2022 London’s status as the global hub for FX and derivatives trading is under threat for the first time since Brexit. According to new findings shared exclusively with Morning Wire today, a study by the Bank of International Settlements (BIS) found that while the UK remains the leading hub for currencies and interest rate derivatives trading, [...]
Badenoch hits back at claims India-UK trade deal could hike prices for NHS after agreement is leaked November 5, 2022 Trade secretary Kemi Badenoch has hit back at claims the NHS could be set to pay higher costs for drugs as a result of a UK-India trade deal. It has emerged that a leaked chapter of the free trade agreement (FTA) between UK and India contains provisions that suggests, amongst other things, pharmaceutical companies would be allowed [...]
UK businesses optimistic about exports despite ongoing Brexit trouble October 31, 2022 UK businesses are optimistic about their future exports despite grappling with trade disruption caused by Brexit, a new report out today reveals. Some 42 per cent of firms expect their exports to grow over the next year, according to a survey by business lobby group the Institute of Directors (IoD). A series of free trade [...]
UK exports to India hit record levels despite crucial post-Brexit trade deal missing today’s Diwali deadline October 24, 2022 The UK is exporting and importing record volumes of goods with India despite complications around a trade deal which look set to miss todays planned Diwali date for completion. Exports in July (£939m) and August (£913m) surpassed £900m for the first time ever recorded which puts the total volume of exports to India so far [...]