Latest news with #ChrisSouthworth
Daily Mail
07-07-2025
- Business
- Daily Mail
Rules overhaul could release £22bn for UK exporters, ICC tells City watchdog
Regulations should be overhauled to release £22billion in trade finance and cut costs for small and medium-sized firms, the International Chamber of Commerce (ICC) has urged. The UK arm of the world's largest business organisation said in an open letter to Britain's financial regulator that there is an 'urgent need' for reform of the rules governing trade finance, the financial instruments that facilitate global trade. In a letter to Financial Conduct Authority chief Nikhil Rathi, Chris Southworth, the ICC UK's secretary-general, said the trade finance system suffers from a 'bureaucratic and inefficient' regulatory structure. He told Rathi small and medium-sized exporters are beset by 'laborious compliance checks and over-burdensome capital requirements'. It said the rules have negated the gains resulting from the Electronic Trade Documents Act (ETDA) 2023, which grants digital trade documents the same legal status as their physical counterparts. According to the ICC, the ETDA has reduced average trade transaction times from two to three months to just one hour, and lowered transaction costs by up to 80 per cent. Call for change: Regulations should be overhauled to release £22billion in trade finance and cut costs for small and medium-sized firms, the International Chamber of Commerce has urged This has been compounded by a 'culture of fear and risk aversion' as a consequence of enforcement actions and penalties levied on financial institutions over a decade, according to Southworth. He has called on regulators to enact the Basel III reforms - a series of measures to enhance the banking system's defences against economic shocks - more quickly so their benefits can be realised within the current Parliament. HM Treasury and the Prudential Regulation Authority have delayed the application of Basel III until the beginning of 2027. The reforms are due to be fully implemented by January 2030. Southworth said the timeframe fails to reflect what businesses are 'doing in the real world and lacks the ambition and urgency required to meet the scale of the economic challenge facing the UK'. He called for 'more proportionate, lighter touch' regulations for trade finance, especially 'know your customer' (KYC) processes, which financial firms use to check their customers' identity. The ICC also wants the capital requirement threshold lifted for trading SMEs to help shrink the £22billion trade finance gap. Despite the UK underpinning 60 per cent of global trade finance, Southworth said that countries like India, the US, and the United Arab Emirates have 'more agile and responsive regulatory frameworks and digital infrastructure'. The ICC said that making reforms was 'not only a growth opportunity but also an opportunity for the UK to be the global hub for modern, digital trade finance. Saying no to reform or continuing to delay it is no longer an option'. An FCA spokesperson told This is Money that it was 'testing' the idea of relaxing KYC rules on small transactions with the UK Government, having sent a letter to the Prime Minister last December suggesting such an idea.
Yahoo
30-06-2025
- Business
- Yahoo
US-UK trade, AI and a shake up of rules on investment advice
Sky's business correspondent Paul Kelso is joined by the secretary general of the International Chamber of Commerce, Chris Southworth, to discuss the impact of the new UK-US trade deal which took effect this morning. Is the rise of AI exacerbating the UK's skills gap? One upskilling platform claims it's costing the UK economy almost £62bn annually in lost productivity. Euan Blair, founder of Multiverse, explains the data. And, new proposed rules on investment advice could see firms allowed to offer generic suggestions to customers - in a move to help savers get better returns on their money. Sarah Pritchard from the Financial Conduct Authority explains what's behind the shake up. 👉 Listen and subscribe to the 👈
Sky News
30-06-2025
- Business
- Sky News
US-UK trade, AI and a shake up of rules on investment advice
Sky's business correspondent Paul Kelso is joined by the secretary general of the International Chamber of Commerce, Chris Southworth, to discuss the impact of the new UK-US trade deal which took effect this morning. Is the rise of AI exacerbating the UK's skills gap? One upskilling platform claims it's costing the UK economy almost £62bn annually in lost productivity. Euan Blair, founder of Multiverse, explains the data. And, new proposed rules on investment advice could see firms allowed to offer generic suggestions to customers - in a move to help savers get better returns on their money. Sarah Pritchard from the Financial Conduct Authority explains what's behind the shake up.
The Independent
29-05-2025
- Business
- The Independent
Trump fury over US court bid to block tariffs – as experts warn uncertainty could hit economy
A cloud hangs over the global economy, experts have warned after a bombshell court ruling blocked Donald Trump's tariffs, creating more global economic 'confusion and uncertainty'. Financial markers reacted positively to the unanimous ruling by three judges, but the decision enraged the White House, with Trump's official spokesman Stephen Miller calling it another 'judge coup'. The White House has appealed the decision, but it means all of the president's 'Liberation Day' tariffs now face a protracted legal process that could overshadow trade talks and delay the implementation of existing deals, including with Britain. Only the 25 per cent tariffs on steel, aluminium, and cars are unaffected by the ruling. Chris Southworth, secretary general of the International Chamber of Commerce United Kingdom (ICCUK), said months of legal wrangling would further weaken economic confidence. He said: 'It just puts a whole cloud over the top of any negotiation with the US because it's unclear what the US is negotiating and what their position will be from a legal standpoint. 'The problem is, these tariffs change almost every day with the US at the moment, and this uncertainty isn't good for business.' Marco Forgione, director general of the Chartered Institute of Export and International Trade, is also worried about the impact. He said: 'It's clear that we live now in a time of growing uncertainty. But businesses, especially our world-leading food and drink producers, should not rush to react. Whatever the outcome of the legal appeal, keeping calm is the best approach. 'The UK must keep backing open, rules-based trade to give our exporters the certainty they need to succeed.' Trade economist Simon Evenett told The Independent that the ruling could mean tariffs on sensitive sectors such as cars, steel, aluminium and pharmaceuticals intensify instead of coming down, as they're not covered by the judgement. He said: "Britain's principal interests lay in the area of cars, steel, aluminium and pharmaceuticals. All of these are covered by investigations under national security and are not covered by the ruling yesterday. This means the risks to the UK in those sensitive sectors remain, and are likely to intensify.' However, an ally of the Trump administration – Andrew Hale, a trade expert from the influential Heritage Foundation – told The Independent that the judges' decision is 'good news' for the UK. Mr Hale described the deal signed by Trump and Sir Keir Starmer earlier this month as 'just a framework document with very little in it'. He added: 'It was meant to be a start for further trade negotiations and deal with some of the tariffs. So [the ruling] is good news [for the UK] because it prevents the [Trump administration] because it is detrimental to the Trump administration; negotiations. They cannot use the International Emergency Economic Powers Act (IEEPA) to impose tariffs quickly and broadly as a negotiating tactic in negotiations.' In a speech on Thursday, Sir Keir Starmer defended his deal with Trump despite new question marks over the terms – and revelations the US has yet to lower tariffs on car and steel exports from the UK as originally agreed. The prime minister highlighted how the deal will ultimately help workers at Jaguar Land Rover (JLR), whose jobs had been under threat. But the uncertainty created by levies has already led to smaller firms in the UK abandoning the US market, according to Federation of Small Business (FSB) policy chair Tina McKenzie. She said: 'This court decision offers the possibility of short-term relief for small businesses trading across the Atlantic, many of whom have spent the last few months caught in a tangle of uncertainty, shifting rules and sudden extra costs. In fact, one in five said they had already stopped, or may stop, exporting to the US altogether.' The Commons select committee on business and trade is set to open an inquiry on trade with the US. Labour committee chairman Liam Byrne said: 'There's still considerable uncertainty about when the sector-specific exemptions in the recent deal actually come into effect, and what UK firms need to do to access them. This is a key thing we want to cover next week. On the broader tariffs, my understanding is that these now go back to the previous level.' Meanwhile, Lib Dem leader Sir Ed Davey demanded that the foreign secretary David Lammy summoned the new US ambassador, Warren Stephens to explain the situation. He said: 'The levels of chaos from Trump's economic policy is putting Liz Truss to shame.'
Al Jazeera
06-05-2025
- Business
- Al Jazeera
How will Trump plan for tariffs on movies affect the global film industry?
President Donald Trump orders 100 percent tariffs on imported films and those made outside the US. In recent years, California – home to America's film industry – has slipped to become the sixth most preferred location to shoot and produce movies. Hollywood producers are moving to cities in Canada, the United Kingdom, Central Europe and New Zealand, lured by a range of financial benefits on offer. US President Donald Trump wants to reverse this trend and says he wants to 'make movies in America, again'. And he's using the stick to do so. Trump has ordered 100 percent tariffs on imported movies and those made outside the United States. The move has confused Hollywood and the European film industry. So, how will the tariffs be implemented? Will a movie partly produced outside the US be punished? And what about films made for streaming platforms? And how will the tariffs affect the movie industry globally? Presenter: James Bays Guests: Jonathan Handel – Entertainment lawyer and journalist Chris Southworth – Secretary-general of the International Chamber of Commerce United Kingdom Kamran Pasha – Hollywood director, screenwriter and novelist
