Latest news with #DepartmentForBusinessAndTrade
Sky News
14-07-2025
- Business
- Sky News
Post Office transformation effort gets £118m funding boost
Why you can trust Sky News Efforts to turn around the crisis-hit Post Office have been given a £118m funding boost as the government continues to consider a new ownership structure. Sky News revealed in October last year, as the Horizon IT scandal inquiry neared its conclusion, that a government-commissioned review was to explore the idea of a mutual model. It would effectively see ownership transferred from the government to sub-postmasters, creating a John Lewis Partnership-style structure, if such an option was to be followed through. It's being considered as a way to return public and postmaster trust to the Post Office. The options are to be the subject of a 12 week consultation on the organisation's future. The new £118m subsidy package was being made available, the Department for Business and Trade said, to fund the transformation plan and further investment. "This funding will protect key services, including access to cash deposits and withdrawals as well as key government services, such as passport applications and the DVLA, alongside helping the Post Office deliver cost-saving measures in its Transformation Plan, part of the New Deal for Postmasters", the statement said. Post Office minister Gareth Thomas added: "Post Offices continue to be a central part of our high streets and communities across the country. "However, after 15 years without a proper review, and in the aftermath of the Horizon scandal, it's clear we need a fresh vision for its future. "This Green Paper marks the start of an honest conversation about what people want and need from their Post Office in the years ahead." 2:55 But the general secretary of the Communication Workers Union, Dave Ward, accused the department of lacking sincerity. He responded: "Successive governments have failed the Post Office, its workers and customers - and choosing to use government subsidies for planned redundancies, closures and so-called transformation plans that are nothing more than managed decline. "This Labour Government are unashamedly doing exactly the same as the Tories did - managing the politics of the Post Office, prioritising further cost-cutting and offering no vision for its future." The update was provided as sub-postmasters await further conclusions from the Horizon IT inquiry. The first volume, published last week, highlighted the impact of false theft and false accounting accusations made against at least 1,000 postmasters. It concluded that 13 people may have taken their own lives after being falsely accused of wrongdoing, based on evidence from the IT system that the Post Office and developers Fujitsu knew could be faulty. At the same time, inquiry chair Sir Wyn Williams recommended further action to improve compensation outcomes amid years of frustration over delays and wrangling over the sums due.
Yahoo
09-07-2025
- Business
- Yahoo
Bringing consumer trust to open banking is crucial to unlocking growth
Open banking was pioneered in the UK with bold ambitions: to boost competition, lower costs, and create better payment experiences for consumers and businesses. Seven years on, it's gained significant ground, with over 31 million monthly payments, 13.3 million users and £4.1bn to the UK economy. This progress shows that open banking is starting to reshape the financial sector—but its full potential is still ahead. According to the Department for Business and Trade, open banking and smart data schemes could be worth up to £28bn per year to the UK economy in the near future. But for open banking to provide a real boost to the City, it needs to become mainstream. Our recent report based on data collected by YouGov highlights that there's a knowledge gap of open banking's core benefits among consumers. Despite more than half (58%) saying a lower fraud risk would encourage them to try a new payment method, only 39% feel protected using it, even though fraud rates are significantly lower than other payment methods. The report details consumer priorities in specific purchase scenarios, highlighting that for low-value purchases, 49% value convenience, yet for purchases above £100, security becomes the priority, especially with unfamiliar brands. With single open banking payments, superior security and a reduced risk of fraud exist at all purchase values, but for low-value purchases, the authentication process can add friction — especially when digital wallets have made card payments feel so simple. This is where Commercial Variable Recurring Payments (cVRP) will be a game changer. It allows consumers to benefit from recurring payments and one-click checkout, but on their own terms. They can set payment limits, payment dates, and cancel or amend at any time, providing much more control and flexibility than card-on-file or direct debit. cVRP bridges the convenience gap, particularly for sub-£100 purchases. Elsewhere, nearly all merchants surveyed (98%) said low fees are a priority when choosing a new payment method, 97% said the same about strong security. Right now, many feel they're trapped with the high costs of card schemes and are paying the price for a system that's expensive, opaque and unjust. The biggest flashpoint for merchants is the chargeback system. Designed to protect consumers from fraud, the system has become an administrative and financial burden. Friendly fraud — when a consumer mistakenly or knowingly falsely claims they didn't receive goods or there was a payment problem — is a particular concern. Nearly half of all merchants surveyed want stronger protection against it. More than 40% of say chargebacks are unfair, and the same number are calling for them to be scrapped entirely. If open banking doesn't deliver as a mainstream payment method, the consequences will be felt across the economy. Businesses will continue to face rising costs, limited flexibility, and reduced visibility over how money moves. Last year the Chancellor announced the National Payments Vision (NPV), which outlined the importance of securing open banking but four key reforms could make the Chancellor's vision a reality. Develop a bespoke consumer protection model: Don't just replicate what we have for cards. This has to address critical issues like merchant insolvency. Introduce a UK trustmark: Launch an instantly recognizable trustmark for open banking payments, like the one we have for contactless payments - it will build consumer confidence at checkout. Accelerate cVRP rollout: Drive forward Commercial Variable Recurring Payments (cVRP) this year - with a consumer-friendly name - so that people understand what it is. Preserve low cost and high security: Progress open banking while safeguarding its core advantages of low fees and strong security, as these are its foundational value propositions. These reforms will help to educate consumers and merchants about the benefits that open banking can bring. For years, the UK has pioneered open banking - it would be a monumental waste to give up this chance to help businesses and consumers benefit from this pioneering technology. Nicole Green is VP Product Strategy, Innovation and Policy at Yapily "Bringing consumer trust to open banking is crucial to unlocking growth " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
The Independent
30-06-2025
- Business
- The Independent
UK's export of fighter jet parts to Israel lawful: High Court
A High Court challenge brought by Palestinian human rights organisation Al-Haq against the UK government's continued export of F-35 fighter jet components to Israel has been unsuccessful. Al-Haq had argued that the Department for Business and Trade's decision to license these components was unlawful and risked facilitating crime amid the ongoing conflict in Gaza. The UK government had previously suspended other export licenses for weapons to Israel but maintained an exemption for F-35 parts, designating them as part of an international defence program. The Department for Business and Trade defended its position, asserting that the carve-out for F-35 components was consistent with international law. Justices ruled that the issue of withdrawing from a multilateral defense collaboration, even if components might be used in international humanitarian law violations, is a political matter for the executive and parliament, not for the courts.
The Guardian
30-06-2025
- Business
- The Guardian
UK's sale of F-35 fighter jet parts to Israel is lawful, high court rules
Britain's decision to allow the export of F-35 fighter jet components to Israel, despite accepting they could be used in breach of international humanitarian law in Gaza, was lawful, London's high court ruled on Monday. Al-Haq, a human rights group based in the Israeli-occupied West Bank, took legal action against Britain's Department for Business and Trade over its decision to exempt F-35 parts when it suspended some arms export licences last year. The UK had assessed that Israel was not committed to complying with international humanitarian law, in relation to humanitarian access and the treatment of detainees, as the basis for its decision. But Britain decided to 'carve out' F-35 licences, with the government saying suspending those licences would disrupt a global programme that supplies parts for the aircraft, with a knock-on impact on international security. Any such disruption would 'undermine US confidence in the UK and Nato', the Ministry of Defence said. Al-Haq argued at a hearing last month that the decision was unlawful as it was in breach of Britain's obligations under international law, including the Geneva conventions. But the high court dismissed the group's challenge in a written ruling. More details soon …
Reuters
30-06-2025
- Business
- Reuters
UK export of F-35 parts to Israel was lawful, court rules
LONDON, June 30 (Reuters) - Britain's decision to allow the export of F-35 fighter jet components to Israel, despite accepting they could be used in breach of international humanitarian law in Gaza, was lawful, London's High Court ruled on Monday. Al-Haq, a group based in the Israeli-occupied West Bank, had taken legal action against Britain's Department for Business and Trade over its decision to exempt F-35 parts when it suspended some arms export licences last year. The United Kingdom had assessed that Israel was not committed to complying with international humanitarian law, in relation to humanitarian access and the treatment of detainees, as the basis for its decision. But Britain decided to "carve out" F-35 licences, with the government saying suspending those licences would disrupt a global programme that supplies parts for the aircraft, with a knock-on impact on international security. Any such disruption would "undermine U.S. confidence in the UK and NATO", the Ministry of Defence said. Al-Haq argued at a hearing last month that the decision was unlawful as it was in breach of Britain's obligations under international law, including the Geneva Convention. But the High Court dismissed the group's challenge in a written ruling.
