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Business News Wales
6 days ago
- Business
- Business News Wales
Updated Rules 'Will Benefit Trade Between UK Nations'
Businesses trading across the UK's four nations will benefit from clearer and more certain rules, following government changes to how the UK Internal Market Act works. Following extensive feedback from businesses – including calls for greater clarity, consistency, and collaboration – the UK Government has completed a review of the Act ahead of schedule. The updated approach enables devolved governments to shape laws which align with their own priorities. A transparent and well-managed internal market will help to minimise the risk of unnecessary trade barriers, says the UK Government. Protecting the environment and public health will be taken into account alongside economic factors when a government proposes excluding an area from the UK Internal Market Act. In addition, if a proposed change has only a limited economic impact, this can now be agreed through a streamlined process. This updated approach will better enable all four governments to agree shared rules across a wide range of areas including chemicals and pesticides and provide more flexibility to legislate, the UK Government said. Minister for Trade Policy Douglas Alexander said: 'A thriving internal market is essential to the UK's economic success, so we've listened to what businesses want — and we're acting ahead of schedule. 'These reforms will keep trade flowing, reduce friction, and unlock growth across all four nations. 'We've also worked closely with devolved governments to ensure they can deliver on their priorities.' Jane Gratton, Deputy Director of Public Policy at the British Chambers of Commerce, said: 'Trade between the nations of the UK is vital to the health of our overall economy and a key driver of growth. Businesses want to see devolved and UK governments working together to ensure there are no unnecessary barriers to the flows of goods and services between us. 'The UK Internal Market Act is key to this, setting the foundations which underpin over £100bn of trade. This new streamlined approach to rulemaking will give businesses the certainty they need so they can grow, invest, and prosper.' The UK internal market supported over £129 billion of trade between the four nations in 2019 — equivalent to around 6% of the UK economy. For Scotland, Wales and Northern Ireland, sales to the rest of the UK make up a major share of their external sales — typically around 60%.
The Independent
15-07-2025
- Business
- The Independent
Minister vows ‘improvements' to Internal Market Act
The UK Government is promising 'improvements' will be made to a key piece of post- Brexit legislation – with trade policy minister Douglas Alexander conceding there are 'real concerns' about how the laws have operated to date. Mr Alexander however made clear that ministers have not considered scrapping the Internal Market Act (IMA), with the Scottish Government branding the results of the Westminster review 'completely unacceptable'. Angus Robertson, the Scottish Government's Constitution Secretary, insisted the legislation – which Holyrood has twice voted against – 'undermines' the Scottish Parliament. Mr Alexander however said the UK Government has 'been explicit about the need for businesses to have certainty', saying this is 'why the review has not considered repeal of the Act or any of its provisions'. He said the UK Government has instead 'pledged to explore improvements in the way the Act's provisions operate', adding 'very real concerns' have been raised. Following the UK's departure from the European Union, the then Tory UK government introduced the IMA in order to create a single market across the four nations of the UK. The legislation however caused difficulties for the Scottish Government when it attempted to introduce a deposit return scheme for empty cans and bottles ahead of the rest of the UK. In the wake of the review, the UK Government is promising changes, including the introduction of exclusions to the legislation, that have been agreed by all governments within a common framework. As well as considering economic impacts, issues of environmental protection and public health will also be looked at for exclusions – with the UK Government saying this ensures a 'balance of factors is considered'. Mr Alexander stressed the importance of having a 'well-functioning UK internal market' as part of the Government's 'ambition to improve economic growth for the benefit of businesses and people in all parts of our country'. He added: 'Latest figures show that trade between the four nations of the UK is valued at £129 billion and that it is particularly important to the economies of Scotland, Wales, and Northern Ireland.' But Mr Robertson insisted the IMA had been introduced by the previous Conservative government 'without the consent of any devolved government or Parliament'. Speaking about the legislation, he added: 'It undermines the ability of the Scottish Parliament to use its powers to pursue devolved social and economic objectives in Scotland for the people to which it is accountable. 'It introduces radical new uncertainty as to the effect of laws passed by the Scottish Parliament and effectively provides a veto to UK ministers. 'Nothing set out in the UK Government's response to the review changes this position, which is completely unacceptable. 'The conclusion of the review falls well short of our stated position of repeal and replace the Internal Market Act, and indeed short of the legislative change required to mitigate the most damaging aspects of the operation of the IMA. 'It is important also to note that the Scottish Parliament has twice voted to repeal the Act – since it is fundamentally misconceived and incompatible with devolution.' While he said the Scottish Government welcomes the UK Government's intention 'to address some of the most egregious issues with the function of the IMA exclusions process', he added that SNP ministers 'remain concerned that there is no clear vehicle to give meaningful effect to these changes, which work against our shared interests to promote growth, protect jobs and ensure seamless trade across the UK nations'.
Yahoo
15-07-2025
- Business
- Yahoo
Minister vows ‘improvements' to Internal Market Act
The UK Government is promising 'improvements' will be made to a key piece of post-Brexit legislation – with trade policy minister Douglas Alexander conceding there are 'real concerns' about how the laws have operated to date. Mr Alexander however made clear that ministers have not considered scrapping the Internal Market Act (IMA), with the Scottish Government branding the results of the Westminster review 'completely unacceptable'. Angus Robertson, the Scottish Government's Constitution Secretary, insisted the legislation – which Holyrood has twice voted against – 'undermines' the Scottish Parliament. Mr Alexander however said the UK Government has 'been explicit about the need for businesses to have certainty', saying this is 'why the review has not considered repeal of the Act or any of its provisions'. He said the UK Government has instead 'pledged to explore improvements in the way the Act's provisions operate', adding 'very real concerns' have been raised. Following the UK's departure from the European Union, the then Tory UK government introduced the IMA in order to create a single market across the four nations of the UK. The legislation however caused difficulties for the Scottish Government when it attempted to introduce a deposit return scheme for empty cans and bottles ahead of the rest of the UK. In the wake of the review, the UK Government is promising changes, including the introduction of exclusions to the legislation, that have been agreed by all governments within a common framework. As well as considering economic impacts, issues of environmental protection and public health will also be looked at for exclusions – with the UK Government saying this ensures a 'balance of factors is considered'. Mr Alexander stressed the importance of having a 'well-functioning UK internal market' as part of the Government's 'ambition to improve economic growth for the benefit of businesses and people in all parts of our country'. He added: 'Latest figures show that trade between the four nations of the UK is valued at £129 billion and that it is particularly important to the economies of Scotland, Wales, and Northern Ireland.' But Mr Robertson insisted the IMA had been introduced by the previous Conservative government 'without the consent of any devolved government or Parliament'. Speaking about the legislation, he added: 'It undermines the ability of the Scottish Parliament to use its powers to pursue devolved social and economic objectives in Scotland for the people to which it is accountable. 'It introduces radical new uncertainty as to the effect of laws passed by the Scottish Parliament and effectively provides a veto to UK ministers. 'Nothing set out in the UK Government's response to the review changes this position, which is completely unacceptable. 'The conclusion of the review falls well short of our stated position of repeal and replace the Internal Market Act, and indeed short of the legislative change required to mitigate the most damaging aspects of the operation of the IMA. 'It is important also to note that the Scottish Parliament has twice voted to repeal the Act – since it is fundamentally misconceived and incompatible with devolution.' While he said the Scottish Government welcomes the UK Government's intention 'to address some of the most egregious issues with the function of the IMA exclusions process', he added that SNP ministers 'remain concerned that there is no clear vehicle to give meaningful effect to these changes, which work against our shared interests to promote growth, protect jobs and ensure seamless trade across the UK nations'.
Business Recorder
15-07-2025
- Business
- Business Recorder
Pakistan, UK ministers announce new steps aimed at boosting trade
ISLAMABAD: Ministers from the UK and Pakistan have announced new measures to boost trade between the two countries, following the launch of the UK-Pakistan Trade Dialogue. As part of the dialogue, ministers announced the creation of a new UK-Pakistan Business Advisory Council bringing together senior business leaders and government officials to facilitate high value trade and investment. The council will provide strategic advice on policy reform, offer a confidential forum for engagement, and help promote commercial opportunities by addressing market access challenges and sharing best practices. Monday's (14 July) meeting in London was co-chaired by the UK Minister for Trade Policy and Economic Security, Douglas Alexander, and Pakistan's Federal Minister of Commerce Jam Kamal Khan. Both ministers agreed to annual ministerial meetings to unlock growth opportunities, and support businesses and investors in the UK and Pakistan. Douglas Alexander said: 'Today's dialogue marks the next step in our long-standing relationship with Pakistan, taking our trading partnership to the next level and unlocking new opportunities for businesses in both our countries.' 'By deepening cooperation in key sectors like healthcare and digital technology – areas central to the UK's Industrial Strategy – we can drive growth, foster innovation, and create jobs.' Jam Kamal said: 'The UK remains one of Pakistan's most important economic partners. This dialogue lays the foundation for a more structured and forward-looking trade relationship. By strengthening collaboration and aligning our priorities, we can expand bilateral trade, attract greater investment, and create sustainable economic opportunities that benefit both nations.' The UK has also announced up to £200,000 to support Pakistan's aspirations to attract investment from the UK. The funds will provide technical assistance for investor outreach, and support matchmaking between Pakistani investors and UK-based opportunities. This initiative reflects the UK's commitment to supporting Pakistan's ambitions to increase outbound investment and to strengthening the bilateral investment relationship. The dialogue highlighted shared ambition to build on recent momentum, with bilateral trade increasing by 7.3 per cent during the final quarter of last year. Bilateral trade is currently valued at £4.7 billion. Today's discussion focused on key sectors including information technology and healthcare, two priority areas under the UK's Industrial Strategy. The UK's Industrial Strategy presents a significant opportunity for businesses and investors. The UK is committed to making it easier, faster, and more predictable for international firms to operate in its market. This includes reforms in skills development, innovation, regulation, and planning – creating a more dynamic and open business environment. Through the alignment of the UK's Industrial Strategy and the UK – Pakistan Trade Dialogue, we are reaffirming our commitment to open and fair trade and to deepening economic ties with key partners like Pakistan. Copyright Business Recorder, 2025
Express Tribune
14-07-2025
- Business
- Express Tribune
UK, Pakistan launch trade dialogue to deepen economic ties
Pakistan and the United Kingdom have agreed on new steps to strengthen trade and investment ties, launching the UK-Pakistan Trade Dialogue and establishing a high-level Business Advisory Council. The announcement was made after a ministerial meeting held on Monday in London, co-chaired by UK Minister for Trade Policy and Economic Security Douglas Alexander and Pakistan's Federal Commerce Minister Jam Kamal Khan. The newly formed UK-Pakistan Business Advisory Council will include senior business leaders and government officials from both countries. It will offer strategic advice on policy reforms, serve as a confidential forum for dialogue, and promote commercial opportunities by resolving market access issues and sharing best practices. The ministers also agreed to hold annual meetings to maintain momentum and support businesses and investors in both countries. UK Trade Minister Douglas Alexander said the Dialogue "marks the next step in our long-standing relationship with Pakistan" and aims to "unlock new opportunities" in sectors such as healthcare and digital technology. "These are areas central to the UK's Industrial Strategy, where we can drive growth, foster innovation, and create jobs," he said. Pakistan's Commerce Minister Jam Kamal called the UK one of Pakistan's most important economic partners. "This Dialogue lays the foundation for a more structured and forward-looking trade relationship," he noted. To support Pakistan's efforts to attract foreign investment, the UK also pledged up to £200,000 for technical assistance and matchmaking efforts between Pakistani investors and UK opportunities.
