Written questions by Anderson.

What mechanisms exist within the UK-Indonesia Economic Growth Partnership to tackle regulatory divergence affecting cross-border trade and investment.

The Economic Growth Partnership is a non-legally binding framework that will deepen cooperation between the UK and Indonesian Governments on areas of interest to our businesses. It is a signal of the UK and Indonesia’s commitment to grow our bilateral trade and investment.The Economic Growth Partnership will address non-tariff and regulatory barriers raised by UK businesses, establish a regular dialogue to resolve issues and deepen co-operation in areas of commercial interest to the UK, including clean energy, health and life sciences, financial services and the digital economy.

What steps his Department is taking to support SMEs to benefit from trade and investment opportunities under the UK-Indonesia Economic Growth Partnership in Buckingham and Bletchley constituency.

By 2030 Indonesia is predicted to be the 16th largest economy globally, and the 9th largest by 2050. Indonesia’s growing middle class, abundant natural resources and economic potential presents trade and investment opportunities for UK companies. The Economic Growth Partnership provides a framework to support opportunities for UK and Indonesian businesses of all sizes and locations.

What steps he is taking to ensure that regulatory reform supports access to domestic and international markets for scale-ups in Buckingham and Bletchley constituency.

Our Regulation Action Plan, published last year, included reforms to the regulatory system designed to unlock growth, boost innovation and reduce burdens across key business sectors. As part of this we will lift up to 51,000 companies from unnecessary reporting obligations through our modernising corporate reporting programme. New regulatory reviews will simplify and streamline rules, reducing paperwork, cutting duplication and supporting innovation. Export-ready SMEs and scale-ups looking to sell to the world can access DBT’s export support services which provides free, in-market support.

How the effectiveness of the growth package for scale-ups will be evaluated.

The growth package announced by the Secretary of State on 20th January builds upon commitments made in the Industrial Strategy. The departments and public bodies which operate the policies and programmes that make up the Industrial Strategy are responsible for conducting monitoring and evaluation of their policies. Further, the Industrial Strategy Advisory Council will oversee and provide advice in support of government to monitor and evaluate the Industrial Strategy as a whole. Government and public bodies will work with the Council to support this. The £25m BBB investment into Kraken Technologies and £100m in fund investments will be evaluated against the BBB’s core KPIs of Gross Value Added and portfolio financial return. UKEF’s support for UK exporters through high-street banks helps to unlock additional finance for high-growth exporters and contributes to their five-year business plan which sets out their ambition to support over 1,000 SMEs per year by 2029. As the department's Accounting Officer, UKEF's CEO is accountable to Parliament.

What assessment he has made of the potential impact of the UK-Indonesia Economic Growth Partnership on financial services firms seeking market access in Indonesia.

The Economic Growth Partnership is a non-legally binding framework that will deepen cooperation between the UK and Indonesian Governments on areas of interest to our businesses, including in Financial Services.The Economic Growth Partnership reaffirms the commitment by Indonesia’s Ministry of Finance and HM Treasury to hold a programme of Financial Services Working Groups to deepen dialogue and cooperation on key issues of mutual interest. It complements our support for Indonesia’s application to join the CPTPP.A new Forum chaired by Indonesian and UK Ministers will monitor progress on activities set out in the Economic Growth Partnership.

What assessment he has made of the potential impact of regulation on scale-ups operating across multiple sectors.

We routinely engage businesses to get their views to assess the impact of regulation on businesses, including through our business questionnaire ‘Unlocking business: reform driven by you’ and our regular Business Perceptions Survey. Our Regulation Action Plan introduced a series of regulatory reforms designed to make the UK the best place to grow and scale and a business. Building on this, we are shifting the way we support our scale-ups to grow, as set out in the package of growth measures announced by the Secretary of State on 20th January.

What benchmarks his Department is using to assess progress on regulatory co-operation on financial services under the UK-Indonesia Economic Growth Partnership.

The Economic Growth Partnership is a non-legally binding framework that will deepen cooperation between the UK and Indonesian Governments on areas of interest to our businesses, including in Financial Services.The Economic Growth Partnership reaffirms the commitment by Indonesia’s Ministry of Finance and HM Treasury to hold a programme of Financial Services Working Groups to deepen dialogue and cooperation on key issues of mutual interest. It complements our support for Indonesia’s application to join the CPTPP.A new Forum chaired by Indonesian and UK Ministers will monitor progress on activities set out in the Economic Growth Partnership.

What steps he is taking to co-ordinate with (a) the Chancellor of the Exchequer and (b) UK regulations on financial services engagement as a result of the UK-Indonesia Economic Growth Partnership.

The Economic Growth Partnership is a non-legally binding framework that will deepen cooperation between the UK and Indonesian Governments on areas of interest to our businesses, including in Financial Services.The Economic Growth Partnership reaffirms the commitment by Indonesia’s Ministry of Finance and HM Treasury to hold a programme of Financial Services Working Groups to deepen dialogue and cooperation on key issues of mutual interest. It complements our support for Indonesia’s application to join the CPTPP.A new Forum chaired by Indonesian and UK Ministers will monitor progress on activities set out in the Economic Growth Partnership.

What progress his Department has made on the draft Audit and Corporate Governance Reform Bill.

The Department does not now intend to publish a draft Audit and Corporate Governance Reform Bill in this session of Parliament. Both houses of Parliament were informed of this in July 2025. Priority is being given to measures that reduce administrative costs for business, including through the Department’s work on modernising corporate reporting.

What estimate he has made of the average start up costs incurred by first-time business founders in the UK.

The United Kingdom is one of the best places to start a business, boasting one of the highest business start-up rates in the OECD – 18.6 start-ups per 1,000 people in 2022. This compares to an average of 4.5 start-ups per 1,000 people across OECD members.The British Business Bank supports UK startups through its Start Up Loans scheme, offering fixed interest loans up to £25,000 per business owner.The British Business bank has published guidance which outlines the typical costs that a UK startup may face. This is available at https://www.startuploans.co.uk/support-and-guidance/business-guidance/finance/what-does-it-cost-to-start-a-business-in-the-uk

What comparative assessment his Department has made of levels of lending to (a) rural and (b) other businesses.

Bank of England data describes lending to different types of businesses, broken down by business size and sector. It does not provide regional breakdowns, which precludes comparing lending across rural and other businesses.The British Business Bank (BBB) administers access to finance schemes which support businesses across the UK, including rural businesses.In 2024/25, 84% of the businesses supported by the BBB were based outside of London.In 2025, the BBB agreed an ENABLE Guarantee with agricultural lender, Rural Asset Finance, supporting a portfolio of up to £120m to smaller rural businesses across the agricultural sector in the UK.

What assessment his Department has made of the potential impact of the investment provisions of the UK–Republic of Korea Free Trade Agreement on UK outward investment to the Republic of Korea.

The updated investment provisions in the UK-Republic of Korea FTA will protect investors, ensuring fair, adequate and non-discriminatory treatment for both UK businesses investing in the Republic of Korea and Korean businesses investing in the UK. We believe the commitments will help provide certainty, incentivising investment and driving economic growth. We will publish a full assessment of the economic impact of the UK-Korea FTA when the agreement is formally signed.

What assessment he has made of the potential impact of the UK–Republic of Korea Free Trade Agreement on UK institutional investment in Korean capital markets.

The upgrade agreement includes a range of commitments aimed at driving growth in services trade and investment. We assess that these will add £400m to existing services exports in the long-term. We will publish a full assessment of the economic impact of the UK-Korea FTA when the agreement is formally signed.

What discussions he has had with the Chancellor of the Exchequer and financial regulators on implementation of the financial services chapter of the UK–Republic of Korea Free Trade Agreement.

Engagement between the Secretary of State for Business and Trade and the Chancellor of the Exchequer has focused on key aims for the UK-Republic of Korea FTA. HM Treasury officials, who negotiated financial services provisions, have engaged regularly with UK financial regulators throughout. The Department for Business and Trade will lead on implementing the agreement, with input from HMT officials on financial services provisions. The Financial Services chapter contains consultation provisions which provide a formal mechanism for the UK Government – including, where appropriate, representatives from its financial regulators - to discuss implementation of these commitments with the Republic of Korea.

What steps he plans to take to assess the effectiveness of the investment and financial services provisions of the UK–Republic of Korea Free Trade Agreement.

We will publish a full assessment of the economic impact of the UK-Republic of Korea FTA when the agreement is formally signed. Once the agreement enters into force, DBT will monitor the utilisation of the FTA by businesses, in line with standard practice.

What formal mechanisms exist for engagement with financial services firms on the operation of the UK–Republic of Korea Free Trade Agreement.

Both DBT and HM Treasury conduct routine engagement with Financial Services firms and representative bodies. HMT’s Working Group discusses the negotiation and operation of UK trade agreements, including the UK-Republic of Korea FTA. DBT conducts engagement with Financial Services firms and representative bodies as part of its broader services engagement programme. This includes bilateral conversations and fora to collate interests in UK trade agreements, including the UK-Republic of Korea FTA, and assess business sentiment regarding their negotiation.

What steps he is taking to monitor use of investment dispute resolution mechanisms under the UK–Republic of Korea Free Trade Agreement.

The investment provisions in the UK-Republic of Korea FTA, including a modernised and transparent ISDS mechanism, will protect investors in both markets, ensuring fair, adequate and non-discriminatory treatment for both UK businesses investing in Korea and Korean businesses investing in the UK. This enhances the certainty investors need to make investments, which is crucial for economic growth. We have concluded negotiations but have yet to reach signature, let alone ratification. Once the agreement enters into force, DBT will, in line with standard practice, monitor the utilisation of the FTA by businesses.

Whether his Department has identified sector-specific barriers to UK investment in the Republic of Korea since conclusion of the UK–Republic of Korea Free Trade Agreement.

Throughout this negotiation we have sought to address current and future barriers, impacting both goods and services trade. Once the agreement enters into force, DBT will, in line with standard practice, monitor trade and investment flows to assess the impact of the new agreement. This will include seeking to identify any new and emerging sector-specific barriers affecting UK investment in the Republic of Korea.

Whether he has issued guidance on the processes for identifying firms in the Buckingham and Bletchley constituency eligible for scale-up support.

As announced in the Industrial Strategy and Plan for SMEs, DBT is developing a new scale-up offer to help firms with high growth potential start, scale and stay in the UK. I am aware of the work my Honourable Friend is doing to drive investment into Bletchley and the businesses in his constituency through the Bletchley Investment Taskforce. I hope working together, in partnership with the Buckinghamshire Business First and South Midlands Growth Hubs, we can do more to support economically important scale-ups in his constituency and across the UK.

Whether his Department plans to establish metrics to monitor the effectiveness of the Government’s scale-up interventions.

Monitoring and evaluation are an important way of identifying lessons that can be learnt to improve both the design and delivery of future interventions. Consistent with HMT guidance, we will establish metrics and proportionate monitoring and evaluation provisions for DBT’s scale-up interventions.