Every parliamentary written question tabled by Sarah Olney this session, with the full answer and department. Back to the MP page.
Showing 1–20 of 21 · Department for Business and Trade
What steps his Department is taking to put the Financial Reporting Council on a statutory footing.
The Government will look to put the Financial Reporting Council on a statutory footing as soon as parliamentary time allows. We will set out next steps in due course.
What assessment his Department has made of the estimated costs saved to businesses following the cancellation of the Audit Reform and Corporate Governance bill.
The Department for Business and Trade has not made a full assessment of the costs to business of the policies previously intended to form part of the Audit Reform and Corporate Governance Bill. Most of those costs would have come from the expansion of the Public Interest Entity audit regime to private companies with 1000 or more employees and £1 billion or more in turnover.
What steps his Department is taking to help tackle youth unemployment, in the context of trends in the level of employment in the hospitality sector.
The Government recognises the importance of the Hospitality in providing employment for young people. At Budget, we announced more than £1.5 billion of investment over the next three years, funding £820m for the Youth Guarantee to support young people to earn or learn, and an additional £725 million for the Growth and Skills Levy. Through the expanded Youth Guarantee, young people aged 16-24 across Great Britain are set to benefit from further support into employment and learning.We are supporting more than 50,000 young people into apprenticeships in England by fully funding apprenticeship training costs for all eligible 16-24-year-olds, removing the need for non-levy paying employers to co-fund these learners. We are also expanding foundation apprenticeships into sectors such as hospitality and retail, where young people are traditionally recruited.
If he will hold discussions with EP Group on meeting the terms of Royal Mail's agreements with (a) the Communication Workers Union and (b) the Government on (i) workforce pay and conditions and (ii) other matters.
The government engaged with EP Group and the Communication Workers Union (CWU) throughout the process of Royal Mail’s ownership transition. The Deed of Undertaking we agreed with the new owner includes a commitment from EP Group that they will continue to recognise the unions and abide by the future terms of legally binding agreements they make with them.The agreement between the government and EP Group does not give the government a role in the operational decisions of the business – it remains a private entity.We will continue to monitor compliance with these undertakings and maintain dialogue with all parties to ensure that agreed protections and principles are upheld.
What steps his Department is taking to review the regulatory framework for postal services, including the oversight of parcel courier companies and their contribution to the universal postal network.
Ofcom is the independent regulator for the postal sector with the responsibility and powers to regulate postal services. Ofcom requires all postal operators to establish, make available, and comply with transparent, simple, and inexpensive procedures for dealing with consumers’ complaints about the services they receive. The government will continue to work with the regulator to ensure that the framework supports fair competition, consumer protection and the long-term sustainability of the universal postal network.
What steps the Government is taking to help ensure that proposed changes to the Universal Service Obligation are implemented in a way that maintains service quality for customers and engages with postal workers.
On 10 July this year, Ofcom announced its decision to make changes to the universal postal service obligation. Implementation of those changes are for Royal Mail’s management and the new owner in consultation with its unions. The government is aware that discussions are ongoing and encourages all parties to continue their constructive engagement to agree the best approach to reform that supports workers, delivers for customers and secures the long-term financial sustainability of the universal postal service.
What assessment he has made of the effectiveness of the UK's franchising framework.
The self-regulation of franchising through the British Franchise Association has generally served the UK well, with the franchise sector contributing significantly to our economy.However, the government is not complacent and is concerned to maintain fairness in business relationships and will continue to monitor developments in this area. Government is dedicated to implementing an ambitious regulatory reform agenda. In March we published our Action Plan for Regulation outlining changes to streamline rules and regulations to support growth. Our modern Industrial Strategy also includes an ambitious package of regulatory reforms that will support our growth-driving sectors and the wider economy.
With reference to the Competition and Markets Authority's press release entitled CMA confirms Apple and Google have strategic market status in mobile platforms, published on 22 October 2025, what steps he is taking to ensure that third-party providers are able to access (a) contactless payment and (b) digital wallet services.
The Government has ensured that the Competition and Markets Authority has bespoke powers to impose remedies and increase competition in digital markets. As the UK’s independent competition authority, the CMA is responsible for operating the digital markets regime, including deciding which remedies to impose.
Pursuant to the Answer of 21 July 2025 to Question 67936 on Manufacturing Industries: Electricity, when he will publish his Department's consultation on a new British industrial competitiveness scheme.
The Department for Business and Trade will launch a consultation on the British Industrial Competitiveness Scheme before the end of this year.
With reference to p.30 of The UK's Modern Industrial Strategy, published on 23 June 2025, what steps he plans to take to support manufacturing businesses with high energy costs that are not part of the British industrial competitiveness scheme after it launches in 2027.
This government recognises that high electricity costs are a key challenge for British businesses.Alongside commitments set out in the Industrial Strategy, our clean power mission is the key to long-term sustainable price reductions. Our Clean Power 2030 Plan published in December 2024 outlines how we will make Britain a clean energy superpower - clean homegrown energy that we control will protect households and businesses alike from the rollercoaster of global energy prices.We will set out further details on plans to decarbonise and electrify our manufacturing sector, in the forthcoming Carbon Budget and Growth Delivery Plan in October.
With reference to p.30 of The UK's Modern Industrial Strategy, published on 23 June 2025, what steps his Department is taking to support manufacturing industry before the British industrial competitiveness strategy is published in 2027.
This government recognises that high electricity costs are a key challenge for British businesses.Alongside commitments set out in the Industrial Strategy, our clean power mission is the key to long-term sustainable price reductions. Our Clean Power 2030 Plan published in December 2024 outlines how we will make Britain a clean energy superpower - clean homegrown energy that we control will protect households and businesses alike from the rollercoaster of global energy prices.We will set out further details on plans to decarbonise and electrify our manufacturing sector, in the forthcoming Carbon Budget and Growth Delivery Plan in October.
With reference to p.30 of The UK's Modern Industrial Strategy, published on 23 June 2025, what his Department's timetable is for publishing its consultation on a new British industrial competitiveness scheme.
From 2027, the new British Industrial Competitiveness Scheme will reduce electricity costs by up to £40 per megawatt hour, which could benefit over 7,000 electricity-intensive businesses in manufacturing sectors, like automotive, and foundational manufacturing industries in the supply chains, like chemicals. Eligible businesses will be exempt from paying the costs of the Renewables Obligation, Feed-in Tariffs and the Capacity Market. My department is working towards launching a consultation to determine eligibility which will open shortly. The scheme is subject to review in 2030.
What discussions he has had with the (a) Financial Conduct Authority and (b) Prudential Regulation Authority on (i) monitoring and (ii) supporting equitable outcomes for ethnic minority businesses.
The government’s approach to support equitable outcomes for businesses led by ethnic minorities and other underserved groups is to work with the financial services sector, building on a shared commitment to fairness and equality and exchanging knowledge of good practice.Earlier this year the government published a Call for Evidence on small business access to finance, which included the experiences of ethnic minority-led businesses and other underserved groups, and will be publishing our response to this in the Autumn and the further steps we will take.
Whether he has considered convening a cross-agency taskforce with the (a) Financial Conduct Authority, (b) Prudential Regulation Authority, (c) British Business Bank, (d) HM Treasury and (e) Lending Standards Board to develop a joined-up strategy to embed the ethnicity code across the financial system.
The government’s approach to support equitable outcomes for businesses led by ethnic minorities and other underserved groups is to work with the financial services sector, building on a shared commitment to fairness and equality and exchanging knowledge of good practice.Earlier this year the government published a Call for Evidence on small business access to finance, which included the experiences of ethnic minority-led businesses and other underserved groups, and will be publishing our response to this in the Autumn and the further steps we will take.
What steps he is taking to ensure effective (a) collaboration and (b) transparency across (i) Government strategies and (ii) public bodies.
I have regular meetings and discussions with Cabinet colleagues to ensure close collaboration and transparency on strategy development, most recently on the Industrial and Trade Strategies, which were the result of close working across government departments and public bodies.
What steps his Department is taking to improve trading relations with Albania.
Total trade in goods and services between the UK and Albania was worth £358 million in 2024, an increase of 11% or £35 million in current prices from 2023.DBT actively works to resolve barriers to trade affecting companies exporting to Albania, and our trade relationship is underpinned by the Partnership, Trade and Cooperation Agreement (PTCA), signed in 2021. This agreement offers generous trade preferences and places a strong emphasis on cooperation across key trade themes that are common to major trade agreements. We look forward to convening the next PTCA Joint Committee in the near future.
If he will make his policy to require venture capital firms to (a) record and (b) publish the diversity of founders receiving investment.
The Department is working to improve access to finance for diverse founders. An example of one initiative is the Investing in Women Code.It was established in 2019 as a recommendation of the Alison Rose Review to increase transparency and data reporting on gender in the investment landscape. It is a commitment to support the advancement of women entrepreneurs in the UK by improving their access to the tools, resources and finance they need to achieve their goals. Signatories to the Code are voluntary, and data is published on an annual basis on the GOV.UK website.In February 2025, a roundtable discussion was held with the finance industry, including Venture Capital representatives, to address access to finance issues for ethnic minority founders. We are exploring how best to gather and monitor the impact of having better ethnicity data.
What steps his Department is taking to help increase representation of (a) women and (b) minority ethnic founders in venture capital funding.
The Department leads on the Invest in Women Taskforce (IWT) and the Investing in Women Code (IWC). In November, the IWT launched a £255 million fund for female entrepreneurs, which will be invested through female investors in the UK, including backing female emerging fund managers. Signatories to the IWC diversify their investment committees and decision makers, recognising diverse leaders make better decisions. In February 2025, a roundtable discussion was held with the finance industry, including Venture Capital representatives, to address access to finance issues for ethnic minority founders. We have also launched a Call for Evidence on Small Business Access to Finance to help inform government policy and initiatives, which includes a specific focus on underserved entrepreneurs.
What discussions he has had with Cabinet colleagues on support to improve the investment readiness of (a) women and (b) BAME entrepreneurs.
The government backed Invest in Women Taskforce aims to make the UK the best place in the world to be a female entrepreneur. To improve investment readiness, it seeks to break down barriers such as lack of mentorship, resource and networks for aspiring women-led businesses. In 2024, our Venture Capital Unit launched a Female Founders Cohort initiative to support women-led businesses raise funds from international venture capital investors. In February 2025, a roundtable discussion was held with ethnic minority businesses (EMB) and the financial services sector to discuss challenges in accessing finance, as well as how we can better engage and support EMB founders. We have also launched a Call for Evidence on Small Business Access to Finance to help inform government policy and initiatives, which includes a specific focus on underserved entrepreneurs.
With reference to the Prime Minister's Oral Statement of 25 February 2025 on Defence and Security, Official Report, columns 361-364, if he will make an assessment of the potential impact of reducing Official Development Assistance funding as a proportion of Gross National Income on UK businesses.
The Prime Minister has set out a new strategic vision for government spending on defence and security, and official development assistance.Decisions on how the ODA budget will be used will be worked through as part of the ongoing Spending Review and resource allocation processes, based on various factors including impact assessments.