Introducing the Department for Business and Trade
Date published:
On the 7th of February 2023 we heard from the Government that they will be making reforms to governmental departments, and with it would come a small cabinet shuffle. One of the reforms is the merging of parts of the Department for Business, Energy, and Industrial Strategy (BEIS) and the Department for International Trade (DIT). This will form the new Department for Business and Trade.
Whilst the current Business Secretary Grant Shapps will move into the newly formed Department for Energy Security and Net Zero, the current Secretary of State for International Trade Kemi Badenoch will now take the post of Secretary of State for Business and Trade.
This comes following Kemi Badenoch’s five priorities for trade, which in brief terms comprise of removing trade barriers, make the UK the top investment destination in Europe, seal trade deals with India and CPTPP, defend free trade, and grow UK exports to reach a value of one trillion by 2030.
So, what does this all mean, and have there been any signs of what work will be at the forefront of the Department for Business and Trade going forward?
In the Government’s own wording, they aim to create a department “with all the levers to unleash the power of British businesses, reform regulation to reduce burdens and unlock Brexit freedoms.”
Considering the Retained EU Law Bill is currently under the jurisdiction of BEIS, this would suggest that this will be the responsibility of the Department for Business and Trade going forward.
As a Chamber we continue to welcome views on the Retained EU Law Bill, with more information available here. We believe that to allow for a thorough consultation period, and to give businesses more certainty, the sunset clause on the Bill should be extended to 2026, and continue to support the British Chambers of Commerce on this stance. We believe this would be beneficial to help the Department achieve its objective of amplifying “engagement between business and government”.
The Department of Business and Trade will also seek to “strengthen our offer to international investors”. As a Chamber we would be keen to explore the detail on this, considering the North East was the most successful English region outside of London last year in terms of creating jobs from private inward investment.
To get in touch with your thoughts, please email [email protected]