The creation of the new department was described by Downing Street as an opportunity to provide "a single, coherent voice for business inside government, focused on growing the economy with better regulation, new trade deals abroad, and a renewed culture of enterprise at home".[2]
Responsibilities
The department's focus was outlined by Downing Street as follows:
Delivering economic growth opportunities across the economy.
Backing business by improving access to finance and delivering a pro-enterprise regulatory system;
Promoting British businesses on the global stage and attracting high-value investment, including through high-quality Free Trade Agreements with India and other priority partners.
Promoting competitive markets and addressing market distorting practises to support growth whilst protecting consumers;
Championing free trade;
Ensuring economic security and supply chain resilience;
Supporting economic growth and innovation by making the most of Brexit freedoms and removing unnecessary regulatory burdens;
Delivering legislation on setting minimum service levels for priority public service sectors and to review, reform, retain, and/or repeal retained EU law by December 2023.[2]
Scrutiny
Since 26 April 2023, the work of the department has been scrutinised by the Business and Trade Select Committee of the House of Commons. This is a renaming of the Business Energy and Industrial Strategy Committee, which absorbs the responsibilities of the dissolved International Trade Committee.[3][4]
History
The department was responsible for finalising negotiations for the UK's to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in April 2023, a free-trade agreement (FTA) between 11 countries around the Pacific Rim: Canada, Mexico, Peru, Chile, New Zealand, Australia, Brunei, Singapore, Malaysia, Vietnam and Japan. It successfully concluded an agreement after 2 years of negotiations.[5][6]
In May 2023, the Minister for Investment, Dominic Johnson became the first UK government minister to visit Hong Kong since 2018, and the first since the imposition of a new national security law by Beijing in the Special Administration Region.[7]
In May 2023, the department announced that it had commenced negotiations for a bilateral trade agreement with Switzerland.[6][8]
Ministers
DBaT ministers are as follows, with cabinet members in bold:
Overall responsibility for the department. Responsible for leading on departmental strategy and delivering on the department's responsibilities. Also responsible for engaging with business across government, and for making necessary public appointments. The Secretary of State is responsible for leading UK government representation during free trade agreement negotiations, outlining mandates, and making decisions. The Secretary of State also leads UK government representation at meetings of the World Trade Organization, and at ministerial meetings of the G7 and G20 where the Secretary of State is further responsible for developing and maintaining the UK's overseas business network.[9]
As President of the Board of Trade, the Secretary of State is responsible for leading engagement with the whole of the UK on the UK’s global trade and investment agenda. The role is held concurrently with her position as Secretary of State for Business and Trade.[10]
As Minister for Women and Equalities, the Secretary of State also has responsibility for developing an equalities policy that is based on individual autonomy and dignity and for promoting equality of opportunity for everyone.[11]
The Minister's policy portfolio includes: small business and enterprise, scale up strategy, access to finance, labour market and employment rights (including National Minimum Wage), postal services (including Royal Mail), consumer and competition policy (including subsidy control), mutual recognition of professional qualifications, levelling up and regional growth, and corporate governance and transparency.
The Minister is responsible for the following business sectors: audit and insolvency; hospitality; retail; consumer goods, and personal care.
The Minister of State for Investment is responsible for investment strategy, investment promotion across all sectors, investor relationship management, investment events (including the UK Global Investment Summit),investor screening for the Department, and defence and security exports. The Minister is also responsible for the Office for Investment and managing the passage of trade legislation through the House of Lords.
The Minister of State for Regulatory Reform is responsible for cross-government regulatory reform and the creation and implementation of better regulation. The Minister is also responsible for managing the passage of business legislation through the House of Lords and all Private Members' Bills.[13]
The Minister of State for Trade Policy supports the Secretary of State with:
Support on all free trade agreements (FTAs);
support on World Trade Organization (WTO), G7, G20, OECD, Commonwealth and wider multilateral engagement;
market access strategy;
FTA implementation;
the Board of Trade;
union policy;
chairing the XWH Inter-Ministerial Trade Advisory Group (IMTAG);
External engagement via the:
Strategic Trade Advisory Group,
sectoral trade advisory groups,
trade union advisory groups,
civil society and think tank roundtables.[15]
The Minister is responsible for export strategy implementation and promotion across all sectors, supporting the exports of small and medium sized enterprises (SMEs), Export Support Service, free trade agreement utilisation, outward direct investment delivery and UK Internal Market and the Union.
The Minister is also responsible for UK representation at trade missions and trade shows and the 'Made in the UK, Sold to the World' trade campaign.
The Minister's portfolio includes responsibility for the following business sectors: advanced manufacturing, automotive, aerospace, steel, materials, maritime and shipbuilding, and professional and business services.
The Minister is further responsible for the following policy areas: sustainability and infrastructure, free trade agreements with Canada and Mexico, managing retained EU law (repeal and reform), economic security, trade defence, global supply chains, critical minerals, Ukraine reconstructions, and the UK sanctions regime. The Minister is also responsible for managing the Industrial Development Advisory Board (IDAB).[17]
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