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☆ How R&D Funding Is Making the UK a Global Leader in Science
▼ + stars: | 2024-04-17 | by ( Sponsor Post | ) www.businessinsider.com time to read: +8 min

Exscientia's growth was bolstered by government support: The company didn't take venture funding until 2019. Exscientia wouldn't be where it was, Taylor said, without the support of the UK higher education system and government funding. Martin Tangney, the chief scientific officer of Edinburgh-based Celtic Renewables, said the £11 million of funding his company received in 2015 from the UK government was "pivotal." Advertisement"We really believe … [that] basically, soon all drugs are going to be created with AI," Taylor said. AdvertisementClick here to find out more about how your business can benefit from Research & Development in the UK.

Persons: Ben Taylor, Achilles, Taylor, —, We've, Smith, Nephew, we've, Martin Tangney, isn't, ABE, you've, Tangney Organizations: Nasdaq, University of Dundee, AstraZeneca, COVID, Celtic Renewables, biosciences, Department for Science, Innovation & Technology, Edinburgh Napier University, Government, Renewables, Research & Development, Insider Studios, UK's Department for Business & Trade, Innovation, Technology Locations: Oxford, UK, Edinburgh, Scotland, Ireland, Japan, America, India, Grangemouth

☆ Here's how the project to develop one tractor might revolutionize the farming and automotive industries in the UK
▼ + stars: | 2024-03-26 | by ( Sponsor Post | ) www.businessinsider.com time to read: +7 min

A special cover is used on a farm's waste collection areas (known as slurry lagoons) to catch methane emissions that would otherwise escape into the air. CNH IndustrialThe potential of the methane tractor extends far beyond the farm. Industry leaders pulled together to work on the projectThe success of the methane tractor project is testament to the power of collaboration. Beyond the agricultural sector, the methane tractor project holds promise for transforming the entire automotive sector. By demonstrating the viability of alternative fuel technologies in heavy-duty vehicles, this initiative paves the way for a more sustainable future in transportation.

Persons: Andrew Damant, CNH, Derek Neilson, Eminox, David Phillips, Neilson Organizations: UK's Department for Business and Trade, Advanced Propulsion Centre, Eminox, Mobile, Automotive Transformation Fund, Advanced, Industry, Insider Studios, UK Department for Business, Trade Locations: Cornwall, Europe, CNH, New Holland

☆ Here's how the UK's aerospace businesses are taking off with the help of government funding
▼ + stars: | 2024-03-25 | by ( Sponsor Post | ) www.businessinsider.com time to read: +6 min

As part of this initiative, the Aerospace Technology Institute program will provide support for R&D projects through 2030. This commitment extends the Aerospace Technology Institute (ATI) program until 2030, which supports mid-stage research and development projects led by industry. Another recipient of the ATI program funding is Vertical Aerospace, the UK's pioneer of electric aviation. Smaller businesses reap the benefits of funding programsA key focus of the program is funding projects by SMEs. The UK's long-term vision for civil aerospace is developed through the Aerospace Growth Partnership (AGP), which is a strategic partnership between the UK government, industry, and academia to secure the future of UK Aerospace.

Persons: Paul Griffiths, Dominic Weeks, ZeroAvia, Stuart Simpson, Simpson, Sylatech, Gordon Gunn, MeltX, Griffiths Organizations: Aerospace Technology Institute, ATI, Aerospace, UK Department for Business, Trade, Dornier, ZeroAvia Investment, Cranfield University, Alloyed, University of Sheffield, Aerospace Growth, UK Aerospace, Farnborough, Manufacturing, Insider Studios, UK's Department for Business Locations: North Yorkshire

☆ The UK is improving productivity through new technologies and industrial digital transformation
▼ + stars: | 2024-03-11 | by ( Sponsor Post | ) www.businessinsider.com time to read: +7 min

Following its success, the program has been extended to an additional four English regions with the aim of helping the UK recapture its industrial spirit. In 2017, an independent review board led by Jurgen Maier, then CEO of Siemens UK, made a startling proposal: If UK businesses adopted digital technology at a faster rate, the country's industrial productivity could increase by a remarkable 25%. "Long term, our objective is to boost UK growth and productivity, through increasing innovation and adoption of industrial digital technologies across the whole of manufacturing." "Our ambition is for the UK to be the best place in the world to start and grow a manufacturing business," Clark said. Learn more about how the UK can support your manufacturing business.

Persons: Jurgen Maier, Patrick Mroczak, Adam Hodgkinson, Patrick, Jake Wright, Lusso, Wright, Mackinnon, Saunders, Guillermo del Toro, Oscar, Peter Saunders, We've, Michael Clark, Clark Organizations: Siemens, Nutree, Auto, Netflix, Mackinnon, Manufacturing, UK's Department for Business, Trade, Insider Studios, UK Department for Business Locations: North, England

☆ Britain signs state-level trade accord with Washington
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +2 min

Britain had hoped for a sweeping bilateral trade deal with the United States after splitting from the European Union, but with President Joe Biden putting all talks on free trade agreements on hold, the British government has pursued state-level agreements instead. The British trade ministry said aerospace would be a priority sector under the Washington MoU, with Boeing (BA.N) being based in the state. The MoU with Washington is the sixth such agreement with a U.S. state. Washington state is also the home of Amazon (AMZN.O), Starbucks (SBUX.O) and Microsoft (MSFT.O), and is the state with the 11th highest gross domestic product (GDP). The six U.S. states covered by MoUs with Britain have a combined GDP of over 2 trillion pounds ($2.4 trillion), Britain said.

Persons: Nusrat Ghani, Kirsty Wigglesworth, Britain, Joe Biden, Ghani, Alistair Smout, William James Our Organizations: Britain's, State Department for Business, Conference, U.S, European Union, Boeing, Starbucks, Microsoft, Thomson Locations: Ukraine, London, Britain, U.S ., Washington, Florida , Texas, California, United States, British, U.S

“This proposal is a landmark moment for maintaining ongoing U.K. steel production, supporting sustainable economic growth, cutting emissions and creating green jobs,” said Treasury chief Jeremy Hunt. “With the support of the U.K. government and dedicated efforts of the employees of Tata Steel U.K. along with all stakeholders, we will work to transform Tata Steel UK into a green, modern, future-ready business," said Tata Steel’s chief executive and managing director, TV Narendran. Unions were furious about the potential job losses at Port Talbot, which at its height in the 1960s employed around 20,000 people, before cheaper offerings from around the world hit production. "The cost to local people and the wider Port Talbot community will be immense," said Gary Smith, general secretary of the GMB trade union. He noted that Germany has invested over $53 billion in decarbonising heavy industry and has committed to work with unions and protect jobs.

Persons: ”, Jeremy Hunt, Tata, Gary Smith, “, Luke Murphy Organizations: Tata, Britain’s Department for Business, Trade, “, Tata Steel, Tata Steel UK, Unions, Port Talbot, Institute for Public Policy Research Locations: Port Talbot, Wales, steelmaking, Britain, Germany

☆ Suspected fraud flagged on UK COVID-19 loans jumps 43%
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

The latest figures from the Department for Business and Trade showed the level of suspected fraud as of June 30. The figure was up from the previous level of 1.18 billion pounds flagged at the end of March. Identified fraud levels have ticked up as banks look into further COVID-19 loans as they fall due. The figures show the government has paid out 7.39 billion pounds to lenders to date under the guarantees, while 17 billion pounds has been fully repaid by borrowers. Nearly 31 billion pounds' worth of loans are outstanding from borrowers still making payments on time, the data shows.

Persons: Britain's, Toby Melville, Banks, Iain Withers, Angus MacSwan Organizations: REUTERS, Department for Business, Trade, Thomson Locations: London, Britain, COVID

☆ BMW will invest $750 million to keep making the Mini in Oxford
▼ + stars: | 2023-09-11 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —BMW announced Monday that it would invest £600 million ($750 million) in building two new electric versions of the Mini in the United Kingdom. The commitment by the German automaker will secure the future of Mini production in Oxford, where the original classic version of the small car was born 64 years ago. Almost a year ago, BMW told the Times newspaper that it planned to shift all Mini production from Oxford to China for efficiency reasons. “Mini has always been aware of its history — Oxford is and remains the heart of the brand,” Stefanie Wurst, head of the Mini brand at BMW, said Monday. Robots work on the Mini production line at the BMW plant in Cowley, near Oxford.

Persons: London CNN —, Mini Cooper, ” Stefanie Wurst, Tolga Akmen, Susannah Streeter, Hargreaves Lansdown, Rishi Sunak, ” Organizations: London CNN, London CNN — BMW, Swindon, BMW, Times, Oxford, Government, Getty, Tata Group, Rover, Hargreaves Locations: United Kingdom, Oxford, China, Leipzig, Germany, Cowley, AFP

LONDON (AP) — German automaker BMW is set to announce plans to build the next generation electric Mini in Britain after securing U.K. government support for a multimillion-pound investment in the company’s Oxford factory. While the Department for Business and Trade didn’t specify the level of taxpayer support, British media put the figure at 75 million pounds ($94 million). The move is the latest boost for the U.K. auto industry, with vehicle makers announcing plans to invest more than 6 billion pounds ($7.5 billion) in Britain over the past two years. While car production jumped 36% from a year earlier in July, output remains far below pre-pandemic levels. British Prime Minister Rishi Sunak said the BMW investment “is another shining example of how the U.K. is the best place to build cars of the future.”Copyright 2023 The Associated Press.

Persons: Rishi Sunak Organizations: BMW, Department for Business, Trade, British, ”, Associated Press Locations: German, Britain, Oxford, British

☆ Britain in talks with Tata Steel over $630 million aid package -Sky News
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

The Tata Steel plant is seen in Port Talbot, south Wales, November 23, 2012. REUTERS/Rebecca Naden/File Photo Acquire Licensing RightsLONDON, Sept 2 (Reuters) - The British government is in advanced talks with Tata Steel, the country's biggest steel producer, to provide 500 million pounds ($629 million) of funding to help secure the long-term future of a key part of its steel industry, Sky News reported on Saturday. But the talks have faced difficulties over potential job losses because the new style furnaces require fewer staff. About 8,000 people are employed by Tata Steel in Britain and Sky News cited industry sources as saying the company had warned that it may need to make as many as 3,000 redundancies in the future. Tata Steel has in the past warned that without government support, it will need to consider closing its sites.

Persons: Rebecca Naden, Sarah Young, John Stonestreet, Ros Russell Organizations: Tata, REUTERS, British, Tata Steel, Sky News, Port, British Steel, government's Department for Business, Trade, Thomson Locations: Port Talbot, Wales, Britain

☆ Taiwanese minister to make rare Britain visit this week
▼ + stars: | 2023-06-11 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, June 11 (Reuters) - Taiwan Digital Minister Audrey Tang will make a rare high-level ministerial trip to Britain this week where she is expected to visit government departments and meet a company specialising in low-earth orbit satellites, her ministry said on Sunday. The two sides will "exchange views on issues related to digital governance and digital industry cooperation", the ministry added, without giving details. Tang will also visit OneWeb, which specialises in low-earth orbit satellites, and hopes to bolster Taiwan's communications resilience plans, the ministry said. Taiwan Foreign Minister Joseph Wu is expected to go to Europe this week, too, where he will attend a security forum in Prague. The last Taiwanese minister known to have visited Britain was Taiwan's top trade negotiator John Deng, who went last June.

Persons: Audrey Tang, Tang, Elon Musk's, Joseph Wu, John Deng, Britain's, Trade Greg Hands, Tsai Ing, Taiwan's, Ben Blanchard, Edmund Klamann Organizations: Taiwan Digital, WHO, Twitter, London Tech, Britain's Department for Science, Innovation, Technology, Department for Business, Trade, Elon, Taiwan, State, Thomson Locations: TAIPEI, Britain, Taiwan, Beijing, China, Europe, Prague

☆ India has not suspended trade talks with UK, officials say
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +3 min

NEW DELHI, April 10 (Reuters) - Trade talks between India and Britain have not been suspended and will continue this year, three officials said on Monday, responding to a British newspaper report that said India had "disengaged" from the talks after London failed to condemn Sikh separatists. An official in India's foreign ministry said progress in the trade talks and New Delhi's concerns around Sikh separatist activities in Britain should not be interlinked. A diplomatic official in the British High Commission in New Delhi said trade talks will continue in a scheduled manner and security officials in London were addressing India's concerns about Sikh separatist activities in Britain. "Both the UK and India are committed to delivering an ambitious and mutually beneficial FTA and concluded the latest round of trade talks last month," a spokesperson for Britain's Department for Business and Trade said. A second Indian foreign ministry source said that trade talks with Britain had not been suspended, and described the media report to be "baseless".

☆ More than 94,000 prepayment meters forcibly installed in Britain in 2022
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 27 (Reuters) - More than 94,000 prepayment meters were installed in homes in Britain using warrants and without customer consent in 2022, the government said on Monday, adding that British Gas, Scottish Power and OVO Energy accounted for 70% of them. Prepayment meters allow customers to pay for gas and electricity on a pay-as-you-go basis. British Gas, Scottish Power and OVO Energy forcibly installed 66,187 prepayment metres under warrant last year, the Department for Business, Energy and Industrial Strategy (BEIS) said. Scottish Power was the worst offender when taking its customer base into account, force-fitting more than 24,300 meters, BEIS said. The company is not currently installing prepayment meters or recovering debt from those customers on new prepayment meters unless requested by the customer, the spokesperson added.

☆ Space, Life Science, and Quantum Computing Innovations
▼ + stars: | 2023-02-27 | by ( Sponsor Post | Created Insider Studios With The Uk'S Department For Business | ) www.businessinsider.com time to read: +8 min

According to the Global Innovation Index 2022, global government R&D investment is growing and the UK is ranked fourth for global innovation (and third most innovative economy in Europe). "Space observation is vital for our planet — the UK invests in the European Space Agency and at the Space Cluster at Harwell, a significant science and innovation park." Jo Hawley, deputy director for aerospace, space and automotive at DBT, reported that the UK space sector spent £836 million on R&D in 2021. The company has reported strong growth of its life science research tools business, reflected in the international footprint of its commercial and distribution operations. The Department for Business and Trade can connect you with dedicated, professional assistance to locate R&D investment opportunities and support.

☆ World-first ideas unveiled at MWC 2023 by UK telecoms innovators
▼ + stars: | 2023-02-20 | by ( Sponsor Post | Created Insider Studios With The Uk'S Department For Business | ) www.businessinsider.com time to read: +7 min

At the upcoming Mobile World Congress event in Barcelona, collaboration and convergence will be priorities. MWC is a 'Digital World Congress' that will see more worldwide digital innovation from the UK and across the world." Attocore, recently awarded a grant for accelerating Radio Access Network (RAN) intelligence, sits alongside mobile giants Ericsson and Samsung in advancing the security of UK mobile networks. With 5G networks, an estimated £173 billion of incremental UK GDP will be added to the UK economy by 2030. MWC and scaling UK technologyMobile World Congress is also a great opportunity for big ideas to reach an even bigger audience.

☆ Britain welcomes Air India deal with Airbus and Rolls-Royce
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 14 (Reuters) - Prime Minister Rishi Sunak welcomed a mega deal by Air India to buy 250 jets from Airbus (AIR.PA), saying it would create jobs and boost exports from Britain, where the French planemaker designs and makes aircraft wings. The deal should create 450 manufacturing jobs and bring more than 100 million pounds ($122 million) of investment to Wales, where Airbus manufactures wings, the British department for business and trade said. The deal also includes 40 wide-body A350 aircraft powered by Rolls-Royce engines, which are assembled and tested in Derby in central England. ($1 = 0.8195 pounds)Reporting by Sachin Ravikumar; Editing by Paul SandleOur Standards: The Thomson Reuters Trust Principles.

☆ UK PM Rishi Sunak overhauls government departments after bumpy 100 days in power
▼ + stars: | 2023-02-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

U.K. Prime Minister has announced a mini overhaul of his government as he seeks to reassert his authority after a shaky first 100 days in office. U.K. Prime Minister Rishi Sunak on Tuesday unveiled a new government department focused on energy security and announced a mini reshuffle of his cabinet as he seeks to reassert his authority after a shaky first 100 days in office. Sunak named former business minister Grant Shapps as head of the newly launched Department for Energy Security and Net Zero, whose focus will be on securing "long-term energy supply, bringing down bills and halving inflation." The prime minister also appointed former Trade Minister Greg Hands as his new party chairman, replacing sacked Nadhim Zahawi, in a mini-reshuffle of his top leadership team. The U.K. previously had a Department of Energy and Climate Change, but it was merged with the business department in 2016.

☆ UK energy support schemes' cost halved as mild winter tames prices - NAO
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

In the interest of speed, it chose to role out universal support, granting 400 pounds this winter to each household regardless of need. It also capped average domestic energy bills at 2,500 pounds a year until March 31 and at 3,000 pounds until April 2024. When the scheme was first launched the government had said average bills would be capped at 2,500 pounds a year until April 2024. Last month, Britain announced plans to scale back energy subsidies for businesses for the next financial year by about 85% to 5.5 billion pounds. Without the government measures average household energy bills were set to rise more than 170% to over 3,500 pound this winter from a year earlier.

☆ UK PM Sunak expected to launch reshuffle to better suit his priorities
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 7 (Reuters) - British Prime Minister Rishi Sunak is expected to launch a mini reshuffle on Tuesday, breaking up two departments to better suit his pledge to spur the economy and turn around his party's fortunes before an election expected next year. Sources confirmed reports from the Sun and the Times newspapers late on Monday that there were plans to break up the department for Business, Energy and Industrial Strategy (BEIS)and the department for Digital, Culture, Media and Sport (DCMS). He was also expected to name the new chair of the party, a position made ever more important before the next national election expected in 2024, after Nadhim Zahawi was sacked over his tax affairs. He has so far failed to reduce the commanding lead in the opinion polls held by the opposition Labour Party, which is increasingly presenting itself as Britain's next government. Reporting by Elizabeth Piper and Sinead Cruise; Editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ UK PM Rishi Sunak may announce mini cabinet reshuffle on Tuesday -source
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 6 (Reuters) - British Prime Minister Rishi Sunak may announce a mini reshuffle of his Cabinet on Tuesday and is considering breaking up the government's business department into three separate ministries, a source familiar with the discussions said on Monday. The reshuffle of ministers comes just over a week after Sunak sacked Conservative Party chair Nadhim Zahawi over his tax affairs, and as the government has fallen further behind the main opposition Labour Party in opinion polls. Sunak's office declined to comment on the possible reshuffle, which was first reported by The Sun. The government's Department for Business, Energy and Industrial Strategy (BEIS) could be broken up to see a new energy department, with business and trade merged. The governing Conservative party is currently around 20 percentage points behind Labour in most polls.

Power giant Orsted aims to build a huge offshore windfarm to help the country meet renewable goals. Last year the North Sea Transition Authority (NSTA), which regulates offshore energy activity, concluded that large crossovers between such ventures were unfeasible with current technology. This largely unreported clash risks undermining Britain's drive to meet its climate goals, according to the companies involved and a North Sea green transition expert. The BP-Orsted showdown could also presage similar disputes elsewhere in an increasingly crowded North Sea, the experts told Reuters. There is hope on the horizon for wind and CCS projects that share ground, say regulators and industry experts.

☆ UK to extend its energy price support scheme to non-domestic customers
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - The UK will extend its Energy Bill Relief Scheme (EBRS) for non-domestic customers in Great Britain and Northern Ireland, the country's department for Business, Energy & Industrial strategy said in a statement on Thursday. The scheme will provide a discount on gas and electricity unit prices for non-domestic customers like businesses, voluntary sector organizations such as charities, and public sector organizations such as schools, hospitals and care homes. The government will also provide a fixed payment of 150 pounds ($180) to all non-domestic consumers that are not on the gas grid or use alternative fuels, with "top-up" payments for large users of heating oil based on usage. The extension of the energy price support scheme comes at a time when energy-intensive businesses in the country are struggling with the soaring cost of power. ($1 = 0.8315 pounds)Reporting by Gokul Pisharody in Bengaluru; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Bulb bailout exposes UK’s pseudo power market
▼ + stars: | 2022-12-23 | by ( George Hay | ) www.reuters.com time to read: +4 min

Bulb is the biggest of dozens of flaky British power suppliers which opted not to hedge their future costs when energy prices were cheap. The Office for Budget Responsibility expects the saga to cost taxpayers 6.5 billion pounds. Octopus itself thinks the loan could be more like 2.4 billion pounds, as wholesale prices have recently fallen. If that’s correct, regular payments by Bulb customers will cover the cost. With retail power prices fixed and the government on the hook for higher wholesale costs, Britain’s privatised power industry is operating in anything but a free market.

LONDON, Dec 7 (Reuters) - British finance minister Jeremy Hunt will meet leaders of North Sea oil and gas producers on Friday to discuss the government's windfall tax, three industry sources told Reuters on Wednesday. The government said the levy would raise funds to help people struggling with increased living costs, largely driven by energy prices that surged after energy exporter Russia invaded Ukraine in February. A Treasury source confirmed Hunt would meet oil and gas executives this week. Benchmark Brent oil prices traded below $80 a barrel, the lowest since January and far below a spike well above $100 shortly after the Ukraine war began. Natural gas prices remain above their historical average .

PRICE FLOORNeither climate campaigners nor the industry are happy with the new windfall tax. Benchmark Brent oil prices are trading above $80 a barrel, far below a spike well above $100 shortly after the Ukraine war began. Jacques Tohme, director and founder of Tailwind, a North Sea producer, said he did not object to a higher tax but a lack of stable rules created the risk of "flight of investment" from the North Sea. "We're happy to pay higher tax, but we need a floor of $75 to $100 a barrel above which a true windfall tax can be applied," Tohme said. Companies including Shell (SHEL.L) and Equinor have already said they will review their North Sea investments.

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