Written questions by Griffith.

How many UK-based start-ups raised venture-capital rounds that included at least one overseas investor in each of the last five years; and what the total capital raised in those rounds was in each year.

According to figures recently published by the BVCA, UK businesses raised £9bn of venture and growth capital in 2024 - a 12.5% rise compared to 2023. This reflects the UK’s position as Europe’s leading hub for Venture Capital, attracting investment into our world class technology and innovation. The Government has introduced a range of new measures to unlock more later stage capital from domestic sources, such as the Mansion House reforms and the British Growth Partnership. This will ensure that the British economy benefits even more from its thriving venture capital ecosystem.

What discussions he has had with businesses in the IT services sector on (a) the UK-India trade deal and (b) the Double Contribution Convention with India.

Before launching free trade agreement talks with India, The Department for Business and Trade (DBT) ran a public call for input to help us understand what businesses and consumers wanted. As talks progressed, we frequently engaged with businesses across a range of sectors including the IT sector.Double Contributions Conventions are international treaties designed to eliminate the double payment of social security contributions. The government regularly engages with a range of business representatives to understand their views and concerns in relation to the tax system.

When he plans to respond to Question (a) 47358, (b) 47359, (c) 47360, (d) 47361 and (e) 47362 tabled by the hon. Member for Arundel and South Downs on 23 April 2024.

A response was published on 12th May 2025 to Questions 47358, 47359, 47360, 47361 and 47362.

When he plans to (a) lay his Department’s trade strategy before Parliament and (b) provide copies of that strategy to the media.

The Department for Business and Trade is committed to upholding our parliamentary commitments and transparency. The Trade Strategy will be laid in Parliament, making the paper accessible to members of both Houses, in due course and will be made available on gov.uk once it is launched.

What estimate he has made of the cost to the public purse of support for British Steel Limited through the Steel Industry (Special Measures) Act 2025; and how much his Department has committed to underwrite.

The Steel Industry (Special Measures) Act 2025 gives Government the power to direct British Steel’s board and workforce, ensure they get paid, and order the raw materials to keep the blast furnaces running in Scunthorpe. We will report regularly to Parliament on the use of the Act. The decision to introduce this legislation had collective agreement. Discussions are ongoing to determine the potential impact to public purse, but the funding required for British Steel will come out of existing budgets and there will be no changes to the Government's fiscal rules. The Department for Business & Trade’s accounts for 2025/26 will reflect the financial support that the department has given to British Steel. We will publish the initial impact assessment in due course, including classification considerations.

How much funding his Department has been provided with under Section 8 of the Steel Industry (Special Measures) Act 2025.

The Steel Industry (Special Measures) Act 2025 gives Government the power to direct British Steel’s board and workforce, ensure they get paid, and order the raw materials to keep the blast furnaces running in Scunthorpe. We will report regularly to Parliament on the use of the Act. The decision to introduce this legislation had collective agreement. Discussions are ongoing to determine the potential impact to public purse, but the funding required for British Steel will come out of existing budgets and there will be no changes to the Government's fiscal rules. The Department for Business & Trade’s accounts for 2025/26 will reflect the financial support that the department has given to British Steel. We will publish the initial impact assessment in due course, including classification considerations.

What discussions (a) he and (b) Ministers in his Department have had with the Chancellor of the Exchequer on the potential impact of the use of powers in the Steel Industry (Special Measures) Act 2025 on Government fiscal policies.

The Steel Industry (Special Measures) Act 2025 gives Government the power to direct British Steel’s board and workforce, ensure they get paid, and order the raw materials to keep the blast furnaces running in Scunthorpe. We will report regularly to Parliament on the use of the Act. The decision to introduce this legislation had collective agreement. Discussions are ongoing to determine the potential impact to public purse, but the funding required for British Steel will come out of existing budgets and there will be no changes to the Government's fiscal rules. The Department for Business & Trade’s accounts for 2025/26 will reflect the financial support that the department has given to British Steel. We will publish the initial impact assessment in due course, including classification considerations.

If he will publish a regulatory impact assessment for the Steel Industry (Special Measures) Act 2025.

The Steel Industry (Special Measures) Act 2025 gives Government the power to direct British Steel’s board and workforce, ensure they get paid, and order the raw materials to keep the blast furnaces running in Scunthorpe. We will report regularly to Parliament on the use of the Act. The decision to introduce this legislation had collective agreement. Discussions are ongoing to determine the potential impact to public purse, but the funding required for British Steel will come out of existing budgets and there will be no changes to the Government's fiscal rules. The Department for Business & Trade’s accounts for 2025/26 will reflect the financial support that the department has given to British Steel. We will publish the initial impact assessment in due course, including classification considerations.

Whether he has had discussions with the Office for National Statistics on initiating a reassessment of the public sector classification of British Steel.

The Steel Industry (Special Measures) Act 2025 gives Government the power to direct British Steel’s board and workforce, ensure they get paid, and order the raw materials to keep the blast furnaces running in Scunthorpe. We will report regularly to Parliament on the use of the Act. The decision to introduce this legislation had collective agreement. Discussions are ongoing to determine the potential impact to public purse, but the funding required for British Steel will come out of existing budgets and there will be no changes to the Government's fiscal rules. The Department for Business & Trade’s accounts for 2025/26 will reflect the financial support that the department has given to British Steel. We will publish the initial impact assessment in due course, including classification considerations.

What recent discussions he has had with (a) business groups and (b) employer organisations on the potential impact of the level of efficiency of employment tribunals on SMEs.

We are committed to ensuring that Employment Tribunals operate effectively, ensuring workers have access to justice while minimising burdens on the majority of businesses which play by the rules.As part of the development of the Employment Rights Bill, the Government has consulted with businesses extensively and further engagements (including on this topic) are planned.

What recent estimate his Department has made of the financial impact of Employment Tribunal delays on UK businesses.

We are committed to ensuring that Employment Tribunals operate effectively, ensuring workers have access to justice while minimising burdens on the majority of businesses which play by the rules.As part of the development of the Employment Rights Bill, the Government has consulted with businesses extensively and further engagements (including on this topic) are planned.

What discussions he has had with the United States Secretary of Commerce.

The UK-US relationship is already very strong, with trade of around £300 billion, and shared investment of over £1.2 trillion at the end of 2023. The Prime Minister and President Trump met on 27 February and agreed to deepen this relationship and to work together on a trade deal focused on tech. The Secretary of State for Business and Trade has also been engaging with the US Administration including Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer, to make the case for stronger UK-US trade that benefits both our countries, and will continue to make every effort to support British business.

Whether his Department has allocated a lead negotiator to negotiate a potential UK-US free trade agreement.

The Department for Business and Trade’s Trade Policy, Implementation and Negotiations (TPIN) Group operates a flexible resourcing model to maximise efficiency across priorities. The DBT team for UK-US trade includes an allocated lead negotiator.

With reference to the Prime Minister's oral contribution of 5 March 2025, Official Report, column 273, what discussions officials in his Department have had with US officials on a UK-US trade deal.

The UK-US relationship is already very strong, with trade of around £300 billion, and shared investment of over £1.2 trillion at the end of 2023. The Prime Minister and President Trump met on 27 February and agreed to deepen this relationship and to work together on a trade deal focused on tech. The Secretary of State for Business and Trade has also been engaging with the US Administration including Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer, to make the case for stronger UK-US trade that benefits both our countries, and will continue to make every effort to support British business.

With reference to the oral contribution of the Prime Minister of 5 March 2025, column 273, how many officials from his Department have travelled to the United States to discuss a potential UK-US trade deal since 20 January 2025; and on what dates.

The Prime Minister travelled to Washington DC to meet with President Trump on 27 February. During their meeting, they agreed to deepen the UK-US relationship and to work together on a trade deal focused on tech. The Secretary of State for Business and Trade has been engaging with the US Administration including Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer, to make the case for stronger UK-US trade that benefits both our countries. The Secretary of State for Business and Trade and UK government officials will be travelling to the US during the week beginning 17 March to meet with members of the US administration.

With reference to the Prime Minister's oral contribution of 5 March 2025, Official Record Column 273, what discussions (a) he and (b) Ministers in his Department have had with the US administration on a UK-US trade deal.

The UK-US relationship is already very strong, with trade of around £300 billion, and shared investment of over £1.2 trillion at the end of 2023. The Prime Minister and President Trump met on 27 February and agreed to deepen this relationship and to work together on a trade deal focused on tech. The Secretary of State for Business and Trade has also been engaging with the US Administration including Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer, to make the case for stronger UK-US trade that benefits both our countries, and will continue to make every effort to support British business.

With reference to the oral contribution of the Minister for Services, Small Business and Exports of 26 February 2025, Official Report, column 857, what progress his Department has made on creating the new business growth service.

We have begun engagement and consultation with SMEs, business representative bodies, the devolved governments, local government, the Growth Hubs network and other key stakeholders to determine further details on the design, development and implementation of the Business Growth Service before its launch date this summer.The Business Growth Service will simplify the government’s business support ecosystem, with locally led support underpinned by an improved online service. It will help realise the government’s Small Business Strategy, complementing the Industrial Strategy, Trade Strategy and Make Work Pay plans as part of a comprehensive approach to our Growth Mission.

With reference to the oral contribution of the Minister for Services, Small Business and Exports of 26 February 2025, Official Report, column 857, how many staff in his Department have been allocated to the working on the development of the new business growth service; and at what the total staff cost is for the (a) 2024-25 and (b) 2025-26 financial years.

The Business Growth Service (BGS) and the broader plans for small business are a priority for the Department for Business and Trade. There is currently a flexible resourcing model in place to develop the Business Growth Service. As of March 2025, a small, full-time core team has been put in place dedicated to developing the BGS with a range of other teams supporting the programme in areas such as Digital, Communications, and Stakeholder Engagement. Final plans for 2025-26 are not yet available but, at launch, the BGS will encompass a much wider range of DBT staff delivering for businesses.

With reference to the oral contribution of the Minister for Services, Small Business and Exports of 26 February 2025, Official Report, column 857, whether his Department plans to undertake public consultation before bringing forward legislative proposals to reduce late payments.

In September 2024 we announced a package of measures to help ensure small businesses are paid promptly by the large businesses they supply. This included launching a new Fair Payment Code and a commitment to including payment performance information in large companies’ annual reports, and the launch of a public consultation. We will soon be launching our public consultation on further measures to address late payments and long payment terms, including new powers for the Small Business Commissioner to tackle large businesses who pay late.

With reference to the oral contribution of the Minister for Services, Small Business and Exports of 26 February 2025, Official Report, column 857, what his Department's timetable is for launching the business growth service.

We hope to launch the Business Growth Service (BGS) in the summer.The BGS will, over time, simplify the government’s business support ecosystem, with locally led support underpinned by an improved online service. It will help realise the government’s Small Business Strategy, complementing the Industrial Strategy, Trade Strategy and Make Work Pay plans as part of a comprehensive approach to our Growth Mission.