House of Commons · Written Ministerial Statement
Regulatory Partnership for Growth Fund
23 October 2024 · Department for Business and Trade
Proposed by Jonathan Reynolds Lab Co-op Stalybridge and Hyde
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- The Regulatory Partnership for Growth Fund is receiving 2.3 million to help UK companies unlock nearly 5 billion in export opportunities over five years.
- Grant Funding Agreements will be provided to UK regulators and standard-setting bodies to remove trade barriers in various sectors.
- The fund aims to target trade barriers worth 300 million within its first year.
Issue summary
Jonathan Reynolds is announcing a new £2.3 million Regulatory Partnership for Growth Fund to help UK companies unlock export opportunities worth nearly £5 billion over five years.
Action requested
The RPGF will provide Grant Funding Agreements to UK regulators and standard setting bodies to remove trade barriers in various sectors, generating new export opportunities such as for the offshore wind supply chain and pharmaceutical industry. The fund aims to target trade barriers worth £300 million within its first year.
Key facts
- The RPGF is a £2.3 million fund.
- It will unlock nearly £5 billion in export opportunities over five years.
- The fund targets £300 million worth of trade barriers within the first 12 months.
- UK businesses will benefit from an average of £135 in exports per pound invested.
- Organisations to receive funding include ARB, Ecctis, FSA, Law Society of England and Wales, NICE, OREC, QAA.