Week Ahead in International Trade: Autumn Statement, manufacturing meeting and trade finance forum

Mon 20 Nov 2023
Posted by: Danielle Keen
Trade News

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This week is set to be dominated by chancellor Jeremy Hunt’s Autumn Statement on Wednesday (22 November).

More contributions will be made to the Covid Inquiry’s second module, including from secretary of state for business and trade Kemi Badenoch.

Financial and business professionals will gather for the sixth annual UKEF Trade and Export Finance Forum, while the Institute of Export and International Trade (IOE&IT) will be launching its inaugural manufacturing special interest group (SIG) tomorrow (21 November).

Autumn Statement – Although the circumstances are slightly less dire than for this year’s Spring Budget, there’s not a lot of money for the chancellor to play with. The estimated £13m headroom available is substantially less than the average £25bn.

With Hunt expected to focus on stimulating growth, there’s anticipated tax giveaways for business in the form of an extension to ‘full-expensing’, a tax break allowing businesses to offset 100% of the funds they invest in the company.

Elsewhere, those with an eye to trade will be interested to see whether Hunt announces a Carbon Border Adjustment Mechanism (CBAM) , similar to the EU’s.

The introduction of the measure would restore a competitive edge to domestic firms working towards net zero goals, ensuring they’re not undercut by more heavily emitting firms overseas.

Manufacturing special interest group – Tomorrow, IOE&IT’s first manufacturing SIG will launch with a session focused on the future of manufacturing in a changing world.

Led by experts including Professor Manoj Dora, director of the Centre for Intelligent Supply Chains, and IOE&IT’s UK manufacturing lead, Paul Brooks, the session will offer insight into how manufacturers can secure their supply chains amid geopolitical uncertainty and ongoing UK border changes.

The event will also give attendees the opportunity to network and discuss their experiences of these challenges.

UKEF Trade and Export Finance Forum – UK Export Finance (UKEF) will be holding its sixth annual event, bringing together business and finance professionals for a day of panels and presentations on the latest developments in trade finance.

Aiming to help create new opportunities for UK exporters, the event is anticipated to attract 700 representatives from government, business, banking and trade associations.

Covid Inquiry – Hearings for the second module of the Covid Inquiry – Core UK Decision-making and Political Governance – will continue this week.

On Thursday (23 November), secretary for business and trade, Kemi Badenoch, will deliver evidence on the quality of housing during the pandemic in the capacity of her continued role as equalities minister.

The government’s chief scientific adviser Sir Patrick Vallance and former chief medical officer Professor Sir Chris Whitty will also be submitting evidence this week.

Other dates in the diary:

Monday – Arab-British Economic Summit and Global Food Security Summit held in London

Tuesday Newly appointed foreign secretary Lord Cameron is expected to lead debate on the CPTPP Bill in the House of Lords

Wednesday – Virtual G20 leaders’ meeting

Thursday – Justin Trudeau to host the EU-Canada summit

Friday – Q3 German GDP performance and CPB World Trade Monitor figures will be released

Saturday – International Day for the Elimination of Violence Against Women

Sunday – South Korean, Chinese and Japanese foreign ministers will meet in Busan