The UK is “not the target” of potential US tariffs after Donald Trump’s presidential election victory, a trade expert has told Sky News.
Duncan Edwards, the chief executive of BritishAmerican Business, said Mr Trump‘s return to the White House could also mean fresh free trade agreement talks with the US.
Discussions stalled under Joe Biden due to the current president’s concerns over Northern Ireland and the legality of post-Brexit regulations.
President-elect Trump has frequently mentioned his support for trade tariffs.
He said they could increase revenues, and also encourage internal US trade rather than using international markets.
“Well, the first thing to say is the UK is not the target,” Mr Edwards said.
“And there will be an opportunity for the UK to re-enter trade negotiations as they did four years ago.
“And let’s see if they’re practical and agile about how they approach that process… they have a chance of an agreement.”
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1:34
What are ‘Trumponomics’?
Mr Trump wants to impose the highest tariffs on China.
He said before he won the 5 November election that he would raise tariffs on Chinese goods to 60% and impose a “universal” tax of at least 10% on imports from other countries.
One US governor – Democrat Phil Murphy of New Jersey – believes Mr Trump will not impose tariffs on the UK.
Speaking to Sunday Morning with Trevor Phillips on Sky News, Treasury minister Darren Jones said the UK was considering “lots of different scenarios”.
He added that his government’s position was to “support free trade” – including between the United States and United Kingdom.
Mr Jones said: “It’s a very strong, very fruitful relationship, both for us but also for the American economy and of course we want to protect that and strengthen it in the years ahead.”
He added: “And I think President-elect Trump has said that.
“He recognises the important relationship the US has with the UK, and that’s the basis on which we will be co-operating in future years.”
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Read more: Trump’s unpredictability takes UK into unknown Trump’s top team: Who is in – and who could be in?
There were several rounds of free trade negotiations between the UK and the US under the last Trump administration.
However, with President Biden pulling support for such a deal, the UK has in the meantime signed agreements with various states, including Texas and Florida.
Talk of a trade deal with the US might raise the spectre of issues like “chlorinated chicken” being allowed into the UK.
Mr Edwards said that, due to the wide support Mr Trump has in agricultural areas, any deal would likely need to allow US food products into the UK – and vice versa.
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“That’s where the political difficulty will be,” he said – while insisting US food was safe.
He said chlorinated chicken was “a shorthand”, and that the difference between food standards was “not a safety issue” and would make groceries cheaper.
Sir Keir Starmer will travel to Brussels on Wednesday to hold talks with EU leaders about “putting the Brexit years behind us” and bolstering ties with the UK.
The prime minister has vowed to “reset” relations with Europe following tensions between the previous Tory government and the EU – though he has ruled out a return to the single market, customs union or freedom of movement.
Downing Street said Sir Keir will be focused on delivering a “broad-based security pact” with the bloc, as well as tackling barriers to trade.
In discussions with the likes of European Commission President Ursula von der Leyen, he will say that at a time of growing instability in the world, it is important that “like-minded countries cooperate more closely on areas of shared interest”.
Ahead of the meeting, the prime minister said: “The UK is undeniably stronger when it works in lockstep with its closest international partners. This has never been more important – with war, conflict and insecurity all knocking on Europe’s door.
“We will only be able to tackle these challenges by putting our collective weight behind them, which is why I am so determined to put the Brexit years behind us and establish a more pragmatic and mature relationship with the European Union.
“Better cooperation with the EU will deliver the benefits the British people deserve – securing our borders, keeping us safe and boosting economic growth.”
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3:09
Starmer ‘won’t reverse’ Brexit
No concrete announcements are expected from the talks, which will also include meetings with European Council President Charles Michel and the European Parliament’s President Roberta Metsola.
The European Commission said the discussions with Ms von der Leyen would be “the beginning of a conversation” about closer ties.
Sir Keir is under pressure to agree to Brussels’ calls for a deal on youth mobility to allow young EU citizens greater flexibility to come to the UK to study and work and vice versa.
This is something the prime minister has so far resisted, saying red lines for the reset rule out a return of freedom of movement, alongside rejoining the customs union and single market.
Read more: UK ‘£311bn worse off by 2035’ due to leaving EU Brexit border checks to ‘add billions’ to consumer bills
Before the talks, pro-EU campaigners pushed for a rethink, accusing the government of “letting young people down”.
Sir Nick Harvey, chief executive of European Movement UK, said: “Dismissing the idea of reciprocal youth mobility simply means letting down British young people, who face all sorts of economic difficulties and have seen their horizons curtailed by Brexit.
“Young people want and deserve the chance to study or work in Europe. The government owes it to them to make sure they get that chance.”
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Cal Roscow, from the Best for Britain campaign, said: “Brexit robbed young Brits of irreplaceable opportunities to experience new cultures, meet new people and learn new languages while working, travelling and studying in Europe.
“The new government has the chance to give these formative experiences back to young Brits, with this universally popular scheme that the European Commission is already open to agreeing.”
Senior business leaders have welcomed discussions with Angela Rayner over proposals to improve workers’ rights as “positive”, but warned the “devil will be in the detail” of legislation due to be put before Parliament next month.
The deputy prime minister and business secretary, Jonathan Reynolds, met the bosses of major employers including John Lewis, Octopus, BT, McDonald’s and Sainsbury’s in Whitehall on Tuesday, at the start of a consultation over the new government’s plans.
Labour’s manifesto promised to overhaul employment rights, with measures including the right for all “zero hours” workers to be offered a contract in line with their normal hours, and the extension of full employment rights to all workers from day one.
The meeting comes amid concern among employers and business groups that a reduction in flexibility as employers could increase costs and hamper their ability to drive growth.
Several businesses present told Sky News the atmosphere was constructive and friendly, with the emphasis on Ms Rayner and Mr Reynolds explaining what they have planned, and listening to the concerns of employers.
Business leaders are understood to be concerned over how the phasing out of zero-hours contracts will be achieved. It’s a key issue in the hospitality and retail sectors which employ large numbers of younger and part-time workers.
Ministers have proposed that every worker must be offered a contract reflecting typical hours worked over a 12-week period, but there is concern that metric could lock employers into hours irrespective of seasonal fluctuations.
Employers will argue for the hours to be calculated over a longer period to avoid distortions.
Businesses also argue that to extend the right from day one, they will need to impose longer probationary periods for new employees so they retain some flexibility.
Labour has promised to introduce legislation during its first 100 days in office, which gives them until 20 October, but are expected to continue consulting on measures beyond that date.
Ms Rayner and Mr Reynolds are understood not to have offered any specific timetable for changes they have billed as the biggest overhaul in a generation, but business leaders remain encouraged.
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One said: “None of what Labour is proposing comes as a surprise and we respect that they have a mandate, but the practical delivery will be complex and we can help with it.
“The feeling is this was a positive sign that the government understands the need to consult with business on the things that affect us. The devil will be in the detail, but this was a good first step.”
Another described the atmosphere as friendly and said it was clear the ministers want to be seen to be working with rather than against business.
Ahead of the meeting, Ms Rayner said: “This government is pro-worker and pro-business, and we are committed to working with our brilliant businesses across the country to create a stronger, growing economy and to raise living standards as a result.”
Junior doctors in England are to go on strike again later this month and early next year, after talks with the government broke down.
The British Medical Association (BMA) says it will call on members to walk out in December before Christmas and again in early January for several days at a time.
The first strike action will take place over three days from 7am on Wednesday 20 December to 7am on Saturday 23 December.
The second walkout will be held over six days from 7am on Wednesday 3 January until 7am on Tuesday 9 January.
The BMA told its members: “This means you should not attend any shifts starting after 6.59am on the first day of strike action. You can then attend any shifts starting from 7am on the final day.”
Ministers and BMA representatives have been locked in negotiations for over a month trying to find a resolution to the pay dispute.
BMA junior doctors committee co-chairs, Dr Robert Laurenson and Dr Vivek Trivedi, said it was “forced to call strikes” as the “government was unable to present a credible offer on pay” after five weeks of intense talks.
“Instead, we were offered an additional 3%, unevenly spread across doctors’ grades, which would still amount to pay cuts for many doctors this year. It is clear the government is still not prepared to address the real-terms pay cut doctors have experienced since 2008,” they said.
“It is a great shame that even though the approach was more constructive, there was not enough on offer to shape a credible deal, which we hoped would end the dispute. Without enough progress by the deadline, we have no choice but to take action that demonstrates doctors are as determined as ever in reversing their pay cuts.”
In a direct appeal to Health Secretary Victoria Atkins, they said the BMA was “ready and willing” to return to the negotiating table again should she make “a credible offer”.
They added: “A year after our dispute started, we are still too far from turning the tide on plummeting pay, morale, and retention of doctors.
“If a credible offer can be presented the day before, or even during any action, these strikes can be cancelled.”
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Ms Atkins said the government would “immediately look to come back to the table” if the junior doctors’ strikes were called off.
“It is disappointing that despite significant progress the BMA junior doctors committee have walked away from negotiations and declared new strikes, which will result in more disruption for patients and extra pressure on NHS services and staff as we enter a busy winter period, risking patient safety,” she said in a statement.
“I have been clear that I respect the work of doctors in training and want to work with them to settle this dispute.
“We have agreed a fair and reasonable offer with the BMA’s consultants committee which is being put to members for a vote following constructive talks.
“If the junior doctors committee call off their strikes, we will immediately look to come back to the table to continue negotiations.”
SNP leader Humza Yousaf has rejected suggestions it would be “ludicrous” for his party to open formal independence negotiations, even if he loses 20 seats at the next general election.
Ahead of the SNP’s annual conference, Mr Yousaf also told Sky News it is difficult for his party to make progress “the longer” the major police investigation examining its funding and finances continues.
The SNP’s independence strategy has chopped and changed in the past 12 months as the party became engulfed in unprecedented scandal.
Nicola Sturgeon previously pledged to turn the next general election into a “de facto” referendum. She suggested winning more than 50% of the votes in Scotland would be the same as a result to begin talks over Scotland’s exit from the UK.
Ms Sturgeon quit as leader in February before being arrested as part of the police probe. She was released without charge and insists she is “certain” she has done nothing wrong.
Her replacement, Mr Yousaf, later proposed that winning “most” seats in 2024 would open the door to Downing Street negotiations.
It has now been suggested SNP activists could vote at their Aberdeen conference this weekend to switch the wording to a “majority” of seats.
Mr Yousaf told Sky News he is “open” to the tweak, which would set the bar at 29 seats. The SNP secured 48 MPs in 2019.
During an interview in Glasgow, Scotland’s first minister was questioned whether it was credible to suggest a scenario where the nationalists secure just one more seat than Labour at the 2024 election, and that equating to a clear mandate to trigger independence discussions.
He was asked about a hypothetical situation where Labour could get 23 seats and the SNP drops from 48 seats to 24.
The first minister replied: “If you win the most seats, you tend to be the winner of the general election.
“If you are denying the Scottish people the choice over their own future then the next election, we can test that proposition. In a general election, the rules are pretty simple – those that win most seats, win the general election.”
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0:39
Humza Yousaf’s mother-in-law ‘trapped’ in Gaza
Mr Yousaf said he would seriously consider a switch to the majority of seats when party members finalise the plan on Sunday.
He added: “Let’s remember before the referendum in 2014 we were at six seats so actually that number will undoubtedly fluctuate election to election.”
Read more: Yousaf in tears over mother-in-law stuck in Gaza Beth Rigby analysis: Yousaf feels powerless… and he’s angry – Beth Rigby analysis
Police Scotland told Sky News that the SNP finance investigation – dubbed Operation Branchform – is continuing.
The Crown Office, the body which will decide whether or not to charge individuals, said it has received no complaints about the probe so far.
Mr Yousaf agreed the police probe has “hurt” the SNP.
He said: “Of course it has… the longer the police investigation goes on, then the more difficult it is going to be for the party.
“I respect the police has to take whatever time it feels necessary.”
The giant American financial investor Carlyle is in talks about a major investment in Manchester United Football Club as the auction of the Premier League side nears its concluding stages.
Sky News has learnt that Carlyle is among a handful of parties which have pitched proposals to acquire a minority stake in the Old Trafford outfit.
Carlyle, which has assets of more than $370bn (£298bn) under management, ranks among the world’s largest private equity firms.
In the UK, it has owned companies including the RAC breakdown recovery service, and Addison Lee, the taxi-hire group.
One source close to the situation said this weekend that Carlyle’s interest in Manchester United was “serious”, adding that it had been engaged in discussions for some time.
Nevertheless, key details of Carlyle’s proposal, including the amount of capital it would look to deploy and the structure of a deal, have yet to be finalised.
Carlyle declined to comment.
More on Manchester United
Deadline set for final proposals
Carlyle’s interest has emerged a fortnight before a deadline set by Raine Group, the advisers handling the sale process, for final proposals to acquire or invest in Manchester United.
Sky News exclusively revealed last November the Glazer family’s plan to explore a strategic review of the club its members have controlled since 2005, kicking off a five-month battle to buy it.
Since then, dozens of parties have been rumoured or reported to have shown an interest, although few have emerged as genuinely credible bidders.
A bid deadline of 28 April has been set by The Raine Group, the merchant bank handling the sale, and which oversaw last year’s £2.5bn takeover of Chelsea by a consortium led by Todd Boehly and Clearlake Capital.
The culmination of the process comes as United chase trophies in both the FA Cup, with a semi-final against Brighton and Hove Albion next weekend and the second leg of a Europa League quarter-final against Sevilla to come, with the tie finely poised at 2-2.
In February, the Red Devils’ 2-0 defeat of Newcastle United in the Carabao Cup final landed their first trophy for six years.
Image: The Red Devils are aiming to finish in the top four of the Premier League this season
Who’s in contention?
The two parties which remain in contention to buy out the Glazers altogether are Sheikh Jassim bin Hamad al-Thani, a Qatari businessman who chairs the Gulf state’s Qatar Islamic Bank; and Ineos Sports, part of the petrochemicals group owned by Sir Jim Ratcliffe.
Both have reportedly tabled offers below a £6bn figure, which has been speculatively touted as the Glazers’ asking price for the club they bought in 2005 for less than £800m.
In addition, several financial investors have shown interest in becoming minority shareholders or providing some form of structured finance to the club to allow it to revamp the ageing infrastructure of its Old Trafford home and Carrington training ground.
Those which have lodged minority investment proposals with Raine include Elliott Management, the American hedge fund which until recently owned AC Milan; Ares Management Corporation, a US-based alternative investment group; and Sixth Street, which recently bought a 25% stake in the long-term La Liga broadcasting rights to FC Barcelona.
At a valuation of £5bn – below the Glazers’ rumoured asking price – a sale of Manchester United would become the biggest sports club deal in history.
It would eclipse even the $6bn (£4.8bn) takeover of the Washington Commanders NFL team agreed this week by Josh Harris, an American private equity billionaire.
Part of the lure of such a valuation resides in potential future control of the club’s lucrative broadcast rights, according to bankers, alongside a belief that arguably the world’s most famous sports brand can be commercially exploited more effectively.
On Friday, New York-listed shares in Manchester United closed down nearly 5% at $22.02, giving the club a market valuation of close to $3.8bn (£3.1bn).
Image: Fans have long demanded the Glazers sell up
Glazers told to sell ‘without further delay’
This week, Manchester United’s largest fans’ group, the Manchester United Supporters Trust (MUST), called for the conclusion of the auction “without further delay”.
“When it was announced in November that the Glazers were undertaking a ‘strategic review’ and inviting offers to buy the club, MUST welcomed the news and went on to urge the majority owners to move ahead with the process with speed, so that any period of uncertainty was as short as possible, it said in a statement.
“Nearly five months on, we read speculation that offers from prospective buyers remain below the Glazers valuation, and that a third round of offers will now be invited.
“With Erik ten Hag having made such great progress in his first season, and with the vital summer transfer window a matter of weeks away, the news of these delays and further prolonged uncertainty are of great concern.”
The Glazers’ 18-year tenure has been dogged by controversy and protests, with the lack of a Premier League title since Sir Alex Ferguson’s retirement as manager in 2013 fuelling fans’ anger at the debt-fuelled nature of their takeover.
Fury at its participation in the ill-fated European Super League crystallised supporters’ desire for new owners to replace the Glazers, although a sale to state-affiliated Middle Eastern investors would – like Newcastle United’s Saudi-led takeover – not be without controversy.
Confirming the launch of the strategic review in November, United’s executive co-chairmen, Avram Glazer and Joel Glazer, said: “The strength of Manchester United rests on the passion and loyalty of our global community of 1.1bn fans and followers.
“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future.”
The Glazers listed a minority stake in the company in New York in 2012 but retained overwhelming control through a dual-class share structure, which means they hold almost all voting rights.
For the last two years, the club has been promising to introduce a modestly sized supporter ownership scheme that would give fans shares with the same structure of voting rights as the Glazers.
The initiative has, however, yet to be launched despite a pledge to have it operational by the start of the 2021-22 season.
“Love United, Hate Glazers” has become a familiar refrain during their tenure, with supporters critical of a perceived lack of investment in the club, even as the owners have taken huge dividends as a result of its continued commercial success.
Next is in advanced talks to buy Cath Kidston in its latest swoop on a prominent but troubled retail brand.
Sky News has learnt that the FTSE-100 chain, which has a market value of close to £8.7bn, could wrap up a deal to acquire the modern vintage label as soon as Tuesday.
Banking sources said an agreement was likely but not certain.
Cath Kidston has been owned by Hilco Capital, the specialist retail investor, for less than a year.
Next’s prospective swoop on it marks a further attempt to build a portfolio of wholly owned retail labels.
Its acquisition strategy has focused on well-known names which have run into financial difficulties and which can benefit from Next’s logistics and marketing muscle.
Among the brands it has bought are Made, the online furniture retailer, and Joules, the fashion group which collapsed into administration late last year.
It also bid for TopShop, the then jewel in the crown of Sir Philip Green’s high street empire, but pulled out of an auction before the brand was sold to ASOS.
Next is due to report full-year results on Wednesday and is forecast by City analysts to unveil record pre-tax profits of more than £850m.
PricewaterhouseCoopers has been advising Hilco on a sale of Cath Kidston for several weeks, and is understood to have held talks with a number of potential bidders.
Image: Cath Kidston has been owned by Hilco Capital for less than a year
Cath Kidston was bought out of administration little more than two years ago by Baring Private Equity Asia (BPEA).
At one stage, it had scores of shops, but now trades from fewer than a handful of its own outlets, having collapsed into administration in 2020 with the loss of nearly 1,000 jobs.
It was established by its eponymous founder in 1993, and became a high street fixture with scores of standalone shops.
Like many retailers, however, its fortunes were hit by the pandemic, forcing it into insolvency about three years ago.
BPEA, which took full control of Cath Kidston in 2016, struck a pre-pack insolvency deal which entailed the closure of its UK high street estate.
It still has fewer than a handful of stores in Saudi Arabia.
Known for its floral and polka dot designs, Cath Kidston has been run for several years by Melinda Paraie, who joined as chief executive from luxury goods brand Coach in 2018.
It expanded from a single shop in west London selling car boot finds and vintage fabric into a business offering fashion, homewares and accessories.
The chain made a fortune for its founder when she sold a stake to private equity firm TA Associates about 12 years ago in a deal reportedly worth £100m.
It is an image the government wants the world to see.
Prime Minister Rishi Sunak standing behind a boldly branded “stop the boats” lectern, with a tough message on immigration.
Traditional solid Conservative ground, and a potential dividing line with Labour ahead of the next general election.
The practicalities may be enormous but the message is simple, as the PM put it: “If you come here illegally you can’t stay”.
Image: Home Secretary Suella Braverman listens to Rishi Sunak
Sunak says ‘tough’ but ‘necessary’ small boats crackdown needed – latest political updates
The home secretary, Suella Braverman, accused in the past of inflammatory language, talked about “stopping waves of illegal immigrants from reaching our borders”.
Talk is one thing, delivery another.
The PM admitted himself on Tuesday that the bill is “not the magic bullet” but part of a wider strategy.
It is no coincidence that he is meeting President Emmanuel Macron on Friday, hoping a reset in relations with Europe will help with one of his biggest issues at home.
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2:32
What is new small boats bill?
The Illegal Migration Bill is something new and radical, but if it doesn’t act as a deterrent, it’s not clear how the government plans to detain and deport thousands of arrivals.
Capacity is being built up in Rwanda and I understand discussions are being had about offshore processing with more third countries.
But last year, 45,000 crossed the Channel and the asylum backlog is estimated to be 160,000.
Read more: Can the Illegal Migration Bill work? Annual cap on migrants entering through safe routes unveiled ‘Our small boats plan will push boundaries of international law’
The “stop the boats” slogan is not as straightforward as it seems.
The PM’s full pledge was to “pass new laws to stop boats and make sure anyone who comes illegally is detained or removed”, stopping Channel crossings altogether is something quite different.
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2:30
Migrants determined to reach UK
Mr Sunak wouldn’t be drawn on setting specific targets, and without transparency on the numbers it will be hard to know how well the government is doing.
A fight in the courts, which the PM said he is “up for”, and images of just one packed flight heading to Rwanda by the next election sends a message to the electorate.
As for Labour, the shadow home secretary Yvette Cooper, unlike her predecessor Diane Abbott, was determined not to criticise the ethics of the government’s plan but instead its workability.
The party is treading a tricky political path on issues like Rwanda, and Labour know they need to convince voters they can be the party of tackling immigration.
British Steel has revealed it is to cut 260 jobs, almost 7% of its workforce, despite continuing government funding talks with its Chinese owners.
It was announced that the losses would be felt at its Scunthorpe plant through the closure of its coking ovens – used to turn coal into the high-temperature product needed to service its blast furnaces.
The Unite union responded by saying it would look to defend every job and did not rule out the prospect of industrial action.
The move was revealed after Sky News reported that officials from the Department for Business and Trade were due in China to meet executives from Jingye Group amid protracted talks about a £300m grant.
Sources said the talks were expected to focus on the value of an energy subsidy package, which could take the overall value of government support for British Steel to approximately £1bn.
The prospect of additional taxpayers’ cash had been dependent on job guarantees.
Sky’s City editor Mark Kleinman reported last month that Jingye was drawing up plans to cut around 800 jobs at British Steel.
The company placed no timeframe on its proposals but said it had entered talks with unions.
It placed an emphasis on cutting its environmental impact and energy bills.
Image: The Scunthorpe British Steel plant
The company said its costs, on both fronts, rose by a combined £190m last year.
It declared in a statement that “decisive action is required because of the unprecedented rise in operating costs, surging inflation and the need to improve environmental performance.”
British Steel chief executive Xifeng Han said: “Steel is vital to modern economies and with demand expected to grow over the coming decades, British Steel has a crucial role to play in ensuring the UK has its own supply of high-quality steel.
“To make sure we can deliver the steel Britain requires, we’re undergoing the biggest transformation in our 130-year history.”
He added: “We have taken action to reduce costs within our control; however, steelmaking in the UK remains uncompetitive when compared to other international steelmakers.
“Our energy costs, carbon costs and labour costs are some of the highest across the world, which are factors that we cannot influence directly.
“For the reasons outlined, we entered into talks with the UK government in summer 2022 and are extremely grateful for its support.
“It’s important we have the correct policies and frameworks in place to back our drive to become a clean, green and successful company and we’re continuing to discuss this with the government.”
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Unite general secretary Sharon Graham responded: “British Steel workers are faced with the toxic combination of a greedy employer that is reneging on investment promises and a shambolic UK government that has no serious plan for the industry.
“Unite’s members in British Steel are clear that they will fight this and they will have the full support of their union.
Unite national officer Linda McCulloch said: “This union has not yet seen any financial justification for the closure of the coking ovens. British Steel needs to come clean and open its book in order to try to justify its decisions.
“Unite will pursue every avenue, including industrial action, to defend members’ jobs at British Steel.”
The German automotive giant BMW is in talks with the government about a £75m funding package that would secure production of electric Minis at its Oxfordshire plant.
Sky News has learnt that BMW is negotiating with officials at the Department for Business, Energy and Industrial Strategy (BEIS) over a grant from Whitehall’s Automotive Transformation Fund.
Industry sources said a deal could be finalised between the government and the company within weeks.
One added that the package, which would be worth up to £75m, appeared to have support from both Grant Shapps, the business secretary, and Jeremy Hunt, the chancellor.
It was unclear on Saturday when the funding would be released and when the plant would begin utilising it.
If a deal is finalised, it would provide a boost to the British car industry weeks after it emerged that the sector had had its worst year in production terms since the 1950s.
In 2022, carmakers produced just 775,000 vehicles, a slump of nearly 10%, according to the Society of Motor Manufacturers and Traders (SMMT).
Supply chain issues such as component bottlenecks were a major factor in the decline, but the gloom enveloping the industry has been deepened by the recent collapse of Britishvolt, the fledgling electric vehicle battery manufacturer.
The Financial Times reported on Friday that Recharge Industries, an Australian company, had been chosen by administrators as Britishvolt’s preferred bidder.
Production of the Mini at Cowley dates back to the 1950s, and resumed under BMW’s ownership in the early 2000s.
Roughly 200,000 Minis are built at Oxford each year, with about 80% destined for export markets.
The plant employs about 4,000, making it easily one of the most significant in Britain.
Nissan and Ford have both announced new investments in their UK facilities in the last year, with the latter saying in December that it would spend £150m at its Halewood plant in Liverpool to expand production of electric vehicle parts.
BMW announced in 2021 that it would cease making the electric Mini in Oxford, adding last October that the UK plant would instead build the Mini Cooper three-door and five-door hatch models.
“Additionally the Mini Convertible will be returning to Oxford from 2025 – this is one of our most important cars and a global best-seller,” it said at the time.
“Electric MINIs – a hatchback and small SUV – will start their production in China through our partnership with Great Wall and the electric Countryman will be built in Leipzig [in Germany].
“Beyond this we cannot go at this point.
“Future production plans will be announced in due course.
“Oxford plays an important role in the BMW Group’s production strategy, with its high degree of flexibility, competitiveness and expertise and will remain at the heart of Mini production.”
A BMW spokesman declined to comment this weekend on its funding talks with the government.
A BEIS spokesperson said: “The UK is one of the best locations in the world for automotive manufacturing.
“Investment through the Automotive Transformation Fund will develop a high-value end-to-end electrified automotive supply chain in the UK, and this includes unlocking private investment in gigafactories.
“We’re also working with industry through the Automotive Council’s Skills Working Group to ensure the UK automotive industry can support and develop the skills needed for sustainable success.”
The government did not comment directly on the talks with BMW.