The Conservative Party conference continues in Birmingham, as the shadow chancellor delivered his major speech and set out the party’s plans for government if they are returned to office at the next election.
Beyond the world of politics, trade ministers are visiting Japan and Central Asia in a pair of separate trips designed to boost UK growth in areas like pharmaceutical exports and clean energy development.
Griffith promises tax cuts
Conservative shadow chancellor Andrew Griffith has made tax cuts the pillar of his speech to the Tory conference, as he attempted to draw dividing lines between his party, the Labour government and Reform UK.
Of note for international traders, he criticised the ‘packaging tax’ his party introduced when in power, while also committed to building the economy and providing jobs for young people.
Griffith, a former trade minister under Boris Johnson, admitted the Tories “failed” to cut regulation while in government.
“We will have to be the ones to make the hard choices and tackle the debt, to help our country live within its means.”
He also said he would scrap environmental rules to boost housebuilding, while also pledging to cut the mansion tax and the Employment Rights Act.
Trade ministers in Asia
Politico Morning Trade reports that science minister Chris McDonald is in Japan today (6 October), leading a delegation of UK life science representatives into a key market for the sector.
Japan has one of the largest pharmaceutical markets in the world, ranking third after the US and China according to the US commerce department, and aims to grow the sector further.
Prime Minister Sanae Takaichi’s July growth strategy included biotech and drug development as one of 17 designated sectors, according to the Japan Times, as the country attempts to grow its somewhat stagnant economy.
Around 150 scientists and business leaders are meeting at the UK Life Science Symposium in Tokyo, organised by the British Embassy in Japan, while McDonald will meet key figures from government and industry.
Another trade minister, Lord Anas Sarwar, also starts a five-day trip across Central Asia. He will meet with Azerbaijan President Ilham Aliyev to discuss clean energy opportunities today, before visiting Kazakhstan and Uzbekistan.
Yemen government pushes back
Yemen’s military said it has reclaimed territory lost to the Houthi rebel group, including a major shipping point, as an international coalition attempts to force the Iran-backed militia out of territory around the Strait of Hormuz.
According to Al Jazeera, the official government has reclaimed the port of Mokha and launched a major counteroffensive to reclaim many positions from the rebel group.
The government is backed by an international coalition and receives significant air support from Saudi Arabia. Two Saudi airports have been attacked by the Houthi group, with three people wounded.
A military spokesperson for the Houthis told the New Arab that over 200 government soldiers had been killed or wounded, as it pushed back against the coalition.
Despite warnings that global oil stockpiles are dwindling, increased exports from the Middle East led to a slight fall in oil prices during the early hours of the morning, with Brent Crude benchmark dipping below US$100.
Other news
- The Joint Customs Consultative Committee (JCCC) has issued a final reminder to traders to complete a survey about communication and engagement for new Customs Declaration Service releases, which closes tomorrow (7 October) at midnight
- The JCCC also issued a reminder on the Authorised Economic Operator survey, as the government explores a new option for businesses to carry out certain customs checks on their premises
- Spanish prime minister Pedro Sánchez has called a snap general election, following the failure of a housing bill
Yesterday in trade
- The Conservatives opened their party conference in Birmingham, with senior frontbench figures setting out their plans for government
- EU diplomats are meeting in Brussels this week to discuss the Industrial Accelerator Act and ‘Made in Europe’ plan.
- The Nobel Prize committee is set to announce award winners this week, including the prize for peace which has been coveted by US President Donald Trump
