Lord Agnew, chairman of the Trade Facilitation Commission (TFC) : “For the UK to thrive, we must streamline and digitise our trade processes, eliminating barriers to growth and strengthening our position as a global trading nation.”

LONDON, Nov. 8, 2024 /PRNewswire/ — At an event held in the House of Lords on 5^th November, The Trade Facilitation Commission released their detailed report and announced a series of proposals aimed at boosting the UK’s economic growth by modernising and simplifying customs and border processes. As the government places economic growth at the forefront of its agenda, the TFC urges immediate action on trade facilitation to support UK businesses and increase GDP per capita.

Reflecting on the urgency of these reforms, Shanker Singham, trade expert and co vice Chair of the TFC, noted, “Trade facilitation could unlock an increase of up to £3,500 in GDP per capita per UK household, bringing greater prosperity through more efficient border processes and reduced friction for businesses.” He further emphasised that enhancing the UK’s trade openness could fuel economic growth at a time when the country faces a pressing growth crisis.

Prime Minister’s Economic Growth Mission
During a recent visit to Italy, the Prime Minister underscored the government’s dedication to fostering economic growth by removing impediments to progress and evaluating every decision by its potential to promote growth. This commitment is part of the government’s broader set of objectives, which include strengthening the economy, making Britain a clean energy superpower, and breaking down barriers to opportunity.

The TFC identified four reasons why trade facilitation is urgently needed:

1. Economic Growth Crisis: The UK, along with other G7 countries, faces an ongoing economic growth challenge since the Global Financial Crisis.
2. Declining EU Trade: Trade with the EU has decreased due to new trade processes, impacting UK businesses.
3. Supply Chain Vulnerabilities: COVID-19 disruptions exposed weaknesses in the UK’s understanding of its supply chains.
4. Increasing Complexity: With new regulations emerging, particularly from the EU, a more streamlined and manageable trade system is critical to future resilience.

Robert Hardy, a leading expert in customs and co vice Chair of the TFC, stressed the importance of simplifying customs processes to help traders navigate this evolving environment: “Customs simplifications, including streamlined declaration procedures, are essential. Reducing administrative burdens and leveraging real-time supply chain data will allow traders to focus on growth instead of red tape.”

Trusted trader programs, which pre-qualify businesses that meet compliance standards for quicker border processing, are pivotal to the TFC’s vision for trade facilitation. Lars Karlsson, a trusted trader authority and TFC Commissioner, commented, “We need to rethink trusted trader schemes in the UK, expanding them to ensure secure, streamlined processes across all government agencies. This will empower compliant traders and allow for faster, smoother border transactions, promoting both economic growth and security.”

The TFC recommends that the UK move toward implementing smart borders and digital trade corridors. This technology-driven approach would allow for automated monitoring, real-time container tracking, and pre-arrival data exchanges, thus minimising border delays and enhancing security.

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Lord Agnew concluded, “Trade facilitation is not a luxury—it’s an essential driver of growth. By embracing digital tools, simplifying customs, and empowering trusted traders, we can transform the UK’s trade landscape and secure a prosperous future for businesses and people alike.”

For media inquiries, please contact: [email protected] 

To access a digital version of the full report: www.facilitation.trade/unlocking-uk-trade-potential 

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LONDON, Nov. 8, 2024 /PRNewswire/ — In response to union claims of an international campaign to lobby our stakeholders – Bakkavor today speaks out and sets the record straight on the local strike in Spalding, which it has attempted to resolve.

Donna-Maria Lee, Chief People Officer at Bakkavor comments: “It is now six weeks since Unite the Union commenced strike action with a minority of our Spalding colleagues. It is now clear to us that it is becoming increasingly difficult to resolve this dispute with Unite and get people back to work anytime soon. We have engaged the Union in discussions since the start, and our CEO met with them recently out of a genuine desire to resolve the issue. Whilst a material discretionary bonus (of £350 per person) and an above inflation pay rise have been tabled for Spalding colleagues, the Union has now advised us that they have put it to ballot, with a recommendation to reject our offer.

“Coupled with this, working colleagues have reported being made to feel uncomfortable by the strikers, and the Union has set out on what it describes as “an international campaign” to directly lobby our stakeholders – when the real task for them is to settle a dispute in Spalding.

“It takes both parties to engage and whilst we have sought to resolve the issue, I met with the Union this week and it is clear that Unite has little interest in moving forward with the situation at Spalding and is intent on lobbying, publicity and politics, rather than solving a strike that they called for.”

Some key fact-checking on the context behind the strike:

• The Union has wrongly claimed that more than 700 of its members in Spalding are taking industrial action. Whilst the union may have 700 members of the 1,400-strong workforce, only c.450 are not attending work.
• Over two-thirds of Spalding colleagues, more than 950, have not engaged with strike action and are reporting to work as usual. We would like to thank them for their loyalty and support in the face of external attempts to disrupt and discredit the business.
• Whilst the union has repeatedly accused Bakkavor of making derisory pay rises, the truth is quite different. In September Bakkavor put forward an improved offer of 7.8% to its lowest paid colleagues and 6.4% across all other grades – well above the national living wage and inflation, which now stands at 1.7% (2.0% at the settlement date in May).
• Over the past three years, CPI in the UK has grown by 21%, at our Spalding site over the same three-year period the pay rate for our lowest paid colleagues has risen by 22.8% and all other grades by 21.2%, both above inflation for the period. This excludes improvements we have made to broader benefits over the same period.
• In summary, the Union’s claims of “years of real terms pay cuts”, whilst emotive, are completely without basis. The reality is that Bakkavor has worked hard to protect our colleagues through the cost-of-living crisis which many businesses have not been able to do.
• Further to the increases put forward in September, Bakkavor has offered all Spalding colleagues a discretionary £350 per person bonus to try and resolve the strike, this payment is over and above the pay rise. Again, this demonstrates Bakkavor’s willingness to engage.
• In addition to rates of pay, Bakkavor staff also receive a wide range of benefits including life insurance, personal accident insurance, access to a vast range of retailer discounts and heavily subsidised food through Bakkavor’s staff shops.
• Nationally, Bakkavor’s proposed pay rises have been welcomed across its other 20 UK sites, with over 13,500 colleagues receiving their pay rises versus our colleagues at Spalding whose payments have been delayed due to this process.
• Contrary to claims of disruption to UK food supply, Bakkavor can confirm Christmas will be unaffected by the local issue at Spalding. Its Christmas ranges are made at its other UK sites. There has been some short-term disruption to soups as an isolated product category. Traditionally, Bakkavor’s soups are only made at Spalding – but work is in hand to resolve this very quickly. This is part of our contingency planning which has enabled us to continue to produce the vast majority of products from this site.

Mike Edwards CEO at Bakkavor concludes: “In the Autumn Budget last week, the Government set out the twin aim of supporting workers and creating economic growth. We support both of these things at Bakkavor and in truth they cannot actually be separated. Our colleague pay and benefits are well above the minimum wage and ahead of inflation.

“The fact that our company’s ‘Long Service Awards’ have celebrated more than 4,000 colleagues for milestones between 5- and 35-year periods of service over the last two years shows that people choose to stay at Bakkavor and for a length of time, which would be viewed as remarkable in many industry sectors today.

“Coupled with looking after our people, which we do, we have an obligation to be a sustainable business. Our pay deals need to be fair to colleagues across all our 21 sites. We believe the offer proposed is entirely fair based on the context in which we are operating.

“The Union has a right to campaign, but our responsibility as a business – to our colleagues, customers, shareholders and to the communities in which we are a major employer – is to be sustainable, and fair, for the long term. We have been through a global pandemic and a seismic cost-of-living crisis and managing our business well ensures we will continue to create growth – growth for the economy, job creation and training opportunities for young people across the UK.

“Our offer of a pay rise and bonus to Spalding colleagues has now gone to a union ballot and Unite are recommending their members reject it. If this happens, we will be at an impasse (a ‘failure to agree’) and we will work to find a way to offer the increases to rates of pay and the bonus to all colleagues at Spalding on an individual basis. If accepted by individuals, this will see new rates implemented, back pay processed and bonus paid before Christmas which is what the majority of our Spalding colleagues want.”

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LONDON, Nov. 8, 2024 /PRNewswire/ — On 29 October 2024, the Board of Directors of Tetragon declared a dividend of U.S.$ 0.11 (11.00 cents) per share in respect of the third quarter of 2024. The ex-dividend date is 1 November 2024. The record date is 4 November 2024. Payment of the dividend will take place from 27 November 2024.

Tetragon’s website (www.tetragoninv.com) includes information on Tetragon’s Optional Stock Dividend Plan for those shareholders electing to receive dividends in the form of Tetragon shares. Shareholders may elect to receive dividends in the form of Tetragon shares by making a dividend share election up to 14 November 2024. If no election is made, the dividend will be paid in cash from 27 November 2024.

Cash dividends may be received in Sterling by those shareholders making a dividend currency election up to 14 November 2024. If no election is made, the dividend will be paid in U.S. dollars from 27 November 2024.

The reference price for shares delivered in lieu of cash is U.S. $12.65, resulting in a conversion ratio of one newly issued share for every 115.00 dividend rights held. The reference price is based on the volume‑weighted average of the trading prices of a non-voting share on Euronext Amsterdam N.V. for the five-day trading period (treated as a single period) from 1 November to 7 November 2024.

For further information on the Optional Stock Dividend Plan, please refer to the brochure on Tetragon’s website.

About Tetragon:

Tetragon is a Guernsey closed-ended investment company. Its non-voting shares are listed on Euronext in Amsterdam, a regulated market of Euronext Amsterdam N.V., and also traded on the Specialist Fund Segment of the Main Market of the London Stock Exchange. Our investment manager is Tetragon Financial Management LP.  Find out more at www.tetragoninv.com.

Tetragon’s non-voting shares are subject to restrictions on ownership by U.S. persons and are not intended for European retail investors.

Please see: https://www.tetragoninv.com/shareholders/additional-information.

Tetragon Investor Relations:

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Yuko Thomas
[email protected]

Press Inquiries:

Prosek Partners
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U.K. +44 20 3890 9193
U.S. +1 212 279 3115

This release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (2014/596/EU), or EU MAR, and of the UK version of EU MAR as it forms part of UK law by virtue of the European Union (Withdrawal) Act (as amended).

This release does not contain or constitute an offer to sell or a solicitation of an offer to purchase securities in the United States or any other jurisdiction. The securities of Tetragon have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States or to U.S. persons unless they are registered under applicable law or exempt from registration. Tetragon does not intend to register any portion of its securities in the United States or to conduct a public offer of securities in the United States. In addition, Tetragon has not been and will not be registered under the U.S. Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of such Act. Tetragon is registered in the public register of the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten) under Section 1:107 of the Dutch Financial Markets Supervision Act as an alternative investment fund from a designated state.    

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