Category Archives: Brexit

Tuesday 31 May 2022 10:58 am

Boris Johnson and Rishi Sunak are preparing to give a joint speech on planned post-Brexit reforms to the EUs Solvency II insurance regulations.

The speech will be concentrated around the UKs opportunities post-Brexit and will come after the governments plan to scrap a series of EU regulations on the City was announced in the Queens Speech.

The Sun reports that the pair will do the speech in June in an attempt to reset Johnsons faltering government.

A government taskforce last year estimated the retained EU Solvency II law which makes insurance firms hold a certain amount of capital to ensure they can survive potential economic shocks is holding back 95bn of investment into the British economy.

City minister John Glen earlier this year said the government would slash Solvency IIs risk margin, which will ensure firms need to hold less capital in reserve.

He said there would be a cut of between 60 to 70 per cent for life insurance firms, while the regulation will also be relaxed to allow firms to invest in long-term assets like infrastructure.

Government figures have also said that easing Solvency II, and freeing up billions of pounds for investment, will help complete the governments agenda to level up the Midlands and the North.

Johnson and Sunaks speech will likely also include mentions to other planned changes to the Citys rulebook in a bid to ensure the financial services sector maintain its global competitiveness post-Brexit.

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Johnson and Sunak to give joint speech on post-Brexit insurance reforms - City A.M.

By Stewart Beer, Site Manager atElectrix International.

When the UK voted to leave the European Union in 2016, it saw economic repercussions almost instantly. As the results from around the UK flooded in, the value of the pound suffered its biggest single-day slump in 31 years. This meant it was down over 7% against the Euro.

The result of the referendum has greatly impacted the relationship between the UK and countries within the European Union. One of the countries that has seen the greatest change in their UK relationship is Germany.

In this article, well explore how Brexit has affected Germany.

One of the biggest hits Germany has taken as a result of Brexit has been the change in trading. Prior to the Brexit vote, the trading relationship between Germany and the UK was very strong. In 2015, German exports into the UK were operating at over 89 billion in 2015 but fell under 79 billion in 2019.

Imports of products and goods from the UK also suffered thanks to the additional costs and rules of EU-UK trading. Destatis, Germanys statistical office, reported that imports dropped to 32 billion in 2021. This is an overall drop of 8.5% from the previous year and saw the UK lose its status as one of the top five largest trade partners for Germany. The London School of Economics has predicted that trade with EU countries could decrease by around a third over the next 10 years.

Germany responded to this change in trading relationships with the UK by looking to trading partners within the EU and further afield. There was a rise of 16.8% in exports from Germany to other EU countries and a 20.8% increase in exports to China. Overall, there was a wave of goods imports into Germany that resulted in a 17.1% rise to 1.2 trillion in 2021. Turning to neighbouring countries for things like car parts and stainless steel enclosures helped to maintain their aerospace industry.

When the Brexit plan was initiated on 31st January 2020, the UK surrendered its involvement in the freedom of movement within the EU. This means that UK citizens travelling into Germany dont require a visa so long as their stay isnt longer than 90 days, and within that time, they dont have access to economic activity such as getting a job. This could discourage British citizens from taking opportunities to work and live in Germany and vice versa.

With the events of the last few years and the changes to travel for British citizens, the tourist arrivals in Germany have taken a huge hit. Between 2019 and 2022, the intake of tourists into the country has decreased by well over half. The impact of COVID can obviously be seen in these results but the uncertainty surrounding travel as a result of Brexit cant be understated.

One group this has a particular impact on is young people. Having the option for free movement and the opportunity to work and live in a different country and immerse yourself in the local culture helps in finding yourself. This was made even more difficult when the UK then made the decision to withdraw from the Erasmus+ scheme. This offered grants to help fund international studying for those who wouldnt be able to afford it otherwise.

Britains exit from the European Union has a huge economic impact on the remaining countries. An analysis by the European Commission in 2021 estimated that as a result of this event, Germany could be set to lose 35 billion.

While part of the EU, the UK was the second-largest contributor to the EUs budget. In the last full year as part of it, the UK contributed a gross of around 18.9 billion to the EU before being rebated 4.5 billion. As a result, the expectation falls on the remaining countries to pick up the pieces, and that task falls to Germany as the next largest contributor, with a reported 28 billion given to the budget in 2020. Combining Brexit with the impact of other world events from the past few years has seen the German government act.

The council of economic advisers brought their forecast for economic growth for 2022 from 4.6% down to 1.8%. This is to account for the increase in natural gas and oil prices, as well as the already delayed supply chains struggling further. However, they do expect the countrys GDP to see an increase of 3.6% in 2023.

The overall effects of Brexit didnt just echo throughout the UK. The stark impact it had on countries throughout the EU cant be understated, particularly in Germany. Trade and travel have taken a huge hit from the change, losing a lot of revenue from these streams. With the UK leaving the EU, a lot of responsibility in terms of the Unions budget has fallen to Germany as the next largest contributor. Combining an increase in responsibilities budget-wise alongside maintaining the countrys individual economy has meant a reduction in their expected growth. However, with neighbouring European countries and China upping their trading with Germany, weve seen an impressive turnover which leaves us positive and hopeful for a prosperous future.

https://www.theguardian.com/business/2016/jun/23/british-pound-given-boost-by-projected-remain-win-in-eu-referendum

Brexit has complicated and isolated Germany’s role in the EU

https://www.theguardian.com/world/2022/feb/09/uk-goods-into-germany-down-further-sign-brexit-damage

https://www.bbc.co.uk/news/56347096

https://uk.diplo.de/uk-en/travel-after-brexit/2441830

https://commonslibrary.parliament.uk/research-briefings/cbp-7886/

https://www.statista.com/statistics/316691/eu-budget-contributions-by-country/

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Echoes Throughout Europe The Impact of Brexit on Germany - Global Banking And Finance Review

Britain voted to leave the European Union in June 2016, with Prime Minister Boris Johnson and ardent Brexiteers insisting the country will thrive away from the shackles of Brussels' rules and regulations. Remainers have thrown cold water on the UK's ability to compete on the world stage and have even launched a continued campaign for the nation to rejoin the EU. But the 31st and latest edition of a major financial centres ranking list has once again silenced those voices putting Brexit Britain down.

The Global Financial Centres Index provides evaluations of future competitiveness and rankings for 119 financial centres around the world.

Rankings are based on 150 factors, with quantitative measures from the World Bank, The Economist Intelligence Unit, the OECD and United Nations. It also uses 74,982 assessments from 11,934 respondents.

In 2021, the Global Financial Centres Index shows London left the EU trailing, coming out at number two in the world with a rating of 726 - only second behind New York (759).

But most notable, not one EU city even managed to make it into the top 10 - silencing those who said financial centres from around Europe would easily trump London.

In fact, only four EU cities managed to make it into the top 25 - Paris at number 11, Frankfurt at number 16, Madrid at number 18, and Amsterdam at number 19.

Also strikingly, four out of the eight European financial centres in the top 25 are outside the EU - London, Zurich, Edinburgh and Geneva.

The rest of the top 10 list was unsurprisingly dominated by US and Asian cities that are home to some of the world's largest economies - Hong Kong, Shanghai, Los Angeles, Singapore, San Francisco, Beijing, Tokyo and Shenzen.

In a further boost to Brexit Britain, London also topped the most recent European technology cities index to retain its crown as the continent's most technologically advanced city.

READ MORE:'Not what we voted for' furious Farage pinpoints

"Thankfully the relentless upbeat positivity of Facts4EU continues to be the antidote, as we publish details of the y/Zen report into Global Financial Centres and also the Smart Cities rankings.

"Both place London as top in Europe and second in the world to New York despite Brexit.

"There will be more indexes and rankings and London will continue to perform well, beating the other EU rivals by some distance.

But the research firm also warned: "Lets not rest on our laurels, however.

"It is essential that the Government moves faster to discard bureaucratic EU laws and replaces them with regulations fit for the 21st Century.

"Lets have a Brexit that puts London ahead of New York that should be our countrys ambition."

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London leads the way: Brexit doomsayers shut down as UK crushes EU on Global Index - Express

Dans, 28, Birmingham

Occupation Accountant

Voting record Left Latvia before he was old enough to vote. Voted Labour in 2019

Amuse bouche Dans used to do some modelling

Occupation Part-time office manager; also an actor and model

Voting record Isnt eligible to vote in the UK; has generally voted for the Spanish equivalent of the Labour party

Amuse bouche Went to COP15 in 2009 as a youth spokesperson

Dans The food was amazing. We had baby potatoes, some seafood.

Georgina We had a steak sharing board. It was very nice. We had some dressed mussels, in a tomatoey sauce.

Dans I was very surprised to see someone my age.

Georgina I was totally expecting a bloke in his 60s.

Georgina He said Brexit didnt have anything to do with racism. But my partners family said, We voted to stay in the EU because we dont want you to be deported. And I thought: OK, people who vote leave are actually voting for me to be deported? How is anybody OK with that? How can he come from Latvia and support Brexit?

Dans A lot of our views on the EU were down to our personal experiences. I know she had a very good experience with the Erasmus scheme, and Ive also been on Erasmus. So I see that good side of the EU. But the only change I have felt is the people from the EU who would not come to the UK any more. Everything else didnt materialise, and what has materialised has been to do with circumstances other than Brexit.

Georgina I saw his point that the European Union project sometimes isnt beneficial for poorer countries its all about France and Germany.

Dans The EU favours wealthy countries. I saw the price of coffee in Latvia go from 60c to 1 overnight because they joined the eurozone. Wages dont go up to keep pace.

Dans I didnt want to sound pessimistic, but environmentally speaking, I think were doomed.

Georgina We had the same view on climate change. Its inevitable that were destroying the Earth. And its really sad. We also talked about what we do in our daily lives to reduce our impact. It was ironic, because we were eating steak and mussels. But we have both reduced our consumption of animal products to very low levels.

Dans We really need to change, but you have to close that off, because thats essentially climate anxiety.

Georgina We agreed on Extinction Rebellion, that we see their point. Its getting to the stage where people need to do something drastic.

Dans We found a lot of common ground on Covid. I thought she was going to say masks should be mandatory, but she just wants masks in very specific settings, when its overcrowded and the cases are high.

Georgina We both came to the conclusion that it was an evolving situation. In Spain, it was brutal. Everyone had to wear masks all the time. I even saw people in their 80s, in the 30C heat, wearing FFP2 masks. But at the same time, I came back to the UK and got angry with people not wearing masks in supermarkets.

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Dans I bet if you started looking into the impact mask wearing has had on children, youd never be able to justify it again. Just imagine putting yourself in that position at the age of eight or nine. All these restrictions have a major impact on mental health.

Georgina It was not beneficial for kids. But my partner got Covid at the start when he wasnt vaccinated and he was so ill, he had long Covid for 10 months. Dans said, My partners got underlying conditions and she was fine. And I was like, thats exactly the point, its completely random.

Dans She was amazing. Shes got a very nice, authentic personality shes very open and we clicked quite quickly. We did exchange details, and we may meet again with our partners.

Georgina It was an amazing experience, very refreshing. Two people with opposing views can sit down and explore that. Why cant we use this tool that we have, which is so powerful human communication?

Georgina and Dans ate at The Pig & Tail, Birmingham

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Dining across the divide: How can he come from Latvia and support Brexit? - The Guardian

He accused the EU of wanting a solution that was "theoretically watertight" and unlikely to therefore ever be sustainable. Since the end of the EU transition period at the end of 2020, the EU has imposed strict customs checks on goods crossing the Irish Sea from Britain to Northern Ireland.

The bureaucratic checks were implemented as part of the 2019 Brexit withdrawal agreement but Unionists believe the heavy-handed nature of Brussels' approach is undermining the integrity of the UK.

Ministers have been in negotiations with the EU for months on the impact of the Protocol, but the bloc has so far refused to compromise.

Speaking to a parliamentary committee this morning, Mr Cleverly said ministers had solutions that should satisfy both sides in the talks.

He said: "There are a whole load of practical fixes which address the real world concerns of the EU in terms of integrity of the single market without introducing onerous or excessive checks or bureaucracy or delays in time with East-West trade across the Irish Sea between different parts of the United Kingdom."

READ MORE ON OUR BREXIT LIVE BLOG

The minister said the proposal "also protects the North-South trade between the UK and Ireland".

He added: "We think we're there. We think we've got proposals that do it in the real world."

Both the UK and EU agreed in Brexit withdrawal talks not to impose customs checks on goods travelling between Northern Ireland and the Republic of Ireland in the south.

There were fears checks on the land border would undermine the Northern Ireland peace process and risk a return to the dark days of the troubles.

Brussels therefore demanded checks be carried out on goods crossing the Irish Sea in order to avoid products which do not comply with EU rules entering the bloc's single market via Northern Ireland.

The UK's plans would see customs checks eradicated on goods that were likely to remain in Northern Ireland and the introduction of a "trusted trader scheme" for big firms who pledge not to exploit the relaxing of the red tape.

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Any firm which abused the system would be hit with heavy fines.

Brussels has rejected the plans because it means a risk remains of a small number of goods could end up in the EU.

"Our position is we genuinely think that with a big dose of goodwill and trust and with a big dose of technology we can actually get through and address both our sets of concerns," Mr Cleverly added while giving evidence to the House of Lords Northern Ireland committee.

"It strikes me for the level of reassurance the EU seeks on the integrity of the single market, they are looking to put in processes which are not just practically but also theoretically water tight."

Britain has vowed to introduce legislation to override the Protocol unilaterally if the EU continues to refuse to negotiate.

Foreign Secretary Liz Truss unveiled the plans for the new law earlier this month and has pledged to start voting it through Parliament in a matter of weeks.

Ministers say they will continue to hold talks with the EU in parallel with the legislation.

They will abandon the new Bill if a compromise can be found with Brussels.

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'We have real world solutions!' EU blasted as Brussels makes unrealistic Brexit demands - Express

Sam Hall is Director of the Conservative Environment Network.

With inflation rising steeply, the Government is urgently seeking ways to ease the soaring cost of living. Increasing direct financial support for households struggling with rising energy bills will be essential. Another component of the Governments response will be regulatory reform, which could cut costs for businesses, lowering consumer prices without adding to the deficit.

Regulatory reform neednt come at the expense of the governments environmental goals. In fact, outside the EU, there are numerous opportunities to improve regulation while delivering better outcomes for the environment. In particular, there is potential to simplify complex and prescriptive EU environmental regulations, moving from a rules-based approach towards a more outcome-based approach.

Supporters of EU membership wrongly assumed that Brexit would be harmful to the environment. On the contrary, we must not be afraid of reforming EU laws, nor insist on preserving them in aspic.

The phaseout of the blocs Common Agricultural Policy now underway will reduce wasteful, regressive, and environmentally harmful public spending that was forced upon us by the EU. The new farm payments system in England will instead spend taxpayers money on buying things the public values, but which the market doesnt currently deliver, namely environmental benefits like cleaner rivers, while investing in the natural assets that guarantee our food security, such as healthy soils.

The Genetic Technology Bill, also announced in the Queens Speech, is another example of environmentally beneficial post-Brexit regulatory reform. Enabling gene-edited crops will help farmers produce more food with fewer biodiversity-harming, climate-warming, and expensive inputs. Its a win-win for food security and the environment.

A similar approach should be taken with regards to protections for our most significant habitats. Having developed incrementally over decades, the current national and EU-derived habitat designations are confusing and incoherent. This partly explains why a mere 38 per cent of protected habitat is in good condition, alongside poor enforcement.

In a Green Paper published a few months ago, Defra proposed to modernise this system of designations to deliver their target to halt species decline by 2030. Streamlining could have a number of benefits, such as greater understanding among the public and clarity about land management objectives for landowners. But its vital the net effect of these reforms is positive for the natural environment.

And to continue confounding the Brexit pessimists, ministers must make sure regulatory reform promised in the Brexit Opportunities Bill enhances rather than damages the environment. Concerningly, a Government source quoted in the Times suggested that this Bill could include a weakening of environmental rules for infrastructure projects.

Without a clear green direction of travel across all these policies, there could be negative political consequences. The local election results were particularly bad for the Conservatives in so-called blue wall seats in the South of England. Some recent polling for Unchecked UK shows that there is no majority support for weakening environmental protections in these Conservative heartland areas. Just 18 per cent of voters in the blue wall feel that reducing environmental and animal welfare standards is acceptable in order to secure post-Brexit trade deals, for example.

The polling suggests that environmental policies generally could be a good way to appeal to these voters. Environment is a top three concern in the blue wall and the third most important issue for voters when selecting which party to support, ahead of housing, immigration, and tax. Similarly, half of these voters say they are more likely to vote for the party with the most ambitious environmental plans.

These findings are reinforced by the prominence of green issues during the local election campaign and the impressive performance of the Green Party, which won 35 council seats off the Conservatives.

This dynamic is likely to be repeated in the Tiverton and Honiton by-election on 23rd June. The Liberal Democrats have been campaigning hard on sewage pollution in rivers and exploiting fears among rural communities about high UK environmental standards for food production being undermined by trade deals. They will make the environment central to their attempt to win back parliamentary seats in the South West in 2024.

Retaining blue wall seats in the South of England while consolidating progress in the red wall will be critical to keeping the Conservatives in power beyond 2024. The environment can help in both cases. By marrying strong environmental protections with a big focus on job creation and investment in new clean industries, the party can set itself up for electoral success in 2024.

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Sam Hall: Brexit is bringing benefits to the environment. As will regulatory reform if done well. - ConservativeHome

Boris Johnson and Foreign Secretary Liz Truss remain embroiled in negotiations with the EU as they pursue their ideal Brexit. Over the last few months, the pair have hit numerous snags with bloc officials over several issues, with little noteworthy process. Express.co.uk has identified the key sticking points and potential consequences for millions of people living in the UK and EU nations.

The most pertinent issue facing diplomats on both sides of the English Channel is the Northern Ireland Protocol, which binds goods destined for the country to Single Market regulations.

Officials designed the protocol to navigate the differing trade rules on either side of the north-south divide.

The protocol's Irish Sea dividing line has become a point of significant contention for the unionist-based Conservative Party and Northern Ireland's ex-largest Democratic Unionist Party (DUP).

READ MORE:Europeans return to continent as UK bids farewell to THOUSANDS

They have called on the EU to alter rules governing goods transportation by creating distinct paths for goods bound to Ireland and those staying within the UK.

Under the proposals, products bound for Northern Ireland from mainland Britain would only have to adhere to British standards.

Those destined for the Republic of Ireland would need to comply with the EU's rules and regulations.

The bloc proposed plans that would cut checks by 80 percent and relax other rules, but the UK has rejected them.

The Government has also called for the EU to rescind the European Courts of Justice (ECJ) role as an ultimate dispute arbiter.

With no resolution in sight, the Government is now preparing to unilaterally rewrite parts of the protocol.

Ministers have proposed legislation that would change aspects of the agreement without the EU's agreement.

Ms Truss will likely seek to publish draft laws laying the groundwork for these efforts before summer should negotiations fail.

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One significant issue impeding the smoothness of the final Brexit framework is checks for lorries preparing to cross the English Channel.

Disaster relief charity RE:ACT Disaster Response, which works in war-torn countries, has signed a deal with Kent County Council to aid lorry drivers stuck in miles-long queues as they head for the Port of Dover.

The truckers had little access to toilets, food or drink on the M20 and M2, with gridlock expected to continue for nearly two months.

Kent County Council said the issue was of "extreme urgency" as it awarded the emergency contract.

Recent research from York University has found that the Government has struggled to deliver for the fishing industry.

Despite forming a central pillar of the Brexit campaign, a study conducted by the university and its colleagues at the University of Lincoln, ABPmer marine consultancy, and New Economics Foundation found it faces new challenges.

Dr Bryce Stewart from York's Department of Environment and Geography said: Most of the significant increases in catch quotas are for just a few fisheries such as western mackerel and North Sea sole and herring.

"Most fishermen, particularly those in small boats, have seen few if any benefits, so due to new challenges around trade are likely to be worse off."

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Where Brexit stands now - three key obstacles facing the UK as fishermen 'worse off' - Express

At west London's Hooked Fish and Chips, Bally Singh is struggling to keep the tills ringing for a British tradition, with prices sky-rocketing for fish, potatoes, cooking oil and even the flour used for the batter the dish is cooked in.

Cranking up their bubbling oil friers only to see customers stay at home, Singh and thousands of other normally thriving "chippies" across the island nation are navigating the economic fallout of the Ukraine war, the coronavirus pandemic and Brexit.

"Fish prices have gone up extortionately; oil prices have gone up extortionately; and everything across the whole spectrum that we sell has gone up extortionately," Singh told Reuters.

Fish and chips in hand, British Prime Minister Boris Johnson once promised to "build back batter" from the pandemic.

Now though, rising prices are veering Britain's economy further off course.

A third of fish and chip shops are at risk of going bust this year due to a "perfect storm" of price pressures, according to insolvency firm Company Debt.

In just a year, prices for Britain's favourite fish cod and haddock are up 75 per cent, sunflower oil is up 60 per cent, and flour is up 40 per cent, Company Debt said.

Inflation reached a 40-year peak of nineper centin April, the highest among the G7 nations, and is projected to rise further. British consumers are more pessimistic than peers in Europe, leading to criticism of both government and Bank of England efforts to keep a lid on the cost of living.

Cod and chips in Singh's shop now costs 9.50 pounds (more than $15 Cdn), compared to 7.95 pounds (less than $13 Cdn) a year ago. And Singh says if he passed on all the higher costs, the price would be closer to 11 pounds (more than$17Cdn).

"We're finding it a struggle to keep our prices reasonable and competitive compared to other fast foods that are in the area, and we've actually seen a decline in fish sales and customers walking through the door."

In the southern seaside town of Swanage, customers said Britain's inflation problem meant making hard choices.

"It's all right for me to go in there and get one portion for myself, but that was eleven pounds just for one person," said Paula Williams, 66, a carer from Weymouth, on a bench outside the Fish Plaice shop.

"When you've got a group of five or six, that's probably more expensive than going to a restaurant."

Battered fish and fried chips, the chunky equivalent of fries in the United States, have fuelled Britons since the combination was invented 160 years ago.

The meal is such a staple that unlike other food in Britain, it was not rationed during the world wars. Chippies, with their distinctive smell of oil and vinegar, remain a presence in most towns.

Some of the recent difficulties for fish and chip shops began after Brexit, distant-waters trawler company U.K. Fisheries said, estimating that the amount of Arctic cod Britain is allowed to catch in 2022 reduced to around 40 per centof what it was before leaving the European Union.

Russia's invasion of Ukraine has driven up fuel and electricity prices, further increasing the cost of catching,and frying, fish. The war has sent cooking oil, fertilizer and flour prices higher too.

Cod and haddock are sourced in the Barents Sea, north of Norway and Russia, and the war has heightened uncertainty over those supplies.

In March, the British government listed Russian white fish as among goods to be hit with a 35 per centtariff as part of sanctions in response to the invasion of Ukraine. It has paused the move, for now, while the impact is investigated.

Sunflower oil is the principle agricultural commodity the U.K. imports from Ukraine and the government says it is working to substitute it with other vegetable oils: for instance, receiving extra rapeseed shipments from Australia after a strong harvest there.

A spokesperson for Department for Environment, Food & Rural Affairs said it was "working closely with industry, including the U.K. National Federation of Fish Friers(NFFF), to mitigate the challenges that they are facing."

However, the federation said fish and chip shops were facing their biggest ever crisis.

"I'm getting daily phone calls from people that are worried that they're going to go out of business," NFFFpresident Andrew Crook told Reuters.

Data from Springboard shows shopper numbers in British high streets are 15 per cent down from 2019, pre-pandemic, levels.

Fish and chip shops are more exposed than some bigger businesses, Yael Selfin, chief economist at KPMG U.K. told Reuters, because they lack buying power to strike a better deals when global prices rise.

"We are expecting consumers and households to reassess what they're spending on and potentially cut down," Selfin said.

In his smart, recently refurbished shop in West Drayton, a suburb in Johnson's own parliamentary constituency, Singh is looking to cut costs and has added cheaper hake and pollock on the menu. But the energy-intensive cookers have to stay on.

"If nobody's coming in, we're losing money and we need to keep the oil hot," he said.

In Swanage, builder Malcolm Petherick, 73, worried changes he has seen over his lifetime might result in Britain losing a part of its cultural heritage.

"When I was growing up, it was a poor man's meal," he said.

"Now, just bought two lots of fish and chips: 23 quid. What family can afford that?"

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How COVID, Brexit and the war in Ukraine are driving up the price of fish and chips in Britain - CBC News

Industry leaders say the UK could become the world leader in cultured meat production thanks to Brexit. Lab-made meat is created by growing animal cells in a bioreactor. EU regulation requires at least three years to approve the technology needed but as the UK is finally unshackled from the bloc, the Government is planning to publish a white paper on the matter this month that would speed up the process.

Robert Jones, the head of the Cellular Agriculture Europe trade association told the Guardian: Theres definitely an opportunity for the UK to become one of the primary innovation hubs for these sorts of novel technologies.

The UK is a large market and every company will be looking at it as an incredible commercial opportunity."

Mr Jones is also an executive for the Dutch startup Mosa Meat.

Peter Verstrate, its co-founder, said that the UK would be at least a year ahead of the EU.

A Defra spokesperson said: We want to create the best possible environment for innovators, investors and consumers, and encourage safe innovation in the sustainable protein sector.

The technology will help reduce greenhouse gas emissions.

A quarter of the world's emissions come from agriculture, most of which is attributable to livestock production.

The news comes as ministers from the world's wealthiest democracies will wrangle over how to keep climate change goals on track as they meet in Berlin today for talks overshadowed by spiralling energy costs and fuel supply worries sparked by the war in Ukraine.

Energy, climate and environment ministers from the Group of Seven (G7) countries want to reaffirm a commitment to cap global warming at 1.5 degrees Celsius and protect biodiversity at the May 25-27 meeting.

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The group will also consider committing to a phase-out of coal power generation by 2030, according to a draft communique seen by Reuters, though sources suggested that opposition from the United States and Japan could derail such a pledge.

The draft, which could change considerably by the time talks conclude on Friday, would also commit G7 countries to have a "net zero electricity sector by 2035" and to start reporting publicly next year on how they are delivering on a past G7 commitment to end "inefficient" fossil fuel subsidies by 2025.

The invasion of Ukraine by Russia has triggered a scramble among some countries to buy more non-Russian fossil fuels and burn coal to cut their reliance on Russian supplies, raising fears that the energy crisis triggered by the war could undermine efforts to fight climate change.

Campaigners urged the ministers of the G7 to make clear commitments that the fallout of the Ukraine war would not derail their targets.

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"We have a new reality now. The G7 need to respond to that, and they should respond through renewables, and not through fossil fuel infrastructure," said David Ryfisch, climate policy expert at non-profit Germanwatch.

While seeking consensus on an oil embargo on Russia, the European Union is pushing to accelerate the bloc's pivot to renewable energy while finding fossil fuel alternatives to Russian supplies.

Alden Meyer, senior associate at climate think-tank E3G, said tackling climate change was the best and quickest way for countries to achieve energy security.

"Climate impacts are worse than scientists originally predicted and there's far worse ahead if we don't cut emissions rapidly," Mr Meyer said. "Delivering on climate promises really becomes even more vital in this tense geopolitical environment."

Ahead of the meeting, the B7 group of leading business and industry federations of the G7 states called on the group to back a plan along the lines of German Chancellor Olaf Scholz's "climate club" to harmonise standards on emissions and CO2 pricing.

Mr Scholz had suggested the idea to try to avoid trade friction in areas including green tariffs, the development of markets for decarbonised products, carbon pricing and removal methods.

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UK to outclass EU with major food revolution in Brexit win as bloc hampered by own rules - Express

Baroness Hoey has robustly defended Boris Johnson in the House of Lords in the midst of the Partygate storm threatening to sweep the Prime Minister out of Number 10. The Brexit supporting peer took a firm stand against the lockdown breaching parties in Whitehall and the behaviour of the Prime Minister himself, but also delivered a clear slap down on critics of the Prime Minister who she believed held a grudge over Mr Johnson's leading role in Brexit.

Ms Hoey told the House of Lords: "The public were clearly very, very angry when they first heard about what had been going on in Whitehall.

"Now we've had to Sue Gray report and I commend her diligence, we've had the full apology from the Prime Minister, we've had the Metropolitan Police Report, and we've seen changes in Downing Street.

"I think outside this place and perhaps some elements for the media, many, many elements of the public, probably the majority of the public not really do want to draw a line under all of this so that we can get on with the issues that are really affecting the country."

She then turned to the Government Minister and asked: "Does she agree with me that there will be some people who will never ever give up criticising the Prime Minister because they don't like the fact that the Prime Minister took us out of the European Union, and that is still underplaying a huge amount of now, particularly in some elements of the media?"

Mr Johnson's hopes of drawing a line under the partygate row suffered a blow on Thursday after a string of Tory MPs called for him to quit in the wake of Sue Gray's report.

Four Tories have gone public since the publication of the damning report which laid bare the extent of raucous behaviour in No 10 at a time when millions were forced to cut off contact with loved ones during coronavirus lockdowns.

Former minister Stephen Hammond and fellow MPs David Simmonds and John Baron spoke out on Thursday, following Julian Sturdy who demanded MrJohnson's exit on Wednesday.

Mr Hammond said he "cannot and will not defend the indefensible" and indicated he had sent a letter of no confidence to the Tory backbench 1922 Committee.

Mr Simmonds, the MP for Ruislip, Northwood and Pinner - his constituency is next to MrJohnson's - said: "It is clear that while the Government and our policies enjoy the confidence of the public, the Prime Minister does not.

"Accordingly, it is time for him to step down so that new leadership can take forward the important work of the Government in ensuring that our people and country prosper."

The publication of Ms Gray's report followed the conclusion of the Metropolitan Police's Operation Hillman investigation into parties in No 10 and Whitehall.

The force handed out 126 fines for rule breaches in No 10 and Whitehall, with the Prime Minister receiving a single fixed-penalty notice for his birthday party in June 2020.

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'It's because he took us out of EU!' Labour baroness says Brexit bashing behind Boris coup - Express