UK HM Treasury

UK Financial Sanctions Strategy 2026-2029

HM Treasury and OFSI published the UK Financial Sanctions Strategy for 2026-2029, setting out a three-year plan to ensure financial sanctions remain effective, resilient and impactful. The strategy outlines four pillars: Promote, Enable, Respond, and Change. Key outcomes include enhanced threat understanding based on data, high-quality licensing and enforcement, and strengthened partnerships with industry, government, and international bodies.

Decision No 1/2026 Amending Protocol I of UK-EU Trade and Cooperation Agreement on Union Programme Participation

The Specialised Committee on Participation in Union Programmes under the UK-EU Trade and Cooperation Agreement has adopted Decision No 1/2026, amending Protocol I of the Agreement. The Decision modifies provisions governing UK participation in EU programmes. This amendment affects the legal framework for continued UK engagement with EU programme opportunities established under the Trade and Cooperation Agreement.

Joint Statement: Finance Ministers Welcome Middle East Ceasefire and Call for Coordinated Economic Response

Finance Ministers from the UK, Australia, Japan, and eight other countries issued a joint statement on 15 April 2026 welcoming the ceasefire between the United States, Israel and Iran. The statement calls on all parties to implement the ceasefire fully, urging a return to free transit through the Strait of Hormuz and coordinated fiscal responses that avoid protectionist actions in energy supply chains. Ministers also reaffirmed unwavering support for Ukraine and continued pressure on Russia.

Joint Statement: Finance Ministers Call for Coordinated Response to Middle East Conflict Economic Impacts

Chancellor Rachel Reeves coordinated a joint statement with finance ministers from 11 countries including Australia, Japan, Sweden, Netherlands, Finland, Spain, Norway, Poland, Republic of Ireland, and New Zealand calling for coordinated international action in response to the economic impacts of Middle East conflict. The statement pledges responsible domestic responses, avoids unnecessary trade restrictions, supports safe passage for energy supplies through the Strait of Hormuz, and commits to strengthen energy resilience through clean energy transition.

Electricity Bills Cut by 25% for 10,000 Manufacturers Under British Industrial Competitiveness Scheme

The UK Government has announced that the British Industrial Competitiveness Scheme (BICS) will be expanded by 40%, from 7,000 to over 10,000 businesses, with eligible manufacturers receiving electricity bill cuts of up to 25% from April 2027. The scheme exempts qualifying firms from indirect costs of the Renewables Obligation, Feed-in Tariffs, and Capacity Market schemes, worth approximately £35-40 per MWh. The expanded scheme is expected to be worth up to £600 million per year and will be funded through a combination of mechanisms that will not increase household or non-eligible business energy bills.