The Office of the Small Business Commissioner (OSBC) was established by the UK government in Part 1 of the Enterprise Act, 2016. Secretary of State for Business Greg Clark announced the appointment of Paul Uppal to the newly established post of Small Business Commissioner on 2 October 2017. On 20 December 2017, working with digital agency "dxw digital", an advice and complaints service was launched to help small businesses get paid on time and ensure fair payment practices.
24-563: The role of the OSBC is to provide general information and advice to small businesses about payment issues with larger businesses, and direct them to services to help them resolve their payment issues. The Commissioner also offers a complaint service. Supporting the Britain's 5.5 million small businesses is a priority outlined in the UK government’s Industrial Strategy. The Office works across the whole of
48-637: A broadcaster and former consumer advisor replaced interim Commissioner Philip King as the Commissioner. Department for Business, Energy and Industrial Strategy The Department for Business, Energy, and Industrial Strategy ( BEIS ) was a ministerial department of the United Kingdom Government , from July 2016 to February 2023. The department was formed during a machinery of government change on 14 July 2016, following Theresa May 's appointment as Prime Minister . It
72-461: A few months following the anti-graft investigations in July that lead to the downfall of its chief, Ding Wenwu. The fund resumed investment operations in early 2023 and on 10 March, selected Zhang Xin as its new head. In September 2023, it was reported that ICF for its third phase was raising money for another fund with a fundraising target of around US$ 40 billion. In February 2024 it was reported
96-585: A significant role with regards to the semiconductor industry in China by funding companies such as SMIC , Hua Hong Semiconductor , and YMTC . The fund has three phases respectively, with Big Fund I (2014 to 2019) and Big Fund II (2019 to 2024), and Big Fund III (2024 to 2039). The fund's management company is Sino IC Capital. In June 2014, the State Council of the People's Republic of China proposed in
120-489: A statement on the website of the Ministry of Industry and Information Technology (MIIT), it was set up to "invest in chip manufacturing, boost industrial production, and promote mergers and acquisitions ". The fund operates as a corporate entity under MIIT and the Ministry of Finance . It adopted a two tier management structure where the board set the strategy and approved major projects while Sino IC Capital carried out
144-486: A statement: The Department for Energy and Climate Change and the remaining functions of the Department for Business, Innovation, and Skills have been merged to form a new Department for Business, Energy, and Industrial Strategy, bringing together responsibility for business, industrial strategy, science, and innovation with energy and climate change policy. The new department will be responsible for helping to ensure that
168-751: A total of 114 billion yuan of capital, with a shareholding of 33.14%. CF deploys its capital by holding minority stakes in publicly traded companies . Some of its investments are outside China. It also used to invest in investment firms such as Oriza Holdings via a fund of funds strategy, which allows it to indirectly invest further into more companies such as Ingenic Semiconductor . It has achieved success with investments in SMIC and Hua Hong Semiconductor but also has setbacks such as its investment in Tsinghua Unigroup , which had to undergo bankruptcy reorganization. The largest shareholders of
192-464: Is delivered through seven UK delivery partners. In August 2022, BEIS blocked the sale of Pulsic Limited in Bristol to a company owned by China's National Integrated Circuit Industry Investment Fund . Pulsic is a chip design software company which makes tools to design and develop circuit layouts for chips. In November 2022, BEIS ordered Nexperia to sell at least 86 percent of Newport Wafer Fab ,
216-619: The National Integrated Circuit Industry Investment Fund and the Big Fund ( Chinese : 国家大基金 ; pinyin : Guójiā Dàjījīn ), is a China Government Guidance Fund . The fund aims to help China reach its national goal of achieving self-sufficiency in the semiconductor industry (as part of the Made in China 2025 plan) by investing in domestic semiconductor companies. It has played
240-668: The Scottish Government handles devolved economic policy. Northern Ireland Reserved matters: Excepted matter: The department's main counterpart is: The final roster of ministers in the Department for Business, Energy and Industrial Strategy were: In October 2016, Archie Norman was appointed as Lead Non-Executive board member for BEIS. China Integrated Circuit Industry Investment Fund The China Integrated Circuit Industry Investment Fund ( ICF ; Chinese : 国家集成电路产业投资基金 ; pinyin : Guójiā Jíchéng Diànlù Chǎnyè Tóuzī Jījīn ), also known as
264-556: The Department for Business, Energy and Industrial Strategy, anticipated that the Small Business Commissioner would 'build the confidence and capabilities of small businesses to help them assert themselves in contractual disputes and negotiate more effectively'. Under the legislation, the Commissioner: A proposal to give the commissioner a role in direct mediation between businesses was not pursued as
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#1732780406091288-603: The Global Challenges Research Fund, or GCRF. Both funds aim to leverage the UK's world-class research and innovation capacity to pioneer new ways to support economic development, social welfare, and long-term sustainable and equitable growth in low- and middle-income countries. The Newton Fund builds research and innovation partnerships with partner countries to support their economic development and social welfare and to develop their research and innovation capacity for long-term sustainable growth. The fund
312-606: The National Integrated Circuit Industry Development Guidelines that a national investment fund should be set up to provide focused support for the development of the Integrated Circuit Industry. In August 2014, the fund management company, Sino IC Capital, was established by China Development Bank , which would own 45% of the company. On 26 September 2014, ICF was established. According to
336-728: The UK. The Small Business Commissioner was established as a non-departmental public body by the Department for Business, Energy and Industrial Strategy . It was announced in a discussion paper issued in July 2015 and was formally proposed for creation within the Enterprise Bill introduced into the UK Parliament in September 2015. Anna Soubry MP, the Minister of State for Small Business, Industry and Enterprise within
360-481: The backbone of leading enterprises in the industry to grow bigger and stronger. In July 2022, ICF, Sino IC Capital, and several current and former executives were investigated by the Chinese Communist Party 's Central Commission for Discipline Inspection as part of an anti- graft crackdown. The scandal raised questions over the fund's efficiency and future value. the fund became dormant for
384-447: The economy grows strongly in all parts of the country, based on a robust industrial strategy. It will ensure that the UK has energy supplies that are reliable, affordable, and clean, and it will make the most of the economic opportunities of new technologies and support the UK's global competitiveness more effectively. BEIS spends part of the overseas aid budget on research and innovation through two major initiatives: The Newton Fund and
408-403: The final secretary of state for the old department, became the first Secretary of State for Energy Security and Net Zero . The department had responsibility for: While some functions of the former Department for Business, Innovation, and Skills, in respect of higher and further education policy, apprenticeships, and skills, were transferred to the Department for Education , May explained in
432-479: The first phase exceeded market expectations. In 2019, ICF raised US$ 29.08 billion for its second phase. 75% of which went into wafer fabrication projects, according to CSC Financial . The investment approach was more conservative than the first phase, mainly focuses on the layout of the integrated circuit industry chain, focusing on chip manufacturing and equipment and materials, chip design, packaging and testing and other industry chain links, and supports
456-528: The government did not believe there was sufficient evidence of market failure in relation to mediation services. Prior to its launch, the Federation of Small Businesses (FSB) described the proposal as 'a step in the right direction'. The Office works with the FSB, Confederation of British Industry and British Chambers of Commerce to promote timely payment of commercial debts. On 1 Juny 2021 Liz Barclay ,
480-462: The investments and managed the money. The near-term goal was growing annual revenue of domestic semiconductor companies from 2015 to 2020 and to become a global leader in all segments of the semiconductor supply chain by 2030. According to MIIT, the fund raised US$ 21.8 billion in its first financing round in 2014. At the start, it deployed at least 60% of its capital into chipmaking investments, according to GF Securities . The performance of
504-543: The largest chipmaking facility in the UK, which it had acquired in July 2021. In 2018, a Chinese corporation by the name of Wingtech Technology acquired Nexperia. Some responsibilities extend to England alone due to devolution , while others are reserved or excepted matters that therefore apply to the other countries of the United Kingdom as well. Reserved and exceptioned matters are outlined below. Scotland Reserved matters: The Economy Directorates of
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#1732780406091528-548: The semiconductor industry chain "neck" link investment, including large-scale manufacturing and equipment, materials and other links, in addition to the HBM industry and other key areas of artificial intelligence semiconductor is also expected to obtain the Big Fund III investment. On 27 May, ICBC , Agricultural Bank of China , Construction Bank , Bank of China , Bank of Communications , Postal Savings Bank of China proposed
552-620: The third fund would raise over US$ 27 billion. Investors included the Shanghai Municipal People's Government and State Development and Investment Corporation . On 24 May 2024, the National Integrated Circuit Industry Investment Fund III Co., Ltd. was established with a registered capital of 344 billion yuan (US$ 47.5 billion), larger than the first two phases. Phase III is expected to continue
576-509: Was created by a merger between the Department for Business, Innovation, and Skills and the Department of Energy and Climate Change . On 7 February 2023, under the Rishi Sunak premiership , the department was dissolved. Its functions were split into three new departments: the Department for Business and Trade , the Department for Energy Security and Net Zero , and the Department for Science, Innovation, and Technology . Grant Shapps ,
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