From groceries to savings, there are loads of different ways you can back British business.
Chancellor Jeremy Hunt recently announced plans for a new British ISA to encourage more investment into UK companies.
But although it may take at least a year to finalise the details, there are already ways you can back British organisations.
Here’s our guide to supporting homegrown farmers, manufacturers, businesses, investments, charities and even tourist attractions.
Support Britain at the supermarket
Let’s start with our grocery shopping.
Ocado recently became the fourth major UK retailer – after Sainsbury’s, Aldi and Morrisons – to launch a ‘Buy British’ section on its website.
The moves have followed the high-profile campaign for a ‘Buy British’ button, led by Dr Luke Evans, Member of Parliament for Bosworth.
“Ocado has been proactive in making changes that not only support our nation's farmers but also make it even easier for consumers to buy homegrown produce,” he said.
Having a ‘Buy British’ section enables shoppers to quickly find products sourced from Britain, although the ranges offered by each of the outlets will vary.
According to Simon Roberts, chief executive of Sainsbury’s, many customers want to support British suppliers and make more conscious choices in the weekly food shop.
“We recognise the pressures that British farmers are facing and the importance of supporting them to maintain a resilient UK food system for the long term,” he said.
Support Britain with your savings
The Chancellor announced plans for a British ISA in which people can invest up to £5,000 tax-free – in addition to the existing £20,000 annual ISA allowance.
A consultation into how this will be designed and implemented has just opened and is scheduled to run until early June. Most people don’t expect it to be launched until the 2025/2026 tax year.
However, impatient savers don’t need to invest in the UK as they can choose between plenty of companies, investment funds and savings products.
For example, the new NS&I British Savings Bonds were announced by the Chancellor in his recent Spring Budget.
They should be available from April and offer savers a guaranteed rate over three years for investments between £500 and £1 million.
Like all NS&I products, money invested will be backed by HM Treasury. However, the rate being offered on the bonds hasn’t yet been confirmed.
By saving through NS&I you are effectively supporting the activities of the government, according to Sarah Coles, head of personal finance at Hargreaves Lansdown.
“The British Savings Bond will use this as a selling point, but everything we know so far points to the money raised from the product just going into general government fund-raising rather than towards any specific projects,” she said.
Support Britain with your investments
Investors can also back British. There are currently 2,000 companies listed on the London Stock Exchange and buying shares in them enables you to play a part in their future.
Of course, not all of them are involved in industries that benefit the UK so you’d need to choose carefully if that was your objective.
Share dealing can also be a risky business. You must always do your research before committing your cash – and never invest more than you can afford to lose.
An alternative is opting for an investment fund that invests in many stocks. This will diversify the risk taken as you’ll have exposure to a variety of companies.
If you opt for an actively managed portfolio, you’ll also have the expertise of a professional fund manager who will make all the asset allocation calls.
There’s a huge array of funds available. There are those specialising in large, FTSE 100-listed companies, as well as those buying into smaller, growing UK firms.
Support Britain at the tills
The internet has revolutionised how we buy goods. At the click of a button, we can order an item from across the world and have it delivered to our door.
However, shopping with small independent businesses helps ensure the money will stay in the UK, pointed out Sarah Coles at Hargreaves Lansdown.
“Those business owners will pay UK taxes, and may pay local business rates,” she said. “They may also source goods locally, and spend with other local independents, so you’re supporting far more than the business you’re handing your money to.”
You can also buy online from small manufacturers through websites such as Etsy.com. This site tells you where the business you’re buying from is based.
Then there’s the Great British Pub! Thousands of hostelries have shut down over the past decade, according to the British Beer and Pub Association (BBPA).
Back in 2000, there were 60,800, but this number had fallen to 45,350 by last year. Apart from nipping down your local for a pint, how about signing a petition?
The Long Live The Local campaign was launched in July 2018 to raise awareness of the high number of pub closures – and the fact the UK has one of the highest beer duty rates in the world.
Support Britain when donating
There are more than 160,000 voluntary organisations in the UK that need your help – both in terms of time and money.
Many of these smaller organisations miss out on donations to larger rivals with higher profiles, even though they’re often first responders to those in crisis.
You can find a wide variety of such organisations in the Fundraising Regulator’s directory, as well as through the National Council for Voluntary Organisations (NCVO).
There’s also the upcoming ‘Small Charity Week’, which is being held from 24 to 28 June 2024, that raises awareness of this important sector.