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Select Committee · Public Accounts Committee

Supporting investments in the UK

Status: Closed Opened: 20 Jan 2023 Closed: 24 Sep 2023 7 recommendations 21 conclusions 1 report

The Department for International Trade (DIT) is responsible for supporting investment into the UK from overseas. Working with the Office for Investment and a range of other government departments and bodies, DIT aims to achieve economic growth in all the nations and regions of the UK. Based on the NAO investigation into supporting investment in … Show more

Clear

Reports

1 report
Title HC No. Published Items Response
Fifty-Sixth Report - Supporting investment into the UK HC 996 9 Jun 2023 28 Responded

Recommendations & Conclusions

1 item
8 Conclusion Fifty-Sixth Report - Supporting investm… Not Addressed

Department acknowledges marginal added value of its inward investment support, despite GVA calculations.

The Department acknowledged that most investment would still happen without its support and that its added value is marginal. It said that businesses would still decide to invest in the UK, but they would find it harder, and some investments would not happen.13 The Department told us that it has … Read more

Government response AI summary
The government's response discusses plans to explore expanding investor surveying to include those who abandoned investment plans, and evaluating data from other agencies. It does not directly address the committee's observations regarding the department's existing estimates of its added value and economic impact.
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HM Treasury

Oral evidence sessions

1 session
Date Witnesses
6 Mar 2023 Amanda Brooks CBE · Department for Business and Trade, Ceri Smith · Department for International Trade, Daniel Gieve · Office for Investment, Gareth Davies CB · Department for Business and Trade View ↗

Who gave evidence

4 witnesses
WitnessOrganisationSessions
Amanda Brooks CBE · Director General, Trade Policy, Implementation an… Department for Business and Trade 1
Ceri Smith · Director General in Strategy and Investment Department for International Trade 1
Daniel Gieve · Chief Executive Officer Office for Investment 1
Gareth Davies CB · Permanent Secretary Department for Business and Trade 1

Correspondence

1 letter
DateDirectionTitle
25 May 2023 — Correspondence from Gareth Davies, Permanent Secretary, Department for Business…