Work of the Department for Business and Trade

The Department for Business and Trade (DBT) was created in February 2023, bringing together relevant parts of the former Department for Business, Energy and Industrial Strategy (BEIS) and the former Department for International Trade (DIT). 2023-24 is the new Department’s first year of accounts. Notable values for investments and liabilities in the accounts include £6.4bn … Show more

The Department for Business and Trade (DBT) was created in February 2023, bringing together relevant parts of the former Department for Business, Energy and Industrial Strategy (BEIS) and the former Department for International Trade (DIT). 2023-24 is the new Department’s first year of accounts. Notable values for investments and liabilities in the accounts include £6.4bn in mostly closed schemes for COVID-related financial guarantees, and £1.7bn for redress schemes related to the Post Office Horizon scandal. DBT exceeded its expenditure limit for 2023-24 of c.£950m by c.£219m, due to the need to fund payments made by the Post Office under its Horizon Shortfall Scheme. The PAC raised concerns in 2023 around reports that indicating some Post Office Horizon victims were receiving only partial payments and were still being owed huge sums. The National Audit Office highlighted a lack of data and the Post Office Horizon-related breach in spending limits in its opinion on the Department’s annual report and accounts 2023-24 . Its report on DBT’s support for priority industry sectors also found that weaknesses in how UK industries are supported by Government must be addressed if the full potential of its Industrial Strategy is to be unlocked. Based on the NAO’s two reports, the PAC will hear from senior officials on topics including the Post Office Horizon Redress Scheme, COVID financial guarantees, and how DBT is working to secure impact from its support for priority industry sectors. If you have evidence on these issues, please submit it here by 23:59 on Monday 31 March 2025. Please look at the requirements for written evidence submissions and note that the Committee cannot accept material as evidence that is published elsewhere. Please note that the Committee’s inquiry cannot assist with individual cases. If you need help with an individual problem you are having, you may wish to read the information on Parliament’s website about who you can contact with different issues . Show less