Source · Select Committees · Public Accounts Committee
Recommendation 1
1
Acknowledged
Department for Business and Trade created by combining BEIS and DIT functions
Conclusion
On the basis of a report by the Comptroller and Auditor General, we took evidence from the Department for Business and Trade and its Office for Investment about supporting investment into the UK.1 In February 2023, the government created the Department for Business and Trade (the Department), bringing together the business functions in the Department for Business, Energy & Industrial Strategy and the Department for International Trade.2
Government Response Summary
The government agreed, outlining its strategic ambitions and existing use of official statistics for measuring investment outcomes. It committed to exploring the feasibility of expanding investor surveys, including those who abandoned plans, and will define a timeframe for this within 12 months, as it continues to evaluate data and identify different approaches through international organizations.
Government Response
Acknowledged
HM Government
Acknowledged
The government agrees with the Committee’s recommendation. International Trade) (the department or DBT) Outcome Delivery Plan for inward investment promotion, the activity is designed to deliver against cross-government strategic ambitions. These include strengthening national wealth, making the United Kingdom a science and technology superpower, accelerating the shift to net zero, and supporting levelling up. Combined with the department’s pursuit of attracting and supporting more higher value investments, the department’s contribution will be in greater employment and stronger gross value add investments. As an example of this, the department’s Official Statistics can be used to identify three key indicators through a levelling up lens: projects landed and associated new jobs created; and investments and new jobs created from Ten Point Plan investments and research and development investments. The department will explore the feasibility of expanding on the department’s existing surveying of successful investors the department has supported in a financial year. This will include survey options for investors that abandoned their plans to invest in the UK. The department recognises the learning options contained in this advice. The department continues to evaluate the data that is available for analytical purposes relating to the operations and achievements of other investment promotion agencies. Such information is typically kept away from the public domain, but the department will use opportunities through international organisations and other avenues to identify different approaches to investment promotion. The department will work to define a suitable timeframe for this in the next 12 months.