Source · Select Committees · Public Accounts Committee
Recommendation 1
1
On the basis of a Report by the Comptroller and Auditor General, we took evidence...
Conclusion
On the basis of a Report by the Comptroller and Auditor General, we took evidence from the Department for Business, Energy & Industrial Strategy (the Department) and UK Research and Innovation (UKRI) about the management of the Industrial Strategy Challenge Fund (the Fund).1 Assessing Fund performance
Government Response
Not Addressed
HM Government
Not Addressed
1.1 The government agrees with the Committee’s recommendation. Target implementation date: October 2021 1.2 The Department for Business, Energy & Industrial Strategy (the department) and UK Research and Innovation (UKRI) recognise that demonstration of outcomes and impact are the critical success factors for both individual Challenges and the Industrial Strategy Challenge Fund (the Fund) as a whole. Challenge level objectives are agreed within individual 22 Challenge business cases and supported by plans setting out when outcomes and impacts are expected to be realised. 1.3 Demonstration of Challenge and Fund impact is also supported by robust, independent evaluation activities which are in place for each of the individual Challenges and the Fund as a whole. Emerging signs of success are starting to be evidenced through interim evaluation reports for those challenges that are later in their delivery lifecycle. 1.4 UKRI is reviewing the future of challenge-based funding following the Spending Review 2020, taking into account the lessons learnt from the National Audit Office’s (NAO) review of the Fund in preparation for Spending Review 2021. The department will write to the Committee by the end of October 2021 outlining the impact that the existing Challenges expect to achieve in the short, medium and long term, with a focus on jobs and economic impact.