Source · Select Committees · Public Accounts Committee
Recommendation 14
14
Acknowledged
Department directly supports industry through varied interventions including grants and sector funds
Conclusion
While it is not the only department to do so, the Department for Business and Trade directly supports industry through a range of interventions with a range of policy objectives. Some of the Department’s interventions are aimed at specific sectors whereas others are designed to improve the general business environment. The form and scale of this support varies and includes grants, advice, and international agreements.29 Examples of high-profile support initiatives delivered by the Department include the British Industry Supercharger (designed to reduce energy costs for energy intensive industries) and the Automotive Transformation Fund (an initiative to create an internationally competitive electric vehicle supply chain in the UK).30
Government Response Summary
The department currently supports industry through a range of interventions, the scale and form of which varies greatly, spending £790.9 million on business support grants in 2023–24, with 62.5% going to the advanced manufacturing sector and 29.9% to the energy sector.
Government Response
Acknowledged
HM Government
Acknowledged
The department currently supports industry through a range of interventions, the scale and form of which varies greatly. In 2023–24, it spent £790.9 million on business support grants, 62.5% of which went to the advanced manufacturing sector and 29.9% to the energy sector.