The recent machinery of government changes provide the Department with an opportunity to review its alignment with other government bodies that support investment. There are various governmental bodies that can support investment in the UK, such as the British Business Bank and the UK Infrastructure Bank. While UK Export Finance (UKEF) is focused primarily on supporting UK exports, it also supports investment through its ‘invest to export’ offer for overseas investors looking to export from the UK. In response to a previous recommendation we made, the Department formalised its relationship with UKEF by introducing a Memorandum of Understanding and by ensuring UKEF is represented on the Department’s governance structures. The Department says it does not plan to have similar MOUs 8 Supporting investment into the UK with all government bodies working on investment, as it will have formal roles with some of them (e.g. the Department is now sponsor of British Business Bank which was previously owned by the Department for Business, Energy & Industrial Strategy), and others, such as UK Infrastructure Bank, are owned by HM Treasury. It is important that the Department develop a strong working relationship with the UK Infrastructure Bank as green inward investments will become increasingly important if we are to meet our net zero targets. However, the Department agrees that it is a priority to ensure that it is aligned with partner organisations that support inward investment. Recommendation 7: The Department should review which government bodies have a role in supporting investment in the UK and consider how it could formalise working relationships, and align priorities and activities in supporting investment. Supporting investment into the UK 9 1 Making an impact