19
Overseas posts possess insufficient knowledge of UK-wide investment opportunities.
Conclusion
Potential investors’ first contact with the Department is often with staff in overseas posts. The Department’s network of more than 90 overseas posts across nine geographical 35 C&AG’s Report, para 3.9 36 C&AG’s Report, Figure 2 and Figure 14 37 C&AG’s Report, Figure 13 38 Qq 26–27 39 Q 27 40 C&AG’s Report, para 3.4 41 Q 73–74, 91 42 Qq 91–92 43 C&AG’s Report, para 10 44 Qq 26, 76 45 Q 26, 76; C&AG’s Report, para 2.7 14 Supporting investment into the UK regions led by HM Trade Commissioners develop and manage relationships with investors and promote the UK as an investment destination through events, marketing and other channels.46 The Department told us that potential investors may initially only be aware of London as an investment destination, so staff in overseas posts play a role in explaining that there are opportunities across the UK.47 However, the NAO found that teams in overseas posts could develop their knowledge of investment opportunities across the UK and ensure they are presented clearly to investors.48 The Department said that at some posts there are people representing the Scottish Government, the Welsh Government, the Northern Powerhouse and the Midlands who try to educate staff at posts about opportunities outside London.49
Government Response
A response document is linked to this report, dated 24 September 2023. Response attribution to this conclusion has not been verified. Read the response document.
Source
Committee
Public Accounts Committee
Inquiry
Supporting investments in the UK
Report
Fifty-Sixth Report - Supporting investment into the UK
09 Jun 2023
HC 996
Addressee Bodies
HM Treasury
Timeline
Recommendation age
3.3 yrs
Report published
09 Jun 2023