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Department has strengthened inter-departmental working, but further development is still needed.

Conclusion
The NAO report found that the Department had strengthened how it worked with other government departments to present a more coherent UK offer to investors, including through the creation of the Office for Investment, but that there were opportunities to develop this further. The Department told us that it tried to make sure other departments were aware of how their proposed policies may impact investment and that it highlights potential barriers to investment to other departments.59 The Department said there were some inevitable policy tensions which limited what it could do to reduce barriers to investment. For example, investors have said opening a UK bank account is challenging but this is due to anti-money laundering regulations which are in place for good reasons.60 However, it said that in some cases it was hard to influence other departments to change or adopt policies to support investment where other departments were focused on their own agendas, such as on business visas where the Department would like the Home Office to make it easier for businesses to come to the UK.61 55 C&AG’s Report, Figure 6 56 Q 77 57 Qq 1, 10, 12 58 Q 10–12 59 Q 31 60 Q 35 61 Qq 64–66 16 Supporting investment into the UK
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.

Addressee Bodies
HM Treasury
Timeline
Recommendation age 3.3 yrs
Report published 09 Jun 2023