Value for Money
Department for International Trade and UK Export Finance: Support for exports
Published 15 July 2020
6 recommendations
Department for Business & Trade
Business and industryEconomic growthInternationalTrade and investment
nao.org.uk
This report examines Department for International Trade (DIT) and UK Export Finance (UKEF) progress and performance in supporting UK exports.
Recommendations (6)
Source: NAO Recommendations Tracker
Department for Business and Trade
Rec 1
Accepted
Implemented
DIT should develop its existing performance measurement framework further, building on the principles of good performance measurement so that its performance measures reflect the long-term nature of its policy objectives. For example, this could be a balanced scorecard of measures that includes a longer-term export wins target alongside interim milestones for tracking progress and other indicators that incentivise opening up new markets and removing market access barriers to support long-term growth in UK exports.
Department for Business and Trade
Rec 2
Accepted
Work in Progress
DIT should press ahead with its plans to address gaps in its data and information on UK exporters. DIT should ensure that it also has a clear plan for how it uses data on exporters to build evidence on where it should focus its efforts.
Department for Business and Trade
Rec 3
Accepted
Implemented
DIT, BEIS and UKEF should work closely to ensure that UK industry is ready to exploit emerging opportunities in overseas markets. This should include a robust sector-based analysis of opportunity for UK export growth in overseas markets and UK businesses’ capacity to deliver. As government develops its long-term economic response to the COVID-19 outbreak, DIT, BEIS and UKEF should work together to ensure that strategies for boosting UK productivity and growth take account of regional and sector trade plans.
Department for Business and Trade
Rec 4
Accepted
Work in Progress
DIT should carry out a systematic review of where to prioritise its resources. It should do this by continuing to develop its analysis of which of its activities offer the best return, to take account of different markets and sectors. It should ensure that decision-making about where to use its resources is based on evidence of what works, and where government can make the most difference in its support.
UK Export Finance
Rec 5
Accepted
Implemented
UKEF should aim to develop a better understanding of what export finance support businesses need and the challenges they have accessing it. Monitoring whether export finance meets businesses’ needs (for example, through a client survey) would help UKEF assess what progress it is making to provide more accessible support.
Department for Business and Trade
Rec 6
Accepted
Implemented
DIT and UKEF should agree a strategic Memorandum of Understanding to improve joint-working and report annually on progress. DIT and UKEF must work together effectively to support exports. Agreeing a Memorandum of Understanding on how they will work together and reporting on progress will support effective collaboration.