Supporting investment into the UK

DIT should work with BEIS, DLUHC, local authorities in England, devolved administrations and other relevant bodies to build deeper knowledge of the relative strengths of UK regions and nations. This knowledge should be shared across DIT to inform how teams can better support investors. DIT should also clarify the role of the UK trade and investment hubs and how they will work with devolved administrations to promote growth throughout the UK

DIT should assess how actual economic benefits resulting from inward investment projects compare with its forecasts at the outset. This would help it draw out the reasons why actual benefits may be higher or lower than initial estimates, improve future forecasting, and gain additional insights into the impact DIT is having on economic growth and wider policy objectives. It could take a sample-based approach by, for example, focusing on the highest-value investments.

DIT should consider how it can extend the benefits of working closely with BEIS to the rest of government. DIT should: ? identify ways to further improve information sharing with BEIS on investors? interests and opportunities for investment; and ? explore opportunities to further strengthen joint working with other departments and build on the previous benefits of having a joint DIT and BEIS minister.

DIT should develop stronger processes for mitigating risks of supporting investments that expose DIT to higher levels of reputational and strategic risk. As it reviews its due diligence processes, DIT should consider how it identifies and tracks the risks of involvement with controversial companies that may be involved in illegal or unethical activities or are subject to sanctions. Processes should be proportionate, integrated and used consistently across DIT and the OFI.

To mitigate risks to implementing its transformation programme, DIT should: ? consider what contingency plans may be needed to address capacity constraints that could affect the delivery and effectiveness of digital tools that are critical to DIT?s plans to achieve efficiency savings; and ? draw on National Audit Office guidance and other good practice on managing risks associated with transitioning and exiting contracts as it insources its Investment Services Team contract and works to ensure the effective transfer of capabilities and data from the supplier.

DIT should draw out lessons from the first two years of the OFI, to inform DIT?s transformation programme and its approach to managing investors. This should also help inform further development of the OFI.

DIT should continue refining its performance framework to align with wider government policy objectives. DIT should: ? ensure it has robust data to develop a wider range of value-based metrics such as the value of DIT-supported investment that contributes to the government?s clean growth and research and development objectives; ? work with DLUHC to develop how DIT can gain greater insight into how it contributes to supporting growth throughout the UK, including in the geographical areas which most need investment; and ? ensure balance between allowing flexibility in the performance framework to respond to policy changes and achieving consistency so that DIT can continue to track and compare progress and trends over time.