To ask the Secretary of State for Business and Trade, what metrics his Department uses to assess the performance of the Office for Investment; and how it has performed against those metrics in the last year.
Answered on
17 September 2024
The Department for Business and Trade uses a range of metrics and data to review the performance of its investment promotion function, of which the Office for Investment is a part. These include internal evidence, for instance on the number of projects DBT has been involved in, the Gross Value Added, and the number of jobs created, as well as external evidence from various sources. During 2023-24 DBT supported the delivery of 1,018 FDI projects, creating 57,037 jobs and generating an estimated £5.8 billion GVA over the next three years. The department also supported over £7 billion in large capital investments and £0.86 billion in Venture Capital injections.