Key Priorities and Achievements - Five key priorities for the DBT in 2023-24 were:
1) Redraw rules so businesses thrive, markets are competitive, consumers protected.
2) Securing investment from both UK and international businesses.
3) Supporting and promoting British businesses to grow and export.
4) Opening new markets by striking trade deals and removing barriers.
5) Promoting free trade, economic security, and resilient supply chains.
The DBT reported several achievements, including delivering reforms to address fraud, increasing the National Living Wage, and supporting over 5,200 businesses to achieve more than £36 billion in "Export Wins," a 7% increase from the previous year. I t also supported major international investments, such as Nissan's £2 billion investment in Sunderland.
• Centre for Connected & Autonomous
Vehicles, joint unit DBT/DFT - to intro such to UK.
• Employment Agency Standards
Inspectorate - protects the rights of
agency workers.
• Export Control Joint Unit admins UK's export controls/licensing
for military & dual use.
• Office for Investment, joint
unit DBT/HMT/No.10 to secure significant
investment into UK.
• Office for Product Safety & Standards protects people/places from
product‑related harm.
• Office of Trade Sanctions
Implementation - strengthens enforcement of
trade sanctions.
• UK Defence & Security Exports - helps companies export & overseas
companies invest in.
Financial Overview and Challenges
The DBT's total group operating expenditure for 2023-24 was £3.4 billion, with total assets of £11.0 billion and liabilities of £12.4 billion.
The report highlights a significant financial challenge: the Department exceeded its Voted Resource Annually Managed Expenditure limit by £219 million, with an outturn of £1,170 million against an authorised limit of £951 million.
A major financial commitment for the DBT is providing redress to victims of the Post Office Horizon IT System. While more redress was committed than originally estimated, the report states the department has sufficient funding to meet its obligations.
Challenges and Recommendations
1) Improve engagement with industry. While the department was created to be a "front door" for businesses, many still find it confusing to know which part of the government to approach.
2) Clarify its account management processes for both large and small businesses and set out its general support offer more clearly.
3) Officials don't consistently record their interactions with industry, and its digital platforms aren't accessible to all government departments.
The report emphasizes that the upcoming Industrial Strategy, which will designate eight growth-driving sectors, will require greater collaboration and communication across government departments to be successful.
Source: Edited by a human being who added in some graphics from the report and a summary of the specialist units, and who also editing text created from this Gemini query "summarise this document https://www.nao.org.uk/wp-content/uploads/2025/03/department-for-business-overview-2023-24.pdf in 500 words."
