Spending Review
Chapter 11: Department for Trade and Industry
Aim
To increase competitiveness and scientific excellence in order to generate higher levels of sustainable growth and productivity in a modern economy.
Objectives and performance targets
1. Improve UK competitiveness by narrowing the productivity gap with the US, France, Germany and Japan over the economic cycle. Joint target with HM Treasury
Objective I: to promote enterprise, innovation and increased productivity.
2. Help build an enterprise society in which small firms of all kinds thrive and achieve their potential, with an increase in the number of people considering going into business, an improvement in the overall productivity of small firms, and more enterprise in disadvantaged communities.
3. Make and keep the UK the best place in the world to trade electronically, as measured by the cost of Internet access and the extent of business to business and business to consumer transactions carried out over e-commerce networks.
4. Improve the economic performance of all regions measured by the trend in growth of each region's GDP per capita. Joint target with DETR
Objective II: to make the most of the UK's science, engineering and technology.
5. Improve the overall international ranking of the UK's science and engineering base, as measured by international measures of quality, cost-effectiveness and relevance.
6. Increase the level of exploitation of technological knowledge derived from the science and engineering base, as demonstrated by a significant rise in the proportion of innovating businesses citing such sources.
Objective III: to develop strong, competitive markets within a regulatory framework which promotes fairness and sustainability.
7. Have the most effective competition regime in the OECD, as measured by peer review, and achieve a fairer deal for consumers, as measured by the level of consumer knowledge and understanding of rights and sources of information.
8. Ensure competitive gas and electricity prices in the lower half of the EU/G7 basket, while achieving security of supply and social and environmental objectives.
9. Improve the environment and the sustainable use of natural resources, including by reducing greenhouse gas emissions by 12.5% from 1990 levels and moving towards a 20% reduction in CO2 emissions by 2010. Joint target with DETR.
Objective IV: enhanced competitiveness of Britain's companies through overseas sales and investments; and a continuing high level of quality foreign direct investment.
10. Deliver a measurable improvement in the business performance of Trade Partners UK customers (Joint target with FCO)
11. Maintain the UK as the prime location in the EU for foreign direct investment (Joint target with FCO)
Value for money
12. Achieve value for money improvements of 2.5% a year across the Department as measured by a set of indicators.
Who is responsible for delivery?
The Secretary of State for Trade and Industry is responsible for the delivery of this PSA. Targets 10 and 11 cover the work of British Trade International including Trade Partners UK. The Secretary of State for Trade and Industry is with the Foreign Secretary; jointly responsible for their delivery.
Back to top
