UK Trade and Investment

Treasury written question – answered on 27th November 2013.

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Photo of Adam Afriyie Adam Afriyie Chair, Members' Expenses Committee, Chair, Parliamentary Office of Science and Technology

To ask the Chancellor of the Exchequer what assessment his Department has made of the robustness of (a) Trade Growth Value (TGV) and (b) other measures used by UK Trade & Investment in evaluating that agency's economic impact.

Photo of Nicky Morgan Nicky Morgan The Economic Secretary to the Treasury

A wide range of statistics are used to monitor the-performance of UKTI and its economic impact. Several of these have been produced in a consistent way over a number of years. A number of the statistics are produced by independent external economists.

The Treasury supports UKTI's work in producing monitoring statistics and the difficult task of estimating its economic impact. The Treasury recognizes the inherent difficulties in determining what would have happened if UKTI did not exist, and hence a number of assumptions have to be made to estimate the economic impact. The Treasury has assessed the overall approach and judge that the information is fit for the purposes of monitoring trends through time and judging the relative impact of different interventions. Trade Growth Value is a relatively new statistic. The Treasury will assess its usefulness once a longer time series of figures exists.

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