BusinessCompany NewsDTI review to rationalise grants

DTI review to rationalise grants

Hundreds of government business support schemes could be merged into five or six strategic pots as part of the DTI's ongoing review of business support services.

According to today’s Financial Times, ministers and officials are finalising two reviews of the DTI’s structure and business support services. The FT was told that a radical shake-up of the more than 200 grants schemes, worth around Pounds 1bn in total, is a certainty.

Apparently senior DTI officials are even unsure about how many funds already exist.

‘There’s been quite an argument about precisely how many schemes we offer, depending on whether you count those that have stopped giving out money,’ one insider told the FT.

The funds will be merged into ‘five or six larger pots linked to strategic portfolios within the department, such as knowledge transfer, productivity promotion and competitiveness’, according to the paper.

Another change expected is the breaking-down of barriers between sectors in the department. Trade secretary Patricia Hewitt is understood to believe there is a ‘silo approach’, with officials thinking only about their own specialist area.

A DTI official told AccoutancyAge.com that a review of the funding regime was underway. But he added: ‘No conclusions have been reached.’

Links

IoD tells DTI to adopt clear agenda

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor