The new department will be responsible for helping to ensure that the economy grows strongly in all parts of the country, based on a robust industrial strategy.

Both funds aim to leverage the UK's world-class research and innovation capacity to pioneer new ways to support economic development, social welfare, and long-term sustainable and equitable growth in low- and middle-income countries.

[citation needed] In August 2022, BEIS blocked the sale of Pulsic Limited in Bristol to a company owned by China's National Integrated Circuit Industry Investment Fund.

[7] In November 2022, BEIS ordered Nexperia to sell at least 86 percent of Newport Wafer Fab, the largest chipmaking facility in the UK, which it had acquired in July 2021.

[8] Some responsibilities extend to England alone due to devolution, while others are reserved or excepted matters that therefore apply to the other countries of the United Kingdom as well.