UK Trade & Investment Annual Report and Accounts 2012-13 HC 24
Total Page:16
File Type:pdf, Size:1020Kb
UK Trade & Investment Annual Report and Accounts 2012-13 Annual Report & Investment UK Trade UK Trade & Investment Annual Report and Accounts 2012-13 UK Trade & Investment Annual Report and Accounts 2012-13 (for the year ended 31 March 2013) Accounts presented to the House of Commons pursuant to Section 6(4) of the Government Resources and Accounts Act 2000. Annual Report presented to the House of Commons by Command of Her Majesty. Annual Report and Accounts presented to the House of Lords by Command of Her Majesty. Ordered by the House of Commons to be printed on 27 June 2013 HC 24 London: The Stationery Office £21.25 This is part of a series of departmental publications which, along with the Main Estimates 2012–13 and the document Public Expenditure: Statistical Analyses 2012, present the Government’s outturn and planned expenditure for 2012–13. © Crown copyright 2013 This publication is available for download from our website at www.ukti.gov.uk You may re-use this information (excluding logos) free of charge in any format or medium, under the ISBN: 9780102981513 terms of the Open Government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/ Printed in the UK by The Stationery Office Limited open-government-licence/ on behalf of the Controller of Her Majesty’s or e-mail: [email protected]. Stationery Office Where we have identified any third party copyright ID: 2536087 06/13 information you will need to obtain permission from the copyright holders concerned. Printed on paper containing 75% recycled fibre content minimum. Any enquiries regarding this publication should be sent to us at Front cover: © Getty Images. UK Trade & Investment, Central Finance Team 1 ORC 2, 1 Victoria Street, LONDON SW1H 0ET Contents 1. Overview 4. Financials Minister ’s Foreword 4 The Certificate and Report of the Comptroller and Auditor General to Chief Executive’ s Foreword 5 the House of Commons 56 Introduction 6 Statement of Parliamentary Supply 59 Statement of Comprehensive Net 2. How we have performed Expenditure 60 What We Have Done 9 Statement of Financial Position 61 Looking Forward 23 Statement of Cash Flows 62 Financial Review 27 Statement of Changes in Taxpayers’ Equity 63 Our People and Business Partners 32 Notes to the 2012- 13 Resource Significant Work of Senior People Accounts 64 Helping UKTI Deliver for UK Business 35 Memorandum Notes Consolidating Total Resources Used to Deliver 3. Governance UKTI’ s Services 75 Departmental Remuneration Report 37 5. Annexes Statement of Accounting Officer’ s Annex A – Performance Framework Responsibilities 44 and Resources 79 Annual Governance Statement 45 Annex B – Technical Note on Measurement of Financial Benefits Generated by UKTI Trade Services 82 Annex C – Key Sources of UKTI Data 84 Annex D – Private -Sector Sponsorship 88 Annex E – The Business Ambassadors Network 90 Annex F – Sector Advisory Groups and Chairs 91 Annex G – UKTI ’s Global Reach 92 Annex H – Contacting UKTI and the Services Delivered 94 Annex I – Chronological Timetable of Key UKTI Activities 96 Annex J – Acronyms 100 4 UK Trade & Investment Annual Report and Accounts 2012–13 1 Overview Minister’s Foreword Lord Green of Hurstpierpoint I am delighted to introduce the 2012-13 Annual Looking to the year ahead, UKTI will focus on Report & Accounts and congratulate UK where it can add the most value – in leading Trade & Investment (UKTI) on another strong and supporting cross-Government campaigns year of achievement. to win new business and ensure the whole Government responds to the concerns of We mean to double the volume of UK exports business’ by providing suitable and focused help. to £1 trillion and get 100,000 more companies a year exporting by 2020. To achieve our goals, the UK’s inward investment portfolio needs to evolve – we must become the number one location in Europe for Lord Green of Hurstpierpoint investment from emerging markets. We need Minister of State for Trade & Investment to attract new classes of inward investor – the entrepreneurs, new Sovereign Wealth Funds and those that see the UK’s potential for ease of conducting business and as the gateway to the European markets. The combined impact on global business opinion of the London 2012 Olympic and Paralympic Games, the GREAT campaign, the Government’s trade missions, and the renewed drive to help British bidders win High Value Opportunities is resoundingly the impression of a country on the move. This strong impression is underpinned by concrete policy measures. The recent Autumn Statement increased funding for UKTI by £140m over two years. Overview 5 Chief Executive’s Foreword Nick Baird UK Trade & Investment (UKTI), has had a I am very proud of UKTI’s strong Executive strong year, delivering excellent outcomes for Team, which includes a number of senior business, through its HQ, home and overseas business people with a wide range of private network, and delivery partners. sector experience. We have also brought in new senior leaders to our teams in China and We are on track to hit our 2012-13 target of India, with strong business experience. We are 32,000 businesses assisted in the last financial improving our partnerships across Government year. We also supported the delivery of over to ensure integrated support for the UK’s 1,000 inward investment projects, keeping the international business effort. UKTI is a strong UK as the No 1 destination for Foreign Direct and united team, with a clear set of values. We Investment (FDI) in Europe. are committed to our customers – listening to We also ran a major series of business their needs and focusing on real outcomes. summits at the British Business Embassy We are empowered to deliver – trusting each during the Olympics last summer, attended by other to innovate and get results. And we work over 4,000 businesses. This is part of our key together as one team – building partnerships to programme to deliver a powerful economic add value. legacy from the Games. Our vision is to make a difference for businesses and the economy, by helping clinch the deal for British companies overseas and high-value foreign investors in the UK. UKTI will focus this year on a range of major new projects – strengthening business-to Nick Baird CMG CVO business support overseas in partnership with Chambers of Commerce, introducing a UKTI Chief Executive range of new and enhanced services to SMEs many of which we will continue to discount, doubling the number of High Value campaigns we pursue, broadening our InwardIinvestment footprint overseas, trialling new private sector models of delivery, and encouraging overseas entrepreneurs to locate in the UK. 6 UK Trade & Investment Annual Report and Accounts 2012–13 Introduction Part of Who We Are 1.3 UKTI has national responsibility for the provision of support and assistance 1.1 UK Trade & Investment (UKTI) is a joint, to exporters, and for promoting the UK to non-ministerial Government Department of foreign investors. However, the devolved the Departments for Business, Innovation and administrations in Scotland, Northern Skills (BIS) and the Foreign & Commonwealth Ireland and Wales have concurrent powers Office (FCO). UKTI has its own objectives, to promote international trade and inward and also contributes to the objectives of both investment. Through their trade and investment parent departments. UKTI delivers its remit on organisations (Scottish Development their behalf through staff and assets mainly International, Invest Northern Ireland and the employed by either the FCO or BIS. Welsh Government’s trade and investment 1. 2 UKTI is the UK’s international trade and team) they are responsible for devising and inward investment promotion organisation. In implementing additional programmes to England, it uses a network of private sector deliver trade services and advice to companies international trade advisers to provide support in their nations. UKTI and the devolved and assistance to new and existing exporters administrations consult each other regularly of goods and services, and to outward on policy developments and activities to avoid investors, while staff in more than 100 Markets duplication of effort, double funding of projects overseas are available to support business and contradictory actions. overseas. It also leads an inward investment network including private sector expertise What We Do to help overseas-owned firms – from high 1.4 The Government is seeking a tech start-ups to global industry leaders – transformation in the UK’s export performance, locate and build their business in and from bringing the UK in line with major developed the UK. UKTI has an England-wide foreign countries. The aim is to more than double direct investment (FDI) network (excluding exports to £1 trillion by 2020, raising the Greater London) to ensure seamless delivery proportion of GDP from the early 30s to just of support to foreign direct investors into the over 40% (as in Germany) and get another UK, working closely with Local Enterprise 100,000 companies exporting in the same Partnerships and other local bodies. timescale. This will increase the number of British companies exporting to 25%, the European average. To achieve this will require a ‘whole of Government’ approach and a radical strengthening of the public sector support mechanisms for exporters. Overview 7 1.5 UKTI is at the heart of the Government’s 1.7 High-Value Opportunities ambitions for trade and investment. Our Helping to bring high-value opportunities strategy, Britain Open for Business (May 2011) home through a programme of intensive (www.ukti.gov.uk /uktistrategy) sets out how support for larger companies seeking to the Government will provide practical expertise win overseas contracts ranging from £250m and support to exporters and investors. The upwards. The market for very large-scale, strategy marked a step change in the way UKTI high-value projects, which also create major and the rest of Government would focus their supply chain opportunities for SMEs, runs into efforts by adopting a proactive approach to trillions of pounds and covers a wide range of delivering opportunities and focusing on the sectors.