UK Government Investments Ltd (UKGI), the government’s centre of excellence in corporate finance and corporate governance, today publishes its annual report and accounts covering the financial year to 31 March 2021.
21 July 2021 2.53 MB
Over the past year, UKGI has supported the government’s response to the pandemic in several key areas:
- Assisting the Vaccine Taskforce in commercial negotiations, which has enabled the successful vaccination programme.
- Supporting the Advisory Credit Committee and its advice to HM Treasury on lending via the Bank of England’s Covid Corporate Financing Facility from set-up to scheme closure in March 2021. This scheme approved more than £85bn of borrowing limits to more than 230 companies, supporting almost 2.5 million jobs.
- Establishing the ‘Covid Intervention Resolution Group’ which will provide stewardship of this loan portfolio until the final maturities in March 2022.
- Providing an expert team for Project Birch, the government’s contingency plan to provide support as a last resort for critical companies whose operations had been affected by the pandemic.
- Supporting the British Business Bank which implemented the BBLS, CBILS and CLBILS schemes for government.
UKGI’s expertise in different areas enabled it to offer this critical support.
In addition, UKGI has continued to strengthen the delivery of its core objectives:
- The governance portfolio has grown, with new entities including Reclaim Fund and Government Property Agency.
- Expanded range of corporate finance advice beyond cases of corporate distress.
- The programme of asset sales resumed in the year, with the first £1.1 billion directed buy-back of shares by NatWest Group in March 20211, and, subject to regulatory approval, the completion of the final sale of assets owned by UK Asset Resolution.
Over the past year UKGI has continued to nurture its distinctive culture and deliver on its diversity and inclusion targets, which enables the organisation to attract and retain talented individuals with extensive specialist expertise and experience.
Charles Donald, CEO of UKGI, said:
“UKGI’s achievements in 2020-21 were possible because of the commitment and expertise of our people. Their application and focus has enabled us to meet the exceptional challenges of the last year and grow our portfolio of work.”
Notes to Editors
UKGI is the government’s centre of excellence in corporate governance and corporate finance. It provides expert advice and leading solutions that inform and translate government’s decisions into effective outcomes in the national interest.
UKGI acts as shareholder for, and leads the establishment of, UK government arm’s length bodies; it advises on all major UK government corporate finance matters, including financial interventions into corporate structures and corporate finance negotiations; it analyses and advises on the UK government’s contingent liabilities; and it acquires, manages and executes the sale of all significant UK government corporate assets.
UKGI is owned by HM Treasury and independently managed with a Board comprised predominantly of independent non-executive directors. UKGI works closely with both the private and public sectors, advising and interacting with ministers, Parliament and Whitehall departments.