UK Government Investments Annual Report and Accounts 2021-22

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 2022.  

This financial year has been a period of consolidation for UKGI during which teams and workstreams were fully embedded. Key achievements over the year have included: 

  • UKGI’s portfolio of assets now stands at 23, having seen some additions in the past year and with some assets being returned to their sponsor departments once UKGI successfully completed its role. 
  • Sheffield Forgemasters was brought into government ownership in a project where UKGI worked closely with MOD.  
  • The Contingent Liability Central Capability moved from set up to active and has started advising departments on contingent liability exposures.  
  • Further progress has been made towards full disposal of the UK government’s shareholding in NatWest, which is now below 50% for the first time since the financial crisis.  
  • UKGI successfully completed the final sale of both Bradford & Bingley (B&B) and NRAM in October 2021, upon receipt of FCA approval, marking a significant milestone in the government’s work to close out post-financial crisis sector interventions.  
  • Supporting BEIS, Defra, HMT and Cabinet Office to navigate (for example in the energy and chemicals sectors) the impact of the war in Ukraine and related sanctions. 
  • HM Treasury’s Covid Corporate Financing Facility closed in March with every penny repaid, with stewardship of the loan portfolio provided by UKGI.  
  • This year’s annual report includes case studies on UKGI becoming a signatory to the UK Stewardship Code published by the Financial Reporting Council, setting up an arms-length body (UK Infrastructure Bank), and enhancing governance systems (Magnox Inquiry). 

Over the past year UKGI has continued to nurture its inclusive and collaborative culture and embed its values. Specifically, UKGI has successfully implemented a hybrid working model, has encouraged and enabled colleagues to undertake an average of 25 hours of professional development over the year and is on track to meet its formal diversity targets.  

Charles Donald, Chief Executive of UKGI, said:  

“UKGI’s continued focus on culture means we remain an employer of choice, able to attract and retain talented individuals from both the public and private sector to undertake work of national importance.” 



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. 

For further information contact Tavistock:
[email protected]
David Cracknell – [email protected] – 07703 492 993
Lulu Bridges – [email protected] – 07831 170 364