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Prosperity in
a changing world
The UK offers tremendous strengths as a place in which and with which to do business. It is a vibrant and dynamic economy in its 53rd quarter of continuous growth, and should continue well into the next decade. It is also the natural partner for US companies.
The UK is already home to more than 6,500 US companies and, last year, it attracted 464 new investments from the US (36% of all US investment into Europe). Every day, more than a million Brits go to work for a US company and vice versa. The UK is one of the most attractive locations to undertake business Research & Development (R&D). It has an outstanding science base, which ranks second only to the US on the majority of indicators (and first on a number of indicators). The UK government is investing unprecedented sums in the science base, doubling the funding since 1997. The UK is now the OECD’s fourthhighest research spending nation, and the government has set a target to increase R&D from £22bn to £39bn by 2014.
The UK has also adopted a 10-year science and innovation programme to make research more relevant for, and accessible to the industry. We have set aside £370m to help companies pinpoint relevant R&D excellence and collaborate with UK companies and research organisations. Our tax credit for business R&D – now worth £600m a year to business – is one of the world’s most attractive, with allowances of up to 150% of qualifying spend. The UK is also ensuring the provision of the right skills for business. Our labour market is the most flexible in Europe, and we have established 25 business-lead sector skills councils to ensure that the skills that you need exist (now and when you are ready to scale up).
The UK has a stable business environment that benefits from a well-established, flexible, highly pragmatic approach- yet, one bound by respect for rules and regulations. We believe in free trade and equal treatment. We do not, for example, differentiate on the grounds of corporate ownership in terms of regulation, or access to support services. The UK also has a climate of creativity that makes for innovation in every aspect of life. Our multicultural population stimulates diversity of thought and talent, and also results in an international outlook.
London, our capital city, is a magnet for the rest of the world. It is also the world’s global financial centre with the deepest, most liquid markets and unrivalled expertise in delivery of tailored, innovative solutions to business finance. Also, it will host the Olympic games in six years’ time. UK Trade & Investment is the UK government organisation that facilitates access to world markets and ensures that the UK maintains and strengthens its appeal as a business environment, as to attract and retain high-value business. UKTI brings together the work of teams in British embassies and posts overseas and government departments across Whitehall.
We provide investors with tailored client account management, unrivalled access to contacts in the public and private sector, assistance in identifying and recruiting talented staff, information across the UK network to help you identify partners, and secure opportunities and support with exports from the UK. We work closely with the UK’s regional authorities, which can provide tailored, detailed information and advice on local business opportunities.
In July 2006, UKTI launched a new strategy that supports US companies more intensively through long-term relationships, shares insights with commercial implications with you, helps you penetrate the UK’s science base and makes your views and needs known to the wider UK government. BritishAmerican Business will remain a core collaborator. We look forward to working with BritishAmerican Business in continuing to expand the dynamic business relationships between our two countries.
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