British American Trade & Investment 2012-2013
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WELCOME 2012 British American Trade & Investment
description
This report, now in its 12th year of publication, is designed to provide a detailed overview for those U.S. companies looking to expand their operations into the UK. It includes articles written by key trade and investment agencies and leaders of business.
Transcript of British American Trade & Investment 2012-2013
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Beaded craftwork South Africa – Where Chartis insurers have done business since 1962
Global solutionsCUSTOMIZED.
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All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language.
For additional information, please visit our website at www.chartisinsurance.com.
We understand
that no two
multinational
businesses are alike.
Every organization has its own risk
exposures and risk tolerance. At Chartis,
we’ll work with you to help create a program
tailored to your specific needs, virtually
anywhere you do business—whether that means
local policies in some or all of the places you have
exposure or a single global policy. To learn more,
download our free paper, How to Build a Multinational
Program at www.chartisinsurance.com/multinational
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lPBeaded craftwork South Africa – Where Chartis insurers have done business since 1962
Global solutionsCUSTOMIZED.
CHR12034_Mlti_SA_Customize_210x297Date:
Title:
Acct. Mngr:
Traffic:
Pub/Notes:
04/17/12
Mlt SoAfrc/Customize Print Ad
Kara/Lindsay
Melissa
Live:
Trim:
Bleed:
Scale:
Apprvls:
178mm x 270mm
210mm x 297mm
216mm x 303mm
100%
Mech:
App:
Color:
Spot Colors:
Mark
QXD
4C
NA
Reactions BM CD Prod
AD/Designer:
Production:
NancyMH
Victor
All products are written by insurance company subsidiaries or affiliates of Chartis Inc. Coverage may not be available in all jurisdictions and is subject to actual policy language.
For additional information, please visit our website at www.chartisinsurance.com.
We understand
that no two
multinational
businesses are alike.
Every organization has its own risk
exposures and risk tolerance. At Chartis,
we’ll work with you to help create a program
tailored to your specific needs, virtually
anywhere you do business—whether that means
local policies in some or all of the places you have
exposure or a single global policy. To learn more,
download our free paper, How to Build a Multinational
Program at www.chartisinsurance.com/multinational
PS16784_CHR12034_Mlti_SA_Customize_210x297.indd 1 4/18/12 11:08 AM
No part of this publication may be reproduced in any form or by any means without the permission of BritishAmerican Business. Written permission must be obtained before any part is stored in a retrieval system. The opinions expressed in the publication are not necessarily those of BritishAmerican Business who has endeavored to ensure all information is accurate, but cannot take responsibility for any mistakes or omissions. BritishAmerican Business does not accept responsibility for the advertising content of this publication.
To view this publication online, visit: www.babinc.org
LONDON75 Brook Street, London W1K 4ADTel: +44 (0) 207 290 9888Fax: +44 (0) 207 491 9172Email: [email protected]
Contact: Sarah Scurr, Communications and Policy Manager, [email protected]
NEW YORK52 Vanderbilt Avenue, 20th Floor, New York, NY 10017Tel: +1 212 661 4060Fax: +1 212 661 4074Email: [email protected]
Contact: Eleanor French, Membership Manager, [email protected]
Website: www.babinc.org
For enquiries, please contact Brian mawdsley, editor and advertising consultant at [email protected] or call +44 (0) 207 290 9872
Design and print www.sterlingsolutions.co.uk
British American Trade & Investment
© Copyright
PEFC
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Connecting the Dots–Faster.
Globality Now
A foothold is the beginning. A first foray into a new market or region. A footprint is what a foothold becomes over time, when you have significant presence, infrastructure and commitment. At Citi, we’re helping clients do business and invest in 101 countries. It’s our heritage and our future. Find out more at icg.citi.com.
>> Global BankingGlobal MarketsGlobal Transaction ServicesCiti Private BankCiti Capital Advisors
Foothold vs. Footprint
© 2012 Citigroup Inc. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup Inc.
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Contents
09 - 16 Welcome
09 Welcome to British American Trade & Investment 2012
Gary von Lehmden
Chairman, BritishAmerican Business
11 Louis B. Susman
U.S. Ambassador to the Court of St. James’s
13 Lord Green
UK Minister of State for Trade & Investment
15 John Breidenstine, U.S. Commercial Service,
Minister Counselor for Commercial Affairs
16 Building for the Future
By Danny Lopez, Director General, Trade and Investment USA
and British-Consul General, New York
Connecting the Dots–Faster.
Globality Now
A foothold is the beginning. A first foray into a new market or region. A footprint is what a foothold becomes over time, when you have significant presence, infrastructure and commitment. At Citi, we’re helping clients do business and invest in 101 countries. It’s our heritage and our future. Find out more at icg.citi.com.
>> Global BankingGlobal MarketsGlobal Transaction ServicesCiti Private BankCiti Capital Advisors
Foothold vs. Footprint
© 2012 Citigroup Inc. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup Inc.
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NottinghamA top European city for science technology, innovation and creativity.
Be radical, be bold, dare to be different.
Nottingham’s inward investment team has the experience and expertise to deliver the perfect solution to your business requirements.
• Prime location
•Cost effective business premises
•Competitive labour costs
•Coveted universities
•World-class public transport
Nottingham• OneofEngland’seightCoreCities• Hasaneconomyworth$19.2billion• Hometoover50regionalandnationalbusinessheadquarters• OneoftheUK’ssixScienceCities• HometooneoftheUK’sflagshipEnterpriseZones• EastMidlandsAirporthasbusinessconnectionstoover150worldwidedestinations
• Morethanthreemillionpeoplelivewithinanhour’sdriveofthecity
Invest in Nottingham T+44(0)1158764469Eenquiries@investinnottingham.co.ukwww.investinnottingham.co.uk
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19 - 53 Practical advice
19 UK Economic Outlook by Rhian Chilcott, International
Director, CBI
22 Services for U.S. Investment from UK Trade & Investment
24 Life Sciences - Ministerial Comment from the Rt. Hon. David
Willetts, Minister of State for Universities and Science
26 Life Sciences - The UK Biotech Sector by Glynn Edwards,
Interim CEO of the BioIndustry Association
28 Science Parks and their Role in Economic Development
by Paul Wright, CEO of the United Kingdom Science Parks
Association
32 Universities and Future Economic Growth by Nicola
Dandridge, CEO of Universities UK
34 An MBA for Tomorrow’s Leaders by Sharon Bamford,
CEO of the Association of MBAs
36 Wind Energy’s Charter for Prosperity by Maria McCaffery,
CEO of RenewableUK
38 Low Carbon Vehicle Investment by Lorna Pimlott, Head of
Low Carbon Vehicles and Infrastructure at Ernst & Young
40 Aerospace - A Review of the UK Industry by Rees Ward,
CEO of the ADS Group Ltd
43 Security - A Transatlantic Challenge by John Davies,
Chairman of the British Security Industry Association
46 Personnel Recruitment - The Human Challenges of Investing
in the UK by Peter Felix CBE, President of the Association of
Executive Search Consultants
50 An Investment Case Study - What Wal-Mart has Taught us
about Investment into Europe by Dominic Tidey, Operations
Manager for the European Relocation Association
NottinghamA top European city for science technology, innovation and creativity.
Be radical, be bold, dare to be different.
Nottingham’s inward investment team has the experience and expertise to deliver the perfect solution to your business requirements.
• Prime location
•Cost effective business premises
•Competitive labour costs
•Coveted universities
•World-class public transport
Nottingham• OneofEngland’seightCoreCities• Hasaneconomyworth$19.2billion• Hometoover50regionalandnationalbusinessheadquarters• OneoftheUK’ssixScienceCities• HometooneoftheUK’sflagshipEnterpriseZones• EastMidlandsAirporthasbusinessconnectionstoover150worldwidedestinations
• Morethanthreemillionpeoplelivewithinanhour’sdriveofthecity
Invest in Nottingham T+44(0)1158764469Eenquiries@investinnottingham.co.ukwww.investinnottingham.co.uk
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54 - 87 Regions
54 Focus: Greater London
56 Focus: The City of London
58 Map of the Local Enterprise Partnership regions
59 Ministerial Comment - English Cities and Enterprise Zones:
the New Agents for Britain’s Future by the Rt Hon. Greg
Clark, Minister for Cities and Decentralisation
60 Map of the Enterprise Zones
63 Focus: Birmingham
65 The University of Birmingham, a tradition of innovation
66 Focus: Cornwall’s Aerohub Enterprise Zone
68 Focus: Leeds City Region
70 Focus: Manchester
72 Focus: Nottingham
74 Focus: Sheffield City Region
76 Focus: Tees Valley
79 Focus: Northern Ireland
83 Belfast Harbour: City Quays Development Plans
85 Focus: Wales
88 - 104 How we can help
88 BritishAmerican Business: The Company to Keep
90 Using the British-American Business Council (BABC)
to Build your Transatlantic Business
91 BABC Contact Details in the U.S.
92 Map of BABC Offices and British Consulates in the U.S.
94 Contact Details and Map of BABC Offices in the UK
95 Organization Index
101 Useful Websites
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The City of LondonEurope’s leading international financial centre
The City of London is Europe’s leading international
financial centre; a global powerhouse at the heart of the
UK economy. The best companies in the world do
business in the City of London because the City is the
place to do business best. The City is the number one
location for financial services.
The City of London Corporation provides local
government services for the City, the heart of London’s
financial district. A dedicated Inward Investment service
is available to assist with all your business needs including
specialist City and financial services advice, professional
contacts, local property information and research.
Our goal is to help your company thrive here.
For more information, please contact:
City of London Inward Investment
+44 (0)20 7332 3968
www.cityoflondon.gov.uk/locatehere
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Welcome to British American Trade & Investment 2012
The City of LondonEurope’s leading international financial centre
The City of London is Europe’s leading international
financial centre; a global powerhouse at the heart of the
UK economy. The best companies in the world do
business in the City of London because the City is the
place to do business best. The City is the number one
location for financial services.
The City of London Corporation provides local
government services for the City, the heart of London’s
financial district. A dedicated Inward Investment service
is available to assist with all your business needs including
specialist City and financial services advice, professional
contacts, local property information and research.
Our goal is to help your company thrive here.
For more information, please contact:
City of London Inward Investment
+44 (0)20 7332 3968
www.cityoflondon.gov.uk/locatehere
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By Gary von Lehmden, Chairman, BritishAmerican Business and Managing Director, EMEA Co–Head of Corporate Banking & Capital Management, Citi
I am delighted to welcome you to the 2012 edition of British American Trade & Investment, our handbook for companies that are involved in – or are considering becoming involved in – investing in the United Kingdom.
Whether you are undertaking a new venture, or the next step in the growth of your international business, you will find here a snapshot of information and advice that draws on the successful experience of member companies, government ministers and leading business organizations.
With offices providing support and resources to our members in both New York and London, BritishAmerican Business is the leading transatlantic business organization and provides both a mechanism and a network that can help you build your business on both sides of the Atlantic.
Our organization stands at the heart of the business relationship between the U.S. and the UK and continental Europe, with a membership of more than 600 companies and an extended network that reaches more than 60 major business centers throughout North America and Europe. Members of BritishAmerican Business include many of the world’s largest multinationals based in the U.S., UK, continental Europe and Asia, as well as hundreds of middle-market companies looking to expand their international business.
During our 2010-2011 fiscal year, we welcomed some 9,000 participants - our members and their guests - to more than 100 events in New York and London, creating all sorts of opportunities for our membership to inform, interact and entertain, and to build relationships that support their business objectives. We also offer our members a broad range of marketing and brand-building platforms and an extensive portfolio of targeted business services, as well as access to and influence with government at senior levels. The collective experience of our members provides a great deal of valuable insight and practical advice for businesses preparing to expand into the U.S.
British American Trade & Investment provides an introduction to that wealth of knowledge. It includes a series of articles that capture the expertise of leaders in their fields, on subjects ranging from security and aerospace to renewable energy and education, as well as contributions from relevant UK government agencies who facilitate inward investment.
In addition to sharing common values - including a commitment to flexible and open markets - the U.S. and UK also share the largest business relationship between any two countries in the world. This handbook is designed both to reflect and to support this truly exceptional partnership. We hope you will find it a useful resource for your own business, and also (if you do not know us already) a helpful introduction to our organization.
With best wishes for your future success - and do let us know if we can assist you in any way.
For further information, please contact:
New York52 Vanderbilt Avenue20th FloorNew York NY 10017Tel: +1 212 661 4060Email: [email protected]
Website: www.babinc.org
London75 Brook Street London W1K 4ADTel: +44 (0) 207 290 9888Email: [email protected]
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Welcome from Louis B. Susman, U.S. Ambassador to the Court of St.James’s
One of the most vibrant and enduring elements of our special relationship is commerce. Thanks to our shared language, values and business practices, we enjoy an extraordinary trade and investment partnership that already sustains well more than a million jobs in each country.
Our bilateral trade in goods and services is now worth more than $200 billion a year, while our investment ties are valued at nearly $1 trillion - the largest in the world. Indeed, U.S. investment in the United Kingdom is eight times larger than that in China; and UK investment in the United States is nearly 140 times greater than that in China.
This ceaseless commercial exchange occurs every day and involves more than 45,000 U.S. companies, including scores that have chosen the United Kingdom as a regional headquarters for Europe, the Middle East and Africa.
Importantly, many of the American firms active in the United Kingdom are engaged in the high-growth, R&D-based industries of the future, such as information technologies, renewable energy, environmental goods and services, healthcare and biotechnology.
President Obama’s National Export Initiative to increase exports and create jobs is focused on these very sectors. And just two years after the launch of the NEI, U.S. exports have grown to $2.1 trillion - well on track to achieving the President’s ambitious goal of doubling America’s overseas sales by 2015.
Clearly, however, these remain challenging times for your businesses. As Ambassador, I am committed to strengthening our thriving U.S.-UK trade and investment ties. My Embassy London team and I stand ready to advocate on behalf of U.S. commercial interests in the United Kingdom.
To that end, BritishAmerican Business (BAB) is one of our key partners, providing a great forum for building networks and relationships, exchanging ideas and promoting business interests with both governments. As you explore new commercial opportunities, I encourage you to take full advantage of the information available in this publication.
I wish you continued success and thank you for your contributions to U.S.-UK trade and investment. Together, we can achieve mutual prosperity in the years to come.
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AT THE HEART OF INNOVATION
From the splitting of the atom, the first computer,to the industrial revolution, it all happened here.Manchester is a modern, innovative city thatcontinues to lead the way and it is firmlyestablished as a world-class business destination.
Home to leading US companies such as Cisco,Heinz, Kellogg’s, Microsoft, Google, IBM, BNYMellon and Cargill, invest here and you’ll be in great company.
MIDAS, Manchester’s inward investment agency,provide a full range of business support and offera ‘soft landing’ initiative that can help overseasinvestors find free office space in Europe’s topcity for business competitiveness.
To find out how MIDAS can help you become part of the Manchestersuccess story contact +44 (0)161 875 2239, email [email protected] or visit www.investinmanchester.com
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Lord Green, Minister of State for Trade & Investment
When President Barack Obama and Prime Minister David Cameron met earlier this year, it was an opportunity to once again examine the state of our bilateral relationship.
What is quite clear is that when it comes to commerce, the U.S. is the UK’s number one partner for both trade and investment.
2012 is a great year for us to celebrate this bilateral relationship.
With the Diamond Jubilee marking 60 years since HRH Queen Elizabeth II took to the throne, and the London 2012 Olympic and Paralympic Games taking place, there has never been a better time to come to the UK.
We are determined that the UK should be the best place in Europe to start up and run a business.
That’s why from April 2014, the UK will have one of the lowest corporate tax rates among the G20, progressively reducing each year until it reaches 22%.
Furthermore, the UK is becoming an increasingly attractive destination for U.S. venture capital and ICT firms with the establishment of Tech City - Europe’s fastest-growing digital hub. Investment in UK infrastructure is another promising opportunity for U.S. capital.
I am a keen supporter of BritishAmerican Business, an organization which shares the same values as UK Trade & Investment, working to maximize the trading opportunities between our two countries.
As Minister of State for Trade and Investment, I view strengthening transatlantic relations as a key function of my job.
I can guarantee a warm welcome for U.S. firms when they come to the UK, and I’d like to see even more UK and U.S. firms working together towards a prosperous future.
MANCHESTER, UK AT THE HEART OF INNOVATION
From the splitting of the atom, the first computer,to the industrial revolution, it all happened here.Manchester is a modern, innovative city thatcontinues to lead the way and it is firmlyestablished as a world-class business destination.
Home to leading US companies such as Cisco,Heinz, Kellogg’s, Microsoft, Google, IBM, BNYMellon and Cargill, invest here and you’ll be in great company.
MIDAS, Manchester’s inward investment agency,provide a full range of business support and offera ‘soft landing’ initiative that can help overseasinvestors find free office space in Europe’s topcity for business competitiveness.
To find out how MIDAS can help you become part of the Manchestersuccess story contact +44 (0)161 875 2239, email [email protected] or visit www.investinmanchester.com
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@SheffCityRegionsheffieldenterprisezone.com
UK #1 Enterprise Zone for Modern
Manufacturing & Technology
Exclusive UK Government tax incentives including 100% Enhanced Capital Allowance
Prime sites available immediately with hassle-free planning rules
Links with worldwide major cities by road, air, rail and sea
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John Breidenstine, U.S. Commercial Service, Minister Counselor for Commercial Affairs
The United States and the United Kingdom share an extraordinary trade and investment relationship, with the world’s largest bilateral foreign direct investment valued at nearly $1 trillion, supporting a total of approximately two million jobs on both sides of the Atlantic. Our annual trade in goods and services is valued at over $200 billion, with more than 45,000 U.S. companies already actively doing business in the United Kingdom. Like we say, “45,000 American firms can’t all be wrong!”
The Commercial Service at the U.S. Embassy in London seeks to promote U.S. exports and protect U.S. business interests, while showcasing our country as the premier destination for investment and tourism. Due to the fact that the United Kingdom is the regional headquarters for many U.S. companies covering Europe, the Middle East and Africa, our office also works to facilitate client commercial activities wherever they are.
In response to President Obama’s National Export Initiative (NEI), the Commercial Service focuses on high-growth, R&D-based industries, including information technologies and cyber security, renewable energy and energy efficiency, environmental technology and services, healthcare and biotechnology as well as travel/tourism. Through a variety of customized products and services, we help U.S. exporters identify UK partners and showcase their products in the local market. Whether your company is entering the UK market or expanding its presence here, my team and I stand ready to assist.
For example, each April, the Commercial Service in London supports a growing U.S. exhibitor presence at Infosecurity Europe, a key trade show for U.S. cyber security companies. To highlight the growing UK market opportunities for U.S. Smart Grid technologies, we will welcome a Smart Grid Trade Mission in October 2012. Other key trade events on our calendar include the Farnborough International Air Show in July 2012 and the annual World Travel Market in November 2012. For updated information on all of our trade events and programs, please visit http://www.buyusa.gov/unitedkingdom.
Finally, I would like to thank BritishAmerican Business for its continued cooperation in support of U.S.-UK trade and investment. We all wish you great success in your business ventures.
@SheffCityRegionsheffieldenterprisezone.com
UK #1 Enterprise Zone for Modern
Manufacturing & Technology
Exclusive UK Government tax incentives including 100% Enhanced Capital Allowance
Prime sites available immediately with hassle-free planning rules
Links with worldwide major cities by road, air, rail and sea
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At what is a crucial time for the global economy I could not have taken up my position as Head of the UK Trade & Investment (UKTI) network in the U.S. and British Consul-General in New York at a more exciting time. The UK and the US have both – like other developed economies – faced an unprecedented combination of economic challenges that we are overcoming together. I am both delighted and proud that in this context the UKTI U.S. network met all its quantitative targets again in 2011/12 for assisting UK companies in the U.S. market and supporting U.S. investment in the UK. This is a great achievement which reflects well on both the hard work of the team and the strength of the commercial ties between our two countries.
The UK and U.S. both remain the largest foreign investors in each other’s countries. UK companies employ nearly a million people in the U.S. – in every sector and across every State – with U.S. companies employing just over a million people in the UK. These jobs tend typically to be high-value jobs with above average compensation.
The USA is also the UK’s top export destination and our largest trading partner for goods and services. The UK is the U.S.’ sixth largest trading partner. Two-way trade in goods last year increased by 12% to over £64 billion, with the UK enjoying a trade surplus with the U.S. Two-way trade in services was worth more than £53 billion.
In the UK the Coalition Government has embarked on a twin-track economic strategy. It is first of all aggressively tackling the budget deficit – which is critical to restoring confidence in the UK economy and laying the basis for long-term prosperity – and secondly taking action to improve the competitiveness of the UK economy and the attractiveness of the UK as a business location. The progressive reduction in corporation tax will cut the rate to 22% by 2014, making it the one of the lowest in the G20.
There is no better reflection of the importance of trade and investment than the bilateral economic ties that link the UK and the U.S. UKTI in the U.S. is our largest overseas operation, with a network of 125 people located at the British Embassy in Washington DC and eight British Consulates - New York, Boston, Miami, Atlanta, Houston, Chicago, Los Angeles, and San Francisco. We are committed to strengthening the bilateral commercial relationship and provide a range of tailored services both to UK companies wanting to do business in the U.S. market and U.S. companies either wanting to set up in the UK or that already have existing operations in the UK.
2012 is a year of excitement and opportunity and we look forward to showcasing everything that is Great about Britain, in this the year of the London 2012 Olympic and Paralympic Games and Her Majesty the Queen’s Diamond Jubilee.
I am in no doubt that we need to work closely with all our partners if we are to make the most of the commercial opportunities between both countries. And there is no more dedicated and trusted partner for the UKTI U.S. network than BritishAmerican Business.
By Danny Lopez, Director General, Trade and Investment USA and British-Consul General, New York
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CHOOSE BETWEEN AND AISLE SEAT AND AN AISLE SEAT.Sometimes the best way to improve flying is to improve sleeping. To that end, we’re equipping all of our BusinessElite® cabins on long-haul, wide-body flights with 180-degree flat-bed seats with direct aisle access. You won’t have anyone climbing over you while you sleep, and you don’t have to wake anyone up if you need to get out. We can’t say that falling asleep at 30,000 feet will be just like sleeping in your own bed, but we can guarantee that it’s the first step to waking up rested on the other side of the world.
DELTA.COM
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A LARGER NETWORK MAKES A SMALLER WORLD.Size alone isn’t the only measure of an airline (or even the best one), but when it makes the world easier to access, we believe it’s a sign of progress. Delta is the number one U.S. airline to Europe, Asia, and Africa. We have nine hubs and seventeen international gateways – the most of any airline. And we fly to over 330 destinations across six continents, including service to London from five U.S. cities.
DELTA.COM
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UK Economic Outlook – A firm focus on the future
The UK economy continues its steady, but slow, recovery from the global financial crisis of 2008/10. The government continues to lay the foundations for a strong future, making hard political decisions, and ambitious economic ones, at a time when the economy is still fragile. Demand is still weak and confidence somewhat feeble, but overall the CBI’s member companies are beginning to look for better times ahead.GREEN SHOOTS...?
There was a nervous period for the UK economy at the end of 2011. A contraction in output led many to speculate about the possibility of a double dip recession. But – even though the phrase has been one to avoid ever since Norman Lamont uttered it in 1991 – the most recent economic data coming out of the UK does suggest those much longed-for green shoots of recovery. The economy grew in the first quarter of the year – albeit by just 0.1%. General business sentiment has shown signs of stabilization, with manufacturing output picking up, and the CBI’s Industrial Trends Survey suggesting this will continue (figure 1).
The rate of decline within the service sector activity has eased. Our Service Sector Survey for the first quarter of the year showed that within the consumer sector, business fell at a slower rate in the latest three months, with further deceleration in the rate of decline expected next quarter. Even as volumes of business activity worsened in UK services, the past few months have shown signs that conditions may be leveling out.
The retail sector will continue to see signs of stabilization as well. The CBI’s Distributive Trades Survey is now showing that annual sales volumes are broadly flat – which is good news after a sharp decline in January. It is expected that sales figures will remain broadly stable for the remainder of 2012.
The strengthening confidence level boosted bank lending to both consumers and firms at the end of 2011 at its fastest rate in four years, marking six consecutive quarters in which the loan book to commercial and industrial companies has grown. Companies are looking once again to expand. The CBI is now predicting growth in 2012 will be around 0.9%. That’s hardly something worth crowing about – in particular, it doesn’t do much to put a dent in the unemployment number (figure 2). But then again, it’s better than a number with a minus sign in front of it.
... OR DARK CLOUDS?
Of course, there are still serious potential threats to the recovery. The two most serious of these are the continued uncertainty in the Eurozone, and a possible oil price spike.
The former was the real cause of much of the unexpected slowdown at the end of 2011. The political gridlock in Brussels has frightened companies hoping to invest, banks looking to lend, individuals thinking of buying. In some countries, the interest rate on sovereign debt spiked, making it even harder for those countries to deal with their fiscal woes. For now, it seems that the Eurozone governments have done just about enough to keep the markets quiet... but nobody believes that the Eurozone crisis has been ‘solved’. A disorderly default by a Eurozone government could yet plunge the wider world back into recession.
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Figure 2Figure 1
By Rhian Chilcott, International Director, CBI, Washington DC
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The second risk is the oil price. As figure 3 shows, this has risen sharply since the beginning of the year. Thankfully, overall inflationary pressures remain subdued: the sheer amount of spare capacity still available in the economy should keep a lid on it. CPI inflation has fallen from its peak of 5.2% last September to 3.6% this past January, and is expected to fall close to 2% by the end of the year. But if the oil price were to move sharply upward again – worst case scenario, if the conflict between the West and Iran hots up, and the Straits of Hormuz are threatened – that could cause new problems.
The CBI’s Chief Economic Adviser, Ian McCafferty, often notes that one of the more pertinent lessons from last year is that when growth is small, it is more easily knocked off its tracks. If the UK has no strong positive driver of growth, it is particularly vulnerable to any number of external shocks. That is still true for our fragile economy.
THE BUDGET: STILL STICKING WITH ‘PLAN A’
Against that backdrop, Chancellor George Osborne delivered his latest annual Budget statement on March 21st. He decided to continue with his ‘plan A’ strategy – a fiscally austere stance, focused above all on getting the budget deficit down, with some tweaks to try and stimulate growth without promising new spending. The CBI felt that he could
have done more in the latter category, but overall we were pleased with the budget. Sticking to the course outlined in the government’s fiscal consolidation plan is important to retain the markets’ confidence in the UK, and therefore our relatively low borrowing rate.
The budget lowered tax rates at the lower end of personal taxation, and in the business sector. This will help both the consumer and businesses in a time where confidence remains low. One of the key aims of the budget package was its support for rebalancing the economy by further increasing incentives for business to invest. Before the global financial crisis, UK growth was driven by household and government consumption – neither of which is now possible. So now, growth must come from investment and trade. Significant rebalancing, with investment increasing from 14.9% this year to 18.2% by 2016, is expected to occur. Additionally, each 1% reduction in the corporate tax rate will increase the level of business investment by 1% over the same period.
Particular highlights from the 2012 Budget were:
• TheUK’scorporatetaxsystembecomesmoreinternationally competitive, signaling a powerful drive to have companies continue to invest, do business, and create jobs in the UK. An extra 1% off of the corporation tax this year, beyond the planned 1% cut, could make a huge difference in investment intentions.
• Aproposednew‘Gateway’toControlledForeignCompanies (CFC) regime will simplify a complex system by making it clear which companies are impacted by CFC reform legislation. The new rules include a finance company partial exemption that will result in an effective UK tax rate of one quarter off the main rate on profits from overseas group financing agreements.
• Reductionsinthehigherrateofpersonalincometax,downto 45%, send a clear signal to consumers and investors in the UK. The move will encourage top talent to live, work, and create wealth in the UK.
• ‘Above-the-line’R&Dtaxcreditswereintroduced,furtheringthe government’s commitment to business. The tax credits will make the UK a more inviting place to do R&D by providing greater certainty for businesses.
Figure 3
H.M. Treasury, London
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However, there are some areas in which the budget fell short:
• Itcouldhavedonemuchmoretohelpsmallbusinesses,particularly in the field of cutting regulatory burdens. Much greater urgency is needed to the government’s deregulatory agenda.
• Additionally,alternativestobanklendingmustbefoundsosmall and medium-sized businesses can grow and create jobs.
• A33%riseinthecarbonpricefloorwasincluded,whichwill hit energy-intensive businesses hard. The move underlines the need for a more coherent strategy to unlock low-carbon industrial growth.
• Thebudgetincreasedthefullrateofthebanklevyto0.105% from January 2013. The levy is designed to offset any gain from additional reductions in corporation tax, and did at least leave the levy at £2.5bn per year – the level previously targeted. But banks, as with all business, want stability in the tax system, making changes like this – particularly when accompanied by anti-bank rhetoric – unhelpful.
PLANNING FOR THE LONG TERM
Sitting here in Washington DC, there is no doubt that in the very short term, the recovery here is faster than it is in the UK. The U.S. has produced some very impressive figures in manufacturing output and – crucially – job creation. Figure 4 shows the latest data from the OECD comparing recent growth rates across the G7 countries, and forecasting them for the first half of 2012. Clearly, Europe and the US/Canada are
currently on divergent paths, with Europe (except Germany) struggling to achieve even 1% growth, whereas the US and Canada are approaching or exceeding trend growth. (Many commentators criticized the OECD for being overly pessimistic in some of their forecasts, but their message about a two-speed G7 was clearly demonstrated.)
But in the medium to longer term, the outlook for the U.S. in particular is more clouded, whereas in the UK it is looking brighter. The difference, of course, is politics. To be fair, this is an election year for America – so perhaps one shouldn’t expect too much in terms of long-term thinking, and solving the really difficult problems like ballooning healthcare costs, pension provision, or income inequality. But in the UK, to the surprise of many, our coalition government has been remarkably consistent in taking difficult decisions, and sticking to them. They are laying the foundations for a stronger economy in the years ahead. Provided they stick to their guns, that will be good news for business going forward.
Rhian Chilcott is the Confederation of British Industry’s International Director, Washington Office.Contact her at: [email protected]
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Figure 4
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UKTI Services for U.S. Investment
AN INvESTMENT MULTIPLIER
The UK is a world-class business environment and a magnet for inward investors. It has one of the most open and business-oriented economies of all the major European nations, with the most flexible labor markets, and the world’s least restrictive systems.
As the seventh largest economy in the world, it is a major market in its own right. But the UK is also a gateway to the European market, the world’s largest single market, serving a population of around 500 million. The UK stands at the crossroads between U.S. and Asian time zones, working effectively across both continents.
The UK is a magnet for companies with global aspirations, but we are already home to world-leading business services and creative industries, from law and accountancy to architecture, marketing, advertising, and design.
AN EASY PLACE TO DO BUSINESS
U.S. investors cite many different reasons for choosing the UK as their investment destination. The UK business environment is open and honest – according to Transparency International, the global civil society organization, this is one of the most
transparent countries in the world. And there are no surprises for business, thanks to the country’s stable regulatory environment and consultative approach.
SPIRIT OF INNOvATION
However, there is more to it than that. The UK is an innovator. Some of the most pioneering R&D taking place in the world today is happening within UK universities and colleges. The country that pioneered the telephone and penicillin now delivers research that attracts more citations per pound spent in overall research and development than any other large country1.
HIGHLY SKILLED WORKFORCE
The UK is also highly-skilled, with globally successful industrial clusters in virtually every field. Its workforce has excellent foreign language skills and science and technology capabilities. The caliber of the workforce reflects the fact that the UK is home to some of the world’s top universities and colleges, including the University of Cambridge, whose graduates have been awarded more Nobel Prizes than any other single university in the world. In view of all this, it is no surprise to discover that the UK is the most attractive location for investment in Europe, according to the European
UKti
CASE STUDY
Successfully socialAs it continued to grow, Yammer saw significant interest in its service coming from Europe and the Middle East. With UK Trade & Investment’s support, the company has set up offices in Tech City, London.Yammer is a tool for making companies and organizations more productive, through the exchange of short, frequent answers to one simple question: What are you working on? Modeled in a similar way to Facebook, this enterprise social network is designed to cater to its members’ specific connectivity and information-sharing needs.
UK Trade & Investment (UKTI) had approached Yammer’s U.S. management early in 2011 offering support in expanding the company’s business into the UK. London’s West End has proved popular with US companies over the years. However, Yammer wanted to be in an area suited
to its start-up nature, so UKTI recommended Tech City, a creative-technologies hub in London’s East End, with a vibrant mix of start-ups and multi-nationals.
After receiving further guidance on property options Yammer opened new offices on schedule in July 2011 and is working with UKTI on supporting its continued expansion.
“Tech City is clearly the right place for us to be,” says Mike Grafham, Yammer’s Head of EMEA Customer Success. “UKTI’s support has made the establishment of our EMEA base a much smoother process, which has allowed us to focus on what’s really important – growing our business to the next level.”
www.yammer.com
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SUPPORT FOR U.S. INvESTORS
UK trade & investment Has nine locations across tHe U.s.AtlantaBritish Consulate-GeneralGeorgia Pacific Center Suite 3400133 Peachtree StreetAtlanta, GA 30303Tel: +1 404 954 7700
BostonBritish Consulate-GeneralOne BroadwayCambridge, MA 02142Tel: +1 617 245 4500
ChicagoBritish Consulate-General The Wrigley Building400 N Michigan AvenueSuite 1300Chicago, IL 60611Tel: +1 312 970 3800
HoustonBritish Consulate-GeneralWells Fargo Plaza1000 LouisianaSuite 1900Houston, TX 77002Tel: +1 713 659 6270
Los AngelesBritish Consulate-General11766 Wilshire BoulevardSuite 1200Los Angeles, CA 90025-6538Tel: +1 310 481 0031
MiamiBritish Consulate-General1001 Brickell Bay DriveSuite 2800Miami, FL 33131Tel: +1 305 374 3500
New YorkBritish Consulate-General845 Third AvenueNew York, NY 10022Tel: +1 212 745 0200
San FranciscoBritish Consulate-General1 Sansome StreetSuite 850San Francisco, CA 94104Tel: +1 415 617 1300
Washington DCBritish Embassy3100 Massachusetts Avenue NWWashington DC 008Tel: +1 202 588 6500
www.ukti.gov.uk
Investment Monitor. Its stock of foreign direct investment is surpassed only by two other countries. More overseas companies establish their European headquarters here than anywhere else.
GOvERNMENT SUPPORT
Inward investment matters to the UK and the UK Government has pledged strong support for investors. UK Trade & Investment (UKTI) is the Government Department that helps overseas companies to bring their high-quality investment to the UK, as well as assisting UK companies to succeed in a global economy. It is a highly-rated organization, named by its peers as the best trade promotion agency in the developed world in the International Trade Centre’s Trade Promotion Organization (TPO) Network Awards 2010. In 2011, the UK attracted 1,434 FDI projects with the most projects – 388 - coming from the USA. UKTI played an important role in almost 850 of them.
UKTI offers expertise and contacts through its extensive network of specialists in the UK and in British embassies and other diplomatic offices around the world. Its services include tailored support, in-depth information and advice; and assistance in all aspects of locating in the UK, from finding premises to employing staff. The input of UKTI or its partner organizations can make a significant difference to a company’s success.
SECTOR SUCCESS
Some sectors, in particular, are especially valued for the benefits they bring to the wider UK economy and business environment, and investment in these sectors is rising. In 2010-11, sectors that performed strongly included environmental technologies, contact centers and e-commerce. Additionally, jobs associated with investment projects in the Financial Services sector increased by 212% and there was an increase in jobs linked to R&D projects and manufacturing.
KEY FACTS FOR INvESTORS
• TheUKhasEurope’sbesttrackrecordforattractinginternational business investment projects, according to the European Investment Monitor, Ernst & Young 2011
• UKlaborcostsintermsofemployersocialsecuritycostsare well below the EU average.
• TheUKhasastrongerICTinfrastructurethanmanyothermajor European economies including France, Italy and Spain
• Londonistheleadingfinancialcenterintheworld(source:GFCI 11)
• TheUKhasthebestinternationalaccessibilityofallEuropean locations. Heathrow is Europe’s busiest airport, handling 69.4 million passengers in 2011 (latest published figure)
1 “International Comparative Performance of the UK Research Base 2011” report compiled by Elsevier for the Department for Business, Innovation and Skills
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‘ Inward investment matters to the UK and the UK Government’
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life sciences – ministerial comment24
Investing in UK Health and Life Sciences
By the Rt Hon David Willetts MP - Minister of State for Universities and Science
Government is putting all its efforts into rebalancing the UK economy, and with this the life sciences industry has come sharply into focus. In the last decade the UK pharmaceuticals industry has grown faster than any other sector of the economy, excepting the finance and insurance sector, with an annual turnover of over $80 billion.Of course, with 34 Nobel Prizes in medicine under its belt, the UK has a proven track record of being at the forefront of life sciences discoveries with fantastic health benefits – from Alexander Fleming discovering penicillin in 1928, to James D. Watson and Francis Crick identifying DNA in 1953; from Sir Alec Jeffreys’s discovery of DNA finger-printing in 1984 to the first cloning of a mammal at the Roslin Institute (Dolly the sheep) in 1997; from Sir James Whyte Black finding the first clinically significant use of beta blockers in 1962, to the birth of the first ‘test tube baby’ in 1978.
Now we find ourselves at a crossroads. Global pharmaceutical sales are predicted to grow by up to 6% a year in the coming years, painting an optimistic picture. Emerging markets are creating exciting investment opportunities and western countries such as the U.S. and Germany have developed simpler regulatory processes to approve new therapies. We acknowledge that we have under-utilized our strengths. To remain competitive we need to up our game in the UK because the challenges facing the industry are real and growing.
Added to this is the changing shape of the industry: the old “big pharma” model of having thousands of highly-paid researchers working on a pipeline of blockbuster drugs is declining and a new model of collaboration, outsourcing of research and early clinical trials on patients is emerging. But does the UK ‘ecosystem’ currently support this? And how does innovation fare in the UK regulatory landscape?
The UK has significant areas of excellence, not least its science base, and Industry tells us that, yes, the NHS is world-renowned, but it could tempt a lot more investment if we made more of our greatest assets: our talent for discovery and our NHS.
Government recognizes that this is the key to ensuring that UK life sciences continue to contribute to sustainable UK growth. On 5 December 2011 we delivered a radical set of measures in a Strategy for UK Life Sciences, alongside the National Health Service Chief Executive’s review; Innovation health and wealth, accelerating adoption and diffusion in the NHS.
NHS data is more comprehensive than any other comparable health system in the world, but neither the NHS nor scientists developing new drugs and treatments have been able to consistently make good use of the data to drive further scientific breakthroughs. In the UK we are investing to make it easier for industry to partner with our world-leading scientists and clinicians, and to unlock the power of our unique patient data. That is why the National Institute for Health Research (NIHR) has committed a record investment of £800 million ($1275m) over five years to the creation of Biomedical Research Centers and Units within the UK’s leading teaching hospital-university partnerships, and the establishment of two new NIHR Translational Research Partnerships. The National Institute for Health Research Office for Clinical Research Infrastructure (NOCRI) provides a single point of entry to these centers for life sciences companies. We are also launching a new secure service to link primary and secondary care data at an unidentifiable patient level, and investing £60 million ($95m) in a secure Clinical Practice Research Datalink (CPRD) to provide researchers with access to patient data for clinical trials recruitment and observational studies.
Government will support patients to have access to novel treatments, and be part of wider patient benefits, by consulting on an amendment to the NHS constitution. Whilst protecting the right of an individual to opt out, this would assume that data collected as part of NHS research could be used for approved research, with appropriate protection for patient confidentiality. It would also assume that patients are content to be approached about research studies for which they may be eligible, to enable them to decide whether they want a discussion about consenting to be involved.
To complement this, we will invest £75 million to our ELIXIR program to expand our ability to assemble and manage biological and genetic information generated by research. This will include the provision of a new facility within the existing European Bioinformatics Institute in Cambridge for biological data-storage to support life sciences research and its translation. Furthermore, the NIHR is investing £2.5 million ($4m) pump-priming this year in a new national NIHR Bioresource. This Bioresource will provide a national cohort of healthy volunteers, patients and their relatives who wish to participate in experimental medicine research, and are willing to provide clinical information and samples that will enable them to be recalled for specific studies. It will support companies and researchers in recruiting healthy participants to undertake stratified studies. These studies will have the potential to rapidly advance the understanding of disease mechanisms, identify potential drug targets, and improve insight into the therapeutic potential and limitations of existing and emerging therapies.
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Of course many of the UK’s discoveries - potentially the most innovative medicines - will never reach the translation stage from the lab into a commercial venture, falling into the so-called ‘valley of death’ because SMEs cannot secure financing in the early years of their R&D.
Building on current investments, we will invest £310 million to support the discovery, development and commercialization of research into stratified medicine and mechanisms of diseases in people. This will include a £180 million ($287m) biomedical catalyst fund to tackle the ‘valley of death’, nurturing the most promising medical treatments from the academic or commercial sector through to companies with products or technology platforms in order to attract private equity. It also includes a £10 million ($16m) investment by the MRC for collaboration with AstraZeneca to provide academic researchers with unprecedented access to 22 high quality AstraZeneca clinical and pre-clinical compounds which are the building blocks of new medicine. But that is not all. We will make a further investment of up to £50 million ($80m) over the next 5 years in a Cell Therapy Technology Innovation Center to focus on the development and commercialization of cell therapies and advanced therapeutics.
For these investments to have their greatest impact, industry needs to support new businesses to understand the commercial environment. SMEs are often strong on scientific and research skills but may lack business and management skills. Through Cogent, we will develop and implement a tailored mentoring program that will provide SMEs with the management skills they need to enhance their competitiveness.
Innovation in life sciences proceeds at an astonishing pace, however we recognize that this pace is not always mirrored through the regulatory system. Through the MHRA therefore, we will work with industry and other international regulators to develop a progressive regulatory environment that not only
supports innovation, but openly promotes it. Furthermore, as part of a major drive to improve innovation and access to medicines in the NHS, Government has announced proposals to consult on a new early access scheme that could allow thousands of the most seriously ill patients to access new cutting-edge drugs up to a year earlier than they can now.
As important as this suite of measures which includes a raft of tax changes to incentivize R&D, is getting the UK ‘house’ in order. Granted we have an impressive set of life sciences clusters in the UK but in these global climes we need the UK to be, at the very least, on a par with the likes of Boston, and the San Francisco Bay area. To ensure that researchers, clinicians, businesses and investors see the UK as the location of choice for life sciences, we are taking steps to build a fully integrated life sciences ecosystem from our world-class research and clinical infrastructure. Building on the Academic Health Science Centre model of adoption and diffusion, the NHS Chief Executive and the Chief Medical Officer will establish a number of Academic Health Science Networks (AHSNs) across the country, with the first going live during 2012/13. The AHSNs will align clinical research, informatics innovation, training and education and healthcare delivery, and will provide industry with clear points of access to the NHS.
We are genuinely committed to this impressive industry and excited by what these comprehensive and far-reaching proposals can offer it. But the proof, so they say, is in the pudding. In our determination to see early results and to ensure these measures deliver to their greatest potential, we have appointed two independent life sciences champions to support delivery against the strategy and we look forward to seeing what we can achieve together in 2012 and beyond.
First published in The Journal of the Parliamentary and Scientific Committee
European Bioinformatics Institute building, East Wing
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The UK Biotech Sector
The UK has a long and successful history in bioscience. Indeed, the UK’s bioscience sector is the largest in Europe and globally only the U.S. has a larger sector. Many of the great breakthroughs that have advanced the treatment of disease have been made in the UK; these include the discovery of penicillin, the discovery of the structure of DNA and the discovery of antibody therapeutics, and gene sequencing technologies. Additionally, one third of the human genome was mapped at the Wellcome Trust’s Sanger Centre.There has been a tendency to play down the successes of the UK’s bioscience sector, but, this is unwarranted. The sector has not only delivered successful companies, generated world-leading intellectual property, produced returns for investors and experienced personnel but also has delivered considerable benefits for patients.
Currently, the UK has one multi-billion pound listed biotech company, Shire, and BTG is valued at over £1 billion. Additionally, there are other listed companies, such as Abcam and Vectura that are sustainable and successful.
Companies in the UK have a long history of discovering and developing products that are delivering benefits to patients: Abbott’s Humira, which was discovered at Cambridge Antibody Technology, is expected to become the biggest selling drug in the world this year; UCB’s Cimzia was discovered and developed by Celltech; Campath, which is marketed by Sanofi in the U.S. and by Bayer in Europe, was discovered at the University of Cambridge and is licensed by BTG; Benlysta was discovered by Cambridge Antibody Technology against a Human Genome Sciences target and is now marketed by GlaxoSmithKline; and Johnson & Johnson’s Zytiga was discovered at the Institute of Cancer Research and is licensed by BTG.
However, the sector cannot rest on its past. The UK bioscience sector currently has
• goodsupportfromgovernment
• afundingenvironmentwhich,althoughtough,allowscompanies to move forward
• companiesactiveinlicensing,collaborationsandacquisitions and
• anincreasinglyexperiencedpoolofmanagement
Government figures for 2011 show that there are 325 companies developing therapeutics in the UK’s medical biotechnology sector, and more than 600 companies providing services to them. These companies have 423 antibody, protein, vaccine or advanced therapy products in development with a similar number of small molecule or blood and tissue products also being developed.
In December 2011, the Prime Minister, David Cameron, launched the government’s Strategy for UK Life Sciences and committed to strengthening the life sciences sector in the UK. This is the first time that the UK has had such a strategy and it sets out a long-term plan, which could provide the foundation for a successful and sustainable future for the country’s bioscience sector.
The government’s strategy includes measures to improve the funding environment for companies as well as to ensure that innovative medicines reach the patients that need them as quickly as possible. There are a number of actions that are of particular significance to the small and medium sized enterprises that form the core of the sector in the UK and it is essential that these policies are implemented effectively.
One of the most significant announcements was the government’s plans to invest over $285 million through the next three years in a Biomedical Catalyst Fund, which will be jointly managed by the Medical Research Council and the Technology Strategy Board. The fund aims to nurture innovative technologies from the academic or commercial sector through to a point of concept in order to attract private equity.
Second, the government announced that early in 2012 the Medicines and Healthcare products Regulatory Agency (MHRA) will bring forward for consultation proposals for an ‘Early Access Scheme’. The scheme would typically be available for drugs prior to authorization but at the end of Phase III trials. However, where supported by suitable evidence of patient benefit and safety, the scheme could be extended to drugs at an earlier stage of development.
Third, the government announced it would create a vital role for the National Health Service (NHS) in supporting patients who wish to be involved in clinical research. It has long been recognized that the NHS provides a valuable resource to the UK and that the streamlined and well-regulated use of patient records could significantly benefit medical research in a number of ways. The government plans to further examine this area as it holds the potential to greatly improve the attractiveness of the UK as a location for conducting clinical trials and the development of new medicines for patients.
By Glyn Edwards, Interim Chief Executive of the BioIndustry Association
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In addition to the life sciences strategy, the government has included its previously announced Patent Box legislation in the 2012 Finance Bill. The Patent Box will allow companies to elect to apply a 10% rate of corporation tax from April 1st, 2013 to all profits attributable to qualifying intellectual property (IP).
The effects of the Patent Box are already being seen as GlaxoSmithKline recently announced it would invest $800 million in manufacturing facilities in the UK, including $560 million in building a new biopharmaceutical manufacturing facility in Ulverston, Cumbria. GlaxoSmithKline’s investment recognizes that the UK is one of the world’s leading locations for life sciences discovery, development, and manufacturing and that recent changes to the corporate tax system make the UK an increasingly attractive place for investment.
Also, last year the government announced that it would extend and simplify the Research and Development (R&D) tax credit scheme. In 2011 this increased to 200% and has now increased further to 225%. Additionally government included the removal of the Pay-As-You-Earn/National Insurance Contributions cap on the amount of payable credit that can be claimed under the SME scheme in its Finance Bill 2012, which will bring tangible financial benefits for companies that externalize their research.
Globally, funding remains one of the most significant challenges for bioscience companies and in the last year the signs that the funding environment is improving started to appear. Total venture capital funding into first financing rounds for start-up U.S. biotech companies hit a three-year high and the average size of a first financing round hit a 16-year high. Globally, the capital returned to investors from private company mergers and acquisitions exits in 2011 exceeded the total capital invested into private biotech companies.
These trends were also reflected in the UK. Additionally, there was significant activity by companies including M&A, licensing and collaboration deals, strong exits with good returns for the investors, a continued flow of venture capital into the sector, new companies being founded and products moving through the pipeline and being approved. Many of these deals involved U.S. companies.
Some of the most significant corporate deals during the year included Amgen’s acquisition of University College London spin-out BioVex for up to $1 billion; Supergen’s acquisition of Cambridge, UK-based Astex Therapeutics; Circassia raising $95 million from a range of venture capital investors including Imperial Innovations in one of largest ever fundraisings by a private biotech company in Europe; Eli Lilly starting a collaboration with Arecor to assess their advanced protein formulation technologies for possible use with Lilly’s growing pipeline of biological-based drugs; and the FDA approving GlaxoSmithKline and Human Genome Sciences lupus antibody, Johnson and Johnson’s Zytiga, which is licensed from BTG, and EUSA Pharma’s Ewinaze, which was discovered and is manufactured by the Health Protection Agency.
It is not just the corporate world that is funding bioscience. In March the Wellcome Trust and Cancer Research Technology announced funding plans specifically directed at early stage companies, which should help advance new potential therapies through the pipeline.
The Wellcome Trust is launching a $320 million fund to invest in life sciences and healthcare start-up companies in the UK
and Europe. The fund, which will be focused on long-term investment in start-ups, should provide a significant boost to companies developing new medicines. Given the time required to bring innovative healthcare developments to market, this long term view should provide companies with the support they need to reach their full potential.
Additionally, Cancer Research Technology has partnered with the European Investment Fund to launch the CRT Pioneer Fund, a £50 million fund designed to bridge the funding cap in the UK for cancer drug discovery and early development. The launch of the CRT Pioneer Fund will provide another financing option for companies and academics in the UK looking to translate their cancer drug discoveries into clinical development.
The final piece of the jigsaw demonstrating the progression of the bioscience sector in the UK is the people. Those that have succeeded once have not just taken their gains, but have returned to the sector to try again in new ventures. Additionally, failure is no longer seen as a black mark, but is now being seen as a learning experience for mangers as it is in the U.S.
Recycling of experienced people has been important for the development of the sector and we have seen people from Abcam come back in Horizon Discovery; Steve Jackson having sold KuDos to AstraZeneca has established Mission Therapeutics; individuals from Arrow Therapeutics, which was acquired by AstraZeneca, have come back at Vernalis and re:Viral; investors from Respivert have invested in Topivert; Invesco which has gained from its holding in BTG has also invested in Vernalis, e-Therapeutics and Immupharma; Greg Winter, who developed the technology that underpinned Cambridge Antibody Technology, has come back twice, first with Domantis and again with Bicycle Therapeutics; and other people from CAT have come back in Crescendo, KyMab and PanGenetics.
The UK’s biotech sector is strong. Its strength is built on robust science, diversity and capital efficiency. The sector has also matured and although it will not experience the same growth rates as in the past it continues to attract finance, and that money along with the people and the expertise is being recycled. The UK’s biotech sector is alive and well and looking to do business to help bring its pipeline of innovative products to the patients that need them.
Glyn Edwards was previously Chief Executive Officer of Antisoma from 1998-2011. Prior to joining Antisoma he worked in a variety of business development roles in the biotech and healthcare industries. He was also a member of the BIA Board. Mr Edwards has a BSc in Biochemistry from Bristol University and an MSc in Economics from the London Business School.
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UK Science Parks and How They Can Enhance the Economic Development of their Regions
Paul Wright takes a look at UK science parks, describing the ways in which these locations add to the economic development of specific regions and how they enhance the attractiveness of these areas as locations for foreign direct investment. The companies based on these innovation locations provide potential collaboration for U.S. businesses and academic institutions and a number of UK parks already have significant U.S. occupants.Much like business parks and industrial estates, science parks have their roots in property and are first and foremost a location for businesses large and small and at all stages of maturity. However, unlike business parks and industrial estates, science parks have a clear focus on high tech, knowledge-based companies and offer innovation and business support to create communities in which these companies thrive and prosper.
As such, science parks have become recognized as effective tools for sustainable long term economic regeneration whose main aim is to increase the wealth of its community by promoting the culture of innovation and the competitiveness of its associated businesses and knowledge-based institutions. Science parks are a focal point of connections between universities and other R&D bodies, business entities, governmental offices, and the wider public community.
BRIDGING THE “vALLEY OF DEATH”
This means that UKSPA’s members are providing a bridge over the so-called “valley of death”, that stage from research to viable commercial venture, plugging the gaps in experience, management skills, professional networks, investment, work environment, and technical infrastructure. The UK’s science parks are innovative locations that consist of programs, projects, property, infrastructure, and investment. Science Parks contribute to the strengthening of the local institutional infrastructure and to the development of research-intensive clusters. Science Parks increase the visibility and attraction that pave the way for a wider strategy in the field of R&D, knowledge and innovation. They provide advanced infrastructure, complementary services and support to local firms - usually enabling or generating very strong networking effects.
Science parks have been continuously evolving to meet the needs of the companies and the locality: the first generation of Science Parks was perceived as a “science push”; the second generation as a “science pull” and today, the third
generation is based on interactive local flows of knowledge located in a vibrant community. Some parks are extending their communities out beyond the park boundaries, delivering services to science and technology companies off the park and engaging local communities to raise aspirations. “Science parks without walls” is in development where companies and individuals throughout the world can use ICT more effectively to communicate, to exploit knowledge, to work, and to do business together.
INNOvATION – GENERATING JOBS AND ECONOMIC GROWTH
There is a great deal of evidence confirming that innovation is an effective tool to generate jobs, wealth and prosperity and offers greater resilience to economic shocks. For example, NESTA, an independent UK charity that helps people and organizations bring great ideas to fruition, comments “6% of UK businesses with the highest growth rates generated half of the new jobs created by existing businesses between 2002 and 2008… it suggests that economic policy should focus on promoting innovation and on the small number of companies with high growth potential, rather than broadly based business support programs for new start ups and SMEs… an approach of backing excellence and innovation is not an elitist policy but the best way of generating employment and opportunity” and “innovation may be responsible for the lion’s share of the UK’s productivity growth from 1990-2007.”
However, science and technology companies typically have a longer than average pre-revenue period, relying on investment to develop products to market. But the rewards are high. The traditional policy focus on science and technology innovation is because of the association of high tech companies with high growth - more jobs created, with higher skills and higher values when compared with other sectors - and the indirect benefits from these companies and jobs on other sectors - the demand created by these companies for professional services such as law and finance, engineering and manufacturing, and community services such as retail and education.
By Paul Wright, Chief Executive of the United Kingdom Science Park Association (UKSPA)
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Northern Ireland Science Park (NISP), Belfast
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ExISTING COLLABORATION
There are some good stories to tell about the existing level of UK/U.S. collaboration on our member Parks.
For example UKSPA has its base at Chesterford Research Park, near Cambridge which is also home to California-headquartered Illumina Inc, one of the world’s leading developers, manufacturers, and marketers of next-generation life science tools and integrated systems for the analysis of genetic variation and biological function. Having enjoyed a long association with Chesterford since acquiring Solexa in 2007, Illumina’s European headquarters now resides within the Gonville Building. Fitted out to Illumina’s specification it provides 41,500 square feet of highly flexible, bespoke laboratory and office space. Prior to the Gonville Building, the company’s rapid growth was sustained through the provision of various laboratory and office accommodation via continued consultation with the joint developers and the Park management team.
Elsewhere in the Cambridge Cluster, Granta Park has attracted PPD - a leading global contract research organization providing drug discovery, development and lifecycle management services to the Park. Roz Bird of Granta Park explained that “It is difficult to predict the needs of high-growth companies. So rather than forcing them to second guess their requirements, our approach is to offer to meet their immediate space needs and include an option on a neighboring site, which can be built on at a later date. The end result is an attractive, campus-style facility. PPD moved to Granta Park
in 2002 when it took 28,500 square feet. The first expansion, called ‘PPD Phase II,’ was completed in 2005 and added a further 22,000 square feet. Phase III, completed in 2009, added an additional 40,000 square feet. PPD now occupy some 90,000 square feet at Granta Park, creating a PPD ‘campus’.”
A further example is Stem Cells Inc., a Delaware company who acquired Stem Cell Sciences based at Babraham, near Cambridge UK. The parent company supports the UK operations by arguing that presence is vital in both North America and Europe for staging its pioneering clinical-stage human stem cell therapies and innovative stem cell reagent business. The company benefits enormously from the formidable local infrastructure support offered at the Babraham Campus, but also the available outreach into the UK and EU stem cell network and trade and investment opportunities.
Away from Cambridge we see examples in every part of the UK. Manchester Science Parks (msp) has always attracted international companies looking to establish a base in the UK, in part due to the support and joined up approach from the city’s international marketing and inward investment arm, MIDAS, and due to their own international activities and IASP membership.
American multinational consumer products company, Colgate Palmolive, is a long term msp tenant and has a dental health clinical trials unit on the site - an academic and business joint venture that benefits from the central location near to
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NISP Tenant Colm McGoldrick of Maildistiller with Mervyn Watley, Director of Facilities and Corporate Real Estate, NISP
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Manchester’s universities and within walking distance of the largest clinical academic campus in Europe, comprising five hospitals treating around a million patients each year.
Another msp tenant, Proteintech Group, was founded in Chicago in 2002 by Dr. Jason Li, a Professor at the University of Illinois. The UK office was set up in 2007, to cater for the high demand of products from the European life science research community.
Proteintech chose msp due to its proximity to the airport, its links with the local science community (including the university) and the wealth of quality life science graduates from Manchester universities. Since 2007 the UK has developed into the main marketing office for the company and now manages all aspects of marketing for both the UK and U.S.
UKSPA has members across the UK including the devolved administrations in Scotland, Wales and Northern Ireland.
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Manchester Science Park
Illumina’s European HQ: Chesterford Research Park
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The Northern Ireland Science Park (NISP) has become one of the top ten science parks in the UK and Ireland and is well recognized internationally for its ability to successfully bring together industry, government, and academia for the benefit of the local economy. There are over 100 tenants at the Northern Ireland Science Park ranging from global corporations including Dow Chemical Company Limited, IBM, BroadSoft, and HP to local start-ups Export Technology, SLA Mobile, ECOM Software, Lemma Solutions, and Mail Distiller.
The innovation ecosystem at NISP has become a well-established hub for international business activity from encouraging foreign direct investment to providing a launching pad to global markets for local companies. The Park provides an array of flexible workspace solutions on a range of leases to reflect the needs of companies – from one-person start-ups requiring a single desk to an entire building on a 15-year lease. These flexible property solutions are a major draw for U.S. companies that are able to start their operations small and grow without incurring a penalty. For example BroadSoft, a major Maryland-headquartered software company, opened its Belfast operations as a small incubator unit at the Innovation Centre, a 56,000 square feet facility available in unit multiples of 2,000 square feet, back in 2006, and in 2010 expanded to
the Concourse building to what it is today a multi-department organization of more than 25 Belfast-based employees.
Northern Ireland is well known for its quality workforce and many U.S. companies are tapping into the first-class IT capability available at the Park. For example Science Park tenant, Dow Chemical Company Limited, recently announced the creation of 25 new jobs after starting from one desk at the Park and credited the highly educated talent pool in Northern Ireland for their decision to locate here.
This agility and capacity to promote growth underpins NISP’s growing reputation as an ‘innovation community’ - where hi-tech companies can share knowledge and ideas and benefit from being among like-minded enterprises.
IN CONCLUSION
On the day in April 2012 when I wrote this article, by chance two documents crossed my desk. The first reported on a firm on Norwich Research Park, born out of an innovative technique developed at the University of East Anglia, has clinched a £2 million ($3.2 million) investment from a consortium of U.S. investors. The investment will allow their unique product, which detects illegal drugs from the sweat in fingerprints, to be marketed worldwide. The company CEO said “This money is enough, we believe, to run the business for the next two years. During that time we have committed to using it to bring the first product to market.” Although it is a comparatively modest sum, it provides a perfect example of the investment opportunities available in the UK.
The second was a speech made by the UK Minister responsible for Business and Enterprise, Mark Prisk MP, to the Massachusetts Innovation Forum. The Minister’s conclusion would be an appropriate end to this article as he said:
“If you are looking for a new business or research partner - then look no further. The UK is the natural choice. We have highly skilled researchers and entrepreneurs, a working day spanning office hours in North America and Asia, and we speak the international language of business. The UK is the ideal gateway to Europe and a springboard to the rest of the world. Our shared commitment to innovation and entrepreneurship is another good reason for us to strengthen our historic friendship and forge new partnerships for the future, because together, we can create new jobs, business and prosperity for both our peoples.”
Nowhere is this more likely to happen then in a thriving UK Science Park sector.
Further Information:
Do contact [email protected] or visit www.ukspa.org.uk if you would like further information on our work. Our www.innovation-search.com initiative provides access to many thousands of companies based on UK Science Parks and is designed to assist collaborative working nationally and internationally.
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The United Kingdom Science Park Association (UKSPA) is an established association representing UK science parks and innovation centers. UKSPA is well-respected internationally as pioneering effective approaches to supporting sustainable science park management and growth.
UKSPA represents around 90 science parks and innovation centers (including 12 science parks in early stage development) and 30 business affiliates who are permitted to join the association in view of the services they offer to the sector. Through our membership, UKSPA represents 3,300 innovative high growth companies, 72,000 highly skilled and sustainable jobs which in turn support a significant number of indirect jobs in the supply chain and local economic areas.
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Universities Hold the Solution for Future Economic Growth
The United States and the UK are often cited as ‘the big two’ in the international higher education race. This is still the case, but the situation is changing rapidly. We are no longer alone, the leading two running ahead while the chasing pack lingers a comfortable distance behind.While our two higher education systems may be very different, the same threads run through the fabric of our public discourse on the purpose of universities and university education.
Rick Santorum, erstwhile candidate for the Republican presidential nomination, recently poured scorn on President Obama’s desire that every American child with the talent to succeed gets a college education. This was snobbery of the highest order according to the Republican – why should everyone aspire to be a college graduate? Does America need more graduates?
A similar debate rages this side of the pond. There are too many universities and too many graduates, the argument goes. The tabloid newspapers scream that the former Blair government’s target to get 50% of young people into tertiary education was rank populism and has only served to devalue the currency of a UK Bachelor’s degree.
The issue we face in the UK is that the analysis all too often adopts a historical perspective. We look at a whole range of factors like investment, student participation or research as they used to be, or worse, how we think they used to be and make the inevitable comparisons. Often, it may be a logical approach, it may even be necessary, but it is certainly not sufficient. Looking at these key issues in this way is like driving down a highway using the rear-view mirror.
What we need to do is look forwards and outwards more than ever before. What are business, industry, our global neighbors, collaborators and competitors doing?
The ‘too many graduates’ argument simply doesn’t stand up when you approach the issues with a forward-looking, innovative and global attitude.
At first glance, the UK’s participation rate growth is a good news story, but there is more to it than first meets the eye. In the UK, we can see that there have been year-on-year increases in participation, amongst the lower participation groups. Young people in the UK are over 20% more likely to go on to higher education now than in the 1990s.
In the USA, there is a slightly different story to be told. Looking at the participation rates of baby boomers compared to their
children shows that there has only been a slight increase between the generations in the numbers heading to college. Yet critically, overall the UK lags behind the U.S. in terms of overall proportion of 25-64 year-olds who hold degrees. We also lag behind Canada, Israel, Japan, New Zealand, and Russia.
But it is when you look at the participation rates of other countries closely that you hear the ‘too-many-graduates’ line sounding hollow. Political and economic power is shifting east and as far as countries like Korea and China are concerned, they can’t produce enough graduates fast enough. Their rates of participation are escalating and they have the momentum to overtake us. Indeed, by 2020, just eight, short years away, China is projected to produce more graduates that the U.S. and Europe combined.
Which begs the question: why are these countries producing all these graduates if we think it is such a bad idea to have large numbers of them in our own populations? The answer is that these countries have well-and-truly cottoned onto the idea that in the new, massively competitive and changeable global economy, the more highly-skilled your workforce is, the better-equipped you are to adapt and succeed. And while specific graduate skills, like engineering and computer-programming are in high demand, this isn’t the whole picture. We’ve always known that a university education goes beyond mere skills. It teaches us independent thought, analytical and critical thinking, how to gain wide and deep understanding of complex issues. It gives us inquiring minds. Every society needs people with these abilities, regardless of what discipline they graduated in, and we in the west need more of them, not fewer.
By Nicola Dandridge, Chief Executive, Universities UK
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In the UK the worth of certain degree courses is another recurring theme. Of these, Media Studies is the bogey man in the public’s imagination. But the fact of the matter is that some of the courses coming in for such criticism are precisely those that are producing graduates for a sector that is a central pillar to the UK’s plans for growth and economic recovery – the creative industries. George Osborne, the UK Chancellor of the Exchequer, reflected their importance in his recent Budget statement in which he offered 25% tax breaks for UK TV drama shows filmed at home.
For the UK, the people coming through university and setting up graduate-led innovative companies are the ones we seek out to help us out of the economic doldrums. Compared to UK business in general, innovative companies generate a disproportionate number of jobs and employ a disproportionate number of graduates. They’re also more resilient, so are better at weathering the storms.
Our major employers are also demanding larger numbers of graduates with higher-level skills. According to the UK Commission for Employment and Skills, 2 million additional jobs are expected to be created in higher-skilled occupations by 2020, increasing the graduate share of total employment from 42% to 46% over this decade.
But as it stands now, the UK needs to look hard at its productivity levels compared with some other developed countries. In 2006, a review for the UK Government found that output per hour worked is almost 30% higher in France and 10% higher in the U.S. than in the UK. The review pointed to evidence suggesting that the low overall level of skills in the UK contributes to our lower productivity performance.
Looked at from this wider perspective, it is clearly not enough to compare the UK’s performance in higher education with our historic position.
The same is true for research. In 2011 the government announced they would maintain the funding ring-fence for science. This was a tremendous outcome in difficult circumstances for all who had lobbied for it. But in terms of investment, the UK is standing still and we have cut investment in capital projects. Many of our competitors are doing exactly the opposite. The U.S. target for R&D investment is 3% of GERD. Between 2002 and 2007 China, India and Brazil more than doubled their expenditure on R&D. In comparison, the UK level of investment currently stands at 1.8% of GDP. The government’s recent Budget announcement of a £100 million ($160 million) for a university-business collaboration fund which will attract private sector investment, is good news and recognizes the importance of investing in new research even in the lean times. But compared to the central investment of our
competitors, it barely scratches the surface.
Immigration policy is perhaps the best example of rear-view mirror policy making. For understandable reasons, the government is keen to cap immigration and reduce the numbers of people coming into the country. For university-sponsored students that translates into an uneasy tolerance of current student numbers, representing a compromise between maintaining a cap on international students and universities’ desire to expand the market.
However, determining policy by reference to historic trends ignores the deeply competitive market for international students while other countries are looking to expand international student numbers. Although overall the UK is the second most popular destination for international students after the United States, we have seen our market share reduce from 10.8% in 2000, to 9.9% in 2009. This is not so much due to our actions, or lack of, but to what our competitors are doing: Australia, Canada, New Zealand, and Korea have all been actively seeking to increase their share.
In light of all of this, the UK must remain ambitious for our universities to be a major source of export income. Universities UK’s recent report Driving Economic Growth demonstrates that education exports are already worth $12.5bn to the UK economy. By 2025 projections indicate they could be worth $27bn. The UK government’s unashamed adoption of industrial activism, supporting areas of the economy where we have the potential to lead the world, must extend to education.
Universities in the UK are outstandingly strong on many measures: on teaching and research, on business-industry links and on driving social mobility. To survive and flourish in the new world order we have to ensure that our line of vision is set forwards and outwards, not backwards. We must be much more ambitious. More importantly, we need to set real goals around increasing the proportion of GDP invested in education, research and development, not despite the economic challenges we face, but because of them.
Universities UK is the representative organization for the UK’s universities. Founded in 1918, its mission is to be the definitive voice for all universities in the UK, providing high quality leadership and support to its members to promote a successful and diverse higher education sector. With 134 members and offices in London, Cardiff and Edinburgh, it promotes the strength and success of UK universities nationally and internationally.
For more information please contact:
Universities UK Tel: +44 (0) 207 419 4111 Email: [email protected]: www.universitiesuk.ac.uk
www.britishcouncil.org/usa-education-partnerships-he-dialogue.htm
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An MBA for tomorrow’s leaders: UK business schools lead the way with MBA programs that innovate for the futureBy Sharon Bamford, Chief Executive of the Association of MBAs
In a world of economic uncertainty and change, the UK’s accredited business schools recognize the need to adapt and innovate, and as an ever increasing number of MBA programs become available across the world, it is even more important that the top business schools have an internationally recognized stamp of quality in the form of accreditation, to distinguish the world-class MBA from the quick online fix.As the Association of MBAs celebrates its 45th anniversary, it is an interesting time to look at how the MBA has become an integral part of postgraduate business education and how it has evolved to become the defining management training to prepare 21st century leaders and entrepreneurs for today’s complex economic, social and cultural environment and the geo-political landscape.
The Association of MBAs was created by MBAs for MBAs. Initially founded as a membership organization in June 1967, it was set up in the UK by eight new MBA graduates from US business schools and two from the first intake at London Business School. Their goal was the advancement of postgraduate business education in Britain.
The Association of MBAs’ mission was to help the development of existing business schools, support the founding of new schools of business, and encourage employers to take on MBA graduates. This mission still holds true today. The first two business schools to offer MBAs in the UK were London Business School and Manchester Business School.
The world of business and education was very different 45 years ago. Less than one in eight of 18 year olds went to university, and graduate business education was a novel idea. In the workplace, people stayed in one job with the same employer for most of their career and 40 years was considered the normal length of a working career.
Nowadays workplace statistics look quite different. On leaving university our graduates are going to have on average, not seven different jobs in their working lives, but seven different careers. Five of which have not yet been invented!
In 1983, the Association of MBAs introduced an accreditation program to champion the MBA as a brand and to introduce a quality assurance process to ensure standards were maintained among the growing number of business schools starting to offer MBA programs. The Association of MBAs became the benchmark by which business schools were
measured, initially in the UK and then in different countries across the world as our accreditation grew internationally.
What we achieve with accreditation is two-fold. Firstly the Association of MBAs accreditation sets an international standard; ensuring key quality indicators for postgraduate business education are benchmarked globally. This is done through our rigorous and independent assessment process of the MBA programs.
Secondly accreditation ensures the business schools are progressive, committed to change and to developing the MBA so that it continues to be innovative and creative in model and delivery.
Forty five years on from the early days of the MBA in the UK, the Association of MBAs has accredited MBA provision at an elite group of 190 business schools in 75 countries.
Our partnerships and our research help to inform our accreditation criteria, which then ensure that Association of MBAs accredited schools are including the latest social, environmental and cultural management requirements in their courses.
For example, our partnership with the United Nations PRME initiative, together with the results from our Post Downturn MBA research in 2009 helped inform and update our recent accreditation criteria to include specific requirements for business schools to demonstrate learning outcomes and a curriculum focus on ethics, sustainability, responsible risk management and governance, environmental, and social impact.
Another of our key criteria requires MBA students to have a minimum of three years’ work experience. We strongly advocate the MBA as a post-experience degree, as a great deal of the value it offers is the element of learning from peers – therefore prior management experience and bringing real-life examples to class to debate with fellow MBAs is invaluable. Other changes to the criteria over the years include the content in the curriculum, program integration and flexibility in delivery modes.
Our accredited business schools tell us that they see accreditation as both an operational audit and a strategic opportunity. It helps them to benchmark against their competitors and focus not just on their programs, but also on their policies.
Having Association of MBA accreditation also means the schools commit to continuous improvement, as we work with them to re-examine and refine their MBA programs to adapt and respond to new market conditions, the latest
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business trends, and leadership and management training requirements. As a result, subjects such as governance and regulatory issues, entrepreneurialism, creativity, innovation, and sustainability have all moved up in business course agendas.
Many of our accredited business schools have introduced innovative and creative approaches to teaching MBAs. We now recognize this with the Association of MBAs Innovation Award, which we introduced last year to shine a light on the great ideas being championed by our accredited business schools around the world. The winner and finalists from 2011 demonstrated innovation in the way they responded to local need, different models or took a risk. We are looking forward to seeing who the finalists will be for 2012 when they are announced in October.
In the UK, where the Association of MBAs began accrediting MBA programs, we now have 43 business schools who are championing the progression of the MBA and introducing world-leading ideas and content to their courses.
Lancaster University Management School is one that has introduced the concept of learning in action to its full-time MBA. Their Mindful Manager course focuses on developing leaders through action learning and critical thinking. Rather than just absorbing theories and models and evaluating them in the classroom, the students get the opportunity to watch strategy unfold. Part of this program involves examining strategies and learning about leadership from Saatchi & Saatchi’s worldwide CEO, Kevin Roberts.
Leeds University Business School’s MBA is offering more opportunities to engage with and develop corporate connections. Their MBA program includes a boardroom challenge, a consulting challenge, and business simulation exercises.
Durham Business School has recently introduced a new module to equip their global leaders for a boardroom role, which is helpful to entrepreneurs, the not for profit sector as well as the corporate world. Governance is an increasingly important aspect of a leadership role, not just from the perspective of sustainability and ethics, but the onerous legal responsibilities of directors, such as corruption.
Meanwhile Exeter Business School, with an eye on the sustainability agenda, has introduced its One Planet MBA, in collaboration with the University of Exeter and the World Wildlife Fund. The aim of the course, says the school, is to produce more “planet-minded business leaders”.
Warwick offers a Global Energy MBA. The reputation of this new MBA is growing and they are receiving applications from all areas of the globe and all areas of the sector. Both Exeter and Warwick were finalists in our 2011 MBA Innovation Award.
Another interesting way that schools continue to innovate is by providing adaptable, future-proof spaces for innovative, quality teaching, and learning. This may often be overlooked, but the environment that people learn in is very important. Cambridge’s Judge Business School was purposefully designed in the 1990s to allow interaction and collaboration. Twenty years later, it still provides students with well-designed spaces to interact, network, and innovate.
Manchester Metropolitan Business School has recently opened new buildings, which have also been designed innovatively, to maximise the student learning experience.
Manchester also offers six Global Centers where MBA students can choose to do a Global Elective.
Salford Business School recently opened a new media city satellite campus to prepare students for the fast-moving and changing 21st century business environment. This gives MBA students an opportunity to engage with the industry through collaborative projects, placements, and internships.
The UK, more than anywhere else in the world, offers a complete international MBA experience. Our accredited business schools have an average of 35-40 nationalities represented in a typical cohort of 45. Thus, in studying HR, strategy or international marketing, for example, a student is not just learning from a professor, but developing an understanding of these subjects from their peers in the context of China, India, North America, Latin America, Australia, and Europe and differing sectors from each of those countries. All of that diversity and experience contribute to the learning and ultimately the value of an MBA.
Our research shows that the U.S. has the third highest amount of enrolments in Association of MBAs UK accredited business schools. The top two countries enrolling in UK accredited business schools are India and Nigeria.
MBA students in the UK are not only mixing with professionals from across the globe while they study, they also have the opportunity to visit Europe through many of the schools’ international study tours. Of course the other unique attraction to the UK business schools is the mix of old and new - while studying innovation and new ideas in business they are based at some of the world’s most historic institutions. Our accredited business schools are based in Edinburgh, Oxford, Cambridge, Bath, Canterbury, and Manchester, to name just a few.
Another change in the landscape of postgraduate business education is that it is not just preparing professionals for opportunities to climb the ladder within their own business or to move to other companies, it gives MBA graduates the tools, networks and the confidence to start up their own business and demonstrate their entrepreneurial vision.
We are seeing a new era of entrepreneurship. Our most recent Career Survey showed that 73% of MBA students would consider starting their own company or entrepreneurial venture one day.
In uncertain, challenging times, there is assurance in the commitment of our accredited business schools to the progression of the MBA and to developing tomorrow’s global leaders.
For more information on the Association of MBAs and its accredited business schools go to www.mbaworld.com
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Wind Energy’s Charter for Prosperity
By Maria McCaffery, Chief Executive, RenewableUK
As summer approaches, the UK appears to be looking towards sunnier times. However, like the good weather, this economic optimism may also be fleeting, as analysis from the OECD predicts further contraction, and while the rate of the increase in unemployment is slowing, unemployment is still rising. There may be better times ahead, but at present our economic recovery remains fragile and there is a lot to be done to ensure it moves in the right direction.This backdrop makes investment, growth, jobs and economic stability more crucial than ever, so we need to be championing the creation and development of industries, such as the UK’s wind, wave and tidal energy industries, which can help us to reach these essential goals.
This is one of the reasons why RenewableUK and 12 founding signatories from across the industry, including RWE, GE and
Vestas, have launched the Wind Energy Charter. The Charter outlines the significant economic benefits that the UK’s wind energy industry is already delivering, and will deliver in the future.
The British Prime Minister David Cameron has recently highlighted these benefits as crucial to our economic recovery and stability. In a speech to the Institute of Civil Engineering, Mr Cameron said: “Our focus here will be on offshore wind, for hard-headed reasons. It is secure, generated at home rather than imported - and it’s one of the world’s fastest growing energy sources, which means substantial economic opportunities. I believe we are well-placed to become a world leader in offshore wind power – and this government is doing all it can to make sure that happens”.
The Chancellor of the Exchequer, George Osborne, has been supportive too, saying in his annual budget statement: “I also want to see investment in our world-leading energy sector, including renewables. Renewable energy will play a crucial part in the UK’s energy mix”.
In this momentous year for Britain which includes the Queen’s Diamond Jubilee and the Olympics, the UK will also play host to the country’s biggest ever offshore wind conference, Global Offshore 2012, organised by RenewableUK. More than 5,000 international delegates are expected to attend the event in London, including representatives from North America and the Far East. Gatherings such as this are tangible demonstrations of the global reach of the wind industry, its ambitions and its sense of confidence. No wonder our Prime Minister, Chancellor and prominent members of the British Cabinet are keen to support it.
RenewableUK’s Wind Energy Charter sets out three core principles which commit the industry to continued medium-term investment of $80bn in the UK, creating
reneWaBle energy
Ormonde Offshore Wind Farm - Vattenfall
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90,000 jobs in the next eight years, while increasing our energy security and protecting consumers from rising energy costs.
Let me take each of these three principles and the benefits they will bring in turn.
1. THE WIND ENERGY INDUSTRY WILL INvEST IN THE PROSPERITY AND ENERGY SECURITY OF THE UK.
The industry intends to invest many billions of pounds in the UK’s economy, building onshore and offshore wind farms; developing new manufacturing facilities; upgrading ports into energy hubs and creating Research & Development and training facilities all around the country. This investment will revitalise communities throughout the UK and secure our energy independence.
Wind brings us that security by giving us a means to harness an abundant, clean and sustainable source of energy, reducing our dependence on expensive fossil fuel imports, increasingly from politically unstable parts of the globe. For many countries, including the USA, this consideration has become progressively important as a fundamental element of a wider national security policy. Let’s not forget that Russia turned off the gas supply to Europe in 2006, when it became embroiled in a dispute with Ukraine, and was responsible for no less than 17 disruptions to gas supplies to Western Europe over the following 12 months. When Russia did restore the supply it was at double the price. More recently, we have all felt the pain this winter, when international gas prices soared by 40% compared to last year, sending domestic fuel bills rocketing. Should we carry on exposing ourselves to the instability of global energy prices and the unpredictability of global events, or should we recognize the political and economic value of taking control of our energy supply?
The industry is also creating substantial economic opportunities. In the last year it has attracted nearly $8bn in investment to the UK, and now intends to boost this with a further $80bn in the next eight years. Look at the multinationals queuing up to build wind turbine factories in the UK, such Vestas. Consider the companies who have committed to developing wind turbine technology in the UK, such as Samsung and Mitsubishi.
2. THE UK WIND ENERGY INDUSTRY WILL PROvIDE FINANCIAL SECURITY FOR FAMILIES BY CREATING TENS OF THOUSANDS OF LONG TERM JOBS.
With unemployment currently standing at 8.4% in Britain, or over 2.6 million people currently out of work, we need to develop industries that will not only create jobs but offer careers for generations to come. The wind energy industry aims to create tens of thousands of UK-based jobs across a wide range of business sectors. Companies large and small will benefit as investment in engineering, manufacturing, and training accelerates and extends from wind energy into associated industries.
The wind energy industry in the UK already employs nearly 12,000 people and will increase that to around 90,000 over the next eight years, investing heavily in technical training as we go. Which other industries can offer such enormous opportunities to develop the UK’s engineering skills, its manufacturing base and its supply chain? The industry is also a primary investor in tackling youth unemployment, supporting a growing number of initiatives to attract young people into the energy sector with the promise and commitment of a long-term and highly rewarding career.
Remember too the spin-off benefits - the service industries supplying this rapidly expanding sector with hotel rooms, food, cabs - these are also the beneficiaries of an industry which will continue to be built out for decades to come.
3. THE WIND ENERGY INDUSTRY WILL PROvIDE CLEAN, SAFE AND AFFORDABLE ENERGY THAT WILL POWER THE UK FOR MANY GENERATIONS TO COME.
The industry is firmly committed to reducing the cost of wind energy over time and to cement its role as a vital part of the UK’s energy mix. In doing so, we will be helping to protect consumers from fluctuating global energy prices and from increasing dependency on imported fossil fuels. These measures will also reduce the UK’s carbon footprint.
The UK is already the global leader in offshore wind power, with a greater installed capacity than anywhere else in the world. Wind energy both on- and offshore currently provides enough clean, secure energy to power three and a half million British homes. Our industry intends to increase this to 17 million homes by 2020. In doing so we shall continually work to reduce costs to ensure consumers get value for money. RenewableUK’s Chairman, Andrew Jamieson of Scottish Power Renewables, heads the Government’s Offshore Wind Cost Reduction Taskforce which is examining this issue in detail.
The UK’s independent energy regulator, Ofgem, has recently published a report showing that financial support for wind now costs the average household just 2 pence (3 cents) per day - a very small price to pay for a country making the absolutely vital transition to a low-carbon economy.
I believe that it is important to have a wide range of sources in our energy portfolio to meet our needs. Renewable sources form a key part of that mix, already generating about 9% of our electricity, according to the Department of Energy and Climate Change. The government is calling for a fivefold increase in wind energy, onshore and offshore, by 2020. We are on course to achieve this. For example, in February we saw the world’s largest offshore wind farm open off the coast of Cumbria in the north west of England, reaffirming the UK’s global lead in the sector. It will generate enough power to supply 320,000 homes. This is an inspiring project which attracted international attention.
So this is an appropriate time to unveil the RenewableUK Wind Energy Charter, as it sets out the long-term commitments of the industry, the benefits it will bring and how it will help to regenerate our economy and underpin growth. Working with government and the public we will provide investment and jobs where they are most needed, energy security at a time when it is most critical and deliver affordable, clean and totally sustainable electricity for everyone.
Maria McCaffery is the Chief Executive of RenewableUK, the trade association representing the wind, wave and tidal energy industries sectors of the United Kingdom.
Website: www.renewableuk.com
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Low Carbon vehicles – a market of opportunities
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By Lorna Pimlott, Head of Low Carbon Vehicles & Infrastructure at Ernst & Young. E&Y is a member of the Low Carbon Vehicle Partnership (UK)
The world has reached a tipping point in the way it uses natural resources to generate growth sustainably. Driven by concerns over resource scarcity and long-term affordability, sufficient momentum has built in consumer attitudes, business strategies and political willpower to make sustainable transport in the UK a viable and lucrative commercial proposition.The interplay between consumer demand for increased mobility, rising fuel prices and a favorable policy landscape is shaping Western European markets in favor of ultra-efficient forms of transport. The UK in particular has emerged as a major driving force behind the growth of the low carbon vehicle market, and a major player in the research, development and deployment of electric vehicle technologies: Toyota’s first European-made hybrid – the world-famous Toyota Prius – is manufactured in the UK as will Nissan’s Leaf in 2013.
Underpinning these developments is the UK government’s commitment to fund a charging infrastructure network for EVs across the UK. The Office of Low Emission Vehicles established in 2009 is responsible for the introduction of a range of incentive measures to spur the development of electric vehicle charging infrastructure and the sale of vehicles in the UK. Government grants of up to £5,000 ($7,900) have been available since January 2011 towards the purchase price of eligible vehicles for both individual consumers and businesses. In January 2012, it announced an £8,000 ($12,700) grant for selected commercial electric vehicles to spur their deployment across fleets.
To deliver the step change in growth that is forecast1 between now and 2017 across European markets, the electric vehicle industry must overcome limitations relating to sustainable business models, public perception, vehicle integration and charging infrastructure. Herein also lie some of the most interesting opportunities for investment in the UK.
THE MISSING LINK
Where electric vehicles are concerned, business model innovation and integration are arguably as important, if not more important, than the actual technology. While technological improvements are still needed to help bring low-carbon vehicles into the mainstream - particularly in the field of battery performance - the technology needed for a viable electric vehicle ecosystem exists today. What the UK market currently lacks is an ‘integrator’ to pull together all the various financial and technical requirements (namely financing, charging access, power supply, and vehicles) for individual consumers and corporate fleet managers alike. Business models that are also able to generate revenues from non-core activities (namely data capture, just-in-time options and other complementary services) will help make a stronger business case, offering further opportunity for investment.
INvESTMENT IN CROSS-SECTOR PARTNERSHIPS
With the government having supported the launch of eight EV charging networks across the UK, there are now opportunities for the private sector to take the lead in developing the continued roll out of national infrastructure across the UK. According to Pike Research, although the level of charging infrastructure in Western Europe currently matches the figures for its North American counterparts, it predicts that Western Europe’s charging networks will continue to grow at a faster rate – accounting for 24% of global installations.
To sustain this growth, more cross-sectoral and international collaboration is desperately needed, particularly between OEMs, financial investors, local governments, and utility providers to deliver synchronised, efficient and effective development of charging networks. Local government will require increased levels of private sector investment in the absence of further government intervention and funding support. Public Private Partnerships (PPP) or similar joint venture models will need to become increasingly common in the market going forward. These partnerships offer a low
Hydrogen refueling point
All Photos: LowCVP
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barrier entry for investment in electric vehicle infrastructure networks in the UK.
STRATEGIC OPPORTUNITIES
Even with the positive press about EV developments in recent years, public perception in the UK of the current capabilities of EV technology, for both vehicles and charging infrastructure, lags the reality. A key to the acceleration and success of the EV market will be the continued improvement in the public perception. The current challenge faced for EV adoption is simply convincing consumers that EVs are “real” cars that can meet their needs—today. Additionally, the lack of EVs in quantity and diverse models that consumers want continues to slow the market’s growth. UK consumers want EVs in the market niche of their current vehicles - such as commercial vehicles, luxury saloons and sport utility vehicles - not just compacts and sports cars. For corporate and government fleet managers, supply constraints exacerbate the process of purchasing EVs in desired, customary volumes. This barrier makes getting behind the wheel of an EV a challenge, let alone purchasing one. This critical gap must be overcome because driving an EV generally wins over drivers and diminishes range anxiety.
Whether for consumers or fleet managers, the initial cost of EVs compared to gasoline powered alternatives is a high hurdle. While the price differential will diminish with large-scale EV production, the incentives designed to facilitate mass adoption are often insufficient or geared to the back-end rather than at the point of purchase. At the same time the lifetime cost benefits of EVs - fuel at the fraction of the cost of petroleum, significantly less maintenance - are not well portrayed to consumers. There is therefore opportunity for the introduction of innovative finance and leasing mechanisms, so vehicles can be brought to market in an accelerated period, both for fleets and individual consumers so EVs can become a realistic alternative to traditional combustion vehicles. However, from the future customers perspective, consistency of terminology, industry standardization for charging infrastructure and simple, cost effective purchasing options will be vital.
WHY THE UK?
The UK provides a perfect testing ground for a variety of mobility options and business models for the successful delivery of EVs, and the required collaboration and partnering across sectors. Understanding future user behavior will be key, not only to understand how to incentivize off-peak charging, and how to manage demand at peak times, without requiring high levels of investment in network reinforcement. The continued investment in smart grid technologies by UK network operators will continue to help consumers understand pricing and smart technology integration, while providing corporates insight on consumer pricing elasticity for vehicle
recharging. Billing, data management and the connectivity and interoperability of vehicles and infrastructure also offers an attractive investment platform, with the requirement for state of the art back office payment systems for public infrastructure is already attracting an increased number of market players within the UK.
CONCLUSION
In an evolutionary market, the UK offers a wide variety of investment opportunities in the low carbon vehicle market, with access to mainland Europe expansion. To maximise the success of the electric vehicle market here in the UK, transformational collaboration across the automotive, power and technology sectors will be critical to ensure strong partnerships and investments are established for the markets future sustainability. The rise of EVs will involve developing a substantial amount of new infrastructure. While charging solutions will vary from market to market – with multiple solutions most likely – all will drive new customer relationships and service opportunities. A number of new players will continue to enter the EV value chain, such as equipment manufacturers, software, networking, and consumer electronics companies. As this market continues to evolve and develop in the UK, seizing these opportunities at their infancy, offers market leadership and increased returns for overseas investors, as well as the potential for further investment opportunities into European regions.
Growth rates of EVs in Europe are forecast at 56.5% Compound Annual Growth Rate between 2011-17 (Pike Research Q3 2011)
The Low Carbon Vehicle Partnership (LowCVP), established in 2003, is a public-private partnership which exists to accelerate a sustainable shift to lower carbon vehicles and fuels and create opportunities for UK businesses. Around 200 organizations with a stake in the low carbon agenda are LowCVP members and include those involved in central and local government, automotive and fuel supply chains, vehicle use, academia, and civil society.
For more information either visit the Low Carbon vehicle Partnership website at www.lowcvp.org.uk or contact Lorna Pimlott, Head of Low Carbon vehicles & Infrastructure UK, Sustainability & Cleantech Services, Ernst and Young.
Tel: +44 207 951 4887 Email: [email protected]
Nissan Leaf (Electric)
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A Review of the UK Aerospace Industry
With the global recession widely affecting the UK economy, one would be forgiven for thinking that over the past couple of years there has been little to no signs of growth. The UK media routinely announces drops in manufacturing production and poor performance in the financial markets, so much so that it would seem that perpetual clouds hover over our green and pleasant land, pouring doom and gloom rather than just the usual rain. There are however a few sectors that have risen above these clouds, and one of the most significant of these, appropriately enough, is Aerospace. Since 2007, the UK Aerospace sector has seen growth steadily rising each year from £20.4bn ($32.5bn) in 2007 to £23.1bn ($36.8bn) in 2010. While these are not dramatic leaps, these modest increases demonstrate a robustness and ability to grow even during the most difficult of economic periods. Consequently, UK Aerospace has maintained its position as the #1 aerospace sector in Europe (by exports) and is only second to the U.S. globally, with a 17% share of the global export market. The ADS Survey 2011 showed why this is with 70% of total turnover in 2010 coming through exports. Not only does this indicate a positive present, but it also promises a strong future for the sector and the economy in general. If the UK maintains its current global market share it is estimated that a £352bn ($560bn) return to the UK will be secured between now and 2029 for the country’s economy.
Current UK Government policy places a strong emphasis on exports as an important means to stimulate growth. The above figures stand for themselves in this regard and have led to increased cooperation between Government and industry in order to maintain this enviable track record. One manifestation of this cooperation was the establishment of the Aerospace Growth Partnership (AGP) in March 2011. Jointly chaired by Mark Prisk, Minister of State for Business and Enterprise, and Marcus Bryson, Chief Executive of GKN Aerospace and ADS Vice President Aerospace, the formal AGP meeting takes place quarterly in order to address barriers to growth, boost exports and grow the number of highly skilled jobs available in the UK. It oversees a very large cooperative program of work involving five working groups, all staffed and chaired by senior figures from industry and academia, and involving fulltime high caliber secondees from key companies.
The first output of the AGP’s work was delivered in the March Budget Statement, when the Chancellor of the Exchequer, George Osborne, announced £60 million ($95.5 million)
towards funding the creation of a Centre for Aerodynamics. The center will pull together existing testing and modeling efforts into a coherent virtual center, and will be responsible for coordinating and supporting world-leading Research and Technology (R&T) in advanced aerodynamic-related research. Through the identification and development of new technologies, the center will help secure increased investment to fund research which will ensure that the UK remains a competitive leader in the global aerospace market. In addition the research will de-risk radical new concepts in wing design and help deliver sustainable aviation by supporting the development of new technologies and more environmentally friendly aircraft.
Growth is frequently talked about in terms of green shoots, which would mean that for Aerospace, the UK has been very much enjoying a protracted spring. Since early 2011, there have been a series of major investments in Aerospace both from industry and Government that show a strong and vibrant sector across the whole of the UK. This was very much encapsulated by the Department for Business Innovation and Skills (BIS) campaign at the end of 2011 “Aerospace is Great Britain”, where a public display, based in the heart of the political capital of Westminster, brought Aerospace companies and their products together in one space to demonstrate the engineering prowess of the UK to both politicians and public alike.
Across the country, there have been more tangible and lasting demonstrations of the UK’s serious intent in the world of Aerospace. In Belfast, Northern Ireland Bombardier Aerospace opened a new state of the art manufacturing facility for the production of the wings of their new C-Series aircraft with the assistance of UK Government and Northern Ireland Executive investment of £135 million ($215 million). In addition, Vince Cable, Secretary of State for Business, Innovation and Skills, opened the Northern Ireland Advanced Composites Centre (NIACE) in January 2012. This center is designed to allow universities and businesses based in Northern Ireland and across the UK to develop and commercialize new technologies and thereby develop further the aerospace-led hub in the region.
The West Country has also witnessed considerable investment. In July 2011, Vince Cable announced £32 million ($51 million) of government investment in AgustaWestland, Yeovil, to help the design and engineering of the civil AW169 helicopter. In October, the Prime Minister opened a new £400 million ($637 million) Airbus A350 wing facility in Broughton, which will guarantee 6,000 jobs and firmly establishes the UK’s position as a global leader in advanced composite wing design and production. The following month, Vince Cable again opened another new research facility, the National
By Rees Ward, Chief Executive, ADS Group Ltd
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Composite Centre (NTC) based in nearby Bristol. This center has been seen to herald what many are beginning to call the natural successor to the iron and industrial ages as “the age of composites”. Should further evidence of this be needed, in January this year the GKN and Rolls-Royce joint venture (CTAL) opened a £15 million ($23.9 million) facility on the Isle of Wight in Southern England to pilot manufacturing processes for aero-engine fan blades and fan cases made of composite materials.
In addition to these already opened facilities, state of the art manufacturing plants are due to be opened this year in Scotland by Spirit Aerospace, by GKN in the South West of England and by GE Aerospace in the South of England
Considerable thought from Industry and Government has been given to the direction and future of Aerospace in the UK, and this has led to the identification of where the UK has world leading expertise, resulting in a focus in:
• complexaerostructures,particularlyadvancedlargewings• propulsionsystems• autonomoussystems(unmannedvehicles–air,landand
maritime)• advancedrotorcraft• highvalueintegratedsystemsandfutureairtraffic
management
High Value Manufacturing Centers, known as Catapult centers, are springing up around the country, part Government funded, aimed at bridging the gap between early stage R&T and industry take up of mature capabilities, and while these are very much aimed at advanced manufacturing as a whole, aerospace features strongly in their research programs.
Considering the former mentioned programs and initiatives, it is important to realise that while frequently it is the primes and tier 1 companies which receive the media spotlight and attention, the impact goes much further. The UK has the most complete and capable aerospace supply chain outside of the USA. It is estimated that close to 70% of contracts to primes are pushed down to the benefit of the UK supply chain. It is the diversity and flexibility which comes through such a rich network of companies that makes the Aerospace in the UK such a success. Looking beneath the skins of the latest aircraft taking to the air at the moment – be it the Russian Sukhoi SuperJet or Boeing 787 Dreamliner, there is a considerable amount of UK engineering experience and expertise involved in these platforms. For example, the Airbus A380 when fitted with Rolls-Royce Trent 900 engines is over 50% UK content (by value). The Dreamliner, when equipped with Rolls-Royce Trent 1000 engines is 25% by value British made. The same high level of UK involvement can be said for the next generation of aircraft, such as the A350 XWB.
Bombardier Aerospace
Through the continued close spirit of Government and industry cooperation there is great promise in what the future holds for Aerospace in the UK and, ultimately, UK manufacturing. Much of this will be demonstrated at July’s Farnborough International Airshow, which will bring together the great and the good, the large and the small of the UK’s leading manufacturing sector. At this spiritual home of UK Aerospace the best of the present and future of this country’s industry will be on display, demonstrating that the nation which has introduced so many firsts and industry-changing advances in Aerospace history will continue to do so for many decades ahead. Moreover it will demonstrate that it is this UK advanced manufacturing sector which the world should continue to look to for innovation, progress and growth.
For more information contact:
Tel: +44 (0) 207 091 4500Email: [email protected]
Website: www.adsgroup.org.uk
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CASE STUDY
Aerohub Enterprise Zone @ Newquay Cornwall AirportAgustaWestland’s Operational Flight Training Centre
AgustaWestland’s Operational Flight Training Centre (OFTC) is located within Zone 1 of the Aerohub Enterprise Zone at Newquay Cornwall Airport in the south west of England.AgustaWestland is an established provider of professional training services and solutions to a wide range of military, civil, and industrial customers. Its Operational Flight Training Centre runs a helicopter flight training program for up to 60 students per annum covering specific helicopter skills such as search and rescue and policing.
To meet the demands of a new business client, AgustaWestland had to identify and move into new training premises within six months. With the help of Cornwall Development Company, an Economic Development Service of Cornwall Council, this was achieved with the addition of a $475,000 European Convergence investment.
Paul Readfern, head of the training center, explained, “We couldn’t have done it anywhere else. It’s an ideal location due to the existing infrastructure, the aviation facilities, the access to sea and coast and clear airspace all make this an ideal location for helicopter flying training.
“Our relationship with the airport is excellent. We share information, look at potential future contracts coming in here and we get a rapid and flexible response from the airport. I could see Newquay Airport becoming a major aerospace hub. It has the infrastructure, the facilities and the location is ideal.
The business support available was a key factor in AgustaWestland coming to Cornwall. The region has a real sense of community amongst its businesses and a really good network that sparks new ideas and business for us.”
AgustaWestland’s OFTC delivers high-quality training for helicopter pilots, engineers, and mission crews and incorporates a helicopter hangar plus briefing and IT training rooms. 40 high skilled jobs (pilots, engineers, and ground crew) including 13 aircrew instructors, are located at the Aerohub.
The excellent training environment, combined with the aviation services provided by Newquay Cornwall Airport, are vital for AgustaWestland and without the operational airfield they would have to relocate elsewhere. The presence of AgustaWestland at the Aerohub is likely to grow over time.
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Security: A Trans-Atlantic Challenge
Fresh from leading U.S. security trade show, ISC West, John Davies gives an insight into the many opportunities for security companies in both the UK and U.S. markets to work together.With the world market for fire protection and security valued at around £176.8bn1 ($281.6bn), raising awareness in overseas markets of the quality of UK products and services is a key function of the British Security Industry Association (BSIA), the trade association representing the UK’s private security industry, and in particular its Export Council, a dedicated forum for BSIA member companies who are focused on extending their local business to overseas markets.
With a security industry at least four times larger than that of the UK and a strong reliance on private security firms1, the U.S. is a key target market for UK companies wishing to export their products, services and expertise outside of Europe. Most recently, a number of BSIA members attended the ISC West security exhibition in Las Vegas to investigate what opportunities exist for UK companies to forge trade links with their U.S. counterparts, and to assess the similarities and differences between the two markets.
A GLOBAL CHALLENGE
Among the delegates to ISC West was Craig Swallow of BSIA member company, Connexion2. Providing device-based solutions, effective policy creation and bespoke training, Connexion2 helps organizations consider and reduce physical risks to employees who work alone or without direct supervision, known in the industry as ‘lone workers’.
Craig comments: “ISC West was our first American show, and we used it to check and verify that the services that we offer in the UK and Europe are marketable in North American market. We came away with an unequivocal yes.
“From a lone worker perspective, a lot of the risks and issues that we address here in the UK are identical in the U.S., with the same types of workers facing similar risk profiles, although with some subtle differences.
“For example, customers in certain vertical markets, in particular education and retail, recognize the additional risk of gun violence brought about by the wider availability of weaponry in the U.S. This was the only big difference in terms of risk profile – other than that they’re very similar.”
Undoubtedly, adds Craig, there are clear opportunities for greater partnerships between UK and U.S. security companies, particularly in terms of sharing expertise in today’s global marketplace.
“Global businesses with offices in both the UK and U.S. face global security challenges, and to try to address this from just one side of the Atlantic is not feasible. Inevitably, too, market expertise is often greater on one side of the Atlantic than the other. For example, it’s clear that the UK’s adoption of technology to remove lone worker risks is much higher than that of the U.S., but the key drivers behind this activity are very similar. As such, for organizations like us, partnerships with local players in the U.S. security market, including Alarm Receiving Center providers and installers, is essential.”
FORGING LINKS
The BSIA’s Export Council serves as a forum for such relationships to be founded and cultivated, and acts as an invaluable port of call for U.S.-based contacts interested in developing a relationship with a UK company as a partner, customer or distributor. The U.S. remains a pivotal market for UK security companies, and BSIA networking initiatives such as the annual ‘Meet the Buyers’ event continue to establish and reinforce such links.
Organized by the BSIA in partnership with UK Trade and Investment Defence and Security Organisation (UKTI DSO) and International Trade Promotion Centre and hosted at IFSEC International, the UK’s largest security trade exhibition and conference, the Meet the Buyers ‘speed-networking’ event has introduced UK businesses to over 1,200 overseas buyers in the four years it has been running, which has resulted in almost $16 million worth of predicted sales.
Attending Meet the Buyers in 2011, Bernadette Terry, Trade Officer at the British High Commission in Canada, commented: “I have been attending this event since 2007, and find it mutually beneficial for both Canadian and UK
By John Davies, Chairman, British Security Industry Association’s Export Council
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companies. It is particularly useful in making UK companies view Canada as a viable route to the North American market, and is a great way to showcase UK technology and expertise. What’s more the event is very well organized so I am never worried about recommending it or inviting people to attend as I know they will be treated very well.”
WORLDWIDE CAPABILITY
UK Trade and Investment’s Defence and Security Organisation (UKTI DSO) worked with various security industry bodies, including the BSIA, to produce a report on the capabilities and strengths of the UK security industry. This report found that UK companies receive considerable international recognition for their ability to provide reputable, trustworthy services and reliable products.
Among the results of this report, it was noted that the UK provides security support to NATO programs including maritime protection and defense against mortar attacks, and is also a world leader in chemical, biological, radiological, and nuclear (CBRN) defensive equipment.
Not only that, UK security companies are also recognized for their skills in providing security for world sporting events, including the Beijing 2008 Olympic Games and forthcoming London 2012 Olympic Games, and also has extensive
experience in border patrol, utilising the latest biometric and forensic equipment at airports and ports, as well as helping secure cyber activity worldwide through specialist systems developed in the UK.
The use of electronic security technology to counter terrorism is one particular area where the U.S. security market is also highly advanced. Security fees were introduced in the U.S. post-9/11 to fund increased security at airports, with the U.S. Air Transport Association reporting that passengers paid $2.16bn in fiscal year 2009. In addition, the U.S. Transportation Security Administration invested in 450 advanced imagers in 2009/2010 to detect weapons and explosives hidden under passengers’ clothes1.
Ashley Smith, the BSIA’s Civil Aviation Security Section Chairman, defends the use of such ‘body-scanning’ technology, the introduction of which has been controversial in the UK: “Technology such as full-body scanners plays a vital role in helping airport staff to maintain vigilance and carry out all-important security checks. The use of full-body scanners is simply an evolution of existing security technology and allows passengers to travel safely and securely with minimum delay or disruption to their journey.”
Surprisingly, prior to 9/11, only 10% of passenger luggage checked into U.S. airports was screened for bombs and explosives2. Ten years later, we have all become accustomed to removing our shoes and limiting the amount of liquid we carry as we pass through airport security. Security on board aircraft has also taken dramatic leaps forward on both sides of the Atlantic following 9/11. Many aircraft now carry on-board CCTV technology, which consists of covert and/or overt CCTV cameras installed throughout passenger cabins, which are connected to a Digital Video Recorder (DVR). Access to the flight deck is restricted by combining intruder-resistant cockpit doors with surveillance technology, which enables flight attendants to view the area outside the flight deck door and adjacent galleys, to assess the situation and identify personnel before allowing them access to the cockpit. Thanks, in part, to such technological developments, passengers remain confident in the safety of air travel, with a recent report by the UK magazine, The Economist, illustrating a 30% rise in commercial air traffic in the U.S. since 9/113.
FIGHTING TERRORISM
Despite these successes, both UK and U.S. markets acknowledge the ongoing threat of domestic terrorism. In the UK, between January 2009 and December 2010, over 600 people were arrested for terrorist-related activity, which is more
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than in any other European country. The Home Office itself acknowledges the changing face of the terrorist threat, noting that, while the organization remains a significant threat, Al Qaida is now “weaker than at any time since 9/11.”4
In addition to Islamic fundamentalism, the UK Government’s counter-terror strategy – known as CONTEST – also raises concerns around the resurgence of Northern Ireland related terrorism, with the country having seen a total of 40 terrorist attacks in 2010. While 9/11 may have brought to the fore the potential risk of attack from other parts of the world, Northern Ireland related terrorism was a threat to national security long before 9/11, responsible for both the Manchester city center bombing of 1996 and the Omagh bombing in 1998. Currently, the official terror threat in Northern Ireland is evaluated as severe, meaning that a terrorist attack is highly likely.
LOOKING AHEAD
The UK Government states that Britain is ranked sixth in the global security export business behind the U.S., the People’s Republic of China (PRC), Japan, India, and Germany. However, according to a 2010 market report by research company, Keynote, there are opportunities for the UK’s share to significantly increase.
Increased construction activity prompted by economic recovery is cited as one of the major drivers of future growth in both UK and U.S. security markets, as is the increased reliance of the public sector on private contract security services. This practice of outsourcing police support functions, including custodial services, crime scene management and forensics, is commonplace in the U.S. but still a growing market in the UK, where the planned introduction of elected Police and Crime Commissioners is expected to make an impact later on in 2012.
The many synergies between the two markets demonstrate that there are clear opportunities for the UK and U.S. security industries to work closely together to share best practice and expertise, and the BSIA’s Export Council is an ideal place to start for those U.S. companies seeking UK partner organizations.
Representing 18 sections of membership across both electronic and ‘manned guarding’ sectors, the BSIA represents quality, reputable companies eager to promote the professionalism of the industry through the developments of Codes of Practice and British, European and worldwide standards.
For more information on the BSIA or the work of its many members, including those mentioned in this article, visit www.bsia.co.uk
1 Keynote, Security Industry Market Report, 2010
2 9/11 in numbers, Tom Templeton and Tom Lumley in The Observer, 2002, http://www.guardian.co.uk/world/2002/aug/18/usa.terrorism
3 Targets for Terrorists: Post 9/11 Aviation Security, Eben Kaplan, 2006, http://www.cfr.org/air-transportation-security/ targets-terrorists-post-911-aviation-security/p11397
4 Introduction to CONTEST, Home Office website, 2011, http://www.homeoffice.gov.uk/counter-terrorism/uk-counter-terrorism-strat
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The American invasion – the human challenges of investing in the UK
In an article I wrote for American British Trade & Investment, BritishAmerican Business’s guide to investing in the USA, I talked about the challenges facing British companies when investing in or starting new operations in the U.S.Inevitably similar challenges exist the other way around. There is a long track record of major American names taking their products and services to the largest English speaking developed market outside their own country, and in many cases with considerable success. Some companies that invested in the 1930s like Hoover and Kellogg even became household names. ‘Don’t be silly my dear, those companies are British not American’. Sorry lady but you’re wrong. They are very American and very successful. But they became good at hiding the fact.
Yet the “special relationship” that exists between Britain and the United States can end up being sorely tested and tried in the commercial world.
It’s not just the language thing – two nations divided by a common language and all that, even though true, these differences can be overcome… eventually. But corporate style and culture are much more difficult to grasp and change. How people treat each other – what has to be spelled out and what can be assumed. The touchy feely side of business that is so difficult to proscribe, or even to describe, can be the Achilles heel for an otherwise successful venture.
Many Americans have suffered at the hands of the British innuendo, the unkind remark, the supercilious attitude. Nailing the Yank can be tremendous sport even though very counter-productive. But equally the “ugly American” stereotype also had some validity, typified initially in that throw-away line during the Second World War when GIs were described as “overpaid, oversexed and over here”. Very loud and too obvious? The Brits prefer the subtle jibe, sarcastic wit and understated enthusiasm that is very difficult to gauge and appreciate if you are not ‘one of us’.
Nevertheless the Americans love Britain (especially American bankers who live so well in the choice parts of London), and the Brits love America. Many come from the same roots – it’s just the packaging that is different.
In the early days of U.S. investment in the UK the American expatriate executive was common place, and in select circumstances, still is. But American organizations have become better at recruiting Brits who fit and many have now worked extensively for American companies during their careers. At any one time today at least one million British workers are employed by American companies. Thus the
differences become less obvious and people become more used to each other’s working styles.
During the 70s and 80s many British companies transformed themselves into their modern shape and style because they learned from the Americans not only by sending their people there but by recruiting actively from the major American corporations in the UK that had established reputations of excellence in the major management disciplines, especially marketing. Ford, the Mars Group, IBM, Avon, Hewlett Packard etc were major targets for search firms looking to recruit well trained and forward thinking younger executives who could create a new generation of management for old fashioned UK industries.
In those days we recruited actively for a wide range of traditional British companies wishing to upgrade their executive talent and achieve a turnaround in their images and fortunes. They remained British but developed an American edge. Talk to any British executive who has worked for a major American corporation and they will attest to the power and dynamic of the American model and the lessons that they learned which they were able to apply in the UK.
What the Americans had brought to the UK was money, big ideas, ‘marketing’, and positive thinking. A ‘can do’ attitude as opposed to the ‘can’t do’ mentality typical of the Brits and other Europeans in those days, and still even partially true today.
It was a classic case of the new world against the old and during that period even the French complained of “le defi Americain” (the American challenge), Europe was falling behind the U.S. in management techniques, technology, and research. But money talks and American companies invested in Europe in the 60s and 70s in a massive wave of activity, seeing Europe as a huge new market and one that seemed to be integrating to create a unified entity very similar in concept to the United States.
In the long run this turned out to be a great boon to Europe and especially the UK because not only was the inflow of funds and thus creation of jobs beneficial but the Americans were instrumental in creating transnational/pan-European corporations which took advantage of seamless borders, distribution and logistical economies, and efficient production facilities to serve this growing common market.
Savvy executives and companies in Britain and the continent recognized the value of this model and began to transform themselves into pan-European thinkers and operators, something that we take for granted today (in spite of the on-going challenges of the Eurozone).
By Peter Felix CBE, President of the Association of Executive Search Consultants
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The next major event for U.S. investment, however, was less successful. The era of ‘big bang” in the late 1980s saw almost limitless American funds spilling into the City of London, buying up stockbrokers, trading houses (jobbers)and merchant banks in order to develop integrated investment banking operations in one of the key financial centers of the world. The initial result was organizational mayhem and the virtual destruction of billions of dollars in equity that had been expended in the purchasing frenzy. Much like the race for Africa between the colonizing countries of Europe at the end of the 19th century, so financial assets were acquired in a desperate effort to get a foot in the door without any regard to management culture, risk management, or organizational fit. So bad was this experience that the CEO of Citibank even made a public apology in the Times of London for the way in which their monolithic corporation had eaten up quality private institutions and left little to show for it.
This was a very special era and one which many have chosen to forget since there was little to be proud about, whether on the side of buyer or seller of these specialist financial organizations. There were one or two exceptions. The long term investment in Cazenove by JPMorgan which eventually led to a complete takeover of this elitist merchant bank cum stockbroker in only the last several years, may turn out to be as good as it gets in terms of integrating a foreign acquisition. The two organizations moved slowly towards understanding and integrating into each other’s methods and style – even then it was not plain sailing.
For the most part, however, ‘big bang’ was a spectacular failure for those American banks and brokerage houses that waded in with all guns firing. Once the dust cleared literally billions of dollars had been wiped out.
How do such calamities occur on either an industry-wide or an individual company basis? It all goes back to a bandwagon mentality and serious underestimation of the importance of those soft aspects of business such as personality, corporate culture, management style, and leadership.
It is easy to look back and say that this is the way that it should have been. Unfortunately it takes time for organizations to learn how to make the cultural adjustments that most management commentators now recognize as being crucial to long term success. It is also easy to identify the pitfalls in retrospect e.g. making assumptions about organizational/authority structures, putting in place individuals who do not have the cultural sensitivity or ‘soft touch’ that may be required. This is especially true in a UK/U.S. environment where those cultural disconnects referred to earlier can have massive implications.
Since the 1990s the world has moved on, become far more global and the parameters for investment by the U.S. in the UK have altered. But fortunately for the UK American corporations still regard it as being a most favored nation and one in which they will continue to have a vested interest. But the nature of the perspective has changed.
Americans increasingly have seen Britain as a launch pad into the European market and thus their investment there is in the context of Europe. As a stand-alone market in its own right the UK’s attraction as a destination for American investment has declined. But it is still a source of a highly educated workforce, of individuals who ‘travel well’ and who can be well employed in an international context. The advantage of the English language is highly important in a global context and none of these attributes go unnoticed by American multinationals. If anything Britain shares with America ownership of favorite status in these large multinationals and thus one sees plenty of British executives rising to the top of American brand names. Colgate Palmolive, Salomon, Chartis, Ford, even Vogue have all had British executives at the helm in recent years.
So the “special relationship” between Britain and America continues. With a longer time horizon thousands and thousands of British and American students spend time in each other’s countries and thus the cultural disconnects of the past begin to unwind. Perhaps for the older generation the stereotypes still exist but, by exercising care in selecting and developing executives, some of the glaring errors of the past should be avoided.
Let’s hope that we have entered a more sophisticated and culturally aware era where the careful selection and retention of people and understanding of corporate cultures is of paramount importance.
The Association of Executive Search Consultants (AESC) is the worldwide professional association for retained executive search firms and leadership consulting. The AESC promotes the highest professional standards in executive search through its industry-recognized Code of Ethics and Professional Practice Guidelines. It also serves to broaden public understanding of the executive recruitment process and acts as an advocate for the interests of its member executive search firms.
For more information visit www.aesc.org
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Healthcare for your employees working in the UK
Providing competent healthcare for your employees and, as importantly, for their dependents, must be among your earliest considerations when deciding to ask your North American employees to move to the UK. Fortunately, the four UK countries (England, Scotland, Wales and Northern Ireland) are among the best provided for healthcare in the world. This article gives a brief primer on how to plan for the health care of your employees in the UK environment.There is a flourishing independent (Private) healthcare sector providing world-class treatments in excellent hospitals. Reputable ones are Members of Independent Healthcare Advisory Services (IHAS). Hospitals are usually accessed through a countrywide spread of General Practitioners (GPs) who provide primary care and personal medical services.
PRIMARY HEALTHCARE
GPs are private providers of healthcare, many of them offering healthcare services contracts to local companies and, usually, also to the National Health Service (NHS). Access to specialist services in clinics or hospitals, NHS or private, is made through the family doctor (GP) – direct access to a hospital is not usual in the UK except in accident or emergency. There are many GP practices that offer their services under contract to companies, often as an addition to the Occupational Health cover that your company will need to have in place already. The same organizational principles apply to dentists and opticians.
The Independent Doctors Federation (IDF) is the most active independent medical practitioner organization in Great Britain. It is recognized as the nationwide voice of independent doctors in all matters relating to private medicine. It will signpost on request to General Practitioners who offer private primary healthcare services, and can be found at www.idf.uk.net. Another signposting organization is The London Consultants Association at www.london-consultants.org.uk.
GPs that are also under contract to the NHS can be found locally by asking the Primary Care Trust (PCT) in the area (from April 2013, Clinical Commissioning Groups). GPs have a measure of discretion in accepting applications to join their patient lists, particularly in taking on private (i.e., non-NHS) patients.
Dotted around in the major cities are independent walk-in treatment centers, usually situated at transport hubs, which provide care such as occupational health, travel and flu vaccination, sexual health, family planning, and sport injury therapy. A well-known one is Your Excellent Health Services at www.yourexcellenthealth.co.uk.
Recently, high-street pharmacies have started to offer a range of medical advice for minor problems – big names in the UK are Boots (on virtually every high-street), Lloyds Chemists, and Superdrug. In the heart of London, Wigmore Medical (+44 207 491 0111) provides pharmacy products and medical equipment of all kinds.
SECONDARY HEALTHCARE
Secondary acute independent healthcare services in UK are provided by members of the Independent Healthcare Advisory Services (IHAS) to the highest national standards. With a combined annual turnover exceeding $4.8bn and over 200 hospitals around the UK, they provide the full range of hospital services and choice, sometimes also to the NHS. A full list of IHAS Members can be found at www.independenthealthcare.org.uk.
One well-known to North Americans is Hospital Corporation of America (HCA Inc.). The overseas division, HCA International, is based in the UK and operates six world-class hospitals in central London. They are The Harley Street Clinic, London Bridge Hospital, The Lister Hospital, The Portland Hospital, The Princess Grace Hospital, and The Wellington Hospital.
HCA International also has a range of outpatient and diagnostic centers, including in North London, Essex and Kent, Chelsea, Canary Wharf and the City. It also has extensive cancer treatment facilities in London and the North of England.
More widely spread across the UK is General Healthcare Group’s BMI Healthcare (www.bmihealthcare.co.uk). General Healthcare Group is the primary independent healthcare provider around the UK. Its main focus is treating private patients while maintaining its position as a dynamic partner of the NHS. It has:
• 67hospitalsandtreatmentcentersacrossthecountry
• 99%patientsatisfactionratingofgoodorbetter
• 115specialtiesandservices
• 7,000consultantspecialists
• 89%ofpeopleintheUKlivelessthananhourfromaBMIhospital
By Sally Taber, Director, Independent Healthcare Advisory Services
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Ramsay Health Care (www.ramsayhealth.co.uk) has a network of 22 private hospitals in the UK as well as nine treatment centers and three neurological units. Like all the other providers listed, it also gives treatment to NHS patients under contract, and is known for the excellence of its hotel services.
Spire Healthcare (www.spirehealthcare.com) was originally formed in 2007 from the sale of BUPA Hospitals, with the addition of Thames Valley Hospital and the 10 former Spire hospitals in 2008. The network now numbers 37 and covers the entire country. Spire Healthcare’s quality pledge promises medical treatment that can be relied on and personal care that will be appreciated.
Nuffield Health (www.nuffieldhealth.com) is the UK’s largest health charity. Corporate well-being is its specialty. It provides medical, wellbeing and fitness services to consumers, private hospital patients and employers. Nuffield Health not only diagnoses and cures illness but aims to prevent people falling ill in the first place, by helping them live healthier lifestyles. It is very useful for occupational health and gym memberships.
Other important hospitals in London include, among many, The London Clinic, King Edward VII’s Hospital Sister Agnes, New Victoria, Bupa Cromwell, and the Hospital of St John and St Elizabeth.
In Scotland and Wales, BMI Healthcare, Nuffield Health and Spire Healthcare are represented by first class hospitals, while in Northern Ireland excellent independent hospitals include North West Independent Hospital (www.nwih.co.uk) and Ulster Independent Healthcare (www.ulsterindependentclinic.com).
THE NATIONAL HEALTH SERvICE (NHS)
The National Health Service (NHS) is the principal health care provider in the UK, being financed from national taxes and
comprehensive in its coverage. It is therefore necessary for your company planning to understand what of its services may be accessible to your people. Payment is required from foreigners unless they qualify under certain rules.
What is free from the NHS?
• Treatmentgiveninanaccidentandemergencydepartment(excludes emergency treatment given elsewhere in the hospital)
• Treatmentgiveninawalkincenterprovidingsimilarservices to those of an accident and emergency department of a hospital
• Treatmentforcertaincommunicablediseases(excludingHIV/AIDS where it is only the first diagnosis and connected counseling sessions that are charge free)
• Compulsorypsychiatrictreatment
• Familyplanningservices
HOSPITAL TREATMENT IN AN NHS HOSPITAL
Under the current Regulations, anyone who is engaging in employment with an employer who has his principle place of business in the UK, or who is a self-employed person whose principle place of business is in the UK, is fully exempt from National Health Service (NHS) hospital charges in England. This exemption applies to their spouse, civil partner and children (under the age of 16, or 19 if in further education) if they are living with them in the UK on a permanent basis. These regulations are under review (April 2012), so watch out for changes.
To be exempt from NHS hospital charges on this basis they must be in employment at the time they receive treatment.
Anyone who is not ordinarily resident is subject to the National Health Service (Charges to Overseas Visitors) Regulations 2011. All information on NHS charges can be found at www.dh.gov.uk/en/Healthcare/Entitlementsandcharges
PRIvATE MEDICAL INSURANCE
All your employees and their families should be covered by private medical insurance applicable in the UK. Among leading companies providing it are Bupa, AXA PPP, Aviva and PruHealth. PMI provision for employees may be UK tax-deductible.
YOU CAN BE SURE OF ExCELLENT PRIvATE HEALTHCARE FOR YOUR EMPLOYEES IN THE UK
In summary, your company can make excellent healthcare provision for employees and their dependants. Private medical provision in the UK by healthcare providers who are IHAS Members is world-class, so you can be sure that if you choose them you are among the most caring of employers.
For more information contact:
Sally TaberDirectorIndependent Healthcare Advisory ServicesCentre Point103 New Oxford StreetLondon, WC1A 1DUTel: +44 (0) 207 379 8598
Website: www.independenthealthcare.org.uk Wellington Hospital
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Spoil the Ship for a Hap’orth of Tar: What Wal-Mart has taught us about expansion into Europe
Spoil the ship for a hap’orth of tar is an old English proverb describing spoiling something important by refusing to spend a trifling amount of time and money (funnily enough, “ship” in this instance is dialectical for “sheep”). Dominic Tidey looks at how direct investment in terms of corporate expansion in the retail sector has been handled by some U.S. firms coming into Europe, and what factors limit and promote success for companies opening up in Europe.The U.S. is the world’s largest overseas investor. A recent study by the United Nations indicates that U.S. firms are the largest foreign direct investors in the world and own as much abroad as the UK and Germany combined, the next largest foreign direct investors. Europe accounts for over half of all direct investment from the U.S. valued in 2010 at the $2 trillion mark. With such a staggering sum in mind, it is vital that American companies get it right time after time. I have worked in corporate relocation for over 15 years and have seen first hand, how specialist professional assistance greatly increases the success of overseas expansion. Relocation companies are at the forefront of this specialist knowledge and are one major ingredient in the recipe for success.
Corporations, no matter how large, are run by people. It is not the corporation per se that will expand overseas, it is the people who work for it who will form the vanguard of the new enterprise. The process of being relocated to a new country ranks right up there with divorce and redundancy as a life stress. The Holmes and Rahe social readjustment scale maps out those issues that can have a serious impact on normal emotional functioning and the components of an international relocation rank among the highest on the scale when combined. It’s easy to forget that in any business expansion into a new territory, the people who will carry out the work are the absolute key to the success or failure of the project. Corporate expansions into new markets rely on happy and settled managers and families for their success and this is where outsourcing to the professionals is key.
The biggest failure rate for international assignments is from which country to which other? I have asked this question all over the world as part of an intercultural training session my organization runs and mostly people figure that the more extreme the move, the less likely it is to succeed. Examples such as U.S. to China, or Sweden to Qatar are given, with the intelligent assumption that the more extreme the cultures are, the more challenges the expat will face. But in fact the highest rate for assignment failures is for moves between
the U.S. and the UK, and the reason for 60% of assignment failures is attributable to an inability for the individual or family to assimilate into the host culture. So, the culture shock of coming to Europe and transferring from a U.S. lifestyle to a European one, involves not just a dramatic change in comfort and status, but also in cultural reference. There is an expectation for American citizens of familiarity with Europe, as we have a long shared history and many common societal references such as similar political systems. But scratch just a little deeper and the commonality ends. European social democracies work with an entirely different mindset to the American self-determinist model. On a recent visit to New England I had a very interesting discussion about access to healthcare, which in Europe is seen as almost an inalienable human right, but which in the U.S. is perceived as the result of hard work and taking a stake within society as a functioning economic citizen. These differences in attitude are not necessarily expected prior to a move to Europe and only increase a sense of difference that had not been perceived in advance. If we are talking about a move from Europe or the U.S. to the Middle-East, we are already aware of the vast difference between the cultural norms and therefore do not face such an unexpected reality check. So the more prepared the expat and family are, the higher the rate of success for their assignment and therefore for the whole project itself.
One of the most striking examples of corporate expansion failure in the retail sector in recent years was Wal-Mart’s move into Germany. Even by American standards, Wal-Mart must be considered as a success story without precedent. Forty years after its start in 1962, continuous double-digit growth rates have transformed it into the world’s largest retailer. Wal-Mart recently overtook General Motors and Exxon to become the world’s largest corporation in terms of revenue. After establishing itself as the dominant player in its home market, Wal-Mart decided, in the late 1980s, to embark upon an ambitious overseas expansion plan to sustain its brisk corporate growth. The goal was to have its overseas operations contribute a third of its total profits by 2005. In 1991, the first store outside the U.S. was opened in a suburb of Mexico City. Continuing this aggressive expansion model, Wal-Mart set its sights on entering the highly competitive German retail market. In the UK Wal-Mart has succeeded in becoming the second largest supermarket chain with its takeover of ASDA, a far less risky investment strategy than the doomed project drawn up for Germany.
The corporate culture of Wal-Mart is interesting. The U.S. success formula was based on low prices due to extensive use of advanced IT in logistics and inventory management coupled with a highly motivated workforce, influenced to some
By Dominic Tidey, Operations Manager for EuRA, the European Relocation Association
www.babinc.org
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degree by a quasi-religious attitude common in many U.S. companies. Some of the statistics surrounding the company are quite astonishing. Wal-Mart is the world’s largest private sector employer with 1.4 million staff. The Retail Link system, controlling inventory is the biggest civilian database in the world. The company operates the world’s largest private satellite communication system, and their turnover is three times higher than the world’s second largest retailer, Carrefour. So how could they get expansion into one European market so wrong?
Firstly the entry-by-acquisition strategy they adopted was fundamentally flawed. Of the two existing retailers they bought, Spar and Wertkauf, Spar was considered a very weak player in Germany and perceived as very low quality. Its stores were small and in less well off inner city areas. The corporate cultures and marketing strategies just were not compatible. Coupled with this, Wal-Mart paid far too much for the ailing Spar group and could not recoup the loss.
Secondly, and most crucially from a relocation perspective, the U.S. management clashed cultures with the existing German teams. Post merger integration is tricky at the best of times, but when this is taking place across two very different cultures, the importance of intercultural competence in the management team is key to success. Wal-Mart appointed four different CEO’s during the first four years of German operations. The first, Rob Tiarks, had supervised 200 U.S. mega stores from the Arkansas HQ. He had never been expatriated before, spoke no German and therefore decreed that the official language of Wal-Mart Germany would be English. His team ignored legal frameworks that governed retail operations and as a result the top three senior executives
from Wertkauf resigned. After Wal-Mart bought ASDA in the UK in 1998, Tiarks was replaced by a British executive, Allan Leighton, who ran the German group from the HQ of ASDA in Leeds. Six months later he was replaced by Volker Barth, the first German to be in the CEO role and one of the remaining top executives at Wertkauf. By this time, faith in the top management team had evaporated and Volker failed to integrate Spar into the operation.
The third reason why Wal-Mart failed was a lack of cultural sensitivity to the retail operations as a whole. U.S. and German consumers are very different and even the most basic of intercultural training programs could at least have highlighted this fact prior to the expensive takeovers. U.S. consumers are used to a very high level of interactivity with staff in a retail environment. High and low context cultures, were first identified by Geert Hofstede in the 1970s. Consumers in a high context culture do not need the same levels of assistance and information given to them as consumers in a low context culture. The U.S. is a low context culture and Germany, a high context one. The result was that the meet-and-greet philosophy so popular in Wal-Mart U.S.A, was seen as intrusive and rude to the German customers, who did not want or like Wal-Mart greeters welcoming them to the store. They perceived it as patronizing. One retail success in Germany is the U.S. chain Eddie Bauer, specialists in outdoor clothing. Walk into Eddie Bauer in the U.S. and a staff member will immediately ask if you need help. Walk into Eddie Bauer in Berlin and the staff remain at arms length until you ask for help. This is the German way and the management team at Eddie Bauer recognized this and incorporated it into their expansion planning.
Asda, Cannock
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It may seem counter-intuitive to look at failure as a way to promote success, but the lessons learned from the Wal-Mart expansion give very clear indicators. The retail sector in Europe is dominated by home-grown brands, but there are marked U.S. success stories. Gap has been a huge player in the retail market since the 1980’s, but interestingly the group has not chosen to replicate this success with it’s two other key brands, Old Navy and Banana Republic. However this is about to change as the first Banana Republic store is about to open in France. The first branch in the UK opened with great success in 2008. The high end clothing retailer Abercrombie and Fitch opened in London in 2010 to queues around the block. The UK is very often the first destination for U.S. brands as we share a cultural similarity for how we like to shop. The same meet and greet attitude of stores such as Abercrombie and Fitch and its sister brand, Hollister may not translate to Germany or Scandinavia but hopefully the lessons learned by Wal-Mart will form part of the expansion feasibility studies for other major brands. Abercrombie are about to launch in Madrid, Dusseldorf and Brussels and as long as the brand manages to keep the exclusivity that makes teens willing to pay $75 for a sweatshirt, the importance of cultural integration may be small in comparison to Wal-Mart.
The auto-industry in the U.S. has suffered terrible losses since 2008 and overseas expansion is vital to the success of manufacturers such as GM, who are investing $7 billion in updating plants producing the Opel and Vauxhall brands to strengthen European sales. GM is a good example of a company who fully understands the repercussions of relocating operations overseas and developed a huge company in its own right, delivering relocation services initially to GM employees being expatriated, and then to the wider corporate world. GMAC became one of the largest relocation management companies in the world and now operates independently as Brookfield Mobility. This strategy has enabled GM to move seamlessly into Europe with newer brands such as Dodge and Chevrolet now taking a sizeable chunk of the market.
If things do start to fail on a management level as they did with Wal-Mart’s disastrous CEO appointments, there is help available from the experts. Mike Amos is the CEO of Empathica who provide customer feedback research to retailers and who recently drew up a 10 point formula for success in international expansion.
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Gap store in London’s Oxford Street
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1. DO SOME RESEARCH FIRST
Money can be wasted if you plunge into a new market without researching its potential first. Identify whether there’s a local appetite for your products or services by attending trade shows, researching local competitors and identifying any local trade associations that can assist you.
2. CONSIDER CULTURAL DIFFERENCES
When expanding into Europe, many U.S. companies choose the UK as their starting point. But while we share a common language, both cultures tend to have different business styles. In the U.S., management tends to be open to ideas being pitched by vendors, whereas in the UK, access to decision makers is more restricted, making the sales cycle considerably longer. However, once contact has been migrated up to senior levels, UK businesses tend to stay loyal to suppliers.
3. TAKE ADvANTAGE OF GOvERNMENT SUPPORT AND RESOURCES
Government assistance to business expansion comes in many shapes and sizes and it is important to check out what is available, whether it be at a regional level or sector-related.
4. KEEP ONE EYE ON THE MONEY
Make sure you raise the necessary capital to support your growth. As bank loans become more difficult to secure, businesses need to investigate a variety of funding options. Also, be aware of how currency fluctuations can affect your business costs.
5. BUILD A RELATIONSHIP
Going it alone can be a lonely journey, so consider partnering with an established local business to help gain a foothold in the market. This will cut the costs of reaching the market and save a lot of time in getting started.
6. UNDERSTAND THE LEGAL SYSTEM
Whether it’s employment law, contract law or commercial law, it is necessary to make sure that you are appropriately knowledgeable to deliver on the business you are contracting in the country.
7. GET TO GRIPS WITH EMPLOYMENT PRACTICES
Standard employment practice varies widely from country to country and it is important that employers understand local requirements, from holiday allocation through to maternity and now paternity provision.
8. CONSIDER OFFICE LOCATION
You need to be in the right place to access the right resources for your business to flourish. Being in the middle of a country does not necessarily mean you are at the center of the action. Take advice, even if this comes at a premium.
9. BE AN INNOvATOR
While planning and strategy are critical, it is a fast-changing world and businesses need to stay ahead of the curve. The dynamics that can make your business irrelevant come around more quickly than ever.
10. DON’T UNDERESTIMATE THE COST
All of the above factors and associated costs must be carefully considered before a final decision to expand is made. Entrepreneurs are known for taking risks, but they like to be better prepared than their less successful, cautious counterparts.
U.S. companies coming into Europe face challenges that they may not be aware of. Working with specialists who provide advice, management consultancy and individual support for the family and manager in transition is vital to success – look at Wal-Mart, and then look at GM and decide which approach you would take. There are multiple factors in the success of U.S. companies moving into Europe and before Wal-Mart many believed that product strength was enough. However, the challenges thrown up by cultural assimilation for both the individual and the corporate body cannot be underestimated anymore.
EuRA, the European Relocation Association, has 375 member companies in 56 countries offering professional relocation support to corporate clients.
www.eura-relocation.com
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Abercrombie & Fitch opened their London store in a town mansion built in 1792
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London: World Capital of Business
london
London is Europe’s number one location for business. London is the ultimate place to do business. The UK capital is home to more of the world’s largest companies than any other European city. Thirty-five of the FT Global 500 companies, ranked by market value, are headquartered in London.London was recently awarded the highly coveted and contested ‘European Cities of the Future’ award at the fDi Intelligence European Cities & Regions of the Future Awards. This was the highlight of a portfolio of eight top places that were awarded to the UK capital, including best for Human Resources; Infrastructure and Business Friendliness.
For the 22nd year running, London has been voted Europe’s best city for business by Cushman & Wakefield’s European Cities Monitor 2011.
London is positioned as the number one city in six of the 12 major rankings including:
• accesstomarkets,customersandclients
• availabilityofqualifiedstaff
• qualityoftelecommunications
• languagesspoken
• internationaltransportlinks
• andinternaltransportlinks
London, Paris and Frankfurt remain the top three European locations sitting comfortably ahead of all other challengers. The UK capital also came out top in the category of ‘cities which are perceived as doing the most to actually improve themselves’.
WHY SET UP BUSINESS IN LONDON?
SKILLED WORKFORCE – LONDON IS A MAGNET FOR TOP TALENT
London’s prime asset is its social capital: a highly skilled, diverse and multi-cultural workforce. London offers a regional labor pool of over nine million – the largest regional workforce in Europe. London also consistently ranks as the world’s richest labor force for language skills, with one-quarter of the population born overseas and over 300 languages spoken, adding to its ever-changing cultural vibrancy.
WORLD CENTER FOR ACADEMIC AND RESEARCH EXCELLENCE
Feeding the world’s ever-growing appetite for knowledge, London is recognized as a world center of excellence for research and education, with one of the largest critical masses of educational and academic facilities anywhere in the world. Over 400,000 students are currently studying at London higher education institutions, of which more than 100,000 are overseas nationals, including more than 5,000 American students.
LONDON OLYMPIC GAMES: LEGACY OPPORTUNITIES
The post-Games vision for London’s Queen Elizabeth Olympic Park is to create a unique and inspiring place for events and leisure activities, a major center for sport and culture, new communities built around family housing with a range of affordability, and a hub for enterprise and innovation.
This will include:
• AsportinglegacywithkeyvenuessuchastheVelodrome,the Aquatics Center and the Stadium retained for long-term elite sporting and community use.
• Atransportlegacywith9directraillinks,andexceptionalconnectivity to the rest of the UK and Europe further enhanced by Crossrail in 2018.
• Acommunitylegacywith5newneighborhoodswith11,000 new homes delivered over 30 years on the Olympic Park, each with a distinct character and a mix of housing sizes, ownership and rental options. 35% of these will be affordable and over 42% family size units with three bedrooms or more, with the Athletes Village becoming part of the first wave of housing developments. This is complemented by the development of education and healthcare facilities.
• AbusinesslegacywithahublocatedatthePressandBroadcast Centers, featuring over 968,000 square feet of commercial space, as well as the International Business Quarter.
• Aculturallegacywithanextensiveprogramofeventsinthe Park, with 9.3 million visitors expected by 2016. Attractions such as the Orbit, waterways and parkland will be further strengthened by the adjacent Westfield Retail & Leisure Development in Stratford, the largest urban mall in Europe.
A dedicated Olympic Park Legacy Company has been set up to specifically plan for and oversee the execution of the legacy work. The Legacy Company is a regeneration company, a developer, a park manager, a facilities and park operator. They are here for the long-term – 25 years and beyond - leading the planning, development and management of this new metropolitan quarter of London.
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BUILDING FOR THE FUTURE
London is also transforming itself in other ways to accommodate growth in its population of one million over the next two decades. Among the largest and most exciting development projects that are taking place in London are Crossrail, King’s Cross, Stratford City, and the Royal Docks development. Over the longer term, London’s economy is projected to grow by $235 billion by 2025, moving it up from 5th to 4th rank of the world’s richest cities, and the city is evolving to meet this demand.
KEY SECTORS IN LONDON
London’s strong business infrastructure provides the perfect conditions for a broad range of sectors and industries to build, grow and succeed. Creative industries; IT, telecoms and software; business services; financial services; real estate; life sciences; environment; clean-tech; manufacturing; oil and gas; transport and logistics all make up the rich tapestry of the business world in London.
TECH CITY
The UK capital also excels in digital connectivity and infrastructure. Across the UK, an impressive 99.6% of the population can access broadband, and London is pursuing ambitious plans to bring infrastructure up to speed for a new digital age, ensuring that 90% of the population has superfast broadband links by 2015, and that there is universal coverage.
In London’s East End, the commitment to technology has helped the growth of Europe’s largest and fastest-growing technology cluster, Tech City. Stretching from the City to the Olympic Park in Stratford, the area has seen a phenomenal 700% growth in the number of tech companies setting up in the last three years, fueled by the commitment of big technology and digital players like Cisco, Intel, Google, and Facebook to investing in London as a business location.
WHAT LONDON & PARTNERS CAN DO FOR YOUR BUSINESS
London & Partners, London’s official promotional organization, helps international companies set up and expand their business in the UK capital. Our services are fully funded and confidential, and our team of experts can help businesses on a wide range of issues:
• WecanhelpyoubuildthebusinesscaseforLondon
• WeshowyouwhatLondonoffersyourbusiness,andweconnect you to it
• WeknowLondoninsideout.Wefindthebestpeoplefrom London’s huge pool of talent and skills, places and opportunities for your business
• Weunderstandthedifferentrelocationissuesofamulti-national company and a business start-up, and we tailor our service to meet the needs of both
• WeprovidefreeofficespaceincentralLondonlocationsfor up to 12 months for new overseas investors through our “Touchdown London” program
• Wehelpateverystageoftheprocess–fromyourinitialenquiry to your first few months in London. And it won’t cost you anything
• Weconnectyoutoourbusinessnetworkssoyoucanlearnfrom companies that are already established in London
• Wemakesureyouhavealltheinformationyouneedtomake the best decisions for your business – we’ll give you sector-specific analysis, contacts and advice
• Wedoeverythingwecantohelpyourbusinesssucceedand grow in London
There are plenty of reasons for businesses to consider London for relocation or expansion in 2012 and beyond. London & Partners can help investors take advantage of the opportunities London has to offer their specific sectors and set businesses on the right path in the world’s most global city.
For more information contact:
Nick RoyleHead of North AmericaLondon & Partners6th Floor, 2 More London Riverside London, SE1 2RREmail: [email protected]: +44 (0) 207 234 5744
Neil SmullianVice President, Business DevelopmentLondon & Partners5th floor, One Battery Park PlazaNew York, NY 10004-1479Email: [email protected]
Richard StanaroVice President, North AmericaLondon & Partners235 Montgomery Street, Suite 706San Francisco, CA 94104Tel: +1 415 391 0158Fax: +1 415 391 3157Email: [email protected]
Website: www.londonandpartners.com/businessTwitter: @L_PBusinessLinkedIn: Join our London & Partners FDI Group
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The City of London
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The City of London is a world leader in international finance and business services. It is at the heart of the world’s financial markets and is a vital asset to the British and European economies. Its markets are innovative, competitive and internationally focused. The best companies in the world do business here because this is the place to do business best.It captures a unique concentration of international expertise and capital, with a supportive legal and regulatory system, an advanced communications and information technology infrastructure and an unrivaled concentration of professional services.
More broadly, the City incorporates not only the financial and related business services sector in the Square Mile and London, but also those based across other financial centers in the UK.
STRENGTH OF THE CITY OF LONDON
Financial services generated a trade surplus of £37.9bn and professional services firms a surplus of £7.5bn for the UK in 2011. In 2010, the financial services industry accounted for 9% of UK GDP and 12% of UK tax receipts.
The City has strengths in many areas of financial and related business services, which include:
• International banking - The City is the largest international banking centre in the world, with banks in the UK accounting for over 20% of global cross-border banking business. Most of the world’s largest banks have chosen to locate key parts of their international business activities in London. There were 251 foreign banks with branches or subsidiaries in the UK in March 2011, more than in any other country worldwide. Foreign banks managed over half of UK banking sector assets, totalling over £8.3 trillion in July 2011, mainly on behalf of foreign customers. Around half of European investment banking activity is conducted in the UK.
• Insurance - The UK was the third largest insurance market in the world in 2010 generating around 7% of global premium income. The London Market is the world’s leading market for internationally traded insurance and reinsurance.
• Asset management - The UK is one of the largest markets in the world for fund management, second only to the US. The UK fund management industry serves a large number of domestic and overseas clients and attracts significant
overseas funds. London is the leading international centre for fund management. One third of the £4.8 trillion assets managed across the UK are managed on behalf of overseas clients.
• Foreign exchange - The bulk of foreign exchange trading is conducted in London, which is by far the largest global centre for foreign exchange business. The average daily reported UK foreign exchange turnover was $1,972 billion in October 2011.
• Professional services - The UK is one of the two leading centres for international legal services. The UK is a leading centre for international dispute resolution, with over 4,000 international disputes resolved in the UK in 2010. The UK is a major international market for accounting and related services generating net exports of £724m in 2009. Core services include audit, tax advice, corporate finance and business recovery services.
Many of the City’s strengths are the result of its internationalization. There are over 1,000 firms in the financial services sector that are majority foreign owned. Although almost 100 countries are represented in the UK financial services industry, the majority of these firms are based in the USA. Other important foreign interests in the UK financial services sector are from other European countries and increasingly from Asian countries.
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‘ It [the City] is at the heart of the world’s financial markets’
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THE CITY OF LONDON CORPORATION
The City of London Corporation is the organization that supports and promotes the City and financial services in the capital and UK-wide. It is committed to supporting and promoting ‘The City’ as the world leader in international finance and business services through the policies it pursues and the high standard of services it provides, helping to sustain the needs of this vital industry and position it for the future.
The City of London Corporation also provides local government and policing services for the financial and commercial heart of Britain, the ‘Square Mile’. Its responsibilities extend far beyond the City boundaries in that it also provides a host of additional facilities for the benefit of the nation. These range from open spaces such as Epping Forest and Hampstead Heath to the famous Barbican Arts Centre.
The City of London Corporation provides assistance to financial and related business firms looking to establish and grow their operations in the UK in the following areas:
• Generaladviceandassistanceonsettingup a business here
• Financialservicesinformationandresearch
• IdentificationofsuitableofficespaceintheCity
• Contactsandconnectionstohelpyouidentify support organizations
• Networkingopportunitiestohelpyouexpandyour contacts here
• Businessdevelopmentopportunitiesforfirmslookingtoaccess overseas markets through the City’s offices in India and China and the program of overseas visits to promote the industry by the Lord Mayor of the City of London
• Awiderangeofsupportprogramsforbusinesseslookingto engage with their local communities
For more information contact:
Catherine Breen, International Affairs Officer Tel: +44 (0) 207 332 3968 Email: [email protected]
Website: www.cityoflondon.gov.uk/locatehere
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English Cities and Enterprise Zones: the New Agents in Britain’s Future
By Rt Hon Greg Clark, Minister of State for Cities and Decentralisation
Looking at the UK from the U.S. many international businesses might think first of London. Our capital’s palaces and parliament, financial district and theaters are known worldwide. The British government is determined to bring Britain’s other cities into the international spotlight. Recognizing that no modern nation should – or can - rely solely on the successes of its capital we are decentralizing power to the great cities beyond London. The ‘core cities’ of Liverpool, Manchester, Birmingham, Bristol, Newcastle, Leeds, Sheffield, and Nottingham are among Britain’s best kept secrets: did you know that 65% of firms listed on the London Stock Exchange have a base in Greater Manchester, or that last year over $5.5bn was earned in professional and financial services in Birmingham alone? Collectively the core cities account for 27% of the English economy , are home to half the nation’s leading research universities and generate more wealth than the capital. 50 million air passengers pass through their airports each year. Nearly half a million businesses trade there. They have outstanding international links, but also form a complex and valuable marketplace in their own right.
Today we are creating the conditions where these cities can compete to attract the best talent, ideas, and investment. Our response is all about enhancing entrepreneurialism, promoting local opportunities and providing new investment and tax breaks for those investors who commit.
First, we have been working to encourage a more entrepreneurial culture in city leaderships. The major cities are currently negotiating new ‘deals’ which will give them freshly devolved powers to develop skills, reinvest locally generated surpluses and attract new start-up and growth enterprises.
‘ These partnerships are charged with promoting private sector growth’
Greg Clark with David Frost, Chairman of the LEP Network
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Produced by the Spatial and Statistical Analysis Team, AID© Crown Copyright and database right 2011. All rights reserved.Ordnance Survey Licence number 100018986 2011 06 004
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Cornwall – Aerohub Newquay Airport see pages 66-67 West of England – Bristol Temple QuarterSolent – Daedalus Airfield, GosportKent – Discovery Park, SandwichLondon – Royal DocksEssex – HarlowOxfordshire – Science Vale - Harwell and Milton ParkMarches – Rotherwas Estate, Hereford S.E. Midlands – Northampton WatersideGtr Cambridge and Gtr Peterborough – Alconbury Airfield, CambridgeshireNew Anglia – Great Yarmouth, Norfolk and Lowestoft, SuffolkLeicester and Leicestershire – MIRA Estate, HinckleyBirmingham and Solihull – Birmingham City Centre see pages 63-64 Black Country – Wolverhampton and DarlastonDerby and Nottingham – Boots Campus, Nottingham see pages 72-73 Humber – Humber Estuary Renewable Energy Super ClusterHumber – BAE Systems site at BroughSheffield City Region – Sites along M1 Motorway see pages 74-75 Greater Manchester – Manchester Airport see pages 70-71 Liverpool City Region – Daresbury Science & Innovation CentreLiverpool City Region – Liverpool Waters Lancashire – BAE Systems sites at Salmesbury and WartonLeeds City Region – Lower Aire Valley see pages 68-69 Tees valley – Multiple Sites see pages 76-77 North Eastern – in Sunderland and the River Tyne North bank and the Port of Tyne North Estate
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Of course we recognize that policy makers are not the real job creators, which is why firms that choose Britain, and especially its great cities, can expect every encouragement. Once a company has located to a major city they can expect to be championed by its business leaders too. To add to the powerful voices of reinvigorated local government we have brought together thirty nine business-led Local Enterprise Partnerships (LEPs). These partnerships are charged with promoting private sector growth and in turn have access to a £2.4bn ($3.8bn) Regional Growth Fund designed to support local economic dynamism.
Small firm investors who pay UK income tax currently gain relief on up to 50% of any amounts invested in equity for start-ups. These reliefs form part of a portfolio of incentives offered,
To agree such incentives we have established twenty four ‘Enterprise Zones’ across the nation. Each zone is authorized to negotiate deals with incoming companies to assist their location and ongoing development. Alongside possible capital allowances of up to 100% this can include radically simplified planning requirements and discounts on local business taxes of up to 100%.
For example, local governments in the Sheffield Enterprise Zone along the M1 motorway have agreed to deliver a uniform and more ‘business friendly’ approach to planning regulations with quicker permissions expected for those seeking to prepare and build state-of- the art facilities. Global manufacturer, X:Cel Superturn, is using a new £18 million ($28.6 million) contract to rapidly expand its operations in Sheffield.
Vantec, a subsidiary of the Japanese firm Nissan, became
the first overseas company to invest in an Enterprise Zone, securing £24 million ($38.2 million) to develop a new facility, creating 240 new jobs. In September 2011 Jaguar Land Rover announced that it would build a £355 million ($565 million) engine plant on the i54 site - part of the Black Country Enterprise Zone near Birmingham. The first phase comprises 70,000 square meters (over 17 acres) with a second expansion phase of around 65,000 square meters (16 acres). The plant will employ 750 staff and is due to be in operation by 2014.
We are getting the economic environment right. But alongside the economic opportunities that each of the ‘core eight’ cities offers, companies that locate there are also able to benefit from their historical, cultural, and academic power. Manchester’s Halle Orchestra is world renowned, Sheffield’s Crucible Theatre attracts productions of the highest quality and Newcastle’s ‘Northern Stage’ is a hub of excellence in the performing arts and has long hosted the Royal Shakespeare Company on tour. Liverpool’s cultural sector has continued to thrive following the award of European City of Culture status in 2008. Leeds is home to the largest concentration of universities outside London with 38,000 graduates a year and a high proportion of world leading scholars. Universities and schools across the ‘core cities’ are ranked among the highest nationally. For these reasons choosing to invest in the major cities beyond London is both a desirable as well as economical choice.
Having taken these steps we are looking forward to Britain’s international business reputation arising from the global reputation of all its cities. Cities, Local Economic Partnerships and Enterprise Zones are taking the lead to make that a vision a reality and the British government is behind them all the way.
Greg Clark tours the Port of Hull
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Birmingham - Powered by Innovation
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Birmingham, the Black Country and Solihull have become established hotspots for U.S. businesses and entrepreneurs – with the region attracting more than $3bn in U.S. investment since 2003. As a result, the USA is the top investor in the area, with global brands including Kraft, Motorola, and Microsoft based there. Overall, some 700 U.S. companies now operate in the Birmingham city region, employing 60,000 people.
Birmingham is the UK’s second largest city. Its enviable central location has enabled it to become a highly successful business destination, with 90% of the UK’s consumer and business markets less than four hours away and train journeys to London taking just over an hour.
Wouter Schuitemaker is the Investment Director of Business Birmingham, the area’s inward investment program. He commented: “We have a very strong relationship with
companies in the U.S., which look to the region as a credible place in which to locate or invest. Birmingham attracted more inward investment than any other regional city in the UK in 2011, in part due to our accessible location, large available working population of more than four million people, and cost effectiveness compared with destinations like London.
“The area is also undergoing a real transformation. We believe that more investment is being ploughed into Birmingham than any other regional UK city, including the £27bn high-speed rail link, $323 million redevelopment of Birmingham Airport and $965 million Birmingham New Street rail station project. Birmingham city center’s new Enterprise Zone – which is introducing incentives such as business rates relief and relaxed planning – will also help to unlock regeneration schemes and boost the local entrepreneurial environment.”
In addition to its physical landscape, Birmingham also provides investors with a better quality of living than any regional UK city, according to Mercer’s recent survey, and a number of proactive business support networks that include Business Birmingham.
Schuitemaker added: “We have a thriving business community in the Birmingham city region, and a number of sectors – particularly life sciences, financial & business services, digital media & ICT and advanced engineering – have real potential to grow even further through investment from the U.S.”
A HEALTHY LIFE SCIENCES SECTOR
The Birmingham city region is regarded internationally as center of excellence for clinical research. With a stable and settled residential population of more than five million people – young, and ethnically and socio-economically diverse – it draws in clinical research from around the world. Life science businesses based or investing in the region have immediate access to one of the largest patient catchment region in Europe.
It is also home to world-class facilities at a number of specialist university departments; one of the largest clinical trials clusters in the UK is at the University of Birmingham, and includes the ground-breaking Cancer Research UK Clinical Trials Unit.
Marek Dobrowolski, Investment Manager at Business Birmingham, specializes in the life sciences sector. He commented: “The city region is renowned for its pioneering work on cancer research, heart disease, and translational medicine. With pharmaceutical companies focused on working more closely with academia and medical providers, the strength of our universities and NHS facilities provides a real incentive to run trials here.”
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FACTS AND STATS: BIRMINGHAM, THE BLACK COUNTRY AND SOLIHULL
• Atthecenterofa$150bnregionaleconomy
• Hometoover42,000companies,including900international firms,
• Air,roadandrailconnectionsprovideaccessto400million people across Europe
• Morethan90%oftheUKmarket–consumerandbusiness – is within a four hour travel time
• Providesatalentpoolof97,000graduateseachyear
• Accesstoaworkingpopulationof4.3millionpeople
• ThemostattractiveUKregionalcityforqualityoflife*
• YoungestpopulationofanymajorEuropeancity
• 1.2millionsquarefeetofGradeAofficespaceavailablefor immediate occupation
• ThebestEnglishcorecityintermsoflanguagesspoken**
• Attractsmorethan33millionpeopleayearforbusinessand pleasure
• TheUKleaderine-commerceandoneofthefirstBTWireless Cities
* Mercer Quality of Living global survey ** Cushman & Wakefield 2010
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The wider region has five established medical trials units, three of which are at the University of Birmingham. The University has undertaken significant collaborations with most of the world’s top 20 pharmaceutical companies including GlaxoSmithKline, Lilly, Pfizer, UCB Celltech, AstraZeneca, Bayer, and Novartis, while Aston University recently joined forces with Spectrum Théa.
The local industry is about far more than just clinical trials. The region also has the largest SME life sciences sector in the UK, with more than 500 medical technology companies now based there.
There are a number of organizations on hand to support commercialization and innovation in the life sciences sector, including industry body Medilink West Midlands, regional innovation hub Midtech and Alta Innovations, the technology transfer company for the University of Birmingham.
MAKING A PROFIT IN FINANCIAL SERvICES
The financial services sector has become one of the Birmingham city region’s most successful industries, despite recent economic conditions. Financial and professional services firms across the wider region, which employ some 327,000 people, have worked together to create a smart, dynamic business community.
As a result, an influx of international companies have moved into the region, including Deutsche Bank and Handelsbanken – while Islamic Bank of Britain has set up its headquarters there. Furthermore, many are experiencing rapid growth; from having 35 staff in April 2007, Deutsche Bank now employs more than 1,000 people in the Birmingham area.
Business Birmingham’s Investment Manager Sarah Darch, an expert in financial & business services, explained: “Birmingham has one of the largest financial services centers in the UK, enabling investors to access a large pool of talented staff, ranging from experienced professionals to bright graduates.
“Our location in the heart of the UK provides a variety of transport links to other economic hubs across Europe, as well as direct flights to U.S. locations including New York. We have the added bonus of being a very cost-effective destination;
our Grade A office space, for example, is half the cost of London’s.”
Increasing numbers of banks and financial services companies are looking to optimize their operations by relocating back and middle office functions – and the Birmingham city region has become particularly attractive with its high-quality office stock, talent pool of 97,000 graduates each year and the wide range of languages spoken by its workforce. As a result, the area has become particularly attractive for locating services such as operations, human resources and legal services.
BUSINESS BIRMINGHAM – SUPPORTING U.S. INvESTORS
With Birmingham at the center of a $150bn regional economy, Business Birmingham positions the city as a leading inward investment location and a major engine of UK growth. Supported by the European Regional Development Fund, it provides the link for investors to establish or grow their presence in the region by working as a strategic partner and consultant – providing relevant information, advice and an access point for local business networks.
The team – comprising Investment Director Wouter Schuitemaker and Investment Managers Sarah Darch, Marek Dobrowolski, and Martyn Mangan – are available to provide investors with a comprehensive package of support, including market intelligence, familiarization tours and advice on a variety of topics ranging from funding to recruitment and legislation.
Recent investors that have worked with Business Birmingham include the $4bn Business Growth Fund, leading construction group Skanska, law firm Trowers & Hamlins, and lighting manufacturer NVC Lighting.
For more information contact:
Marketing Birmingham, Baskerville House, Centenary Square, Broad St, Birmingham, B1 2NDTel: +44 (0) 121 202 5022Email: [email protected]
Website: www.businessbirmingham.com
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Businesses need to innovate to succeed both in terms of new technologies and their processes. The University of Birmingham has a tradition of innovation. Our groundbreaking research has made an impact on the world for over 100 years. We continue to expand our international agenda to enhance our reputation as an engaged University with strategic partnerships in the USA, India, China and Brazil. From world-class cancer research to pioneering the development of new fuels, our academic expertise addresses the key challenges facing the modern-day world. We ask questions. We create impact. We use our research expertise to solve tomorrow’s problems today. Whether you are a large corporate organization or a small business and whether you require a short term solution or have a long term project in mind, you can tap into the world-class expertise at the University of Birmingham.
In the USA the University of Birmingham has been working to increase its engagement across a range of activities. This has involved partnering with UK Trade and Investment and the British American Business Council. The University is exploring collaborative projects in the Mid West, particularly in Chicago around their existing sister city relationship with Birmingham. Themes include nuclear physics, urban resilience, global infection, and railway engineering. Whilst the University has extensive existing relationships with industry in the USA, such as with Kraft Foods and Procter and Gamble, the University wishes to develop new relationships where potential synergies exist. The University’s commitment to collaborations in Chicago received a commendation from the Chicago Mayor in recognition of relationship building in 2010.
The University of Birmingham offers a very wide range of research expertise to industry and the public sector. We are recognized for world class research and cutting edge impact in five areas which are critical in today’s world.
LOW CARBON ENERGY
Our main strengths in Low Carbon Energy are in bio-fuels, biowaste to energy, supercritical fluids, hydrogen fuel cell development, and hydrogen storage. Birmingham is one of three Universities chosen by UK government to establish the Energy Technologies Institute (ETI) to speed up the deployment of new low carbon energy technologies in pursuit of the UK’s energy and climate change goals. The College of Engineering and Physical Sciences also offers a wide range of business support across engineering and science related issues.
HEALTH AND MEDICAL TECHNOLOGY
Our main strengths in Health and Medical Technology are cancer, hormones and genes, and immunity and infection. However, we are internationally recognized also as a world leader in translational medicine, particularly in clinical trials. Our total active research funding in health and medical technology exceeds $315 million. We are working in partnership with several of the world’s top 20 pharmaceutical companies and with many leading biotechnology and medical device companies.
ADvANCED MATERIALS AND NANOTECHNOLOGY
The University has strength in depth and breadth in Advanced Materials. We have expertise which covers materials synthesis, processing, analysis, and characterization for both nanomaterials and bulk functional materials. The expertise applies to metals, ceramics, composites, coatings, and powders. The University has received substantial UK government funding for equipment and facilities to enhance its capability to work with industry.
ENvIRONMENT
Our main strengths in Environment research are sustainable energy, environment and health, environmental impact of nanotechnologies, management of water resources, and sustainable urban environments. Staff from all five Colleges of the University of Birmingham are involved in this research but their efforts are focused and co-ordinated through our Centre for Environmental Research and Training.
SOCIAL SCIENCES
Our work in Social Policy centers on global communities, families, social justice, health and social care, and wealth, welfare and well-being. We are committed to applying the outcome of our research to span the divide between academia and social practice. We have a long track record of working with a wide range of public sector organizations.
For more information on the University of Birmingham’s expertise, contact the business team:
Tel: +44 (0) 121 414 3898 Email: [email protected]
The University of Birmingham, a tradition of innovation
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Aerohub @ Newquay Cornwall Airport
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Aerohub @ Newquay Cornwall Airport offers aviation and aerospace companies exceptional investment and development opportunities. As the UK’s only focused aerospace Enterprise Zone on an operational civilian airport, it has significant land for development (no planning permission required), attractive financial incentives and unparalleled access to investment. At a glance Aerohub @ Newquay Cornwall Airport is a unique site for aerospace offering:
• CivilianAirportandgrowingaviationhub
- Connectivity to London and key business centers
- One of the longest runways in the UK (9,000 feet) able to support aircraft of any size
• AviationEnvironment
- Maritime environment – direct flying access to the sea (ideal for Search and Rescue [SAR] training & Unmanned Ariel Systems [UAS] testing)
- Uncongested and unrestricted airspace - ideal for flight testing and mission training
• AirportInfrastructureandCapacity
- Comprehensive air navigational aids (CAT IIIb ILS) and the latest Air Traffic Control Systems
- Significant capacity for flights and flight training
- Large areas of hardstanding able to support aircraft of any size
• Cornwall
- Attractive financial incentives and investment opportunities
- Free business support to assist with relocation/expansion
• UKEnterpriseZonestatus
- Significant areas of land available for development
- Planning free zone (over 136 acres)
- Tax breaks and business rate holidays
With its distinctive mix of Enterprise Zone incentives and European funding, Aerohub can offer a unique operating environment. With large areas of land available for constraint-free development, mixed with finance to build hangers and premises to your specification, Aerohub is the first point of call for anyone wanting to expand their Aerospace business in the UK and Europe.
Businesses locating to the Enterprise Zone will be able to exploit rates discounts of up to 100% (up to $266,000 over a rolling three-year period) for five years, while Local Development Orders offer a planning free environment across the direct aerospace and the Business Park zones. This includes the potential for over 25 acres of hangar space up to a 66 feet eaves height.
Aerohub has three development zones:
ZONE 1 (15.5 ACRES): offers bespoke design and build packages to aerospace occupiers as a dedicated direct Aerospace Zone for fixed and rotary-wing aeronautical companies. There is significant land for hangar or other property developments with the capacity to handle multiple Boeing 747s, or much smaller aircraft as desired, and deliver a minimum of 310,000 square feet of hangar space.
ZONE 2 (42 ACRES): adds to Zone 1 offering existing hardstanding and developable land for hangars or other aerospace buildings or activity and licensed taxiways.
ZONE 3 - BUSINESS PARK (78 ACRES): adjacent to the Zones, this will accommodate companies in aerospace related activities and companies that require close proximity to the airfield.
Design and build packages are available for occupiers with significant funding offered through Cornwall’s unique financial incentives. Cornwall is the only location in England where up to 50% finance is available through Grant for Business Investment projects that create and protect skilled jobs; office and industrial developments can be supported through Gap Funding for Employment Space and there is a whole suite of financial support available for research, development and innovation as well as investor and loan finance at highly competitive rates.
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In summary Aerohub is an ideal location for the following business: Aerospace & aviation; Aircraft testing and training; Pilot and crew training; Aircraft assembly or manufacture; Unmanned Aerial Systems (UAS) testing; Search and Rescue (SAR) training; Maintenance, Repair & Overhaul (finishing/fit out) of aircraft; Military and civilian activity; Business aviation; Cargo; Aircraft parting or recycling; Advanced Engineering; Marine, Energy and Environment; Aerospace Training: Operational – Commercial, Contract, Manufacturing and Maintenance (Line; Airframe (heavy); Component; Modification, and Engine); Aircraft Parting; Major Aerospace and Defense Projects.
For more information contact:
Tel: +44 (0) 187 232 2872
Website: www.investincornwall.com www.newquaycornwallairport.com/aerohub
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‘ With its distinctive mix of Enterprise Zone incentives and European funding, Aerohub can offer a unique operating environment.’
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Leeds City Region: a U.S.-friendly city region
leeds city region
Here in Leeds City Region, Yorkshire, we’ve always had a particularly special relationship with North America. We’re home to over 70 U.S.-owned companies, more than those owned by companies based in Germany, France and The Netherlands combined. The Yorkshire region, with Leeds as its commercial capital, exports more of its goods and services to the U.S. than any single European country. And we bottle more Coca-Cola here than anywhere else in Europe. Companies like legal giant DLA Piper, global satellite and digital TV solutions provider EchoStar, global power leader, Cummins, and household names including IBM, Hallmark, Asda Wal-Mart, American Greetings and General Electric, are among the firms with strong U.S. connections based here in Leeds City Region.
These firms enjoy all the commercial benefits of being located in the UK, without the expensive real estate and employee costs of London and South East England. With the largest and fastest-growing workforce outside the capital, Leeds City Region can offer a flexible talent pool to suit the needs of companies in any sector. Our central location at the center of the UK provides easy access to national and global markets, supported by two international airports within 90 minutes offering hundreds of direct flights to North America every day. And our culture and heritage is second to none: from the old world splendor of historic York and the scenic beauty of the Yorkshire Dales, to an inspiring heritage as the birthplace of cultural icons the Brontës, David Hockney, Henry Moore and Barbara Hepworth – no wonder we have the UK’s happiest residents!
GLOBAL ExPERTISE IN FINANCIAL AND BUSINESS SERvICES
Leeds City Region is the UK’s main financial and business services center outside the City of London, with an annual output exceeding £13bn ($21bn) and over 250,000 employees. Despite the global economic downturn, our business services sector is projected to grow by 51% by 2022, offering outstanding and secure investment opportunities.
As well as being a great location for European head offices, we are also a natural choice for shared service centers and back-office operations. But don’t just take our word for it. Andrew Dyson, Partner of global law firm DLA Piper – which has a significant U.S. presence – explains why investing in Leeds City Region was, and remains, such an obvious and fruitful business decision.
‘ Our clients benefit from a quality of service matching that provided by any of the pre-eminent London law firms, but for a considerably lower fee’.Andrew Dyson, Senior Partner, DLA Piper
DLA Piper retains a significant presence in Leeds City Region including a large legal practice and its global IT hub, which provides full IT support for the firm’s 40 offices across the UK, Europe, the Middle East, and Asia. The firm’s Yorkshire roots date back to the 18th Century and it now has some 200 lawyers working from the Leeds office. Clients range from multi-national Global 1000 and Fortune 500 companies to regional businesses and emerging technology start-ups.
Andrew highlights the benefits of doing business in the City Region and explains the firm’s appeal to businesses on both sides of the Atlantic:
‘Leeds is a center of excellence for those in the legal profession, allowing us to attract the highest caliber of applicants, including Oxbridge graduates and ex-City lawyers.
‘Our combination of top quality lawyers and reasonable fees makes us an extremely attractive and credible proposition in America where, for example, we provide services to many fast-growing technology businesses in Silicon Valley, rivaling the services provided by local legal firms’.
THE IDEAL LOCATION FOR SHARED SERvICE CENTERS
Other U.S. firms with significant shared service centers here in Leeds City Region, include Diebold and General Electric (GE). The former, which specializes in the manufacture, supply and service of cash dispensers, operates its entire accounts function for Europe, the Middle East and Africa, as well as their Oracle platform, from Leeds city center. Whereas GE run an extensive employee services center on the outskirts of Leeds,
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which provides payroll and HR support to over 100 GE-owned business units across the UK. Both companies cite the large and highly-skilled workforce, particularly in IT, the availability of high quality and competitively-priced commercial property, and the excellent train links to London (around 40 services per day from Leeds), as key benefits to being located in the city region.
MANUFACTURING SCALE AND DIvERSITY
As well as our strengths in service industries, Leeds City Region has the UK’s largest manufacturing base, employing 160,000 people. Sub-sectors of particular strength here include food and drink – Arla’s Leeds-based creamery is the largest in Europe and we continue to attract investment from multinational operators such as Coca Cola, Haribo and Nestle – and advanced automotive engineering. Over 60% of the world’s turbo chargers are made at three sites across the city region: Borg Warner in Bradford, and Cummins and the VTL Group, both in Huddersfield.
ON THE CUTTING-EDGE OF MEDICAL INNOvATION
Medical and healthcare technology is another hugely important sector for Leeds City Region and the wider Yorkshire area. We’re home to a wide range of medical and healthcare companies, from small niche providers that began life in university innovation centers, to large multi-nationals such as Smith & Nephew and U.S.-owned De Puy International.
Thanks to our formidable innovation assets and government health infrastructure (we are home to Europe’s largest teaching hospital and produce almost 9,000 medical and bio-medical graduates each year), we have established strong trade relationships with healthcare markets across the world, but particularly in North America. These are set to increase exponentially as we become one of two commissioning hubs for the UK National Health Service (NHS), offering access to one of the largest buyers of medical supplies and healthcare in the world.
One example of a company that is having as much success abroad as it is at home is Surgical Innovations - a Leeds City Region company with a global reputation in the field of minimally invasive surgical instrumentation. As Managing Director, Graham Bowland, explains, the U.S. is the key location for his business’s overseas activity.
‘America is our biggest market. It provides 50% of the world’s demand for laparoscopic surgery products.’Graham Bowland, Managing Director, Surgical Innovations
Graham recognizes that success in the U.S. market is dependent on remaining flexible and responsive to the needs of customers. He adds:
‘We are “fleet of foot” when compared with the bigger U.S. companies: we have the capability and drive necessary to bring a new product to market within a year; larger companies may take several years to do the same.
‘We are a fast, niche expert, and we listen to what the surgeons want. Theatre technicians in the US have different skills compared to, for example, those in the UK, and we have to accommodate that when it comes to the design of equipment that technicians need to assemble ready for the surgeon.’
With a firm understanding of the U.S. market, well-developed trade relationships, and the ability to attract top talent while maintaining cost competitiveness – it’s no wonder that the Leeds City Region has established itself as a U.S.-friendly City Region. To find out more about the investment opportunities available in Leeds City Region, please get in touch with our investment team.
GET IN TOUCH
To find out more about investment opportunities in the Leeds City Region visit www.investleedscityregion.com or email [email protected]. Our experienced and professional team will be glad to provide all the help you need to make your investment a profitable one – from finding the right location, to recruiting a winning team and providing the best possible aftercare to help your business thrive. And of course, there’ll be plenty of our world-famous Yorkshire hospitality to help you feel right at home.
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LEEDS CITY REGION: OUR BUSINESS ASSETS AT A GLANCE
• The UK’s largest city region outside London with a resident population of 3 million
• A£53bn($85bn)economyrepresenting5%oftheUK’seconomic output – bigger than the national economies of 8 European countries
• A1.3millionworkforce–the largest and fastest-growing workforce in the UK, with the best high-level skills in the north of England
• A tried and tested location for over 100,000 businesses – including over 70 American-owned firms
• 8universities–oneofthelargestclustersinEurope–producing world-leading R&D and innovation support and 36,000 graduates every year
• Within90minutesoftwointernationalairports–Manchester and Schipol [Amsterdam] – offering hundreds of US-bound flights every day
• World-class innovation in health and life sciences – home to the largest teaching hospital and largest cancer care center in Europe, as well as the National Health Service Executive and Commissioning Board
• The most cost-effective commercial property of all major UK city regions
• TheUK’shappiestresidentsthankstooursuperb,affordable quality of life – at £230,000 ($365,000), the average detached house in Leeds City Region is £80,000 ($127,000) cheaper than the average apartment in Greater London
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Manchester
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Manchester is the original, modern city – a major location for many international organizations and home to a growing number of global, European and national HQ offices. With a regional economy that generates $76bn of Gross Value Added (GVA) per annum, Manchester offers an attractive investment prospect for U.S. businesses. Manchester ranks 16th in Cushman and Wakefield’s European Cities Monitor 2011 – a sign that it is firmly within the elite group of European cities, sitting amongst capital cities such as Geneva and Stockholm. Add to this the fact that no other UK airport serves as many places as Manchester, with 220 destinations including daily flights to North America, the Middle East and Asia. Manchester also offers fast and frequent trains to most cities, more motorways than anywhere else in the UK, and access to the largest travel-to-work area in the UK outside of London (with 7 million people living within one hour’s drive time).
THE MANCHESTER CITY-REGION
The Manchester city-region has a population of 3.3 million - of which two thirds are working age. Greater Manchester incorporates five Universities offering over 30,000 graduates each year. The region is the home of over 2,000 foreign-owned companies and is a key European base for a range of U.S.-owned companies including Aecom, BNY Mellon, Cargill, Gen-Probe, Google, Heinz, IBM, Itron, Kellogg’s, Mediacom, MediaVest, Microsoft, and Vindon Scientific Ltd.
With a maximum flight time of just over 7 hours from the U.S. east coast, Manchester Airport is presently served by direct routes from these U.S. destinations:
• Atlanta• Chicago• NewYorkEWR• NewYorkJFK• Philadelphia• LasVegas• Orlando• WashingtonDC
HELLO MANCHESTER – INvESTMENT OPPORTUNITIES IN THE CITY
Manchester offers potential investors a soft-landing service, ‘Hello Manchester’, providing free office space to overseas investors, a full range of business support and most importantly, minimal risk and cost.
Companies taking advantage of this service benefit from the city’s unrivalled access to market and networks, gaining the
chance to build a European customer base before making significant capital investment.
KEY DEvELOPMENTS IN MANCHESTER
Manchester’s Enterprise ZoneManchester’s Enterprise Zone is a 287-acre site, earmarked by the UK Government as one of their new environments designated to stimulate business growth and development.
The area incorporates the strategic-scale development of ‘Airport City’, a significant new business destination located immediately adjacent to Manchester airport, and MediPark, a large-scale health and biotech-related research and development site incorporating training facilities and medical expertise offered from the University Hospital of South Manchester.
The enterprise zone will benefit from business rate discounts, a simplified planning application approach and a supportive infrastructure including super-fast broadband.
NOMANOMA is The Co-operative Group’s brand new $1.27bn project - a new 4 million square feet development in the heart of Manchester. It has transformed 20-acres of core space into a location for offices, retail, residential, and leisure facilities. Phase One will be ready for occupation in September 2012 and four major projects are due to start on site this year.
NOMA will be the location of choice for low carbon-conscious businesses; applying the values and principals that underpin The Co-operative Group with a keen commercial outlook. NOMA will generate all of its own power, with a renewable energy center providing for all of its needs through a smart grid.
MANCHESTER’S KEY SECTORS
BiomedicalManchester is home to more working Nobel Prize-winners than Oxford and Cambridge combined. It is home to more than 200 biomedical companies, and provides easy access to AstraZeneca, Gen-Probe, Qiagen, and Eli Lilly, who are based in the region. Manchester’s Biomedical Research Centre is part of Europe’s largest clinical academic campus thanks to massive new investment in four brand new hospitals and university facilities. With a major focus on oncology, it has the world’s second biggest cancer center, The Christie, treating more than 40,000 patients a year and the largest clinical trials unit in the world.
In 2010, Gen-Probe Incorporated, a global molecular diagnostics company headquartered in San Diego, California, chose Manchester to expand its European operations and help grow its international business.
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Carl Hull, Gen-Probe’s president and chief executive officer, said: “This location is excellent for us in terms of its proximity to the international airport, and also provides a talented pool of scientists from local universities and research institutes.”
Creative and Digital No other city in Europe has invested as much in its media and digital scene, with £3.5bn ($5.57bn) spent building a global hub for creative industries. MediaCityUK is the largest purpose-built media location in Europe; the new home for five BBC departments; ITV studios and a new set for Coronation Street (the longest running soap on British television); University of Salford’s teaching and research facility; and more than 50 creative and digital companies. It offers commercial office space in three buildings with a range of pricing solutions. Manchester also offers The Sharp Project, a media production complex that specializes in digital animation, CGI and visual effects. It has a unique low-risk environment to enable large and small companies to collaborate. Spaces range from 160 sq ft ‘shipping container’ offices to 30,000 square feet production spaces.
Food and Drink Manchester is a truly global center for food manufacturing. Patak’s built the world’s largest Indian food factory in Manchester; Kellogg’s the biggest cornflake production line; a billion cans a year made at Heinz’s biggest plant; and Krispy Kreme chose to make its first UK doughnuts here. Manchester has more than 400 companies involved in food manufacturing and thousands more in the wider North West, which is the country’s biggest food producing region. Manchester Metropolitan University (MMU) is a center of excellence for the food industry and trains 10% of the UK’s food technologists.
Financial and Professional Relocating or consolidating back and middle-office operations in Manchester delivers significant cost benefits and operational efficiencies. RBS employs more than 7,000 people in the city, including the new European Operations Centre for RBS Global Banking and Markets. BNY Mellon selected Manchester to spearhead its European growth and the Wall Street institution has grown to more than a thousand staff. Some of Manchester’s biggest investors are home-grown, like The Co-operative Group which includes significant banking and insurance operations.
Environmental and Low Carbon As a designated Low Carbon Economic Area for the built environment, Manchester is at the forefront of a revolution in construction, committed to a 48% reduction in carbon emissions by 2020. This opens significant opportunities around alternative energy generation, waste management and energy efficiency. Global investors include Siemens, Jacobs Engineering and Parsons Brinkerhoff, as well as some of the UK’s most ambitious and fastest growing green companies such as Peel Energy, Mercury Recycling Group and ENER-G. The funding infrastructure in Manchester is a major attraction. The city is developing successful partnerships and funding models, like the joint venture between Japan’s Mitsui and Arup that will deliver investment of up to $160 million in to large-scale green projects.
Manufacturing and Advanced ManufacturingThousands of companies choose to base their research, design, development and manufacturing in Manchester. Global players like Kellogg’s, Procter & Gamble, Unilever, Hitachi, Thales, and Siemens have built everything from the world’s biggest cornflake factory to a new global center of excellence for renewable energy. Supply-chains are vital
to manufacturers and our extensive road, rail, sea and air connections put you closer to customers, suppliers and new opportunities. Manchester brings together the engineering skills that will energize your business. Its schools, colleges and universities produce world-class talent every year, including 4,000 science and engineering graduates.
Shared Services and Contact CentersManchester’s city-region has 265 contact centers employing around 70,000 people. Recent investors include Indian outsourcer, Aegis, and the UAE airline, Etihad. These join major brands like John Lewis, The AA, Adidas, Barclays, Vertex, E.on, Esure, and BskyB who operate centers in the Manchester area. Manchester has more shared service centers than anywhere else in Europe. Around 40 centers employ 5,000 people in a range of highly-skilled, multilingual teams specializing in HR, finance, marketing, and IT for companies such as Marks & Spencer, AstraZeneca, Esso, and Sainsbury’s which has established a 250-person HR team here. Such operations are supported by a vast talent pool, boosted by Manchester’s 100,000 students, competitive operating costs and low attrition rates.
SPX opened its European Shared Service Centre (ESSC) in Manchester in 2010. Chris Kearney, chairman, president and chief executive officer of SPX commented; “Manchester offers many opportunities for global businesses such as ours. There is a strong and diverse skills base in the Greater Manchester area, as well as good international connections and a well-developed shared service center community. We are very impressed with the region and are looking forward to growing the SPX ESSC to support our operations in a part of the world that is becoming increasingly important to SPX.”
ICTConvergence and collaboration are driving IT and Manchester is at the center of the action. IBM first chose Manchester in 1925 and recently opened a new systems software development laboratory. Microsoft, Oracle, Cisco, Fujitsu, Logica, BT, and Sunguard have all invested in Manchester. One of the biggest concentrations of computing talent in Europe can be found around Manchester’s universities. More than 5,000 computing graduates each year are fueling the growth of the sector. The talent pool is wide and deep and includes 50,000 IT workers in the city and a further 50,000 in the wider region. Manchester’s home-grown IT companies are pioneering new solutions; firms like Outsourcery, who deliver cloud services to smartphones and UKFast who provide secure data centers across the region. Manchester is also a designated ‘super-connected city’ for next generation broadband; with the only international internet exchange outside London.
MIDAS is Manchester’s investment and development agency, dedicated to helping overseas and UK companies establish and grow their business in Greater Manchester. A team of sector specialists offer an extensive package of expert, free and confidential advice for potential investors and location consultants.
Tel: + 44 (0) 161 875 2239
www.investinmanchester.com
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Nottingham Targets International Investment
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Nottingham, one of England’s eight Core Cities and one of the six designated science cities in the UK, has as an enviable reputation as a first-class location for innovative businesses. Ibruprofen and the MRI scanner are just some of the notable inventions created in this world class city.Nottingham’s economy continues to innovate to stay in touch with the ever-changing business climate. It was recently voted as a top ten city in Europe and ranked as a leading European city of the future in latest analysis in the fDi Intelligence European Cities of the Future 2012/13.
With strengths in Financial Services, Biosciences, Medical Research, Information Technologies, Environmental Technologies, Logistics, Creative Industries as well as Advanced Manufacturing – Nottingham is a versatile business location.
A GLOBAL PLATFORM
International trade is key to Nottingham’s economic growth. Its existing International links are strong as it is home to first class foreign owned companies, two universities with a world presence and knowledge in global markets.
‘ Nottingham is home to these American companies: Coca Cola Enterprises, Parexel International, ITT Flygt, John Deere, Capital One, Greene, Tweed & Co’
Nottingham is home to over 50 national or regional business headquarters and will see over $2.54bn invested in transport and infrastructure projects over the next 5 years. Nottingham’s central UK location also helps attract staff to work here as well as making it easy for businesses to operate on a national
and global platform. Speedo recently moved its International headquarters to Ng2 Business Park in the center of Nottingham and Specsavers chose Nottingham as its location of choice for its brand new service center.
Excellent road, rail and air links brings the rest of the UK, Europe and International connections to your doorstep. Nottingham’s world class digital infrastructure also ensures that the global business community is only a click away.
Brad Miller, Managing Director East Midlands Airport said: “There needs to be a symbiotic relationship with the airport and the region it serves to improve Foreign Direct Investment and the quality of life for the business people who work here.
“Chasing new routes for airlines that assist businesses in the region is what differentiates us from other airports. Bmi baby and flybe fly to Belfast and Ryanair flies twice a day to Dublin. We also have flights to Berlin and our flights to Frankfurt which fly 3 times daily link business connections with the Lufthansa network to over 150 worldwide destinations”.
He continued: “EMA has had 4.256 million passengers in 2011/2012 and has more pure freighters than any other UK airport - the likes of TNT, DHL and UPS deliver 311,000 tons per annum.”
East Midlands Airport through its Frankfurt connection links Nottingham to Airports from the East to the West coast of America.
HOME TO ONE OF THE UK’S FLAGSHIP ENTERPRISE ZONES
The Nottingham Enterprise Zone recently announced its expansion plans and will now span 56.5 hectares creating up to 10,000 new jobs. The Enterprise Zone, previously encompassing 98 acres of land at the Boots (the UK’s largest pharmaceutical chain) site in Nottingham, has now been extended to include three additional science and technology parks - Nottingham Science Park (6 acres), Beeston Business Park (25 acres) and Nottingham Medipark (12 acres) - a medical technology, clinical sciences and research park situated next to one of Europe’s largest teaching hospitals - the Queen’s Medical Centre.
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The Nottingham Enterprise Zone is available for new businesses looking to locate or expand in Nottingham and is able to offer companies a range of incentives including business rate discounts for five years and super-fast broadband connectivity. Each element of the Enterprise Zone has a Science and Technology theme related to it – from Healthcare at the Boots site to Clinical Technologies on Medipark and Low Carbon Technologies on Nottingham #1 Science Park to ICT/Electronics at Beeston Business Park. The Enterprise Zone will further enhance the Science sectors already prevalent in the city
Councillor Jon Collins, leader of Nottingham City Council, said: “The news that the Boots Enterprise Zone is being extended is excellent news for the city. The new, larger Nottingham Enterprise Zone will not only drive growth and boost the regional economy by creating up to ten thousand new jobs, but it will also mean the redevelopment and regeneration of an enormous area of the city.”
George Cowcher, chief executive of the Derbyshire and Nottinghamshire Chamber of Commerce, said: “This is welcome news and will be fully supported by the business community here in Nottingham. Anything that will attract new investment and companies into Nottingham to create jobs and contribute to local economic growth is a good thing.”
WORKFORCE AND INFRASTRUCTURE
One of the key benefits to companies locating to Nottingham is the access to an excellent talent pool. There are over 1 million people within the city’s journey to work area which ensures that companies have no problem attracting a skilled workforce.
Within that same area there are over 200,000 students, of which over 55,000 study at Nottingham’s two world-class universities – The University of Nottingham and Nottingham Trent University. Both Universities have leading research centers in areas including Biotechnology, Low Carbon Technologies, Art and Design, Advanced Manufacturing and two excellent Business Schools.
Nottingham is also continuing to invest in its sustainable transport infrastructure – with the expansion of the successful tram network, investment in the train station, with direct connections to London and all the UK’s major business cities, and its award winning public transport network – to ensure people are able to move around the city and county with ease.
All in all, Nottingham is able to offer companies an optimum location that balances cost and quality, a thriving economy, a skilled workforce and a strategically important location all in one. However, don’t take our word for it, come and find out for yourself.
To find out more on why your business should invest in Nottingham visit www.investinnottingham.co.uk or Tel: +44 115 876 4469
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Nottingham’s Economy at a glance• Agreatplaceforbusiness
• Nottingham’seconomyisworth$19.2billion per year
• Nottinghamhasover1.1millionpeopleinitsJourney to Work Area
• Nottinghamisthe7thrichestcityintheUK
• Over50regionalandnationalheadquarters are based in Nottingham
AT THE FOREFRONT OF CREATIvITY AND SCIENTIFIC RESEARCH
• NottinghamisoneofsixcitiesdesignatedasaScienceCities in the UK
• NottinghamistheUK’s#1EnergyCity
• Nottinghamisacityofdiscoverybeingfamousfortheinvention of Ibuprofen and the MRI scanner (and even for the creation of HP Sauce)
• Nottingham’ssciencesectorislikelytogrowbymorethan 15% and create nearly 20,000 jobs over the next 10 years
A CONNECTED CITY
• SituatedintheheartofEngland,mostofthecountryisaccessible in around 2 hours due to excellent motorway & rail connections. Train: 90 minutes to London, four hours to Paris
• Currentlyinvestingnearly$800millioninexpandingthe city’s Tram network and redeveloping the Midland Mainline train station
• EastMidlandsAirportisonthedoorstepofthecityand has connections to over 150 worldwide business destinations
A FANTASTIC PLACE TO LIvE
• NottinghamisatopfiveUKshoppingdestinationandhas a retail spend of $2.8 billion and Nottingham’s rich cultural heritage, contemporary art and world class sporting facilities attracts 35 million visitors each year
• Nottinghamhastwoworld-classuniversitieswithover55,000 students
• Nottinghamisasmall,friendlycitywithgreatbusinessacumen, and once you move here you will never want to leave!
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UK’s #1 Enterprise Zone for Modern Manufacturing and Technology
The Sheffield City Region is home to the UK’s #1 Enterprise Zone for Modern Manufacturing and Technology. Locate your business in the Sheffield City Region and benefit from:
• Substantialtaxincentives• Businessfriendlyplanning• Opportunitiestocollaborate(joinworldleadersincluding
Boeing and Rolls-Royce)• Road,train,seaandairconnectionsintheheartoftheUK• Superfast,fibre-opticbroadband• Historiccities,delightfulmarkettownsandthebeautiful
Peak District National Park
The Sheffield City Region is at the forefront of the UK’s industrial and entrepreneurial development and was recently described by the Secretary of State as being “at the heart” of Britain’s continued economic growth.
With an economy bigger than some European countries, the Sheffield City Region is a significant economic power. The area is home to almost 1.8 million people contributing to a GVA of nearly $41bn.
The City Region consists of a number of modern manufacturing and technology sectors which are vital to the UK’s future economic progress, supported by locally based high caliber professional services, universities and colleges specializing in healthcare, engineering, and digital courses.
The Sheffield City Region Enterprise Zone was one of the first zones in Britain to be given the official go-ahead by the UK Government. This decision was seen as a glowing endorsement of the City Region’s strong reputation as a hub for international business and a reflection of the Government’s confidence in the City Region’s plans to concentrate on advanced manufacturing and technology.
The Sheffield City Region is home to a number of global brands associated with advanced manufacturing and materials technology, serving key international markets including Rolls-Royce, Firth Rixson, and Boeing. These are supported by a number of key manufacturers which export the ‘Made in Sheffield’ brand all over the world.
JOIN THE BEST
Manufacturing is the region’s greatest strength and it is the breakthroughs happening in advanced manufacturing that differentiate the area from the rest of the world. With a collaborative approach to research and development and assets like the Advanced Manufacturing Park, the region is forging ahead in sectors ranging from nuclear energy to low carbon and healthcare technologies.
The City Region’s greatest strength is undoubtedly its advanced manufacturing excellence. However, businesses are looking to the future and have embraced a range of growing key sectors. The City Region is already leading the way in the creative and digital industry, in the low carbon sector and in healthcare technology.
The developments being made within the Sheffield City Region are being supported by a skilled workforce with a wealth of expertise alongside two world-leading universities with over 55,000 students between them, and a raft of state-of-the-art colleges. The area’s educational power is helping to create expertise in new sectors, including the rapidly-growing creative and digital industries.
BETTER CONNECTED
The Sheffield City Region’s offer to businesses wishing to import or export efficiently and effectively cannot be rivaled in the UK. The Enterprise Zone’s location places it at the heart of the UK logistics and distribution network. It is ideally located at the center of the UK’s highway and train network and within 90
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minutes reach of seven major international airports and within 60 minutes reach of the UK’s leading port and largest deep sea docks.
The Sheffield City Region is well connected globally and is home to the Doncaster-Sheffield International Airport which is within less than 30 minutes reach of the Enterprise Zone.
The City Region already has some of the fastest train lines in the UK with London, Manchester, Liverpool, Nottingham, Leeds, and Birmingham all within 2 hours reach.
ExCLUSIvE TAx INCENTIvES
The City Region’s Enterprise Zone offers a range of benefits and incentives that are designed to help companies grow and create jobs.
The Zone is one of only seven areas in England able to offer Enhanced Capital Allowances. This means that the City Region is able to offer 100% first-year allowances to companies making significant investments in plant or machinery until 2017. Businesses can benefit from Enhanced Capital Allowance (ECA) on a number of designated sites within the Zone.
The City Region’s ECA sites are complemented by a range of sites which will attract Business Rate Relief, totally around 131 acres across the Enterprise Zone. This offers 100% business rate discount worth up to £275,000 ($438,000) per business over a five year period which applies to businesses in target sectors that move into the Zone before March 2015.
SIMPLIFIED PLANNING
The City Region Enterprise Zone’s “business-friendly” planning process has made setting up business faster, more straight-forward and more hassle-free than anywhere else.
With prime sites available for businesses to move on to immediately, it is as important to the City Region, just as it is to prospective businesses, that the planning permissions process is fast, effective and uncomplicated. This is why the City Region is one of the first UK Enterprise Zones which has agreed an accelerated a simplified planning process with local authorities and landowners which effectively gives businesses in target sectors “up-front” planning permission.
Planning authorities in the City Region have agreed a consistent and unified approach which means that businesses can expect a single initial point of contact and a policy approach that clearly details those developments that can be delivered either without the need for planning permission or through a quick and simple planning application process.
HIGH-SPEED BROADBAND
All companies on Enterprise Zone sites will be able to access to high-speed, fiber-optic broadband. This is a crucially important benefit and not only for businesses in the creative and digital sector. Superfast high-speed broadband opens up new revenue streams around e-commerce, enhances business connectivity, and enables large amounts of data to be transmitted quickly.
QUALITY OF LIFE
Perhaps most important however is the quality of life the Sheffield City Region can offer those who choose to carve out a successful new future here. With historic cities, delightful market towns, superb access to the motorway network and the beautiful Peak District on offer, it is clear to see why the region can claim to be at the heart of a nation.
Website: www.sheffieldenterprisezone.com
Twitter: @SheffCityRegion
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76 tees valley
Tees valley
Tees Valley is situated in the North East of England encompassing Darlington, Hartlepool, Middlesbrough, Redcar & Cleveland, and Stockton. Covering an area of 304 square miles, Tees Valley has a population of over 660,000 and offers the best of urban living with both the beauty of a National Park and the drama of stunning coastline.
A rich industrial heritage and ambition to lead emerging sectors contributes more than $16bn to the national economy every year.
Identified by the UK Government as a Centre for Offshore Renewable Engineering (CORE) and home to the UK’s largest exporting port, Tees Valley can also lay claim to the world’s largest Low Density Polyethylene (LDPE) manufacturing plant, a digital super cluster and one of Europe’s largest integrated chemical sites.
In the last three years alone, $1.2bn of new investment has been attracted to the area and with a pioneering Enterprise Zone described as ‘bold and clever’ by central government, Tees Valley is an area offering immense possibilities for growth and success.
DID YOU KNOW?
• TeesValleyprovidesexcellentlaboropportunitieswithwage rates typically 10% lower than the UK national average
• TeesValleyhassomeofthelowestoperatingcostintheUK with rents and rates around half that of major UK cities and a quarter of those in London and the South East
• TeesValleyhasthefastest-flowingurbantrafficspeedsin
the UK. North East roads carry the lowest amount of traffic, consume the least amount of fuel and provide the fastest commuting times in the UK
• TeesValleystaffturnoverislowerthananyotherregioninthe UK with leading Further Education colleges providing sector specific training, two world class universities – Teesside University and Durham University Queen’s Campus, key sector support networks and expanding industry Centers of Excellence
TEES vALLEY ENTERPRISE ZONE
12 individual sites supporting both Teesside’s industrial heritage and the emergence of exciting new sectors.
TAx RELIEFS
Designed to both attract investment and encourage business growth.
Business Rate Relief - Worth up to £55,000 ($87,500) per business per year, for up to five years for those businesses locating before April 2015.
Enhanced Capital Allowance - 100% relief on qualifying plant and machinery to offset against corporation tax invested before April 2017.
PLANNING
Simplified regimes to encourage rapid development.
Local Development Orders no need to submit a formal planning application and wait for approval. Providing certainty and saving time and money.
Planning Performance Agreements a partnership framework to help minimise risks, decision making delays, and potential costs of appeal.
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Government Funded Enterprise Zone – Business Rate Discount Sites Tenants can benefit from business rate relief of up to £55,000 per annum for a five year period.
Site Size Simplified Planning Regime Sector Focus Site Description
Queen’s MeadowBusiness Park HARTLEPOOL
13.6 Hectares
Local Development Order(no formal planning application needed)
Advanced Manufacturing and EngineeringChemicalsRenewable Energy
Bordered by the A689 to the north.To the south and east of the site lies the South Works industrial area. Frontage is landscaped to a high standard, with tree-planting along wide spine roads
Teesside Advanced Manufacturing ParkMIDDLESBROUGH
11 Hectares Local Development Order Advanced Manufacturing and EngineeringChemicalsRenewable Energy
Located between A66 to the east and the River Tees to the west.Adjacent to Riverside Park providing river wharfage and rail halt.
Kirkleatham Business ParkREDCAR & CLEvELAND
12.6 Hectares
Local Development Order Advanced Manufacturing and EngineeringChemicalsRenewable Energy
Located east of Wilton International. The A174 trunk road is closely located to the south of the site, providing access to the A19 and beyond.
Belasis Hall Technology ParkSTOCKTON ON TEES
8.5 Hectares
Planning Performance Agreement Advanced Manufacturing and EngineeringChemicalsRenewable Energy
Tees Valley central approximately 2 miles from A19, 1 mile from Billingham Town Centre, less than 5 miles from Middlesbrough Town Centre.Set in mature parklands.
Government Funded enterprise Zone – Enhanced Capital Allowance SitesAll sites receive first year capital allowances at 100% on qualifying plant and machinery to offset against corporation tax if the investment is made before April 2017.
Site Size Simplified Planning Regime Sector Focus Site Description
Port EstatesHARTLEPOOL
56.9 Hectares
Local Development Order Renewable Energy Advanced Engineering
5 Quays, 3 berths, seafront land and a fully serviced site.
South Bank Wharf PD Ports / TataREDCAR & CLEvELAND
80.7 Hectares
Planning Performance Agreement Renewable Energy Advanced Engineering
Development land with river frontage.
Wilton International REDCAR & CLEvELAND
164 Hectares
Planning Performance Agreement Chemicals Renewable Energy
Five development plots located within the fully serviced chemical complex at Wilton.
New Energy & Technology ParkSTOCKTON ON TEES
41.3 Hectares
Planning Performance Agreement Renewable EnergyChemicals Advanced Engineering
This site has the benefit of B2 planning designation which permits the land to be developed for potentially high hazard plant and energy generation.
Where the company makes a trading loss for tax purposes, and the loss is not offset against other group profits or carried back, it can be carried forward indefinitely to be set against taxable profits from the same trade in future accounting periods.
Tees Valley Funded Enterprise Zone – Business Rate Discount Sites Tenants can benefit from business rate relief of up to £55,000 per annum for a five year period.
Site Size Simplified Planning Regime Sector Focus Site Description
Oakesway Industrial Estate HARTLEPOOL
12.7 Hectares
Local Development Order Renewable EnergyAdvanced Engineering
Large site adjacent to the Hartlepool Port1 mile North West of Hartlepool Town CentreEast access to A19 and A1
NorthshoreSTOCKTON ON TEES
5.1 Hectares
Planning Performance Agreement Digital Served by A66, A19 and less than a mile from rail connection to East Coast Mainline.Easy access to Stockton Town Centre and Teesdale Business Park.
Central ParkDARLINGTON
- Local Development Order Digital Linked to A1 and A66 and close to Durham Tees Valley Airport.Adjacent to East Coast Mainline, walking distance to Town Centre
St Hilda’sMIDDLESBROUGH
8.1 Hectares
Local Development Order Digital Expansion to adjacent BOHO – Middlesbrough’s innovative creative sector development.Easy access to A66, Town Centre and railway station.
TEES vALLEY UNLIMITED – RELOCATION AND INvESTMENT SUPPORT
Tees Valley Unlimited is the Local Enterprise Partnership for Tees Valley.
The Team successfully secures inward investment through an unmatched understanding of Tees Valley’s economic structure, supply chain, asset base, and demographics.
Working closely alongside the private sector, across Centers of Excellence and in partnership with public sector organizations, propositions to those looking to locate are further strengthened by a program of sectoral research to not only compliment specific needs but also identify additional opportunities for growth.
As the first Local Enterprise Partnership to sign a Memorandum of Understanding with UK Trade and Investment (UKTI), Tees Valley Unlimited is additionally recognized as the lead contact for co-ordinating foreign direct investment for the area, offering a package of support that instils confidence in location consultants and potential investors nationally and across the globe.
To discuss your move to Tees valley, contact the team Tel: +44 164 252 4400www.teesvalleyunlimited.gov.uk
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Focus: Northern Ireland
With fewer than 1.7 million inhabitants, Northern Ireland is among the smallest regions of the UK and Europe. It belies its small size by having a vibrant business scene and is experiencing considerable success in global markets. At the heart of this success is its workforce which is among the youngest and best educated in Europe with a strong work ethic. Northern Ireland is an integral part of the United Kingdom but has its own locally-elected government which has placed growth of the economy at the center of its government agenda and which has placed emphasis on advancing entrepreneurship, innovation, and international exchanges.
Assisting this commitment are the region’s two universities. Both are recognized as research focused and industry linked and they sit within an overall education system that produces students with consistently higher grades than other parts of the UK.
Far-sighted investment to create the world’s most advanced science parks, research centers of excellence and technology incubators has encouraged the growth of innovation-led clusters in ICT, financial services, aerospace, life sciences, and nanotechnology.
Superb telecommunications and a hub for several major airlines mean that Northern Ireland is also within easy reach of the huge European marketplace, making it an ideal near-shore location for businesses. It is hardly surprising that Northern Ireland has attracted major projects from investors in ICT, software, financial and knowledge process outsourcing from the U.S., Europe and India.
Northern Ireland is a welcoming region where overseas and indigenous investors will find a skilled, well-educated workforce, a solid infrastructure and third-level institutions where the commercial exploitation of research and development and innovation lie at the heart of the academic and skills agenda. These factors combined with a competitive cost base, make Northern Ireland a compelling investment proposition, particularly as a near-shore location from which to service large markets.
In recent years, the shift from manufacturing to predominantly tradable service-based sectors has seen a significant change in the types of projects locating in Northern Ireland. Building on substantial long-term investments from corporations such as Caterpillar, Seagate and Bombardier Aerospace, inward investment is now mainly in the innovation-based sectors of internationally traded services, particularly business services and ICT.
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Investors from these sectors - including Citi, NYSE, Liberty Mutual, Fujitsu, SAP, and Allen Systems Group - place an increasing emphasis on locations with qualified labor pools, excellent infrastructure and close proximity to universities or centers of excellence.
Among the sub-sectors that have benefitted particularly from this availability are mobile telecommunications, security content management and financial services IT.
PROFESSIONAL SERvICES SECTOR
Northern Ireland is also enjoying a growing reputation as a location for professional middle and back office services, having seen recent inward investment in funds accounting and legal services.
The recent growth in legal services has been fueled by rapid changes sweeping through the international legal system.
Over that past two years Northern Ireland has gained significant investments that have reinforced the region’s reputation as a choice location for professional services. Last year Allen & Overy one of the world’s largest international law firms set up its support and legal services center in Belfast to deliver a range of support functions such as financial, IT and HR management. It is also providing transaction support to legal teams servicing its clients based outside Northern Ireland. This followed investment by another leading international player, Herbert Smith, when it became the first top UK law firm to announce plans for an outsourcing operation in NI where it has based its new global dispute resolution center.
Most recently investors include New York-headquartered Axiom, the legal sector’s leading new model firm, which leverages a carefully engineered service model and deep expertise in the business of law to help General Counsel solve problems and manage their departments more effectively. In fact, the firm is the largest and fastest growing provider of managed services to the General Counsel and in-house legal departments of Fortune500/FTSE 100 companies.
Modeled on the firm’s other successful delivery centers, Belfast will house several client-dedicated teams serving global companies. In a first for Belfast, the center’s staff will be entirely focused on acting as primary, client-facing, fee-earning teams for the firm’s clients. The new center will employ over 100 lawyers and paralegals.
Axiom considered other locations before choosing Northern Ireland on the basis of the availability of graduates, the quality of the local legal talent pool, high speed, cost-effective connectivity and the government support packages offered.
Speaking in Northern Ireland at the announcement of the investment, Axiom Co-founder and CEO, Mark Harris said: “In terms of industry norms, we are building a very different type of operation in Belfast. Our center here is exclusively focused on client-facing teams undertaking complex work. As a result, we searched for a location which offered a high quality talent pool of experienced lawyers and ambitious law graduates.
“Having reviewed hundreds of candidates in Belfast, we have been impressed with the quality of their experience, and their energy and appetite for taking part in innovation in the legal sector. We are pleased to be able to apply the same high standards here that we do in London, New York, Hong Kong, San Francisco, Chicago or Houston,” he said.
Official statistics illustrate the quality and quantity of untapped legal talent available to companies locating in Northern Ireland. The region produces in excess of three times more graduates annually than there are places for in local law practices. Local legal education institutions include Queen’s University Belfast and the University of Ulster, both of which are officially ranked in the top 15 UK law schools. And because law and related legal vocations are highly regarded, the pipeline of legal talent is secure.
Dr. Thomas Murphy, head of the School of Law at the University of Ulster, says the high quality of teaching at Northern Ireland’s two universities is guaranteed by a rigorous accreditation and validation process.
“This involves frequent appraisals by senior academics from across the UK and Ireland and representatives of the main body responsible for ensuring the quality of law degrees for the profession in England and Wales.
“At the University of Ulster we also place a strong emphasis on the need to train people for employment. This is reflected both in the mix of practitioner academics and researchers who teach our courses and in the recent introduction of a program through which we now actively seek placements for a growing number of our students,” he added.
The region’s suitability as an onshore destination for the delivery of legal services is reinforced by a number of other factors. It boasts significant cost savings over competing metropolitan locations such as London, Dublin and Edinburgh. In Northern Ireland, for example, salaries for paralegals start at £15,000 a year, rising to around £18,000 for newly qualified solicitors.
ICT
Northern Ireland’s established reputation as a location for technology and software development has been boosted further in the past couple of months with new investments announced by two top U.S. names.
Fortune 50 company, CVS Caremark Corporation is to set up an Information Systems Development Center in Northern
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Ireland. Employing around 200,000 people, CVS Caremark is the largest pharmacy health care provider in the U.S. The Belfast operation which will employ up to 50 people will be a best practice center for the development of leading edge software for the company.
CVS Caremark considered several locations across the globe for its investment but was particularly attracted by the availability of highly skilled IT professionals; reliable, high speed and cost-effective telecoms infrastructure, and the very competitive operating cost environment.
Stephen Wrenn, senior vice president, enterprise IT services of CVS Caremark Corporation, said: “We recognize that to continue to be the leading pharmacy health care provider in the United States, we need to have leading-edge information technology systems.
“The combination of excellent IT talent on offer in Northern Ireland and the business-friendly environment… have led to our decision to establish a presence in Northern Ireland.”
The strong skills base is one of the reasons that global companies are attracted to Northern Ireland and in March of this year, Cowen International Ltd, a subsidiary of New York-headquartered financial services firm Cowen Group, announced its intention to set up a technology research and development center in Belfast. The center will employ up to 50 people providing a range of technology and global support services to Cowen operations and will be responsible for developing innovative new technologies.
Peter Cohen, Chairman of Cowen Group, said: “We are pleased to bring new jobs here to Northern Ireland as we grow our operations. We considered several international investment
locations for the new center and were drawn to the excellent, educated workforce available here and the support offered by Invest Northern Ireland.”
The availability of well-qualified and skilled professional staff is one of the key factors in investors’ decisions to locate in Northern Ireland.
Also important is the region’s operating costs which are significantly lower than the rest of the UK and Europe, thanks in part to prime office rents that are among the lowest in the developed world.
A further critical ingredient in the success of Northern Ireland’s professional middle and back office services sector is the region’s state-of-the-art communications infrastructure.
A recently completed transatlantic submarine optical fiber link is now providing 40-gigabyte per second communications to North America and continental Europe. This provides secure, reliable service and delivers prices up to 20% below market rates in London, Dublin, Manchester, and Glasgow. The region also benefits from having a fully digital, fully fiber optic network. Telecoms costs are among the lowest in Europe.
As cost, quality and high bandwidth communications become even more important issues in professional middle and back office services, Northern Ireland is therefore well placed to capitalize on its growing reputation as a trusted location for international firms.
For more information contact:
Invest Northern Ireland Boston Team Tel: +1 617 266 8839
London TeamTel: +44 (0) 207 222 0599
Website: www.investni.com/invest
KEY STRENGTHS
• OneoftheyoungestpopulationsinEurope,withnearly60% of its 1.71 million residents under the age of 40. The workforce also has a strong work ethic and employee turnover and absenteeism are among the lowest in Europe.
• NorthernIrelandhaslongbeenrecognizedtohaveoneof the best education systems in Europe, with pupils consistently out-performing their counterparts in the rest of the UK at GCSE and A-Levels. Two world-class universities and an extensive network of further education colleges provide excellent academic and vocational training, with over 2,000 people graduating each year with business qualifications in Northern Ireland.
• Advancedtelecommunications–40-gigabyteperseconddirect communications to North America and continental Europe; 100% broadband coverage and resilient network.
• Competitiveoperatingcoststhataresignificantlylowerthan most of the UK and Western Europe.
• Astrongskillsbase.
• High-qualityscienceparks,incubatorfacilitiesandpurpose-built business accommodation.
• EasyaccesstotheU.S.andEuropeanmarkets.
• Anattractivetaxregime.
• Ahighlycompetitivepackageofincentives,particularlyfor R&D-led projects.
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Surely the only location choice
Fastest high speed voice and data connections to the US and Europe
Lowest labour costs in the UK by up to 15%
Lowest operating costs in the UK
Lowest office rental costs in the UK by up to 30%
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Belfast Harbour ‘City Quays’ development plans
Belfast HarBoUr
Belfast Harbour has confirmed plans for a $400m ‘City Quays’ development in the heart of Belfast’s historical maritime district. Representing the latest stage in the ongoing transformation of Belfast’s waterfront, City Quays is designed to link the 185-acre Titanic Quarter development to the City Center.Belfast Harbour’s land holding extends to some 2,000 acres, strategically located at the focal point of the city’s transport infrastructure. This land bank represents some 20% of the Belfast City area.
Belfast Harbour has launched a new international marketing campaign aimed at attracting foreign direct investors to Belfast Harbour Estate, with the intention of deriving significant future benefits for both the City and regional economy. Belfast Harbour is already home to leading international clients such as Fujitsu, Citi, Microsoft, ICL, and Virgin Media. The aim of the international campaign is to attract new dynamic clients to Belfast, helping create a vibrant new community on Belfast’s waterfront by marketing opportunities within the Harbour Estate under the auspices of a clear and integrated brand.
Located in Belfast’s city center, the 20-acre waterfront regeneration scheme will provide a mix of commercial offices, local retail, leisure, hotel space, and residential accommodation including affordable housing. The vision for City Quays is the creation of a ‘sense of place’... to work, to live, to enjoy, to relax and to be a part of! In the heart of Belfast, City Quays provides a new mixed-use waterfront landscape for business, leisure, tourism, and the arts.
Showcasing the latest advances in sustainable development, the project has been master-planned by global award-winning consultancy Grimshaw, whose projects include the internationally-acclaimed Eden Project in Cornwall.
Len O’Hagan, Belfast Harbour’s Chairman, said:
“ City Quays is a tangible realization of 21st Century Belfast - a Belfast reborn that will provide a high quality waterfront landscape for business, leisure, tourism and the arts.
“ The development will help regenerate and reinvigorate the heart of historic Belfast, providing an attractive setting for potential overseas investors. The sense of place and purpose in City Quays will be further enhanced by educational, arts and cultural space for residents and visitors.
He added: -
“ These are challenging times for the international economy; however the regeneration of Belfast Harbour is a developing long-term project aimed at underpinning the new Belfast. Indeed, potential occupiers are highly focussed on destinations offering a competitive cost base – an area where Belfast clearly excels”.
The attractiveness of the City Quays offer to foreign direct occupiers is captured in the words of a senior executive from international real estate consultancy, Cushman & Wakefield: -
“ Globally, there are very few sites which compare to Belfast Harbour and we believe that the City Quays’ offer will attract considerable interest. Belfast has very strong selling points such as its low cost base and the educational caliber of its workforce. The city has made great strides in the regeneration of its waterfront in recent years and a scheme such as City Quays will further enhance that process”.
Most of City Quays has been set aside for commercial office space, with a further 14% allocated for leisure/hotel uses, 6% for local retail and 12% for residential use. Work on site will begin once the planning process has been completed and initial occupiers have been secured.
For more information, please visit www.belfast-harbour.co.uk/real-estate
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Surely the only location choice
Fastest high speed voice and data connections to the US and Europe
Lowest labour costs in the UK by up to 15%
Lowest operating costs in the UK
Lowest office rental costs in the UK by up to 30%
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When it comes to business, we’re in
the Zone.
We’re fully committed to business in Wales. That’s why our approach to Enterprise Zones is a bit different. We work closely with the
private sector to make sure we offer bespoke solutions to help your business prosper. So, get in touch with us to find out more.
Visit www.enterprisezones.wales.gov.uk
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Focus: Wales
Wales is a very distinctive country. Just 2 hours west of London, Wales is part of the UK and European Union and is easy to get to. Cardiff Airport provides connectivity to Europe and beyond, whilst the Welsh coast offers both container and passenger ports.Wales has its own government which makes policies and laws for the country. The Welsh Government is headed by the First Minister of Wales and has its own budget for health, education, agriculture, business development, culture and public services.
Welsh Government is constantly working to create the right environment for business – to equip the private sector in Wales with the tools to compete as a high-value player in the global economy.
For years, the Welsh government has invested millions in making Welsh cities and regions excellent bases for companies in all kinds of sectors. This focus on building a great base for business continues, one example being the major investment into the communications infrastructure. By 2015, all residential and business premises will have access to Next Generation Broadband, with at least 50% having access to 100Mbps. The introduction of Enterprise Zones is a further investment in making Wales an excellent base for companies.
WALES ENTERPRISE ZONES
Launched in April 2012, Enterprise Zones in Wales will offer specific incentives to attract new business to prime locations in Wales - using a tailor-made Welsh solution.
The aim is to strengthen the competitiveness of the Welsh economy through Enterprise Zones - not just replicate the approach taken elsewhere.
Each area focuses on a key target sector. The sector approach is a crucial part of Welsh Government’s continued commitment to creating jobs and sustainable growth and sets the role devolved government can play in providing the best conditions and framework to enable your company to grow and flourish.
Inward investors can be part of this thriving knowledge economy, linked to key UK business hubs with a first class transport infrastructure, but pay less for some of the best property around. Investors get access to industry-focused R&D in Welsh universities and a skilled, loyal workforce too. Indeed, the policies, facilities, resources, skills and enthusiasm tick all the boxes that companies would expect from a government and nation that wants business to flourish.
The rich and varied culture and stunning environment not only make Wales the perfect place to grow your business but also to enjoy an enviable lifestyle.
WALES ON THE WORLD STAGE
From hosting the 2010 Ryder Cup, through to playing host to the very first event of the 2012 Olympic Games, the GB women’s inaugural football match, Wales is continuing to build a reputation as a destination for major events.
Beyond welcoming major events, Wales’ creative strengths and natural environment are making it the destination of choice for many large-scale productions. These include feature films such as Harry Potter and the Deathly Hallows: Parts 1 and 2, Robin Hood, Ironclad, Clash of the Titans, Captain America: The First Avenger, and many more.
Wales
When it comes to business, we’re in
the Zone.
We’re fully committed to business in Wales. That’s why our approach to Enterprise Zones is a bit different. We work closely with the
private sector to make sure we offer bespoke solutions to help your business prosper. So, get in touch with us to find out more.
Visit www.enterprisezones.wales.gov.uk
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The creative industries sector in Wales employs over 30,000 people and generates $3bn annual turnover. It stretches across a range of sub sectors: advertising; architecture; art and antiques; crafts; design; designer fashion; digital and entertainment media; film, video and photography; publishing; music, visual and performing arts; software and electronic publishing; and TV and radio.
BUSINESS OPPORTUNITIES IN WALES
Wales has a long tradition of successfully welcoming inward investors. There are currently in the region of 1,000 foreign-owned enterprises active in Wales, adding to the impressive supply chains across industry sectors. Global players such as GE; Airbus and General Dynamics have all established operations here.
For decades, U.S. companies have been investing and reinvesting in Wales when looking for a launching pad for the UK and European markets.
As part of the economic development strategy, Welsh Government has selected following sectors: Advanced Materials and Manufacturing; Life Sciences; ICT; Creative Industries; Construction; Tourism; Food and Farming; Financial & Professional services and Energy & Environment.
The Welsh Government, can offer a tailored proposition, perfectly suited to the needs of inward investors. Through this ‘one-stop’ approach to helping investors, a company moving into Wales, can find a solution to its needs, whether that is finding the right commercial property or securing government funding – the best in Europe with the maximum assistance levels available in the UK.
• HelpcompanieslocatinginWalestoquicklyincorporate themselves and to find local legal, accounting and financial firms to service them
• Findtherightsiteforacompanyinacomprehensivedatabase of useful property in Wales
• Deliverthesiteandifappropriateprovideaturnkeysolution, complete from procurement, design, project management and construction
• Assistinlocatingsuitablelocallabortalent
• Supplycontactsatlocalindustrytradegroupsandnamesof potential local suppliers of goods and services
• Fosteringandenhancinglinksbetweenindustryandacademic institutions, matching investors with developers of new products and processes
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‘ There are currently in the region of 1,000 foreign-owned enterprises active in Wales, adding to the impressive supply chains across industry sectors’
Professor Trevor Jones CBE, Chairman, ABPI at BioWales 2012
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To sustain and grow companies, Wales’ highly ranked universities are completely focused on graduating talented and well-trained people. In a recently published paper written by The Welsh Government’s Chief Scientific Adviser, Professor John Harries, (who has been awarded NASA’s most prestigious civilian honor), Wales’ great strengths in the areas of Life Sciences and health research were highlighted.
Building upon these strengths, at the 2-day BioWales 2012 conference, a Life Sciences fund worth up to £100 million was launched. This will be a dedicated equity fund investing into life sciences businesses located in Wales.
RESEARCH, DEvELOPMENT & INNOvATION
Confidence around the Life Science sector is built upon the solid foundation of research already taking place in Wales.
Cardiff University has research strengths in a number of areas including neuroscience and mental health; psychology; infection and immunity; genetics; cancer; stem cells and optometry and vision science.
Scientists from the Cardiff School of Pharmacy & Pharmaceutical Sciences have discovered two potential anti-viral drugs for shingles and hepatitis C. The agents, developed in collaboration with U.S. biopharmaceutical company Inhibitex, are demonstrating effectiveness in patients in ongoing clinical trials and underpin a peak NASDAQ market capitalization of more than $1.1bn.
Swansea University’s Institute of Life Science (ILS) hosts the EPSRC National Mass Spectrometry Service Centre, the Centre for NanoHealth, the e-health industries innovation (ehi2) center, and the IBM ‘Blue C’ supercomputer – one of the fastest computers in the world dedicated to life sciences research.
Further research strengths are found at Aberystwyth University’s Institute of Biological, Environmental and Rural Sciences (IBERS) is leading UK research studies in human nutrition.
Bangor University’s School of Psychology ranks among the very best in the UK and forms a large part of the College of Health and Behavioural Sciences.
The Centre for Applied Reconstructive Technologies in Surgery (CARTIS) is a unique partnership that aims to make Wales a world-leader in the research, development and application of advanced technologies in surgery and prosthetics.
In addition to research strengths in Life Sciences, universities in Wales are working with industry on range of projects, they range from The Low Carbon Research Institute (LCRI) conducting a full range of energy research in Wales, with a vision for a low carbon future, through to The Materials Research Centre. Based at Swansea University’s School of Engineering, Rolls Royce and the ESPRC have provided the center with £54 million ($86 million) for research into structural materials and training.
For more information about Wales, visit www.wales.com/business
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CASE STUDY
The right skills and new talent fuels GE Healthcare growth in WalesGE Healthcare is a $16bn unit of General Electric Company. It employs more than 46,000 people serving healthcare professionals and their patients in more than 100 countries.Recent years have seen Wales becoming a key location in the GE Healthcare global network, with staff coming to Cardiff not just from other UK locations but from elsewhere around the world, and a number of senior executives re-locating from overseas.
The GE Healthcare Life Sciences division, a leading provider of medical technologies and services, has had a presence in Cardiff since 2004 when it acquired the Amersham plc business. Since then, the capital city of Wales has seen continuing investment by GE and, today,
it is the company’s Life Sciences international center of excellence for consumables.
Richard Dool, General Manager, Consumables said: “To support our growth we need to draw on scientific, sales and production expertise and with thousands of students graduating from universities in Wales each year, recruitment is eased. Once people join us they tend to stay, with many members of our team now having 10, 15 or 20 plus years with the company. That level of continuity is a real asset to the business.”
It is precisely these advantages which have secured continuous and on going investment in the GE Healthcare Cardiff location, which is now also the company’s international center for groundbreaking work in stem cell technologies for new drug discovery.
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BritishAmerican Business: The Company to Keep
Access – to the right connections, audiences, influence and intelligence – is key to business success, and high-quality access is at the heart of the business advantage that BritishAmerican Business offers.By delivering high-caliber networking and targeted marketing platforms, as well as providing top-quality business intelligence and regulatory advice and influence, BritishAmerican Business provides its members with access to practical, measurable business expansion opportunities.
Since its establishment in 2000, BritishAmerican Business has grown to become the leading transatlantic business organization; and the quality of its membership and of its services has been the key to this success.
BRITISHAMERICAN BUSINESS MEMBERSHIP
BritishAmerican Business membership includes the world’s leading multinationals and middle-market companies – including most of the major American and European players in banking, pharmaceuticals, energy, aerospace/defense, insurance, accountancy, law, real estate, telecoms, management/business consultancies, airlines and the media.
BRITISHAMERICAN BUSINESS EvENT PROGRAM
Consisting of more than 100 high-quality events each year, BritishAmerican Business events range from exclusive, high-level meetings with top corporate and government leaders to business briefings, professional forums, and social/client entertainment occasions.
They cover a broad array of global issues and geographies, ranging recently from innovation and sustainability, to global mobility and capital markets; from China/India, Afghanistan/Pakistan and the Middle East, to Europe and the Americas; and from social media and corporate credibility, to global security and the new financial order.
BRITISHAMERICAN BUSINESS PLATFORMS
BritishAmerican Business high-quality marketing and brand-building platforms reach a top level audience of companies and executives involved in global and transatlantic business.
These include: direct marketing to our membership; sponsoring our events and publications; participating as speakers/panelists in our events; publishing by-lined articles in our magazine; taking advantage of exclusive networking opportunities; and business introductions and referrals.
BRITISHAMERICAN BUSINESS GOvERNMENT REPRESENTATION
As well as providing many forums for policy discussion, BritishAmerican Business leverages its strong relationships with governments on both sides of the Atlantic to make direct, formal representations to them on policy issues of particular concern to its members.
These have recently included representations on a range of issues that would have a negative impact on BritishAmerican Business member companies and the business community in general, including data protection, economic migration, bribery, taxation, regulation, trading and aviation policies.
BRITISHAMERICAN BUSINESS SERvICES
BritishAmerican Business provides a portfolio of targeted business services that are geared to the needs of our member companies. These include: immigration, database/research and event management services; regular business intelligence and trade policy digests; and access to our own BritishAmerican Business Membership Directories, covering more than 5,000 executives, and to corporate databases covering 300,000 public and private companies from 38 European countries.
SUPPORT
BritishAmerican Business enjoys strong support from our International Advisory Board, which includes the Chairmen and Chief Executive Officers of more than 100 major multinational companies.
BABC
BritishAmerican Business participates actively in the British-American Business Council (BABC), enabling BritishAmerican Business members to participate in the programs of the BABC’s chapters in more than 20 other major business centers throughout North America and the UK.
BritishAmerican Business also participates in the European Council of American Chambers of Commerce (ECACC), with a presence in 32 cities throughout Europe.
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BRITISHAMERICAN BUSINESS AT A GLANCE
BRITISHAMERICAN BUSINESS:THE COMPANY TO KEEPWebsite: www.babinc.org
HONORARY PATRONS
CHAIRMANINTERNATIONALADvISORY BOARD
CHAIRMANBOARD OF DIRECTORS
PRESIDENT
CHIEF ExECUTIvE
MANAGING DIRECTOR,LONDON
MANAGING DIRECTOR, NEW YORK
Sir Peter Westmacott KCMG, LvO, British Ambassador to the USA
The Honorable Louis B. Susman U.S. Ambassador to the Court of St James’s
Sir Martin SorrellCEO, WPP Group
Gary von Lehmden, Managing Director, EMEA Co-Head of Corporate Banking & Capital Management, Citi
David StilemanCEO, AmericasStandard Chartered Bank
Richard Fursland OBE
Peter Hunt CMG
Wendy Mendenhall
New York Office52 Vanderblit Avenue20th FloorNew York NY 10017Tel: +1 212 661 4060Fax: +1 212 661 4074Email: [email protected]
London Office75 Brook StreetMayfairLondon W1K 4ADTel: +44 (0) 207 290 9888Fax: +44 (0) 207 491 9172Email: [email protected]
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Richard Fursland OBE, Chief Executive, BritishAmerican Business and the British-American Business Council (BABC), explains how the BABC helps companies develop their international business
The British-American Business Council (BABC) is the largest transatlantic business network. We have chapters throughout North America and the UK, with a collective total of more than 2,500 member companies based in more than 20 major business centers.
Our goal is to help these companies build their business by providing access to a transatlantic business network that extends far beyond their own home cities, with a portfolio of services to match.
Our offering is geared to help middle-market and smaller companies as well as major multinationals. If you are a US company looking to establish or expand your business in the UK, we have a regional chapter ready to help you.
The same applies in reverse, if you are a UK company looking to build your business in the US.
As well as knowing their regional marketplace, BABC chapters all have member companies who want to do business with companies like yours.
If you are a member of any of our chapters, you can connect with these companies through our password-protected Online Membership Directory, by participating in the programs of other BABC chapters when you are traveling, and by joining us at our Annual Transatlantic Business Conferences.
The BABC network also offers other business and marketing opportunities to promote your services and products to our members throughout North America and the UK: to facilitate immigration issues; to identify potential clients and business partners through the extensive external databases of American and European companies that we maintain for our members; and to take advantage of the discounts that our member companies offer to their fellow-members.
Our role is simple: we help companies make connections and do business.
If you are (or plan to become) involved in transatlantic business and do not already know about the BABC, do contact your regional BABC chapter to find out what they and the broader BABC network can offer you.
For further information about the BABC, and to identify your local chapter, please visit us at:
Website: www.babc.org
Using the BABC to Build your Transatlantic Business
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British-American Business Council Chapters
ATLANTAThe British American Business Group - AtlantaPO Box 492830Lawrenceville, GA 30049Tel: 404 681 2224Fax: 770 433 2907Email: [email protected]: www.babg.org President: Philip Box
BOSTONBritish American Business Council of NewEngland, Inc.Lewis Wharf, Suite 52328 Atlantic AvenueBoston, MA 02110Tel: 617 720 3622Fax: 617 720 4331Email: [email protected]: www.babcne.org Executive Director: Urszula WojciechowskaPresident: Peter HirstEmail: [email protected]
CHARLOTTEBritish-American Business Council of NorthCarolina, Incc/o World Affairs Council of Charlotte9201 University City Blvd.UNC Charlotte – 227 CHHSCharlotte, NC 28223Tel: 704 687 7761Fax: 704 687 4372Website: www.babcnc.com President: Mark Walker, CFTEmail: [email protected]
CHICAGOBritish-American Business Council, Chicago1751D W. Howard St., #177, Chicago, IL 60626Tel: 312 848 0726Email: [email protected]: www.babcc.org Executive Director: Christine BrenkusPresident: Tom StevensEmail: [email protected]
CLEvELANDThe British American Chamber of Commerce, Ohio RegionPO Box 360707 Strongsville, OH 44136Tel: 216 621 0222Email: [email protected]: www.baccohio.org Executive Director: Trisha AllenPresident: Graham EvansEmail: [email protected]
DETROITBritish American Business Council of Michigan305 Lakewood Drive, Bloomfield Hills, MI 48304Tel: 313 570 1632Fax: 248 928 0917Email: [email protected]: www.babcmichigan.org Executive Director: Marilyn BartleyPresident: Martin DavidEmail: [email protected]
HOUSTONBritish-American Business Council - HoustonPO Box 421234Houston, TX 77242-1234Tel: 832 351 3940Fax: 832 351 3942Website: www.babchouston.org Executive Director: Becci HimesEmail: [email protected]: Trevor ParkesEmail: [email protected]
LOS ANGELESBritish American Business Council of LosAngeles11766 Wilshire Blvd, Suite 1230Los Angeles, CA 90025Tel: 310 312 1962Fax: 310 312 1914Website: www.babcla.org President: Paul Wright Email: [email protected]
MIAMIBritish American Chamber of Commerce - MiamiPO Box 490796 Key Biscayne, FL 33149Tel: 305 781 5177Website: www.babcmiami.com Executive Director: Justin JonesEmail: [email protected]: Carlos Gonzalez
NEW YORK CITY BritishAmerican Business52 Vanderbilt Avenue, 20th FloorNew York, NY10017Tel: 212 661 4060Fax: 212 661 4074Website: www.babinc.org Email: [email protected] Director: Wendy MendenhallChairman: Gary von Lehmden
ORANGE COUNTYBritish American Business Council of OrangeCounty25422 Trabuco Road, Suite 105-266Lake Forest, CA 92630Tel: 949 472 2221Fax: 949 472 2215Website: www.babcoc.org Email: [email protected] Director: Valerie BlackhollyPresident: John KuykendallEmail: [email protected]
ORLANDOBritish-American Chamber of Commerce ofCentral FloridaOrlando Fashion Square Mall3201 E. Colonial Drive, Suite A-20Orlando, FL 32803Tel: 407 226 7251Website: www.britishamericanchamberorlando.com Email: [email protected]: Jason Edwards
PHILADELPHIABritish-American Business Council ofPhiladelphia200 South Broad Street, Suite 700Philadelphia, PA 19102Tel: 215 790 3686Fax: 215 790 3600Website: www.babcgp.com Executive Director: Jane H. RosenbergEmail: [email protected]: Hope P. Krebs, EsqEmail: [email protected]
SAN FRANCISCOBritish-American Business Council of NorthernCalifornia703 Market Street, Suite 1314San Francisco, CA 94103Tel: 415 296 8645Fax: 415 296 9649Website: www.babcsf.org Executive Director: Zoë MatthewsEmail: [email protected]: Colin BrownEmail: [email protected]
SEATTLEBritish-American Business Council of the PacificNorthwestPO Box 584Seattle, WA 98111Tel: 206 948 7117Fax: 206 236 2117Website: www.babcpnw.org Executive Director: Deborah Knutson Email: [email protected] Chairman: Brian Esler Email: [email protected]
TAMPABritish-American Business Council Tampa BayRegion100 N Tampa St, Suite 3600Tampa, FL 33602Tel: 813 221 7250Fax: 813 258 5902Email: [email protected]: www.babctampabay.org Chairman: Grant D. PetersenEmail: [email protected]
WASHINGTON DCBritish American Business Association ofWashington DCPO Box 16482Washington, DC 20041Tel: 202 293 0010Fax: 202 296 3332Email: [email protected]: www.babawashington.org Executive Director: Patricia A. KarhusePresident: Christopher J. Lombardi
CANADAThe British Canadian Chamber of Trade and CommerceToronto-Dominion Center, Royal Trust Tower77 King Street West, Suite 2401,Toronto, ON M5K 1G8, CanadaTel: 416 502 0847Fax: 416 502 9310Website: www.bcctc.ca Email: [email protected] Director: Idalia ObregonPresident: Dean Smith
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Los AngelesBABC – Los Angeles
British Consulate-General UK Trade & Investment
San FranciscoBABC – Northern California
British Consulate-General UK Trade & Investment
SeattleBABC – Pacific Northwest
Orange CountyBABC – Orange County
Key to CouncilsBCCTC - The British Canadian Chamber of Trade and Commerce
BABA - British American Business Association
BABC - British-American Business Council
BACC - British American Chamber of Commerce
BABG - British American Business Group
BAB - BritishAmerican Business
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AtlantaBABG – Atlanta
British Consulate-General
MiamiBACC – Miami
British Consulate-General UK Trade & Investment
OrlandoBACC – Central Florida
British Consulate
TampaBABC – Tampa Bay Region
BostonBABC – New England
British Consulate-General UK Trade & Investment
CharlotteBABC – North Carolina
British Honorary Consulate
New York CityBAB – New York
British Consulate-General UK Trade & Investment
PhiladelphiaBABC – Philadelphia
British Honorary Consulate
Washington DCBABA – Washington DC
British EmbassyUK Trade & Investment
ChicagoBABC – Chicago
British Consulate-General UK Trade & Investment
CanadaBCCTC – Canada
British Consulate-General UK Trade & Investment
HoustonBABC – Houston
British Consulate-General UK Trade & Investment
ClevelandBACC – Ohio Region
British Honorary Consulate
DetroitBABC – Michigan
British Honorary Consulate
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BIRMINGHAMBritish American Business Council in the Midlands75 Harborne Road, Edgbaston, Birmingham, B15 3DHPhone: +44 (0) 121 454 6171 Ext. 2208 Fax: +44 (0) 121 607 0130 Email: [email protected] Website: www.babcmidlands.org.uk Executive Director: Cassie MuirEmail: [email protected] Chairman: Harry Reilly
LONDON BritishAmerican Business 75 Brook Street, London, W1K 4ADPhone: +44 (0) 207 290 9888Fax: +44 (0) 207 491 9172Email: [email protected] Website: www.babinc.org Managing Director: Peter Hunt, CMGEmail: [email protected] Chairman: Gary von Lehmden
SCOTLANDScottish North American Business Council7 St Ann’s Drive, Giffnock, Glasgow G46 6JSPhone: +44 (0) 798 225 0682Website: www.snabc.org Executive Director: Allan HogarthEmail: [email protected]: Iain McMillan CBEEmail: [email protected]
MANCHESTERBritish American Business Council in the North WestInternational Trade Centre, Warren Bruce Court, Warren Bruce Road,Trafford Park, Manchester, M17 1LBWebsite: www.babcnw.org Executive Director: Lynn Shaw Email: [email protected] Phone: +44 (0) 161 875 2334Fax: +44 (0) 161 875 2234Chairman: Malcolm GrestyEmail: [email protected]
YORKSHIRE & THE HUMBERBritish-American Business Council of Yorkshire and the HumberBroadway Hall, Horsforth, Leeds LS18 4RS Phone: +44 (0) 845 459 9924Website: www.babcyorkshire.org President: Aaron MowlaEmail: [email protected]
British-American Business Councils in the UK
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Business Information Services
Company RegistrationCompanies HouseThe main functions of Companies House are to:
• incorporateanddissolvelimitedcompanies
• examineandstorecompanyinformation delivered under the Companies Act and related legislation
• makethisinformationavailabletothepublic
Companies House Contact CenterThe principal route for all general enquiries
Tel: +44 (0) 303 123 4500Email: [email protected]
Website: www.companieshouse.gov.uk
By post
Main office/WalesCompanies HouseCrown WayMaindyCardiff, CF14 3UZ
ScotlandCompanies House 4th FloorEdinburgh Quay 2139 Fountainbridge Edinburgh, EH3 9FF
EnglandCompanies House Executive Agency21 Bloomsbury StreetLondon, WC1B 3XD
Northern IrelandCompanies HouseSecond FloorThe Linenhall32-38 Linenhall StreetBelfast, BT2 8BG
Customer Contact Association (CCA)The CCA is the leading independent authority on customer contact strategies and operations with over 900 member organizations representing a network employing between 35 and 45% of the contact center population in the UK
CCA20 Newton PlaceGlasgow, G3 7PY
Tel: +44 (0) 141 564 9010Email: [email protected]
Website: www.cca-global.com
Manufacturing Advisory Service (MAS)MAS is funded by BIS (Department for Business, Innovation and Skills) and provides support for manufacturing businesses based in England to help them improve and grow
MASPeraNottingham Road Melton Mowbray, LE13 0PB
Tel: +44 (0) 845 658 9600Email: [email protected]
Website: www.mymas.org
Intellectual Property OfficeThe official government body responsible for granting Intellectual Property rights (Copyright, Designs, Patents and Trade Marks) in the United Kingdom
Concept HouseCardiff RoadNewportSouth WalesNP10 8QQ
Tel: +44 (0) 163 381 4000Email: [email protected]
Website: www.ipo.gov.uk
Confederation of British Industry (CBI)The UK’s premier business lobbying organization, helping to keep business interests at the heart of policy in Westminster, the devolved administrations, across the UK regions and internationally (with offices in Washington, Brussels, Beijing, and Delhi)
Centre Point103 New Oxford StreetLondon, WC1A 1DU
Tel: +44 (0) 207 379 7400Email: [email protected]
CBI Washington1110 Vermont Ave, NWSuite 1200Washington, DC 20005
Tel: +1 202 530 0510Email: [email protected]
Chatham HouseA leading source of independent analysis, informed debate and influential ideas on how to build a prosperous and secure world for all
The Royal Institute of International AffairsChatham House10 St James’s SquareLondon, SW1Y 4LE
Tel: +44 (0) 207 957 5700Email: [email protected]
Website: www.chathamhouse.org
Organization Index
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BritishAmerican BusinessBritishAmerican Business is the leading transatlantic business organization, dedicated to helping companies connect and build their business on both sides of the Atlantic
75 Brook StreetLondon W1K 4AD
Tel: +44 (0) 207 290 9888Email: [email protected]
52 Vanderbilt Avenue, 20th FloorNew York, NY 10017
Tel: +1 212 661 4060Email: [email protected]
British Security Industry Association (BSIA)The trade association for the private security industry in the UK. Its members provide over 70% of UK security products and services and adhere to strict quality standards
Kirkham HouseJohn Comyn DriveWorcester, WR3 7NS
Tel: +44 (0) 190 534 2020Email: [email protected]
Website: www.bsia.co.uk
UK BioIndustry Association (BIA)The trade association for innovative enterprises involved in UK bioscience
7th Floor, Southside105 Victoria StreetLondon, SW1E 6QT
Tel: +44 (0) 207 630 2180Email: [email protected]
Website: www.bioindustry.org
European Relocation Association (EuRA)Promoters of the benefits of professionally managed relocation and mobility services to companies with a globally mobile workforce
PO Box 189Diss, Norfolk, IP22 1PE
Tel: +44 (0) 870 072 6727Email: [email protected]
Website: www.eura-relocation.com
ADSThe trade organization advancing the UK Aerospace, Defense, Security, and Space industries. Farnborough International Limited (FIL), which runs the Farnborough International Airshow, is a wholly-owned subsidiary
ADS Group LimitedSalamanca Square9 Albert EmbankmentLondon, SE1 7SP
Show CentreETPS RoadFarnborough AerodromeFarnboroughHampshire, GU14 6FD
Tel: +44 (0) 207 091 4500Email: [email protected]
RenewableUKRenewableUK is the trade and professional body for the UK wind and marine renewables industries
Greencoat House Francis Street London, SW1P 1DH
Tel: +44 (0) 207 901 3000Email: [email protected]
Website: www.renewableuk.com
Low Carbon vehicle Partnership (LowCvP)LowCVP is aiming to accelerate a sustainable shift to low carbon vehicles and fuels in the UK and thereby stimulate opportunities for UK businesses
83 Victoria StreetLondon, SW1H 0HW
Tel: +44 (0) 203 178 7859Email: [email protected]
Website: www.lowcvp.org.uk
Association of Executive Search Consultants (AESC) The professional body representing retained executive search consulting firms around the world
12 East 41st Street17th FloorNew York, NY 10017
Tel: +1 212 398 9556 Email: [email protected]
Website: www.aesc.org
Association of the British Pharmaceutical Industry (ABPI)The trade association for the research-based biopharmaceutical industry in the UK
7th floorSouthside105 Victoria StreetLondon, SW1E 6QT
Tel: +44 (0) 870 890 4333Email: [email protected]
Website: www.abpi.org.uk
Organization Index
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Direct Investment
UK Trade & Investment (UKTI) UKTI is the Government Department that helps overseas companies to bring their high-quality investment to the UK, as well as assisting UK companies to succeed in a global economy
UK Trade & Investment Enquiry ServiceBIS Enquiry Unit1 Victoria StreetLondon, SW1H 0ET
Tel: +44 (0) 207 215 5000Email: [email protected]
Website: www.ukti.gov.uk
THE LEP NetworkLEPs (Local Enterprise Partnerships) are locally-owned partnerships between local authorities and businesses (see page 58). The LEP Network is a gateway to news and information for these partnerships
Mike Spicer – LEP Network ManagerThe British Chambers of Commerce65 Petty FranceLondon, SW1H 9EU
Tel: +44 (0) 207 654 5800Fax: +44 (0) 207 654 5819Email: [email protected]
Website: www.lepnetwork.org.uk
Department for Communities & Local GovernmentThe Government Department charged with putting power in the hands of local people, business and councillors with local leaders and business driving economic growth in their areas through Local Enterprise Partnerships
Eland HouseBressenden PlaceLondon, SW1E 5DU
Tel: +44 (0) 303 444 0000Email: [email protected]
Website: www.communities.gov.uk
Devolved Economic Development AgenciesNorthern Ireland
Invest Northern Ireland
The regional business development agency whose role is to support new and existing businesses to compete internationally, and to attract new investment to Northern Ireland
Bedford SquareBedford StreetBelfast, BT2 7ES
Tel: +44 (0) 289 069 8000Email: [email protected]
Website: www.investni.com
545 Boylston StreetSuite 801Boston, MA 02116
Tel: +1 617 266 8839Email: [email protected]
Scotland
Scottish Development International
SDI’s aim is to assist in the growth of the Scottish economy, by encouraging inward investment and helping Scottish-based companies develop international trade
5 Atlantic Quay150 BroomielawGlasgow, G2 8LU
Tel: +44 (0) 141 228 2828Email: [email protected]
Website: www.sdi.co.uk
Wales
Welsh Government
The Welsh Government is committed to helping companies to prosper in Wales, and encourages strong, innovative and competitive business - essential for the Welsh economy
Cathays Park Cardiff, CF10 3NQ
Tel: +44 (0) 300 060 3000
Website: http://wales.gov.uk
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Education
Department for EducationFormerly the Department for Children, Schools and Families (DCSF), the government department responsible for education and children’s services
Castle View HouseEast LaneRuncornCheshire, WA7 2GJ
Tel: +44 (0) 370 000 2288
Website: www.education.gov.uk
Universities UKThe representative organization for the UK’s universities
Woburn House 20-24 Tavistock SquareLondon, WC1H 9HQ
Tel: +44 (0) 207 419 4111Email: [email protected]
Website: www.universitiesuk.ac.uk
Association of MBAsThe international impartial authority on postgraduate business education whose accreditation service is the global standard for all MBA, DBA and MBM programs
25 Hosier LaneLondon, EC1A 9LQ
Tel: +44 (0) 207 246 2686Email: [email protected]
Website: www.mbaworld.com
Embassies and Consulates
Foreign & Commonwealth OfficeThe FCO is the government department responsible for promoting British interests overseas.
Foreign & Commonwealth OfficeKing Charles StreetLondon, SW1A 2AH
Tel: +44 (0) 207 008 1500
Website: www.fco.gov.uk
U.S. EmbassyThe U.S. Commercial Service UK (CSUK) at the U.S. Embassy in London promotes exports of U.S. goods and/or services into the UK market and inward investment into the U.S. They provide a range of services and programs to help American companies export goods and services to the United Kingdom
The American Citizen Services (ACS) Section of the Embassy provides information and assistance to U.S. citizens in England and Wales
24 Grosvenor SquareLondon, W1A 2LQ
Tel: +44 (0) 207 499 9000
Website: www.export.gov/unitedkingdomhttp://london.usembassy.gov
Northern Ireland
U.S. Consulate General, BelfastDanesfort House223 Stranmillis RoadBelfast, BT9 5GR
Tel: +44 (0) 289 038 6100
Website: http://belfast.usconsulate.gov
Scotland
U.S. Consulate General, Edinburgh3 Regent TerraceEdinburgh, EH7 5BW
Tel: +44 (0) 131 556 8315Email: [email protected]
Website: http://edinburgh.usconsulate.gov
Wales
American Embassy Welsh Affairs OfficeWelsh Affairs OfficerU.S. Embassy London24 Grosvenor SquareLondon, W1A 1AE
Tel: +44 (0) 207 499 9000 x2143
Website: http://cardiff.usvpp.gov
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Immigration
UK BORDER AGENCYThe UK Border Agency is an agency of the Home Office. Foreign nationals can apply for UK visas at application centers worldwide
Website (general): www.ukba.homeoffice.gov.uk
Website (U.S. specific): www.ukba.homeoffice.gov.uk/countries/usa
Internal Affairs
HOME OFFICEThe Home Office is the lead government department for immigration and passports, drugs policy, crime, counter-terrorism, and police
Direct Communications Unit2 Marsham StreetLondon, SW1P 4DF
Tel: +44 (0) 207 035 4848Email: [email protected]
Website: www.homeoffice.gov.uk
Legal
The Law Society of England and WalesThe Law Society represents solicitors in England and Wales. From negotiating with and lobbying the profession’s regulators, government and others, to offering training and advice, the Society helps, protects and promotes solicitors across England and Wales
The Law Society’s Hall113 Chancery LaneLondon WC2A 1PL
Tel: +44 (0) 207 242 1222
Website: www.lawsociety.org.uk
Law Society Office in WalesCapital Tower Greyfriars RoadCardiff, CF10 3AG
Tel: +44 (0) 292 064 5254 Email: [email protected]
The Law Society of Northern Ireland96 Victoria Street,Belfast, BT1 3GN
Tel: +44 (0) 289 023 1614
Website: www.lawsoc-ni.org
The Law Society of Scotland26 Drumsheugh GardensEdinburgh, EH3 7YR
Tel: +44 (0) 131 226 7411Email: [email protected]
Website: www.lawscot.org.uk
The Home Office, Peel Building by Terry Farrell & Partners
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Public Sector
Department for Business, Innovation and Skills (BIS) BIS has responsibility for enterprise, business relations, regional development and fair markets, along with responsibility for science and innovation, further and higher education and skills.
1 Victoria StreetLondon, SW1H 0ET
Tel: +44 (0) 207 215 5000Email: [email protected]
Website: www.bis.gov.uk
Department for Culture Media and SportThe Department is responsible for the arts, broadcasting, creative industries, museums and heritage, sport and tourism and helps drive the Digital Economy. It has also been responsible for the 2012 Olympic and Paralympic Games
2-4 Cockspur StreetLondon, SW1Y 5DH
Tel: +44 (0) 207 211 6000Email: [email protected]
Website: www.culture.gov.uk
Department of Energy and Climate Change (DECC)The Department responsible for energy savings, a secure energy system, incentivising low carbon investment, driving action on climate change and managing the UK’s energy legacy
3 Whitehall PlaceLondon, SW1A 2AW
Tel: +44 (0) 300 060 4000Email: [email protected]
Website: www.decc.gov.uk
Department for Environment, Food and Rural Affairs (Defra)Defra is the government department responsible for government policy and advice on environmental, agricultural and rural issues
Eastbury House30-34 Albert EmbankmentLondon, SE1 7TL
Tel: +44 (0) 207 238 6951Email: [email protected]
Taxation and Finance
HM TreasuryThe Treasury is the United Kingdom’s economics and finance ministry. It is responsible for formulating and implementing the Government’s financial and economic policy. HM Treasury is headed by the Chancellor of the Exchequer
The Correspondence & Enquiry Unit2/W1, HM Treasury1 Horse Guards RoadLondon, SW1A 2HQ
Tel: +44 (0) 207 270 4558Email: [email protected]
Website: www. hm-treasury.gov.uk
HM Revenue & CustomsFormed in 2005 following the merger of the Inland Revenue and HM Customs & Excise Departments, HMRC is responsible for collecting the bulk of tax revenue, the payment of Tax Credits and Child Benefits, and strengthening the UK’s frontiers
National Advice ServiceWritten Enquiries SectionAlexander HouseVictoria AvenueSouthend on SeaEssex, SS99 1BD
Tel (UK): 0845 010 9000Tel (International): +44 (0) 292 050 1261
Financial Services AuthorityThe financial regulator with powers and objectives provided through the Financial Services and Markets Act 2000. They use a wide range of rule-making, investigatory and enforcement powers to fulfill their statutory objectives.
25 The North ColonnadeCanary WharfLondon, E14 5HS
Tel: +44 207 066 1000
Website: www.fsa.gov.uk
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Useful Websites
BUSINESS LINKS
www.babc.org – The British-American Business Council (BABC) is the largest transatlantic business organization, consisting of 23 British-American business associations and more than 2,500 companies in major cities throughout North America and the UK.
www.babinc.org – BritishAmerican Business is the leading transatlantic business organization dedicated to helping its member companies build their international business.
www.bexa.co.uk – The British Exporters Association (BExA) is an independent national trade association representing all sectors of the export community.
www.businesslink.gov.uk – Whether you are a sole trader or a firm of 250 employees, this site can provide you with straightforward information for all your business needs, from finance and grants to buying or selling a business.
www.companieshouse.gov.uk – Companies House provides comprehensive guidance on company formation, a series of detailed booklets on various aspects and numerous useful addresses on its website.
www.uktradeinfo.com – As part of HM Revenue and Customs (HMRC), Statistical Analysis of Trade Unit (SATU) it focuses on trade statistics business, produces quality and timely trade statistics and delivers activities associated with this work.
EDUCATION
www.britishcouncil.org – The British Council has been creating ties between people in the UK and those in other countries for over 75 years. It runs programmes in education, English language, the arts, science and technology, sport and governance.
www.education.gov.uk – The Department for Education (DfE) is a department of the UK government responsible for issues affecting people in England up to the age of 19, including child protection and education.
www.ecis.org – The European Council of International Schools (ECIS) provides services to support professional development, curriculum and instruction, leadership and good governance in international schools located in Europe and around the world.
www.fulbright.co.uk – The US-UK Fulbright Commission promotes peace and cultural understanding through educational exchange.
GOvERNMENT
www.defra.gov.uk – The Department for Environment, Food and Rural Affairs (DEFRA) works for the essentials of life – food, air, land, water, people, animals and plants.
www.direct.gov.uk – This site offers the easy way to access government services. It guides you through more than 900 government websites straight through to public services.
www.homeoffice.gov.uk – The Home Office is the lead government department for immigration and passports, drugs policy, counter-terrorism, police, and science and research.
www.ipo.gov.uk – The Intellectual Property Office (formerly known as the Patent Office) is responsible for granting intellectual property rights in the UK. It is responsible for examining and issuing, or rejecting, patents. It also keeps registers of intellectual property including patents, designs and trademarks in the UK.
www.statistics.gov.uk – Provides official national statistics on Britain’s economy, population and society at national and local level.
www.bis.gov.uk – The Department for Business, Innovation & Skills’ central purpose is to help ensure business success in an increasingly competitive world. It is the voice for business across Government. It leads the Government’s drive to raise UK levels of productivity, create the conditions for business success and strengthen the economic performance of all the regions.
www.london.usembassy.gov – The US Embassy in London.
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GRANTS AND ASSISTANCE
www.hmrc.gov.uk – SMEs may be able to claim payable tax credits in cash from the Inland Revenue if they have losses in the accounting period.
www.bis.gov.uk – The Department for Business, Innovation & Skills provides information on the range of grants and assistance that is available to businesses.
www.investni.com – Invest NI aims to grow the local economy by supporting new and existing businesses to compete internationally, and by attracting new investment to Northern Ireland. Invest NI offers the Northern Ireland business community a single organization providing high-quality services, programmes, support and expert advice.
www.wales.gov.uk – The Welsh Government has a range of grants available to businesses, including the Single Investment Fund (SIF), which can assist businesses of various sizes with starting up, developing new products, processes or services and so on.
IMMIGRATION
www.fco.gov.uk – The Foreign and Commonwealth Office (FCO) issues visas and advises on immigration matters for visitors to the UK.
www.iasuk.org – The Immigration Advice Service (IAS) is the UK’s largest charity providing representation and confidential advice in immigration and asylum law, independently from the Government.
www.ukba.homeoffice.gov.uk – A joint Home Office and Foreign and Commonwealth Office Unit that runs the UK’s visa service.
INWARD INvESTMENT
www.export.gov/unitedkingdom – The U.S. Commercial Service UK (CSUK) at the U.S. Embassy in London promotes exports of U.S. goods and/or services into the UK market and inward investment into the U.S. It also provides a range of services and programs to help American companies export goods and services to the United Kingdom.
www.uktradeinvest.gov.uk – The British government’s trade and investment department which provides free and confidential advice for US companies looking to establish in the UK.
TAxATION
www.hmrc.gov.uk – HM Revenue & Customs is responsible for collecting the bulk of tax revenue, as well as paying Tax Credits and Child Benefits, and strengthening the UK’s frontiers.
www.hm-treasury.gov.uk – The Treasury is the UK’s economics and finance ministry. It is responsible for formulating and implementing the government’s financial and economic policy.
UK
www.fco.gov.uk – This site provides up-to-date information about Britain, including UK government policy and humanitarian efforts, British science and technology advancements, requirements and regulations for visas to Britain, and a wealth of additional information and news about Britain and the US.
www.expatexchange.com – Company information, expat blogs, advice and information.
www.focus-info.org – FOCUS is the information resource for expatriates, international assignees and their families living and working in London and the rest of the UK.
www.information-britain.co.uk – Over one million pages on everything from where to stay to places to visit.
www.visitbritain.com – VisitBritain works in partnership with the national tourist boards in England, Northern Ireland, Scotland and Wales to promote an attractive image of Britain. It provides impartial tourism information and gathers essential market intelligence for the UK tourism industry.
UK TRADE SHOWS AND ExHIBITION SITES
www.exhibitions.co.uk – This site offers a comprehensive listing of all the consumer, public, industrial and trade exhibitions to be held in major venues around the UK.
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