UK Government Investments Ltd (UKGI) has published its annual report for the year ending 31 March 2026.
Over a decade since its establishment, UKGI has continued to deliver value for taxpayers across some of the government’s most complex commercial challenges. In 2025-26, as the government’s centre of expertise in corporate governance and corporate finance, UKGI:
- Performed the shareholder representative function for 24 organisations on behalf of eight government departments, employing over 126,000 people, generating around £32bn of gross income and managing over £261bn of assets.
- Saved government departments around £21.4m in external adviser fees through its in-house corporate finance and governance function.
- Completed the government’s full exit from its shareholding in NatWest Group in May 2025, ending nearly 17 years of public ownership. The government raised £24.8bn in proceeds from share sales, and £35bn in total including dividends and other fees – the largest ever global financial services monetisation programme.
- Supported the Department for Energy Security and Net Zero on the government’s further investment in Sizewell C and the subsequent Final Investment Decision, securing £36.6bn from the National Wealth Fund and £5bn in export credit.
- Provided corporate finance and governance expertise supporting the UK Government’s €163m participation in Eutelsat’s €1.5bn capital raise, preserving its 10.9% strategic stake, board seat, and partnership with Europe’s only low-earth-orbit satellite communications operator.
- As Shareholder Representative for Reclaim Fund Limited, supported governance and performance monitoring of the UK Dormant Assets Scheme, which this year passed £1bn distributed to good causes – funding over 2,500 charities and social enterprises tackling youth unemployment, financial inclusion, climate change, and community development since the Scheme’s inception in 2011.
- Provided specialist corporate finance advice on the Great British Energy – Nuclear Small Modular Reactor technology selection process, including designing and delivering a structurally complex Repayable Design Investment (RDI). This culminated in April 2026 in contracts between GBE-N and Rolls-Royce SMR, supported by up to £599m of repayable government financing from the National Wealth Fund – one of NWF’s largest investments to date.
- Supported the Department for Business and Trade in securing legally binding undertakings from EP Group on the acquisition of Royal Mail, protecting its status as universal service provider, its UK tax residency and headquarters, brand, workforce commitments and net zero obligations.
- Published the inaugural Financial Investment Report alongside Budget 2025, providing the first portfolio-level assessment of the government’s £203bn loan and equity portfolio, placing the UK at the international forefront of proactive balance sheet management.
- Advised on over £15bn of contingent liabilities across 59 individual proposals through the Financial Instruments and Transactions Advisory Group (FInTAG), with 88% of departmental respondents rating UKGI’s advice as “extremely well” or “well”.
- Supported the establishment of the National Housing Bank – the first Public Financial Institution created since the 2024 Financial Transactions Control Framework – which launched on 1 April 2026 with up to £16bn of financial capacity and ambitions to attract over £50bn of private capital.
- The Special Situations Group provided lead advisory support across government on a range of high-profile, strategically critical interventions, including supporting DBT on steel sector decarbonisation grants, advising MoD on the divestment of a sovereign-capability technology supplier, and providing contingency planning and distress response across Cabinet Office, Home Office, DHSC, and DfE on critical supplier failures, adult social care, and children’s services.
- Opened a new office in Leeds in February 2026, expanding UKGI’s regional presence and broadening access to public service careers beyond London.
Harry Hampson, Chief Executive of UKGI, said:
Our purpose remains clear: to act as the government’s centre of expertise in corporate governance and corporate finance. Over the past year, our work has spanned some of the government’s biggest priorities – from completing the NatWest exit to supporting the UK’s clean energy ambitions and protecting critical national assets. As we mark our tenth anniversary, we have strong foundations and a clear focus on excellence, client impact and developing our people. I look forward to building on this platform in the year ahead.
Notes to Editors
UK Government Investments creates value for society from government’s most complex commercial interests.
UKGI acts as shareholder for, and leads the establishment of, UK government arm’s length bodies; it advises on all major UK government corporate finance matters, including financial interventions into corporate structures and corporate finance negotiations; provides advice on and analysis of the UK Government’s financial instruments; and delivers orderly transactions that generate value for money.
UKGI is owned by HM Treasury and independently managed with a Board comprised predominantly of independent non-executive directors. UKGI works closely with both the private and public sectors, advising and interacting with ministers, Parliament and Whitehall departments.
For further information contact Tavistock:
[email protected]
David Cracknell – [email protected] – 07703 492 993
