Corporate report

Foreword by the Secretary of State

Published 20 October 2022

This was published under the 2022 Truss Conservative government

Annual report and accounts 2021 to 2022

Presented to the House of Commons pursuant to section 6(4) of the Government Resources and Accounts Act 2000

Ordered by the House of Commons to be printed on 20 October 2022

HC 771

ISBN 978-1-5286-3407-6
CCS0422788442 / E02754771

---

BEIS is at the forefront of the government’s efforts to respond to challenges facing our country. Having joined the department in September 2022, the activity included within the Annual Report and Accounts was under my predecessor. The department has continued to support businesses and boost enterprise; deliver on net zero, ensure energy security; and generate investment in innovation, science and frontier technologies. In 2021 to 2022, BEIS delivered all this while continuing to mitigate the COVID-19 pandemic. The department supported sectors to reopen and recover and delivered a world-leading vaccination programme. BEIS responded decisively when Russia invaded Ukraine, passing the Economic Crime Act to enforce sanctions and protect our national interests. The department accelerated work to secure sustainable and independent UK energy systems.

BEIS made significant progress on science and innovation. The department published our Innovation Strategy and Life Sciences Vision to drive growth, productivity, and job creation across the UK. The Advanced Research and Invention Agency (ARIA) Act created ARIA - a new high-risk and cutting-edge research agency. BEIS secured £39.8 billion in R&D investment across BEIS partners for 2022 to 2025 - the largest settlement ever. It is a critical step in delivering our goal for 2.4% of GDP spending on R&D by 2027.

BEIS continues to drive reform to create the best environment for business, while supporting workers and consumers. BEIS supported workers with another National Living Wage increase and announced plans to ensure staff keep all their tips.

In consultation with businesses the department is working to replace existing EU regulations covering vertical agreements between suppliers and retailers with regulation that better reflects the requirements of the UK economy and will increase flexibility, encourage efficiencies, and reduce excessive regulation.

The Net Zero Strategy outlined our plans to decarbonise all economic sectors by 2050 and to back innovative technologies like hydrogen and carbon capture usage and storage (CCUS). BEIS are already delivering on these commitments. Successes include CCUS clusters in Merseyside/North Wales and Teesside/Humber, confirmed to be deployed in the mid-2020s.

The department capitalised on our domestic experience by hosting the COP26 climate conference. It delivered historic international commitments to phase down unabated coal and protect nature.

In response to the Omicron variant, an extra £737 million was provided to Local Authorities to support affected businesses. BEIS also provided the safe working guidance. The department supported sectors to reopen at the right time through our Hospitality Strategy. Underlying this, is the continued success of the Vaccine roll out, with 86% of adults receiving a second dose and 68% receiving a third booster.

As we enter 2022-2023, the department is well placed to build on our successes. I have complete confidence that we will continue to deliver on our agenda of extraordinary economy wide transformation, putting the interests of businesses and consumers at the heart of everything we do.

Rt Hon Jacob Rees-Mogg
Secretary of State for Business, Energy and Industrial Strategy