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US AMBASSADOR
Robert H. Tuttle

There’s no substitute
for experience

The Rt Hon Ambassador Robert Holmes Tuttle, US Ambassador to the Court of St James’s, examines the long history of success in the US/UK partnership

The UK is home to people from many different countries. As such, it presents a very attractive package to the investor. Business loves an environment that nurtures innovation, and nothing encourages that approach like diversity in human capital.

The transatlantic relationship values that diversity because our partnership touches every aspect of our respective countries – from culture and arts to education and media – and all that means business. That is why I am proud to welcome you to the 2007 edition of the British American Business handbook – now a long-standing tradition.

I hope you will find in these pages the resources you need to do business in the UK. But if you have any lingering doubts, let me remind you of a few important facts:

As well as the diverse human capital, the UK also offers one of the most mature, open markets in the world. This provides many benefits, but it also brings challenges, as you should always assume that there is tough and well-established competition. This lively environment is encouraged by government efforts on tax reform and support for financial services, telecommunications and transportation industries. There are very few sectors in which foreign ownership is limited, and there is no restriction on the repatriation of capital and profit. From an American point of view, the result is an environment that, while not identical to the US (and there are some important differences to bear in mind), is familiar enough to make the transition relatively smooth.

While the UK uses the pound sterling, not the Euro, companies need to be aware that EU regulation does have a significant impact. Although relative to the rest of Europe, the UK has been successful in maintaining flexibility in terms of its labor market and maintains its position as a gateway to the UK and to Europe. But it takes more than a relatively low tax environment, and it goes deeper than a common language or a regulatory “light touch”. It is not even the British weather that brings investment here! American companies come here because British people make them feel at home.

It is popular to talk about anti-Americanism, and I would not suggest it is not a cause for concern, but I have always found businesspeople to be pragmatists. As much as they are accused of being “in it for the money”, or taking only short-term gains, the successful businesses today must ensure they are also looking at the long-term horizon, and crucially, keeping an eye on their competitors – as well as their partners! What we find in the partnership between the US and the UK is a long history of success, a shared view of open, flexible, developing markets, and a constant willingness to step up to the challenges. To me, our “special relationship” is about all these diverse people working together towards a common goal.

This handbook is a good place to begin. The US Commercial Service (see page 19) can provide market research, trade leads, export counselling, and other cost-effective services to US companies. The UK government also has a range of services (see pages 145-148) and a number of American cities and states can provide support (see pages 139-141). Finally, organizations such as BritishAmerican Business keep the links alive and provide companies with opportunities to meet others like themselves and produce guides like this one. There is no substitute for experience.

I have every confidence that the resources and services you find here will be able to guide you as you make your vision a reality.

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