Chancellor Rishi Sunak has announced that UK Export Finance (UKEF) will receive a 20% increase to its budget in the Government’s latest Spending Review.
He said that the increase will be funded by the extra money the export credit agency generates for the taxpayer.
The extra cash means that UKEF can maintain delivery of its multi-year growth programme, which is already underway, and can continue to offer its expanded products and services to more customers.
The agency will also be able to implement its Net Zero commitment and increase support for green projects while expanding its network of International Export Finance Executives across priority overseas markets.
CEO Louis Taylor said: “UKEF has been central to the Government’s response to the pandemic and this increase will allow us to continue to support UK exporters as they bounce back from the pandemic and take advantage of new trading opportunities for British businesses across the world.”
UKEF’s role expanded during the pandemic to ensure liquidity continued to reach major exporters impacted by lockdown and trading restrictions, she explained.
In 2020–21, it provided the highest level of support for UK businesses in 30 years with £12.3 billion going to 549 UK businesses.
Established in 1919, UKEF exists to ensure that no viable UK export should fail for a lack of finance from the private market. It provides finance and insurance to help exporters win, fulfil and get paid for export contracts.
