Ahead of plans to expand and update its role, UK’s export credit agency has published data showing that it provided over £11 billion in loans, guarantees and insurance over the last financial year and supported tens of thousands of jobs in key industrial sectors around the country.
Its recently published Impact Report shows that the UK Export Finance (UKEF) helped British businesses to secure contracts in 37 countries in deals that are supporting an estimated 85,000 jobs across the UK. The great majority of SMEs supported (85%) were located outside of London.
UKEF is the UK’s export credit agency and a government department with £130 billion of capacity to provide finance to support UK businesses that want to export and grow overseas. It exists to ensure that no viable UK export fails for lack of finance or insurance from the private market, while operating at no net cost to the taxpayer.
Tim Reid, UKEF CEO, said: “From major exporters strengthening critical industries to smaller firms reaching new markets for the first time, our finance is helping turn global demand into real opportunity for communities across the country.”
Plans to bring forward legislation to modernise UKEF’s mandate have been laid before Parliament. The aim is to give the export credit agency new powers to strengthen economic resilience, secure critical supply chains and drive long-term growth across the country.
Peter Kyle, Business and Trade Secretary, said: “From breweries to renewable energy, we’ll keep backing businesses across the country to be the best they can be and grow across the globe.”
