LONDON, July 9 -- The government of the United Kingdom issued the following news:
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Up to85,000 jobs and £6.4billionto national GDP supported by UKEF financingas part of the government'sGrowth Mission.
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Today, plans will be announced to expand and update UKEF's role, further supporting UK businessestocompete globally and strengthening the UK's economic security.
UK Export Finance (UKEF) providedover£11billionin loans, guarantees and insurance over the last year and supported tens of thousands of jobs in key industrial sectors around the country, according tonew figurespublished today.
UKEF is the UK's export credit agency andagovernment department,with £130billionof capacity to provide finance to support UK businesses who want to export and grow overseas. It exists to ensure that noviableUK export fails for lack of finance or insurance from the private market,whileoperatingat no net cost to the taxpayer.
Over the last 12 months,UKEFhelpedBritishbusinesses to secure contracts in 37 countriesin deals that are supportingan estimated 85,000 jobs across theUK.
Overall, UKEF's financing in the year backed the contribution of up to £6.4billion(GDP) to the economy -reinforcing UKEF's role as a keystrategicpartner to UK industry, backing growth inkeysectors alignedtothe government'sGrowth Mission andIndustrialStrategyincludingadvanced manufacturing, defence,sustainableenergyand critical minerals.
Alongside this,ambitious plans to bring forward legislation to modernise UKEF's mandate will be set out in Parliament today. It would give the UK's export credit agency new powers to strengthen economic resilience, secure critical supplychainsand drive long-term growth across the country. New laws will transform UKEF into a more powerful and flexible instrument for UK prosperity.
Business and Trade Secretary Peter Kyle, said:
UK Export Finance's outstanding results show how their work to bolster key sectors in our modern Industrial Strategy is driving growth and supporting tens of thousands of jobs.
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.
UK Export Finance CEO Tim Reidsaid:
It'sbeen another strongyear,andthese results show UKEFisdelivering where it matters most-backing British businesses to win overseas, supporting tens of thousands ofjobsand drivingeconomicgrowth across the UK.
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.
UKEF'sImpact Reportshowcasescontinued progress against its 2024-2029 Business Planobjectives,including broadening access to finance, particularly for small andmedium-sized enterprises(SMEs).Sixty-sixpercent(616)of all firms directly supported by UKEFlast yearwere smaller firms.
The departmentjoined forces withtwo new non-bank lenders,White Oak and Nighthawk,during thefinancialyear, andin recent weeks,Mercore.By increasingpartnerships withdifferent typesof lenders,SMEs have more waystoaccessfinance.In January,UKEF mobilised an £11billionjoint lending commitment from the UK's five leading banks - one of the largest collective moves by the sector in over a decade - significantly increasing access to finance forsmallerexporters.
Examplesof SMEs supportedthroughout the year includeWoldTopBrewery in Yorkshireand renewable energy company Dulas. With backing from UKEF'sGeneral Export Facility, family-runWoldTop Brewerysecured a £200,000 trade loan from Virgin Money to grow its exports to Europe and North America.
Dulas-with sitesinMid Wales,Invernessand Bognor Regis-isdeliveringlife-saving solar-powered vaccine refrigeration to some of the world's hardest-to-reach communities.Backed by UKEF and HSBC UK through successive finance packages, the company has been able to sustain production, expand operations and deliver critical equipment to immunisation programmes across more than 80 countries.
UKEF delivered landmark support for major exporters and their supply chainstoo. Notably, the department provided a £1.5billionExport Development Guarantee to Jaguar Land Roverandthat ofThales UK which is supplying vital defence equipment to Ukraine.
Director General of the Chartered Institute of Export & International Trade, Marco Forgione, said:
These figures highlight the vital role UK Export Finance plays in helping businesses trade, grow and compete globally. As economic uncertainty and geopolitical challenges persist, access to trade financeremainsone of the biggest barriers facing exporters. UKEF's support is helping more businesses overcome those barriers, seize internationalopportunitiesand build resilience for the future.
The £11.2billionprovided in financing is not only supporting exports; it is helping to create jobs, unlock investment and drive growth in communities across the UK. A strong and agile UKEF will be increasingly important in enabling businesses of all sizes to succeed in global markets.
Chair of the British Exporters Association (BExA), Geoff de Mowbray said:
Exports create bridges between British companies and customers overseas. Those bridges strengthen our economy at home, support jobs, and help build prosperity in the markets we serve.
In an increasingly challenging world, international trade is becoming a vital currency of diplomacy. UKEF's Impact Report shows why backing UK exporters matters - not only to win business, but to build the long-term relationships, supply chains and resilience that support our future security and growth.
Contact
Media enquiries:
Email newsdesk@ukexportfinance.gov.uk
Disclaimer: Curated by HT Syndication.
