£11 billion of export financing supports 85,000 jobs

UK Export Finance provided over £11 billion in new financing last year, helping UK companies to export and grow .

Up to 85,000 jobs and £6.4 billion to national GDP supported by UKEF financing as part of the government’s Growth Mission. 

Today, ambitious plans will be announced to expand UKEF’s ability to back UK business to compete globally and strengthen the UK’s economic security.

UK Export Finance (UKEF) provided over £11 billion in loans, guarantees and insurance over the last year and supported tens of thousands of jobs in key industrial sectors around the country, according to new figures published today  

UKEF is the UK’s export credit agency and a government department, with £130 billion of capacity to provide finance to support UK businesses who 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.  

Over the last 12 months, UKEF helped British businesses to secure contracts in 37 countries in deals that are supporting an estimated 85,000 jobs across the UK.  

Overall, UKEF’s financing in the year backed the contribution of up to £6.4 billion (GDP) to the economy – reinforcing UKEF’s role as a key strategic partner to UK industry, backing growth in key sectors aligned to the government’s Growth Mission and Industrial Strategy including advanced manufacturing, defence, sustainable energy and 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 supply chains and 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: