£11bn of export financing supports 85,000 jobs
UK Export Finance (UKEF) provided over £11bn 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 business 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 £6.4bn (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 UKEFs mandate will be set out in Parliament today. It would give the UKs 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: “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 Reid said: “It’s been another strong year, and these results show UKEF is delivering where it matters most – backing British businesses to win overseas, supporting tens of thousands of jobs and driving economic growth 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’s Impact Report showcases continued progress against its 2024-2029 business plan objectives including broadening access to finance, particularly for small and medium-sized enterprises (SMEs). Sixty-six percent (616) of all firms directly supported by UKEF last year were smaller firms.
The department joined forces with two new non-bank lenders White Oak and Nighthawk during the financial year, and in recent weeks, Mercore. By increasing partnerships with different types of lenders, it means SMEs have more ways to access finance. In January, UKEF mobilised an £11 billion joint 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 for smaller exporters.
Examples of SMEs supported throughout the year include Wold Top Brewery in Yorkshire and renewable energy company Dulas. With backing from UKEF’s General Export Facility product, family-run Wold Top Brewery secured a £200,000 trade loan from Virgin Money to grow its exports to Europe and North America.
Dulas – with sites in Mid Wales, Inverness and Bognor Regis – is delivering life-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 chains too. Notably, the department provided a £1.5bn Export Development Guarantee to Jaguar Land Rover and that of Thales 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 finance remains one of the biggest barriers facing exporters. UKEF’s support is helping more businesses overcome those barriers, seize international opportunities and build resilience for the future.
“The £11.2bn provided 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.”