Record £14.5bn of export financing supports 70,000 jobs
UK Export Finance (UKEF) provided £14.5bn 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 its latest accounts published today.
UKEF is the UK’s export credit agency and a government department, working alongside the Department for Business and Trade. Established in 1919, 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.
UKEF provided the highest level of support in its 106-year history in 2024-25 to help 667 UK firms break into international markets and grow as exporters.
Businesses benefitting include Yorkshire-based Angloco and Ayrshire-headquartered Emergency One which won contracts to supply 62 fire engines to Iraq after UKEF provided a loan to its Ministry of Finance, and Northern Ireland pressure washer manufacturer Maxflow is entering new markets overseas after it gained access to capital with help of a guarantee provided through UKEF’s General Export Facility.
UKEF’s efforts to champion UK exporters supported up to 70,000 jobs including in key industrial sectors like clean energy industries, advanced manufacturing, life sciences and automotive which are central to the government’s Modern Industrial Strategy.
Overall, UKEF’s financing in the year backed the contribution of up to £5.4bn (GDP) to the economy – helping to drive productivity and raise living standards as part of the government’s Plan for Change.
Sustainability and helping sectors transition to the low-carbon economy are key priorities for UKEF as part of its 2024-2029 Business Plan, strengthening the government’s efforts to make the UK a clean energy superpower.
The department provided £2.3bn of strategic clean growth financing supporting ventures like the expansion of AESC’s new gigafactory in Teesside – announced by chancellor Rachel Reeves – producing batteries that will power up to 100,000 electric vehicles a year, and to recycled paper manufacturer Shotton Mill in North Wales that is to become the largest of its kind in the UK and reducing net carbon emissions.
Chancellor of the Exchequer, Rachel Reeves, said: “Our number one mission is delivering growth to put more money in people’s pockets.
“That’s why we increased UKEF’s lending capacity by billions and have given more flexibility to invest in priority sectors like defence, building on its record levels of support for businesses to export and grow, and the tens of thousands of jobs it has secured.”
Smaller firms remain central to UKEF’s mission to boost exports. The department supported 496 small and medium-sized enterprises (SMEs) in 2024/25, of which 83% are based outside of London.
Business and Trade Secretary, Jonathan Reynolds, said: “Our Plan for Change is backing British business to take advantage of export opportunities abroad to create jobs and growth at home.
“Through record support, UKEF is playing a key role in achieving this, providing financial backing to exporters across the UK looking to grow and compete overseas.”
UK Export Finance CEO, Tim Reid, added: “I’m proud of our record-breaking year in which we’ve achieved real impact by forging new strategic global partnerships, boosting hundreds of exporters and supporting tens of thousands of jobs.
“With customers at the heart of everything we do, we’re committed through our ambitious business plan to helping more British exporters firms succeed globally.
“We’ve strengthened our products and supported more small businesses too – spreading the benefits of trade across the entire UK.
“As we continue in our mission, we’re eager to play a key role in supporting the Industrial and Trade Strategies to drive sustainable economic growth.”
Marco Forgione, director general at the Chartered Institute of Export & International Trade, said: “The record year for UK Export Finance is hugely welcome, and has helped small businesses up and down the country take that first step on their export journey.
“Finance is often the missing piece in the jigsaw when looking to new markets. Access to the right tools at the right time can turn local ambition into international growth.
“We now need to keep the momentum going, and help even more small businesses feel confident about exporting their fantastic goods and services around the world.”