Government’s UKEF agency invests £3bn in British exports

The Government’s UK Export Finance (UKEF) provided businesses with £3bn in export cash during 2016/17, according to new data.

The eight-figure sum, up 60% against the year previous, was used to support exports to 63 countries. UKEF said that 79% of the UK exporters to benefit were small- and medium-sized enterprises.

The export credit agency also reported investing a record £305m directly into infrastructure and energy projects.

Now, UKEF has unveiled plans for an increase in support in its Business Plan for 2017-20, which identifies measures to help more UK exporters and their suppliers tap into UKEF services.

The measures include a partnership with banks to deliver support directly to trading customers. UKEF also hopes to create procurement opportunities for smaller UK supply chain businesses, incentivising overseas buyers to source goods and services from the UK.

Rt Hon. Greg Hands MP, Minister for International Trade, said: “This government is putting export finance at the heart of trade promotion, and UKEF’s 2016/17 results show that the UK’s world-leading exporters are supported by a world-leading export credit agency as they look to succeed in a global marketplace.

“And UKEF’s new Business Plan is a clear statement of intent: Britain is open for business, and we want to help even more companies realise the world of opportunity out there.”

Geoffrey de Mowbray, chairman of the British Exporters’ Association (BExA), commented: “BExA has worked with UKEF in recent years to improve its product range, as evidenced by their impressive 9 out of 10 score from our annual benchmarking report.

“UK Export Finance is now, rightly, considered one of the world’s leading export credit agencies and its support has helped hundreds of companies succeed abroad.”

He added: “We at BExA welcome this ambitious plan and look forward to continued partnership as UKEF works to realise it for the benefit of the UK’s exporting community, particularly SMEs.”