Government adds £18m to export finance budget to strengthen Covid-19 response

The government has announced today that it is increasing spending on exports by more than 30 per cent.

In today’s announcement, the chancellor announced that UK Export Finance (UKEF) will receive an £18m increase to its budget.

The government has said that this 32 per cent increase is expected to “greatly enhance” UKEF’s ability to support UK companies with an international focus.

The funds will be spent on strengthening UKEF’s Covid-19 response, enhancing its climate change and renewable energy teams and expanding its domestic team.

Louis Taylor, CEO of UK export finance commented: “Throughout the pandemic, UKEF has remained resolute in its focus on the needs of UK exporters and their businesses.

“This budget increase will allow us to continue delivering for UK exporters, and ensure we have the right resources in place to deliver on the government’s priorities.”