UK Export Finance given 20 per cent budget increase

The Chancellor of the Exchequer has announced UK Export Finance will receive a 20 per cent increase to its budget in the latest Spending Review.

The UKEF provides insurance and financing to British exporters.

The budget increase will enable UKEF to boost its support to UK exporters trading internationally and continue delivering for all regions and nations of the UK.

The increase aims to deliver a multi-year growth programme already underway so that UKEF can continue to offer its expanded products and services to reach more customers.

In addition, the boost is hoped to expand UKEF’s network of International Export Finance Executives across priority overseas markets.

Louis Taylor, CEO of UK Export Finance said: “UKEF has been central to the government’s response to the pandemic and this increase will allow us to continue to support UK exporters as they bounce back from the pandemic and take advantage of new trading opportunities for British businesses across the world.”

UKEF’s role expanded during the pandemic to ensure liquidity continued to reach major exporters impacted by lockdown and trading restrictions. In 2020-21, the department provided the highest level of support for UK businesses in 30 years. £12.3bn went to 549 UK businesses, supporting an estimated 107,000 UK jobs.

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