The latest data show that the UK’s export credit agency, UK Export Finance (UKEF), has provided more than £6.8 billion worth of backing to exports in the last year.
This is the most significant investment it has made in the last 28 years and is believed to have helped support around 47,000 jobs in Britain.
In the last 12 months, the UK Government provided funding to more than 180 companies involved in the export of goods to 72 countries.
UKEF has also helped a further 81 companies through projects it supports, which has, in turn, had a trickle-down effect helping thousands more via exporters’ supply chains.
UKEF provides guarantees, insurance and loans to help British firms establish themselves in some of the world’s fastest growing markets, which has helped UK exports to emerging markets grow by 62 per cent in the last decade, according to the Office of National Statistics.
Looking ahead, UKEF has pledged a further £2 billion in capacity for loans from 2020-21 to capitalise on the growing demand for British products.
Rt Hon. Dr Liam Fox MP, Secretary of State for International Trade, said: “Over the course of the last 100 years UK Export Finance has led the way in delivering innovative finance to help British companies achieve international success across a wide range of industries across the world.
“I am delighted UKEF is marking its centenary with a record year, and as it continues into its second century is supporting not only the UK’s exporters, which are growing in number all the time but also transformational projects which have a direct impact on the lives of citizens across the globe.
“The UK government’s Export Strategy recognises the importance of UKEF’s support as we make the UK a 21st-century exporting superpower.
“UKEF’s direct lending facility provides a source of highly efficient long-term fixed-rate financing, which can give UK exporters a competitive edge. In response to the continued importance of direct lending to UK exporters, the Chancellor announced in the 2018 Budget an additional £2 billion of lending capacity for UKEF, up from £3 billion today.”
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