British Businesses set to benefit from £10 billion boost to UK Export Finance support
The Chancellor has announced a £10 billion increase in UKEF’s capacity to support UK exporters.
UK Export Finance has been granted an extra £10 billion of capacity to drive more UK exports, raising its maximum exposure limit from £50 billion to £60 billion.
The additional capacity will ensure the export credit agency’s continued ability to support UK exporters and to deliver on its mission: to advance prosperity by ensuring no viable UK export fails for lack of finance or insurance, doing that sustainably and at no net cost to the taxpayer.
UKEF CEO Tim Reid said:
This is fantastic news for the UK companies that we are here to support. It means we can help more British businesses export and will enable us to support more jobs and help to fuel growth.
In 2021-22, UKEF provided £7.4 billion in financing to exporters of all sizes, which supported up to 72,000 UK jobs. The increased capacity will help UKEF continue to deliver on the government’s priorities, supporting economic growth and jobs in communities across the UK.
UK Export Finance is committed to increasing its support in clean growth and climate adaptation. This new capacity will help build on the £7 billion of support UKEF has provided for sustainable projects since 2019, as it focuses on long-term, sustainable economic growth.
Notes
-
UKEF’s maximum commitment level is the maximum allowable size of UKEF’s financial portfolio (the total volume of finance that may offered by UKEF to support UK exports at any given time).
-
Further detail on UKEF’s support for clean growth and climate adaptation can be found in our Climate Change Strategy