UK Export Finance publishes its annual results for 2021-22 and launches a new mission statement
- UKEF provided £7.4 billion in financial support for UK exports to 61 countries in 2021-22, without any for overseas fossil fuel projects
- This supported up to 72,000 UK jobs and added a gross value of £4.3 billion to the economy
- UKEF launches a new mission statement, putting sustainability at the heart of its agenda, backed by ambitious new emission reduction targets
British businesses have been helped to export to 61 countries around the world over the past year with £7.4 billion of government support – providing a significant boost to jobs and the UK economy.
The finance provided by UK Export Finance (UKEF) in 2021-22 supported 72,000 UK jobs and added a gross value of £4.3 billion to the economy, meaning more money in people’s pockets and continued job security for British workers.
Of those supported by UKEF, 83% were located outside of London and a record 81% were small and medium-sized enterprises, according to the organisation’s annual results published today.
The £7.4 billion – the highest level for 14 years – brings the total support over the last five years to £33.4 billion.
It helped businesses to recover following the pandemic & is now supporting exporters facing challenges with global supply chains worsened by the Russian invasion of Ukraine.
And in its first year without providing any support for overseas fossil fuel projects, UKEF has launched a new mission statement and made ambitious carbon reduction targets to address climate change.
Anne-Marie Trevelyan, Secretary of State for International Trade, commented: “The UK is awash with untapped export potential. We have opened the door to the world with historic trade deals and now we are helping businesses walk through it. That’s why our national export credit agency, UK Export Finance, is boosting firms’ ability to export to the world with record-breaking support year after year.”
Benefiting small businesses
UKEF has stepped up its support for small and medium-sized enterprises (SMEs). The number of SMEs that benefited from a UKEF support scheme increased by 25% compared to the previous year, with over 560 insurance and guarantee schemes issued.
In a new annual record, 81% of the companies UKEF supported directly with a scheme were SMEs. These milestones were underpinned by the ‘game-changing’ General Export Facility – a product designed specifically to give SME exporters more flexibility in accessing trade finance, unlocking almost £250 million of working capital loans.
A further £300 million was also awarded to 263 UK companies supplying to infrastructure projects UKEF has financed across the globe, supporting UK exports. These include doors made in Birmingham sold to an airport in Ghana, fridges made in Norfolk sold to a hotel in Dubai and critical medical supplies shipped from South Wales to hospitals in Zambia.
Moreover, UKEF provided £27 million to support importers buying from UK SMEs using its Standard Buyer Loans Guarantee Scheme, ensuring UK companies get paid upfront while overseas buyers benefit from more flexible repayment terms.
New emissions targets
As the need to address climate change becomes increasingly urgent, UKEF has launched a new mission statement, putting sustainability at the centre of its purpose.
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Rebecca Morpeth Spayne,
Editor, Security Portfolio
Tel: +44 (0) 1622 823 922