Billion of export financing supports 85,000 jobs

Export Finance-backed funding is reported to be supporting jobs and UK GDP growth through UKEF’s export credit activity. UK Export Finance (UKEF) says it provided over £11 billion in new financing last year via loans, guarantees and insurance, helping British companies export and grow internationally. The agency’s support is linked to up to 85,000 jobs across the UK and up to £6.4 billion in national GDP, as part of the government’s Growth Mission. UKEF, a government department and the UK’s export credit agency, operates with £130 billion of capacity to back firms when private finance or insurance is insufficient, and it is described as operating at no net cost to the taxpayer. UKEF says deals supported contracts in 37 countries over the last 12 months. New plans to expand and update UKEF’s role, including bringing forward legislation to modernise its mandate, are set to be announced in Parliament today. The statement also cites that 66% of firms directly supported were smaller businesses, at 616 firms.