Last reviewed 5 August 2022
Publishing its annual results for 2021‒22, UK Export Finance (UKEF) said that British businesses had been backed by £7.4 billion government support to export to 61 countries around the world — without being involved in any overseas fossil fuel projects.
The finance provided by the export credit agency supported 72,000 UK jobs and added a gross value of £4.3 billion to the economy.
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 and is now supporting exporters facing challenges with global supply chains worsened by the Russian invasion of Ukraine.
International Trade Secretary, Anne-Marie Trevelyan, said: “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, UKEF, is boosting firms’ ability to export to the world with record-breaking support year after year.”
The annual results, available here, show that, of those supported by UKEF, 83% were located outside of London and a record 81% were small and medium-sized enterprises (SMEs).
UKEF has also launched a new mission statement (included in the annual results document) and made ambitious carbon reduction targets to address climate change including new targets to reduce absolute emissions (tCO2e) of oil and gas sector exposure by 75% by 2030 and reduce economic emissions intensity (tCO2e/£AAR) of power sector exposure by 58% by 2030 as it seeks to operate on a net-zero basis by 2050.