UK Export Finance (UKEF) provided more than £11bn in loans, guarantees and insurance over the past year, supporting an estimated 85,000 jobs and contributing up to £6.4bn to the UK economy, according to new figures published by the government.
The government said the export finance supported UK businesses in securing contracts across 37 countries, with funding helping companies in sectors including advanced manufacturing, defence, sustainable energy and critical minerals expand into overseas markets.
Alongside the results, the government announced plans to introduce legislation that would modernise UKEF’s mandate, giving the UK’s export credit agency greater flexibility to strengthen economic resilience, secure critical supply chains and support long-term industrial growth.
Business and Trade Secretary Peter Kyle said: “UK Export Finance’s outstanding results show how their work to bolster key sectors in our modern Industrial Strategy is driving growth and supporting tens of thousands of jobs.
“From breweries to renewable energy, we’ll keep backing businesses across the country to be the best they can be and grow across the globe.”
UKEF, which has £130bn of financing capacity, exists to ensure viable UK exports are not constrained by a lack of finance or insurance from the private market.
Among the major deals completed during the year was a £1.5bn Export Development Guarantee for Jaguar Land Rover, alongside support for Thales UK to help supply defence equipment to Ukraine.
The department also continued to support smaller exporters. Yorkshire-based Wold Top Brewery secured a £200,000 trade loan through UKEF’s General Export Facility to expand exports into Europe and North America, while renewable energy company Dulas also received backing.
UKEF chief executive Tim Reid said the organisation’s financing was helping businesses of all sizes convert international demand into growth opportunities.
“It’s been another strong year, and these results show UKEF is delivering where it matters most – backing British businesses to win overseas, supporting tens of thousands of jobs and driving economic growth across the UK,” he said.
The latest figures come as the government seeks to increase exports as part of its wider Industrial Strategy and Growth Mission, with UKEF expected to play an expanded role in supporting UK manufacturers and exporters through proposed new legislation.
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