UKEF gives British exporters £6.5Bn boost

Lots of of UK companies starting from suppliers of photo voltaic batteries to life-saving medical tools have benefited from £6.5 billion in UK Export Finance (UKEF) assist during the last 12 months to interrupt into worldwide markets and develop – supporting as much as 55,000 UK jobs and contributing billions of kilos to the financial system.

Because the UK’s export credit score company, UKEF gives government-backed loans, ensures and insurance coverage so companies throughout sectors like life sciences, clear power and superior manufacturing can grasp abroad export alternatives that they couldn’t in any other case entry. This straight helps the Prime Minister’s precedence to develop the financial system and create higher-paid jobs, and the UK goal to succeed in £1 trillion of exports per 12 months by 2030.

The worth of all UKEF assist added as much as £4.1 billion to the financial system within the final 12 months. Since 2021, UKEF has supplied £13.9 billion to companies and supported as much as 127,000 jobs.

Total, UKEF is now supporting extra SMEs that at any time within the final 30 years. Eighty-four per cent of companies straight supported with a UKEF product have been small and medium-sized companies, whereas 82 per cent are situated outdoors of London.

Enterprise and Commerce Secretary Kemi Badenoch stated: “Whether or not it’s supporting the development of hospitals in Africa or supplying subsequent era all-electric quad bikes to North America, demand for British services stays excessive.

“UKEF is enjoying a significant position in connecting native companies from all corners of the UK with thrilling alternatives past our shores the place their experience is required.

“Commerce successes like these delivered by UKEF during the last 12 months are massively vital in the direction of delivering our £1 trillion a 12 months exports goal by 2030.”

A lot of UKEF’s SME clients during the last 12 months have been supported by way of its Common Export Facility – a ‘game-changing’ platform that provides smaller companies entry to commerce finance choices as much as £25 million, with out the necessity of a particular export contract.

This consists of companies like AceOn based mostly in Telford which obtained £300,000 of working capital assist, permitting the producer of batteries and modern energy-storage options to safe new export contracts in Portugal.

Minister for Exports Lord Offord stated:  “Exporting companies are extra aggressive, pay increased wages and are extra worthwhile.

“It’s been a difficult 12 months for world markets, however there’s a clear name for British experience as nations are pondering larger and greener too.

“UKEF’s assist, by way of the loans, ensures and insurance coverage it gives, is significant in serving to to get companies buying and selling and tapping into the trillions of kilos in long-term world exporting alternatives that can assist to develop and rebalance our financial system.”

UKEF’s capability has been raised by £10 billion to £60 billion in 2023/24 to assist much more companies to export. Over the approaching 12 months, UKEF will proceed to innovate and increase its attain to assist as many companies as potential, maximising the influence of its assist on people and communities within the UK and around the globe.

UKEF Chief Government Tim Reid added:  “It’s been a powerful 12 months for UKEF, and I’m significantly pleased with the transformational influence our assist is having on communities within the UK and abroad.

“Wanting forward, we’ve a transparent remit to assist extra exporting companies throughout the UK, significantly smaller companies, and dealing along with our companions to assist drive long-term sustainability throughout sectors.”

UKEF has additionally launched a brand new business-friendly web site to make it simpler for companies of all sizes to search out out extra about its providers on supply, and to entry the finance they should develop.

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