Smaller businesses are set to benefit from extra government
support to maximise orders from international buyers UK Export
Finance (UKEF) unveils today, delivering on commitments set out
in the government's new Trade Strategy.
The export credit agency and government department plays a vital
role in stimulating exports and enhancing accessibility for
exporters of all sizes nationwide.
UKEF has enhanced its export insurance with a new Small Export
Builderoption, making export protection more accessible to
smaller businesses seeking financial security when trading
internationally.
The department is also introducing a ‘Repeat Order Guarantee' so
international buyers can easily keep accessing goods and services
from their most trusted UK suppliers of all sizes and in a more
streamlined way without the need of repeated applications,
reducing red tape for business. This will help businesses to plan
ahead and give greater assurance to UK-based supply chains.
Trade Minister said:
This new hard-headed, data driven, and agile approach to trade
policy is guided by our pragmatic patriotism. In this changed and
challenging world, we will promote what we can and protect what
we must to advance the UK's national interest.
Through our Trade Strategy, we are supporting our businesses to
expand and export with a wider range of trade tools that harness
our high-growth industries of the future to deliver this
government's Plan for Change.
With its larger £80 billion remit, UKEF takes a central role in
helping the government to achieve its trade objectives, and
support exporters to fulfil orders, create jobs and get
paid.
UK Export Finance CEO Tim Reid added:
We're focused on delivering measurable impact for our customers,
placing their needs at the heart of everything we do.
UKEF supports businesses through providing financing, guarantees
and insurance to support UK exports. We continue to focus on
making our products more accessible and easier to
use.
Our updated insurance offer and Repeat Order Guarantee are
fantastic additions to our portfolio and underscore our efforts
to support long-term export growth.
The measures are announced ahead of UKEF's 2024/25 annual report
& accounts which will be published soon.
The results will build on the 2023/24 financial year in which
UKEF provided over £8.8 billion of support to 650 businesses,
supported up to 41,000 jobs in communities around the whole UK
and the contribution of up to £3.3 billion to the overall
economy.
