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£23 billion was added to the UK economy through exports
backed by UK Export Finance over the last five years,
supporting on average 66,000 full-time equivalent jobs each
year across key industrial sectors
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More than 100,000 businesses make up the export-linked supply
chains of UKEF's customer base, according to new research by
Oxford Economics
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Findings to coincide
with the UK's largest annual gathering of
export specialists, the UK Trade and Export Finance
Forum
A new study from Oxford
Economics reveals the impact of government-backed exports on
the UK economy.
Export deals backed by UK Export Finance (UKEF), the government's
export credit agency, have added £23 billion to the UK economy
over the last five years and supported an average of 66,000
full-time jobs each year in key industrial sectors.
The study shows that UKEF's customers support an estimated
115,000 UK businesses across the country.
The findings coincide with the UK Trade and Export
Finance Forum, the UK's largest annual gathering of export
specialists.
They demonstrate that when UKEF backs UK exports, the
benefits cascade through UK supply chains, creating opportunities
for firms to win contracts, grow their order books and create
jobs in communities across the country.
, Secretary of State for Business
and Trade, said:
Exports fuel growth, and our partnership with UKEF has enabled
thousands of companies to take British products and services to
customers worldwide.
But we must go further. I will use everything in my power to
ensure businesses can scale here in the UK. This means expanding
the firepower of UKEF to help many more homegrown success stories
go global and boost our economy.
Tim Reid, CEO of UK Export Finance, said:
These findings confirm that when UKEF supports a project, the
benefits extend far beyond the exporters we work with directly.
As we gather today with hundreds of exporters, lenders and
partners, this study shows why export growth matters for the
whole economy. It isn't just about the deals we sign; it's just
as much about the thousands of UK businesses in the supply chain
that benefit when those deals go ahead.
UKEF's report sets out how the UK Government's export credit
agency is supporting businesses to secure overseas contracts,
access vital finance and grow internationally. By offering
government backed guarantees and insurance, UKEF helps
unlock private sector lending that might otherwise be
unavailable across key industries central to the
government's Industrial Strategy.
Advanced manufacturing received the highest level of direct
support, accounting for 23% of UKEF's customer base over the past
five years.
Professional and Business Services was the third largest sector
supported, representing 17% of customers over the same period,
after advanced manufacturing and other manufacturing.
These findings demonstrate how export finance is
helping to strengthen the sectors identified as vital to driving
long-term economic growth across the UK.
UKEF provided a government-backed guarantee to the Ukrainian
Ministry of Finance, unlocking a £26.3 million loan to rebuild
six strategically important bridges.
This financing enabled the main contractor to source from UK
suppliers, including Pro Steel Engineering, a firm based in
Torfaen, Wales, which secured a £1.1 million contract to provide
200 tonnes of precision-engineered steel girders.
Richard Selby, Managing Director of Pro Steel
Engineering, said:
As a proud Torfaen-based company that has always been community
and people-focused, the team and I are extremely proud we'll
bring our skillset to help the rebuilding of Ukraine.
Another recent example is its support for Jaguar Land Rover,
where UKEF's guarantee is expected to enable £1.5 billion in
commercial financing for the company's UK supply chain.
This demonstrates how export finance can safeguard
skilled jobs and bolster British industry, even in challenging
economic conditions.
Last week, the Business Secretary and Prime Minister visited
China, securing £2.2 billion in export deals, around £2.3 billion
in market access wins, and hundreds of millions in investments.
The visit also saw China cut tariffs on Scotch whisky. This is
part of our Modern Industrial
Strategy, which is focused on driving growth and creating
opportunities for British businesses to thrive both at home and
abroad. By opening new markets and strengthening trade
relationships, we are backing businesses across the UK to export,
invest and create jobs.
The Oxford Economics findings follow last week's announcement of
a landmark £11 billion lending package, with UKEF guaranteeing up
to 80% of eligible loans from five major banks.
Together, these developments show how export finance is opening
doors for British businesses of all sizes, including SMEs, 80% of
which UKEF supports are based outside of London, to invest and
expand internationally, directly supporting the government's
mission to drive economic growth.
