£7.4 billion provided in 2021/22 to support UK businesses to export

Businesses across the UK were supported with £7.4 billion from government to help grow export sales in the 2021/22 financial year.

Funds distributed by UK Export Finance (UKEF) were at the highest level in 14 years, according to annual results published by the government lender. 83% of businesses supported by the UKEF were outside of London, and a record 81% were SMEs. In total, the UKEF support added a gross £4.3 billion to the UK economy and supported 72,000 jobs nationwide.

Anne-Marie Trevelyan, Secretary of State for International Trade, commented:

“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, UK Export Finance, is boosting firms’ ability to export to the world with record-breaking support year after year.”

The UKEF has now provided a total of £33.4 billion in export finance to British businesses over the past five years, and has sought in FY2021/22 to increase its support in order to boost the economic recovery following the coronavirus pandemic, and to help businesses overcome global supply chain challenges, particularly those driven by the Russian invasion of Ukraine.

2021/22 was also the first year where UKEF provided no export finance to fossil fuel projects following a previous net zero commitment. In its annual results, the government’s export credit agency has also revealed a new mission statement that sets out more ambitious targets to address climate change.

Mike Freer, Minister for Exports, added:

It was a pioneering and crucial step for UKEF to end its support for fossil fuel projects over a year ago. Now, with the new targets and mission statement we are launching today, UKEF is going even further to be a driving force behind the UK’s role in supporting the global energy transition. This can only be made possible with the skills and expertise of businesses across the UK, and UKEF is primed to offer its support as they seize these opportunities.