Committees

UK Export Finance

Inquiry

Background

  1. UK Export Finance (UKEF) is the UK’s official export credit agency. It aims to support British exporters by ensuring that “no viable UK export fails for lack of finance or insurance from the private sector, while operating at no net cost to the taxpayer.” This is done by means of “a combination of guarantees, insurance and financing (often in partnerships with banks).” UKEF is a department in its own right but is strategically aligned with the Department for International Trade and has the same ministerial team.
  2. In June 2020, UKEF published its business plan to 2024. Its delivery objectives include to provide export finance, insurance and guidance to business of all sizes in support of the Government’s Export Strategy; adapt and focus activity on sectors and countries where UKEF support will have the greatest economic benefit; and improve awareness of the support available from UKEF.
  3. In addition, UKEF has supported exporters during the COVID-19 pandemic by temporarily extending its Export Insurance Policy and it is formally launching new General Export Facility and Export Development Guarantee products shortly to further support businesses impacted by the pandemic.