UK Export Finance (UKEF) achieved a record high in 2024–25 by providing £14.5 billion in export support through loans, guarantees, and insurance. This substantial backing helped over 667 UK companies expand their international operations and contributed significantly to economic growth across the country.
UKEF’s activities supported up to 70,000 jobs and added an estimated £5.4 billion to the national GDP. This aligns with the UK government’s broader Plan for Change, which aims to enhance productivity and improve living standards through strategic economic initiatives.
Established in 1919, UKEF is the UK’s official export credit agency, operating under the Department for Business and Trade. Its mandate is to ensure viable UK exports do not fail due to lack of private sector finance or insurance. In 2024–25, it delivered its highest-ever level of support in its 106-year history.
Among the supported businesses were Angloco and Emergency One, which secured contracts to supply 62 fire engines to Iraq, backed by a UKEF loan to Iraq’s Ministry of Finance. Northern Ireland-based Maxflow also expanded into new international markets with assistance from UKEF’s General Export Facility.
UKEF’s support was especially impactful in sectors integral to the UK’s Modern Industrial Strategy, including clean energy, life sciences, automotive, and advanced manufacturing. These efforts are contributing to long-term economic resilience and innovation.
Sustainability remains a key focus for UKEF, as detailed in its 2024–2029 Business Plan. The agency provided £2.3 billion in financing for clean growth projects. Notable initiatives include backing for AESC’s gigafactory in Teesside, set to produce batteries for 100,000 electric vehicles annually, and support for Shotton Mill’s transformation into the UK’s largest recycled paper manufacturer, promoting decarbonization.
Related Posts
