A new study by Oxford Economics has highlighted the significant contribution of UK Export Finance (UKEF) to the national economy, revealing that exports backed by the government’s export credit agency added £23 billion to UK economic output over the past five years. The research shows that UKEF-supported exports sustained an average of 66,000 full-time equivalent jobs each year across key industrial sectors, underlining the role of export finance in driving growth and employment.
According to the study, more than 115,000 UK businesses form part of the export-linked supply chains associated with UKEF’s customer base. While UKEF directly supports exporters, the analysis demonstrates that the benefits of export credit extend far beyond individual firms, cascading through local and regional supply chains and creating opportunities for thousands of companies across the country.
The findings were released to coincide with the UK Trade and Export Finance Forum, the UK’s largest annual gathering of export specialists. They show that government-backed export finance enables UK firms to secure overseas contracts, grow order books and create jobs, particularly in communities outside London, where the majority of UKEF-supported SMEs are based.
Advanced manufacturing emerged as the sector receiving the highest level of direct UKEF support over the past five years, accounting for nearly a quarter of its customer base. Professional and business services also featured prominently, highlighting the breadth of industries benefiting from export finance and their importance to the government’s Industrial Strategy and long-term economic growth plans.
The study also highlights the practical impact of UKEF-backed projects. In Ukraine, a government-backed guarantee unlocked financing to rebuild critical infrastructure, enabling UK suppliers to secure contracts and contribute to reconstruction efforts. In another example, UKEF support for Jaguar Land Rover is expected to enable £1.5 billion in commercial financing for its UK supply chain, helping safeguard skilled jobs and industrial capacity.
These findings follow a series of recent government initiatives aimed at strengthening the UK’s export performance, including a new £11 billion lending package backed by UKEF guarantees and major export and market access deals secured during a recent trade visit to China. Together, the measures demonstrate how export credit is being used to help UK businesses of all sizes scale internationally, strengthen domestic supply chains and support the government’s mission to drive sustainable economic growth.
