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British enterprises are poised to gain from billions of pounds in new export opportunities, boosting the UK economy, as detailed in the latest strategy from UK Export Finance (UKEF) released today.
UKEF, the nation’s export credit agency, aids businesses in securing finance and insurance for their international trade endeavours.
The 2024-29 Business Plan from UKEF pledges to assist firms across the United Kingdom in securing over £12.5 billion in new contracts by 2029 and facilitating £5 billion of investment in their UK operations.
In partnership with the Department for Business and Trade, British Business Bank, and local Chambers of Commerce, UKEF aims to support 1,000 small and medium-sized enterprises (SMEs) annually by 2029. Enhanced access to business financing will encourage growth across all UK regions.
UKEF plans to provide £10 billion in financing for the clean growth sectors over the next five years, continuing its support for sustainable growth domestically and abroad. Last year, UKEF supported clean-growth exports, including £367 million for building one of the world’s largest wind technology factories in Teesside, and financing a 350 km water sanitation system in Iraq.
Additionally, UKEF will keep promoting UK exports’ role in fostering sustainable growth abroad. It targets securing £10 billion in financing for UK exports to low and middle-income countries in the next five years, improving infrastructure and governance in these markets while supporting British employment.
The new plan highlights the importance of increased digitalisation to broaden access to finance and insurance, with a fully online insurance service anticipated in the upcoming months.
Tim Reid, CEO of UK Export Finance, said, “UKEF plays a key role in growing the UK’s trade base by unlocking billions of pounds in financing for UK exporters each year.
“Our new plan recognises the strength of the UKEF offer, whether in supporting the low-carbon transition or using our deep sectoral understanding, global relationships and the opportunities created by new free trade agreements to get more UK businesses involved in large international projects.
“For our customers it also means more digital services, a better user experience and a continued commitment to deliver innovative and game‑changing solutions that work for them, so that UKEF can unlock the finance they need to export.”
UKEF expects to publish their annual results in 2024, giving context for their current programmes supporting UK business and the international community.
