UKEF supported the largest number of exporters for 25 years, according to their annual reports and accounts, which were released this week. This was marked by a 23% increase in companies profiting from UKEF’s finance and insurance services year-on-year. Of these, 77% were SMEs, and around 7,000 companies across the exporter supply chain also felt the benefits.
Commenting, Louis Taylor, CEO of UKEF, said: “UK Export Finance’s mission is to ensure that no viable UK export should fail for lack of finance or insurance from the private sector. This year’s results show that we are making significant progress in reaching a wider customer base.”
The government is committed to overseas trade, as highlighted by its ongoing Exporting is GREAT initiative, which aims to help 100,000 new companies trade overseas by the end of the decade.
Lord Price, minister for trade and investment, added: “Exporting can help businesses grow – and grow fast. That means more jobs, more profits, more tax revenue and more benefit to society. By providing its innovative support to more exporters than ever before, UKEF is helping to make exports happen, playing a vital role in the whole-of-government push for 100,000 new exporters by 2020.”
