Huge increase of £10 billion for UKEF’s capacity to support UK exporters.

The Chancellor has announced UK Export Finance has been granted an extra £10 billion of capacity to drive more UK exports, raising its maximum exposure limit from £50 billion to £60 billion.

The additional capacity will ensure the export credit agency’s continued ability to support UK exporters and to deliver on its mission: to advance prosperity by ensuring no viable UK export fails for lack of finance or insurance, doing that sustainably and at no net cost to the taxpayer.

2021-2022, UKEF provided £7.4 billion in financing to exporters of all sizes. Resulting in supporting up to 72,000 UK jobs. The increased capacity will help UKEF continue to deliver on the government’s priorities, supporting economic growth and jobs in communities across the UK.

UK Export Finance is committed to increasing its support in clean growth and climate adaptation throughout. This new capacity will help build on the £7 billion of support UKEF has provided for sustainable projects since 2019, as it focuses on long-term, sustainable economic growth.