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• UK Export Finance provided a record 拢14.5 billion in new financing last year, helping over 667 UK companies to export and grow聽

• Up to 70,000 jobs and 拢5.4 billion to national GDP supported by UKEF financing, delivering on the government鈥檚 Plan for Change聽

• Detailed in 鲍碍贰贵鈥檚 annual report for 2024-25, support for UK businesses helps turbocharge the economy and deliver growth opportunities across the country聽

UK Export Finance (UKEF) provided 拢14.5 billion in loans, guarantees and insurance over the last year and supported tens of thousands of jobs in key industrial sectors around the country, according to its latest accounts published today.聽

UKEF is the UK鈥檚 export credit agency and a government department, working alongside the Department for Business and Trade. Established in 1919, it exists to ensure that no viable UK export fails for lack of finance or insurance from the private market, while operating at no net cost to the taxpayer.聽

UKEF provided the highest level of support in its 106-year history in 2024-25 to help 667 UK firms break into international markets and grow as exporters.聽

Businesses benefitting include Yorkshire-based Angloco鈥痑nd Ayrshire-headquartered Emergency One which won contracts to supply 62 fire engines to Iraq after UKEF provided a loan to its Ministry of Finance, and Northern Ireland pressure washer manufacturer Maxflow is entering new markets overseas after it gained access to capital with help of a guarantee provided through 鲍碍贰贵鈥檚 General Export Facility.聽

鲍碍贰贵鈥檚 efforts to champion UK exporters supported up to 70,000 jobs including in key industrial sectors like clean energy industries, advanced manufacturing, life sciences and automotive which are central to the government鈥檚 Modern Industrial Strategy.聽聽

Overall, 鲍碍贰贵鈥檚 financing in the year backed the contribution of up to 拢5.4 billion (GDP) to the economy 鈥� helping to drive productivity and raise living standards as part of the government鈥檚 Plan for Change.聽

Sustainability and helping sectors transition to the low-carbon economy are key priorities for UKEF as part of its 2024-2029 Business Plan, strengthening the government鈥檚 efforts to make the UK a clean energy superpower.聽聽

The department provided 拢2.3 billion of strategic clean growth financing supporting ventures like the expansion of AESC鈥檚 new gigafactory in Teesside 鈥� announced by Chancellor Rachel Reeves 鈥� producing batteries that will power up to 100,000 electric vehicles a year, and to recycled paper manufacturer Shotton Mill in North Wales that is to become the largest of its kind in the UK and reducing net carbon emissions.聽聽

Chancellor of the Exchequer, Rachel Reeves, said:鈥�

Our number one mission is delivering growth to put more money in people鈥檚 pockets.聽聽

That鈥檚 why we increased 鲍碍贰贵鈥檚 lending capacity by billions and have given鈥痬ore flexibility to invest in priority sectors like defence, building on its record levels of support for businesses to export and grow, and the tens of thousands of jobs it has secured.

Smaller firms remain central to 鲍碍贰贵鈥檚 mission to boost exports. The department supported 496 small and medium-sized enterprises (SMEs) in 2024/25, of which 83% are based outside of London.聽聽

Business and Trade Secretary, Jonathan Reynolds, said:

Our Plan for Change is backing British business to take advantage of export opportunities abroad to create jobs and growth at home.聽

Through record support, UKEF is playing a key role in achieving this, providing financial backing to exporters across the UK looking to grow and compete overseas.聽

UK Export Finance CEO, Tim Reid, added:

I鈥檓 proud of our record-breaking year in which we鈥檝e achieved real impact by forging new strategic global partnerships, boosting hundreds of exporters and supporting tens of thousands of jobs.聽

With customers at the heart of everything we do, we鈥檙e committed through our ambitious business plan to helping more British exporters firms succeed globally.聽聽

We鈥檝e strengthened our products and supported more small businesses too 鈥� spreading the benefits of trade across the entire UK.聽

As we continue in our mission, we鈥檙e eager to play a key role in supporting the Industrial and Trade Strategies to drive sustainable economic growth.

Marco Forgione, Director General at Chartered Institute of Export & International Trade, said:

The record year for UK Export Finance is hugely welcome, and has helped small businesses up and down the country take that first step on their export journey.鈥�聽

Finance is often the missing piece in the jigsaw when looking to new markets. Access to the right tools at the right time can turn local ambition into international growth.鈥�聽

We now need to keep the momentum going, and help even more small businesses feel confident about exporting their fantastic goods and services around the world.

Marcus Dolman, Vice President of The British Exporters Association (BExA), said

BExA congratulates UKEF on their strong, record-breaking results. They show continued growth in both value and reach to the UK鈥檚 exporting community, particularly in the increased number of SMEs supported. The record level of support shows the value UKEF adds to the UK economy through its proactive approach in bringing new and genuinely useful products to market such as the Export Development Guarantee (EDG) and the General Export Facility (GEF).

HMG鈥檚 increase in 鲍碍贰贵鈥檚 overall capacity is also a welcome development and demonstrates the importance of UKEF in supporting UK economic growth through increased exports. We need to get more UK businesses exporting and access to finance is often a critical enabler.

We look forward to continuing to support UKEF in defining and refining its product range to ensure UK export success and that no viable export fails through lack of finance.

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Notes to editors:聽

1. Under the , UK Export Finance (UKEF) provides loans within an overall limit of 拢13 billion to overseas buyers, allowing them to finance the purchase of capital goods and/or services from UK exporters. Of that limit, 拢3 billion has been allocated to support the defence sector. The loans we provide for each transaction can be made in up to 8 currencies, with a value limit of 拢200 million (although more flexibility may be offered in limited circumstances).聽
2. 鲍碍贰贵鈥檚 (GEF) provides partial guarantees to banks to support UK exporters鈥� overall business growth, rather than being tied to specific export contracts. Eligible firms can use GEF to secure working capital, scale up their operations and position their business for international opportunities.