UK Export Finance provided £7.4 billion in support for UK exports last year

(Yorkshire Post, Leeds, 30 June 2022) British businesses received £7.4bn of Government support last year to help them secure export opportunities in 61 countries, according to the latest report from UK Export Finance (UKEF). The report concluded that finance provided by UKEF in 2021-22 supported 72,000 UK jobs and added a gross value of £4.3bn to the economy. Of those supported by UKEF, 83% were located outside of London and a record 81% were small and medium-sized enterprises, according to the organisation’s annual results. A spokesman said: “The £7.4bn – the highest level for 14 years – brings the total support over the last five years to £33.4bn. While proclaiming “its first year without providing any support for overseas fossil fuel projects", UKEF continued to promote a stalled US$1.5 billion LNG project in Mozambique following its 2020 backing of the project. As noted in our June 2022 ECA Watch What's New, between 2018 and 2020, G7 countries provided US$100bn towards oil, gas and coal projects through their export credit agencies (ECAs) or development finance institutions – over four times their contribution towards clean energy.