Export Credit Guarantees: Economic Situation
The question
To ask the Secretary of State for Business and Trade, what assessment he has made of how export credit support affects business resilience to global economic shocks.
Answered by Chris Bryant
The recently published report by Oxford Economics, Analysing UKEF-Supported Supply Chains (which is available online at: Research and Analysis: Analysing UKEF-supported supply chains - GOV.UK), shows that in the last five years, deals supported by UK Export Finance (UKEF), the UK’s export credit agency, were responsible for £23 billion gross value added contributions to the UK economy, and supported an average of up to 66,000 jobs per annum. That report also showed that the supply chains of the businesses directly supported by UKEF include 115,000 businesses around the UK.
In April 2025, the Chancellor of the Exchequer announced an expansion of UKEF’s support to bolster the resilience of British businesses. This included increasing its financial capacity by £20 billion, to £80 billion, and targeting £10 billion of that to support firms that had been impacted by uncertainties in the world economy, including the new tariff environment.
Further information about the nature and extent of UKEF’s support is available in the Annual Report and Accounts, available online at: UK Export Finance annual reports and accounts - GOV.UK.
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