UK government provided £7.4bn for global exports last year and supported 72,000 jobs

The UK government provided £7.4bn for global exports last year and supported 72,000 jobs in the country.

The financial aid from UK Export Finance helped businesses nationwide for exports to 61 countries and added £4.3bn gross value to the economy, 

The £7.4bn is the highest level for 14 years, with the total support over five years coming to £33.4bn.

A record 81 per cent of those helped were small and medium-sized enterprises, up 25 per cent from the previous year. 

“The UK is awash with untapped export potential, said Anne-Marie Trevelyan, Secretary of State for International Trade. “We have opened the door to the world with historic trade deals and now we are helping businesses walk through it.”

UKEF provided £27m to support importers buying from UK SMEs. 

None of the support this year was for overseas fossil fuel projects, for the first time, with UKEF setting out targets to reduce carbon emissions as it seeks to operate on a net-zero basis by 2050.

UKEF provided more than £3.6bn for the clean energy, healthcare and critical infrastructure sectors.

“With the new targets and mission statement we are launching today, UKEF is going even further to be a driving force behind the UK’s role in supporting the global energy transition,” said Mike Freer, Minister for Exports.