UKEF ‘open for business’ with billions available for exporters

The Minister for Exports will today say that British businesses must harness the opportunities created by the trade deals the UK has signed with 70 countries plus the EU as he sets out his ambition to use UK Export Finance’s (UKEF) £50bn of finance capacity to stimulate UK trade.

At the 4th annual UK Trade & Export Finance Forum hosted by UKEF, Mike Freer will fire the starting gun on an export revolution powered by the UK’s rejuvenated export credit agency.

This is a vital part of the UK’s new ‘Made in the UK, Sold to the World’ strategy to set the course for an ambitious export target of £1tn worth of UK goods sold overseas, seizing the opportunities presented by an expected quadrupling in global trade by 2050.

Minister Freer will say: “There are huge areas of untapped export potential across the UK. One in seven firms with a turnover over £500,000 are not exporting and could be. UKEF is here to help change that.”

He will highlight how UKEF has provided vital support to businesses during the pandemic, filling the gaps in private sector provision at a time of seismic shifts in the global economy. He will say that UKEF is now ready to support the economic recovery by helping businesses build back better than ever before.

He will add: “Over the last 18 months, UKEF has been agile and responsive to the needs of the market. The department underwent radical changes and emerged stronger. But it has billions of pounds remaining. I am here to say it can do even more. It is open for business.”