UK exporters boost economy as study shows export credit impact

An Oxford Economics study reports that export deals backed by UK Export Finance added £23 billion to the UK economy over five years and supported an average of 66,000 full-time jobs each year.

An Oxford Economics study released to coincide with the UK Trade and Export Finance Forum sets out the role of government-backed export finance in the UK economy. The report focuses on deals supported by UK Export Finance (UKEF) and their effects on firms and supply chains. It quantifies contributions to output and employment and highlights sectors receiving support. Government and industry figures are discussing the findings at the forum. Key findings: - UKEF-backed export deals are reported to have added £23 billion to the UK economy over the last five years. - The study finds these deals supported an average of 66,000 full-time jobs each year across key industrial sectors. - UKEF's customers are estimated to support about 115,000 UK businesses nationwide, with many suppliers located outside London. - Advanced manufacturing accounted for 23% of UKEF's customer base; Professional and Business Services represented 17% over the same period. - Examples cited include a UKEF guarantee that unlocked a £26.3 million loan to rebuild bridges in Ukraine, enabling UK firms to win contracts, and support described as expected to enable £1.5 billion in commercial financing for Jaguar Land Rover's UK supply chain. - The findings follow an announced £11 billion lending package with UKEF guaranteeing up to 80% of eligible loans from five major banks and reports of export and market-access wins linked to recent government visits. Summary: The report shows quantified links between government-backed export finance and measured contributions to GDP, jobs and supply-chain activity across several sectors. Officials and exporters are discussing these findings at the UK Trade and Export Finance Forum, and recent government announcements were reported as reinforcing support for export finance. Undetermined at this time.