UK Export Finance (UKEF) delivered a record £14.5 billion in new support last year, backing over 667 UK businesses and helping to sustain up to 70,000 jobs, according
to its 2024–25 annual report.
This is the highest level of support in UKEF’s 106-year history, reflecting its key role in boosting UK exports and driving economic growth as part of the government’s Plan for Change. The financing is estimated to have contributed up to £5.4 billion to the UK’s GDP.
UKEF, the UK’s official export credit agency, provides loans, guarantees, and insurance to ensure no viable export fails due to a lack of finance. Operating at no net cost to the taxpayer, it works alongside the Department for Business and Trade to support UK exporters of all sizes.
Among the beneficiaries:
Yorkshire’s Angloco and Ayrshire-based Emergency One secured a contract to deliver 62 fire engines to Iraq with the help of a UKEF-backed loan to Iraq’s Ministry of Finance.
Northern Ireland’s Maxflow, a pressure washer manufacturer, entered new global markets thanks to capital access through UKEF’s General Export Facility.
Key industries supported include clean energy, advanced manufacturing, life sciences, and automotive—central to the UK’s Modern Industrial Strategy.
UKEF also focused heavily on sustainable growth, allocating £2.3 billion to green initiatives. This includes:
Backing AESC’s gigafactory in Teesside, which will produce batteries for up to 100,000 electric vehicles annually.
Supporting Shotton Mill in North Wales, set to become the UK’s largest recycled paper manufacturer, cutting net carbon emissions.
This clean growth investment aligns with UKEF’s 2024–2029 Business Plan and supports the government’s ambition to position the UK as a global clean energy leader.
Chancellor of the Exchequer, Rachel Reeves, said:
“Our number one mission is delivering growth to put more money in people’s pockets.
That’s why we increased UKEF’s lending capacity by billions and have given more flexibility to invest in priority sectors like defence, building on its record levels of support for businesses to export and grow, and the tens of thousands of jobs it has secured.
Smaller firms remain central to UKEF’s mission to boost exports. The department supported 496 small and medium-sized enterprises (SMEs) in 2024/25, of which 83% are based outside of London”.
Business and Trade Secretary, Jonathan Reynolds, said:
“Our Plan for Change is backing British business to take advantage of export opportunities abroad to create jobs and growth at home.
Through record support, UKEF is playing a key role in achieving this, providing financial backing to exporters across the UK looking to grow and compete overseas”.
UK Export Finance CEO, Tim Reid, added:
“I’m proud of our record-breaking year in which we’ve achieved real impact by forging new strategic global partnerships, boosting hundreds of exporters and supporting tens of thousands of jobs.
With customers at the heart of everything we do, we’re committed through our ambitious business plan to helping more British exporters firms succeed globally.
We’ve strengthened our products and supported more small businesses too – spreading the benefits of trade across the entire UK.
As we continue in our mission, we’re eager to play a key role in supporting the Industrial and Trade Strategies to drive sustainable economic growth”.
Marco Forgione, Director General at Chartered Institute of Export & International Trade, said:
“The record year for UK Export Finance is hugely welcome, and has helped small businesses up and down the country take that first step on their export journey.
Finance is often the missing piece in the jigsaw when looking to new markets. Access to the right tools at the right time can turn local ambition into international growth.
We now need to keep the momentum going, and help even more small businesses feel confident about exporting their fantastic goods and services around the world”.
Marcus Dolman, Vice President of The British Exporters Association (BExA), said
“BExA congratulates UKEF on their strong, record-breaking results. They show continued growth in both value and reach to the UK’s exporting community, particularly in the increased number of SMEs supported. The record level of support shows the value UKEF adds to the UK economy through its proactive approach in bringing new and genuinely useful products to market such as the Export Development Guarantee (EDG) and the General Export Facility (GEF).
HMG’s increase in UKEF’s overall capacity is also a welcome development and demonstrates the importance of UKEF in supporting UK economic growth through increased exports. We need to get more UK businesses exporting and access to finance is often a critical enabler.
We look forward to continuing to support UKEF in defining and refining its product range to ensure UK export success and that no viable export fails through lack of finance”.