By Deirdre Tynan • 23 June 2021 • 17:21
Government provided the most support to exporters in 30 years.
The UK has government provided the highest level of support for exporters in 30 years. UK Export Finance (UKEF) provided £12.3 billion in financial support for UK exports to 77 countries and more than doubled the number of UK businesses it assisted over the last two years.
UP to 107,000 UK jobs were supported and exporters were helped to keep trading through the pandemic and provided £12.3 billion in support for UK exports from 2020-2021, almost treble the amount provided in the previous financial year, according to its new annual results published today.
A Temporary Covid Risk Framework was introduced last April, which gave the department additional capacity to back businesses affected by Covid-19. Through this framework, UKEF provided £7.3 billion in support to exporters who were severely disrupted by the pandemic, securing up to 71,000 UK jobs at major firms like Nissan, easyJet and British Airways that may otherwise have been lost.
Minister for Exports, Graham Stuart, said, “UKEF stepped up when its help was needed most. Coronavirus put the UK in its most economically challenging position in decades. UKEF has been central to the government’s response and provided £12.3 billion in support of UK exports – the most in 30 years. This backing helped our nation of exporters keep selling to the world through this pandemic.
“We are opening up the world’s fastest growing markets through the trade deals we are negotiating so that the UK can recover as quickly as possible from the pandemic. Thanks to the talent and dedication of UKEF staff, companies can now make the most of our ambitious trade policies,” he added.
UK Export Finance is the UK’s export credit agency and a government department, working alongside the Department for International Trade. Established in 1919, it exists to ensure that no viable UK export should fail for a lack of finance from the private market.
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Deirdre Tynan is an award-winning journalist who enjoys bringing the best in news reporting to Spain’s largest English-language newspaper, Euro Weekly News. She has previously worked at The Mirror, Ireland on Sunday and for news agencies, media outlets and international organisations in America, Europe and Asia. A huge fan of British politics and newspapers, Deirdre is equally fascinated by the political scene in Madrid and Sevilla. She moved to Spain in 2018 and is based in Jaen.
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