Corporate report

UK Export Finance Performance Highlights 2022 to 2023

Published 28 June 2023

© Crown copyright 2023

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This publication is available at https://www.gov.uk/government/publications/uk-export-finance-performance-highlights-2022-to-2023/uk-export-finance-performance-highlights-2022-to-2023

2022-23 in review

  • GTR Best Export Credit Agency 2023
  • Airline Economics: Sustainability Supported Finance Deal of the Year 2023
  • AirFinance Journal: Guaranteed Financing Deal of the Year 2023

UKEF CEO, Tim Reid:

We are committed to delivering for our customers and making a real-world impact. Our efforts to serve more customers are paying off and we are now supporting more small-to-medium sized businesses than at any time in the last 30 years.

We’re boosting our potential:

  • £6.5 billion of new business issued

  • £46.3 billion maximum annual exposure

    • +16% on last year

  • £60 billion new financial capacity to support exports

    • +£10 billion on last year

We’re improving our service for customers

Our flexible general working capital products are driving better service for customers and fueling growth in demand for our support. The Export Development Guarantee was used to deliver over 50% of the business we issued in 2022-23, while 70% of our customers were supported using the General Export Facility.

  • 532 companies directly supported
  • 80% customer satisfaction
  • 27% increase of SMEs supported from last year

We’re supporting economic growth

Our financial backing translates to support for jobs and economic activity across the UK, which we measure using a “gross value added” (GVA) figure. So when we support a transaction, it’s not just about helping a single company, it’s also contributing to the growth of the UK economy as a whole.

  • 55,000 UK jobs supported
  • £4.1 billion Gross Value Added to the UK economy
  • £2.6 billion in wages, putting money into people’s pockets

We’re acting responsibly and in the interests of the UK taxpayer

We are a self-funding, income generating department that operates at no net cost to the taxpayer over time. We are financially responsible when taking risks, which we have to do to provide financial support that the private sector cannot.

  • £122 million of claims paid to banks and insurers, showing the value of our guarantee in times of economic distress
  • £125 million was recouped on historic claims as we recover the cost of claims on defaults
  • £303 million of profit generated for the taxpayer
  • £313 million of premium income earnt to protect the taxpayer against the risk of business issued this year
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