Government provides UK aerospace exporters with £482m in support

In the last year, UKEF has supported 12 engine overhauls by GE Caledonian in Prestwick in Scotland, taking support for GE Aviation overhauls in the UK to well over $100 million, which is playing a vital role in supporting specialist engineering jobs in the UK.

UKEF has also continued its support of Airbus aircraft deliveries in the Middle East and Asia. It has enabled the delivery of 2 Rolls-Royce powered Airbus A380 deliveries to Emirates Airlines in late 2018 and 6 Airbus A220 aircraft deliveries to Korean Airlines. UKEF support for the A220 is made possible by the significant levels of UK content in the aircraft as a result of wing and other fuselage sections being manufactured by Short Brothers in Belfast.

In 2018-2019, UKEF also supported the delivery of Rolls-Royce-powered Boeing 787 aircraft one each to Avianca of Colombia, EL AL Israel Airlines and Aercap in Ireland.

UKEF’s annual report and accounts show the department has had a landmark year, providing £6.8 billion in support for UK exports, a record since 1991. Analysis shows that these exports have supported an estimated 47,000 UK full time jobs as demand for British goods across the globe continues to grow.

Rt Hon. Dr Liam Fox MP, Secretary of State for International Trade, said: “Over the course of the last 100 years UK Export Finance has led the way in delivering innovative finance to help British companies achieve international success across a wide range of industries across the world.

“I am delighted UKEF is marking its centenary with a record year, and as it continues into its second century is supporting not only the UK’s exporters, which are growing in number all the time, but also transformational projects which have a direct impact on the lives of citizens across the globe.”

The report reveals that UKEF has supported 181 companies' exports to 72 countries. 79% of these companies were SMEs. A further 81 UK companies secured business by supplying to a project supported by UKEF.

During the year UKEF supported its largest ever transaction, providing a £5 billion package to support BAE Systems’ and MBDA UK’s contract with the government of Qatar. It also connected more than 300 companies with opportunities on overseas projects, and provided over £600 million in support for projects in sub-Saharan Africa as the Government looks to boost trade links between the UK and African countries.

www.gov.uk/government/organisations/uk-export-finance