The UK government has today (30 April) outlined new plans to help British exporters win £12.5bn in new business by 2029.

The export credit agency, UK Export Finance (UKEF), has published its five-year 2024-29 Business Plan, setting out how it is aiming to help firms win contracts overseas with its trade finance and insurance support.

SME support

In a statement today, UKEF says it also wants to support £10bn in clean growth financing while also mobilising the same amount to support companies in developing markets.

It says the new business plan includes more support for small businesses as part of its commitment to support 1,000 SMEs a year by 2029.

Institute of Export & International Trade (IOE&IT) director general, Marco Forgione, said that the support for SMEs is essential if the UK wants to reboot growth in the economy:

“Today’s new plan from UKEF rightly focuses on supporting SMEs to grow through exports.

“SMEs are the lifeblood of the economy and research shows that those that trade internationally are more likely to grow, contributing more to the economy and creating more jobs.”

More digital services

UKEF CEO Tim Reid said the new plan “recognises the strength of the UKEF offer”, particularly around the low-carbon transition and making the most of the UK’s new free trade agreements.

He also said the agency is looking to increase its digital offer to businesses.

“For our customers it also means more digital services, a better user experience and a continued commitment to deliver innovative and game-changing solutions that work for them, so that UKEF can unlock the finance they need to export.”

Cross-governmental effort

The plan will be supported by the Department for Business and Trade, British Business Bank and local Chambers of Commerce.

UKEF has said the plan will achieve “greater access to business financing” across “all UK regions”.

UKEF is also expected to publish its next annual results in June 2024.