Arms Trade: Export Credit Guarantees

Department for International Trade written question – answered at on 30 October 2017.

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Photo of Peter Dowd Peter Dowd Shadow Chief Secretary to the Treasury

To ask the Secretary of State for International Trade, what the cost was to the public purse of export credit guarantees for arms sales and other military assistance in 2016.

Photo of Mark Garnier Mark Garnier Parliamentary Under-Secretary (Department for International Trade)

UK Export Finance charges a premium for all the export credit guarantee support it provides to reflect the risk assumed. The premium must cover anticipated long-term losses resulting from claims paid, as well as UKEF’s operating costs. Through this arrangement UKEF aims to operate at no net cost to the taxpayer. No claims were paid in respect of defence business in 2016.

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