UK Export Finance: Finance

Department for International Trade written question – answered on 19th May 2021.

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Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Secretary of State for International Trade, how much funding her Department allocated to UK Export Finance in each of the last five years; and if she will make a statement.

Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

To ask the Secretary of State for International Trade, what assessment she has made of the effectiveness of UK Export Finance; and if she will make a statement.

Photo of Greg Hands Greg Hands The Minister of State, Department for International Trade

UK Export Finance (UKEF) is a separate ministerial government department and is not funded by the Department for International Trade. It operates at no net cost to the taxpayer. It has received the following funding for the last five years, as voted for by Parliament:

Budget Type

2016/17

2017/18

2018/19

2019/20

2020/21

2021/22

Main Est £m

Supp’ Est £m

Main Est £m

Supp’ Est £m

Main Est £m

Supp’ Est £m

Main Est £m

Supp’ Est £m

Main Est £m

Supp’ Est £m

Main Est £m

Resource (DEL) Gross

40.0

40.0

40.7

40.7

43.1

43.1

44.8

44.4

57.3

56.8

75.1

Resource AME

164.0

120.0

85.0

148.0

102.4

133.4

124.8

124.8

376.5

753.4

748.4

Capital AME

1936.0

936.0

1289.0

525.0

671.4

725.4

936.9

836.8

2787.0

1487.0

1881.1

Further information on UKEF’s funding is available in its Annual Report and Accounts, which can be accessed online at: www.gov.uk/government/collections/uk-export-finance-annual-reports-and-accounts

UKEF charges a premium for its support (see table for annual amounts1) and its budget is fully funded through the income earned. In the past 4 years (2016-17 to 2019-202) UKEF has transferred £541.1m1 into the consolidated fund and has generated, after department costs, an operating profit of £499.0m1.

2016/17

2017/18

2018/19

2019/20

2020/21

Gross premium earned £000(1)

120,061

129,930

381,189

207,169

Not yet published

1 Data source - UKEF Annual Report and Accounts.

2 The Annual Report and Accounts for 2020-21 will be published in due course.

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