International Trade Committee publishes Government response to UKEF report

Thursday 16 Dec 2021 @ 15:33
Parliamentary Committees and Public Enquiries

The International Trade Committee yesterday published the Government’s response to its report on UK Export Finance (UKEF).

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UKEF is the UK’s official export credit agency, which supports UK exporters to find new markets through loans, guarantees and insurance.

The report, published in September, found that, while UKEF has a positive track-record in providing products that support exporters, much of its support has been given to a small number of sectors, and that it should explore ways to reach more of the Government’s priority sectors.

In its response, the Government commits to reviewing how UKEF’s business model could be diversified to support more sectors, and to considering how UKEF can improve its support to, and communication with, small businesses. UKEF agrees to develop better methodologies for collecting and presenting information in order to clearly explain how much support it gives to SMEs each year.

The Government accepts in part the Committee’s recommendation that it should consider amending UKEF’s mandate to ensure that it takes environmental, social and human rights considerations into account when making decisions about which projects to support. While the Government agrees to review UKEF’s mandate, it argues that making changes to it would be legislatively complex.

The Government also agrees to share details of its consideration on how UKEF can contribute to meeting the UK’s net zero target by March 2022.

Chair's comment

Commenting on the Government response, Angus Brendan MacNeil MP, Chair of the International Trade Committee, yesterday said:

“It is reassuring to see that the Government has positively engaged with our report on UK Export Finance and has taken many of our recommendations on board.

“As a Committee, we have called for UKEF to put serious thought into how it can increase its support for renewables projects and champion the route to net zero. It is vital that the Government carries this work out as a matter of urgency.

“We hope the Government will also take bold action on amending UKEF’s mission statement, so that it can more easily take environmental, social and human rights considerations into account when making decisions about which projects to support.

“Given the importance of UKEF to exporters in this country, we will continue to watch developments in this area closely.”

Further information

Inquiry: UK export finance
International Trade Committee

Channel website: http://www.parliament.uk/

Original article link: https://committees.parliament.uk/committee/367/international-trade-committee/news/159895/international-trade-committee-publishes-government-response-to-ukef-report/

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