6th annual benchmarking of UK export finance by BExA
BExA has launched its 6th Annual benchmarking of UK Export Finance entitled “UK Export Finance: Supporting the National Export Challenge.”
The Annual benchmarking analysis identifies a number of key areas of Government support that require coordinated delivery through UKEF, UKTI, DfID, FCO and the British Business Bank using all the ‘levers of Government’ focussing on:
- Support to Small and Medium Sized companies
- UKEF Accessibility and Resourcing
- UKEF Medium term financing support
- UKTI Charging Regime, Dissemination of Information, Trade Shows and delegations and the introduction of Prospect Insurance for SMEs
- Re-introduction of a DfID tied aid programme, in combination with concessional finance support from UKEF, accessing the UK supply chain
BExA believes that now is the time for Government to introduce a Whole Government approach to delivering support to the UK’s exporters. The activities of those Departments engaging with exporters need to be co-ordinated and focussed on achieving the objectives of the National Export Challenge.
Whilst Whitehall cuts will have an impact on a number of the these Departments, Government should recognise that UKEF is unusual for a Government Department in being a net contributor to the Exchequer and should be considered very differently by HM Treasury in relation to staffing. UKEF needs resourcing to address the needs of the exporters who provide UKEF’s revenue.
BExA’s Chairman, Jon Coleman commented:
‘BExA hopes that Government will continue to build upon the significant advances in its support for the UK’s exporters achieved over the last 5 years. In particular now is the time to adopt a Whole Government approach, aligned to the objectives of the National Export Challenge, if a true rebalancing of the UK economy is to be realised in the medium term.’