UK Export Finance
(asked on 11th May 2021) - View Source
Question to the Department for 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.
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.