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Export Finance Guarantee Scheme

Volume 681: debated on Thursday 8 October 2020

Export finance guarantees are provided through UK Export Finance, the UK’s world-leading export credit agency. UKEF’s mission is to ensure that no viable UK export fails for lack of insurance or finance, while operating at no net cost to the taxpayer. It recently introduced a new export development guarantee, which has seen £500 million provided to Jaguar Land Rover and Ford of Britain, with more in the pipeline.

I thank the Minister for that helpful answer. Does he agree that the take-up of the scheme among companies in Northern Ireland is not as high as it should be, and there needs to be more marketing and development of the scheme? Will he agree to a meeting between officials from his Department and me, and discuss with companies that have tried to access it, the problems they have encountered so that we can ensure the scheme benefits companies in Ulster?

The hon. Gentleman is absolutely right about the need to market more effectively. We have a brilliant suite of products. UKEF is world leading—again and again it is voted the best export credit agency in the world—and it is doing great work. We would love to open it up to more businesses, which is why UKEF is part of various bounce back plans, including my launch in Northern Ireland of our tech bounce back plan. I would be delighted to organise a meeting with him to ensure that Northern Irish businesses are aware of all the products that are on offer.