A new study by Oxford Economics has laid bare the scale of impact government-backed exports are having on the UK economy, with findings that resonate far beyond boardrooms and trade missions. Over the past five years, export deals supported by UK Export Finance (UKEF) have added an estimated £23 billion to the economy and sustained an average of 66,000 full-time jobs each year across key industrial sectors.
For Britain’s globally connected diaspora communities, many of whom run, supply or work in export-facing businesses, the figures underline how trade policy is translating into real jobs, contracts and growth in towns and cities across the country.
The research shows that UKEF-backed exporters collectively support around 115,000 UK businesses, highlighting how the benefits of export finance ripple through supply chains rather than stopping with large headline companies. From manufacturers and engineers to professional services firms and specialist suppliers, thousands of smaller businesses are feeling the knock-on effects.
Why export finance matters beyond London
The findings were released as industry leaders gathered for the UK Trade and Export Finance Forum, the country’s largest annual meeting of export specialists. Together, they reinforce a central message: when UKEF supports an export deal, the economic impact spreads across regions and communities, many of them home to diverse and diaspora-led enterprises.
More than 80 per cent of the SMEs supported by UKEF are based outside London, a crucial point for communities often overlooked in national economic narratives. For migrant-founded firms and second-generation entrepreneurs, access to finance and international markets can be the difference between remaining small and scaling globally.
Business and Trade Secretary Peter Kyle said exports are a key driver of growth and stressed that UKEF has already enabled thousands of companies to take British products and services to customers around the world. He added that the government intends to go further by expanding UKEF’s capacity, ensuring more homegrown success stories can scale in the UK while competing internationally.
Jobs, supply chains and global impact
Tim Reid, CEO of UK Export Finance, said the study confirms that the value of export finance extends well beyond the companies that receive direct backing. When exporters secure major overseas contracts, the benefits flow to the thousands of UK firms in their supply chains, supporting jobs and skills across the economy.
Oxford Economics found that advanced manufacturing received the largest share of direct support, accounting for nearly a quarter of UKEF’s customer base over the past five years. Professional and business services followed closely, reflecting the growing role of consultancy, legal, engineering and advisory firms in global trade. These sectors are particularly important for diaspora professionals whose expertise and international networks help UK firms navigate overseas markets.
Real-world examples from Wales to Ukraine
One example highlighted in the report shows how export finance connects local industry to global reconstruction. UKEF provided a government-backed guarantee to the Ukrainian Ministry of Finance, unlocking a £26.3 million loan to rebuild six strategically important bridges. That financing allowed the main contractor to source materials from UK suppliers, including Pro Steel Engineering in Torfaen, Wales, which secured a £1.1 million contract to deliver 200 tonnes of precision-engineered steel girders.
Managing Director Richard Selby said the company was proud to bring its skills to support Ukraine’s rebuilding effort, underlining how export finance can align economic opportunity with international solidarity.
Another case involved Jaguar Land Rover, where a UKEF guarantee is expected to unlock £1.5 billion in commercial financing for the company’s UK supply chain. At a time of global uncertainty, such backing can safeguard skilled jobs and stabilise industries that many communities rely on.
Trade diplomacy and future growth
The Oxford Economics report follows a series of high-profile trade developments. A recent visit to China by the Prime Minister and Business Secretary secured £2.2 billion in export deals, around £2.3 billion in market access wins and hundreds of millions of pounds in new investments. China also cut tariffs on Scotch whisky, a move welcomed by producers and exporters alike.
These efforts form part of the government’s Modern Industrial Strategy, which aims to open new markets, strengthen trade relationships and help British businesses thrive globally. For diaspora communities with deep cultural and commercial links to markets in Africa, Asia and the Middle East, such strategies can unlock fresh opportunities to act as bridges between the UK and the wider world.
Looking ahead
Momentum is also building through a landmark £11 billion lending package announced last week, with UKEF guaranteeing up to 80 per cent of eligible loans from five major banks. Combined with the findings from Oxford Economics, it paints a picture of export finance as a central tool in the government’s growth agenda.
For businesses large and small, and especially for diaspora-led firms operating across borders, the message is clear. When the UK backs exports with real financial muscle, the gains are not abstract. They show up in jobs, contracts and confidence, helping communities across the country connect to the global economy and share in its rewards.
Chijos News will continue to track how trade policy, export finance and global partnerships shape opportunities for Britain’s diverse and internationally connected population.