Public finance institutions UK Export Finance (UKEF), British Business Bank, National Wealth Fund and Innovate UK have made at least £50bn of investments over the last two years, supporting or sustaining around 802,000 jobs.
Since July 2024, the government says it has unlocked an additional £80bn of financial capacity across the four organisations, increasing their combined firepower to £193bn to support long-term investment and economic growth.
Public finance institutions work to provide businesses with a complementary package of support throughout their growth journey. By combining expertise and capabilities across innovation, access to finance, investment and exports, they help businesses start, scale, invest, innovate and reach international markets.
“The UK is one of the best places in the world to innovate, and the increased capacity across the public financial institutions creates a significant opportunity for ambitious businesses,” says Tom Adeyoola, CEO at Innovate UK.
“By bringing together expertise in innovation, investment, finance and exports, we are helping companies access the support, partnerships and capabilities they need to turn breakthrough ideas into commercial success and scalable businesses.”
The announcement follows the launch of a joint scheme between UKEF and the British Business Bank that will help small and medium-sized businesses access the finance they need to expand their export potential and grow.
Launching in spring next year, it will target support at SMEs with export ambitions who often struggle to access the finance they need to act on them.
“Over the last two years, UKEF committed over £25bn in financing and has increased its lending and guarantee capacity to £130bn,” adds Tim Reid, CEO at UKEF.
“With our refreshed mandate, we will work even more closely with our partners to combine our expertise and financing, helping deliver the industrial strategy and create new opportunities for businesses in every part of the country.”
