Committee publication · Correspondence · 7 July 2026

Letter from UK Export Finance relating to the Committee's Report on Investing in the UK economy, 26 June 2026

Summary

Tim Reid, CEO of UK Export Finance, responds to the Business and Trade Select Committee's June 2026 report on Investing in the UK Economy. Reid expresses disappointment that UKEF was not given an evidence session before publication, arguing certain conclusions are incorrect or lack context. He defends UKEF's role, capacity, and impact on SMEs, and requests the Committee revise the report or publish acknowledgment of his points.

Key findings

UKEF criticises the Committee for publishing the report without allowing an evidence session, despite UKEF's original invitation being cancelled with short notice.
Reid argues UKEF's £80bn capacity (£55bn utilised) is proportionate to G7 peers: US Export-Import Bank (US$135bn), Euler Hermes Germany (US$158bn), BPI France (US$129bn).
UKEF disputes the report's claim it 'reaches an infinitesimally small fraction of UK firms', arguing only ~5,000 SMEs have realistic export ambitions suited to UKEF support, not the 5.5 million total.
UKEF's supply chain analysis shows its deals supported 115,000 businesses, contributed £23bn to UK economy (2020/21–2024/25), and supported average annual 66,000 jobs.
UKEF highlights strategic impact beyond exports: £3bn+ support for Ukraine (reconstruction, defence procurement, energy), Poland's NAREW air defence programme (£7.7bn largest defence transaction), and critical minerals imports offering.

Tone

Adversarial

Topics

export-financetrade-policysme-supportdefence-procurementinternational-relations

Key actors

Tim Reid, UK Export Finance (UKEF), Liam Byrne MP, Business and Trade Select Committee, British Business Bank, National Wealth Fund, Ukraine, Poland

Notable line

“I am disappointed that the Committee published it without first giving UK Export Finance (UKEF) the opportunity to join an evidence session to address Members' …”

Key Quotes

“I am disappointed that the Committee published it without first giving UK Export Finance (UKEF) the opportunity to join an evidence session to address Members' questions in person, given some of the conclusions it contains.”
— Tim Reid · Opening criticism of the Committee's process

“ECAs play a pivotal role in supporting trade against a backdrop of ever-increasing geo-political uncertainty and global economic disruption.”
— Tim Reid · Defending export credit agencies' strategic role

“… some £55bn of our current £80bn capacity is already utilised.”
— Tim Reid · Demonstrating UKEF's substantial deployment of resources

“… the supply chains of UKEF's directly-backed customer base support 115,000 businesses across the UK economy.”
— Tim Reid · Countering claim that UKEF reaches only a tiny fraction of UK firms

“This was UKEF's largest ever defence transaction, involving a commitment of £7.7 billion.”
— Tim Reid · Referencing Poland's NAREW air defence programme support

“UKEF has provided more than £3 billion in support for Ukraine since the war began, of a total capacity of up to £3.5 billion.”
— Tim Reid · Illustrating UKEF's strategic national interest work beyond traditional export finance

“I would be grateful if the Committee could either revise the report or at least publish an acknowledgment of the points that I have raised.”
— Tim Reid · Formal request for correction or published response

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Source · parliament.uk record ↗