in Aerospace

UK Government provided over £665m support to aerospace

Posted 26 June 2020 · Add Comment

UK Export Finance (UKEF) has today published its annual report and accounts, showing it has provided over £665 million in support for the aerospace industry.

Image by pisaphotography / copyright Shutterstock

In 2019-20, a loan was provided in support of the engine overhauls undertaken by GE Caledonian in Prestwick in Scotland, taking support for GE Aviation overhaul in the UK to close to £100 million. UKEF assistance, delivered in partnership with the Export-Import Bank of the United States, is supporting specialist engineering jobs in the UK.

UKEF-supported financing for Rolls-Royce-powered Boeing 787 aircraft continued in 2019-20 with further support provided for 2 B787-8 aircraft delivering to EL AL Israel Airlines, taking the total number of Rolls-Royce-powered Boeing 787 aircraft supported across all customers to 18 to date.

UKEF and its French and German counterparts continued to provide support for Airbus A380 deliveries to Emirates Airlines in 2019-20, supporting the delivery of 6 such aircraft. Support was also provided for the delivery of 2 Airbus A330Neo aircraft to Air Senegal, these being the first A330Neo aircraft the ECAs have supported.

UKEF support for future Airbus transactions will continue to be subject to an enhanced due diligence framework for an extended period following the recent deferred prosecution agreement.

UKEF latest results reveal it has provided £4.4 billion in support for UK exports over the last year, supporting trade with 69 countries.

Secretary of State for International Trade, Liz Truss, said: “This has been another outstanding year for UK Export Finance, helping businesses in every part of the UK win export contracts.

“Supporting international trade will be crucial as the UK looks to recover from the impact of the COVID-19 pandemic. UK Export Finance is already playing a critical role at the centre of the government’s plan to power an export-led recovery and its offer is more important than ever for UK exporters.”

Exporters who want to know more about UKEF can visit:





* required field

Post a comment

Other Stories
Latest News

Dstl forecasts future quantum landscape for UK defence and security

According to a research paper published by the Defence Science and Technology Laboratory (Dstl), on behalf of the Ministry of Defence (MoD) and in collaboration with UK Strategic Command - 'Quantum Information Processing Landscape

Smiths Detection collaborates with Attomarker on COVID-19 testing device

Smiths Detection has collaborated with Attomarker Ltd, a multiplex blood-testing technology company spun out of the University of Exeter, to help produce a robust and accurate COVID-19 antibody-testing device that could represent

QinetiQ unifies its US defence and security ops

QinetiQ has signed an agreement with the US Defense Counterintelligence & Security Agency (DCSA) to operate all of its US defence and security operations under a new Special Security Agreement (SSA).

Databarracks releases Data Health Check 2020

Databarracks, today announced the release of the 2020 Data Health Check. Running since 2008, the annual report questions over 400 IT decision-makers in the UK on critical issues relating to IT resilience, cybersecurity, cloud and

CFMS study bolsters business case for regional electric aircraft

A new study from the Centre for Modelling & Simulation (CFMS), a not-for-profit specialist in digital engineering, has helped the aerospace industry move a step closer to the development of regional electric aircraft.

Manchester Airport’s T2 reopens

With Terminal Two reopening this week, all three of Manchester Airport’s terminals will be open from Wednesday 15th July.

Getac SK2606280920
See us at
DVD 2020