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UK Export Finance – Annual Report and Accounts 2020-21

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UK Export Finance – Annual Report and Accounts 2020-21 Annual Report and Accounts 2020-21 Export Credits Guarantee Department (UK Export Finance) Annual Report and Accounts 2020-21 Annual Report presented to Parliament pursuant to section 7(5) of the Export and Investment Guarantees Act 1991. Accounts presented to the House of Commons pursuant to section 6(4) of the Government Resources and Accounts Act 2000. Accounts presented to the House of Lords by Command of Her Majesty. Ordered by the House of Commons to be printed on 22 June 2021. This is part of a series of departmental publications which, along with the Main Estimates 2020-21, the document Public Expenditure: Statistical Analyses 2020-21, and the Supply Estimates 2020-21: Supplementary Budgetary Information, present the government’s outturn for 2020-21 and planned expenditure for 2021-22. HC 400 © Crown copyright 2021 This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3. Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned. This publication is available at gov.uk/official-documents. Any enquiries regarding this publication should be sent to us at [email protected]. ISBN 978-1-5286-2680-4 CCS0621723900 06/21 Printed on paper containing 75% recycled fibre content minimum. Printed in the UK by the APS Group on behalf of the Controller of Her Majesty’s Stationery Office. In loving memory of Robin Ogleby and David Barclay Contents UK Export Finance annual report 2020-21 About UK Export Finance 6 Ministers' foreword 7 Chair’s statement 8 Performance 9 Chief Executive’s report 11 Performance overview 35 Economic snapshot 37 How we operate 49 Our support for exports 53 Our partners and operations 65 Chief Risk Officer’s report 71 Statutory limits 112 Chief Finance & Operating Officer’s report 113 Head of Environmental and Social Risk Management’s report 127 Task Force on Climate-Related Financial Disclosures 137 Export Guarantees Advisory Council annual report 145 Accountability 149 UKEF ministers and Board members 150 Governance statement 153 Statement of Accounting Officer’s responsibilities 174 Audit Committee report 176 Risk Committee report 178 Our people: staff and remuneration report 181 Parliamentary Accountability and Audit 199 The Certificate and Report of the Comptroller and Auditor General to the House of Commons 207 UK Export Finance accounts 2020-21 Financial Statements 213 Notes to the Departmental Accounts 218 Annexes 277 Business supported 278 Sustainability of our estate 283 UKEF core tables 287 Glossary 289 UK Export Finance annual report 2020-21 About UK Export FinanceWho we are UK Export Finance (UKEF) is the UK’s export credit agency and a government department, strategically and operationally aligned with the Department for International Trade. UKEF is the operating name of the Export Credits Guarantee Department. Our mission To ensure that no viable UK export fails for lack of finance or insurance from the private sector, while operating at no net cost to the taxpayer. We help UK companies: – win export contracts by providing attractive financing terms to their buyers – fulfil export contracts by supporting working capital loans and contract bonds – get paid for export contracts by providing insurance against buyer default How we do it We provide insurance, guarantees and loans where the private sector will not, backed by the strength of the government’s balance sheet. We also help companies find support from the private sector. Our work means that: – more UK companies realise their ambitions for international growth – more jobs in the UK are supported – overall UK exports are higher We exist to complement, not compete with, the private sector and work with around 100 private credit insurers and lenders. We help to make exports happen which otherwise might not, helping UK exporters and their supply chains grow their business overseas. In this way, we provide security of support through economic cycles and market disruptions. Ministers’ foreword | 7 Ministers' foreword We are proud to present the UK Export Finance (UKEF) Annual Report and Accounts for 2020-21. Coronavirus has left the UK in its most economically challenging position in decades. Trade has been hampered by global restrictions and economic shutdowns, with the government stepping in to provide unprecedented financial support. UKEF has been central to this government’s response and it has been a record year for the department as a result, providing £12.3 billion in Rt Hon. Liz Truss MP support of UK exports. This backing has helped our nation of exporters Secretary of State keep selling to the world through this pandemic. for International UKEF responded quickly, securing thousands of jobs in the process. Trade and President Smaller businesses across the UK are benefitting from the new General of the Board Export Facility and the temporary expansion of its Export Insurance Policy, of Trade while the Export Development Guarantee unlocked major support for the UK manufacturing and aviation industries. These new products fundamentally changed UKEF’s support to business and will put UK exporters in a position to capitalise on our new free trade agreements. The UK has now agreed trade deals with 67 countries plus the EU, that accounted for £891 billion of UK bilateral trade in 2019, opening doors for UK businesses to potential new markets. Capturing the benefits of exporting and international trade opportunities is vital – helping to support job creation, wage growth and levelling up the economy across the regions and nations of the UK. Graham Stuart MP As we look to a future beyond this pandemic, we will use our new and Minister for Exports independent trade policy to build back greener. The UK will lead this year’s UN Climate Change Conference (COP26) Summit in Glasgow and we have an opportunity to lead by example. As of 31 March 2021, the government no longer provides new direct support for the fossil fuel energy sector overseas, and is aligning its support to stimulate green exports. UKEF is already a leading supporter of sustainable exports, ranking second in the world amongst its global peers, and its role in supporting companies to win clean energy contracts and transition away from fossil fuels is critical. UKEF was formed 100 years ago to help our nation’s exporters bounce back from the First World War and the flu epidemic that followed. As our recovery from this new pandemic gathers pace, we need UKEF more than ever. By supporting exporters of all sizes across the UK, we can transform our economy into one that is stronger, greener and fairer. 18 June 2021 8 | UK Export Finance Annual Report and Accounts 2020-21 Chair’s statement Covid-19 has upended people’s lives and has taken a profound toll on the global economy. UKEF staff, like so many others around the world have lost colleagues and friends to this horrendous illness. Though we couldn’t have anticipated these events, UKEF reacted quickly, and I am prouder today to be its Board Chair than ever before. With the support of HM Treasury we implemented a Temporary Covid Risk Framework (TCRF) to support UK exporters and suppliers affected by the pandemic and launched new products to back SMEs, including the General Export Facility. Noël Harwerth I would like to pay tribute to the remarkable resilience shown by the Chair UKEF staff. They adapted to flexible working seamlessly, balancing caring responsibilities, home schooling and work magnificently. Their attitude has been second to none, and this shone through in our 2020 People Survey results, which showed our highest ever Engagement score of 71%, above the Civil Service benchmark score of 66%, making UKEF a High Performing Department within the Civil Service. UKEF remains the most ethnically diverse department in the Civil Service with 31% of staff from ethnic minority backgrounds, and has more female staff than ever before. This is a great achievement, but there is more that we can do. We are working to improve the gender and ethnicity balance further, particularly within our Senior Civil Service cohort. Looking to the future, I am delighted that we doubled our support for sustainable projects to £2.4 billion in 2020 and I fully expect this to increase further following the launch of our Climate Change Strategy next year. I would like to thank my fellow non-executive Board members for their diligence and commitment this year. We are very fortunate to have such a wealth of expertise within our ranks across the public and private sectors. Our Board saw 3 members step down this year: Shalini Khemka, who joined UKEF in 2018, and provided the Board with real insight, particularly into SMEs and marketing; Maddy McTernan, who was UKGI’s representative; and John Mahon who was the ex-officio Member for the Department of International Trade. I would like to thank them all for their dedication and service to the department. I would like to welcome Dr Alistair Clark, Candida Morley and Andrew Mitchell to the Board as the new representatives for the Export Guarantees Advisory Council, UKGI and DIT respectively. Finally, I would like to thank Louis Taylor and the executive team for their unstinting hard work in what has been an incredibly difficult year – none of the great successes outlined in this report would have been possible without them. 18 June 2021 UK Export Finance Annual Report and Accounts
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