Recommendation 27

UK Export Finance (UKEF) is the UK’s export credit agency. Its products include an ‘invest to export’ offer for overseas investors looking to export from the UK.70 We asked the Department whether it had a good relationship with UKEF and whether UKEF’s products were incentivising new investment into the UK. It told us that it had a well- defined relationship with UKEF structured through a Memorandum of Understanding, a previous recommendation of this committee.71 The Department said that it ensures that the two organisations’ agendas are aligned through integrating senior levels, for example the chair of UKEF sits on the Department’s board.72 The Department also told us that it included UKEF’s guaranteed loans when reviewing what incentives the UK could offer to investors, particularly given the limited grants available to investors.73 62 Q 28; SIU0001, SIU0003, SIU0004 63 Qq 28–29 64 Q 29 65 SIU0003, SIU0004 66 Qq 69–70; SIU0004 67 Committee of Public Accounts, Creation of the UK Infrastructure Bank, Thirty-Fourth Report of Session 2022–23. HC 45, 25 January 2023 68 Qq 17, 20 69 Q 89 70 C&AG’s Report, Figure 6 71 Qq 89, 98 72 Q 89 73 Q 90 Supporting investment into the UK 17