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The government has today published the response to the consultation on UK Export Finance鈥檚 (UKEF) Foreign Content Policy. It sets out the approach UKEF will take to determine the level of non-UK goods, services and intangible assets in transaction supported by UKEF.

The purpose of the new approach is to ensure that UKEF鈥檚 support is flexible and meets the needs of UK exporters to help them win business overseas, fulfilling UKEF鈥檚 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.

The consultation, published in April 2019, was part of UKEF鈥檚 commitment in the government鈥檚 Export Strategy to review its products and policies to ensure they reflect the full breadth of its capability and the needs of business. The consultation received 28 responses, which were largely supportive of the approach proposed by government in the consultation and reinforced the need for its foreign content policy to adapt to increasingly globalised supply chains.

The new policy ensures that UKEF will implement a principles-based approach to foreign content, recognising the full contribution of the UK supply chain. This approach will supplement UKEF鈥檚 current UK content requirement, making it easier for UKEF to consider support for scenarios which are outside of a specific export contract, but which nevertheless are conducive to supporting and developing UK exports.