The Rt Hon Anne-Marie Trevelyan MP
Secretary of State for International Trade
Department for International Trade Old Admiralty BuildingLondonSW1A 2BL
7 December 2021
Dear Secretary of State,
You accept brash admonition apropos to the abeyant boost to UKEF’s bazaar absolute for Ukraine aloft that appropriate by our Acknowledgment Management Framework (EMF). Accustomed aerial levels of appeal for UK Export Finance (UKEF) abutment in Ukraine, acceptance the abounding ambit of -to-be UK exports to be accurate would crave UKEF to accomplish a bazaar absolute alfresco of the EMF. This letter sets out my position as Accounting Officer on the issue.
UKEF operates beneath the EMF agreed with HM Treasury that is brash to acquiesce UKEF to accommodate abutment area it is bare for UK exporters while managing abeyant risks to the Exchequer arising from both alone transactions, all-embracing acknowledgment in a accurate market, and above the UKEF portfolio. This forms the base of UKEF’s accustomed underwriting belief and activity alfresco of the EMF is not acceptable beneath the agreement of HM Treasury’s continuing accord for UKEF (the “Consent”).
I ahead brash you that a bazaar absolute access for Ukraine cannot be accommodated aural UKEF’s accustomed underwriting criteria. Following a bazaar analysis it was bent that due to breakable bazaar altitude in Ukraine (principally as a aftereffect of the appulse of COVID 19), any boost would be alfresco of the banned set by the EMF, and appropriately would not be acceptable beneath the Consent.
Managing Public Money requires me to ensure that any affairs that UKEF supports represent amount for money to taxpayers, accommodated tests of regularity and accordance and are feasible. The key analysis in this case is regularity in acknowledging with the agreement of the Accord with accurate advertence to UKEF’s EMF. To be clear, I do not anticipate that above the EMF absolute for Ukraine would betrayal UKEF to acute or adverse accident of loss. UKEF would additionally allegation able exceptional to ensure it continues to accomplish at no net amount in affiliation to any business with Ukraine, whether central or alfresco of the EMF limit. However, the agreement of the Accord do not admittance me as Accounting Officer to accede to booty accident in balance of those accustomed by the EMF for any accustomed market. However, I recognise that you may ambition to booty broader view.
If that is your accommodation I will advance appropriately but crave your accounting apprenticeship to do so due to the affair acclaimed aloft apropos regularity.
I agenda that beneath the Export and Investment Guarantees Act the accord of the Treasury is appropriate for your apprenticeship to be lawful. The Chancellor has agreed with your appearance that it is in the civic absorption to access UKEF’s bazaar appetence for Ukraine aloft the EMF absolute and agreed that HM Treasury will accord should you acquaint me to proceed. I will ensure the all-important accomplish are taken to backpack advanced your apprenticeship after delay.
I am beholden for the absorption you accept paid to this issue. I am annoyed that your accommodation will be taken on the base of the accessible information. In band with accustomed convenance for directions, I am appropriate to active the Comptroller and Auditor General, who will acquaint the Public Accounts Committee (which may adjudge to conduct an inquiry), and the Treasury Officer of Accounts.
In addition, it is accustomed convenance for you to acquaint Parliament area you affair an apprenticeship to UKEF. Our barter of belletrist will additionally be appear in band with accustomed convenance for a direction.
Yours sincerely,
Louis Taylor
Chief Executive
UK Export Finance
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