A UK government department—now known as UK Export Finance—responsible for encouraging UK exports by insuring exporters against risks. These include both the risk of default on the part of export customers, and the risk of loss through the imposition of import licensing or exchange controls by the importers’ governments. Export credits may be for any period up to ten years; the premiums charged may constitute an implicit subsidy if they fail to reflect the full cost of risks.

https://www.gov.uk/government/organisations/uk-export-finance The home page of UK Export Finance.