In response to ongoing trade challenges, including the impact of US tariffs, the UK government has announced a significant £20 billion ($26 billion) expansion in support for exporters. This initiative aims to provide businesses with the stability they need during uncertain times.
The decision increases the lending capacity of UK Export Finance (UKEF) to £80 billion, with up to £10 billion specifically allocated to support businesses most affected by tariffs in the short term.
Small businesses will also benefit from this expansion, as they will be able to access loans of up to £2 million through the British Business Bank’s Growth Guarantee Scheme.
The UK government’s move is expected to assist thousands of businesses, including high-profile companies like Rolls Royce, which has been directly impacted by the tariff policies.
Jonathan Reynolds, Secretary of State for Business and Trade, emphasized the government’s commitment to supporting British businesses: "Our message to British businesses is clear: we are behind you. This package, supported by the British Business Bank and UKEF, will be a crucial boost for exporters and small companies looking to trade around the world."
In related news, the UK Parliament has also passed an emergency bill granting the government increased control over British Steel, enabling authorities to manage staff and operations and ensure continued production in Scunthorpe.
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