Chancellor’s £5bn pot to support UK exports as businesses prepare for life after Brexit
The Chancellor is set to hand a £5billion boost to British exports as businesses prepare for life outside the EU.
Rishi Sunak said the cash would help firms seize the opportunities of Brexit by making it easier for them to win business abroad.
The money will go to UK Export Finance (Ukef), a government agency that lends to overseas buyers of British goods and services.
Exports boost: Chancellor Rishi Sunak is set to hand a £5bn boost to British to help firms seize the opportunities of Brexit by making it easier for them to win business abroad
It will more than double Ukef’s lending power, from £3billion to £8billion.
Sunak said: ‘This decade will provide even more opportunities for British businesses to export and trade with new partners.
‘The Government will support business to seize these opportunities and thrive on the world stage.
‘This package, which is the highest level of export lending the Government has ever made available, will provide support to industries and regions across the country.’
Ukef ensures exports do not fail due to a lack of available finance or insurance for those looking to buy British goods and services.
From the £5billion pot, £2billion will be offered for exports that encourage green growth while £1billion will be for defence industry purchases.
Foreign investors hoping to start a business in the UK are also expected to have their visa applications supported by the Department for International Trade.
UK exports totalled £689billion in 2019, according to official figures, up 5 per cent from the previous year.
That represented about 31.1 per cent of the country’s GDP.