in Aerospace / Defence / Security / Space

UKEF given £2bn boost to support British exporters

Posted 15 November 2018 · Add Comment

In his Autumn Budget, the Chancellor of the Exchequer announced two one-off additions of £1 billion to the UK Export Finance (UKEF) direct lending scheme, to be made available in the financial years 2020/21 and 2021/22.


Courtesy emerge / Shutterstock

This measure represents a significant increase in the ability of UKEF to offer direct support to UK exports, reinforcing direct lending’s role at the heart of UKEF’s competitive offer.

Following the publication of the Export Strategy earlier this summer, this additional funding underlines the Government’s commitment to helping UK exporters take full advantage of international demand for British goods and services.

Under the direct lending scheme, UKEF provides overseas buyers of UK goods and services with financing support in the form of long-term, fixed-rate lending from the UK government on competitive terms. This support is particularly important in helping UK exporters compete, especially in fast-growing, emerging economies.

The allocation of an additional £2 billion of credit for buyers of British products and services by Chancellor Philip Hammond in the Budget, alongside other measures that include more support made available for investors and UK exporters in Europe, serves to prioritise the UK’s global economic role.

In addition, five of the UK's strongest trading partners will now be able to use eGates at the UK border.

A new UK mission to the Association of South-East Asian Nations (ASEAN) will also open. ASEAN is the world’s fifth largest trading bloc,and an important economic partner for the UK.

Ambassadors will work closely with the nine HM Trade Commissioners, appointed by the International Trade Secretary Liam Fox, who has led on all trade promotion and policy overseas.

In the Budget, the Chancellor announced:

  • An additional £2 billion for UK Export Finance (UKEF’s) direct lending for overseas buyers of British goods and services, helping exporters succeed in the global marketplace.
  • £5 million will be made available to the Department for International Trade (DIT) as it grows its European network to attract investment and help UK exporters land new deals on the continent.
  • Nationals from Australia, Canada, Japan, New Zealand and the United States will be able to use eGates at the UK border – ensuring business and leisure visitors from these countries have a fast and efficient arrival in the UK.
  • HMRC will halve the time it takes companies to become Trusted Customs Traders from 120 to 60 days, delivering the UK’s ambition to be a world leader in global customs administration.

International Trade Secretary Dr Liam Fox MP said: "From small businesses taking the first step on their exporting journey to international investors, this global Britain budget will help cement the UK’s position as one of the world’s best destinations to trade.

"The extra £2 billion for UK Export Finance will ensure it continues to be a game-changer for UK exporters and the additional support for my international economic department allows us to help businesses take full advantage of the limitless global trading opportunities. Whether it’s attracting investment or supporting exports, this Budget will drive the UK’s
growth and prosperity for years to come."

 

 

* required field

Post a comment

Other Stories
Advertisement
Latest News

USAF Academy selects Merlin flight simulators

The USAF Academy, Colorado, have ordered four new simulators for their teaching facility from the Merlin Flight Simulation Group in the UK.

SAMI acquires AEC

Saudi Arabian Military Industries (SAMI) has announced the signing of a Term Sheet Agreement to acquire 100% ownership in Advanced Electronics Company (AEC), which took place at a Saudi Arabia–UK industry event in London in the

Royal Thai Air Force is first international T56 upgrade customer

The Royal Thai Air Force has become the first international customer to update its C-130H transport fleet with the Rolls-Royce T56 Series 3.5 engine upgrade.

BAE Systems launches Hunter Class prototyping phase bid process

BAE Systems Australia is today launching the process to bid for work on the Hunter Class Frigate Programme’s prototyping phase.

Cobham wins Airbus innovation award

Last week at the Paris Air Show, Cobham Aerospace Communications Dourdan was presented with an innovation award by Airbus Helicopters, for their integrated antenna technology.

Edinburgh Airport has its busiest May

A total of 1,381,187 passengers travelled through Edinburgh Airport last month making it the busiest May on record.

ODU 0201311219
See us at
VIDSE BT1605060320DSEI JP BT1605201119SMI GMS BT1906071119SMI ActiveP BT1206121119ADSS1000DBT1706171019SMI FAV BT1006141119