Export finance support expanded: The UK government has announced a substantial £80 billion package to support British businesses, providing access to new financing options amidst a changing global trade landscape. This initiative aims to benefit thousands of companies across the country, enabling them to grow, create new jobs, and drive economic growth.
Increased Financing Support
The new package empowers UK Export Finance (UKEF) to expand financing support for British businesses by £20 billion. Additionally, small businesses can access loans of up to £2 million through the British Business Bank’s Growth Guarantee Scheme. This scheme has been expanded by £500 million, providing vital finance for smaller businesses looking to invest and grow.
Still on Export finance support expanded
Supporting Businesses and Jobs
The government’s commitment to free and open trade is reaffirmed through this package. By providing government-backed finance and support, businesses can:
– Grow Domestically and Overseas: Expand their presence in both local and international markets
– Create New Jobs: Support employment opportunities and stimulate economic growth
– Drive Economic Growth: Contribute to the country’s overall economic development and prosperity
Recent Government Initiatives
This announcement is part of the government’s broader efforts to support businesses and drive growth. Recent initiatives include:
– British Steel Rescue: Taking action to keep British Steel operating, saving thousands of jobs
– Zero-Emission Vehicle Mandate: Increasing flexibility to help British carmakers adapt to changing market demands
– Life Sciences Sector Support: Cutting red tape to accelerate clinical trials and promote innovation
– Health Data Research Service: Investing up to £600 million to develop a new health data research service
– Doncaster Sheffield Airport: Backing a £30 million package to support the reopening of the airport, expected to support 5,000 jobs and boost the economy by £5 billion
Quotes from Government Officials
Chancellor of the Exchequer, Rachel Reeves, emphasized the importance of supporting world-leading businesses, stating, “The world is changing, which is why it is more important than ever to back our world-leading businesses and support them to navigate the challenges ahead.” Business and Trade Secretary, Jonathan Reynolds, added, “Our message to British business is clear – we’ve got your back.”
Details of the Financing Package
The £80 billion package includes:
– Short-Term Support: Up to £10 billion allocated to ensure businesses significantly impacted by the current situation have access to the finance they need to grow
– Growth Guarantee Scheme: The British Business Bank will expand its scheme by £500 million, providing vital finance for smaller businesses
– Export Development Guarantee: UKEF will offer businesses partial loan guarantees through more flexible uses of its guarantee, mitigating the impact of new tariffs and associated economic uncertainty
International Trade Efforts
The UK is working to strengthen ties with other countries, including:
– India: Through the UK-India Economic and Financial Dialogue
– Gulf Cooperation Council: Negotiating trade deals to give businesses more opportunities to expand into new markets
– South Korea and Switzerland: Pursuing trade agreements to promote economic cooperation and growth
By providing this support, the UK government aims to empower businesses to thrive in a rapidly changing global landscape.
UK Government Supports British Businesses Amidst Global Change
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