British businesses receive support: The UK government has announced a significant boost to support British businesses, providing access to new financing options amidst a changing global trade landscape. The government-backed financing package is expected to benefit thousands of companies across the country.
Increased Financing Support
The new package will give UK Export Finance (UKEF) the power to expand financing support for British businesses by £20 billion. Additionally, small businesses will be able to access loans of up to £2 million through the British Business Bank’s Growth Guarantee Scheme.
Supporting Businesses and Jobs
The government’s commitment to free and open trade is reaffirmed through this package, which is expected to provide an £80 billion boost for businesses. This will enable them to access government-backed finance and support to grow their presence both domestically and overseas, create new jobs, and drive economic growth.
Recent Government Initiatives
This announcement comes as part of the government’s broader efforts to support businesses and drive growth. Recent initiatives include:
– Taking action to keep British Steel operating, saving thousands of jobs
– Increasing flexibility on the zero-emission vehicle (ZEV) mandate to help British carmakers
– Cutting red tape that slows down clinical trials in the life sciences sector
– Investing up to £600 million in a new Health Data Research Service
– Backing a £30 million package to support the reopening of Doncaster Sheffield Airport, expected to support 5,000 jobs and boost the economy by £5 billion
Still on British businesses receive support
Quotes from Government Officials
Chancellor of the Exchequer, Rachel Reeves, said, “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:
– Up to £10 billion allocated to ensure that businesses significantly impacted in the short term by the current situation have access to the finance they need to grow
– The British Business Bank will expand its Growth Guarantee Scheme by £500 million, providing vital finance for smaller businesses as they look to invest and grow
– UKEF will offer businesses partial loan guarantees through more flexible uses of its Export Development Guarantee, helping to mitigate the impact of new tariffs and associated economic uncertainty
International Trade Efforts
The UK is also working to strengthen ties with other countries, including India, through the UK-India Economic and Financial Dialogue. The UK is also negotiating trade deals with partners including the Gulf Cooperation Council, South Korea, and Switzerland, which will give businesses more opportunities than ever before to expand into new markets.
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