Government Provides Further Financial Support to Globally Trading Businesses

Additional multi-billion-pound funding has been announced by government in an attempt to provide additional stability and certainty for businesses who trade internationally.  

The funding, which totals £80 billion and is said to benefit “thousands of companies”, will provide support via a number of different avenues including: 

• £20 billion will be provided to UK Export Finance so they can expand their financing support  

• Small businesses will be able to access loans of up to £2 million through the British Business Bank’s Growth Guarantee Scheme.  

• UK Export Finance will offer businesses partial loan guarantees through more flexible uses of its Export Development Guarantee.   

• £10 billion will be allocated to those businesses significantly impacted by the current tariff wars to ensure they “have access to the finance they need to grow”.  

• The British Business Bank’s Growth Guarantee Scheme will be expanded by £500 million 

Jonathan Reynolds, the Business and Trade Secretary, said: 

“Our message to British business is clear – we've got your back.  This package, backed by the British Business Bank and UKEF, will be a crucial shot in the arm to exporters and small firms looking to trade around the world”.  

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.”