The UK has announced a significant expansion of financial support for its exporters in response to rising trade tariffs and political challenges. Under the new decision, the government agency UK Export Finance (UKEF) is increasing credit facilities by up to £80 billion, with £10 billion reserved specifically to support companies most affected by tariffs in the short term.
This is reported by Бізнес • Медіа
This decision aims to stabilize businesses and create additional opportunities for British companies operating in the global market. Small businesses will be able to access loans of up to £2 million through the British Business Bank’s guarantee program, allowing small and medium-sized enterprises to remain competitive and grow even in challenging conditions.
What the Government Says
“Our message to British businesses is clear: we are here for you. This support package, developed in collaboration with the British Business Bank and UKEF, will serve as a vital incentive for exporters and small companies looking to trade worldwide,” said Secretary of State for Business and Trade Jonathan Reynolds.
Control Over British Steel
At the same time, the UK Parliament has passed a bill in an emergency session granting the government broad powers to manage British Steel. This will allow authorities to oversee staffing, operations, and raw material procurement to ensure production continuity in Scunthorpe, preserving jobs and the stability of the business.
“This decision aims to support British enterprises in challenging conditions and ensure their stability and competitiveness in the global market,” the government stated.
These measures are expected to help thousands of companies overcome the impacts of tariff restrictions and promote the growth of national exports.