Funding for UK export finance scheme hiked in focus on trade
UK EXPORT Finance’s lending scheme will be doubled to £3bn and made permanent, as part of a Budget emphasis on trade.
The Treasury announced that it would enhance the policy by allowing the loans to be extended at the lowest interest rates that are legally possible.
The Budget changes also double the size of the global entrepreneur programme, run by UK Trade and Investment (UKTI).
“The UK now has one of the most competitive export finance schemes across Europe,” said Deloitte’s Fiona Tait. George Osborne also said that more of an effort would be made to advertise the export finance service to firms.
“The government must now work much harder to promote these schemes, since many fast-growing firms are unaware of the support available,” said a spokesman for the Confederation of British Industry.