Chancellor Rachel Reeves (Image: Getty)
Chancellor Rachel Reeves is boosting finance available to British exporters by ￡20 billion in a bid to help firms hammered by Donald Trump’s tariffs. The cash is designed to help them trade across the world, including finding new markets outside the US.
Ms 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.” She announced extra funding for UK Export Finance, a Government body which helps British exporters obtain loans and offers finance to overseas firms buying UK goods. The agency, which works with the Department for Business and Trade, also offers insurance to exporters.
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Iconic British brands such as Rolls Royce as well as smaller firms have benefitted from similar programmes.
The UK exports goods worth ￡364 billion each year, as well as services worth ￡511 billion. The US is our largest export market for goods, worth ￡59 billion, followed by Germany. The top product exported to the US is cars, with sales of ￡8.3 billion in the 12 months to September 2024.
Mr Trump has imposed a 10% tariff on most British goods and a 25% tariff on cars as well as steel and aluminium products.
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Business and Trade Secretary Jonathan Reynolds said: “Our message to British business is clear – we’ve got your back. This package, backed by the British Business Bank and UK Export Finance, will be a crucial shot in the arm to exporters and small firms looking to trade around the world.
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“Within a changing world, we need to adapt, and as part of our Plan for Change, this Government is responding. These changes will help to boost growth support jobs and supercharge thousands of businesses across all four corners of the country.”
The British Business Bank will also expand its Growth Guarantee Scheme by ￡500 million, which will provide vital finance for smaller businesses as they look to invest and grow. This scheme provides the lender with a 70% government-backed guarantee against loans or other types of finance, enabling lenders to support smaller businesses that would struggle to obtain financing through traditional means.
The Chancellor and Business and Trade Secretary last week took part in the 13th UK-India Economic and Financial Dialogue as negotiations on a trade deal with India continued. The UK is also working on new trade deals with partners including the Gulf Cooperation Council, South Korea and Switzerland.