Sunak readying £5bn for post-Brexit exports

LONDON: The Chancellor is preparing to boost post-Brexit exports for UK businesses by making £5 billion of loans available in his forthcoming budget.

Rishi Sunak is set to hand over £5 billion to UK Export Finance (Ukef), the government’s export credit agency that provides loans to overseas buyers of British goods and services. The Treasury said the money would help UK exporters to increase their global sales as Britain prepares for life outside the European Union, with the Chancellor helping to top up the purchasing power of those abroad by providing a competitive loan rate through Ukef.

The agency’s role is to ensure exports do not fail due to a lack of available finance or insurance for those looking to buy up Britain’s export offers. It will be the largest increase ever handed to the Ukef, taking its lending power up from £3 billion to £8 billion.

Due to give his first budget on Wednesday, Sunak said:“This decade will provide even more opportunities for British businesses to export and trade with new partners across the world. The government will support business to seize these opportunities and thrive on the world stage. This package — which is the highest level of export lending the government has ever made available — will provide support to industries and regions across the country.”

From the £5 billion pot being made available, £2 billion will be offered for exports that encourage green growth while £1 billion will be set aside for defence industry purchases, Number 11 confirmed.

Foreign investors hoping to start a business in the UK are also expected to have their visa applications supported by the DfT.