Stepping up to deliver his Autumn Budget announcements, Chancellor Philip Hammond unveiled a £2 billion boost for international trade in a bid to expand Britain’s trade presence overseas.
Speaking on Monday 29 October, the Chancellor confirmed an additional £2 billion for UK Export Finance (UKEF), which will be rolled out in the form of direct lending for foreign buyers of UK products and services.
He added that more support would be made available for investors and UK exporters in Europe, as well as foreign nationals from five of Britain’s strongest trading partners – who will now be able to take advantage of using eGates at the British border.
The Chancellor also announced a £5 billion boost for the Department for International Trade (DIT), to aid its efforts working to expand its European network and attract additional investment.
Commenting on the announcements, International Trade Secretary Dr Liam Fox MP, said: “From small businesses taking the first step on their exporting journey to international investors, this global Britain budget will help cement the UK’s position as one of the world’s best destinations to trade.
“The extra £2 billion for UK Export Finance will ensure it continues to be a game-changer for UK exporters and the additional support for my international economic department allows us to help businesses take full advantage of the limitless global trading opportunities.
“Whether it’s attracting investment or supporting exports, this Budget will drive the UK’s growth and prosperity for years to come.”
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