The general export facility (GEF) will allow the UK’s export credit agency to support the UK’s SME’s exporters by assisting with their overall working capital requirements, as opposed to its out-dated method of financing specific contracts.
The introduction of GEF was revealed by the UK’s chancellor Philip Hammond in the Spring Statement. Through this new support, a wider range of exporters will be able to access and benefit from UK Export Finance (UKEF) support, notably smaller businesses and companies with shorter manufacturing cycles.
Since 2011, UKEF has provided support worth more than £646 million through these products, overall helping enable more than £4.1 billion of UK exports.
International Trade Secretary Dr Liam Fox MP said: “Adapting in line with the world’s changing economy will be crucial to ensuring the UK meets its true trading potential.
“The measures announced today demonstrate the UK Government’s continued commitment to helping UK exporters succeed in overseas markets with the right support from UK Export Finance.”
UKEF will also hold a consultation on its foreign content policy, with a view to making the policy more flexible to ensure UKEF is recognising the full contribution of the UK supply chain. Adopting a more flexible policy will allow UKEF to increase its support for different sectors.
These statements uphold the publication of the Export Strategy in 2018 and emphasise the Government’s pledge to providing comprehensive and flexible support to help UK exporters take full advantage of international demand for the UK’s world-class goods and services.
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