UK to expand support for exporters amid tariff shocks

The UK will expand financial support for exporters by £20 billion ($26 billion), including those affected by US tariffs, to provide them with stability. This is stated in the message of the British government.

The government said that this decision increases the lending capacity of the government’s UK Export Finance (UKEF) agency to £80 billion, with up to £10 billion reserved to support those most affected by the tariffs in the short term.

Small businesses will also be able to access loans of up to £2 million through the British Business Bank’s Growth Guarantee Scheme.

Thousands of companies are expected to benefit from the move, including those directly affected by the tariffs, such as the iconic British brand Rolls Royce.

“Our message to British businesses is clear: we are behind you. This package, supported by the British Business Bank and UKEF, will be a crucial boost for exporters and small companies looking to trade around the world,” said Jonathan Reynolds, Secretary of State for Business and Trade.

As GMK Center reported earlier, the UK Parliament passed an emergency bill at an emergency session to give the government control over British Steel. The document gives the authorities broad powers to manage British Steel’s staff and operations, as well as to order raw materials to continue production in Scunthorpe.