ANNOUNCEMENT 29 Oct 2018
On 29 October 2018, the United Kingdom issued the 2018 Budget. In this context, UKEF's direct spending capacity was increased.
NUMBER OF INTERVENTIONS
The United Kingdom, Budget 2018: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/752202/Budget_2018_red_web.pdf
Budget 2018: Philip Hammond's speech: https://www.gov.uk/government/speeches/budget-2018-philip-hammonds-speech
The United Kingdom, press release of 31 October 2018, International trade budget boost for global Britain: https://www.gov.uk/government/news/international-trade-budget-boost-for-global-britain
UK Export Finance, UK Export Finance: Business Plan 2017 to 2020, published on 18 July 2017: https://www.gov.uk/government/publications/uk-export-finance-business-plan-2017-to-2020/uk-export-finance-business-plan-2017-to-2020
On 29 October 2018, the United Kingdom announced in its 2018 budget that UK Export Finance's (UKEF) spending would be increased with GBP 1 billion per annum for the financial years 2020/2021 and 2021/2022. UKEF currently has a GBP 3 billion (approx. USD 3.9 billion) direct lending capacity for the financial years 2017 to 2020. The new spending capacity will cover the following two financial years and total GBP 5 billion (approx. USD 6.4 billion).
UKEF's direct spending capacity will support UK companies in foreign markets. Additionally, UKEF will support foreign buyers purchasing UK goods and services, see related intervention.
In this context, the International Trade Secretary Dr Liam Fox MP stated in a press release: "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."
On 29 October 2018, the United Kingdom announced in its 2018 budget that UK Export Finance's (UKEF) direct lending capacity will be increased from GBP 3 billion (approx. USD 3.9 billion) covering the financial years 2017-2020 to GBP 5 billion (approx. USD 6.4 billion) for the financial years 2020-2022. This means that annual spending is more than doubled compared to the previous year.
UKEF's direct spending capacity will support foreign buyers purchasing UK goods and services. Additionally, UKEF will also support UK companies in foreign markets, see related state act.
In this context, the International Trade Secretary Dr Liam Fox stated in a press release: "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."