Chancellor’s £5bn pot to support UK exports

THE Chancellor is set to hand a £5bn boost to British exports as businesses prepare for life outside the EU.

Rishi Sunak said the cash would help firms seize the opportunities of Brexit by making it easier for them to win business abroad.

The money will go to UK Export Finance (Ukef), a Government agency that lends to overseas buyers of British goods and services.

It will more than double Ukef’s lending power, from £3bn to £8bn.

Sunak said: ‘This decade will provide even more opportunities for British businesses to export and trade with new partners.

‘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.’

Ukef ensures exports do not fail due to a lack of available finance or insurance for those looking to buy British goods and services.

From the £5bn pot, £2bn will be offered for exports that encourage green growth while £1bn will be for defence industry purchases.

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

UK exports totalled £689bn in 2019, according to official figures, up 5pc from the previous year.

That represented about 31.1pc of the country’s GDP.