Chancellor announces government will back British exporters
Chancellor George Osborne recently enjoyed a three-day trip to Brazil, where he announced the next stage in the government’s overhaul of finance for British exporters.
While we learnt in the latest Budget that public sector direct lending will expand, we now know that the Bank of England will support expansion of private sector lending for exporters, too – in an attempt to move the UK to the top of the global league for export support.
After speaking with the Governor in Rio de Janeiro, the Chancellor explained plans to increase availability and cut the cost of private sector lending for exporters, as well as welcome the Bank of England giving finance guaranteed by UK Export Finance access to its Sterling Monetary Framework facility. These plans have been put into place in an attempt to make lending less risky. The government also plans to double the size of the UKEF direct publicly financed lending facility for exporters to £3bn, and cut interest rates by a third.
Many believe that the UK’s exports have decreased in recent years, but these latest measures aim to give the UK the most competitive export finance in Europe and put it on a par with the US. If you’re interested in exporting or dealing in foreign exchange, you’ll need a reliable, trustworthy foreign exchange platform with which to do so. To find out more about the services 4X Currency provides, get in touch with a member of the team today.