Boost for UK exporters as chancellor announces doubling of UK Export Finance capacity

 
William Turvill
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(FILES) A picture taken 17 April 2007 in...
Philip Hammond read out the Autumn Statement in parliament today (Source: Getty)

Chancellor Philip Hammond has announced plans to make it easier for British firms to export.

Hammond said in his Autumn Statement that he would be doubling the capacity of UK Export Finance.

Read more: Live coverage: Autumn Statement 2016

UK Export Finance is Britain's export credit agency and a government department which works alongside the Department for International Trade.

The organisation helps companies “win export contracts by providing attractive financing terms to their buyers”; “fulfil contracts by supporting working capital loans”; and “get paid by insuring against buyer default”.

Read more: Q&A: The challenges faced by SME exporters

On plans to boost trade, Hammond told the Commons:

I am doubling UK Export Finance capacity to make it easier for British businesses to export;

I am funding Charlie Mayfield’s business-led initiative to boost management skills across British businesses; and I am taking a first step to tackle the longstanding problem of our fastest growing technology firms being snapped up by bigger companies, rather than growing to scale.

Jonathan Riley, head of tax at business and financial adviser, Grant Thornton, said:

Additional spending on UK Export Finance is welcomed but again, more could be done to encourage more the 69 per cent of UK businesses who currently don’t or who wouldn’t consider exporting to do so.

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