Finance ministry bumps up export finance firepower
Britain’s government said on Tuesday it planned to raise the lending power behind its export finance agency to 8 billion pounds from 3 billion pounds.
Two billion pounds of the increase will be offered for exports that promote “green growth” and 1 billion pounds is earmarked for the defence industry, the finance ministry said ahead of its budget announcement on Wednesday.
“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,” finance minister Rishi Sunak said in a statement.
Source: Reuters (Reporting by Andy Bruce, editing by David Milliken)