International Trade Secretary Liam Fox has announced that small businesses can now access government-backed export finance directly from their banks, boosting UK trade.
Trade Minister Greg Hands yesterday launched Infrastructure Exports: UK, a collaboration between Government and Industry to win exports from large overseas infrastructure projects. BExA Co Chairman, Marcus Dolman, attended the event and commented “We welcome this new initiative, it has the potential to provide all sizes of UK business with exciting new opportunities to increase exports. With UKEF financing support available for these projects it gives the large exporter the opportunity to lead a UK supply chain to maximise the amount of funding available, whilst for the SMEs it provides an opportunity to be a part of a larger UK supply chain, facilitating increased exports at reduced risk.”
Whilst BExA is supportive of this new initiative we would expect there to be a major part for the Department for International Development to play in identifying and supporting infrastructure initiatives in developing nations. We look forward to their increased involvement as the initiative develops.
Further information about the initiative can be found at https://www.gov.uk/government/news/government-industry-partnership-to-boost-construction-exports.