Britain makes £20b export finance support available amid tariff turmoil

[LONDON] Britain said on Sunday (Apr 13) that it will expand financing support for exporters by £20 billion (S$34.5 billion), including those affected by US tariffs, in an effort to give them stability and certainty in what it described as a new era of global trade.

The tariffs, introduced by US President Donald Trump, have deepened uncertainty for UK businesses about their exposure to the new trade regime.

The United States has put tariffs of 25 per cent on imports of steel, aluminium and cars, and a baseline tariff of 10 per cent on most other imports from countries such as Britain.

The government said the increase raises UK Export Finance’s (UKEF) lending capacity to £80 billion, with up to £10 billion set aside to support those most affected by the tariffs in the short term.

“The world is changing, which is why it is more important than ever to back our world-leading businesses and support them to navigate the challenges ahead,” finance minister Rachel Reeves said.

“Today’s announcement will do just that, with thousands of businesses right across the country set to benefit.”