The UK is helping businesses hit by tariffs and is working with other countries on trade deals that “will give businesses more opportunities than ever before to expand into new market.” It’s also soliciting advice on how it should respond to the US government’s recent tariff announcements.
British businesses have access to a multi-billion-pound increase in government-backed financing “as the world enters a new era of global trade,” the government said in an April 14th press release.
The UK Export Finance (UKEF) now has the power to expand financing support for British businesses by £20 billion, with small businesses also able to access loans of up to £2 million through the British Business Bank’s Growth Guarantee Scheme.
The program (or “scheme” in British parlance) provides lenders with a 70% government-backed guarantee against loans or other types of financing, enabling lenders to support smaller businesses that would struggle to obtain financing through traditional means.
“Today’s boost reaffirms government’s commitment to free and open trade, and means an £80 billion boost for businesses, meaning they can access government-backed finance and support to grow their presence both domestically and overseas, create new jobs and drive economic growth as part of the Plan for Change,” the government wrote.
UK’s Business and Trade Secretary Jonathan Reynolds said, “Our message to British business is clear – we’ve got your back. This package, backed by the British Business Bank and UKEF, will be a crucial shot in the arm to exporters and small firms looking to trade around the world.”
The British government also asked businesses for input on how to respond to tariffs. “We want to know what you think about the impacts that any future UK tariffs might have, if applied on US goods, in response to the US government’s recent tariff announcements.
“The information gathered will help the government to assess the scope and impacts of any UK tariff measures that could be applied. More detail can be found in the request for input. The government is engaging separately with affected industries and stakeholders, on the impacts of US tariffs.”
The deadline for responding is Thursday, May 1st.