UKEF, the UK’s export credit agency, has clarified key measures included in the Autumn Statement regarding financial support for UK exporters, as follows:

“The new measures will see UKEF’s total risk appetite double to £5 billion and the maximum cover limit for individual markets increase by up to 100%, potentially resulting in as much as £2.5 billion of additional capacity to support exports to some destinations.

The number of pre-approved local currencies in which UKEF can offer support also increased from 10 to 40, enabling more overseas buyers of UK exports to buy British and pay in their own currency.

DIT will receive an additional £79.4 million over the Parliament funded from existing spending aggregates to build our capability and help support a smooth exit from the EU and negotiations for the best possible global trading arrangements for the UK.

As the UK moves towards leaving the EU, additional resource will be allocated to strengthen trade policy capability in DIT, in cooperation with the Foreign and Commonwealth Office (FCO), totalling £26 million a year by 2019 to 2020.

This will ensure the department can build on the Trade Policy Group’s expertise and experience to operate and negotiate on the global stage.

The Autumn Statement also includes for UKEF measures to support an enhanced approach to risk management, including the use of private insurance markets, to manage risk concentrations. This could create additional appetite to support UK exports in popular markets, amplifying the benefits of the other capacity-increasing measures.”

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