Government steps in to back British business in changing world

Imported from official source

April 13, 2025 23:00

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The Chancellor announces a multi-billion-pound increase in government-backed financing.

British businesses across the country have today been given further stability and certainty with access to new support through a multi-billion-pound increase in government-backed financing as the world enters a new era of global trade.

The new package will give UK Export Finance (UKEF) 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.

Thousands of companies are expected to benefit from the move, including those directly affected by tariffs – with iconic British brands like Rolls Royce through to local businesses like Alicat Workboats previously benefitting from similar programmes.

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.

New measures come as prime minister goes further and faster to boost growth, working in partnership with business to deliver it.

This week alone has seen swift and decisive action from the government to protect UK businesses and workers by:

Taking action to keep British Steel operating, saving thousands of jobs

Increasing flexibility on the zero-emission vehicle (ZEV) mandate to help British carmakers

Cutting the red tape that slows down clinical trials in the life sciences sector

Investing up to £600 million in a new Health Data Research Service

Backing a £30 million package to support the reopening of Doncaster Sheffield Airport which is expected to support 5,000 jobs and boost the economy by £5 billion

Chancellor of the Exchequer, Rachel Reeves said:

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Organization: British Business Bank — imported from official source
Official source: https://www.gov.uk/government/organisations/british-business-bank.atom ATOM
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Identity: https://www.gov.uk/government/news/government-steps-in-to-back-british-business-in-chan...