Budget 2014: Help for exporters doubled to £3bn
Chancellor promises 'most competitive export finance in the world'
The Chancellor moved to help exporters by doubling a government loan scheme designed to support Britain’s exporters to £3bn, while interest on that debt will be cut by one third.
George Osborne said that exports are growing faster than the UK’s international competitors, but added that the country was “starting from a low base”.
The Chancellor said: “Instead of having the least competitive export finance in the world, we will have the most competitive export finance in the world.”
The Direct Lenders Scheme was introduced in the 2012 Autumn Statement, allowing exporters access to state loans of up to £50 million.
Many businesses had struggled to secure finance from traditional sources, such as banks, in the wake of the crisis, even if they had good export opportunities.
Read more: Osborne warns of hard choices despite higher growth
New 12-sided pound coin announced
Air Passenger Duty reforms welcomed by airlines
Stamp duty clampdown hits rich
Tax relief for regional theatre shows
Osborne reduces taxes on business investment
Steve Varley, managing director at Big Four accountant EY, hailed the Government for having “lots of ambition for exports”.
Mr Osborne is particularly hoping for improving exports to fast-growing emerging economies, such as China, India, and Brazil.
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
£65000 - £80000 per annum: Recruitment Genius: Finance Director required to jo...
£15000 - £25000 per annum: Recruitment Genius: This is a unique opportunity fo...
£50000 per annum + 26 days holiday,pension: Ashdown Group: A highly successful...
£27000 per annum + pension + holidays: The Jenrick Group: A Quality Technician...