Last reviewed 9 April 2014

Chancellor George Osborne has marked Export Week by announcing the next stage in what he described as the Government’s fundamental overhaul of finance for British exporters.

Aiming to move the UK to the top of the global league for export support, he said that the Bank of England was planning to support expansion of private sector lending for exporters.

Following discussions with the Governor, Mr Osborne said there would be a significant step to increase availability and cut the cost of private-sector lending for exporters, and the Bank would give finance guaranteed by UK Export Finance (UKEF) access to its Sterling Monetary Framework facility, to help make such lending less risky.

The Chancellor also confirmed a doubling in size of the UKEF direct publicly-financed lending facility for exporters to £3 billion and the cutting of its interest rates by a third.

Furthermore, UK Trade and Investment (UKTI) will invest £4 million a year to triple the number of mid-size business advisors to support the export ambitions of 3000 companies, as part of its new strategy.

It will invest a further £2 million a year to increase its presence in Latin America to mirror the successful expansion strategy it has pursued in China.

"I am clear," Mr Osborne said. "Britain will no longer have some of the least competitive export finance in Europe. We are going to have the most competitive export finance in Europe."