Chancellor of the Exchequer, Philip Hammond, has confirmed that a number of initiatives to boost UK exports will help manufacturers.
In his first Autumn Statement, announced on 23 November 2016, the Chancellor said that the Government would provide the UK Export Finance department with additional resources, as it plans to ‘double its total risk appetite to £5bn’.
Furthermore, the UK Export Finance has pre-approved to extend local currencies from 10 to 40, allowing international buyers to pay for UK exports in its own currency.
The Chancellor also revealed that other resources would be provided to strengthen trade policy in the Department for International Trade and the Foreign and Commonwealth Office.
Commenting on the Autumn Statement, Stephen Cooper, head of manufacturing at KPMG in the UK, said: “At a time of great uncertainty and change for industry, the Chancellor has announced a number of positive actions to help manufacturers in the UK.
“Hot on the heels of the Government’s announcement earlier this week of an extra £2 billion per year on R&D, Mr Hammond has reinforced this with a new £23 billion National Productivity Investment fund. The money will be spent on housing, R&D and economic infrastructure over the next five years, which is a welcome investment that will help underpin a future industrial strategy.
“Much needed investment in our transport and roads infrastructure is encouraging as is the doubling of support for our exporters, and continuing to prioritise these areas will help bring more confidence for life post-Brexit.”