London: Britain announced on Friday that it will expand its financial support for defence exports, increasing lending to foreign buyers of British military equipment in a move aimed at strengthening the country’s defence industry.
The UK government will boost the lending capacity of its credit agency, UK Export Finance (UKEF), by £2 billion ($2.6 billion), raising the total available for defence-related exports to £10 billion, the finance ministry stated. The initiative is designed to enhance the global competitiveness of British defence firms, particularly in the sale of missiles and aircraft.
“The world is changing, and we must bring about a new era of security and renewal that protects working people and keeps our country safe,” said Finance Minister Rachel Reeves.
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“This increase to UKEF’s lending capability is our Industrial Strategy in action, bolstering our defence industry and supply chains, creating jobs and driving growth across the UK,” she added.
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Reeves is set to formally announce the expansion during a visit to a defence company in Scotland later on Friday.
