Responding to the announcements from the Chancellor and Business and Trade Secretary to support UK exporters, William Bain, Head of Trade Policy at the British Chambers of Commerce (BCC) said:

“The BCC called last week for enhanced credit and financial support through UK Export Finance and the British Business Bank to cushion the effects upon UK exporting firms. Traders will welcome news that the Chancellor and Business and Trade Secretary have responded positively to the actions we proposed to help thousands of UK firms who export to the Unites States.

“Increasing the credit capacity of UK Export Finance by up to £20bn and loan facilities of up to £2million through the British Business Bank Growth Guarantee Scheme will provide much needed cashflow support now for exporting firms affected by the impact of new tariffs. We also welcome that £10bn of the greatly increased UK Export Finance lending capacity will specifically support firms experiencing financial pressures right now.

“In our survey of more than 600 businesses last week, the clear message from firms is that negotiation not retaliation is the best way forward. Firms also told us they want government to get tariff relief in terms of our trade with the US, remove unnecessary trade barriers in our trade relationship with the EU, and to work with our partners in the Indo-Pacific region to expand opportunities for UK trade and investment.

“A calm, clear headed approach by government to trade negotiations together with a strong package of increasing the finance available to affected firms is the way forward. That will back the resilience UK exporters are showing in these uncertain times in global trade.”