The UK pledged £20 billion (US$26 billion) on Sunday to help exporters including those affected by US tariffs, as US President Donald Trump’s sweeping stop-start import taxes roil global markets.
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Britain’s finance ministry said the move would expand the UK’s export finance package by £20 billion to a total of £80 billion, with “thousands of UK businesses affected by tariffs set to benefit”.
Up to £10 billion of that support will be used specifically for firms “impacted in the short term by the current situation”, it said.
Chancellor of the Exchequer Rachel Reeves said the move would help companies weather difficulties ahead.
“The world is changing, which is why it is more important than ever to back our world-leading businesses and support them to navigate the challenges ahead,” she said.
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The finance ministry said small businesses will also be able to access loans of up to £2 million as part of the package.