Extra £2bn to boost UK case for the defence

THE Government has pledged an extra £2billion to support UK defence exporters in a bid to unlock more orders from international allies.

- By Samuel Norman

This increases the lending capacity of UK Export Finance, the country's official export credit agency, to £10billion.

UKEF's Direct Lending Scheme provides loans to other countries, which allow them to purchase goods and services from the UK.

Last year it issued £8.8billion in loans, supporting 650 exporters and 41,000 jobs, and provided funds for nations such as Poland, Qatar and Ukraine.

Chancellor Rachel Reeves was set to announce the additional funds during a visit to Scotland.