Billions of pounds of extra lending will be made available to exporters and costs cut under plans announced by George Osborne to boost Britain’s trade with emerging markets.
At the start of a three-day trade trip to Brazil, the Chancellor said banks will now have access to a Bank of England facility that will make it less risky for them to give loans to exporters.
Around £4m of funding will also be used by UK Trade and Investment (UKTI) to support 3,000 companies to increase exports and £2m will go on expanding the organisation’s operations in Latin America and helping to secure contracts in £1.5bn worth of infrastructure projects around Brazil.
In a speech to business leaders in Rio de Janeiro, Mr Osborne said he was part of the “most pro-Brazil British government for over 70 years”. “We both flourish, we both succeed, we both grow, both create jobs when we do business and work together,” he said.