Major banks HSBC, Barclays, NatWest, Lloyds and Santander have agreed to commit £11bn of capital to a government-led lending package to help UK businesses grow and expand abroad.
The package was agreed at a roundtable conversation in Westminster attended by executives from the banks.
The Department for Business and Trade said that the capital would in particular support small and medium-sized enterprises that aim to grow overseas.
“Strengthening Britain’s export potential relies on British businesses having the means, motive, and opportunity to succeed in new overseas markets,” said Business Secretary Peter Kyle.
“The £11bn these banks are making available will help meet the ambitions of smaller British businesses to fully export, expand and exploit these international market opportunities. It is positive proof of UK lenders’ confidence in the growth prospects of British enterprise.”
UK Export Finance (UKEF), a government-owned export credit agency, will guarantee up to 80% of the loans.
“Britain’s small businesses are ready to take on the world – and this £11bn commitment gives them the firepower to do it,” said Chancellor Rachel Reeves.
“We’re turning the power of the City into rocket fuel for UK exporters – backing ambitious firms in every part of the country to break into new markets, create good jobs and drive the next decade of British growth.”
