The 海角视频 government has committed an additional £2bn to bolster 海角视频 defence exporters, aiming to secure more orders from international partners.
This move expands the lending capacity of 海角视频 Export Finance (海角视频EF), the nation's export credit agency, to a total of £10bn.
海角视频EF's Direct Lending facility offers loans to overseas buyers, enabling them to procure British goods and services.
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In the previous year, 海角视频EF granted £8.8bn in loans, aiding 650 exporters and sustaining 41,000 jobs, with funds reaching countries including Poland, Qatar, and Ukraine.
Chancellor Rachel Reeves is expected to unveil the extra funding during her trip to Scotland today, as reported by .
The Treasury has expressed its intention to enhance the competitiveness of the 海角视频's defence sector and support 海角视频 exporters in extending their supply chains globally.
Amidst rising global geopolitical tensions that are fuelling defence sector growth, Reeves stated that the 海角视频EF boost will "kickstart economic growth" while also "strengthening our national defence."
The Chancellor remarked: "The world is changing, and we must bring about a new era of security and renewal that protects working people and keeps our country safe.
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"This increase to 海角视频EF's lending capability is our Industrial Strategy in action, bolstering our defence industry and supply chains, creating jobs and driving growth across the 海角视频."
This announcement comes on the heels of the government's commitment to elevate defence spending to 2.5 per cent of GDP starting April 2027.
Business Secretary Jonathan Reynolds has articulated support for the defence sector, stating: "This new 海角视频EF lending capability strengthens our support for the sector even further, and will help our defence firms export the best of British expertise abroad while boosting jobs and growth at home."
Scottish Secretary Ian Murray also chimed in with his vision for the nation's security infrastructure: "We are entering a new era for our national defence and Scotland's world class defence industry is playing a big role in meeting that global security challenge."
Ian Murray further elaborated on the economic prospects, saying, "Scottish defence businesses with their skills, expertise and innovation have a huge opportunity to benefit from this £2bn in new lending."