UK Export Finance (UKEF) has announced an expansion of its General Export Facility, raised the ceiling for lenders that can be approved automatically from £10 million to £15 million without transaction-specific approval, and widened eligibility to include more businesses seeking to grow exports. The measures, announced in the Budget, are intended to give participating lenders flexibility and speed so British firms can access finance to invest and fulfil orders.

Ministers also announced a further £3 billion for Ukraine, taking UKEF's Ukraine cover limit from £3.5 billion to £6.5 billion. UKEF said the proposal was developed to support a growing pipeline of opportunities linked to Ukraine and that it has remained open for business there, financing projects it describes as strategically important.

According to the government, past UKEF support has included financing for more than 5,000 air-defence missiles from Belfast-based Thales, nuclear fuel from Urenco in North West England, reconstruction of six bridges in the Kyiv region, and the supply of former Royal Navy mine-countermeasure vessels. UKEF says it has £130 billion of financing capacity.