The Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 2) Order 2024
Introduction
The Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 2) Order 2024 (the “Order”) is a statutory instrument made by the Secretary of State for International Trade under the Export and Investment Guarantees Act 1991. The Order came into force on 13 December 2024.
Purpose of the Order
The purpose of the Order is to increase the aggregate amount of contingent liabilities that the Secretary of State may incur under guarantees given under section 1 of the Export and Investment Guarantees Act 1991. The current aggregate amount of contingent liabilities is £50 billion. The Order increases this amount to £75 billion.
Background
The Export and Investment Guarantees Act 1991 allows the Secretary of State to provide guarantees to support UK exports and investments. These guarantees can be used to protect businesses against risks such as political instability, currency fluctuations, and expropriation.
The UK government has been providing export and investment guarantees for many years. In recent years, there has been a significant increase in the demand for these guarantees, particularly from businesses exporting to emerging markets.
Impact of the Order
The Order will allow the UK government to provide more support to UK businesses exporting to overseas markets. This will help to boost exports and create jobs in the UK.
Conclusion
The Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 2) Order 2024 is a welcome step that will help to support UK businesses exporting to overseas markets.
The Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 2) Order 2024
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UK New Legislation a new article on 2024-12-13 03:03 titled “The Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 2) Order 2024”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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