Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 3) Order 2024
Introduction
The Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 3) Order 2024 is a statutory instrument made by the Secretary of State for International Trade under the Export and Investment Guarantees Act 1991. The order increases the limit on the amount of export and insurance commitments that the Secretary of State can make under the Act.
Key Provisions
The key provisions of the order are as follows:
- The limit on the amount of export and insurance commitments that the Secretary of State can make under the Act is increased from £35 billion to £50 billion.
- The order comes into force on 13 December 2024.
Purpose of the Order
The purpose of the order is to increase the level of support that the UK government can provide to UK businesses exporting goods and services overseas. The increase in the limit on export and insurance commitments will allow the government to provide more guarantees to businesses, which will help them to secure contracts and grow their businesses.
Background
The Export and Investment Guarantees Act 1991 provides the Secretary of State for International Trade with the power to make guarantees to support UK businesses exporting goods and services overseas. These guarantees can cover a range of risks, including political risk, commercial risk, and currency risk.
The government has used the Act to provide support to a wide range of businesses, including small and medium-sized enterprises (SMEs). In recent years, the government has increased the level of support available under the Act, in order to help UK businesses to compete in the global marketplace.
Impact of the Order
The order is expected to have a positive impact on UK businesses exporting goods and services overseas. The increase in the limit on export and insurance commitments will allow the government to provide more guarantees to businesses, which will help them to secure contracts and grow their businesses.
The order is also expected to have a positive impact on the UK economy as a whole. By supporting UK businesses to export, the government is helping to create jobs and drive economic growth.
Conclusion
The Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 3) Order 2024 is a welcome step by the UK government to support UK businesses exporting goods and services overseas. The increase in the limit on export and insurance commitments will allow the government to provide more guarantees to businesses, which will help them to secure contracts and grow their businesses. This will in turn have a positive impact on the UK economy as a whole.
The Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 3) 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. 3) Order 2024”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.
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