The uplift would be a central pillar of the government’s upcoming Defence Industrial Strategy, according to the statement.
The UK announced it would provide loans totaling GBP2 billion ($3.46 billion) to allied governments to buy from British defence companies, the latest move by a European nation to boost investment in military capabilities under pressure from US President Donald Trump.
UK Export Finance’s direct lending capacity would be raised to GBP10 billion from GBP8 billion, with the extra money being targeted toward British defence firms exporting missiles, aircraft and armoured vehicles, the Treasury said in an emailed statement.
