Responding to the Chancellor’s announcement of extra finance for the UK’s defence exporters, William Bain, Head of Trade Policy at the British Chambers of Commerce, said: 

“Defence and security are key sectors for UK manufacturing export companies. In 2023, defence export orders were worth £14.5bn to the UK economy, with the focus on aerospace exports to European partners. 

“This £2bn uplift in the credit facilities of UK Export Finance takes the total on tap to support overseas sales of defence products to £10bn. This will support jobs, boost an increasingly important sector of our economy and help UK firms meet growing defence procurement needs. 

“Defence spending is set to increase among our key European partners, as well as to 2.5% of GDP here in the UK by mid-2027. Against this background, UK firms should be well placed to provide the hardware and services needed to strengthen our common security goals across Europe, and elsewhere.”