Coalition's £5bn Export Scheme Yet To Launch

A £5bn scheme designed to boost exports which was due to be launched last year has yet to help a single British firm.

Ministers said details of the export refinancing scheme, which was due to be up and running by the end of 2012, were still being worked on.

Shadow business secretary Chuka Umunna said it was a "huge disappointment" and claimed the Government was "letting down businesses across Britain".

The refinancing facility was announced 12 months ago and should have been available later in 2012.

Michael Fallon: Scheme still being developed

The scheme aimed to provide long-term loans for overseas buyers of UK exports at competitive rates by guaranteeing a series of short-term bank loans.

But in a written parliamentary answer Business Minister Michael Fallon has admitted the policy is still being finalised.

"The parameters of the Export Refinancing Facility are still being developed and therefore no businesses have yet received support through the facility," he said.

Mr Umunna said: "The Tory-led Government promised to increase exports to £1 trillion by 2020, but our trade deficit is now at its highest level in six months and the UK has the largest goods trade deficit of any EU member state.

"To build a balanced and sustained recovery we need to help more businesses to export.

"Ensuring that firms have access to the finance they need to export is a crucial element of this.

"Ministers like to talk about the global race, but their failure is letting down businesses across Britain which are being held back from competing".

A UK Export Finance spokesman said the scheme had to comply with European Union state aid rules and provide value for money for the taxpayer.

She said: "The scheme is being designed to ensure that it helps businesses to export whilst providing good value for the taxpayer and complying with state aid rules.

"We want to make sure we get it right and are making progress.

"In the meantime, UK Export Finance is providing considerable assistance to UK exporters through its existing facilities.

"In 2012/13 UKEF provided £4.3bn of support to British firms."

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