Business News
Better help needed on export credit
The CBI is urging the government to give UK businesses the same level of help on export credit afforded to firms in countries like Germany, France and America. The Government is currently reviewing the future of the Export Credits Guarantee Department (ECGD) and plans to launch it as a capitalised trading fund (CTF). The CBI feels that the ECGD has lost its enviable reputation as a world class export credit agency and is now in the relegation zone. They have submitted a number of core principles that should be used in the reshaping of a new ECGD, one of which is that the CTF must offer high quality support to UK exporters and overseas investors and should be ring-fenced with its own separate budget. The CBI has warned that if the Government failed to take the opportunity to give British firms the quality of support offered by other agencies abroad, business, jobs and skills would simply move overseas.