Billions in support for businesses braced for hammering from Donald Trump's tariffs

Businesses braced for a hammering from Donald Trump’s tariffs will be able to access loans from a package of government support worth billions, Rachel Reeves has announced.

Thousands of firms are expected to benefit from the boost - including those directly affected by tariffs. Government body UK Export Finance the ability to extend £20 billion of support to British businesses, while the British Business Bank will be able to hand out loans of up to £2m to small businesses.

Previous similar programmes have supported British icons such as Rolls Royce - as well as small businesses like Alicat Workboats in Great Yarmouth.

“The world is changing, which is why it is more important than ever to back our world-leading businesses and support them to navigate the challenges ahead,” the Chancellor said.

“Today’s announcement will do that just, with thousands of businesses right across the country set to benefit.

“We are going further and faster to boost growth, but we cannot do it alone. Only by working with businesses will we achieve our Plan for Change and put more money into people’s pockets.”

Business Secretary Jonathan Reynolds said: “Our message to British business is clear – we’ve got your back. This package, backed by the British Business Bank and UKEF, will be a crucial shot in the arm to exporters and small firms looking to trade around the world.

“Within a changing world, we need to adapt, and as part of our Plan for Change, this Government is responding. These changes will help to boost growth support jobs and supercharge thousands of businesses across all four corners of the country.”