The UK government has raised the automatic lending threshold under its General Export Facility and temporarily removed tariffs on selected imports, according to Trade Finance Global’s account of the 2026 budget. The measures accompany a temporary increase in bank taxation, while several other export support initiatives had already been announced earlier in the year.
Lenders will be able to provide up to £15 million under the General Export Facility without obtaining transaction-specific approval from UK Export Finance (UKEF), compared with £10 million previously. The government also plans to widen eligibility and accelerate approvals for larger facilities. The changes are intended to improve businesses’ access to funding for investment and export orders.
Trade Finance Global said the package sits alongside a guarantee announced in July, to be delivered jointly by UKEF and the British Business Bank for exporting small and medium-sized enterprises. Separately, UKEF’s Flexible Finance pilot aims to offer as much as £5 billion in guarantees, covering up to 80% of qualifying commercial loans to encourage overseas purchases of British goods.
Banks face an additional three-percentage-point corporation tax surcharge for 15 months, doubling the existing surcharge and taking their corporation tax rate to 31%, the outlet reported. Banking association UK Finance warned that the sector already faced a comparatively heavy tax burden. Its chief executive, David Postings, stressed the importance of keeping the increase temporary and improving international competitiveness.
On commodities, the government has suspended import tariffs on fertiliser, kerosene heating oil and more than 100 food and drink products. Trade Finance Global said the fertiliser measure would offer relief to farmers facing higher input costs. The heating oil exemption is particularly relevant to Northern Ireland, where the report said most households use kerosene, which falls outside Ofgem’s energy price cap.
Freight operators will also retain fuel-duty relief. The report said the 52.95p-per-litre rate would remain frozen, extending the temporary 5p reduction until 1 July 2027. A 3.7p red diesel duty reduction will continue for another six months to the same date, benefiting rail freight alongside a previously announced 12-month vehicle excise duty holiday for most heavy goods vehicles.