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News - 8 April 2014

Labour's attacks government export schemes.

The shadow business secretary, Chuka Umunna, has said that the two export schemes have failed.

The £1.5bn Direct Lending Scheme, launched seven months ago, had not helped one firm, while the £5bn Export Refinancing Scheme, launched in July 2012, was not even operational.

A government spokesman said steps were announced in the Budget to make both programmes "more accessible to small businesses".

Mr Umunna said "Ministers promised an export-led recovery, but the truth is that they are badly letting down British business."

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“In the March Budget, the Chancellor announced changes to the Direct Lending Facility which include relaxing the eligibility criteria of the facility and reducing the interest rates involved, which the government hopes will broaden the reach of the scheme.”

The Export Refinancing Facility is expected to launch soon, after business minister Michael Fallon told Parliament last month that the European Commission did not consider the scheme broke rules on state aid.

Both schemes will be administered by UK Export Finance, a government agency which offers insurance and bank guarantees to exporters.

For those who are looking for a more personal approach on a range of issues, including Business strategy, export and import, VAT and all other tax strategies, contact us at ABDS.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business

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