UK pledges US$26 billion to help firms amid US tariff turmoil

Britain’s finance ministry said the move would expand the UK’s export finance package by £20 billion to a total of £80 billion, with “thousands of UK businesses affected by tariffs set to benefit”.

Up to £10 billion of that support would be used specifically for firms “impacted in the short term by the current situation”, it said. Chancellor of the Exchequer Rachel Reeves said the move would help companies weather difficulties ahead.

“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,” she said.

The finance ministry said small businesses would also be able to access loans of up to £2 million as part of the package.

Analysts have warned that the 10 per cent levy on US imports of British goods could further weaken business and consumer sentiment in the UK. Specific industries such as car, steel and aluminum face even steeper tariffs as high as 25 per cent.