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Small Businesses: Exports

Department for International Trade written question – answered on 4th May 2020.

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Photo of Barry Gardiner Barry Gardiner Labour, Brent North

To ask the Secretary of State for International Trade, what the cost of the Small Deals Initiative has been to the public purse in each year since its establishment.

Photo of Graham Stuart Graham Stuart Parliamentary Under-Secretary (Department for International Trade)

UK Export Finance (UKEF) operates at no net cost to the taxpayer. UKEF’s Smaller Deals Initiative is staffed by civil servants employed on standard terms and conditions by UKEF. No costs outside of UKEF’s normal core business have been incurred since the Initiative’s inception.

The Smaller Deals Initiative works on the same “no net cost to the taxpayer” basis as UKEF generally. It collects premiums from transactions supported in exchange for taking on risk on behalf of the taxpayer and to cover the Initiative’s administrative costs.

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