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Liz Truss announces £500 million loan guarantee to Ford

August 10, 2020, 1:13:12 PM

GOV.UK

Posted on: 21 July 2020

Liz Truss announces £500 million loan guarantee to Ford

At manufacturing lab

UKEF guarantee will boost Ford of Britain’s export activities, promote investment into reducing vehicle emissions and secure thousands of British jobs.

International Trade Secretary, Liz Truss, announced that Ford has received a £625 million loan facility from commercial banks with support from a £500 million guarantee from UK Export Finance (UKEF) during a visit to Ford of Britain’s engine production plant in Dagenham.

UKEF will provide the guarantee under its Export Development Guarantee (EDG), a new facility launched today that will support high-value commercial lending to UK exporters.

Before now, UKEF’s support had to be tied to an individual export contract. UKEF is now able to support a company’s general export activities using the EDG, unlocking its financial support for companies that wish to:
1. Secure working capital to bid for multiple export contracts
2. Scale-up their existing export activities
3. Invest in new premises and technologies linked to exports

Ford of Britain is one of the UK’s largest exporters and the company already exports to more than 15 countries in 6 continents, with overseas sales-generating around £2.5 billion annually.

The loan will increase Ford’s capacity to:
1. Export from the UK
2. Support investment into electrification, digital manufacturing and smart mobility solutions
3. Upskill its UK workforce to safeguard thousands of highly skilled jobs at the Ford Britain Dunton Campus in Essex and engine production centre in Dagenham

Ford of Britain manufactures its engines for global export at Dagenham and the company designs its next-generation commercial vehicles, such as the best-selling Ford Transit cargo van – at Dunton. Ford is reinventing its product development and manufacturing processes in the UK to reduce vehicle emissions and make the UK campus its global innovation centre. To that end, Ford will be launching its first all-electric Transit Van in 2021.

Mandated lead arrangers and lenders for the loan were Barclays Bank plc, Citibank N.A. London Branch, National Westminster Bank plc, Lloyds Bank plc and Sumitomo Mitsui Banking Corporation London Branch.



Contains public sector information licensed under the Open Government Licence v3.0.

UK daily news, UK news today, FORD

Reunite Warwickshire communities with a new footbridge

August 13, 2020, 2:02:30 PM

UK NEWS

Posted on: 24 July 2020

Reunite Warwickshire communities with a new footbridge

Bridge lift. The 128 tonnes, the 35.4-metre concrete bridge being safely removed in April.

Two Warwickshire communities will soon be reunited thanks to a new footbridge over the busy A46 near Coventry.

UK news live, UK daily news, UK news today

Funds for Grassroots Music venues

August 13, 2020, 10:49:37 AM

UK NEW TODAY

Posted on: 25 July 2020

Funds for Grassroots Music venues

Playing guitar, Credit- Image by Pexels from Pixabay

The first portion fund of £1.57 billion culture recovery package will go towards saving music venues from insolvency.

UK news live, UK news today, MUSIC, FUNDS

NHS nurse in England increase with 13,502 more than 2019

August 13, 2020, 9:35:59 AM

GOV.UK

Posted on: 23 July 2020

NHS nurse in England increase with 13,502 more than 2019

Representative image of nurses. Credit- Image by rawpixel.com

The number of doctors in the NHS has also risen by 7,890, figures to the end of April 2020 show.

UK news live, UK daily news, UK news today

Restaurateurs disqualified for abusing the tax regime

August 12, 2020, 8:13:51 PM

GOV.UK

Posted on: 23 July 2020

Restaurateurs disqualified for abusing the tax regime

Table restaurant Photo by form PxHere

Two restaurateurs disqualified from managing companies after they caused their companies to abuse the tax regime.

ENGLAND, UK daily news, UK news

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