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UK Chancellor outlines export lending plan: Brazil

April 29 2014

UK Chancellor George Osborne outlines export lending plan on Brazil trip

On his first day of a recent trade trip to Brazil, Chancellor George Osborne said he was an “unabashed salesman for the best of British” as well as announcing plans to open up private sector lending for exporters.

In a speech to business leaders in Rio de Janeiro, the Chancellor outlined a scheme to ease conditions for lending to encourage British exports while promoting British-Brazilian relationships.

The announcement was said to have the potential to reduce the cost of private sector export loans. Citing a 54% increase in exports to Brazil in the past four years, Mr Osborne said he was visiting as an “unabashed salesman for the best of British” as he sought to consolidate links following the visit of the Prime Minister, David Cameron, two years ago.

The Chancellor also unveiled plans for a new £22m Rolls-Royce marine facility in Rio and met the heads of leading British businesses in the country.

Mr Osborne said the UK had “mistakenly” overlooked Brazil’s potential in recent years but said increasing trade relations with Brazil and the rest of South America was a priority. He described how he had first visited the Amazon region as a student 25 years ago and said he was the first British finance minister to travel to Brazil in 17 years.

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