(Bloomberg) -- The U.K. will announce a new export target this week of 1 trillion pounds ($1.3 trillion) per year by 2030 as part of Prime Minister Boris Johnson's move to overhaul its export strategy to show the benefits of leaving the European Union, the Financial Times reported.
A new “made in U.K., sold to the world” campaign will also be launched, as well as initiatives to boost overseas trade by providing export-linked loans and access to expertise and advice, the newspaper said. The strategy will be unveiled during international trade and investment week in London, the paper reported, citing unnamed executives involved in the preparation of the event.
U.K. Export Finance, the government's export credit agency, will be allowed to back larger loans for foreign or domestic companies that want to start shipping from the U.K., the newspaper said, in a bid to attract foreign investment to the country.
Previous Conservative governments in the U.K. failed to achieve the same export target by 2020, and the country only increased overseas sales to 689 billion pounds by 2019 before the pandemic hit, the newspaper said.
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