Citation, commencement and extent

1.—(1) This Order may be cited as the Export and Investment Guarantees (Limit on Exports and Insurance Commitments) Order 2024.

(2) This Order comes into force on the 21st day after the day on which it is made.

(3) This Order extends to England and Wales, Scotland and Northern Ireland.

Increase in aggregate exports and insurance commitment limit

2.  The limit in section 6(1) of the Export and Investments Guarantees Act 1991 is increased to 72,700 million special drawing rights.

EXPLANATORY NOTE

(This note is not part of the Order)

Section 6(1) of the Export and Investment Guarantees Act 1991 limits the aggregate amount of the Secretary of State’s commitments under arrangements made pursuant to that Act relating to exports and insurance to 67,700 million special drawing rights. Section 6(4)(a) of that Act provides that the Secretary of State may by order increase, or further increase, that limit by a sum not exceeding 5,000 million special drawing rights. Section 6(4A) of that Act provides that the power to make such an order cannot be exercised on more than three occasions. This is the first time the limit has been increased. This Order increases the limit from 67,700 million to 72,700 million special drawing rights to accommodate prospective future business.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.