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The Export and Investment Guarantees (Limit on Exports and Insurance Commitments) Order 2024

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2024, ISBN 9780348264333

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Order laid before the House of Commons under section 15(3) of the Export and Investment Guarantees Act 1991, for approval by resolution of the House of Commons.

Export And Investment Guarantees

Made ***

Coming into force in accordance with article 1(2)

The Secretary of State makes this Order, with the consent of the Treasury, in exercise of the powers conferred by section 6(4)(a) of the Export and Investment Guarantees Act 1991f1.

In accordance with section 15(3) of that Act a draft of this Order has been laid before and approved by resolution of the House of Commons.

Annotations to the whole text

Footnotes

f1

1991 c. 67. Section 6 was amended by section 12 of the Small Business, Enterprise and Employment Act 2015 (c. 26).

Contents

  1. 1Citation, commencement and extent
  2. 2Increase in aggregate exports and insurance commitment limit
  3. Signature
  4. Explanatory note

1Citation, commencement and extent

(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.

2Increase in aggregate exports and insurance commitment limit

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

Signature

Name

Title

Department for Business and Trade

Date

Name

Name

Two of the Lords Commissioners of His Majesty’s Treasury

Date

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.