George Osborne, the chancellor of the UK, has announced a new scheme to boost exports form the country to other countries.

Under the new scheme, the banks in the country will be able to access a Bank of England facility to reduce risks relating to financing of exports. Osborne said on Monday that the banks will be able to utilise the central bank's facility to offer export credit with much lesser risk. While on a visit to the South American nation of Brazil, the chancellor said billions of pounds will be available as extra loansto UK firms looking to export their products to the international market.

The Bank of England has widened the support it provides to lenders in the export market. The chancellor has set a target of £1 trillion for exports till 2020 for the British manufactures. The remarks came before the quarterly economic survey from the British Chambers of Commerce (BCC), which is expected to show that service export orders are at their highest level ever and manufacturing export orders are at their highest level in three years.

Following the changes, the loans offered by Britain's export credit agency, UK Export Finance (UKEF) will be included inthe Bank's sterling monetary framework that assures assitance.