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Statutory Instruments
Export And Investment Guarantees
Made
5th December 2024
Coming into force
26th December 2024
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 1991( 1).
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.
1.—(1) This Order may be cited as the Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 2) 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.
2. The limit in section 6(1) of the Export and Investments Guarantees Act 1991 is increased to 77,700 million special drawing rights.
Gareth Thomas
Parliamentary Under Secretary of State
Department for Business and Trade
5th December 2024
Jeff Smith
Taiwo Owatemi
Two of the Lords Commissioners of His Majesty’s Treasury
26th November 2024
(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. The power was exercised for the first time to make SI 2024/1297which increases the limit to 72,700 million special drawing rights. This Order is the second occasion on which the power has been exercised and increases the limit from 72,700 million to 77,700 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.
1991 c. 67. Section 6 was amended by section 12 of the Small Business, Enterprise and Employment Act 2015 (c. 26).