The Export and Investment Guarantees (Limit on Exports and Insurance Commitments) (No. 2) Order 2024

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 2024/1297 which 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.