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UK Support to Ukraine

22 October 2024

Proposing MP
Rachel Reeves Lab
Leeds West and Pudsey
Type
Written Ministerial Statement
Department
Treasury
View on Parliament.uk -->
TAGS
Ukraine

At a Glance

Issue Summary

The statement addresses the UK's commitment to support Ukraine financially through a G7 scheme.

Action Requested

The UK will contribute £2.26 billion to the G7 'Extraordinary Revenue Acceleration' Loans to Ukraine scheme, providing budgetary support for military procurement and self-defence capacity. Primary legislation will be introduced to seek parliamentary spending authority, with funds expected to begin disbursing within this financial year.

Key Facts

  • The UK is contributing £2.26bn ($3bn) to the G7 'Extraordinary Revenue Acceleration' (ERA) Loans to Ukraine scheme.
  • The ERA was announced on 14 June 2024.
  • The scheme will provide Ukraine with approximately $50bn of additional funding.
  • This contribution is in addition to £3bn per year of bilateral military support and UK Export Finance’s overall £3.5bn capacity for Ukraine since 2022.
  • Primary legislation will be introduced to seek parliamentary spending authority.
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