Vince Cable’s business department is finding new ways to flog arms around the world.
The Direct Lending Scheme is designed to support exports that banks refuse to finance owing to their highly risky nature.
Previous incarnations of such “export credit guarantee” schemes and similar have been instrumental in helping companies arm dictators.
This latest money to arms dealers scam has, according to the government, “been developed by UK Export Finance, the government’s export credit agency”.
“It will support exports where buyers need loans of up to £50 million. This is to finance the purchase of capital and semi-capital goods and services from UK exporters, but have been unsuccessful in obtaining an export credit loan from the banks.”