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One of us has already overseen cuts of 25%-and cuts of 40% in admin costs- in a major government department with responsibility for higher and further education, science, business finance, export promotion and industrial policy.
However, just as the ultimate beneficiaries of repealing the luxury yacht tax were not the rich but rather the shipbuilders and boatyards, the ultimate beneficiaries for Ex-Im will be the workers, managers, and investors that finance export activity.
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The world's export credit agencies, like the Ex-Im Bank, are also finding new ways to finance exports.
Export agencies, set up to help finance exports to countries with weaker credit, usually require quicker repayment than commercial loans and impose more restrictions on the airlines.
[C2.] J.P. Morgan to Operate Iraq Bank J. P. Morgan Chase has been selected to operate a bank the United States is creating in Iraq to finance exports and imports.
In Europe, the French government recently used a new agency to finance exports of $6.5 billion in planes made by Airbus, the European commercial jetliner manufacturer.
Mr Thomas says that many of those still available are being used to buy government debt rather than to finance exports.Even so, restoring confidence will take several months.
Shrunken banks may also have other big economic implications, not least if they are unable to finance exports.Britain's banking industry still has many strengths, not least a cluster of skilled professionals that includes shipping and insurance experts as well as bankers, lawyers and accountants.
First established in the mid-1930s to finance exports to the Soviet Union, it became its own government agency in 1945 and decided to stick around long-after the fall of the Berlin Wall to provide corporate welfare and pick favorites among U.S. producers, with little accountability.
Acceptances are used in financing export and import operations and in some domestic transactions involving staple commodities.
For decades rich countries have financed exports within guidelines laid out by the OECD, but in recent years much more business has been conducted outside those guidelines.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com