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Trade News Archive 2009
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12th June 2009
Government announces trade credit insurance scheme extension
The government has announced a backdated extension to its trade credit insurance top-up scheme, which aims to ensure that wholesalers continue supplying stock to struggling retailers.
British businesses can now apply for the scheme if they have suffered from reduced cover since October 1st 2008.
Originally announced in the April Budget, the scheme was introduced to help protect suppliers from customer non-payment as insurance companies became less willing to do so.
Under the terms of the programme, suppliers can apply to take part in the 28 days following a reduction in the level of trade credit insurance offered by their insurer.
Jane Milne, business environment director at the British Retail Consortium, welcomed the decision to extend the trade credit insurance top-up scheme.
However, she suggested that it should be backdated to last April, when insurers started removing cover as a result of the downturn.
"For retailers to survive and keep people in work they need to keep shelves stocked with the goods customers want," Ms Milne added.
(c) 2009
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