The UK Government’s £10bn Trade Credit Reinsurance Scheme formally went live this week, with most (but not all) trade credit insurers signed up.
The scheme has been seen widely by many – including The Channel Partnership – as a welcome measure, and a vital one to support UK businesses and kick-start some sort of recovery from the current crisis. It should see the vast majority of trade credit insurance coverage maintained across the UK, and be a boost in confidence for business.
We’re delighted to say that we have some early evidence that Her Majesty’s Government support for UK credit insurers is working.
One of our clients had four insured credit limits removed as their four customers were all involved in sectors that were expected to suffer as a direct result of Covid-19.
As soon as The Channel Partnership had confirmation that the HMG support scheme was in place, we encouraged our client to reapply for cover. The result was that all four insured credit limits have been reinstated to the full level of cover previously in place.
The Scheme covers not only current or new business relationships but can be backdated to April 1 2020, so it is vital that you don’t miss out on the opportunity to get or reinstate cover.
Our message is simple. To benefit from UK Taxpayer support for UK businesses trading on B2B credit terms in the UK and overseas, speak to The Channel Partnership.