Industry welcomes new measures in Budget

The Chancellor Alistair Darling unveiled long awaited proposals to offer trade credit to struggling small businesses in today’s budget.

The government will offer a ‘top-up’ trade credit insurance scheme to help UK businesses maintain. The top-up cover will be in addition to private sector cover and will be available to for six months. The scheme will be available to the 14,000 businesses that already use trade credit insurance and will mitigate against disruption to the supply chain and cashflow of the 250,000 companies they do business with, if their trade credit limits are reduced.

Shaun Purrington, regional director of trade credit insurer Atradius said: “We are delighted that Government has taken further measures to help UK plc through the offer of an additional trade credit insurance scheme. Atradius fully supports the scheme, which will be on offer to all Atradius customers who meet the scheme’s criteria. “

Latest figures from the ABI show that trade credit insurers cover over £300 billion of British business.