We welcome the announcement
Coface UK welcomes the announcement made by Her Majesty’s Government over a scheme that will support UK businesses through credit insurance. This agreement comes after weeks of intense discussions with the HMG and the Association of British Insurers over the best way to leverage the industry’s position to the benefit of the wider economy.
This scheme reflects similar state-backed support, currently being developed in other European countries and Canada, to help businesses to continue to benefit from protection. A key component of the scheme is to maintain (subject to normal underwriting practices) credit limits on buyers that are temporarily affected by the Covid-19 crisis and whose solvency would otherwise not be questioned. Maintaining cover as far as possible between suppliers and their clients will be a key ingredient in allowing the UK economy to overcome the challenges of the current crisis.
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