Trade credit insurance scheme. No good if insurance already withdrawn

Discussion in 'Accounts, Finance and Insurance' started by Steve Sherlock, Feb 28, 2014.

  1. Steve Sherlock

    Steve Sherlock BizFace Member

    After some heavy lobbying from the likes of the CBI, the Government announced back in June that it had extended its £5bn trade credit insurance scheme to include companies that have been hit by a reduction in cover since last October.

    Am alone in wondering how many people is this scheme actually helping?

    This is now the third time that it’s been adjusted by the Government but, even now, it still can’t do anything to help companies that had their insurance hit between April and October last year. More to the point, it isn’t open to companies whose cover has been completely withdrawn – surely the businesses in need of protection?

    I read recently that, so far only 50 companies have been able to take up the scheme. Considering the lack of clarity from the Government on the finer details of the scheme, I can’t help wondering if they are really doing their best to help.

    What does everyone else think? Has anyone tried to access the scheme?

    Steve
     

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