Government closes £10bn trade credit scheme and announces market review
The temporary measure was developed to respond to the Covid-19 pandemic as government also announces a review to ensure outcomes are good for consumers.
The government and the Association of British Insurers (ABI) have announced that the temporary Trade Credit Reinsurance (TCR) scheme will close on 30 June as planned.
In a joint statement, the stakeholders said that the scheme helped half a million businesses, since it was set up in 2020, and protected more than £575bn of business turnover by providing around £210bn in insurance cover.
TCR was designed as a temporary solution to companies struggling to get insurance cover for transactions
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