Government closes £10bn trade credit scheme and announces market review

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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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