13 May: UK government announces a plan to support businesses through a Trade Credit Insurance guarantee. UK businesses which rely on trade credit insurance and who are experiencing difficulties maintaining cover due to Coronavirus will get support from the government, the Economic Secretary to the Treasury, John Glen has announced. To prevent the risk of UK businesses having their credit insurance withdrawn, or premiums increasing to unaffordable levels, the government will temporarily (provisionally until the end of 2020) guarantee transactions currently supported by trade credit insurance. The guarantee will be delivered through a temporary reinsurance agreement with trade credit insurers currently operating in the market and will cover trading by domestic firms and exporting firms. The intent is for agreements to be in place with insurers by end of this month. More detailed information is expected soon. To read UK government's news release go to https://www.gov.uk/government/news/government-to-support-businesses-through-trade-credit-insurance-guarantee.
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