Tim Fisher, managing director of trade credit, Gallagher said: “The news issued this morning that the Government is providing a £10 billion guarantee for trade credit insurance will enable thousands of UK businesses to trade with confidence, as we reinvigorate the economy. We are a major broker of trade credit insurance and before this scheme was agreed we had seen a significant decrease in risk appetite amongst insurers underwriting this line of business, but this will firmly reverse that trend.
“Trade credit is essential for businesses to enable them to extend credit terms to their customers and is vital to managing risk in the supply chain. At times of high economic uncertainty it’s more important than ever for businesses to have confidence in their supply chain and their customers’ ability to pay for goods and services. Trade credit insurance provides this and this Government guarantee will reassure the insurers that operate in this market.”
