THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Back date trade credit insurance says BRC

Boosting some elements of the trade credit insurance top-up scheme is a welcome move, but the scheme needs to be further back dated to make a real difference.

GENERAL MERCHANDISE

Back date trade credit insurance says BRC

Boosting some elements of the trade credit insurance top-up scheme is a welcome move, but the scheme needs to be further back dated to make a real difference.

Reacting to the further amendments to the Government's trade credit insurance top-up scheme announced yesterday (Thursday), the BRC said the move might assist some of the businesses continuing to suffer
as a result of restricted credit. But it remains the case that the Government needs to go further by extending the coverage of the scheme to back to 1 April 2008, when insurers began removing cover as the downturn began, rather than sticking to the current 1 October cut-off date.

The BRC's latest Quarterly Credit Conditions Monitor found half of large retail respondents believed the reduction or withdrawal of trade credit insurance had adversely affected their businesses.

Tom Ironside, BRC Business Environment Director, said: "The Government's decision to improve some elements of the trade credit insurance top-up scheme may help a few but the changes don't go far enough. To make a real difference the scheme needs to be back dated to last April - when insurers began removing cover as the recession began.

"The reduction or withdrawal of this insurance is having a damaging impact - half of large retailers responding to a BRC survey said their businesses had been harmed by restricted availability.

"Retailers need to have the right stock on their shelves if they're to survive the current tough trading conditions and keep staff in work. This is especially important as we approach the run up to Christmas - traditionally most retailers' busiest trading period.

"The Government should also put more pressure on insurers to ensure more accurate underwriting assessments are being made."

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
AI in Retail Conference 2019
AI in Retail Conference 2019
18 September 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019