Back date trade credit insurance says BRC
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