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15 Apr 2009
Chancellor Alistair Darling is set to unveil a state credit insurance guarantee scheme, according to a report in the Financial Times.
The newspaper claimed sources within the government had leaked the news of the scheme, which is aimed at helping small- to medium-sized businesses cope with the continuing economic downturn.
It is believed the scheme will be unveiled as part of the Budget on 22 April.
Further reading
If the scheme does go ahead it would be welcomed by all sectors, particularly the IT sector, which is being hard hit as credit insurers continue to cut or pull cover. Recent examples include Insight, DSGi and Westcoast.
According to the FT, guarantees will be offered to companies that have seen cover reduced but not withdrawn.
The French government launched a similar scheme last year when French finance minister Christine Lagarde announced plans for publicly owned insurer Caisse Centrale de Reassurance to provide firms with cover when private insurance is withdrawn.
Rumours of a similar credit move in the UK were strengthened when UK business minister Lady Vadera met with the biggest insurers in December – Atradius, Euler Hermes and Coface – to discuss the credit situation.
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