June 4, 2020 / 6:15 AM / in a month

UK offers 10 bln pounds in guarantees for trade credit insurance

LONDON, June 4 (Reuters) - Britain’s government said it would provide guarantees of up to 10 billion pounds ($12.5 billion) to trade credit insurance schemes to help protect businesses against customer defaults or payment delays caused by the coronavirus crisis.

The scheme, which was launched after talks with the insurance industry, was available on a temporary basis for nine months, backdated to April 1, the government said on Thursday.

“Our 10 billion-pound guarantee gives peace of mind to businesses, allowing them to continue to trade and maintaining liquidity in supply chains,” business minister Alok Sharma said. “This reinsurance scheme is an important step as we carefully set about firing up our economy as we emerge from the pandemic.”

$1 = 0.7974 pounds Writing by William Schomberg; Editing by Andrew Heavens

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