Not before time, the Government has now decided to extend its trade credit reinsurance scheme until 30th June 2021. The scheme was due to expire today. The BRC and other trade associations had expected an announcement to this effect before Christmas.
This follows the Treasury announcement earlier in December which confirmed the extension, until the end of March, of other financial schemes designed to support UK business in the pandemic. The Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and Bounce Back Loan Scheme had all been due to close at the end of January. The furlough scheme has been extended until the end of April 2021 with the Government continuing to contribute 80% towards wages. The Chancellor also confirmed that the Budget will be on the 3rd March.
Please check the BRC Brexit Hub for the latest briefings and guidance on the Trade and Co-operation Agreement (TCA) reached on Christmas Eve.