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Budget set to bring credit insurance relief for retail

The British Clothing Industry Association (BCIA) has welcomed reports that Chancellor Alistair Darling will unveil details of a government scheme to underpin credit insurance for UK suppliers in next week’s Budget.

BCIA chief executive John Wilson said he was “delighted” at the prospect of the scheme, which is likely to target medium-sized companies which have had credit insurance reduced but not withdrawn.

Drapers and the BCIA have been campaigning for the government to channel money into credit insurance to help save jobs and sales at fashion supply businesses and ensure retailers can place sufficient orders.

Wilson said: “It may be a while before things [in the economy] start to turn, but if there is something in the budget to help that happen then that will create positive noises.”

The BCIA sent a letter and dossier of evidence to Lord Peter Mandelson [secretary of state for business enterprise and regulatory reform], detailing the impact the withdrawal of credit insurance has had on fashion suppliers and retailers earlier this month. The Treasury is finalising the value of the scheme.

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